Tag Archives: Cross River Homes

Mortgage applications continue downward heading | Cross River Real Estate

Leave a reply

 

Mortgage applications fell 5.9% from one week earlier, according to the Mortgage Bankers Association’s weekly survey of mortgage applications for the week ending April 25, 2014.

Applications perked up last week by 4.3%, breaking a four-week streak of declines.

The Market Composite Index, a measure of mortgage loan application volume, fell 5.9% on a seasonally adjusted basis from one week earlier.

The Refinance Index decreased 7% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier.

“Both purchase and refinance application activity fell last week, and the market composite index is at its lowest level since December 2000,” said Mike Fratantoni, MBA’s chief economist. “Purchase applications decreased 4% over the week, and were 21% lower than a year ago. Refinance activity also continued to slide despite a 30-year fixed rate that was unchanged from the previous week. The refinance index dropped 7% to the lowest level since 2008, continuing the declining trend that we have seen since May 2013.”

 

 

read more…

 

http://www.housingwire.com/articles/29838-mortgage-applications-continue-downward-heading

U.S. pending home sales jump, end losing streak | Cross River Real Estate

Leave a reply

 

Contracts to buy previously owned U.S. homes rose in March for the first time in nine months, in the latest sign the housing market was stabilizing after a recent wobble.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 3.4 percent to 97.4. The increase beat economists’ expectations for a 1.0 percent advance.

These contracts become sales after a month or two, and March’s rise suggested home resales could rebound in the months ahead after stumbling last summer following a run-up in mortgage interest rates.

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said Lawrence Yun, the NAR’s chief economist.

“Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Existing home sales in March fell to their lowest level in more than 1-1/2 years, but details of the report suggested the downward trend in sales had probably run its course, with housing inventory rising and more first-time buyers coming into the market.

 

 

read more…

 

http://finance.yahoo.com/news/u-pending-home-sales-jump-140000344.html

March new home sales plunge 14.5% | Cross River NY Homes

Leave a reply

 

Sales of new homes dropped sharply last month, falling 14.5% to their weakest level since mid-2013, the Census Bureau said Wednesday.

The annual sales rate was 384,000, down from February’s revised rate of 449,000.

Economists had predicted an annual rate of 450,000, according to the median forecast in Action Economics survey.

That would be a little higher than last year’s average monthly rate of 431,000, but less than half the 1-million-plus average the industry saw from 2000 through 2006.

Although the housing market typically improves this time of year, the spring buying season has shown little strength so far this year.

The National Association of Realtors reported Tuesday that March existing home sales fell 0.2% to an annual rate of 4.59 million.

 

 

read more…

http://www.usatoday.com/story/money/business/2014/04/23/march-new-home-sales/8043789/

Vacation homes are back in vogue | Cross River Homes

Leave a reply

 

Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors.

NAR’s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012.

Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012.

Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.

NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.

Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said.

“In 2011 and 2012, investment property was a no-brainer because home prices had sharply over corrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added.

The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a 180 miles from his primary residence.

Buyers plan to own their recreational property for a median of six years, down from 10 years in 2012.

 

 

http://www.rew-online.com/2014/04/10/report-vacation-homes-are-back-in-vogue/

 

Plunge in refinancing hits mortgage applications | Cross River Homes

Leave a reply

 

The volume of mortgage applications fell last week despite a steady average rate on the commonly used 30-year fixed mortgage.

A large drop in refinances pushed the overall volume lower, but applications to purchase a home rose 3 percent from the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). Purchase applications, however, are still down 14 percent from a year ago, when mortgage rates were a full percentage point lower.

Refinance activity has been falling steadily since the rate rise early last summer. Applications to refinance fell 5 percent last week from the previous week and are now at their lowest level since the end of 2013. The average contract rate on the 30-year fixed conforming mortgage held steady last week at 4.56 percent.

 

 

http://www.cnbc.com/id/101566721

Celine Dion Chops Price By $9.5M, Private Water Park Included | Cross River Real Estate

Leave a reply

 

16 images

Mizz Celine Dion has knocked almost $10 million off the price of her Jupiter compound, lazy river, water slides, zero-entry pools and all, according to Gossip Extra. The now $62.5 Million house is 10,000 square feet, has ten bedrooms, and comes with a lot of beachfront on 5 1/2 acres of land.

 

 

 

http://miami.curbed.com/archives/2014/04/02/celine-dion-pricechop.php

Menachem Stark did not leave a will | Cross River Real Estate

Leave a reply

 

Brooklyn developer Menachem Stark, whose slaying has yet to yield an arrest, did not have a will, according to court records. His widow Bashie Stark was appointed yesterday as administrator of the estate, which will be required to list all of Stark’s assets in bankruptcy court as well as surrogate’s court. Bashie’s seven children have been named as beneficiaries.

“The assets of the estate are unknown,” Seth Rubenstein, a lawyer for the widow, said. “The administrator must appear in a bankruptcy proceeding whose resolution may or may not bring assets into the estate.”

The 39-year-old developer’s body was found in a Long Island dumpster in January. Stark owed several million dollars to multiple creditors and was the defendant in several lawsuits. Investigators said earlier this week they are closing in on a suspect in the killing.

 

 

http://therealdeal.com/blog/2014/04/02/menachem-stark-did-not-leave-a-will/

7 Things Not to Do When Flipping Houses | Cross River Real Estate

Leave a reply

 

Mold, wood rot, warped floors, a dated bathroom — these problems might seem a nightmare to the average home buyer, but to a seasoned flipper, a house full of flaws could mean profits.

With the housing market improving after the 2008 crash, house flippers — and reality TV shows about house flippers — are back. From “Flipping San Diego” to “Flipping Boston,” the nationwide trend of buying a house at less than market value, spending some money to fix it up and reselling it at a higher price is once again a lucrative way to turn a profit.

Seasoned house-flippers Kim Williams and Maria Powell spent time with “Nightline” in and out of various fixer-uppers in a Charlotte, N.C., neighborhood — flips in North Carolina have increased by 14 percent in the past year, with flippers averaging a profit of $50,000 per property.

The duo talked about a few of the do’s and don’ts of flipping they have learned over the years.

1. Don’t Go Over Budget When Buying the Home
Both Williams and Powell say it’s important to stay within your budget and purchase “at the right price” from the start. Additional costs can come later in upgrades to the house or contractor costs. So don’t get attached to a house when you walk in.

“It’s not emotional,” Powell said.

2. Don’t Ignore the Upgrades You Really Should Make
Some properties need only the bare minimum, Powell said, such as putting a fresh coat of paint on the walls or adding carpets. But if the bathroom needs new plumbing or if the kitchen needs new appliances, Powell said flippers would get more on their returns if they spent the money to make those necessary upgrades.

“I think sometimes people don’t see the things they could do to bring the money back,” she said. “If you do the minimum, there are some properties you should do that [for], but if the neighborhood will carry a higher price point, then you want the best use of the property.”

3. Don’t Buy a Home Without Getting It Inspected First
A few cracks in the foundation or a leaky window could be easy fixes or major problems, so both Powell and Williams said getting an inspection before purchasing a home, even if you have already put in an offer, is very important before going to closing.

Oliver Vows Lower Canada Role as Banks Cut Mortgage Rates | Cross River Real Estate

Leave a reply

 

Canadian Finance Minister Joe Oliver said today he will continue to reduce potential risks to taxpayers of a downturn in the housing market after banks cut their lending rates to the lowest in about a year.

Oliver told reporters he spoke to Bank of Montreal (BMO) Chief Executive Officer Bill Downe about the lender’s decision to lower mortgage rates in time for the spring home-buying season. Oliver said in a statement earlier today he’ll keep monitoring the market. They were his first comments on housing since replacing Jim Flaherty on March 19.

Policy makers, led by Flaherty, have tightened rules that govern mortgage lending amid concern the balance sheet of the federal agency that backstops mortgages has grown too large. The value of home loans insured by Canada Mortgage & Housing Corp. has almost doubled since the end of 2006.

“The government is gradually reducing its involvement in the mortgage market,” Oliver said he told Downe.

Most recently, the federal government began collecting a“risk fee” of 3.25 percent from Canada Mortgage & Housing on the insurance it writes.

 

http://www.bloomberg.com/news/2014-03-27/oliver-monitoring-mortgage-market-after-banks-cut-rates.html?cmpid=yhoo