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New mortgage rules aim to protect homeowners from foreclosure | Bedford NY Homes
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Tag Archives: Bedford NY Realtor
7 Lessons We Can Learn From Big Brands Using Content Marketing | Bedford Real Estate
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REALTORS® Report Tight Financing/credit | Bedford NY Real Estate
Don Knotts’ Former Glendale Home for Sale | Bedford NY Real Estate
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US Home Prices Surge Despite Distress | Bedford Real Estate
For nine straight months, national home prices have been in the positive, and the gains are only getting larger. The latest reading for November shows a 7.4 percent jump from a year ago, according to CoreLogic. That includes sale prices of distressed properties, bank-owned homes and short sales. This is the largest year-over-year jump since 2006 when we were at the height of the housing boom.
Debt Ceiling Debate & Taxes
Brian Wesbury, First Trust Advisors chief economist, discusses how the debt ceiling and taxes are impacting the U.S. economy and consumers.
“As we close out 2012 the pending index suggests prices will remain strong,” wrote Mark Fleming, chief economist for CoreLogic in a release. “Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013.”
Some had predicted price gains of between three and five percent in 2013, but these numbers seem to indicate the market could outpace expectations.
While competition among investors for distressed properties drove home price gains in much of 2012, the non-distressed market appears to be catching up. Excluding distressed sales, home prices still saw a healthy 6.7 percent annual gain in November, and analysts at CoreLogic are predicting an even larger 8.4 percent jump in December.
“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”
Homes for sale in San Marcos, California
Just six states, Delaware, Illinois, Connecticut, New Jersey, Rhode Island and Alabama saw annual price depreciation. New Jersey still has a huge backlog of distressed properties, as does Illinois. Arizona, Nevada and California are seeing big home price gains, as investors there continue to inhale properties to take advantage of the very lucrative rental market. Still, even excluding distressed sales, Nevada saw a 12 percent jump in home prices.
There are, however, still looming headwinds to home prices, as banks ramp up foreclosures especially in states that require these cases to go before a judge. That new inventory could slow price gains in those states. Inventory, or lack thereof, is the primary driver of much of these gains. There were just 2.03 million homes for sale in November, according to the National Association of Realtors, a 23 percent drop from November of 2011 and the lowest supply since September of 2005.
Some are concerned that low inventory and not increased demand is juicing prices faster than is healthy for the housing recovery. If prices start to outpace earnings and employment growth, and then more properties hit the market this Spring, these gains could take a U-turn.
Ben Bernanke U Of Michigan Speech | Bedford NY Real Estate
Local Bedford NY Markets with Rising 2012 Sales | RobReportBlog
Rising 2012 Sales Markets Katonah 48.83% Mt Kisco 41.80% North Salem 76.92% South Salem 23.50% Pound Ridge 25.49% Armonk 31.00%
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Fitch Ratings Calls for Housing Price Correction | Bedford NY Homes
Home prices are overvalued and price growth is not being driven by fundamentals but by technical factors that could easily change, advised Fitch Ratings Friday. The ratings service believes national prices are 10 percent overvalued, but will likely drop by no more than 2 percent due to inflation. Low prevailing mortgage rates, the limited supply of existing homes for sale (either due to the few foreclosure completions or the number of underwater borrowers who cannot sell), and the anemic levels of new home construction are facilitating affordability and feeding demand. They are also offsetting weak fundamentals like unemployment, low wage growth, Fitch said in a special report. In addition, Fitch stated it believes price movement is “highly dependent on the pace of distressed sales and liquidations.” For example, states such as Michigan, Arizona, and Georgia have been able to dispose of their distressed inventory quickly and have also seen “both steeper drops and quicker stabilization,” while states with long foreclosure timelines-New York, New Jersey, and Connecticut-may see price declines. In order to determine sustainability, Fitch conducted an analysis using its Sustainable Home Price (SHP) model. The ratings agency found 22 metros out of 41 are currently “undervalued” or “sustainable,” while five were categorized as “overvalued” by 5 to 10 percent. In 2010, 23 metro areas were overvalued by 10 to 25 percent. The report highlighted hardest hit metros such as Phoenix, Atlanta, and Riverside, noting they are now beginning to recover and are currently considered “undervalued.” New York and New Jersey, though, were categorized as overvalued by 10 percent to 15 percent, hindered by their large inventory of distressed properties and long foreclosure timelines, according to Fitch. And, high unemployment could hurt Los Angeles and Union, New Jersey and lead to a roughly 10 percent decline. On a national level, Fitch said price growth “is likely to be muted or even modestly negative in the near-term as liquidation volumes increase and expand supply, particularly in the lengthy judicial states where inventory has been off the market.” Fitch warned “short-term price movements can be misleading when the impact of distressed properties has been withheld from the market.” “Many models place a high value on price momentum, which can skew long-term projections. Another factor differentiating our model from many in the market is that our projections are in real terms as opposed to nominal dollars,” said Stefan Hilts, director of Fitch Ratings.
Americans are Moving More Often | Bedford NY Real Estate
Rising home values, affordable prices, pent up demand and fewer households underwater on there are motivating more American families to move more often. The average home buyer is expected to stay in a home only 13 years, down from a peak of 20 years in 2009.
Based on a long-run calculation that averages mobility tendencies over a number of years, the typical buyer of a single-family home-including first-time buyers as well as move up buyers- can be expected to stay in the home is now approximately 13 years, according to recent article published by the National Association of Home Builders.
The NAHB work updates a previous article that used data from the American Housing Survey (funded by the Department of Housing and Urban Development and conducted in odd-numbered years by the Census Bureau) through 2007. The new study incorporates AHS data through 2011.
The mobility tendencies observed in the 2011 data imply that the expected length of stay in an owner-occupied, single-family home would be about 16 years (the time it would take half of single-family buyers to move out). However, 2011 is likely to be an atypical year, so the article repeats the analysis using mobility tendencies observable in earlier years, with results as shown in the figure below.
If a single estimate is needed for how long buyers who move in today or in the near future can be expected to remain in their homes, the article recommends 13 years, based on the rounded average across all data points.
The article also shows that, over the 1987-2011 period, the expected length of stay in a single-family home has been consistently longer for trade-up buyers than for first-time buyers. Averaged over those years, the expected length of stay in a single-family home is about 11 and a half years for first-time buyers, compared to 15 years for buyers who have owned a home before.
The National Association of Realtors reported that the average tenure is still nine years in its recent 2012 Profile of Home Buyers and Sellers, up from six years before the housing crash in 2007, but the average buyers expectation is to live in theuir new home 15 years.
