| Katonah NY Weekly Real Estate Report | 5/22/2013 | |
| Homes for sale | 60 | |
| Median Ask Price | $997,000.00 | |
| Low Price | $359,000.00 | |
| High Price | $18,995,000.00 | |
| Average Size | 3587 | |
| Average Price/foot | $424.00 | |
| Average DOM | 98 | |
| Average Ask Price | $1,954,480.00 |
Business Insider drew on the latest data to identify the best housing markets for the next five years. The top 15 cities are ranked by the projected annualized change in home prices between Q4 2012 and Q4 2017.
Business Insider also included the median home price, median household income, unemployment rate, and the change in home prices since their peak, to offer a broader view of the local economy and housing market.
Click here to visit Business Insider’s list of top housing markets.
For the sixth straight month, home value appreciation was at or exceeded 5%, according to data from Zillow. More specifically, home values rose in April to $158,300.
Home values jumped 5.2% over year ago levels, Zillow ($59.41 0%)reported, reaching their highest level since June 2004.
A majority of the 365 metros — 55% to be exact — experienced home value appreciation in April from March. Sacramento saw the largest monthly increase, with home values jumping 3.4%. Las Vegas and San Francisco also reported monthly increases of 3% and 2.8%, respectively.
Looking forward, home values from April 2013 through April 2014 are predicted to rise 4% to approximately $164,648, according to Zillow. This is a drop from the 5.2% annual rate of appreciation reported between April 2012 and April 2013 and indicates a shift in supply and demand in some of the hardest-hit markets.
“April marks the sixth straight month of annual home value appreciation of 5% or above, the longest such streak since the height of the bubble in 2006. In the short-term, this has been welcome news for homeowners. But in the long-term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last,” said Zillow Chief Economist Stan Humphries.
Humphries added, “Overall, we expect home value appreciation to moderate as more supply comes on line over the next year, but in some areas, runaway home value appreciation, combined with expected interest rate hikes in coming years, runs a real risk of pricing out many potential buyers. Home values in these areas will have to flatten or even fall to come back in line.”
Chicago was the only metro that did not experience year-over-year home value increases. More than half of the 30 largest metros covered saw double-digit percentage increases.
Home values rise 5% for sixth consecutive month | HousingWire.
Mortgage applications tumbled this week as refinancing and purchase applications continued their downward trend.
Application volume fell 9.8% from one week earlier for the week ending May 17, according to the Mortgage Bankers Association.
Also posting significant drops, the refinance Index decreased 12% from the previous week and the seasonally adjusted purchase index dropped 3% from one week earlier, the industry trade group said.
“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” said Mike Fratantoni, MBA’s vice president of research and economics.
He added, “The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March. Purchase activity declined over the week but is still running about 10% above last year’s pace at this time.”
The refinance share of overall mortgage activity slightly fell to 74% of total applications.
Meanwhile, the adjustable-rate mortgage share of activity inched up to 5% of all mortgage applications.
The average 30-year, fixed-rate mortgage with a conforming loan balance continued to escalate, rising to 3.78% from 3.67%.
Additionally, the average 30-year, FRM with a jumbo loan balance rose to 3.93% from 3.87% compared to a week prior.
The average contract interest rate for the 30-year, FRM backed by the FHA surged to 3.53% compared to 3.43% the previous week.
The 5/1 ARM squeaked up to 2.60% from 2.55%, and the 15-year, FRM jumped to 2.96% from 2.88.
Mortgage apps tumble, refis drop to lowest since late March | HousingWire.
Don’t let the white picket fences fool you.
Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to “Confronting Suburban Poverty in America,” a new book by the Brookings Institute.
For the first time ever, the number of poor people in America’s largest suburbs outnumbers those in cities. It’s a nationwide trend that’s left pretty much no region untouched.
Eighty-five of the nation’s 95 largest metro areas saw a rise in poor households between 2000 and 2011.
“As jobs moved into suburbs—particularly lower-paying jobs in sectors like retail and hospitality—poverty did, too,” the authors write. “And job losses triggered by the Great Recession in industries like construction, manufacturing, and retail hit hardest in suburban communities and contributed to rising suburban unemployment and poverty.”
The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
Dallas metro area includes Fort Worth and Arlington. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
Charlotte metro area also includes Gastonia and Rock Hill. The increase in poverty was tracked by the Brookings Institute in “Confronting Suburban Poverty in America.”
See the rest of the story at Business Insider
Overseas buyers who account for half of new-home purchases in London are helping drive nearly $1 billion in sales in Circus West at Battersea Powerstation, a new neighborhood of 866 homes that will break ground in July, Bloomberg reports.
The project is part of London’s largest redevelopment area, which is centered around a decommissioned coal-fired power plant on the south bank of the River Thames. By 2030, as many as 16,000 new homes are expected to be constructed around Battersea Powerstation.
The old power plant, which was featured on the cover of Pink Floyd’s 1977 album, “Animals,” is said to said to be the largest brick building in Europe. A new U.S. embassy is also planned for the Vauxhall Nine Elms Battersea Opportunity Area, which will be served by an extension of London’s underground transit system. Source: bloomberg.com.
– See more at: http://www.inman.com/wire/london-development-generates-nearly-1b-in-sales-before-groundbreaking/#sthash.11pcSR3Y.dpuf
London development generates nearly $1B in sales before groundbreaking | Inman News.
You update your clothing and your technology, but have you updated your marketing? If you’re still using the same old outdated tactics from five, 10 or even 20 years ago, it’s time to freshen up those old approaches with a new look for 2013.
With all the buzz about video, mobile and social media, it’s easy to get caught up in the never-ending chase for the latest shiny new object. On the other hand, it’s also just as easy to become complacent and to keep on doing what you have always done.
The challenge is that if you constantly chase what’s new, you don’t develop consistent systems. On the other hand, if you don’t adapt regularly, you’ll be left behind by the agents who do.
So how can a busy agent like you determine what needs a remake? Here are some useful tips.
1. Real estate is, and always will be, a face-to-face business
Does calling on owners of expired listings, for-sale-by-owners (FSBOs) and door knocking still work? Absolutely! These tried and true techniques that put you in direct contact with owners are as effective today as they were 50 years ago.
– See more at: http://www.inman.com/2013/05/20/update-your-marketing-or-get-left-behind/#sthash.Nw89CfqV.dpuf
Metro-North Railroad’s New Haven Line is scheduled to be back to normal by Wednesday morning, officials said Monday.
“We are confident that the reconstruction work, inspection and testing will be completed in time for a normal rush hour on Wednesday,” Metro-North President Howard Permut said in a statement Monday evening. “We are grateful for the tireless work of all departments and employees engaged in this huge task.”
Metro-North and the Connecticut Department of Transportation have to rebuild 2,000 feet of track after Friday’s derailment and collision on the Fairfield-Bridgeport border. The agencies also need to restring overhead catenary wires to restore electricity to the rail line and retest the track and the signals before trains can begin running.
Train ridership was way down Monday, with about 750 people riding shuttle trains and buses from towns north of the accident Monday, or about 20 percent of the usual number, Metro-North said. Overall, however, ridership on the New Haven Line was down 20 percent Monday. About 2,700 people total had used the Metro-North bus service by 3 p.m. Monday, it said.
Connecticut’s main highways did not see unusually high traffic Monday, Gov. Dannel Malloy said Monday. The Merritt Parkway’s car load was actually slightly below a typical Monday, while Interstate 95 was slightly slower, he said.
“Suffice it to say, the plan worked,” Transportation Commissioner James Redeker said Monday. “People listened, and we had support systems in place.”
For Tuesday, Metro-North will continue the system it set up for Monday’s commute, with trains running from New Haven to Bridgeport, buses taking commuters from Bridgeport and Fairfield to Westport, and trains running again from Westport to Grand Central. The full schedule and plan is available here.
The state will maintain its same procedures Tuesday morning that it did Monday. State Police and tow crews will be on call during rush hours to clear accidents quickly. The state Emergency Operations System will also be open to help manage the rush-hour commute.
On Sunday evening, Malloy had asked Connecticut residents to telecommute to work if possible, and carpool or vanpool if driving instead of taking the train. He asked commuters to take those same steps again Tuesday.
“This is tremendously good news,” Malloy said of Metro-North’s announcement. “However, this also means that we’re going to have one more day of great difficulty, and that’s tomorrow.”
Metro-North Trains Should Be Up And Running By Wednesday Morning | The Bedford Daily Voice.
The pent-up demand for the millennial generation to buy houses is starting to surface, according to a report from Rob Chrisman.
Millennials, which range from 18 to 34, have put off buying houses due to the recession, high unemployment and student loan debt.
In the report, Chrisman explained that a lot of lenders are prepping for the upcoming demand.
Hamilton Group Funding, a Florida based mortgage banker, is continuing its aggressive expansion plans in multiple states, seeking to acquire mortgage firms or branches with $50 to $250 million in annual residential production, Chrisman said.
In addition, Chrisman noted that First Guaranty Mortgage Corporation is growing its retail division, adding loan officers and operational staff in New Jersey.
Millennials are 90 million strong according to Chrisman, and as the demand increases, the industry will have to prepare itself to meet the surge.
Lenders prep for increase in millennial housing demand | HousingWire.
Beginning May 20, officers will be out in full force as part of the 2013 national “Click It or Ticket” seat belt enforcement mobilization.
The program makes a priority of cracking down on drivers and passengers who are not wearing a seat belt.
“As we kick-off the busy summer driving season, it’s important that everyone buckles up every time they go out, both day and night—no excuses,” said Bedford Police Lieutenant Melvin Padilla.
“Our officers are prepared to ticket anyone who is not wearing their seat belt.”
Starting Monday morning, all local police departments will be joining other law enforcement agencies throughout the northeast in mobilizing Click It or Ticket in a “Border to Border” operation. This means law enforcement agencies that share state border will team up to provide increased coverage, resulting in a “zero tolerance” message to the public: “Driving or riding unbuckled will result in a ticket—no matter what state.”
According to the U.S. Department of Transportation’s National Highway Traffic Safety Administration, 52 percent of 21,253 vehicle passengers killed in 2011 were not wearing their seat belts at the time of the crash. According to the same report, deaths involving seat belt nonuse are more likely to occur at night than during the day and 62 percent of 10,135 passengers killed in overnight accidents during 2011 were also not wearing their seat belts.
“Seat belts save thousands of lives every year, but far too many motorists are still not buckling up, especially at night when the risk of getting in a crash is even greater,” said Padilla.
‘Click It Or Ticket’ Law Enforcement Begins Monday In Bedford | The Bedford Daily Voice.