Tag Archives: Cross River Real Estate for sale

Gen Xers more likely than Millennials or Boomers to buy a home | Cross River Real Estate

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MCLEAN, VA–(Marketwired – Nov 18, 2015) – Freddie Mac

  • Gen Xers more likely than Millennials or Boomers to buy a home
  • Millennials more likely to save for short- and long-term goals
  • Renters offset rent hikes by spending less on essentials and are considering getting a roommate

Renters indicate they still feel challenged with their finances and 66 percent are carrying debt each month, according to a recent Freddie Mac (OTCQB: FMCC) survey. Yet, the majority of renters (56 percent) are optimistic about managing their debt. Renters are also saving money for numerous priorities and a down payment on a home is not at the top of their list. In addition, Gen Xers are more likely than Millennials or Boomers to buy a home in the next three years.

For the Freddie Mac quarterly online survey, conducted in October on its behalf by Harris Poll, renters currently saving for all listed goals place a higher priority on saving money for an emergency/unexpected expense (59 percent), retirement (51 percent) and children’s education (50 percent) than a down payment on a home (39 percent) or a vacation (26 percent). They also indicate that they are behind in saving for those things.

Looking across generations, Millennial renters are more likely to be saving for short- and long-term goals than Boomer and Gen X renters. For example, Millennial renters are more likely to be saving for a major purchase (92 percent) and a vacation (94 percent), when compared to Boomers (82 percent and 81 percent respectively) and Gen Xers (77 percent and 75 percent respectively).

“We know rents are rising faster than incomes and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items,” said David Brickman, Freddie Mac executive vice president of Multifamily. “Despite this, some renters feel optimistic about managing their debt.”

Brickman added, “Growth in the renter segment will most likely occur through multifamily properties as more than half of those currently renting single-family properties are planning to become homeowners in the near future. The data shows single-family renters are increasingly more dissatisfied than multifamily renters.”

Ways to Offset a Rent Hike

The many ways in which renters are making adjustments due to rent increases include:

  • 51 percent are spending less on essentials, the same as last quarter.
  • 52 percent put off plans to purchase a home, compared to 44 percent in June.
  • 35 percent are contemplating getting a roommate, up from 29 percent in June.
  • 26 percent say they need to move into a smaller rental property, compared to 20 percent in June.

The Future Homebuyer

When broken out by generations, 58 percent of Gen X renters expect to purchase a home in the next three years, compared to 42 percent of Millennials and 33 percent of Baby Boomers.

Overall, almost half (48 percent) of renters in single-family properties are dissatisfied with renting, and are more likely to purchase a home in the next three years than multifamily renters (57 percent vs. 28 percent).

Satisfaction with Rental Experience

The satisfaction rates from the March, October and June surveys this year are virtually unchanged, with a third of renters being very satisfied with their rental experience and almost a third (30 percent) indicating they are moderately satisfied. In the October survey,

  • 70 percent of satisfied renters are likely to continue renting for the next three years, up slightly from 68 percent in the previous quarter.
  • 30 percent of satisfied renters indicate they are more likely to buy a home, compared to 32 percent in the previous quarter.

In addition, the top favorable factors for renting remain about the same and are freedom from home maintenance (79 percent), more flexibility over where you live (74 percent) and protection against declines in home prices (68 percent).

Additional details about the survey, including charts, are on the Freddie Mac website.

Here’s what the typical #homebuyer and #seller look like | Cross River Real Estate

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This is the third year in a row that the share of first-time buyers declined, staying at the lowest point in nearly three decades, according to an annual survey released by the National Association of Realtors.

Instead of first-time buyers, the overall strengthening pace of home sales over the past year was driven more by repeat buyers with dual incomes.

In this year’s survey, the share of first-time buyers declined to 32%å (33% a year ago), which is the second-lowest share since the survey’s inception (1981) and the lowest since 1987 (30%). Historically, the long-term average shows that nearly 40% of primary purchases are from first-time homebuyers.

Lawrence Yun, NAR chief economist, said the housing recovery’s missing link continues to be the absence of first-time buyers.

“There are several reasons why there should be more first-time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college-educated, and the fact that renting is becoming more unaffordable in many areas,” said Yun.

He attributed the drop in first-time buyers to several reasons.

“Unfortunately, there are just as many high hurdles slowing first-time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing-homes in their price range, and it’s still too difficult for some to get a mortgage,” Yun said.

This infographic shows what the typical homebuyer and home seller look like.

Click to enlarge

NAR

(Source: National Association of Realtors)

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[Infographic] HereÕ what the typical homebuyer and seller look like

The Consumer Financial Protection Bureau Takes Actions Against #Collection #Agencies | Cross River Real Estate

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Encore Capital Group and Portfolio Recovery Associates (PRA) are two of the country’s largest debt buyers, a market that serves a crucial role in the proper functioning of consumer credit markets. Recently, the Consumer Financial Protection Bureau (CFPB) has taken legal action against Encore and PRA for their illegal debt collection activities. In their process, Encore & PRA demanded payments and filed lawsuits on debts without reviewing the proper documentation to ensure they were collecting the accurate amount from the correct consumer.
In their legal actions, the CFPB is ordering Encore to refund up to $42 million to consumers, cease collection efforts on $125 million in debts, and pay a penalty of $10 million. Meanwhile, they are ordering PRA to refund $19 million to consumers, stop its collection of $3 million in debts, and pay a penalty of $8 million. In addition to these actions, the CFPB is hoping their orders will contribute towards reforming and improving the procedures taken in the debt collection field.
Typically, debt buyers purchase delinquent accounts for only a fraction of what the overall debt total would be; however, they still have the option to collect the full amount claimed by the original lender. In the investigation, Encore and PRA were found to have purchased over $200 billion in defaulted consumer debts on credit cards, phone bills, and other accounts. The issue here is that the debts bought were inaccurate or could not legally be enforced; something both debt buyers knew or should have known.
In the investigation, it was found that both companies knowingly and intentionally entered into these agreements after being notified of debts being faulty, seeing the contractual disclaimers, or being aware of consumer disputes. Both companies went on to make these purchases without obtaining important and accurate documentation, or even checking to ensure the debts were accurate and enforceable. Encore and PRA even bought debts that intentionally imposed significant limitations on access to account-level documents that would have helped verify the debts.
Even after the initial purchase, Encore and PRA used unlawful tactics and made misrepresentations in order to pressure consumers to pay their debts. PRA’s tactics included falsely informing consumers their accounts were reviewed by an attorney, falsely stating that there would be a pending litigation, and coaxing consumers into agreeing to receive auto-dialed calls to their cell phones. Meanwhile, Encore notified some consumers that debts were legally enforceable, when they were in fact too old to legally enforce. Both companies also collected debts by entering into lawsuits against consumers across different states, knowing they would win the majority by default if consumers were unable to defend themselves.
Due to the unlawful actions taken by both companies, in addition to them being the largest debt buyers in the country, Encore and PRA will have to lead the reform in practices taken in the debt buying field. These changes would include taking proper measurements to ensure debt being bought is accurate and enforceable, proper research and investigation is taken, and that any lawsuits filed must contain specific documents and information that is both accessible and shows the debt is accurate.
These actions taken by the Consumer Financial Protection Bureau are in hopes of ensuring there are legitimate and fair practices being taken in the debt buying marketplace, so as to keep consumers from being misled by companies like Encore Capital Group and Portfolio Recovery Associates. Does this mean there will be no illegal activity on the part of collection agencies moving forward?  Very unlikely…
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Homes in the Rental Housing Stock | Cross River Real Estate

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While renting a home is often associated exclusively with apartment living, there are many types of homes in the rental housing stock. Renting a home, regardless of structure type, can provide a housing option for individuals and families who are on a budget, saving to purchase a home, or who expect to change locations in the near-term. And while builders have accelerated their pace of multifamily construction to meet rising rental demand, it is useful to understand the composition of the current rental housing stock.

Based on the Census Bureau’s 2013 American Housing Survey, the rental stock increased 1. 4 million from 2011 to 2013 to a total of 40 million residences. Contrary to popular expectations, most rental homes are smaller properties, single-family homes and multifamily buildings with 2 to 4 units.

Single-family detached homes made up the largest individual share of the rental housing stock, 29 percent of the entire rental market in 2013. Combining that portion of the market with the share of townhomes (single-family attached), all single-family residences accounted for 35 percent of the occupied rental stock.

The second largest share of rental stock was multifamily homes with 2 to 4 units (19 percent).

Slide1

It is the case that rental housing tends to be located in urban areas. 85 percent of rental homes were located in metropolitan areas (MSAs), with 43 percent in central cities and 42 percent in suburbs. Multifamily dominated the housing rental market in both central cities and suburbs, largely due to the high land costs. Single-family rental homes were most popular in non-metropolitan areas.

Slide2

The share of rental homes increased moderately almost across all structure types from 2011 to 2013, except for townhomes. The rental share of single-family homes, including both detached and townhome rental properties, increased three percent from 2011 to 2013, compared to only a one percent increase in multifamily rental share. However, the increase for single-family rental inventory was not due to initially built-for-rent purposes, but came from formerly owner-occupied to rental homes.

Slide3

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http://eyeonhousing.org/2015/09/what-kind-of-homes-are-in-the-rental-housing-stock-2/

U.S. Home Prices Remain Flat in June, Case-Shiller Says | Cross River Real Estate

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U.S. home price growth remained largely flat in June, according to a report released Tuesday, a further indication that the housing market is holding steady after years of turbulence.

The S&P/Case-Shiller Home Price Index, covering the entire nation, rose 4.5% in the 12 months ended in June, slightly greater than a 4.4% increase in May.

The 10-city index saw a slightly lower gain of 4.6% from a year earlier, compared with a 4.7% increase in May. The 20-city index gained 5% year-over-year, compared with a 4.9% increase in May.

Economists surveyed by The Wall Street Journal expected a 5% increase to the 20-city index.

This month’s Case-Shiller numbers are being closely watched after Monday’s stock market plunge has some investors eyeing real estate as a more stable investment. Another important indicator, sales of new homes in July, is also set to be released Tuesday.

But economists cautioned that the report reflects the state of the housing market a couple of months ago. It doesn’t take into account whether there will be any impact from the latest market news.

“If you’re uncertain about the economy you’re not going to take your money and buy a house,” said Steve Blitz, chief economist at ITG Investment Research. “It’s just a question mark that we didn’t have before.”

David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, pointed to a major stock market drop as one potential factor that could cool off the housing market in the coming months.

“A stock market correction is unlikely to do much damage to the housing market,” he said. “A full-blown bear market dropping more than 20% could present some difficulties for housing and other economic sectors.”

Month-over-month home price gains were modest, according to the report. Not seasonally adjusted, the U.S. Index rose 1% from May to June. The 10-city and 20-city indexes saw a 0.9% and 1% change over the month respectively.

 

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http://www.wsj.com/articles/home-prices-remains-flat-in-june-case-shiller-says-1440507733

Mortgage Rates Average 4.02% | Cross River Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates little changed from the previous week amid reports of the U.S. housing market strengthening.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.7 point for the week ending June 25, 2015, up from last week when it averaged 4.00 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
  • 15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.4 point, down from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.98 percent.
  • 1-year Treasury-indexed ARM averaged 2.50 percent this week with an average 0.3 point, down from last week when it averaged 2.53 percent. At this time last year, the 1-year ARM averaged 2.40 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.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Mortgage rates were little changed this week. The rate on 30-year fixed-rate mortgages was 4.02 percent, an increase of just 2 basis points from the previous week. Economic releases confirmed increasing strength in housing. Existing home sales increased 5.1 percent in May to an annual pace of 5.35 million units and new home sales increased 2.2 percent to an annual pace of 546,000 units. Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up.”

North American Passive Building Standard Introduced | Cross River Real Estate

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To adapt the European Passive House standard to North American markets, PHIUS (Passive House Institute US) will launch the new PHIUS+ 2015 passive building standard on March 25 at Seattle’s Bullitt Center.

The event, cosponsored by PHIUS/PHAUS, the passive building research institute and alliance, and Sam Hagerman, past president of PHAUS and owner of passive builder Hammer & Hand, marks implementation of the new energy performance targets in the PHIUS+ project certification program. PHIUS+ is the leading passive building certification program in North America.

“For years we have worked to increase awareness and market penetration of the passive building concept in North America,” said Hagerman. “The new PHIUS+ 2015 standard is a giant leap in this process.”

Executive Director Katrin Klingenberg will will give a brief overview of the impetus for the new standard, as well as a capsule summary of what’s new and what’s better.

Klingenberg said that “PHIUS+ 2015 gives designers and builders a powerful new tool: A building energy performance target that’s in the “sweet spot” where cost effectiveness overlaps with aggressive energy and carbon reduction. As such, it promises to ignite tremendous growth in the application of passive building principles.”

Formally known as PHIUS+ 2015 Passive Building Standard: North America, the standard is the product of nearly three years of research conducted by the PHIUS Technical Committee in partnership with Building Science Corporation under a U.S. Department of Energy Building America grant. The effort employed the National Renewable Energy Laboratory’s BEopt tool (a cost-optimizing software tool) to develop optimized design guidelines for use in North America’s wide-ranging climate zones.

Passive building has gained great attention in recent years because of its potential for reducing carbon levels and mitigating climate change, for comfort and resiliency, and for saving energy costs in general. But the adoption of passive principles—superinsulation, airtight envelope, energy recovery ventilation, e.g—has been slower than hoped because of cost and other disincentives.

The new formula and standards remove those obstacles. In addition, passive building is increasingly being adopted as a platform for achieving Net Zero or Net Positive buildings—by reducing building energy requirements from the start, it brings those targets well within reach. The U.S. DOE recognized the synergy between Net Zero and passive building by partnering with PHIUS from 2012 onward. Buildings that earn PHIUS+ certification also earn the U.S. DOE’s Zero Energy Home Ready label. Since the partnership, PHIUS+ certifications have increased exponentially, and the new standard promises to not only sustain but also dramatically increase that growth.

 

 

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http://www.proudgreenhome.com/news/phius-to-launch-north-american-passive-building-standard/

Existing-home sales slow to 9-month low in January | Cross River Real Estate

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The housing market didn’t get off to a great start in 2015, as existing-home sales in January fell to the lowest level in nine months.

The National Association of Realtors reported that home sales fell 4.9% to a seasonally adjusted annual rate of 4.82 million. Economists polled by MarketWatch had forecast a 4.95 million rate.

December’s data saw a mild upward revision to 5.07 million from an initially reported 5.04 million.

Lawrence Yun, chief economist for the NAR, attributed the decline to a lack of housing supply and rising prices.

The median existing-home price was $199,600, which is 6.2% above January 2014 levels. Inventory edged up 0.5% to 1.87 million homes, or a 4.7 month supply at the current sales price.

Yun added that low mortgage rates are generating interest, but the lack of new and affordable listings is delaying decisions.

Other factoids from the January report:

• All-cash sales were 27% of all transactions, up from 26% in December but down from 33% in January 2014.

• Distressed sales were 11% of all sales, unchanged from December.

• Properties typically stayed on the market slightly longer in January (69 days) than December (66 days) and a year ago (67 days).

• The share of first-time buyers declined to 28% in January, the lowest since June.

“Today a somewhat softer-than-expected report is a further sign that housing is still struggling to gain altitude although we expect further signs of recovery in the next two to three years as the improving job market encourages more first-time buyers,” said Peter Buchanan, an economist at CIBC World Markets.

 

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http://www.marketwatch.com/story/existing-home-sales-slow-to-9-month-low-in-january-2015-02-23

Elliman’s Oren Alexander to co-list $95M property | Cross River NY Homes

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The 18th-floor penthouse unit at the Sherry Netherland on Fifth Avenue, a listing in the hands of superbroker Dolly Lenz before she departed Douglas Elliman in June, is changing brokers again.

Lisa Simonsen, the Elliman broker behind the $48 million sale of a Plaza Hotel condominium in 2011 – the priciest apartment trade in New York City history at the time – no longer holds the 781 Fifth Avenue listing, Elliman broker Oren Alexander confirmed. Alexander, who also holds the $5 million listing for No. 501 at the Sherry Netherland, will now be co-listing the property with Brown Harris Stevens broker Kathy Sloane, who initially shared listing with Lenz and continued to share after it switched to Simonsen.

The Alexander team, which includes Oren Alexander, his brother Tal Alexander and 10 others based in both New York and Miami, hopes to go live with the listing by Monday, Oren Alexander told The Real Deal.

“This is not just a change of broker, but a change in the whole marketing strategy,” Alexander said. “This property is right up our alley, we have been really focusing our team on selling trophy properties.”

The listing, which was reduced to $88 million from $95 million in December, will now ask $95 million, Alexander said. “I was not involved in reducing the price, but my understanding was that it was a mistake,” he said.

Sloane, a senior vice president and managing director at Brown Harris Stevens who sold Courtney Sale Ross’ duplex co-op at 740 Park Avenue for $52.5 million in 2012, did not immediately respond to request for comment. A spokesperson for Brown Harris Stevens confirmed that the listing remains a co-exclusive. Simonsen also did not immediately respond to request for comment.

Liberty Travel founder Gilbert Haroche owns the 18th-floor, prewar co-op, which boasts seven bedrooms, eight bathrooms and a master bedroom suite overlooking Central Park. Purchased as numerous smaller apartments pieced together over the years, the property now spans 9,000 square feet inside and includes a 2,000 square feet of outdoor terraces, as previously reported. His past neighbor, Judge Judith Sheindlin — better known as television’s “Judge Judy” — sold her 10th and 11th-floor unit in the building in June for $8.5 million.

http://therealdeal.com/blog/2014/01/02/co-listed-sherry-netherland-penthouse-switches-brokers-at-douglas-elliman/