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Bedford Hills NY Real Estate

New Jersey has the highest rate of foreclosures | Bedford Hills Real Estate

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While a “zombie foreclosure” may sound like something you would find on a particularly messy episode of The Walking Dead, the term actually describes a problem plaguing towns around New Jersey.

Of all the American homes currently in the foreclosure process, one in four were vacated by homeowners prior to a bank repossessing the property, according to RealtyTrac, a company that tracks national housing data.

RealtyTrac calls these zombie foreclosures. These houses sit abandoned, with the homeowners gone and the bank not yet in possession of the properties.

New Jersey has the highest rate of foreclosures — and zombie foreclosures — in the nation.

RealtyTrac reported in June that 17,000 of the roughly 70,000 homes in foreclosure in New Jersey in the second quarter of 2015 were “zombies.”

As many Gloucester County towns have seen, these vacant properties quickly fall into disrepair. As the grass grows out of control, so do many other issues. Abandoned houses become targets for vandalism, squatters and drug dealers. Many are targets for metal thieves, who remove copper piping, wiring and other goodies to sell to scrap dealers.

These situations endanger neighboring properties both by introducing safety issues and dragging down property values in the area. When no one is accountable for these properties, it’s often local taxpayers who pick up the tab for mowing the grass and dealing with any other maintenance issues.

The current estimate on the number of abandoned or vacant properties in Gloucester County sits at 3,300, according to county officials — about 3 percent of the county’s more than 110,000 housing units.

 

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http://www.nj.com/gloucester-county/index.ssf/2015/07/south_jersey_county_tracking_abandoned_properties.html

Mortgage Rates keep dropping | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates, after ticking-up slightly last week, reversing course and falling amid weaker than expected housing and economic data. Fixed-rate mortgages rates are once again back near their May 23, 2013 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending February 5, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.12 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.55 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

“Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December. Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”

Housing Starts Top 1 Million for 2014 | Bedford Hills Real Estate

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Total housing starts for 2014 reached the 1 million mark for the first time since 2007. Data from the Census Bureau and HUD for December, plus revisions for October and November, pushed total housing construction to a total of 1,005,800 for the year.

Multifamily construction held virtually even at a 361,000 annual rate, down 0.8% from November. For the year, multifamily starts were up 16% to 358,000, the highest tally since 2007.

The pace of December starts was up 4.4% from November to a 1.089 million annualized rate. The late-year push was led by single-family construction, which was up 7.2% in December, reaching the highest monthly rate since March 2008.

The increase for single-family development mirrors continued positive reporting from the NAHB/Wells Fargo Housing Market Index (HMI), a measure of builder confidence. For January, the HMI held steady at a level of 57. Any value above a level of 50 indicates more respondents view market conditions as good rather than poor.

The NAHB Remodeling Market Index (RMI) also suggested attractive market conditions for the home improvement sector. The RMI came in at 60 for the final quarter of 2014 and has been above the key 50 level since the second quarter of 2013.

Home sales showed strength at the end of 2014. The sales pace of newly built, single-family homes increased 11.6% in December to a seasonally adjusted annual rate of 481,000, according to data from HUD and the Census Bureau. This is the highest monthly sales rate since June 2008. The inventory of new homes for sale rose to 219,000 in December, a 5.5-months’ supply at the current sales pace.

The market share of conventional financed purchases for new homes is also growing, with declines seen in the share of FHA-insured purchases. These changes are consistent with a market recovering to more normal conditions.

Also demonstrating improvement for the second half of 2014, the pace of existing home sales increased 2.4% in December, although the share of sales to first-time buyers continued to disappoint at 29%. Existing home sales exceeded a 5 million sales pace for the sixth time in the past seven months and were 3.5% above the same period a year ago.

The momentum gained in the housing market at the end of 2014 should continue in to next year. NAHB is projecting strong growth for single-family production, which is expected to rise to 804,000 units. NAHB is also forecasting 2% growth for multifamily and a 3% increase for remodeling.

Housing prices continue to rise, albeit at slower rates. The Federal Housing Finance Agency House Price Index rose 5.3% for November, the 34th consecutive month of year-over-year growth. Over the last two and half years, home prices have risen by 19%. At the same time, residential rents have increased. Using Consumer Price Index (CPI) data, NAHB estimates that rent growth has outpaced inflation by 1.7%.

A significant economic story in recent months has been the dramatic decline in gas prices. The CPI’s gasoline index has declined 21% over the last 12 months. On a seasonally adjusted month-over-month basis, the overall CPI fell 0.4%. Over the past 12 months, prices on expenditures made by urban consumers have increased by just 0.8% before seasonal adjustments.

While good for the overall economy, the decline in gas prices will likely have little impact on building material prices. In December, data from the government’s Producer Price Index indicated that prices for a number of materials declined in December, including gypsum (-3.8%) and softwood lumber (-1.2%). OSB prices rose 0.2%. Material costs for builders are expected to rise in 2015, particularly for gypsum, as housing production increases.

Muted increases for inflation indicators like the CPI have modified the focus of the Federal Reserve. With economic output expanding, strong job growth and a declining unemployment rate the Fed’s monetary policy committee has shifted its focus to below-target (2%) inflation as the primary threat to the continuing economic recovery. Consensus expectations are for a first increase in the federal funds rate for mid-2015.

In analysis news, NAHB economists explored survey data of Millennial housing preferences. Most prospective home buyers in this generation want to buy a single-family detached home and prefer to live in the suburbs. However, 10% would choose to live in the central city, which is a larger share that reported by Gen Xers and other generations.

While Millennials want to achieve homeownership, downpayments and loan qualification remain an important hurdle. Research from the Federal Reserve Bank of New York indicates that such finance constraints on mortgage access have a considerably larger impacts on housing demand than do historical changes in mortgage interest rates.

 

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http://eyeonhousing.org/2015/01/eye-on-the-economy-housing-starts-top-1-million-for-2014/

 

South Beach Nightclub King Lists House With Astroturf Yard | Bedford Hills Real Estate

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Opium Group Managing Partner Roman Jones, don of Mokai, SET, Cameo, and, and Mansion, has listed his own historic mansion (ha ha ha) at 6222 Alton Roadfor $3.895 Million. Although the mediterranean manse was built in 1934, and looks like it was originally a very classy, classic edifice, it’s seen some serious updating and nightclub-ifying, including luxe features like ipe wood, vaulted ceilings, and vertical wood thingies in the staircase.

The listing says “this house is meant to be lived in”, and boy do they mean it. The bed room, err the ‘boom boom room’, has a big bed, durable floors, and plenty of (reinforced?) ceiling space for all those hanging contraptions that are so much fun. A dance floor-sized tiki hut flanks an astroturf backyard (no mowing needed here). Just hose the place down and let the party rage on.

 

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http://miami.curbed.com/archives/2015/01/20/opium-group-manager-lists-house-with-astroturf-yard.php

Mortgage Rates Remain Near 2014 Lows | Bedford Hills Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging slightly higher while remaining near their 2014 lows amid mixed housing and economic news.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.6 point for the week ending December 24, 2014, up from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.48 percent.
  • 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.56 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were up slightly, following a week of mixed economic releases. Existing home sales were down 6.1 percent in November to annual rate of 4.93 million units, below economists’ expectations. New home sales fell 1.6 percent last month to an annual rate of 438,000, also below expectations. Meanwhile, the third quarter real GDP was revised sharply higher to 5.0 percent according to the final estimate released by the Bureau of Economic Analysis.”

Developers Look to Create Underground NYC Park | Bedford Hills Real Estate

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Visitors from around the world are drawn to New York City’s High Line, an elevated park built on defunct railroad tracks transformed into an urban sanctuary of flowers, grasses and trees.

Private planners inspired by the High Line’s success are now looking deep under Manhattan at a proposal to create the Lowline, billed as the world’s first underground park. JWA is a full-service commercial real estate development firm that takes the time to understand every aspect of your project to provide experienced financial analysis, site selection, entitlement services, and more.

The project would occupy a 116-year-old abandoned trolley terminal below the Lower East Side that’s been used for storage since 1948.

Street-level solar collectors would be used to filter the sun about 20 feet down to bedrock, turning the dank, subterranean space into a luminous, plant-filled oasis. The park would offer city residents a place of refuge and host art exhibits, music performances, readings and children’s activities.

The Lowline is only one part of a Lower East Side revitalization project.

The neighborhood has an important place in the history of immigration. At the turn of the last century, newly arriving Italian, Irish and German families made their first homes in America in its tenements. So many Jewish families settled in the neighborhood that it has been called “the American-Jewish Plymouth Rock.”

“Many people once fought to move out of the Lower East Side, and now, their grandkids are fighting to get in,” says Mark Miller, an art gallery owner whose family ran businesses there since the late 19th century. “It’s come full circle; it’s hip, happening and historic.”

The planners ? New York residents who’ve worked or lived in the area ? say they’re not erasing the legacy of Orchard, Delancey and Rivington streets, once home to the likes of Irving Berlin, George Burns, Jimmy Cagney, Zero Mostel and Lucky Luciano.

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http://abcnews.go.com/health/wirestory/developers-create-underground-nyc-park-27187198

College Towns Get an A for Appreciation | Bedford Hills Real Estate

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Colleges and universities are having an effect on housing across the country. Metros with noteworthy university influence are at the top of their class, with home price trends far outperforming national rates of growth since 2004, according to data provider Clear Capital.

A sample of ten metros, each having a university presence, shows an average growth of 32 percent since 2004.

Sustained gains at the MSA-level are a direct benefit of metros with heavy college influences. The Ithaca MSA, home to Cornell University and Ithaca College, has seen home prices rise 51 percent since 2004, putting the metro at the head of the class nationally. And it’s not just metros in the Eastern Region seeing college pay off. In Boulder, home to the University of Colorado, home prices are up 26 percent since 2004. These markets each maintain a foundation of sustained demand from students hungry for an education and in need of a roof over their heads.

Even larger MSAs with a heavy academic focus, like Boston, are seeing strong micro market growth. Cambridge housing demand from students attending Harvard University has helped fuel price growth of 39 percent over the last decade. The University’s ZIP code 02183 has outperformed the Boston MSA by 36 percent since 2004, highlighting the noteworthy influence of academia on local home prices. There’s no question that the many universities within this area, including MIT, contribute to the unique demand in the Cambridge, MA ZIP code and surrounding areas.

Metros majoring in university life are at the head of their class, but student debt could create a drag on the overall housing recovery. Now a full year into a cooling recovery, stronger demand from first-time homebuyers is a prerequisite to a sustainable recovery as investor demand dwindles. College graduates who feel confident enough in their employment prospects and the housing market to attempt to qualify for a mortgage will have to grapple with an average of more than $30,000 in existing student debt. With student debt now in excess of $1 trillion and growing, the housing market faces demand headwinds at a crucial transitional point in the recovery.

“College towns are just another example of how real estate trends are impacted by local market conditions” said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “It’s clear a significant portion of loan dollars are going towards student housing costs, thereby creating a critical demand surge. Healthy student populations activate a positive feedback loop where housing fuels local economies and jobs which increase the overall confidence and demand in these towns. Concerns over rising student debt and recent college graduates’ ability and desire to qualify for a home loan could certainly create a drag on the recovery overall as the next phase depends on re-engagement by traditional homebuyers. Generally, investment opportunity in college markets yield benefits that ripple beyond localized home price strength since higher education typically begets higher income which has allowed more folks to invest in the American Dream. While this is still true today, the struggle between rising student debt and a first-time homebuyer’s desire and ability to qualify for a mortgage will pose an interesting challenge for the future of the recovery.

 

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http://www.realestateeconomywatch.com/2014/11/college-towns-get-an-a-for-appreciation/

 

 

Buying Real Estate as an Immigrant to the U.S. | Bedford Hills Real Estate

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The housing crisis may have tempered some enthusiasm for homeownership, but many people still consider putting down roots and buying a home to be part of the American dream. This is especially true for immigrants to the U.S. In fact, they accounted for nearly 40 percent of the net growth in homeowners between 2000 and 2010, according to a report by the Research Institute for Housing America (compare this with the 1970s when they represented just over 5 percent of the growth).

But the path to homeownership isn’t always easy for newcomers. Here a look at the challenges permanent or nonpermanent resident aliens with work visas or green cards sometimes face.

Language barriers. Many immigrants are fluent in English, but for those who aren’t, discussing complex mortgage or real estate terms can be a lot more complicated than exchanging pleasantries at the grocery store or completing a transaction at the post office. For instance, Jeff Riber, a broker and owner of ERA Heavener Realty in Jacksonville, Florida, worked with two couples who immigrated from Bosnia: a daughter who was fluent in English and her parents. “She was having to run point on the entire process for her parents,” he says. “If you don’t understand the terminology, it’s unnerving.” That’s where having a trusted friend or family member to translate can help, especially if the person has been through the homebuying process.

Qualifying for a mortgage. Noncitizens working in the U.S. can qualify for traditional mortgage financing, but because lenders look at U.S. credit histories, those new to the country may not have enough time to build a credit history. With government-backed loans requiring full documentation, lenders generally want to see at least two years of U.S. tax returns from borrowers, including nonpermanent residents (those who have a valid work visa but not a green card yet), according to Rob Spinosa, a Mill Valley, California-based mortgage loan originator with RPM Mortgage. If, for instance, you have been working in the country long enough to file 2012 and 2013 tax returns, you might qualify for a mortgage backed by Fannie Mae or Freddie Mac. Having a relationship with an international institution that offers U.S. mortgages could also help secure a mortgage from that lender.

If not, you might still qualify for a loan from a portfolio lender — a company that originates mortgages and holds a portfolio of loans rather than sells them on the secondary market. As Spinosa explains, these loans typically come with a lower loan-to-value ratio (meaning you might not be able to borrow as much money), a different set of underwriting guidelines and a slightly higher interest rate. He adds that these lenders typically charge a variable interest rate rather than a fixed rate.

The process is a bit different for a non-U.S. citizen who wants to buy an investment property but doesn’t have a Social Security number tied to a credit report. “For us to get an approval for a foreign national, we are checking references for employment and credit references in the country of origin,” Spinosa says. A nonpermanent resident might also use this approach instead of waiting for two years of tax returns.

Of course, establishing credit and showing tax returns is less important if you’re paying cash, which some newcomers do. “There is lending available and they do take advantage of it, but it’s not their mentality [to take out a mortgage],” points out Reba Miller, owner of RP Miller Realty Group, a New York agency with over $1 billion in residential transactions. “It’s more of an American mentality.”

Michael Barbolla, head of Rutenberg Realty, one of New York City’s largest real estate brokerages, has seen several recent cash transactions involving foreign investors. “In many of these new buildings, they’re paying cash, and as long as there’s some verification of assets, the deals can run very smoothly,” he says.

 

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http://finance.yahoo.com/news/buying-real-estate-immigrant-u-152517779.html

Home price growth slows to 21-month low | Bedford Hills Real Estate

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Home prices nationwide, including distressed sales, increased 7.4% in July 2014 compared to July 2013, according to the July report from CoreLogic (CLGX) – a significant slowdown that continues the long-term trend and a 21-month low.

This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2% in July 2014 compared to June 2014.

Having all-but stalled during the previous three months, the CoreLogic measure of house prices posted a decent gain in July,” said Paul Diggle, property economist with Capital Economics. “But this is probably no more than a temporary reprieve, and we expect house price growth to continue slowing over the remainder of the year.”

At the state level, including distressed sales, only Arkansas posted a decline in July 2014 with 0.9-percent depreciation. A total of 11 states, plus the District of Columbia, reached new highs in the HPI dating back to January 1976 when the index started. These states are Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Vermont.

 

 

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http://www.housingwire.com/articles/31220-home-price-growth-slows-to-21-month-low

Housing starts rise back above 1 million | Bedford Hills Real Estate

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Housing starts are released jointly by the Census Bureau and the Department of Housing and Urban Development. Analysts use the information to anticipate future production for homebuilders, future demand for raw materials, and labor costs. This data will even affect the forecasts for home-related retailers, like Lowe’s and Home Depot.

 

Housing starts cover the number of privately owned housing units that started in a given period. For multi-family units, each individual unit is considered a housing start. If there’s a lot of multi-family construction happening, then housing starts can become elevated, and investors must take care not to read too much into the builders of single-family homes.

Both single-family and multi-family starts increase

Housing starts rose from an upward-revised 975,000 to 1,052,000. Multi-family starts were 423,000 in July—an increase from the 318,000 pace in June. Single-family starts increased from 606,000 to 656,000. Single-family starts have been much more stable than multi-family starts and have shown a steady rise.

 

 

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http://finance.yahoo.com/news/critical-predictor-housing-starts-rise-202711095.html