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Is housing bubbly? There is a lot going on | South Salem NY Homes
There is a lot going on right now in housing and mortgage markets. But one of the debates that continues to rage on is whether U.S. housing markets are in a bubble or not.
HousingWire’s own monthly HW Magazine talked about it in detail in our January issue.
So too has CNBC’s John Carney, in a post from late last year with the headline: Yep, it’s another housing bubble. And then on January 14 of this year, Peter Wallison at the American Enterprise Institute wrote a breathless op-ed proclaiming: The bubble is back.
But is it really a bubble just because home prices are rising again?
They say a picture is worth a thousand words, and this chart published today by rating agency DBRS in their annual overview of the RMBS market for 2014 suggests that anyone claiming a new housing bubble is simply ignoring the most basic housing fundamental of them all: nominal home prices.
Most markets haven’t yet reached their pricing level highs from the previous cycle, with the exception of two markets that saw the least amount of decline.
Those who want us to think there is a bubble cite the relationship between home prices and rental rates; or look at some calculated measure of affordability. And when those are out of whack, they say it’s a bubble.
But it could be that rental rates are themselves out of whack, not housing prices. And it could be that other variables are affecting affordability rather than just prices, too. Supply and demand factors can do funny things to ratios, all of which need to be read in context.
No analysis should ignore market fundamentals, should it? Can we really be building another housing bubble if home prices in almost every U.S. market right now haven’t even surpassed levels they once were at — even after the strong price rebound we’ve already seen in the previous year?
After five years of a housing economy that has been either horrible or just plain bad, it’s difficult to believe that one good year somehow suddenly puts the nation’s housing markets back into the bubble.
http://www.housingwire.com/blogs/1-rewired/post/28599-the-most-important-chart-in-housing-right-now
Purchase apps down 20 percent from a year ago | South Salem Realtor
Manhattan apartment sales market caps off winning year as deals and prices hit new records | South Salem NY Homes
Sales volume surges nearly 27%; Average price rises 5.3% to $1,538,203
Manhattan’s apartment market ended 2013 on a high note as a flood of buyers sent sales volume and prices to record levels, according to multiple reports.
Sales in the quarter surged nearly 27% to 3,297, compared with last year, marking the largest number of fourth quarter closings on record, according to Douglas Elliman….
Read more: http://www.nydailynews.com/new-york/manhattan-apartment-sales-market-caps-winning-year-deals-prices-hit-new-records-article-1.1564829#ixzz2pMEXfPji
Wells Fargo settles Fannie Mae repurchase claims for $541M | South Salem NY Homes
Wells Fargo will pay Fannie Mae $541 million to settle allegations that many of the mortgages it originated and sold to the mortgage giant before 2009 included false representations and warranties. When $50 million in loans that Wells Fargo has already repurchased are included, the settlement totals $591 million, Fannie Mae said.
Source: fanniemae.com. – See more at: http://www.inman.com/wire/wells-fargo-settles-fannie-mae-repurchase-claims-for-541m/?utm_source=20131231&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.35G8mGgb.dpuf
Jimmy Fallon Named Most Desirable Celebrity Neighbor for 2014 | South Salem Real Estate
Pierre Penthouse Now Costs $95M After $30M Price Cut | South Salem NY Homes
9 images
One of the Real Estate Things To Watch in the coming year was going to be the competition between the city’s five listings asking $100 million or more. But one of those listings, the $125 million penthouse atop the Pierre Hotel owned by the widow of stock investor Martin Zweig, has already dropped out of the $100 million race, cutting its price by $30 million, down to a paltry $95 million. Despite the 24 percent discount, if the residence got its full ask it would still set a city record, and remains a long shot. But an impressive long shot nonetheless, encompassing the three top floors of the famous hotel, with 16 rooms including the living room, which, according to the brokerbabble, “is considered the most magnificent privately owned room in the world.” It carries monthly charges of $42,720.
Old floorplan from 1996
· Listing: The Penthouse at The Pierre Hotel [Sotheby’s] · ONLY $95 million for Pierre penthouse: Huge Manhattan apartment gets huge discount [NYDN, via The Real Deal] · The Pierre coverage [Curbed]
Porsche Design Tower Selling Out Like Cheap Gasoline | South Salem NY Homes
Rendering via Porsche Design’s website.
The folks at exMiami report Gil Dezer has about 80 percent of the currently under construction Porsche Design Tower’s 132 units under contract, representing $624 million dollars in sales, should all those under contract to buy actually go through with it. Prices at Stuttgart-based Porsche Design’s first condo top out at $32.5 million. Dezer says there are at least two dozen billionaires under contract for units in his unapologetically car-crazy tower. Let’s see if he can snag a few more with those remaining units. · Porsche Design Tower: 80% Of Units Now Under Contract [exMiami] · Gil Dezer’s Life In The Fast Lane [The Real Deal] · Porsche Design Tower coverage [Curbed Miami]
7 Housing Trends for 2013 | South Salem NY Real Estate
As 2013 comes to a close and real estate experts predict where the housing market is headed in 2014, a look back reveals several trends.
“In 2012 we saw the housing market recover and, going into 2013, we expected continuing recovery,” said Lawrence Yun, chief economist of the National Association of Realtors. “Instead, the recovery accelerated a lot faster than we anticipated, which was great for sellers and for the 75 million homeowners who saw their home values appreciate.”
1. Housing Prices Rose Faster Than Expected
The national median listing price was $179,900 in January 2012 and rose to $180,000 by December 2012, according to realtor.com research. The pace of price appreciation accelerated quickly over the year to reach a median list price of $199,500 by September 2013.
2. Mortgage Rates Rose but Remained Low
“We expected mortgage rates to rise in 2013, and they started to increase in the late spring, but they’re still very affordable when you look at rates on a historical basis,” Yun said. “They just aren’t at the super-low point we saw earlier.” According to Freddie Mac, 30-year fixed-rate loans were as low as 3.45 percent in December 2012 and rose to 4.49 in September 2013. Barry Habib, co-owner and chief market strategist for Residential Finance Corp., said mortgage rates are likely to stay low and perhaps even drop between now and March 2014.
3. Bidding Wars Returned
The combination of rising prices, low mortgage rates and low inventory led to a sense of urgency among buyers and the return of bidding wars, said Don Frommeyer, president of the National Association of Mortgage Brokers. According to realtor.com research, inventory in 2012 reached a high of 2,083,710 homes on the market, then steadily declined to a low of 1,583,497 homes in February 2013. At the end of September 2013, 2,210,000 homes were for sale, approximately a five-month supply.
http://www.huffingtonpost.com/realtorcom/7-housing-trends-for-2013_b_4460914.html
Twitter is reportedly working on an ‘Edit’ feature to let you make “slight changes” to tweets | South Salem NY Realtor
Is Twitter working on a way to enable users to edit their Tweets once they’re out in the ether? The Desk’s Matthew Keys says it’s true. Sources tell him that this feature has been in the works for months and will allow the author to make “slight changes” to the contents of the Tweet only once.
Here’s how the feature would work: after publishing a Tweet, a user will see an “edit” feature appear for a brief period. How long remains unknown. However, during this time, the content creator can correct typos, add new words, and other small tweaks. While these changes are minor, it’s said that Twitter doesn’t want the overall message of the Tweet to be changed.
Update: A Twitter spokesperson declined to comment on the news. Of course, let’s not forget that the company experiments with many different features all the time and while it’s been said that this is in development, we may actually never see something like this go live.