Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » RIP Fail Whale: Twitter’s iconic error image bites the dust | North Salem Realtor
Wednesday, November 27, 2013
Tuesday, November 26, 2013
Cuomo predicts state budget surplus | Bedford Hills Homes
Gov. Andrew Cuomo said Tuesday that an expected budget surplus will enable the state to consider cutting taxes next year.
"There will be, what is in essence, a surplus for next year, if we hold the line on spending, which we have thus far," Mr. Cuomo said in a radio interview. "If we continue our spending discipline, we project that we'll have revenue that we can use for a tax cut."
But the governor said he is not interested in cutting personal income taxes, despite a recent report that a tax-reform commission created by Mr. Cuomo and co-chaired by former Gov. George Pataki was preparing to recommend that.
"We just did the [personal income tax] last year," Mr. Cuomo said on the Capitol Pressroom, referring to the overhaul of the state's tax code in December 2011 that defused the raucous debate over the reauthorization of the so-called "millionaires tax" and at the same time added revenue to balance the budget.
"I have no interest in reopening the personal income tax discussion since we just redid it," he reiterated. "I do want to focus on the property tax."
Mr. Pataki's commission is expected to release its report in early December, including a recommendation to cut taxes on high-income earners, which peak at 8.82%, one of the highest rates in the nation. In January, the governor will release his budget priorities for the upcoming legislative session and is expected to sketch out his own tax-cutting proposals.
New Yorkers, especially suburbanites and upstate residents, pay among the highest property taxes in the country. Mr. Cuomo persuaded lawmakers in 2011 to cap the annual increase in property tax rates at 2%, subject to overrides by voters in the school districts and counties that impose those taxes.
http://www.crainsnewyork.com/article/20131126/BLOGS04/131129913#
"There will be, what is in essence, a surplus for next year, if we hold the line on spending, which we have thus far," Mr. Cuomo said in a radio interview. "If we continue our spending discipline, we project that we'll have revenue that we can use for a tax cut."
But the governor said he is not interested in cutting personal income taxes, despite a recent report that a tax-reform commission created by Mr. Cuomo and co-chaired by former Gov. George Pataki was preparing to recommend that.
"We just did the [personal income tax] last year," Mr. Cuomo said on the Capitol Pressroom, referring to the overhaul of the state's tax code in December 2011 that defused the raucous debate over the reauthorization of the so-called "millionaires tax" and at the same time added revenue to balance the budget.
"I have no interest in reopening the personal income tax discussion since we just redid it," he reiterated. "I do want to focus on the property tax."
Mr. Pataki's commission is expected to release its report in early December, including a recommendation to cut taxes on high-income earners, which peak at 8.82%, one of the highest rates in the nation. In January, the governor will release his budget priorities for the upcoming legislative session and is expected to sketch out his own tax-cutting proposals.
New Yorkers, especially suburbanites and upstate residents, pay among the highest property taxes in the country. Mr. Cuomo persuaded lawmakers in 2011 to cap the annual increase in property tax rates at 2%, subject to overrides by voters in the school districts and counties that impose those taxes.
http://www.crainsnewyork.com/article/20131126/BLOGS04/131129913#
October Pending Home Sales Down Again, but Expected to Level Out | Mount Kisco Real Estate
Although conditions were mixed across the country, pending home sales continued to move lower in October, marking the fifth consecutive monthly decline, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 0.6 percent to 102.1 in October from an upwardly revised 102.7 in September, and is 1.6 percent below October 2012 when it was 103.8. The index is at the lowest level since December 2012 when it was 101.3; the data reflect contracts but not closings.
Lawrence Yun, NAR chief economist, said weaker activity was expected. “The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval,” he said.
“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun said.
http://rismedia.com/2013-11-25/october-pending
The Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 0.6 percent to 102.1 in October from an upwardly revised 102.7 in September, and is 1.6 percent below October 2012 when it was 103.8. The index is at the lowest level since December 2012 when it was 101.3; the data reflect contracts but not closings.
Lawrence Yun, NAR chief economist, said weaker activity was expected. “The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval,” he said.
“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun said.
http://rismedia.com/2013-11-25/october-pending
Monday, November 25, 2013
10 Things Today’s Buyers Look for in a Home | North Salem NY Homes
While David Letterman’s Top 10 lists generally culminate in a No. 1 ranking, the following list includes in no particular order 10 things that are important to buyers today, especially Millennials who represent a significant buyer niche in today’s market.
Quality of the neighborhood – The National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.
Convenience to job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials.
Overall affordability of homes – With job markets tight and retirement funds depleted or eroded thanks to the Great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.
Quality of schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to pay a premium for quality schools
Homes suited for the next 15 years – Just five years ago, buyers were looking to stay in their home about 10 years. Today, buyers expect to stay closer to 15, so it’s important to find a home that can support lifestyles as they evolve through that time period.
http://rismedia.com/2013-10-15/
Quality of the neighborhood – The National Association of Realtor’s 2012 Profile of Buyers and Sellers revealed that neighborhoods are really important to buyers, but that neighborhood choice varies by household composition.
Convenience to job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials.
Overall affordability of homes – With job markets tight and retirement funds depleted or eroded thanks to the Great Recession, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of your pre-tax income.
Quality of schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to pay a premium for quality schools
Homes suited for the next 15 years – Just five years ago, buyers were looking to stay in their home about 10 years. Today, buyers expect to stay closer to 15, so it’s important to find a home that can support lifestyles as they evolve through that time period.
http://rismedia.com/2013-10-15/
Friday, November 22, 2013
Owners of 129 homes in Staten Island's Ocean Breeze get a lifeline | Katonah Homes
Residents of a flood-prone area battered by Superstorm Sandy are getting a financial lifeline, with state officials announcing a plan to buy all 129 homes in a neighborhood sandwiched between a tidal marsh and the Atlantic Ocean.
Democratic Gov. Andrew Cuomo on Monday announced the state was extending its Sandy buyout program to homeowners in Staten Island's Ocean Breeze section, a former beach colony.
The community, like others on Staten Island's southeast coast, has flooded repeatedly since people started building small bungalows there in the early days of the automobile age, and the superstorm, spawned when Hurricane Sandy merged with two other weather systems, appears to have finally persuaded them to give the land back to the ocean.
Two residents drowned when the storm struck in October 2012. Rushing floodwaters knocked down 20 houses. Most of the other houses were badly damaged. Some residents have made repairs, but many houses remain boarded up.
Under a program already at work in a neighboring area, Oak Beach, residents will be offered a little above the pre-storm value of their homes to give them to the state. Participation is voluntary, but Frank Moszczynski, an Ocean Breeze resident for 43 years and president of the local civic association, said 117 people have indicated they intend to say yes to the state's offer.
"It's not nice to see your neighborhood go like that," he said, adding that few people were interested in staying to rebuild. "We never want to have to do a memorial to any of our neighbors ever again."
Mr. Cuomo said the storm showed the neighborhood should be returned to nature.
http://www.crainsnewyork.com/article/20131119/REAL_ESTATE/131129975
Democratic Gov. Andrew Cuomo on Monday announced the state was extending its Sandy buyout program to homeowners in Staten Island's Ocean Breeze section, a former beach colony.
The community, like others on Staten Island's southeast coast, has flooded repeatedly since people started building small bungalows there in the early days of the automobile age, and the superstorm, spawned when Hurricane Sandy merged with two other weather systems, appears to have finally persuaded them to give the land back to the ocean.
Two residents drowned when the storm struck in October 2012. Rushing floodwaters knocked down 20 houses. Most of the other houses were badly damaged. Some residents have made repairs, but many houses remain boarded up.
Under a program already at work in a neighboring area, Oak Beach, residents will be offered a little above the pre-storm value of their homes to give them to the state. Participation is voluntary, but Frank Moszczynski, an Ocean Breeze resident for 43 years and president of the local civic association, said 117 people have indicated they intend to say yes to the state's offer.
"It's not nice to see your neighborhood go like that," he said, adding that few people were interested in staying to rebuild. "We never want to have to do a memorial to any of our neighbors ever again."
Mr. Cuomo said the storm showed the neighborhood should be returned to nature.
http://www.crainsnewyork.com/article/20131119/REAL_ESTATE/131129975
Thursday, November 21, 2013
Negative Equity Rate Falls at Fastest Pace Ever in Q3 | Katonah Real Estate
The number of underwater homeowners, those owing more on their home than it is worth, fell at its fastest pace ever in the third quarter, dropping to 21 percent of all homeowners with a mortgage, according to Zillow. Roughly 10.8 million American homeowners were underwater at the end of the third quarter, down more than 4.9 million from the peak in the first quarter of 2012.
As home values rise, negative equity falls. At the end of the third quarter, national home values rose at a 6.4 percent annual pace, which helped free roughly 1.4 million homeowners nationwide from negative equity during the three-month period from July through September. Over the past year, the number of homeowners with negative equity has generally fallen fastest in states in the West and Southwest.
Below are the top 10 states where the percent change in the number of homeowners with negative equity has fallen the most over the past year....
Bedford NY Homes: Latest Freddie Mac Mortgage Rates | Chappaqua Re...
Bedford NY Homes: Latest Freddie Mac Mortgage Rates | Chappaqua Re...: Freddie Mac ( OTCQB : FMCC ) today released the results of its Primary Mortgage Market Survey® (PMMS ® ), showing average fixed mortgage r...
Latest Freddie Mac Mortgage Rates | Chappaqua Real Estate
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates declining amid weaker manufacturing growth and declines in overall inflation rates.
News Facts
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending November 21, 2013, down from last week when it averaged 4.35 percent. A year ago at this time, the 30-year FRM averaged 3.31 percent.
- 15-year FRM this week averaged 3.27 percent with an average 0.7 point, down from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.63 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.74 percent.
- 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.56 percent.
Teatown Lake Reservation Nature Preserve News | Chappaqua Homes
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Moody's downgrades Westchester, NY, credit | Mount Kisco Real Estate
A major credit rating service has downgraded Westchester County, in suburban New
York, to its second-highest level.
Moody's Investment Services attributed the slip from Aaa to Aa1 to a "lack of liquidity." It noted that Westchester is taking part in a program offered by the state to amortize pension payments.
In a statement Wednesday, County Executive Robert Astorino said he chose the state program over layoffs and higher taxes.
He also noted that two other big ratings services, Standard & Poor's and Fitch, have kept the county at their highest rankings. All three firms list Westchester's outlook as "stable."
Astorino said Westchester still has the highest bond ratings of any New York county.
http://online.wsj.com/article/AP522bc1fa07b04c95b45bec21cc3793c5.html
Moody's Investment Services attributed the slip from Aaa to Aa1 to a "lack of liquidity." It noted that Westchester is taking part in a program offered by the state to amortize pension payments.
In a statement Wednesday, County Executive Robert Astorino said he chose the state program over layoffs and higher taxes.
He also noted that two other big ratings services, Standard & Poor's and Fitch, have kept the county at their highest rankings. All three firms list Westchester's outlook as "stable."
Astorino said Westchester still has the highest bond ratings of any New York county.
http://online.wsj.com/article/AP522bc1fa07b04c95b45bec21cc3793c5.html
Chicago-area home prices climb 14% from last October | Bedford Corners Homes
Home sales and median prices in the Chicago area continued to beat year-ago comparisons in October, and the time it took to sell a home plunged as a result of a lack of inventory.
October sales of existing homes in the nine-county Chicago area rose 9.6 percent from a year ago to 9,303 homes sold, at a median price of $175,000, up 14.4 percent, the Illinois Association of Realtors said Tuesday.
http://articles.chicagotribune.com/2013-11-20/business/chi-chicago-home-prices-sales-20131120_1_october-home-chicago-area-home-prices-geoffrey-j-d-hewings
October sales of existing homes in the nine-county Chicago area rose 9.6 percent from a year ago to 9,303 homes sold, at a median price of $175,000, up 14.4 percent, the Illinois Association of Realtors said Tuesday.
http://articles.chicagotribune.com/2013-11-20/business/chi-chicago-home-prices-sales-20131120_1_october-home-chicago-area-home-prices-geoffrey-j-d-hewings
Wednesday, November 20, 2013
Reports Show Canada Housing Market Worries Remain | Waccabuc Homes for Sale
After slowing for several months and then
accelerating again, the trajectory of Canada’s housing market remains a subject
of intense debate, with some warning that a sharp correction remains a
risk.
Four reports released Tuesday offered different takes on Canada’s housing market, but the tone overall was one of worry about the possibility of an abrupt slowdown.
Thanks to interest rates hovering around near-record lows, Canada’s housing market continues to show signs of frothy sales and prices despite concerns from policymakers about high household debt levels.
That home price growth has been “broad-based and rapid,” and has moved at a faster pace than what fundamental drivers would suggest, bond-rating firm Fitch Ratings said in a report.
Fitch sees Canada’s housing market as about 21% overvalued, with homes in British Columbia, Quebec and Ontario seen as being at risk of a significant price correction.
“With a high level of employment and individual net worth tied to the value of the housing stock, a housing downturn could have serious consequences for the overall economy in Canada,” said Stefan Hilts, director at Fitch.
http://blogs.wsj.com/canadarealtime/2013/11/19/reports-show-canada-housing-market-worries-remain/
Four reports released Tuesday offered different takes on Canada’s housing market, but the tone overall was one of worry about the possibility of an abrupt slowdown.
- Reuters
- A mortgage brokerage office on Danforth Avenue in Toronto.
Thanks to interest rates hovering around near-record lows, Canada’s housing market continues to show signs of frothy sales and prices despite concerns from policymakers about high household debt levels.
That home price growth has been “broad-based and rapid,” and has moved at a faster pace than what fundamental drivers would suggest, bond-rating firm Fitch Ratings said in a report.
Fitch sees Canada’s housing market as about 21% overvalued, with homes in British Columbia, Quebec and Ontario seen as being at risk of a significant price correction.
“With a high level of employment and individual net worth tied to the value of the housing stock, a housing downturn could have serious consequences for the overall economy in Canada,” said Stefan Hilts, director at Fitch.
http://blogs.wsj.com/canadarealtime/2013/11/19/reports-show-canada-housing-market-worries-remain/
Homes We’re Grateful For | Pound Ridge NY Homes
It’s always a good thing to consider what you’re grateful for, and this time of year we’re counting our blessings — in terms of real estate. From big homes with more amenities than a deluxe hotel to simple, beachside retreats, here’s a roundup of real estate we’re thankful for.
For sale: $369,000
The custom detailing on this Kentucky home is impressive, but what really stands out is the incredible three-story tree house in the backyard. The structure is just as custom, with full-functioning windows and doors, a rope swing and lookout perch.
For sale: $400,000
A house is more than a simple structure — it’s a home and the setting for significant family stories and histories. This Lake Mills, WI home, in particular, was the backdrop to a big part of American history, serving as a stop on the Underground Railroad. Built in 1843, the house also boasts Wisconsin’s first indoor bathtub, a copper tub that still works, according to the listing.
For sale: $1.599 million
This isn’t a typical suburban home, which is probably why it doesn’t have a typical listing description. Forget details about the number of bedrooms or baths — this listing states: “All the other houses say I’m the wild child of the neighborhood. They call me ‘The Rogue House’. I glow at night, have the cleanest lines, highest design around.”
For sale: $1.75 million
At first glance, it’s an adorable bungalow with exposed-beam ceilings and an open floor plan, but the details not immediately apparent are far more interesting. Built in 1966, the little rambler underwent a green remodel to include solar power, radiant heating, low-VOC finishes, recycled countertops and cork tile floors.
Homes with dream-worthy forts
750 Daybreak Dr, Madisonville, KYFor sale: $369,000
Homes boasting a history
340 S Main St, Lake Mills, WIFor sale: $400,000
Homes with creative listing descriptions
1788 Harrison Way NE, Issaquah, WAFor sale: $1.599 million
Homes committed to going green
27383 Schulte Rd, Carmel, CAFor sale: $1.75 million
At first glance, it’s an adorable bungalow with exposed-beam ceilings and an open floor plan, but the details not immediately apparent are far more interesting. Built in 1966, the little rambler underwent a green remodel to include solar power, radiant heating, low-VOC finishes, recycled countertops and cork tile floors.Try building this two-story play castle | Armonk Homes
When a windstorm knocked over an old oak tree in the Wincklers' spacious back yard, the tree was removed and a bed of river rock was put down in its place.
Now with two kids bounding with energy and imagination, the Wincklers wanted to build a kid-friendly play structure for the whole family to enjoy.
Designing a structure that a 6-year-old boy and a 2-year-old girl would both love was a little bit of a challenge, but all I really needed to do was think like a kid and use the same vivid, child-like imagination.
A traditional playhouse wouldn't do, nor would a classic fort, but, I realized, I could combine the two, incorporating a giant drawbridge, treasures and costumes, and get a 'castle' perfect for slaying dragons or holding court with neighborhood pals.
http://realestate.msn.com/build-a-play-castle
Now with two kids bounding with energy and imagination, the Wincklers wanted to build a kid-friendly play structure for the whole family to enjoy.
Designing a structure that a 6-year-old boy and a 2-year-old girl would both love was a little bit of a challenge, but all I really needed to do was think like a kid and use the same vivid, child-like imagination.
A traditional playhouse wouldn't do, nor would a classic fort, but, I realized, I could combine the two, incorporating a giant drawbridge, treasures and costumes, and get a 'castle' perfect for slaying dragons or holding court with neighborhood pals.
http://realestate.msn.com/build-a-play-castle
Tuesday, November 19, 2013
New Zealand Stops a Housing Bubble | Cross River Real Estate
Perhaps the Federal Reserve has something to learn from the central bank of New Zealand about how to manage a mortgage market. Unlike the Fed, which has been sharply criticized for having failed to keep the U.S. housing bubble from expanding, the Reserve Bank of New Zealand is sounding the alarm over rising housing prices and imposing limits on mortgages.
Risks associated with excessive increases in house prices, and the potential that the bubble might burst, have become a major threat to the country’s financial system, the Reserve Bankwarns.
The New Zealand housing market is indeed heating up. Over the past year, house prices in Auckland have risen 17 percent, and in Christchurch, they’re up 8 percent. Those two markets account for half of home sales across the country.
Relative to income, New Zealand housing prices are now more than 20 percent above their historical average. International organizations such as the International Monetary Fund and the Organization for Economic Cooperation and Development share the Reserve Bank’s concerns that real estate may be overvalued.
So what is the central bank in New Zealand doing about it? In October, it put a limit on high loan-to-value mortgages. Each bank must see that no more than 10 percent of its new mortgages finance more than 80 percent of a house’s value. Before the limit took effect, such mortgages had reached 30 percent of new originations.
Such limits on high loan-to-value mortgages are becoming more common internationally; Canada, Israel, Singapore and Sweden are among the countries using them. And they have been found effective “in containing exuberant mortgage loan growth, speculative real estate transactions, and house price accelerations,” according a June 2013 IMF review of studies. During downswings, the review found, such measures can reduce“fire-sale dynamics” and loan losses.
http://www.bloomberg.com/news/2013-11-18/new-zealand-stops-a-housing-bubble.html
Risks associated with excessive increases in house prices, and the potential that the bubble might burst, have become a major threat to the country’s financial system, the Reserve Bankwarns.
The New Zealand housing market is indeed heating up. Over the past year, house prices in Auckland have risen 17 percent, and in Christchurch, they’re up 8 percent. Those two markets account for half of home sales across the country.
Relative to income, New Zealand housing prices are now more than 20 percent above their historical average. International organizations such as the International Monetary Fund and the Organization for Economic Cooperation and Development share the Reserve Bank’s concerns that real estate may be overvalued.
So what is the central bank in New Zealand doing about it? In October, it put a limit on high loan-to-value mortgages. Each bank must see that no more than 10 percent of its new mortgages finance more than 80 percent of a house’s value. Before the limit took effect, such mortgages had reached 30 percent of new originations.
Such limits on high loan-to-value mortgages are becoming more common internationally; Canada, Israel, Singapore and Sweden are among the countries using them. And they have been found effective “in containing exuberant mortgage loan growth, speculative real estate transactions, and house price accelerations,” according a June 2013 IMF review of studies. During downswings, the review found, such measures can reduce“fire-sale dynamics” and loan losses.
http://www.bloomberg.com/news/2013-11-18/new-zealand-stops-a-housing-bubble.html
Home Depot sees continued tailwind from housing market recovery | Katonah Real Estate
Home Depot Inc. delivered again, and it still sees more tailwind from the housing market recovery.
Shares of the Atlanta-based home-improvement giant /quotes/zigman/229488/delayed/quotes/nls/hdHD on Tuesday rose 1.8% to $81.13, leading the Dow gainers, after the company reported a better-than-expected third-quarter profit, with comparable sales up 7.4%, including an 8.2% increase in the U.S., both exceeding estimates.
Better yet, it raised its full-year outlook and said it expects same-store sales to rise 7% for the year. That put it in contrast with industry counterparts like Wal-Mart /quotes/zigman/245476/delayed/quotes/nls/wmtWMT which gave investors a disappointing outlook.
While the company has benefited from Chief Executive Frank Blake’s efforts to make its businesses more efficient and to free employees from tedious tasks so they have more time to help customers, the company and its smaller rival Lowe’s Cos. /quotes/zigman/232508/delayed/quotes/nls/lowLOW have both benefited from a rebound in the housing market and pent-up demand for things like appliances, diverting money that might otherwise have been spent on apparel and other items. Lowe’s reports on Wednesday.
Ahead of the quarterly report, there had been increased concern that rising 30-year fixed rate mortgages, up a percentage point since May, would hurt home spending. Home prices, though still rising, have slowed down. But for now, investors can put those worries aside.
“New home construction is less important as a driver of our business than what is happening with the existing homes, both turnover and, most importantly, price appreciation,” Blake said on a call, responding to questions on whether management has observed any negative impact from mortgage rates or signs of a pullback in the housing market.
http://blogs.marketwatch.com/behindthestorefront/2013/11/19/home-depot-sees-continued-tailwind-from-housing-market-recovery/
Shares of the Atlanta-based home-improvement giant /quotes/zigman/229488/delayed/quotes/nls/hdHD on Tuesday rose 1.8% to $81.13, leading the Dow gainers, after the company reported a better-than-expected third-quarter profit, with comparable sales up 7.4%, including an 8.2% increase in the U.S., both exceeding estimates.
Better yet, it raised its full-year outlook and said it expects same-store sales to rise 7% for the year. That put it in contrast with industry counterparts like Wal-Mart /quotes/zigman/245476/delayed/quotes/nls/wmtWMT which gave investors a disappointing outlook.
While the company has benefited from Chief Executive Frank Blake’s efforts to make its businesses more efficient and to free employees from tedious tasks so they have more time to help customers, the company and its smaller rival Lowe’s Cos. /quotes/zigman/232508/delayed/quotes/nls/lowLOW have both benefited from a rebound in the housing market and pent-up demand for things like appliances, diverting money that might otherwise have been spent on apparel and other items. Lowe’s reports on Wednesday.
Ahead of the quarterly report, there had been increased concern that rising 30-year fixed rate mortgages, up a percentage point since May, would hurt home spending. Home prices, though still rising, have slowed down. But for now, investors can put those worries aside.
“New home construction is less important as a driver of our business than what is happening with the existing homes, both turnover and, most importantly, price appreciation,” Blake said on a call, responding to questions on whether management has observed any negative impact from mortgage rates or signs of a pullback in the housing market.
http://blogs.marketwatch.com/behindthestorefront/2013/11/19/home-depot-sees-continued-tailwind-from-housing-market-recovery/
Canadian Housing Market Remains Solid as Economy Continues to Improve | Bedford Hills Homes
While housing starts have slowed since their burst from 2010 to 2012, there is
still room for future growth and the Canadian residential market remains solid,
according to the Conference Board of Canada Autumn Metropolitan Housing Outlook
commissioned by Genworth Canada (the report). The report notes that this
stability is due in part to housing supply continuing to be in line with
demographic requirements, which will allow average new and resale prices to
continue to grow, albeit moderately, in the foreseeable future.
"The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable," said Brian Hurley, Chairman and CEO of Genworth Canada. "This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability."
The report confirms Canada's continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next. While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases. The report also notes that while new home mortgage approvals grew in 2012, the total number of new and resale mortgage approvals is expected to be lower in 2013 by 2.3 per cent. However, even though new home mortgage approvals are expected to continue to decline in 2014 because of only modest growth in the new home market, resale mortgage approvals are expected to rise again in 2014 by 2.9 per cent. As a result of growth in prices for new and existing homes, the dollar volume of mortgage approvals is also expected to rise through 2014 in both the high-ratio and conventional markets.
"In short, Canadian housing markets should land softly," said Robin Wiebe, senior economist, Centre for Municipal Studies at The Conference Board of Canada. "A crash would require a significant negative surprise like an interest rate spike or employment collapse. Since no such shock is in the cards in Canada, a housing crash like the one in the U.S. is nowhere near a possibility."
Regional Highlights
http://online.wsj.com/article/PR-CO-20131119-903062.html?dsk=y
"The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable," said Brian Hurley, Chairman and CEO of Genworth Canada. "This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability."
The report confirms Canada's continuing economic recovery, with GDP and employment both forecast to grow in all regions across the country over this year and next. While the Conference Board predicts mortgage rates to rise gradually, employment and personal income gains should allow consumers to adapt to the anticipated increases. The report also notes that while new home mortgage approvals grew in 2012, the total number of new and resale mortgage approvals is expected to be lower in 2013 by 2.3 per cent. However, even though new home mortgage approvals are expected to continue to decline in 2014 because of only modest growth in the new home market, resale mortgage approvals are expected to rise again in 2014 by 2.9 per cent. As a result of growth in prices for new and existing homes, the dollar volume of mortgage approvals is also expected to rise through 2014 in both the high-ratio and conventional markets.
"In short, Canadian housing markets should land softly," said Robin Wiebe, senior economist, Centre for Municipal Studies at The Conference Board of Canada. "A crash would require a significant negative surprise like an interest rate spike or employment collapse. Since no such shock is in the cards in Canada, a housing crash like the one in the U.S. is nowhere near a possibility."
Regional Highlights
-- Atlantic Canada is expected to see a sharp drop in housing construction,
but with the exception of a slight decline in existing home prices in
2013, new and existing home prices should enjoy consistent growth over
the next several years
-- Quebec housing starts should continue to decline, after reaching a peak
in 2010, in order to better match demographic requirements
-- Ontario housing starts are expected to fall in 2013 for the first time in
four years, but are forecast to recover in 2014 before increasing much
more significantly through 2015 and 2016
-- The Prairies are expected to continue to enjoy healthy population growth,
which will help sustain housing demand and allow housing starts to stay
high
http://online.wsj.com/article/PR-CO-20131119-903062.html?dsk=y
Monday, November 18, 2013
New Home Sales and Prices Fall in New York According to Newest Data | Mount Kisco Homes
In July, there was a decline year-over-year in new home closings in the New York, NY market, but the percentage drop was an improvement from June 2013, suggesting the market may be leveling out. New home closings saw a fall of 29.1% from the year earlier to 610. This followed a 39.9% fall year-over-year in June.
A total of 7,413 new homes were sold during the 12 months that ended in July, down from 7,663 for the year that ended in June.
New home closings made up 4.4% of overall housing closings. This is down from the 7.6% of closings a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
A total of 7,413 new homes were sold during the 12 months that ended in July, down from 7,663 for the year that ended in June.
New home closings made up 4.4% of overall housing closings. This is down from the 7.6% of closings a year earlier. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Homebuilders' outlook steady, report says | Katonah NY Homes
U.S. homebuilder confidence stabilized in November after falling for two months.
The National Association of Home Builders/Wells Fargo Housing Market Index came in at 54 in November. The October figure was revised down to 54 from the originally reported 55.
Economists polled by Reuters had predicted a November reading of 55.
Steady home demand was tempered by worries about further fiscal battles in Washington, the association said on Monday.
“Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road,” the Washington-based industry group's chairman Rick Judson said in a statement.
Home builder sentiment was also pressured by rising construction costs and low appraisals, Judson said.
Still, the index has held above 50 for a sixth straight month. Readings below 50 mean more builders view market conditions as poor than favorable.
“The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline,” NAHB Chief Economist David Crowe said in the same statement from the group.
http://www.chicagotribune.com/business/breaking/chi-homebuilders-outlook-steady-report-says-20131118,0,5382934.story
The National Association of Home Builders/Wells Fargo Housing Market Index came in at 54 in November. The October figure was revised down to 54 from the originally reported 55.
Economists polled by Reuters had predicted a November reading of 55.
Steady home demand was tempered by worries about further fiscal battles in Washington, the association said on Monday.
“Given the current interest rate and pricing environment, consumers continue to show interest in purchasing new homes, but are holding back because Congress keeps pushing critical decisions on budget, tax and government spending issues down the road,” the Washington-based industry group's chairman Rick Judson said in a statement.
Home builder sentiment was also pressured by rising construction costs and low appraisals, Judson said.
Still, the index has held above 50 for a sixth straight month. Readings below 50 mean more builders view market conditions as poor than favorable.
“The fact that builder confidence remains above 50 is an encouraging sign, considering the unresolved debt and federal budget issues cause builders and consumers to remain on the sideline,” NAHB Chief Economist David Crowe said in the same statement from the group.
http://www.chicagotribune.com/business/breaking/chi-homebuilders-outlook-steady-report-says-20131118,0,5382934.story
Sunday, November 17, 2013
Saturday, November 16, 2013
Friday, November 15, 2013
Thursday, November 14, 2013
Foreclosure filings creep up a slight 2% | North Salem Homes
Foreclosure filings crept up 2% in the most recent weekly survey, but still declined 28% from year ago levels, RealtyTrac reported Thursday.
In all, the data firm recorded 133,919 filings in October.
For the 16th month in a row, judicial foreclosure auctions increased from year ago levels, with 30,023 foreclosure auctions nationwide in October, up 10% from the prior month and up 7% from last year.
Overall, there were 58,939 properties that started the foreclosure process for the first time in October, rising 2% from September, but down 34% from last year.
This marks the 15th consecutive month where foreclosure starts have declined on an annual basis, the data firm said.
Individually, Maryland, Delaware, New York, New Jersey, Pennsylvania, Connecticut and Florida witnessed the largest annual increases in scheduled judicial foreclosures. In particular, Maryland and Delaware shocked with dramatic 'judicial foreclosure' increases of 177% and 142%, respectively.
http://www.housingwire.com/articles/27952-foreclosure-filings-creep-up-a-slight-2
In all, the data firm recorded 133,919 filings in October.
For the 16th month in a row, judicial foreclosure auctions increased from year ago levels, with 30,023 foreclosure auctions nationwide in October, up 10% from the prior month and up 7% from last year.
Overall, there were 58,939 properties that started the foreclosure process for the first time in October, rising 2% from September, but down 34% from last year.
This marks the 15th consecutive month where foreclosure starts have declined on an annual basis, the data firm said.
Individually, Maryland, Delaware, New York, New Jersey, Pennsylvania, Connecticut and Florida witnessed the largest annual increases in scheduled judicial foreclosures. In particular, Maryland and Delaware shocked with dramatic 'judicial foreclosure' increases of 177% and 142%, respectively.
http://www.housingwire.com/articles/27952-foreclosure-filings-creep-up-a-slight-2
Bay Area housing market stabilizing | Armonk NY Real Estate
After years of post-bubble turbulence, the Bay Area housing market appears headed for a period of stability as rapid price increases hit a wall and sales plateau.
Without the frenzied competition that characterized the first half of the year, buyers are being more selective and sellers have to be more patient and realistic in their pricing.
This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif. (Paul Sakuma/AP Photo)
"We're clearly cooling off a bit," said Lanny Baker, chief executive of ZipRealty, who noted that pending sales in the Bay Area ended October down 7 percent from the previous year. Nationally, and in the Bay Area, he said, housing prices in the cities with the strongest gains of early 2013 are moderating, and lagging markets are starting to accelerate.
But there are plenty of hot spots with low inventory and high demand. In Menlo Park, Palo Alto and Atherton, "We don't have enough houses to sell," said Wendy McPherson of Coldwell Banker. "Some parts of the market of course are slower by nature of the price range. That's normal. But under $4 million we do not have enough houses to sell."
Peter Giovannatto with Dreyfus Sotheby's International Realty in Palo Alto said the "baseline price" for real estate there is $1,000 a square foot. "We're getting random emails from investors offering $1.4 million to $1.6 million for lots," he said
http://www.mercurynews.com/business/ci_24514833/bay-area-home-prices-continue-annual-gains
Wednesday, November 13, 2013
Bedford NY Real Estate Sales up 31% | #robreportblog
| Bedford Village NY Real Estate Report | RobReportBlog | ||
| 2013 | 6 months ending 11/13 | 2012 | |
| 51 | Sales | 35 | up 31% |
| $897,000.00 | median sold price | $950,000.00 | down 5% |
| $412,500.00 | low sold price | $418,500.00 | |
| $8,200,000.00 | high sold price | $4,450,000.00 | |
| 3709 | average size | 3874 | |
| $303.00 | ave. price per foot | $315.00 | |
| 202 | ave days on market | 193 | |
| $1,116,475.00 | average sold price | $1,242,314.00 | |
| 93.81% | ave sold to ask | 93.91% |
North Salem NY available homes report | #robreportblog
| North Salem NY Weekly Real Estate Report | 11/13/2013 | |
| Homes for sale | 50 | |
| Median Ask Price | $799,450.00 | |
| Low Price | $235,000.00 | |
| High Price | $18,500,000.00 | |
| Average Size | 3288 | |
| Average Price/foot | $405.00 | |
| Average DOM | 193 | |
| Average Ask Price | $1,670,172.00 | |
| source: www.robertpaulsells.com | |
Average rate on 30-year mortgage at 4.1% | Robert Paul Realtor
Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10% from 4.13% last week. The average on the 15-year fixed loan eased to 3.20% from 3.24%.
Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.
Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.
The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance.
Mortgage applications jumped 6.4% in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2% from a week earlier, while refinance applications soared nearly 9%.
U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.
The average rate on a one-year adjustable-rate mortgage increased to 2.64% from 2.60%. The fee eased to 0.4 point from 0.5 point.
http://www.robertpaulsells.com/tag/cross-river-ny-real-estate/
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10% from 4.13% last week. The average on the 15-year fixed loan eased to 3.20% from 3.24%.
Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.
Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.
The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance.
Mortgage applications jumped 6.4% in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2% from a week earlier, while refinance applications soared nearly 9%.
U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.
The average rate on a one-year adjustable-rate mortgage increased to 2.64% from 2.60%. The fee eased to 0.4 point from 0.5 point.
http://www.robertpaulsells.com/tag/cross-river-ny-real-estate/
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