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Housing markets improve | South Salem Real Estate

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Freddie Mac (OTCQB: FMCC) today released its newly updated Multi-Indicator Market Index(SM) (MiMi(SM)) showing the U.S. housing market continuing to plod along with most markets still generally weak, while those with stronger local economies and favorable demographics continue to improve at a much stronger pace. The second quarter MiMi report is also available, which includes further analysis on each of the states, plus the District of Columbia as well as the top 50 metros areas.

News Facts:

  • The national MiMi value stands at 73.7, indicating a weak housing market overall with only a slight improvement (0.04%) from May to June and a 3-month positive trend change of (0.16%). On a year-over-year basis, the U.S. housing market has improved by 7.67%. The nation’s all-time MiMi high of 121.87 was June 2008; its low was 59.8 in September, 2011, when the housing market was at its weakest. Since that time, the housing market has made a 23.3 percent rebound.
  • Thirteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (96.2) the District of Columbia (94.3), Wyoming (92.3), Montana (89.7) and Alaska (88.7) ranking in the top five.
  • Six of the 50 metro areas have MiMi values in a stable range, with San Antonio (92.0), Austin (87.4), New Orleans (84.8), Salt Lake City (84.5), and Houston (83.9) ranking in the top five.
  • The most improving states month-over-month were Nevada (+1.56%), Illinois (+1.09%), Connecticut (+0.93%), Rhode Island (+0.87%) and Colorado and Kentucky (tied at +0.82%). On a year-over-year basis, the most improving states were Nevada (+23.5%), Florida (+14.8%), Illinois (+12.9%), California (12.0%) and South Carolina (+11.9%).
  • The most improving metro areas month-over-month were Las Vegas and Riverside (tied at +1.69%) followed by San Jose (+1.48%), Chicago (+1.30%) and Miami (+1.19%). On a year-over-year basis the most improving metro areas were Las Vegas (+26.5%), Riverside, (+19.2%), Miami (+17.2%), Orlando (+16.1%) and Chicago (+15.9%).
  • In June, 21 of the 50 states and 25 of the 50 metros are showing an improving three month trend. The same time last year, every state plus the District of Columbia, and every metro was showing an improving three month trend.

Quote attributable to Freddie Mac Chief Economist Frank Nothaft:

“As we see the economy slowly normalizing we’re starting to see its effects in the housing market as well, albeit very slowly. The good news is the big housing markets, of which some were also the hardest hit, continue to improve. For example, from the same time last year, California is up 12 percent and every market MiMi tracks in the state is improving. Meanwhile, Florida is up nearly 15 percent and Illinois is up nearly 13 percent over the past year. Likewise, the stalwarts of the recovery continue to be those states in the North Central section of the country, places like North Dakota, Montana, Wyoming and then south to Texas and Louisiana. In these areas not only are markets producing jobs, but better paying jobs that translate into workers taking out applications to purchase a home and income growth that keeps homebuyer affordability strong.”

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“With this release of MiMi we’re including our first quarterly report, which provides further analysis beyond the monthly MiMi release. For example, the most improved metro and state markets over the quarter were Las Vegas and Illinois which were up nearly 5 and 4 percent respectively. Though Las Vegas has shown considerable improvement, it is still a weak market, with the lowest overall MiMi index value of 48.2 as of June. Driving the improvement in Illinois over the past three months is the Employment Indicator which is up 16.9 percent while the Current on Mortgage Indicator is up 3.8 percent since March. In fact, the Employment Indicator in Illinois (87.8) moved from Weak to its stable In Range status over the past quarter, reflecting improvements in local labor market conditions.”

With the latest release of MiMi, the index has been rescaled, making the data more transparent and easier for housing professionals and analysts to follow. The rankings of states and metropolitan areas are unchanged. The underlying data and basic methodology are also unchanged. This release also makes it easier to identify the most improving state and metro markets on a monthly basis.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 50 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

 

 

 

 

 

 

Mortgage rates tick up slightly | South Salem Real Estate

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Borrowers seeking a mortgage through Zillow’s Mortgage Marketplace saw a slight increase in the interest rates they were quoted from last week to this week.

Current rate borrowers were quoted a fixed 30-year rate of 4.08% this week, up from 4.03% last week.

“Mortgage rates were subdued last week as ongoing geopolitical concerns and economic softness in Europe encouraged investors to buy U.S. mortgage-backed securities as a safe haven,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect international headlines, rather than U.S. economic data, to drive any meaningful changes to mortgage rates.”

In Zillow’s weekly look at interest rates, the 30-year rate peaked at 4.17% last Thursday before trending back down to its current level. During the remaining period, the interest rate was mostly between 4.1% and 4.15%.

Additionally, the 15-year fixed mortgage rate as of Tuesday was 3.12%, and for 5/1 adjustable rate mortgages, the rate was 2.77%.

Zillow also posted a prediction for Wednesday’s announcement of the mortgage application data from the Mortgage Bankers Association. “Zillow predicts tomorrow’s seasonally adjusted MBA application index will show purchase loan activity to decrease by 2% from the week prior,” the company posted on its blog.

 

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Zillow: Mortgage rates tick up slightly

 

Mortgage applications tick up 1.6% for week as refis grow | South Salem Real Estate

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Mortgage applications increased 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 1, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.

The Refinance Index increased 4% from the previous week.

The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 14% lower than the same week one year ago.

“Last week was a volatile week for interest rates, but it also proved to be a positive one as refinance applications increased,” said Quicken Loans Vice President Bill Banfield. “More Americans are realizing that they need to take advantage of the low rates before they start climbing. Even underwater homeowners can still refinance, as millions have yet to take advantage of the HARP program.”

The refinance share of mortgage activity increased to 55% of total applications, the highest level since March 2014, from 53% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8% of total applications.

 

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http://www.housingwire.com/articles/30930-mortgage-applications-tick-up-16-for-week-as-refis-grow

Purchase index plunges 16% year-over-year | South Salem NY Homes

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A week after a free-fall of 9.2%, mortgage applications continued their decline with a 0.2% decrease from one week earlier, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending June 27, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1% compared with the previous week.

The Refinance Index increased 0.1% from the previous week. The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 16% lower than the same week one year ago.

“The mortgage industry has yet to see purchase activity make up for the drop in refinance volume,” said Quicken Loans vice president Bill Banfield. “Lenders who are able to focus on client experience are bucking this trend and gaining market share despite the recent drops in volume overall.”

The refinance share of mortgage activity increased to 53% of total applications from 52% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

 

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http://www.housingwire.com/articles/30523-mortgage-application-decline-continues-after-last-weeks-free-fall

Zillow and Douglas Elliman Real Estate Enter Into Marketing Partnership | South Salem NY Homes

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Zillow Inc. and Douglas Elliman Real Estate, one of the largest real estate brokerages in the nation and New York City’s largest residential brokerage, announced they have entered into a new strategic marketing partnership. All of Douglas Elliman’s listings will appear as featured listings on the Yahoo!-Zillow Real Estate Network, the largest real estate network on the web, via a direct feed from Douglas Elliman. The direct feed ensures accurate and up-to-date information is being shared with home shoppers from across the many regions Douglas Elliman serves, including New York, Westchester/Putnam, Long Island, The Hamptons, South Florida and Los Angeles. Also as part of the partnership, Douglas Elliman’s exclusive inventory of Manhattan properties will be marketed on Zillow for the very first time. As featured listings, all of Douglas Elliman’s listings will appear at the top of the search results on Zillow as well as on Zillow’s popular suite of mobile apps and on Zillow partners AOL Real Estate and HGTV’s FrontDoor.

“We are excited about our partnership with Douglas Elliman,” said Spencer Rascoff, Zillow CEO. “Combining Douglas Elliman’s listing inventory with our broad marketing capabilities and audience of nearly 82 million users brings many benefits not only to Douglas Elliman’s agents, but also to home shoppers looking for property in Manhattan and in the other markets served by Douglas Elliman.”

In addition to displaying as a featured listing on Zillow, all Douglas Elliman’s listings will feature unique branding and the company’s agents will get priority placement next to their listings, including a logo and link back to their website. The partnership will be live later this week.

 

 

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http://nationalmortgageprofessional.com/news49950/zillow-and-douglas-elliman-real-estate-enter-marketing-partnership

3 Things You Didnt Know About Solar In Developing Countries | South Salem Real Estate

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1.3 billion people in the world lack access to electricity. They depend on mostly kerosene to use as light at night, which gets expensive over time and poses a lot of health risks at home (think toxic fumes and accidental fires). But there is a viable solution already available today: affordable solar energy. In the last 5 years, the cost of solar PV technology has dropped so drastically that companies are sprouting up all over the developing world to manufacture and distribute affordable solar products to light up unelectrified homes. These products range from basic torch lights to entire solar home systems that can power multiple lights, cellphone charging, radio, and even TV. So what’s enabling the off-grid solar revolution? Here are the three main reasons:

 

End-User Financing That Makes Sense

While the cost of solar has gone down, many of the 1.3 billion off-grid population still find the price tag on most solar products prohibitively expensive. However, solar companies have coupled their solar products with financing plans that allow customers to purchase solar products according to their level of income. These plans include monthly installments or weekly installments that span from 3 to 18 months. Some companies even go further and sell solar energy as a service similar to how people in the developed world pay their electric bills. In those cases, each family pays to keep their solar powered electricity services on, and the service will be cut off if the family stops their payment.

Looking at examples of what people currently spend on energy will put these costs and financing plans in context. A typical rural Indian household spends Rs. 150 to Rs. 300 each month on kerosene lighting. If we include diesel generators the cost goes up more. They end up spending a significant part of their overall income, which leaves them with not much funds to do anything else. A micro-grid solar project that was funded on SunFunder’s crowdfunding platform ends up costing each household Rs. 100 a month and it gives them clean, bright solar lighting and overnight cell phone charging. Solar is more affordable and better for the people’s health.

Read more: http://www.motherearthnews.com/renewable-energy/3-things-about-solar-in-developing-countries-zbcz1406.aspx#ixzz35BZ1Qdy5

Fed Could Keep Rates Near Zero Until Mid-2015 | South Salem Real Estate

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The International Monetary Fund cut its growth forecast for the United States on Monday and said the economy would not reach full employment until the end of 2017, allowing the Federal Reserve to bide its time before raising interest rates.

In its annual health check of the U.S. economy, the IMF also urged the United States to boost the minimum wage, which is below most international standards, to fight poverty, which lingers above 15 percent.

The IMF forecast economic growth of 2 percent this year, below the 2.8 percent rate it predicted in April, due to a weak first quarter. It kept its 2015 forecast unchanged at 3 percent.

“Recent data … suggest a meaningful rebound in activity is now underway and growth for the remainder of this year and 2015 should well exceed potential,” the IMF said.

Yet the country’s potential growth should only be around 2 percent going forward, below historical averages, as the population ages and productivity growth slows, it added

“Given the substantial economic slack in the economy, there is a strong case to provide continued policy support,” the IMF said.

It said its forecasts show the U.S. economy would only return to full employment by the end of 2017, with inflation remaining low, suggesting the Fed could keep rates at zero for longer than the middle of 2015.

The IMF urged the United States to increase spending on infrastructure and education and change parts of its tax system, including boosting the federal gasoline tax and reinstating the tax credit for research and development, to help spur growth.

In the future, the United States should also reform corporate taxes, introduce a carbon tax and move toward a federal value-added tax, the IMF said.

 

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http://www.foxbusiness.com/industries/2014/06/16/imf-fed-could-keep-rates-near-zero-until-mid-2015/

Home Prices Start Easing, to the Relief of Experts | South Salem NY Homes

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A steep gain in home prices in many markets that helped lift millions of Americans out of the red on their mortgages is now markedly slowing, with new data from the Standard & Poor’s/Case-Shiller national home price index on Tuesday showing that the annual growth in prices had eased in March to 10.3 percent, from the previous year’s increase of 11.4 percent.

But analysts said that the softening of price gains, rather than a worrisome trend, may actually be welcome news. Double-digit increases cannot go on forever, and many economists are using words like “sustainable” and “stable” to describe the slowdown, saying the market is becoming healthier.

Foreclosures make up a smaller percentage of sales, and the higher prices have caused investors to back off, leaving the bigger question of whether housing is affordable and mortgages are accessible to average families that want to buy. First-time home buyers still make up less than 30 percent of the market, according to the National Association of Realtors, while the number of all-cash buyers — not just investors, but older people who are downsizing after the sale of a larger home — has remained elevated.

OPEN Interactive Graphic

Interactive Graphic: Home Prices in 20 Cities

Those factors will help curb any potential new bubbles, said Mark H. Goldman, a real estate expert at San Diego State University. “Here in San Diego, we have a real shortage of inventory, yet prices are softening,” he said, adding that houses in the area may have been priced too aggressively. “A big factor on home price appreciation is affordability.” Prices in San Diego rose 18.9 percent between March 2014 and March 2013, according to Case-Shiller. More moderate increases may give buyers’ incomes a chance to catch up.

Of the 20 cities that Case-Shiller tracks individually, all had double-digit price increases in that time period except Boston, Charlotte, Cleveland, Denver, New York and Washington, which had single-digit increases. In some cases, the cities hit hardest in the housing bust had the biggest gains. Las Vegas, where home prices rose 21 percent, led the list. Cities where demand has accelerated and housing supply is sharply limited by geography and other factors, like San Francisco, also posted large gains. Prices soared there by 21 percent, according to the measure.

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Local Farmers Markets | South Salem NY Real Estate

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JAN2014-DTE-E-Mail-Masthead_(722x226pxl)FRESH-2-(1

Opening Day in Tarrytown with Music & Many New Vendors;
TWO Vendors Debut in Rye + More
May 15th-21st, 2014
DowntoEarthMarkets.com
Lettuce_MSP
What’s New, In Season, and On Sale This Week

BBQ Special: $2 OFF Packages of Chicken Breasts, Leg/Thighs
& Wings
Yellow Bell Farm

Fresh Whole Chickens
Stone & Thistle Farm

Drunken Goat Cheese
Raw milk aged cheese, soaked in wine
“Fruity with firm interior, reminiscent of Parmesan”
Acorn Hill Farm


Ground Beef: Buy five 1lb pkgs
& get $2 OFF per pound!
(Reg $9.75/lb; now $7.75/lb)
Kiernan Farm

Lamb
Pre-order at the market
Kiernan Farm

Parisian Baguette
Voted New York’s Best by Serious Eats – $0.50 OFF this Saturday!
Orwasher’s Bakery


Pork Sausages: 20% OFF!
Choose from Andouille, Breakfast, Chorizo, Hot Italian, and Sweet Italian
Kiernan Farm

Ramps
Wild and sustainably foraged
Yellow Bell Farm


Click on a Market to see all vendor and event details…

Westchester
County


Rockland
County

Ossining

Saturdays
8:30 am-1:00 pm


Larchmont

Saturdays
8:30 am-1:00 pm
 Piermont

Sundays
9:30 am-3:00 pm
L
Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

Coming in July

Tarrytown/Sleepy Hollow

OPENING DAY: MAY 24th
Saturdays
8:30 am-1:00 pm


New Rochelle

OPENING DAY: JUNE 20th
Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Ossining

The summer market season begins this Saturday in Ossining. Help us welcome the return of Taliaferro Farm and R & G Produce, along with additional new vendors to come. AND now the market opens at 8:30 am! See you there.

Tarrytown

Celebrate Opening Day of the 2014 farmers market season in Tarrytown with Deuces Child!
The duo of Gigi Tanglewood and Lou Patrick create a unique and lively musical program with their acoustic guitar interplay and amazing harmonic vocals. They will play from 10:00 am to noon.

Visit the Down to Earth Markets Calendar for full details.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Twitter @DowntoEarthMkts.

Vendor Profile: Introducing Nana’s Home Kitchen
CocoandNana
Coco and Nana

The husband and wife team of Serop and Jasmin Mandijan are best known as Coco and Nana. Serop’s middle name is Gregory, and in their native Armenian language, Coco is the nickname for Gregory. As for Nana, this is the name their grandchildren exclaim as they throw open the kitchen door, wild in delight for the food soon to come. It means “Grandma” in Armenian, and after one bite from Nana’s Home Kitchen, it’s easy to imagine their excitement — along with the patter of their little feet, as they run into the kitchen.

Coco and Nana were high school sweethearts in Armenia and married a few years later. They came to the United States in 1984, and Coco worked as a diamond setter for more than two decades. They have both enjoyed cooking since they were children, and once they married, they shared their love of the kitchen together. “She’s my best friend for more than 45 years,” Coco says of Nana.

As Coco retired from diamond setting, they were able to devote more time to their enjoyment of cooking fresh Middle Eastern foods from scratch. Encouraged by family and friends, they decided to offer their cooking to a broader audience and started Nana’s Home Kitchen around 2010. This weekend, they will debut with Down to Earth Markets with a mix of both savory and sweet foods. For the sweet teeth, they bake maamool, cookies stuffed with dates and walnuts, along with baklava, carrot cake, and more.

On their savory menu, crowds gather for their spinach pies, stuffed grape leaves, tabouli, hummus varieties, and much more. They are also renowned for their creative pesto sauces, made with ingredients such as sundried tomatoes and roasted peppers. They are inspired by the regional harvest and source from local farmers as much as possible. And, as much as they love the kitchen, Coco also relishes his time at the summer grill. Look for him to fire up delicious chicken kabobs and other specialties at our markets this year!

“Whoever tastes our food, they come back,” says Coco, “They love it. I don’t say it to brag. I say it because it happens.”

Meet Nana’s Home Kitchen all season long at Tarrytown’s Down to Earth Market, and coming up in Ossining, too. ENJOY.

Day Vendors This Week

Croton

Bombay Emerald Chutney Company

Larchmont

Calcutta Kitchens
The Peanut Principle (gourmet nut & seed butters)
Pie Lady & Son
Raaka Chocolate
Trotta Foods

California city looks to sea for water in drought | South Salem Real Estate

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This seaside city thought it had the perfect solution the last time California withered in a severe drought more than two decades ago: Tap the ocean to turn salty seawater to fresh water.

The $34 million desalination plant was fired up for only three months and mothballed after a miracle soaking of rain.

As the state again grapples with historic dryness, the city nicknamed the “American Riviera” has its eye on restarting the idled facility to hedge against current and future droughts.

“We were so close to running out of water during the last drought. It was frightening,” said Joshua Haggmark, interim water resources manager. “Desalination wasn’t a crazy idea back then.”

Removing salt from ocean water is not a far-out idea, but it’s no quick drought-relief option. It takes years of planning and overcoming red tape to launch a project.

Santa Barbara is uniquely positioned with a desalination plant in storage. But getting it humming again won’t be as simple as flipping a switch.

After the plant was powered down in 1992, the city sold off parts to a Saudi Arabia company. The guts remain as a time capsule — a white elephant of sorts — walled off behind a gate near the Funk Zone, a corridor of art galleries, wineries and eateries tucked between the Pacific and U.S. 101

 

 

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http://news.yahoo.com/california-city-looks-sea-water-drought-142629739.html