Tag Archives: Bedford NY Real Estate for sale

Where is real estate booming across America? | Bedford NY Real Estate

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While home prices continue to moderate in many metropolitan areas in the second quarter, there is still a divide regionally, according to the National Association of Realtors.

Overall, fewer markers witnessed price increases in the second quarter compared to the first when price increases were recorded in 74% of metro areas. And, it’s in the Midwest region of the United States where home sales are really beginning to pick up again.

Nationally, only 19 metropolitan statistical areas in the second quarter (11%) had double-digit increases, drastically falling from the 37 areas last quarter and the overall average of 43 areas since the second quarter of 2013.

Lawrence Yun, NAR chief economist, explained that price increases are balancing out to the benefit for both buyers and sellers.

“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” he said. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”

Here are how the four regions are squaring up in the second quarter…

 

 

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Where is real estate booming across America?

 

Fed says U.S. banks easing loan standards, credit demand rising | Bedford Real Estate

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Banks made it easier for Americans to get loans in recent months and demand for credit also increased, signs that the U.S. economic recovery is gaining steam.

The U.S. Federal Reserve said on Monday that banks eased their lending standards “for many types of loan categories amid a broad-based pickup in loan demand.”

The assessment was part of the Fed’s quarterly survey of senior loan officers, and was based on the responses gathered in the first two weeks of July from 75 U.S. banks and 23 U.S. branches of foreign banks.

The results are a positive signal for both the U.S. housing market and for business investment.

Many banks eased standards for mortgages lending, and domestic lenders were also making it easier for businesses to qualify for loans, the Fed said.

Economic growth in the United States surged between April and June, and most analysts expect the economy will keep growing at brisk rates during the rest of this year.

 

 

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http://finance.yahoo.com/news/fed-says-u-banks-easing-180945440.html

 

More Loans Close Despite Tight Standards | Bedford NY Real Estate

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Latest mortgage data is a puzzlement. A higher percentage of mortgage applications, including purchase mortgages and va mortgage loans, closed in June than in the past three years even though lending standards for purchase mortgages are virtually unchanged in a year.

The closing rate for mortgages received by lenders in the past 90 days closed in June. The jump in approvals drove the closing rate to 60.7 percent, higher than any month since Ellie Mae began tracking data in August 2011.

Purchase loans also hit a record high at 63.6 percent, up from 61.1 percent in May. Last year purchase loans averaged a closing rate of 60.1 percent. In June 2012, the closing rate for purchase loans was 57.8 percent.

“That 60.7 percent marks the first time since August 2011, when we began tracking data, that the closing rate for all loans eclipsed 60%. Parsed out, closing rates for refinances and purchases landed at 55.8 percent and 63.6 percent, respectively — both highs for 2014. With more loans closing, average days to close a loan increased, albeit slightly, to 41 days,” said Ellie Mae CEO Jonathan Corr.

Though closings increased, lending standards have barely budged. In June, 32 percent of all closed loans had an average FICO score of under 700, the same percentage as June 2013. Median FICOS for closed purchase conventional loans have fallen only 5 points in a year.

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http://www.realestateeconomywatch.com/2014/07/more-loans-close-despite-tight-standards/

Purchase Mortgage Applications Plunge | Bedford NY Real Estate

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It might be hot outside but its freezing in the inboxes of hundreds of the nation’s mortgage lenders. Last week applications fell to their lowest level since February.

Maybe it’s just a sign that the selling season is winding down. More likely it’s something a lot more serious—yet another signal that the housing recovery is seriously sick and keeps getting sicker.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests. The Mortgage Bankers Association’s index revealed that loan application volume fell 3.6% on a seasonally adjusted basis for the period ending July 11 after increasing the previous week, which included an adjustment for the July 4 holiday.

The dip in mortgage activity was mainly attributed to an 8% decline in purchase applications. These applications, where the average loan size sought was $268,500, plunged to their lowest level since February, the Washington-based trade group said on Wednesday. Meanwhile, refinance activity was only down 0.1% from the prior week.

Yet this time no one is attributing the decline to interest rates. Bankrate reports that mortgage rates dropped to record lows again last week after a sluggish employment report disappointed investors. The 30-year fixed-rate mortgage fell 8 basis points to 3.79 percent. The 15-year fixed-rate mortgage fell 8 basis points to 3.05 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 3 basis points to 4.44 percent.

 

 

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http://www.realestateeconomywatch.com/2014/07/purchase-mortgage-applications-plunge/

 

Fed Study Says FHA Lenders Tighten Standards |Bedford NY Real Estate

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A new report from two Federal Reserve economists says lenders have been applying strict underwriting conditions to keep borrowers who can’t afford a large down payment out of the Federally guaranteed program that is designed to make it possible first time and mid to lower income applicants become homeowners.

The report sets down in black and white what has been rumored for months: that the steep declining in FHA loans in recent months is due in part by a concerted effort by FHA lenders to reduce their exposure and improve profitability by rejecting applications by applying tough underwriting standards.

Federal Reserve economists Jordan Rappaport and Paul Willen found that from early 2007 to mid-2010 the median FICO score on a conforming mortgage increased by almost 50 points as lenders raised standards for conventional loans. Lower income borrowers who could not meet those standards turned to the FHA program. The median FICO score for the combination of conforming and FHA-guaranteed mortgages increased only 10 points.

But rather than cutting off access to mortgage credit for a subset of households, lenders tightened credit for all households through strict underwriting procedures.

“Lenders required conservative appraisals, meticulous documentation and the curing of even the slightest questions of title. To the extent that these standards constitute sound lending practices, adhering to them is a positive development. But the level of vigilance suggests that regulatory uncertainty may also be playing a role,” the Fed economists said.

“Lenders fear that departures from the evolving standards will result in considerable costs, including the forced buyback of loans sold to Fannie and Freddie and the rescinding of FHA mortgage guarantees. The associated uncertainty has caused lenders to act as if strict interpretations of possible restrictive future standards will apply,” they said.

 

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http://www.realestateeconomywatch.com/2014/07/fed-study-says-fha-lenders-tighten-the-screws-on-applicants/

The Kitschiest French Manor in New Jersey Wants $6.4M | Bedford Real Estate

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21 images


Click here to view the full photogallery.

Location: Mendham Boro, N.J.
Price: $6,400,000
The Skinny: “Old world craftsmanship”, “attention to detail”, “Work of Art”, and “discerning buyer”: phrases like these strung together in the context of a real estate listing should be a warning to the unwary and unschooled homebuyer who, flush with a pre-approved mortgage and eager to buy, is all too apt to be gulled into believing that hideous design somehow equates to high-class residential property. One look inside this gaudy “French Manor” out in the wilds of New Jersey should disabuse any prospective purchasers of that notion, but the sad truth is that riotously patterned wall treatments, garish, hand-painted coffered ceilings, and awful furniture at least have the benefit of being infinitely more interesting than the plain white walls and boring, half-empty great rooms of most modern McMansions. And, come to think of it, aren’t many of the grand homes we celebrate today (i.e. the Biltmore Estate, the Breakers, El Furiedis) just palaces of kitsch that have benefited from the burnishing, patina-inducing effects of passing time? Maybe one day this home, with its absolutely over-the-top chapel (with its weird stained-glass depiction of a saint solemnly tickling the ivories) and its creepily haunting painting of a barkeep (“Your money is no good here, Mr. Torrance”) will be celebrated as a sui generis masterpiece, made the subject of coffee table books and PBS documentaries, and be entered into the pantheon of Great American Homes. Until then it can be had for $6.4M.

 

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http://curbed.com/archives/2014/07/07/the-kitschiest-french-manor-in-all-of-new-jersey-wants-64m.php

Jonathan Smoke will interpret housing data | Bedford Real Estate

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Realtor.com operator Move Inc. has hired Jonathan Smoke to interpret housing data and act as a public voice for the site as its first chief economist.

For the last six years, Smoke held various executive roles at real estate information and strategic marketing services company Hanley Wood, most recently as the company’s chief economist.

Economist image via Shutterstock.
Economist image via Shutterstock.

Realtor.com competitors Zillow and Trulia have long had their own chief economists. Zillow Chief Economist Stan Humphries and Trulia’s Jed Kolko have become high-profile sources in media stories and housing forums, giving their firms added exposure and credibility with consumers.

Jonathan Smoke

Smoke’s appointment concludes a monthslong search for 18-year-old realtor.com, which up until recently had been barred by the National Association of Realtors from having a chief economist. NAR changed its position sometime in the last year, giving Move its blessing to bring on a real estate spokesperson for the site.

“As the real estate industry and our relationship with realtor.com continue to evolve, both organizations agreed that two voices are stronger than one,” NAR spokeswoman Sara Wiskerchen told Inman News in February when news broke that Move was on the hunt for a chief economist.

NAR has its own chief economist, Lawrence Yun, who helps Realtors interpret housing trends for their clients.

 

 

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http://www.inman.com/2014/06/30/realtor-com-operator-move-inc-hires-hanley-wood-exec-as-sites-first-chief-economist/?utm_source=20140701&utm_medium=email&utm_campaign=dailyheadlinesam

From Houston to LA, “luxury housing” remains relative | Bedford Real Estate

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Luxury living is highly dependent on the local market when it comes to defining it, an article in the Los Angeles Times said. The article covered a panel of experts at the National Association of Real Astate Editors’ annual conference.

While the luxury price start point differs with geographic region, Frank Malpica of ERA Franchise Systems pegs it at about $500,000 outside of metropolitan areas.

Popular amenities vary by location as well. Media rooms are still “in” in L.A. — less so in Houston. Fireplaces are shrinking and changing in L.A., since newly constructed houses can no longer have wood-burning ones.

Source: L.A. Times

Home price gains over 20% vanish with cooling market | Bedford NY Real Estate

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Home price gains have been slowing and now Bloomberg confirms what we’ve been seeing.

None of the 100 largest U.S. metropolitan areas had increases of more than 20% in residential asking prices last month — the first time in almost two years that’s happened, San Francisco-based Trulia Inc. (TRLA) said in a report. That compares with seven metro areas, including Las Vegas, Phoenix and California’s Silicon Valley, that had such year-over-year gains in May 2013.

“Big price increases mean there are fewer bargains to be found, and the closer prices get to where they should be, the less prices will rise,” Jed Kolko, chief economist at the property-data provider, said in a telephone interview. “I’d be surprised if we see markets getting back to 20%-plus gains. More inventory should be coming onto the market, investor activity is declining and affordability is worsening.”

 

 

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http://www.housingwire.com/articles/30263-home-price-gains-over-20-vanish-with-cooling-market

 

Here are the top 10 markets for luxury homes | Bedford NY Real Estate

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Despite reports of tight inventory across the nation, not all markets are struggling to survive. In fact, one market segment is reporting record growth, according the latest Redfin report.

This market is luxury homes for sale which are skyrocketing and are on pace to beat last year’s numbers.

Sales of the priciest 1% of homes are up 21.1% so far this year. This follows a gain of 35.7% in 2013.

Meanwhile, on the other side of the bridge, home sales in the remaining 99% of the market have fallen 7.6% in 2014.

Lawrence Yun, National Association of Realtors’ chief economist, noted in the most recent existing-home sales report from NAR, “Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point. Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year.”

But the one exception, Luxury Community Lots for Sale, paints a very different picture as 10 markets have already seen sales growth above 50% so far in 2014.

Click the next page to see the top 10 most expensive luxury markets.

10. Long Island, N.Y.:

The price to purchase home: $2,200,000

Average monthly mortgage payment: $8,787

9. Boston, Mass.:

The price to purchase home: $2,313,000

Average monthly mortgage payment: $9,239

Massachusetts

8. Ventura, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

7. San Diego, Calif.:

The price to purchase home: $2,400,000

Average monthly mortgage payment: $9,586

6. West Palm Beach, Fla.:

The price to purchase home: $2,466,000

Average monthly mortgage payment: $9,850

5. Miami:

The price to purchase home: $2,900,000

Average monthly mortgage payment: $11,583

Florida

4. San Jose, Calif.:

The price to purchase home: $3,380,000

Average monthly mortgage payment: $13,501

3. Orange County, Calif.:

The price to purchase home: $3,450,000

Average monthly mortgage payment: $13,780

2. Los Angeles:

The price to purchase home: $3,650,000

Average monthly mortgage payment: $14,579

1. San Francisco:

The price to purchase luxury homes: $5,350,000

Average monthly mortgage payment: $21,369

California houses

Here are the top 10 markets for luxury homes