Tag Archives: Cross River NY Homes

Cash house sales hit high as smart money retreats | Cross River Real Estate

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What do you make of the fact that all-cash home sales are at a record high even as institutional investor interest is dropping to its lowest level in two years?

Are families, as one tweeter (see Tweet below) put it, “shrewdly avoiding taking on usurious 4.21% 30-year mortgages?” (The lowest rate in 2014, by the way.)

RealtyTrac reported Thursday that the percentage of all-cash buyers has soared in the past year, with 42.7% of all U.S. residential property sales in the first quarter all-cash purchases, up from 37.8% in the previous quarter and up from 19.1% in the first quarter of 2013.

Notably, this is the highest level since RealtyTrac began tracking all-cash purchases in the first quarter of 2011. Meanwhile, institutional investors are walking away from housing.

According to RealtyTrac’s report, institutional investors — entities that have purchased at least 10 properties in a calendar year — accounted for 5.6% of all U.S. residential sales in the first quarter, down from 6.8% in the fourth quarter of 2013 and down from 7% in the first quarter of 2013 to the lowest level since the first quarter of 2012.

So who are these cash buyers?

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” said Daren Blomquist, vice president at RealtyTrac. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

 

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http://www.housingwire.com/blogs/1-rewired/post/29955-cash-house-sales-hit-high-as-smart-money-retreats

Upcoming FHA rule could squeeze homebuyers and sellers | Cross River Real Estate

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Realtors, lenders and community associations are up in arms about forthcoming Federal Housing Administration rules they believe could make mortgage financing more expensive — maybe even impossible — for large numbers of buyers and sellers around the country.

The concerns are not about condo certifications this time around — an issue that has caused hundreds of condo developments to drop their eligibility for FHA mortgages on individual units. The new problem is even broader, affecting potentially tens of thousands of homeowner associations that routinely impose transfer fees whenever units are sold.

Florida condos image via Shutterstock.
Florida condos image via Shutterstock.

The fees, which range from $100 to $500 in most cases, frequently are used by HOAs to replenish capital reserves, make improvements to infrastructure or even fund environmental conservation activities.

Unlike the controversial investor-driven private transfer fees marketed by Wall Street’s Freehold Capital Partners in 2010 and 2011, most HOA transfer fees are used to benefit the community.

Here’s the problem: In response to the widely criticized private transfer fee programs, Fannie Mae and Freddie Mac adopted guidelines in 2012 that banned private-purpose, investor-benefit transfer fees from eligibility for conventional financing. Their rule carefully distinguished between the Freehold Capitol type of fees — which generated income streams for bond investors for up to 99 years — and the typical HOA transfer fees designed to benefit the community’s residents.

More recently, lawyers in the U.S. Department of Housing and Urban Development’s office of general counsel have warned FHA that under existing “free assumability” regulations, the agency is not permitted to insure mortgages on properties that come with “restrictions on conveyance” — encumbrances on the title that could hamper transfers. That includes fees required to be paid at the sale of units in communities governed by homeowner associations.

 

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http://www.inman.com/2014/05/06/upcoming-fha-rule-could-squeeze-home-buyers-and-sellers/?utm_source=20140506&utm_medium=email&utm_campaign=dailyheadlinesam

8 great estates for sale | Cross River Real Estate

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Pedigree: Encompassing nearly 2,000 acres of Big Sky Country, this postcard-perfect ranch is anchored by a two-story main residence. Porches wrap around much of the home, whose handsome log-cabin aesthetic complements the timber construction of two historic barns on the site.

Property values: The scenic grounds (about 100 miles north of Yellowstone National Park) include a handful of other buildings, chief among them stables for up to seven horses and a refurbished 1889 pioneer schoolhouse.

Talking point: A private airstrip and hangar allow for quick-and-easy arrivals and departures by plane.

 

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http://realestate.msn.com/8-great-estates-for-sale

Waterfront Robert Gurney Design Asks $2.5M In Annapolis | Cross River Real Estate

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Location: Annapolis, Md. Price: $2,569,100 The Skinny: Think of residential architecture in and around the D.C. area, and you’ll probably picture a Georgetown row house or a sprawling suburban McMansion in Anne Arundel, but as we’ve seen before, the Beltway has at least one practitioner of modern design in the glass-lovin’ form of Robert Gurney. Here we’ve got a twofer from the AIA award-winning architect, with a glassy, angular, three-bedroom main house sharing a lot on Maryland’s Harness Creek with a traditional-ish two bedroom cottage. The main attraction, of course, is the spiky silhouette of the bigger home, with its floor-to-ceiling windows and its mix of wood siding and copper cladding. The light-filled interiors, which currently have kind of a CB2 showroom feel, are promising spaces, and the kitchen is a minimalist exercise in putting everything (including the Sub-Zero) in an island and a few teak wall cabinets. The cottage, which is used by the current owners as a rental property, has an enclosed porch and sits just a few feet from the water. The whole thing comes with an acre of land and is asking $2.569M, more than double what it sold for just over a year ago.

 

 

 

http://curbed.com/archives/2014/04/16/waterfront-robert-gurney-design-asks-25m-in-annapolis.php

Plunge in refinancing hits mortgage applications | Cross River Homes

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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

Consumer credit ticks higher in February | Cross River Real Estate

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Consumer credit edged higher in February, increasing at a seasonally adjusted rate of 6-1/2%, the latest report from the Federal Reserve said.

In addition revolving credit decreased at an annual rate of 3-1/2%, while nonrevolving credit grew at an annual rate of 10%.

“Consumer credit rose a sharp $16.5 billion in February but the revolving component, where credit cards are tracked, continues to be very soft, down $2.4 billion in the month,” analysts with Econoday said.

“Strength once again is entirely in the non-revolving component, up $18.9 billion and reflecting demand for car loans as well as the government’s acquisition of student loans. The consumer, still hesitant to use credit cards, hasn’t been a leading force for the economy,” Econoday added.

 

http://www.housingwire.com/articles/29586-consumer-credit-ticks-higher-in-february

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

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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

 

Pending home sales down 10.5% from February 2013 | Cross River Real Estate

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Pending home sales fell for the eighth straight month, down 0.8% from the downwardly revised January report and down 10.5% from February 2013, according to the index from the National Association of Realtors.

NAR’s pending sales index is an indicator of closings that usually happen within three months.

“Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” said Lawrence Yun, chief economist for NAR. “Moreover, buyer traffic information from our monthly Realtor survey shows a modest turnaround, and some weather delayed transactions should close in the spring.”

Existing home sales have been down since September 2013, with buyers facing the challenges of an increasing affordability gap as investors have driven up prices and lending requirements have tightened.

“Upon first glance, it may seem high that a quarter of all ZipRealty home sales closed without financing in 2012 and 2013,” said ZipRealty CEO and president Lanny Baker. “But based on our own internal analysis and data from the National Association of Realtors, the percentage of all-cash real estate transactions may actually be moderating. Nationwide, the percentage of all-cash real estate transactions reached a five-year high in 2010 at 27%, and the percentage of all-cash property sales has slowly declined or flattened every subsequent year.”

All-cash transactions accounted for 20% of the residential real estate market in 2009, and 25.6% of the market in 2011, NAR reports.

According to ZipRealty’s analysis, in 2013 26% of all the real estate transactions closed by ZipRealty agents were purchased with cash, while 25% of the homes purchased through ZipRealty agents were acquired with cash.

 

http://www.housingwire.com/articles/29460-pending-home-sales-down-105-from-february-2013

 

Real Housewife Personally Drives Bulldozer Into 42 Star Island | Cross River Real Estate

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42%20Star%20Island%20Drive%20-%20December%202008%20-%20Credit%20Ronny%20Lorist%20X.jpg[Photo Via Ronny Lorist]

Lisa Hochstein is having a great day. The Real Housewife of Miami and her hubby Lenny have finally won her battle to demolish historic 42 Star Island Drive and she celebrated by personally demolishing the house’s porte cochere, she told news reporters yesterday. The house’s sad demise was all over the evening news.  “I actually tore down this entire front area here, it was actually really fun. This is a fun job.” said Lisa, contemplated a career change no doubt. The house should take about three weeks to demolish in its entirety, and the new one won’t be finished for another two years.

 

http://miami.curbed.com/archives/2014/03/19/real-housewife-personally-drives-bulldozer-into-42-star-island.php

Fixed Mortgage Rates Move Down a Tad | Cross River Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving down slightly after last week’s uptick, and remaining within range of average fixed rates for the first quarter of 2014.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
  • 15-year FRM this week averaged 3.32 percent with an average 0.6 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent this week with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago, the 5-year ARM averaged 2.61 percent.
  • 1-year Treasury-indexed ARM averaged 2.49 percent this week with an average 0.4 point, up from last week when it averaged 2.48 percent. At this time last year, the 1-year ARM averaged 2.63 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 the Regional 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 eased this week as housing starts declined 0.2 percent in February to a seasonally adjusted annual rate of 907,000, below consensus forecast. The rate on the 10-year treasury note rose following the Fed’s announcement Wednesday afternoon and, if this holds, interest rates may begin to trend higher going into next week.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.