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Mortgage Rates in 2016: Nothing to get Excited About | Katonah Real Estate

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Bankrate’s senior financial analyst Greg McBride isn’t sweating the new environment in mortgage rates.  December’s FOMC decision to start the upward climb one baby step at a time won’t really mean much to home sales in the larger scheme of things and most homeowners who wanted to refinance have already done so.

McBride sees rates on a 30-year fixed ending the year at 4 to 4½ percent or so—not much higher than the current 3.89 percent but higher than in past years.

More importantly, rates will not rise enough to deter sales.  “Rather, buyers and sellers will make their decisions based on conditions in their personal lives, such as downsizing with the kids move out,” McBride said in an interview with Real Estate Economy Watch

As for refinancing, there has been a lot of opportunity in recent years and demand is exhausted, he said.  And don’t look for a revival of demand for adjustable rate mortgages. “Consumers are still squeamish following the subprime crash, he said.  The mortgage market in 2016 will be fixed rate and heavily weighted towards purchase over refi loans.

 

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http://www.realestateeconomywatch.com/2016/01/mortgage-rates-in-2016-nothing-to-get-excited-about/

Appreciating Homes Increased in Third Quarter | Katonah Real Estate

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The number of homes nationwide gaining value on a monthly basis increased during the third quarter from 56.80 percent in July to 59.37 percent of all homes in September and the appreciation rate increased for the third straight month. However, the percentage of homes gaining value still trails the rate of 66.31 percent in September 2014, Allan Weiss, CEO of Weiss Analytics, reported

As more homes moved out of price stagnation (with annual value change within plus 1.5% to -1.5% per year) houses both appreciating and decreasing both increased.  The percentage of homes losing value rose during the quarter, from 23.40 percent in July to 26.37 percent in September.

Unlike reports based on listings or sales prices that cover only the 3 to 4 percent of homes that are sold every year, Weiss Analytics tracks actual values for all homes, using repeat sales indexes for nearly 45 million individual properties.  The Weiss index database makes it possible to provide highly accurate value trends for specific addresses and measure trends in change values on a hyper local level.  Weiss home value forecasts are widely used to determine owners’ equity, help home buyers make decisions and provide accurate forecasts of future value for lenders and investors.

“It’s too soon to know if the gain over the past three months will become a significant trend.  We are still seven points below the appreciation rate last year and the gap in depreciating homes has grown to more than 12 points—a cause for concern in many markets.  Moreover, trends in appreciation are reflecting significant regional differences.  Hotter markets in the West and Pacific States reflect rising prices and impact affordability in some markets.  Levels of appreciation found in markets like Trenton, Worcester and Allentown are falling at double digit rates,” said Allan Weiss, CEO of Weiss Analytics and former CEO of Case Shiller Weiss.

 

National Percentages of Appreciating and Depreciating Homes

September

August

July

September 2014

Total Appreciating

59.37%

59.20%

56.80%

66.31%

Total Depreciating

26.37%

27.00%

23.40%

14.24%

Selected Markets

The selected markets below illustrate the regional nature of appreciation trends today. Markets that enjoyed high rates of participation in rising values like San Francisco, Miami, Los Angeles and Denver have seen their participation rates drop dramatically.  Among these markers, only Phoenix has a higher rate than it did a year ago.

 

Metro

September 2014

September 2015

Denver-Aurora-Lakewood, CO

94.9%

85.6%

Seattle-Tacoma-Bellevue, WA

88.3%

80.5%

San Francisco-Oakland-Hayward, CA

97.5%

78.8%

Phoenix-Mesa-Scottsdale, AZ

66.5%

72.5%

Atlanta-Sandy Springs-Roswell, GA

81.3%

67.7%

Miami-Fort Lauderdale-West Palm Beach, FL

91.0%

66.7%

Los Angeles-Long Beach-Anaheim, CA

90.2%

58.3%

Chicago-Naperville-Elgin, IL-IN-WI

58.2%

53.0%

New York-Newark-Jersey City, NY-NJ-PA

53.2%

48.3%

Washington-Arlington-Alexandria, DC-VA-MD-WV

48.3%

47.5%

Top Performing Markets

In September Flint, MI led the nation in percentage of appreciating homes, reaching 100 percent of the properties in the Weiss Analytics database, a 39.3 percent improvement over a year ago.  Second was Reno, NV with 92.9 percent of homes appreciating. Portland was third with 96.3 percent.  Six of the ten markets are Western.

 

MetroSep-14Sep-15Change
Flint, MI

60.7%

100.0%

39.3%

Reno, NV

98.0%

92.9%

-5.0%

Portland-Vancouver-Hillsboro, OR-WA

93.8%

86.3%

-7.5%

Denver-Aurora-Lakewood, CO

94.9%

85.6%

-9.4%

Stockton-Lodi, CA

93.9%

84.8%

-9.1%

San Jose-Sunnyvale-Santa Clara, CA

94.0%

84.4%

-9.6%

Port St. Lucie, FL

94.5%

84.0%

-10.5%

Madison, WI

61.3%

81.3%

19.9%

Seattle-Tacoma-Bellevue, WA

88.3%

80.5%

-7.8%

Palm Bay-Melbourne-Titusville, FL

91.0%

79.8%

-11.3%

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Building your root cellar | Katonah Real Estate

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Make this root cellar by burying a new concrete septic tank into a hillside.
Illustration by Len Churchill

 

The cool, moist and dark conditions of a root cellar make it the perfect place to keep many fruits and vegetables crisp and delicious for weeks — even months — of storage. And while there are myriad ways to store vegetables, our innovative root cellar plans show you how to build a root cellar by modifying a new, precast concrete septic tank. By following the plans, you’ll cut an entrance, install a door, add a pair of vent pipes and cover the tank with soil to bring an old-fashioned, walk-in cellar into your modern life.

Choose a Concrete Septic Tank

You’ll want to buy an unused septic tank for this root cellar design, but look for a deal to avoid paying full price. A percentage of all precast concrete septic tanks end up with small manufacturing defects that prohibit them from being used for sewage treatment. Suppliers sometimes offer discounts on these flawed tanks. As long as the tank is solid and sound, a chipped edge or a patchable hole won’t prevent it from being a root cellar. You won’t need the plastic fittings or effluent filter found inside most septic tanks, so ask the supplier to remove these before delivery.

Tank size is another detail you’ll need to consider when planning how to build a root cellar from a septic tank. The capacity of septic tanks is measured in gallons, with different models being taller or shorter. While you might be tempted to buy a 1,000- or 1,200-gallon tank because they’re common, you’ll get more food storage space and headroom with a tank that’s 1,500 gallons or larger. Standard 1,500-gallon tanks typically measure about 5 1/2 feet wide by 5 1/2 feet tall by 10 feet long, while a 2,500-gallon tank provides more than 6 feet of interior headroom. Don’t choose a low-profile tank because it will be much too short to work in. Prices for new, undamaged 1,500-gallon tanks start at about $1,100, and 2,500-gallon models can be found for as low as $1,600. Discounts for damaged tanks may be as much as 50 percent.

Most septic tanks have an internal partition that must be opened or removed to build from these root cellar plans. Try to find a tank without a partition, or ask your supplier to remove it before delivery. You can also punch through the partition yourself as part of the doorway-cutting process.

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http://www.motherearthnews.com/diy/buildings/root-cellar-plans-zm0z14amzreb.aspx?newsletter=1&utm_source=Sailthru&utm_medium=email&utm_campaign=11.25.15%20MEN%20DIY%20eNews&utm_term=DIY%20eNews

Which States Care About the Planet? | Katonah Real Estate

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Which States Care About the Planet?

Across the nation, Americans are going green – and they’re heading online for more information. Even their search results prove it, as they type in terms such as “how to save energy,” “eco-friendly,” and “electric cars.”

We researched action phrases people may search for when looking into certain environmentally friendly activities; then we used Google Trends to rank the results by topic and state. Read on for the interesting – and sometimes surprising – results.

REUSING

Old bottles can become candleholders; empty egg cartons can store holiday ornaments. Reusing is all the rage for eco-conscious Americans. When it comes to the phrase “how to reuse,” a high cost of living may explain the top two results: California took the lead, followed by Hawaii. Washington State, Georgia, and Utah rounded out the top five.

WIND POWER

The East and Midwest breezed to the top for “wind power” searches. Maine, Iowa, Indiana, Kansas, and Connecticut displayed the most interest in this unique power source. Maine’s wind power initiative (Wind for ME) helps explain its top spot. Iowa draws a quarter of its electricity from wind, Indiana is an up-and-comer in the wind power sector, and Kansas is second only to Texas in terms of wind power potential. In Connecticut, wind power is a controversial topic: Attempts to construct turbines have met with local opposition, and in 2014, the Supreme Court weighed in to approve wind farms. (This could explain the high volume of searches.)

SOLAR POWER

The top five hotspots for “solar power” searches were Vermont, Utah, Idaho, Nevada, and Hawaii. Vermont is an up-and-coming solar champ, with a 63% increase in money spent on solar installations between 2013 and 2014. In rural Utah and Idaho, where running power lines to some remote locations can be too pricey, solar energy often is an ideal solution. Nevada is home to the most solar jobs per capita. Finally, in Hawaii, almost one in eight homes has installed solar power.

GARDENING

The top four states that searched for the term “how to garden” have something in common: Idaho, South Dakota, Montana, and Utah are all states with low population density. Presumably, that means many residents may have the space to garden.

COMPOSTING

Composting involves diverting kitchen waste from the landfill and instead tossing it into bins (possibly with worms) where it can decompose to become a rich additive to soil. “How to compost” was a popular search among Colorado and Washington residents. Colorado cities, such as Denver and Boulder, provide a great deal of outreach on the topic of composting. Washington State is no surprise, either, as a new policy forces Seattle residents to compost food waste or have it sent to a processing site to avoid warnings and even fines.

ELECTRIC CARS

In a search for “electric cars,” California and Hawaii were first and second respectively. These stats align with the number of electric car owners in the nation as well: As of 2014, approximately 5.5 out of every 1,000 registered vehicles in California were electric, while 4.2 out of every 1,000 registered vehicles in Hawaii were electric.

To see more of these maps, explore the infographic below:

It’s Easy Being Green

Saving the Earth is a hot topic these days – and one virtually all Americans would do well to familiarize themselves with. How can you do your part? Next time you have a minute to go online, try a search for some of these topics. You just may discover that you want to plant a garden, set up a compost bin, share tips on recycling, offer to carpool with a friend, or look into alternate energy sources.

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https://www.saveonenergy.com/which-states-care-about-the-planet/

#Mortgage rates rise | #Katonah Real Estate

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Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates rising amid market expectations of possible rate increase by the Federal Reserve.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending November 5, 2015, up from last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.
  • 15-year FRM this week averaged 3.09 percent with an average 0.6 point, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.45 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.

“Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week’s FOMC meeting. In response, the 30-year mortgage rate experienced its largest increase since June, up 11 basis points to 3.87 percent. Recent commentary suggests interest rates may rise in the near future. Janet Yellen referred to a December rate hike as a ‘live possibility’ if incoming information supports it. The October jobs report to be released this Friday will be one crucial factor influencing the FOMC’s decision.”

 

 

New Home sales shrink 11.5% | Katonah Real Estate

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Sales of new single-family houses in the United States shrank 11.5 percent to a seasonally adjusted annual rate of 468,000 in September of 2015, the lowest since November last year. The stock of new houses for sale increased to its highest since March of 2010. New Home Sales in the United States averaged 654.25 Thousand from 1963 until 2015, reaching an all time high of 1389 Thousand in July of 2005 and a record low of 270 Thousand in February of 2011. New Home Sales in the United States is reported by the U.S. Census Bureau.

 

United States New Home Sales

 

ActualPreviousHighestLowestDatesUnitFrequency
468.00522.001389.00270.001963 – 2015ThousandMonthly
Volume, SA
A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit. The house can be in any stage of construction: not yet started, under construction, or already completed. This page provides the latest reported value for – United States New Home Sales – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for – United States New Home Sales – was last refreshed on Monday, October 26, 2015.
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http://www.tradingeconomics.com/united-states/new-home-sales

Condo prices struggling | Katonah Real Estate

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Appreciating home values in the bottom third of the market helped pull more homeowners out of negative equity in the second quarter of 2015, but condos were more likely than houses to be underwater , according to the Zillow® Negative Equity Report.

•             The U.S. rate of negative equity among mortgaged homeowners continued to drop in the second quarter of 2015, to 14.4 percent– the first time the rate has been below 15 percent since the real estate bubble burst.

•             The improvement was spurred by value growth in the least valuable third of the housing stock, which are far more likely to be underwater than other homes.

•             Condos are more likely to be underwater than single-family homes. Nearly 20 percent of all condos with a mortgage are upside down.

Condo-owners were in far worse shape than single-family homeowners in Chicago, Orlando and Las Vegas. And in only three markets – Detroit, Memphis, and Pittsburgh –single-family homeowners were more likely to be underwater than condo-owners.

A high rate of homeowners who owe more on their mortgages than their homes are worth is a lingering effect of the real estate crisis. At its worst, more than 15 million homeowners were upside down on their homes. Foreclosures, short sales and rapidly rising home values freed nearly half of those homeowners, leaving 7.4 million homeowners upside down at the end of Q2 2015.

The continued decline of the overall negative equity rate was fueled in the first half of the year by strong appreciation for the least valuable third of homes. The least valuable homes are much more likely to be underwater than more valuable homes

In the Atlanta market, for example, nearly 43 percent of the least valuable homes are in negative equity, while only 9.4 percent of high-end homes are underwater. Annual home value appreciation among the least valuable homes in Atlanta had slowed for 12 straight months through June 2015 months. However, low-end homes have been appreciating annually more than more valuable homes.  Since June 2014, annual appreciation in the bottom tier outpaced home value appreciation among all Atlanta homes, likely helping drive negative equity down there from 29 percent to 21 percent year-over-year.

Similar trends played out in Sacramento, Riverside, and Phoenix, all places that have struggled with high rates of negative equity.

 

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http://www.realestateeconomywatch.com/2015/09/

 

Brad Pitt Brings the Tiny Home Trend to New Orleans | Katonah Real Estate

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The tiny home trend has taken off in recent years, and is now being championed by of one of Hollywood’s biggest stars: Brad Pitt. The actor-producer’s Make it Right foundation is partnering with FYI’s Tiny House Nation to build the organization’s very first tiny home to mark the 10th anniversary of Hurricane Katrina. This most recent enterprise will be the organization’s 109th home built in New Orleans’ Lower Ninth Ward, the neighborhood hardest hit by Hurricane Katrina in 2005.

Pitt founded the Make it Right foundation in 2007 to provide residences for communities in need of affordable and sustainable housing. Make it Right seeks to fulfill its vision of having people all around the world “living in healthy communities and affordable, high-quality, environmentally sustainable homes.” All housing built by Make it Right follows the “Cradle to Cradle” philosophy, which was created by architect William McDonough and chemist Dr. Michael Braungart.

For a quick rundown of what exactly Cradle to Cradle entails, the organization’s website provides this helpful list:

• Materials are defined as biological and/or technical nutrients for safe use and reuse
• Products are designed for disassembly/recovery
• Uses renewable energy
• Maintains and enhances water quality
• Honors social fairness and human dignity
• Improvement is continuous and aspirational

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https://www.yahoo.com/makers/brad-pitt-brings-the-tiny-c1239214805033014.html

Las Vegas housing prices dip | Katonah Real Estate

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Las Vegas housing resale prices dipped in July but remained higher than they were a year ago, while sales volume continued to climb, according to a new report.

The median sales price of single-family homes sold in Southern Nevada last month was $218,000, down 0.9 percent from June but up 9 percent from July 2014, according to the Greater Las Vegas Association of Realtors.

Buyers picked up 3,180 single-family homes last month, up 4 percent from June and 20.4 percent from July 2014.

The number of ignored listings, however, also rose. There were 7,636 single-family homes on the market without offers by the end of July, up 2.7 percent from June and 5 percent from a year ago, the GLVAR reported.

The trade association reports data from its listing service, which largely comprises previously owned homes.

In the report, GLVAR President Keith Lynam said he likes to compare the housing market to a marriage: “It’s a good thing when it’s stable.”

“For the most part, that’s what we’ve seen so far this year,” he said.

Prices are rising at a much slower pace than in recent years. After the economy tanked, investors gobbled up cheap homes to turn into rentals and pushed up housing values at one of the fastest rates nationally, raising fears of another bubble. However, the housing marketcooled considerably last year as investors, faced with higher prices, backed out.

 

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http://vegasinc.com/business/2015/aug/10/Las-Vegas-housing-prices-dip-July/

Condos gaining popularity in Greenwich real estate market | Katonah Real Estate

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Greenwich is traditionally known for its sprawling multi-million dollar estates and a community that provides escape from the compact living associated with nearby Manhattan.

But what happens when those expansive single-family homes are no longer the preferred abode for Greenwich elite?

Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, said an influx of luxury condos on the market — and a rush of city dwellers seeking homes with little upkeep in the suburbs — is changing the way people think about Greenwich real estate.

“We’re seeing this in Westchester, we’re seeing this in the Hamptons … where the development is luxury condo products,” Miller said. “We’re seeing this city-to-suburban path where people coming from the city are used to this —not having to take care of the exterior of the property, etc. — and we’re seeing this pop up in a lot of New York City metropolitan area suburbs, including Greenwich.”

Miller prepares an independent quarterly report for real estate firm Douglas Elliman, which recently entered the Greenwich market. The Elliman Report details the changing trends in the region, particularly as it relates condominium and townhouse sales to single-family homes. The first quarter report showed the ongoing change in the Greenwich real estate market — mansions were struggling to sell while condos with less upkeep (and a lower price tag) were more popular among buyers.

 

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http://www.greenwichtime.com/business/article/Condos-gaining-popularity-in-Greenwich-real-6413253.php