Tag Archives: Katonah Homes for Sale

Katonah Homes for Sale

Home builder confidence falls again | Katonah Real Estate

Sharply rising mortgage rates are taking their toll on the nation’s home builders, as already pricey new construction becomes even less affordable. 

Builder confidence in the market for new single-family homes fell 2 points to 77 in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Any reading above 50 is considered positive sentiment, but the reading marks the fourth straight month of declines for the index, which stood at 83 in April 2021.

Of the index’s three components, current sales conditions fell 2 points to 85. Buyer traffic dropped 6 points to 60, and sales expectations in the next six months increased 3 points to 73 following a 10-point drop in March.

“Despite low existing inventory, builders report sales traffic and current sales conditions have declined to their lowest points since last summer as a sharp jump in mortgage rates and persistent supply chain disruptions continue to unsettle the housing market,” said NAHB Chairman Jerry Konter, a builder and developer from Savannah, Georgia.

The average rate on the 30-year fixed mortgage stood at around 3.90% at the beginning of March, and is now up to 5.15%, according to Mortgage News Daily. That is the highest rate in more than a decade. The rate loosely follows the yield on the U.S. 10-year Treasury, which has been on the rise, but is also being impacted as the Federal Reserve pulls out of the mortgage-backed bond market.

Elevated mortgage rates are only exacerbating high prices for both new and existing homes. The median price of a newly built home in February was up over 10% from the year prior.

“The housing market faces an inflection point as an unexpectedly quick rise in interest rates, rising home prices and escalating material costs have significantly decreased housing affordability conditions, particularly in the crucial entry-level market,” said NAHB Chief Economist Robert Dietz.

Regionally, on a three-month moving average, builder sentiment in the Northeast rose 1 point to a reading of 72. In the Midwest it fell 3 points to 69, in the South it fell 2 points to 82 and in the West it fell 1 point to 89.

read more

cnbc.com/

Case-Shiller index reports 18.8% annual home price gain | Katonah Real Estate


S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for November 2021 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/.

YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 18.8% annual gain in November, down from 19.0% in the previous month. The 10-City Composite annual increase came in at 16.8%, down from 17.2% in the previous month. The 20- City Composite posted an 18.3% year-over-year gain, down from 18.5% in the previous month.

Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in November. Phoenix led the way with a 32.2% year-over-year price increase, followed by Tampa with a 29.0% increase and Miami with a 26.6% increase. Eleven of the 20 cities reported higher price increases in the year ending November 2021 versus the year ending October 2021.

The charts on the following page compare year-over-year returns of different housing price ranges (tiers) for Phoenix and Tampa.


MONTH-OVER-MONTH
Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase in November, while the 10-City and 20-City Composites posted increases of 0.9% and 1.0%, respectively. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.1%, and the 10-City and 20-City Composites posted increases of 1.1% and 1.2%, respectively. In November, 19 of the 20 cities reported increases before seasonal adjustments while all 20 cities reported increases after seasonal adjustments.


ANALYSIS
“For the past several months, home prices have been rising at a very high, but decelerating, rate. That trend continued in November 2021,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index rose 18.8% from year-ago levels, and the 10- and 20-City Composites gained 16.8% and 18.3%, respectively. In all three cases, November’s gains were less than October’s.

Despite this deceleration, it’s important to remember that November’s 18.8% gain was the sixth-highest reading in the 34 years covered by our data (the top five were the months immediately preceding November).

“We continue to see very strong growth at the city level. All 20 cities saw price increases in the year ended November 2021, and prices in 19 cities are at their all-time highs. November’s price increase ranked in the top quintile of historical experience for 19 cities, and in the top decile for 16 of them.

“Phoenix’s 32.2% increase led all cities for the 30th consecutive month. Tampa (+29.0%) and Miami (+26.6%) continued in second and third place in November, narrowly edging out Las Vegas, Dallas, and San Diego. Prices were strongest in the South and Southeast (both +25.0%), but every region continued to log impressive gains.

“We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic. More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years or reflects a more permanent secular change. In the short term, meanwhile, we should soon begin to see the impact of increasing mortgage rates on home
prices.”


SUPPORTING DATA
The chart below depicts the annual returns of the U.S. National, 10-City Composite and 20-City Composite Home Price Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, recorded an 18.8% annual gain in November 2021.

The 10-City and 20-City Composites reported year-over-year increases of 16.8% and 18.3%, respectively.


The following chart shows the index levels for the U.S. National, 10-City and 20-City Composite Indices. As of November 2021, average home prices for the MSAs within the 10-City and 20-City Composites are exceeding their winter 2007 levels.

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.


2006 Peak 2012 Trough Current
Index Level Date Level Date
From Peak (%) Level
From Trough (%)
From Peak (%)
National 184.61 Jul-06 134.00 Feb-12 -27.4% 276.12 106.1% 49.6%
20-City 206.52 Jul-06 134.07 Mar-12 -35.1% 282.44 110.7% 36.8%
10-City 226.29 Jun-06 146.45 Mar-12 -35.3% 294.45 101.1% 30.1%


Table 2 below summarizes the results for November 2021. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.


November 2021 November/October October/September 1-Year
Metropolitan Area Level Change (%) Change (%) Change (%)
Atlanta 203.24 1.4% 1.3% 21.6%
Boston 281.81 0.0% 0.1% 13.5%
Charlotte 225.11 1.4% 1.5% 22.9%
Chicago 171.49 0.5% 0.5% 11.6%
Cleveland 159.84 0.6% 0.7% 14.0%
Dallas 259.12 1.2% 1.1% 25.0%
Denver 289.73 0.8% 0.2% 20.1%
Detroit 159.40 0.7% 0.2% 14.4%
Las Vegas 261.81 0.9% 1.4% 25.7%
Los Angeles 375.31 1.2% 1.4% 19.0%
Miami 337.50 2.0% 1.9% 26.6%
Minneapolis 217.95 0.3% -0.1% 11.2%
New York 251.45 1.0% 0.8% 13.8%
Phoenix 298.30 1.2% 1.1% 32.2%
Portland 309.19 0.5% 0.3% 17.4%
San Diego 367.62 1.0% 1.1% 24.4%
San Francisco 342.56 0.6% 0.0% 18.2%
Seattle 352.87 1.4% 0.6% 23.3%
Tampa 317.13 2.1% 1.9% 29.0%
Washington 283.66 0.5% 0.0% 11.1%
Composite-10 294.45 0.9% 0.8% 16.8%
Composite-20 282.44 1.0% 0.8% 18.3%
U.S. National 276.12 0.9% 0.8% 18.8%
Sources: S&P Dow Jones Indices and CoreLogic
Data through November 2021


Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and nonseasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price
indices and the five condo markets that are tracked.


November/October Change (%) October/September Change (%)
Metropolitan Area NSA SA NSA SA
Atlanta 1.4% 1.5% 1.3% 1.4%
Boston 0.0% 0.1% 0.1% 0.4%
Charlotte 1.4% 1.5% 1.5% 1.6%
Chicago 0.5% 1.2% 0.5% 0.9%
Cleveland 0.6% 1.2% 0.7% 1.3%
Dallas 1.2% 1.3% 1.1% 1.3%
Denver 0.8% 1.2% 0.2% 0.6%
Detroit 0.7% 1.2% 0.2% 0.9%
Las Vegas 0.9% 1.3% 1.4% 1.7%
Los Angeles 1.2% 1.4% 1.4% 1.4%
Miami 2.0% 2.0% 1.9% 1.9%
Minneapolis 0.3% 0.9% -0.1% 0.3%
New York 1.0% 0.8% 0.8% 0.5%
Phoenix 1.2% 1.4% 1.1% 1.3%
Portland 0.5% 0.9% 0.3% 1.1%
San Diego 1.0% 1.5% 1.1% 1.4%
San Francisco 0.6% 0.8% 0.0% 0.4%
Seattle 1.4% 2.1% 0.6% 1.5%
Tampa 2.1% 2.0% 1.9% 1.8%
Washington 0.5% 0.7% 0.0% 0.0%
Composite-10 0.9% 1.1% 0.8% 0.8%
Composite-20 1.0% 1.2% 0.8% 1.0%
U.S. National 0.9% 1.1% 0.8% 1.0%
Sources: S&P Dow Jones Indices and CoreLogic
Data through November 2021
For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/.

NAR reports 16% increase in pending sales | Katonah Real Estate

After reaching a record high in August, pending home sales slid for the third consecutive month, as fast-rising home prices and low inventory started to impede the housing market. Higher interest rates this week will present an additional challenge in future data.

The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI fell 2.6% from 129.1 in October to 125.7 in November, the highest level for November. However, on a year-over-year basis, sales were still 16.4% higher than a year ago.

All four regions saw a decline in month-over-month contract activity, ranging from 1.1% in the South to 4.7% in the West. On a year-over-year basis, all four regions saw double-digit year-over-year growths, ranging from 10.4% in the West to 21.3% in the South.

Despite the declines in these three months, pending home sales still outperformed this year and housing demand remained strong due to recent, low mortgage rates. However, rising home prices driven by record-low inventory may hurt affordability, especially first-time buyers. More listings and home construction are needed to meet this rising demand.

read more…

eyeonhousing.org

Mortgage rates drop to 4.28% | Katonah Real Estate

Mortgage Rates Move Lower
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates dropped with the beginning of spring homebuying season.Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”

News Facts30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.4 point for the week ending March 21, 2019, down from last week when it averaged 4.31 percent. A year ago at this time, the 30-year FRM averaged 4.45 percent. 15-year FRM this week averaged 3.71 percent with an average 0.4 point, down from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.68 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Mortgage rates average 4.37% | Katonah Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that fixed-rate mortgages fell to the lowest levels since early 2018.

Sam Khater, Freddie Mac’s chief economist, says, “The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.4 point for the week ending February 14, 2019, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 4.38 percent. 
  • 15-year FRM this week averaged 3.81 percent with an average 0.4 point, down from last week when it averaged 3.84 percent. A year ago at this time, the 15-year FRM averaged 3.84 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.88 percent with an average 0.3 point, down from last week when it averaged 3.91 percent. A year ago at this time, the 5-year ARM averaged 3.63 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Mortgage rates average 4.63% | Katonah Real Estate

Mortgage Rates Drop to Lowest Point in Three Months

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that rates dropped significantly after several weeks of moderating.

Sam Khater, Freddie Mac’s chief economist, says, “The 30-year fixed fell to 4.63 percent this week – the lowest it has been since mid-September. Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates. While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.63 percent with an average 0.5 point for the week ending December 13, 2018, down from last week when it averaged 4.75. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 4.07 percent with an average 0.5 point, down from last week when it averaged 4.21 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.07. A year ago at this time, the 5-year ARM averaged 3.36 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey

Plogging to clean your neighborhood | Katonah Real Estate

Many athletes have been doing it for a long time without even knowing it is now a fitness trend. It’s called plogging, a combination of jogging and picking up. And what is being picked up is trash. The Swedes are credited with starting the trend and now it’s spreading in the United States.

A sunny and breezy day is perfect for plogging. Jeff Horowitz, a personal trainer at Vida Gym in Washington, is plogging with a couple of his friends. To him, nothing is new about this routine.

“This is just my personal ethics, where I would go for a run and if I happen to see a piece of garbage laying around and it’s within my reach,” he says. “It was a kind of a little test for me to see if I can grab it and throw it in a near trash can without stopping. That way I thought it gave me a little bit of exercise, a little focus for my run and helped clean up the neighborhood.”

Now, he knows he’s one of a growing number of people worldwide who are plogging. He often organizes plogging events.

Rules of Plogging

Getting ready to plog is similar to getting ready to jog. You have to warm up by doing weight squats, some calisthenics, some balance exercises. Then, grab a trash bag and you’re ready to go, but not before wearing a pair of gloves.

Like other athletes, ploggers have to warm up first. (Jeff Horowitz)
Like other athletes, ploggers have to warm up first. (Jeff Horowitz)

“Gloves are important,” Horowitz says. “You want to make sure this is going to be healthy for you. Even if you’ve good intentions, you never know what you’ll find. It might be broken glass, medical waste.”

Like any other fitness routine, plogging has rules. The first of these rules one shouldn’t suddenly bend over in front of someone else, which seems like common sense.

“You can’t do that.” Horowitz explains. “It becomes like a three stooges’ event and you’ll end up falling over.” So, when plogging with a group a runner usually calls it out, stops and bends, so other members of the group become aware of his move.

Ploggers also need to cover all different territory.

“People kind of naturally follow that rule,” Horowitz says. “So, if I’m a little bit more to the curb side, I’ll look toward the gutter and someone else a little bit closer to the hedges they’re going to pick up there. So, you get a rhythm going between people without sometimes agreeing to it.”

Organizing plogging events encourages more joggers to try it. (Jeff Horowitz)
Organizing plogging events encourages more joggers to try it. (Jeff Horowitz)

Running with Purpose

Sports event organizer Dana Allen finds plogging interesting. Like other runners who consider themselves environment custodians, she likes it when streets are trash-free and clean. That’s why she plogs, but admits she doesn’t do it all the time.

“When I’m running seriously, in training for a marathon, I probably wouldn’t be as inclined to stop regularly because I’m focusing on a certain goal,” she says. “But then there are other days, where I’m out and into sort of a more relaxed running that would be a situation where I might do it.”

On other occasions, a group of runners gets together early on a weekend morning, and goes plogging.

“We go for run, pick up some garbage, then we go for brunch. We kind of make a little bit of event of it.”

Plogger Azell Washington says participating in such events makes him feel better. “It would clear a lot of space for me. And I’m rewarded myself.”

Washington DC: Clean and Fit

Encouraging more people to plog helps raise awareness about Washington’s litter problem, says Julie Lawson, who works with the mayor’s Clean City Office.

“When the street looks bad and it’s dirty, you’re going to feel bad about the neighborhood, about the community. You may even feel less safe because of that,” she says. “So if we’re all doing our part and picking it up, it’s very easy to help beautify it, help build those social connection, you get to know your neighbors, you get to feel some social responsibility and community feel, when you do this.”

Plogging also helps advance a city-wide fitness initiative.

“FitDC is Mayor Muriel Bowser’s initiative to get DC back to number one in the country as the fittest city in the nation,” Lawson adds. “And as part of that our Department of Parks and Recreation put up a couple of plogging events combining fitness activities with beautifying the city. We look to continue to support that.”

Participants of all ages are welcome to plog. (Jeff Horowitz)
Participants of all ages are welcome to plog. (Jeff Horowitz)

Plogger Allen hopes one day there won’t be a need for plogging.

“I would just hope people around would think twice before dropping a garbage on the ground,” she says. “We have receptacles, seems like on every block. So, it’s easy to put your garbage in the trash can. So, I just think people should think about it a little bit more and be cognizant of keeping the city as beautiful as possible.”

read more…

https://www.voanews.com/a/plogging-around-the-us/4673842.html?utm_medium=email&utm_campaign=today-at-voa-t46&utm_source=newsletter&utm_content=2018-11-27

Bomb found at George Soros’ Katonah mailbox | Katonah Real Estate

PHOTOS COURTESY OF GEORGESOROS.COM; GAGE SKIDMORE | WIKIMEDIA COMMONS

Update 10/24 — The U.S. Secret Service released a statement this morning stating that similar packages were intercepted in routine mail screenings en route to the Chappaqua address of former Secretary of State Hillary Clinton, as well as the Washington, D.C. residence of Former President Barack Obama.
 

• “Suspicious packages” were identified as “potential explosive devices” during what the Secret Service says in its official statement were routine mail screenings, and “appropriately handled as such.”

• The package sent to Clinton was intercepted late on Tuesday, October 23. A second package addressed to President Obama was intercepted in Washington early Wednesday morning.

• Neither of the Secret Service’s protectees received the packages, “nor were they at risk of receiving them,” according to the statement.

• Also on Wednesday morning, CNN’s offices in Manhattan were evacuated after a similar device was sent there and made its way into their offices, a law enforcement official said.

Jim Sciutto@jimsciuttoBreaking: CNN NY office evacuated. Police bomb squad is here. We’re told of explosive device received.

• According to the Secret Service, the agency has “initiated a full scope criminal investigation that will leverage all available federal, state, and local resources to determine the source of the packages and identify those responsible.”

Westchester Magazine will continue coverage of this story as it develops. Original story below:
 


Monday afternoon, a small explosive device was discovered in the mailbox of billionaire philanthropist George Soros’ Katonah residence.

No one was injured and the investigation is still ongoing. Here’s everything you need to know as the story unfolds:
 

• Bedford Police received a call around 3:45 p.m. on Monday, October 22, from an employee of the residence.

• The 88-year-old Soros was not home at the time.

• The relatively small device was discovered when an employee opened a package, after which they carefully placed the device outside in a wooded area, according to the Bedford police.

• Federal and state law enforcement agents responded, and the bomb squad proceeded with a controlled detonation of the device.

• There was no clear motive behind the attempted bombing, though Soros has often been demonized by right-wing groups for his support of liberal social policies and campaign contributions to democrats.

• The New York Times reports that the investigation is open, and is now being handled by the New York offices of both the FBI and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.

read more…

http://www.westchestermagazine.com/Explosive-Device-Found-In-George-Soros-Katonah-Home/

Cuba’s real estate market is booming | Katonah Real Estate

The numbers are stunning.

To buy a house in the once-elegant Miramar neighborhood of Havana, the average Cuban must have saved all of his salary since British troops captured the city in 1762.

That house would cost about 100,000 Cuban convertible pesos, or CUCs — the equivalent of $1.13 U.S. What isn’t even close to equivalent is the pay scale. The average Cuban earns 370 CUCs per year as a computer programmer, state shop administrator, policeman, postman or teacher.

That disparity alone isn’t startling. Almost every city in the world has elegant homes that only the elite can afford, while average residents live in moderately priced homes. But in Cuba, the price for even a modest home far outstrips local wages.

According to official figures, the 5,000 CUC asking price for a dilapidated residence in less-desirable Havana neighborhoods like Alamar Jesús María, Luyanó and Párraga equals 13.5 years of salary for an average worker. A modest 20,000 CUC apartment in Vedado amounts to 54 years of average earnings.

Successful business owners, medical personnel who have worked abroad, artists and others may be able to afford the high prices. But its people living abroad – some of them Cubans, some not – who are often buyers.

Making the situation more difficult for island-based Cubans is the financial structure. Cubans cannot access mortgages or bank loans. Real estate purchases in Cuba are generally made in cash — although sometimes the buyers throw in a car, another property, television sets, air conditioners, water pumps and even furniture.

The largest transactions are often discreetly sealed outside Cuba, many of them in Miami.

Since the Cuban government legalized the sale of private residences in 2011, thousands of houses and apartments have changed hands each year.

It was a time of change throughout the island, noted Emilio Morales, director of The Havana Consulting Group, a Miami company that monitors the Cuban economy. “The authorization for selling homes arrived at the same time as self-employment and the elimination of the ‘White Card’ permit to travel abroad. People started selling their homes to invest in a business or to finance their move abroad.”

Today more than 8,000 properties are available for sale in Cuba at any one time. Four out of five are in Havana, home to one in four Cubans.

The island’s complex real estate market is plagued by a lack of information, funding shortages and legislative gaps. Sellers don’t trust real estate agents, who are not officially organized. There are no independent inspectors or appraisers, no property insurance or transparent documents.

But perhaps the heaviest cloud over the real estate market is the well-founded fear that the laws allowing the sale of private homes can be recalled at any time.

“The current trend toward limiting the private sector, from restaurants to home rentals that were proving so successful, will soon bring with it a contraction of the real estate market,” said Morales. “That was the real aim, because the private sector was winning the competition against the inefficient state sector at all levels, from shoe manufacturing to hostels in private homes.”

read more…

https://www.miamiherald.com/news/nation-world/world/americas/cuba/article217887040.html

Refis could see uptick in second and third quarters | Katonah Real Estate

In the first quarter of 2017, refinances fell 45% from the fourth quarter, however the second and third quarters could see a turnaround in refi activity, according to a first look at Black Knight’s soon to be released Mortgage Monitor.

This chart shows refinance activity each week from October through June as refinance candidates fell from 8.6 million to 4.4 million.

Click to Enlarge

Black Knight

(Source: Black Knight)

Since interest rates fell below 4%, the financeable population rose to its highest point for 2017. While the current 4.4 million borrowers is down significantly from October, it is an increase of 56% or 1.6 million borrowers from mid-March’s low.

Borrowers who refinanced in the first quarter of 2017 cut their monthly mortgage payments by an average of $109 per month, or a total aggregate savings of $36.5 million per month. This marks the lowest total monthly savings since 2008 and a decrease from the fourth quarter’s $59 million.

But since the first quarter, savings have increased once again to a total of $1.1 billion or $260 per borrower each month.

This chart shows the total monthly savings borrowers saw each month.

 

read More…

https://www.housingwire.com/articles/40426-refis-could-see-uptick-in-second-and-third-quarters?eid=311691494&bid=1785932