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Pound Ridge NY Homes

With Mortgage Rates In A Holding Pattern, What Will Housing Prices Do? | Pound Ridge Real Estate

After rising by more than a full percentage point from early May till the end of June, 30-year mortgage rates have more or less leveled off. However, the impact of higher mortgage rates on the housing market is still unknown.

On July 30, the latest figures for the S&P/Case-Shiller Home Price Indices showed that the housing recovery continued in May, and that their 10-city and 20-city composites posted their strongest year-over-year increases since early 2006. However, since those indices represent three-month averages ending in May, the latest figures just barely overlap the rise in mortgage rates. Thus, it is too early to tell what impact higher interest rates will have on home prices.

In part, the relationship between mortgage rates and home prices can be represented on a mortgage calculator. For any given level of monthly payment on a loan calculator, if you increase the mortgage rate the total size of the loan will shrink. That smaller loan size indicates that the lower price point that consumers can afford at that level of payment.

However, there have been several instances historically when home prices have gone up despite rising mortgage rates. Clearly, there must be a factor at work here beyond what you can see on a loan calculator, and that X factor is consumer wealth. If economic growth is improving, then consumers should be getting wealthier and can afford higher mortgage payments. If you increase the amount of the payment you target on a loan calculator, it can offset the impact of rising mortgage rates.

Because of the lag in home-price data, it will only be in the months to come that the impact of higher mortgage rates on the housing market will become apparent. Whether the housing rally can shake off the effects of higher rates depends a great deal on whether the economy starts to pick up any momentum.

Source: https://www.summit-mortgage.com/buying-a-house/.

With Mortgage Rates In A Holding Pattern, What Will Housing Prices Do? – Forbes.

Are we in a bubble yet? Not even close: Trulia | Pound Ridge Real Estate

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The housing market is not even close to forming a bubble, and recent developments have further diminished the likelihood that it will overheat anytime in the near future, Trulia said in releasing the results of its latest Bubble Watch report.

“Even though prices are less undervalued than one quarter ago, our chances of avoiding a bubble have gotten better. Price gains are slowing down, and asking prices dropped in July,” said Trulia Chief Economist Jed Kolko in an email. “Unlike in last decade’s bubble, prices today have started to cool before reaching dangerous heights.

National home prices in the third quarter of 2013 are 5 percent undervalued, compared with 7 percent undervalued in the second quarter of 2013 and 14 percent undervalued a year ago, Trulia reported.

How does that stack up against home values at the peak of the housing boom?

Prices then were 39 percent overvalued, according to Trulia.

– See more at: http://www.inman.com/wire/are-we-in-a-bubble-yet-not-even-close-trulia/#sthash.RY1QXM09.dpuf

Here’s Why the Housing Market Is Cooling Off and Why It’s OK | Pound Ridge Real Estate

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There is evidence that the real estate market is reaching an equilibrium.

Movoto Real Estate’s August State of the Real Estate Market report showed that the median cost per square foot for a home in the United States increased by 14.9 percent in July compared to July 2012, while inventory fell by close to 16 percent year over year. At the same time, the average list price per square foot remained flat with June’s figures, and the number of homes for sale increased on a month-over-month basis.

That the list price did not increase between June and July indicates that the inventory supply has begun to catch up with demand. “Going forward, we expect prices to continue to move laterally on a month-over-month basis,” report says. “Higher mortgage rates and increased inventory will keep prices from increasing at the same pace we saw in the first half of the year.”

The average interest rate for a 30-year fixed-rate mortgage edged higher to 4.61 percent for the week ended August 2, compared to 4.58 percent in the week before. “For the first time this year, the price did not increase, which could be a sign that the market is loosening and their buying power could increase,” the Movoto concludes.

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Home Prices Climb in 87% of U.S. Cities as Recovery Builds | Pound Ridge Real Estate

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Prices for single-family homes climbed in 87 percent of U.S. cities in the second quarter as the national housing recovery accelerated amid competition for a limited number of properties on the market.

The median transaction price rose from a year earlier in 142 of 163 metropolitan areas measured, the National Association of Realtors said in a report today. A year earlier, 75 percent of regions had gains.

Values are increasing as homebuyers, encouraged by improving employment, compete for a tight supply of listed properties. At the end of the second quarter, 2.19 million previously owned homes were available for sale, 7.6 percent fewer than a year earlier, according to the Realtors group.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.

The median price for an existing single-family home was $203,500 nationally in the second quarter, up 12 percent from a year earlier. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group.

Cities with tight supplies of homes for sale had the strongest price growth, the Realtors said. Eight markets were added to the report in the quarter.

Biggest Gains

The best-performing areas were Sacramento, California, and Atlanta, where prices jumped 39 percent from a year earlier. Prices rose 36 percent in Fort Myers, Florida; 33 percent in Reno, Nevada; and 31 percent in Las Vegas.

Home Prices Climb in 87% of U.S. Cities as Recovery Builds (2) – Businessweek.

Colombia Inflation Remained Low in July As Housing Prices Fell | Pound Ridge Homes

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Colombia’s consumer price index rose less than expected last month as housing prices fell and food inflation was low.

The consumer price index rose 0.04% in July from a month earlier, the government’s statistics agency, known as DANE, said Monday. That was lower than the 0.11% rise in price economists were expecting, and it puts 12-month trailing inflation at 2.22%, well within the central bank’s 2% to 4% target range.

Colombia has seen persistently low price increases amid a slowing economy that’s crimped consumer demand for goods and services. With little pressure on prices, the central bank could reduce its benchmark interest rate further this year in a bid to spur economic activity, although analysts say the current, key lending rate of 3.25% is already low enough to foster higher growth.

Most economists expect the bank to keep rates unchanged until 2014, when rate increases begin assuming the economy picks up.

Housing prices fell 0.38% last month, while food prices, the sector carrying the most weight in the CPI, rose 0.21%. Entertainment prices saw the highest increases, rising 1.3%.

The moderate inflation last month suggests consumer price increases could end this year similar to last year, when inflation ended at 2.44%.

Colombia’s oil- and coal-driven economy expanded at a 4% clip in 2012, down from 6.6% growth in 2011 as global prices fell for many of the commodities that Colombia produces. During the first quarter of this year, the economy slowed further, to a 2.8% on-year rise.

Colombia Inflation Remained Low in July As Housing Prices Fell – WSJ.com.

First mortgage delinquencies plummet | Pound Ridge Real Estate

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According to the latest Equifax (EFX) National Consumer Credit Trends Report, the total balance of severely delinquent first mortgages (90 days past due or in foreclosure) in June 2013 is $325 billion, a five-year low and a decrease of more than 27% from same time a year ago ($450 billion), MarketWatch reported.

The total balance of first-mortgage loans that completed the foreclosure process and transitioned to bank-owned property or other severe derogatory status decreased more than 19%, from $16.7 billion in June 2012 to $13.5 billion in June 2013. This is the lowest level for June since 2007.

First mortgage delinquencies plummet | 2013-08-02 | HousingWire.

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor | Pound Ridge Real Estate

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Hollywood power couple and prolific flippers Ellen DeGeneres and Portia de Rossi have decided to part with yet another high-dollar property, just months after it was featured in an Elle Decor spread. The equestrian farm in Thousand Oaks, Calif. has been owned by DeGeneres and de Rossi since 2009 and undergone a complete renovation. The 26-acre compound, listed for close to$11M, includes eight cottages, an office, several barns, and a tennis court. Despite de Rossi’s passion for horses and love for the property, the couple seems to be moving on to assuage Ellen’s obsession with decorating. They are said to have purchased a $26M Montecito villa that has already received a pricey renovation from designer-to-the-stars John Saladino. Meanwhile, the couple has a much more modest Beverly Hills penthouse—perhaps housing for staff or family—on the market for a comparatively paltry $899K.

· Hidden Valley Farm [Sotheby’s International Realty]
· Ellen DeGeneres and Portia de Rossi List Thousand Oaks Ranch [Zillow Blog]

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor – Celebrity Real Estate – Curbed National.

Westchester Star Lovers Look To The Sky In Pound Ridge | Pound Ridge Real Estate

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Come join other amateur astronomers, or just lovers of the nighttime sky, at “Starway to Heaven,” a monthly observing night at the Ward Pound Ridge Reservation in Cross River.

This year’s observing dates are:

Sept. 7/Rain date of Sept. 28.

Oct. 5/Rain date of Oct. 26.

Nov. 2/Rain date of Nov. 30.

The group usually sets up and starts observing a half hour after sunset. You can find the time for sunset at Ward Pound Ridge here.

“Starway to Heaven” is free and sponsored by the Westchester County Department of Parks, Recreation and Conservation. Stargazers are encouraged to bring a telescope — especially if you need help using or setting it up. If you don’t have a telescope, you can look through a members’ equipment.

Call 1–877–456–5778 for weather cancellations. A good rule of thumb is don’t show up if you can’t count more than 10 bright stars.

For more information, read the group’s general observing guidelines.

Westchester Star Lovers Look To The Sky In Pound Ridge | The Armonk Daily Voice.

Westchester Foreclosure Filings Surge In First Half Of 2013 | Pound Ridge Real Estate

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Foreclosure filings on houses in Westchester County surged to their highest point since the housing crash of 2008, with nearly 1,500 foreclosures reported in the first half of 2013.

The Westchester County Clerk’s office reported 1,426 foreclosure actions started between Jan. 1 and June 30 of this year, as compared with 824 during the same period last year.

The number of foreclosures surpassed the number at the height of the 2008 housing crisis, when first half numbers reached 1,410 foreclosures.

Foreclosure numbers had been trending in a positive direction, with only 824 foreclosures reported in the first half of 2012. That was the lowest amount of foreclosures since 2006.

The negative foreclosure numbers come on the heels of national news that housing prices have increased 12.2-percent since last year.

Westchester County Clerk Timothy C. Idoni cautioned Westchester residents facing foreclosure in a statement to be wary of foreclosure schemes.

He recommended contacting Westchester Residential Opportunities (WRO), a non-profit housing agency with offices in White Plains and Mount Vernon to get information on foreclosures.

Westchester Foreclosure Filings Surge In First Half Of 2013 | The Armonk Daily Voice.

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Robert Paul Realtor buying Bedford real estate

Tag Archives: Pound Ridge NY Homes

With Mortgage Rates In A Holding Pattern, What Will Housing Prices Do? | Pound Ridge Real Estate

Are we in a bubble yet? Not even close: Trulia | Pound Ridge Real Estate

Here’s Why the Housing Market Is Cooling Off and Why It’s OK | Pound Ridge Real Estate

Home Prices Climb in 87% of U.S. Cities as Recovery Builds | Pound Ridge Real Estate

Biggest Gains

Colombia Inflation Remained Low in July As Housing Prices Fell | Pound Ridge Homes

First mortgage delinquencies plummet | Pound Ridge Real Estate

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor | Pound Ridge Real Estate

Westchester Star Lovers Look To The Sky In Pound Ridge | Pound Ridge Real Estate

Westchester Foreclosure Filings Surge In First Half Of 2013 | Pound Ridge Real Estate

Top 10 Tips for Incredible Video Marketing Success | Pound Ridge Realtor

1. Upload your video to YouTube

2. Create compelling content