Tag Archives: Westchester Real Estate

Foreclosures Disappear Even Faster | Mt Kisco Real Estate

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Foreclosure inventories fell 24 percent from last year at this time and completed foreclosures fell 16 percent year over year, according to the CoreLogic April National Foreclosure Report.

According to CoreLogic, there were 52,000 completed foreclosures in the U.S. in April 2013, down from 62,000 in April 2012, a year-over-year decrease of 16 percent. On a month-over-month basis, completed foreclosures remained flat at 52,000*, the same number reported for March 2013.

As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.4 million completed foreclosures across the country.

As of April 2013, approximately 1.1 million homes in the U.S. were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.5 million in April 2012, a year-over-year decrease of 24 percent. Month over month, the foreclosure inventory was down 2 percent from March 2013 to April 2013. The foreclosure inventory as of April 2013 represented 2.8 percent of all homes with a mortgage compared to 3.5 percent in March 2013.

“The shadow of foreclosure and distress continues to fade, with the annualized sum of completed foreclosures having declined for 17 straight months,” said Dr. Mark Fleming, chief economist for CoreLogic. “Six states have year-over-year declines in the foreclosure inventory of more than 40 percent, and in Arizona and California the year-over-year decline is more than 50 percent.”

“The shadow inventory continued to drop in April as the number of completed foreclosures fell by 16 percent on a year-over-year basis,” said Anand Nallathambi, president and CEO of CoreLogic. “Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam.”

Highlights as of April 2013:

The five states with the highest number of completed foreclosures for the 12 months ending in April 2013 were: Florida (102,000), California (79,000), Michigan (68,000), Texas (53,000) and Georgia (47,000). These five states account for almost half of all completed foreclosures nationally.

The five states with the lowest number of completed foreclosures for the 12 months ending in April 2013 were: South Dakota (81), District of Columbia (100), North Dakota (461), Hawaii (466) and West Virginia (527).

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (9.5 percent), New Jersey (7.4 percent), New York (5.1 percent), Maine (4.4 percent) and Nevada (4.3 percent).

The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.6 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and Virginia (0.9 percent).

*March data was revised. Revisions are standard, and to ensure accuracy, CoreLogic incorporates newly released data to provide updated results.

Foreclosures Disappear Even Faster | RealEstateEconomyWatch.com.

5 Home Renovations That Could Hurt Resale | South Salem Real Estate

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pool

While a must-have for some buyers, swimming pools can also be a huge turn-off for other home shoppers.

Unlike the homeowner of 25 years ago, today’s typical buyers plan to live in their homes for just five to seven years. So it’s more important than ever to consider resale when making home improvements.

Even if you’re a buyer, it’s important to think like a seller, too, from the time you sign the purchase contract through any home improvement or renovation projects. The goal: Think about how your improvements might affect the sale of your home down the road.

Below are five home renovation/improvement projects that could actually hurt your home’s resale.

1. Going overboard on landscaping or gardens

A homeowner/seller may have a green thumb and be really proud of the time spent on the garden, the hedges or landscaping. But the next buyer might see it as too much maintenance, especially if you went overboard with your green thumb. Potential buyers may not be willing to pay for it (as part of the home’s overall price), hire a gardener or do the work themselves. This is especially true with Millennials and Gen X-ers. Of course, your property needs curb appeal, and nice landscaping does sell. But it could be just as easy to do a quick, inexpensive yard once-over before going on the market.

2. Converting a garage into a family room

Converting a garage into a family room may make sense if you don’t have a nice car or you simply want a bigger family room. Some people think a driveway is enough. But this is a huge “no-no” in real estate. A garage is expected, especially in the suburbs. If you take it out, you lose a huge chunk of buyers who simply won’t consider a home without a garage.

3. Taking out a bedroom

It’s common today for people to transform a bedroom into a huge master closet or into a home office with a built-in desk and cabinet. If you do, make sure the room can be easily turned back when you put the home on the market. Buyers with kids may need that bedroom. They’ll see the room you converted into a home office or closet as more money they’ll need to spend to turn it back into a bedroom.

A home office is the easiest to undo, as long as you haven’t built in intricate desks, shelves and cabinets. A large closet generally goes within a master bedroom, which includes taking out a door or putting up a wall — all of which is harder to undo.

4. Adding a swimming pool

Similar to landscaping, a pool requires maintenance and is an even bigger liability. This is very particular for certain parts of the country. If you’re in the South, in a warm environment, you can get away with it much more easily. A pool would be a common “must-have” on many buyers’ wish list.

If you’re in an area where it’s only warm a few months a year and pools aren’t common, adding one could be a big mistake. Then again, it’s your home, and if you plan to be there a long time, add the pool. Just know that it may be a turn-off to future buyers. When in doubt, consult your agent.

5. Adding highly personalized colors, finishes or fixtures

Often, homeowners put in tile, sinks, vanities, countertops and floor coverings that are hard to replace, and yet are specific to their tastes.

For example, you may be obsessed with the Moroccan tile from your Marrakesh vacation last year and want it in your kitchen. But the next buyer may not be so enthusiastic. Similarly, installing ceramic or marble tile all over the floors may be a costly mistake that others won’t want to pay for. Some homeowners assume that because they spent $50,000 in such upgrades, their homes will be worth so much more. But what may be a highly personal touch could make your home look like a “fixer-upper” to others. The end result: You’ll turn off a lot of buyers who don’t like your taste and don’t want to do the work to undo it.

 

5 Home Renovations That Could Hurt Resale | Zillow Blog.

Home Prices Slump As France Staggers Into Recession | Waccabuc Real Estate

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As the French economy slumps into the second recession in four years, fears are rising that the country’s property market is also set to plunge.

Real estate services provider CBRE monitors the French residential property market and says the country’s unstable economy could lead to a price drop for the country’s beleaguered home owners.

Property prices have fallen in most French regions in the past year and the current prediction doesn’t provide much home hope.

Analysts at the firm say the weak economic environment and the drop in consumer spending power will not help the ‘feeble start’ for property sales in 2013.

The report highlights the growth in unemployment as a major concern for the country, while adding the drop in agreed mortgages, fuelled by over-cautious banks, will also not help prices in the short term.

Mortgage approvals drop by a third

They add that the fall in new mortgages approved has seen a 32% plunge since 2011.

The CBRE report states: “While banks have tightened their mortgage lending criteria and are asking for higher deposits, the main reason for the fall in mortgages is because of the slump in demand from home buyers.”

To underline the precarious state of the housing market, the construction of new homes is also heading downwards.

In the first three months of this year, only 83,900 units were started – a drop of 11.2% from last year.

Though 2012 is described as ‘brutal’ for developers after a fairly good 2011 – when housing starts fell by 18% on the year before – no-one is predicting a bumper year for construction this year.

Also, the number of investors in French property is in rapid decline.

Investors move out

From 2009 to 2011, investors made up 60% of the buying market, this fell to less than half last year and the numbers are still falling.

One reason for this decline is that letting returns have fallen as taxes have risen, and investors have become wary of a potential limit being imposed on rent levels.

CBRE says that property prices are not expected to rise this year and will even fall in some markets – particularly in areas which have a large supply of unsold homes.

The government is supporting the construction industry by unveiling 20 measures to boost house building and to encourage energy saving improvements to homes.

However, any attempts at encouraging new builds will only help fuel the oversupply of unsold homes and a bid to help landlords convert vacant offices into homes is proving unpopular since the conversion costs are too high.

 

Home Prices Slump As France Staggers Into Recession – iExpats.

Calgary and Edmonton buck national housing market trend of declining sales | Cross River Real Estate

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A soft landing is underway in the Canadian housing market and should continue but Calgary and Edmonton are bucking the trend with sales rising compared with a year ago, says a new report released Tuesday by BMO Capital Markets.

The report, by Sal Guatieri, senior economist for BMO, said the Canadian housing market is “calming not crashing.”

“In most regions, sales have fallen at double-digit rates this year from high levels last year,” said Guatieri. “But the rate of decline has slowed recently.

“By contrast, Alberta enjoys decent sales growth.”

As of April, the three month moving average of sales in the existing home market was down 10.9 per cent across the country. However, Calgary and Edmonton were the only two major markets to see growth at three per cent and 1.2 per cent, respectively.

Also, while the average sale price across Canada rose by only 1.0 per cent, Calgary led the nation with a 7.5 per cent hike. Edmonton was up 3.2 per cent.

Guatieri said Calgary’s resale prices are “supported by good valuations, following the 2008 correction, and strong job growth.”

“The upward trend should continue, as Alberta is expected to lead the nation’s economic performance in 2014,” he said.

According to the Calgary RealEstate Board, year-to-date until May 27, there have been 9,541 MLS sales in the city, up 3.89 per cent compared with the same period a year ago. The average sale price has risen by 6.6 per cent while the median price has increased by 5.51 per cent to $399,900.

At the national level. Guatieri said tighter mortgage ruls have slowed credit growth, helping to cool the housing market in an orderly fashion.

“Lack of pent-up demand, with homeownership rates near 70 per cent, and elevated household debt have abetted the slowing,” he said.

“Nationwide, sales are expected to stabilize this year amid steady job growth. Although long-term interest rates are likely to rise moderately next year, they should remain relatively low for some time.”


 

Calgary and Edmonton buck national housing market trend of declining sales.

Real Estate Market Trends: Prices Gain Nearly 11 Percent | Bedford Real Estate

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Home prices across the nation’s largest 20 largest metropolitan areas posted their largest annual gain in seven years, rising 10.9 in the first quarter of 2013, compared to the same period last year, according to the latest real estate market trends reported today by Case-Shiller Home Price Indices.

The largest yearly increases were seen in Phoenix (22.5 percent), San Francisco (22.2 percent) and Las Vegas (20.6 percent), said David M. Blitzer Chairman of the Index Committee at S&P Dow Jones Indices, said in a statement analyzing the latest real estate market trends. The slowest – yet still substantial – gains were seen in New York (2.6 percent), Cleveland (4.8 percent) and Boston (6.7 percent).

Additional indicators, including housing starts, new permits, and new and existing home sales, add to the growing evidence that the housing market is healing, but other real estate market trends indicate the recovery has a ways to go, Blitzer said. “The larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete,” he said.

Townhomes account for an increasing share of the existing market, as well as new housing activity, according to a blog on the latest real estate market trends published today by the National Association of Home Builders, a trade association based in Washington, D.C.

Construction began on 15,000 new townhomes in the first quarter of 2013, up from 10,000 in the first quarter of 2012, according to the association. Over the same period, the market share of town homes rose from 10.4 percent to 12.7 percent.

 

Real Estate Market Trends: Prices Gain Nearly 11 Percent | Millionaire Corner.

Wall Street rallies as home prices jump | Pound Ridge Real Estate

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Stock markets soared after data showed consumer confidence climbed to the highest level since 2008 and home values jumped the most in seven years, Bloomberg writes.

Nine out out 10 S&P 500 groups advanced, paced by a 1.4% rally among financial shares.

The S&P rallied 1% to 1,665.68, while the Dow Jones Industrial Average rose 156.59 points, or 1%.

 

Wall Street rallies as home prices jump | HousingWire.

Refi apps tumble for third week | Chappaqua NY Real Estate

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Mortgage applications plummeted once again, falling 8.8% from the week prior, the Mortgage Bankers Association posted.

Refinancing and purchase applications did little to revive the decline suffered last week.

The refinance index tumbled 12%, the largest single week drop in refinance applications this year, from the previous week to the lowest level since December 2012.

For the second week in a row, the seasonally adjusted purchase index dropped 3%, the industry trade group said.

“Refinance applications fell for the third straight week bringing the refinance index to its lowest level since December 2012 as mortgage rates increased to their highest level in a year,” said Mike Fratantoni, MBA’s vice president of research and economics.

He explained, “Rates rose in response to stronger economic data and an increasing chance that the Fed may soon begin to taper their asset purchases.”

Meanwhile, the refinance share of overall mortgage activity inched down to 71% of total applications, compared to 74% the prior week.

The adjustable-rate mortgage share of activity slightly increased to 5% of all mortgage applications.

The average 30-year, fixed-rate mortgage with a conforming loan balance skyrocketed to 3.90%, the highest rate since May 2012, from 3.78%,

 

 

Refi apps tumble for third week | HousingWire.

Case-Shiller Double Digits the Critics | Armonk Real Estate

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Just as the volume of concern that the recovery would be short-lived was growing, Case-Shiller reported double digit price increases in all three of its composites, which posted their highest returns in seven years

Prices increased in the 10-City and 20-City Composites by 10.3 percent and 10.9 percent in the year to March with the national composite rising by 10.2 percent. All 20 cities posted positive year-over-year growth.

In the first quarter of 2013, the national composite rose by 1.2 percent. On a monthly basis, the 10- and 20-City Composites both posted increases of 1.4 percent. As of March 2013, average home prices across the United States are back to their late 2003 levels for both the 10-City and 20- City Composites.

Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 28-29 percent. The recovery from the March 2012 lows is 10.3 percent and 10.9 percent for the 10- and 20-City Composites, respectively.

“Home prices continued to climb,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow

Jones Indices. “Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006.

“Phoenix again had the largest annual increase at 22.5 percent followed by San Francisco with 22.2 percent and Las Vegas with 20.6 percent. Miami and Tampa, the eastern end of the Sunbelt, were softer with annual gains of 10.7 percent and 11.8 percent. The weakest annual price gains were seen in New York (+2.6 percent), Cleveland (+4.8 percent) and Boston (+6.7 percent); even these numbers are quite substantial.

“Other housing market data reported in recent weeks confirm these strong trends: housing starts and permits, sales of new home and existing homes continue to trend higher. At the same time, the larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete.”

As of March 2013, average home prices across the United States are back to their late 2003 levels for both the 10-City and 20- City Composites. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 28-29 percent. The recovery from the March 2012 lows is 10.3 percent and 10.9 percent for the 10- and 20-City Composites, respectively.

The number of cities that showed monthly gains increased to 15. Denver, Charlotte, Seattle and Washington entered positive territory; Seattle and Charlotte were the most notable with returns of +3.0 percent and +2.4 percent. San Francisco posted the highest month-over-month return of 3.9 percent.

All 20 cities showed increases on an annual basis for at least three consecutive months. Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, Portland, San Diego, San Francisco, Seattle and Tampa all posted double-digit annual returns. Las Vegas, Phoenix and San Francisco were the three MSAs to increase over 20 percent in March 2013 over March 2012.

 

Case-Shiller Double Digits the Critics | RealEstateEconomyWatch.com.

Bankruptcy judge rejects efforts to stop foreclosures on Miami condo projects | South Salem Real Estate

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Developer Renzo Renzi’s attempt to stop foreclosure auctions on two Miami condominium projects through Chapter 7 filings has failed.

Renzi’s companies lost an $18.2 million foreclosure judgment in Miami-Dade County Circuit Court in December, and used the Chapter 7 filings in January to stall the auctions.

 

Bankruptcy judge rejects efforts to stop foreclosures on Miami condo projects | HousingWire.

Social Media Behavior Akin to Cicada Swarm | Bedford Hills Realtor

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Some parts of the east coast are already experiencing the highly anticipated emergence of cicadas.  There reception to these buggers has been decidedly mixed.  Some see the mass numbers of cicadas as gross and their presence is little more than a noisy pestilence.  Others view the coming of the cicadas as a rare sight of beauty, appreciating the significance in their appearance.  Whether or not one favors the hordes, it may behoove every observer to stay their judgment until they take a more personal look at their cicadabrethren.

Use of social media brings the casual observer much closer to cicadas than they might realize.  If one breaks down the purpose of varying social media platforms into its most basic forms and apply a bit of abstract thinking, there are five ways in which social media bridges the gap between humans and cicadas.

We tweet, they buzz:

Most savvy social media users know that Twitter is a micro blog designed to allow people to send out short messages.  Cicadas send out brief bursts of buzzing.  In essence our tweets and their buzzes function in very similar fashion, they are meant to get attention.  Furthermore, in order to be effective, tweets and buzzes happen with high frequency.  Finding one individuals tweet in a lengthy string of tweets is difficult, especially if they don’t tweet often.  Likewise, for one cicada to find another specific buzzer, the buzz needs to be reoccurring.

Summer Lovin’:

Online dating sites are essentially a form of specialized social media.  They serve to bring people together for the specific purpose of making a connection with that special someone.  While common interests and hobbies are all well and good, the end goal is to find a mate.  At the end of the 17 year life cycle for the cicadas, their buzz is a search for another cicada to help continue the species.  Humans simply have the added benefit of not expiring after reproduction.

Finding Opportunity:

LinkedIn is perhaps the most notable way for people to make those professional connections.  The idea is to present one’s credentials in order to network with like professionals or even seek new opportunities.  When all is in order, success is likely the end result.  However, others have difficulty and fall short of their goals.  Humans and cicadas both run the risk of running out of time before finding what they are looking for and miss out on an opportunity of a lifetime.

Countless Friends:

Few social media platforms allow you to claim as many friends as Facebook.  Some profiles claim numbers of friends large enough to populate a small country.  In reality the quality of those friends vary significantly but they are still apart of an individual’s social circle.  When cicadas come out in force they number in the billions.  In both cases, a sharing of significant events, like weddings or the last few days of your insect life, can be experienced with those around you.

 

Social Media Behavior Akin to Cicada Swarm | Social Media Today.