Why a Slowdown in Housing Prices Is Great News | Armonk Homes

Why a Slowdown in Housing Prices Is Great News - NYTimes.com

Inventory up, but home sales down in Westchester | #KatonahNY Real Estate

Despite an increase in inventory, home sales were down in Westchester County for the second quarter of 2014, according to data obtained from the Hudson Gateway Association of Realtors.

Westchester, one of the four counties for which Hudson Gateway tracks data, saw a 12 percent overall drop in home sales in the second quarter compared with the same period in 2013, and a 13.5 percent drop in the sale of single-family homes. Meanwhile, home prices stayed relatively stable in Westchester, with a median sale price of $651,250 in 2014, a negligible increase of just 0.2 percent over the second quarter of 2013.

 

“We are selling (homes) but they have to be aggressively priced,” said Diane Cummins, a broker with Douglas Elliman in Katonah and the president of the association. “The value has to be there for the consumer.”

 

Although there was a drop in the number of home sales, the number of residential properties listed for sale was up 3 percent, with single-family homes showing a 5.7 percent growth in inventory and condominium inventory rising 6 percent.

 

“Up in the northern part of the county, I think sales are slow because there’s more inventory close to the city,” Cummins said. “When people can be closer to the city and have a shorter commute for a similar price, they’re going to do that.”

 

As the real estate market in the southern part of the county speeds up, Cummins said she expects to see more action up north. “South of (Interstate) 287, closer to the city, the market is still getting sellers close to their asking prices. But until the asking prices accelerate to push buyers northward,” buyers will continue to close on the best buy for their money, she said.

 

Statewide, home sales declined for July compared with July 2013, according to data from the New York Association of Realtors.

 

“Despite reports of an improving national economy, many consumers remain cautious about making large financial investments such as a home purchase,” said Duncan MacKenzie, CEO of the New York State Association of Realtors, in a press release. “Employment numbers are rising, but wages remain stagnant, thus creating a counterbalance to moderating home prices and low interest rates that continue to drive improving affordability conditions.”

 

Statewide, July saw 10,545 closed sales, down 10.3 percent from the July 2013 total of 11,754. From Jan. 1 to July 31 of this year, the sales total of 55,217 represents a 4.5 percent decrease from the same period last year. The statewide median sale price was $239,000 in July, a 0.4 percent decrease from the July 2013 median of $239,900. The year-to-date median sale price of $225,000 remained the same compared to this period last year. The data were compiled from multiple listing services in the state of New York and includes townhouses and condominiums in addition to existing single-family homes.

 

 

 

 

 

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http://westfaironline.com/65179/inventory-up-but-home-sales-down-in-westchester/

 

U.S. mortgage applications rise in latest week: MBA | South Salem Real Estate

Applications for U.S. home mortgages rose last week as demand for both refinancing and purchase loans increased, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 2.8 percent in the week ended Aug. 22.

The MBA's seasonally adjusted index of refinancing applications rose 2.8 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 2.6 percent.

Fixed 30-year mortgage rates averaged 4.28 percent in the week, down 1 basis point from the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.





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http://www.reuters.com/article/2014/08/27/us-usa-economy-mortgages-idUSKBN0GR11320140827

Case-Shiller: Home-price gains slowed in June in all 20 major cities | Bedford Hill Real Estate

Home prices continued to cool off in June, according to new figures out Tuesday.
The Case-Shiller index reported that home prices grew just 6.1% in June compared with a year earlier. All 20 cities the index tracks saw price gains slow down in the month, the first time that's happened since February 2008.

Case-Shiller home price index

FactSet

FactSet

In Los Angeles, prices grew 10.5% year over year, Case-Shiller said. That's a relatively strong gain, but far slower than the pace seen a year ago. From May to June, prices here climbed 0.6%, barely half as fast as they did from April to May. Nationally, prices grew 0.9% in June compared with May.
This trend of slowing but not falling prices, taken with other measures of the market, is probably a healthy thing, analysts say.
"Home price gains continue to ease as they have since last fall," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Other housing indicators -- starts, existing home sales and builders’ sentiment -- are positive. Taken together, these point to a more normal housing sector."





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http://www.latimes.com/business/realestate/la-fi-case-shiller-home-prices-20140826-story.html?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fclassified%2Frealestate+(L.A.+Times+-+Real+Estate+News)

Trick Out Your Kitchen Backsplash for Storage and More | Pound Ridge Real Estate

Besides having aesthetic value, backsplashes can also be a useful, easy-to-access storage area. Hanging frequently used items such as knives, utensils and cookware on wall space in front of you rather than hiding them behind cabinets saves time with food prep and also frees up precious counter space. Adding hanging bars, magnetic strips, shelving and even pot-filling faucets can help make the most of your kitchen backsplash. Here’s how.

Davenport Building Solutions

While kitchen countertop sizes vary considerably, the length in most kitchens totals about 10 feet. Meanwhile, the average backsplash height is 18 inches (many reach much higher).

That gives you a substantial 15-square-foot area to make more resourceful. If you could store frequently-used utensils and knives on your backsplash instead of inside your cabinets or on your countertop, think of the extra space you’ll gain. Plus, these culinary workhorses will be easier to find when they’re at arm’s reach in front of you.

Nic Darling

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DIY or hire a pro? If you are patient, are handy with a drill, have great attention to detail and have the right drill bit, you can likely do this work yourself. Otherwise consider hiring a handyperson or carpenter. If your pieces are to be anchored to a tile backsplash, a tile installer can often perform this work as well.

Cost: If you hire a carpenter or tile installer, plan to pay about $60 an hour for labor. Keep in mind that labor costs vary in different regions, but this is a good starting point for budgeting purposes. As site conditions and project scopes are diverse, it’s difficult to estimate the time required for the average job, but you should be able to get a cost estimate if you hire a professional. The benefits of this route are that the installer has likely performed this work before and can finish it more quickly and with fewer mistakes than some DIYers.

 

 

 

 

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http://www.houzz.com/ideabooks/30419992?utm_source=Houzz&utm_campaign=u614&utm_medium=email&utm_content=gallery4

 

Mortgage applications rise 1.4% even as government mortgages drop | Bedford NY Real Estate

Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 15, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.4% 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 3% from the previous week.  The seasonally adjusted Purchase Index decreased 0.4% from one week earlier.  The unadjusted Purchase Index decreased 2% compared with the previous week and was 11% lower than the same week one year ago.

“Interest rates dropped last week as a result of the ongoing turmoil in Ukraine and other international concerns, which in turn pushed mortgage rates lower,” said Mike Fratantoni, MBA’s Chief Economist.  “Overall application volume for conventional mortgages increased.  However, there was a 5.9% decline in the number of applications for government mortgages, with both purchase and refinance applications declining.  Within the government sector, this decline was led by an 8% decline in unadjusted Department of Veterans Affairs applications, while Federal Housing Administration and Rural Housing Service unadjusted applications also fell by 5% and 3% respectively.”




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http://www.housingwire.com/articles/31096-mortgage-applications-rise-14-even-as-government-mortgages-drop

A Waterfall Runs Through This $3M Brutalist Abode | Bedford Corners Real Estate

32 images

Location: Providence, R.I.
Price: $2,725,000
The Skinny: Modernism is likely not Topic A of discussion when the subject of Providence residential architecture comes up at parties (and don't pretend that it doesn't) but sitting high atop College Hill is at least one remarkable example of stone-cold Brutalism in the "Creative Capital." Designed in 1974 by architectural firm Huygens & Tappe, which spread Brick Brutalism far and wide across New England, the home takes advantage of its absolutely stellar siting by serving up incredible views of the city skyline, with an open floor plan that allows unimpeded views through its west-facing, floor-to-ceiling windows. The upper-level public living spaces and the master bedroom are connected to the lower residential areas by a curving staircase and waterfall, with the lower level opening out onto a pool deck and the heavily landscaped garden terrace. The kitchen has recently been redone with all new Birdseye Maple cabinets, and there is also a truly impressive wet bar, all of which is asking $2.725M.




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http://curbed.com/archives/2014/08/19/a-waterfall-runs-through-this-3m-brutalist-home.php

How a San Francisco Architect Reframes Design for the Blind | Chappaqua Real Estate

[Graphics by Suze Myers.]
Architect Chris Downey is standing next to a pile of Sheetrock, balancing a white cane in the air like a tightrope walker's pole. The week before, construction had begun on a new office for the Independent Living Resource Center of San Francisco, or ILRC, a nonprofit community center for people with disabilities. Downey holds the cane up to approximate for the center's executive director, Jessie Lorenz, how the reception desk will jut out at an angle from a concrete column.

Lorenz takes a step, and a pile of pipes on the floor clatters. "I don't know what's over there," says Downey. Lorenz giggles. "I hope I didn't break anything," she says. Lorenz regains her footing and touches the cane. "That makes sense," she says. "It's almost like we're funneling people into this part."

Even though Lorenz, who, like Downey, is blind, can't see the space before her, she knows exactly what to expect. On her desk at the ILRC's current office on Mission Street, she keeps a tactile floor plan that Downey printed for her. The plan's fine web of raised lines looks like an elaborate decorative pattern, suggesting a leaf of handmade stationery or a large sheet from which doilies are about to be cut. Though Downey has consulted on other architects' projects since going blind six years ago, this one marks a turning point for him. The community center is the first space he's designed since losing his sight. The center recently opened its doors to the public with a celebration to inaugurate the new space, located on Howard Street in the city's Yerba Buena district, just down the block from the Moscone convention center. But on this May afternoon, the walls are just beginning to go up.



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http://curbed.com/archives/2014/08/06/how-a-san-francisco-architect-reframed-design-for-the-blind.php

Cash sales drop to lowest level since May 2010 | Armonk Real Estate

The share of homes purchased in cash continued its decline in May, falling to 34.4% of total home sales, which represents the lowest share of cash sales since May 2010.

May’s cash sales were down from April, when 36.9% of the sales were all-cash, and down from May 2013, when cash sales made up 37.4% of the total home sales, according to a new report from Corelogic (CLGX).

“The share has fallen on a year-over-year basis each month since January 2013,” Corelogic said in the report. “Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. The peak occurred in January 2011, when cash transactions made up 46.2% of total home sales.”

Of the 34.4% of total sales that were made in cash, 55.5% were of real estate owned homes.
Re-sales made up 34%, short sales were 32.8% and newly constructed homes were 16.8%.
“While the percentage of REO sales that were cash transactions remained high, REO transactions made up only 8.2% of total sales in May and therefore did not have a large influence on the overall cash sales share,” Corelogic said. “In January 2011, when the cash sales share was at its peak, REO sales made up 24% of total sales.”

The state of Florida, which has long ranked at or near the top of the cash sales rankings, had the largest share of cash sales in May at 53.4% of total sales. New York ranked second at 50.3%, Alabama was third with 48.9%, West Virginia was fourth at 48.3% and South Dakota rounded out the top five with 46.3%.



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http://www.housingwire.com/articles/31028-cash-sales-drop-to-lowest-level-since-may-2010

First-Time Buyers Shut Out of Expanding U.S. Home Supply | Bedford Corners Real Estate

The four-bedroom house that Ilia Nielsen-Dembe purchased in west Denver earlier this year wasn't her top choice. The first-time buyer had to settle on a home in a neighborhood with a high crime rate after losing out on bids for five properties in more desirable areas.

"I definitely sacrificed in terms of location," said Nielsen-Dembe, 33, who lives with her husband and two daughters in the house she bought in April for $184,500. "I had to cross streets that were not ideal in order to get a house."

 

While the supply of U.S. homes for sale is at an almost two-year high and price gains are moderating, buyers such as Nielsen-Dembe wouldn't know it. An inventory crunch for entry-level houses has only worsened during the past year as discounted foreclosures become scarce and cash-paying investors snap up affordable listings to convert to rentals. Properties at the lower end of the market are also the most likely to have underwater mortgages, keeping would-be sellers from moving.

"There is inventory coming on line, albeit slowly," said Nela Richardson, chief economist for Redfin, a Seattle-based brokerage. "The problem is it's not equally distributed. There is more turnover at the higher end. At the more affordable end of the spectrum, people are stuck."

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http://finance.yahoo.com/news/first-time-buyers-shut-expanding-070000295.html

This 1 chart shows mortgage “death valley” | Chappaqua Real Estate

Earlier this morning on Twitter, national economics correspondent for The Wall Street Journal, Nick Timiraos, tweeted seemingly contradictory coverage on the recent Fed report concerning regulations on home loan approvals.

Timiraos tweeted that there is coverage of the Federal Reserve's recent finding on the impact of regulation on mortgage originations. HousingWire reporter Trey Garrison reported that the Fed found that the rules drive down originations.

Another news organization reported the opposite. Timiraos tweeted the two articles side-by-side for readers, so that they could draw their own conclusions.

But, naturally, I defended the veracity of HousingWire coverage. And, the competition, naturally, defended theirs. (Note, Timiraos wasn't taking sides.)

Furthermore, it is my opinion that regulations from the Consumer Financial Protection Bureau do more to harm mortgage originations than help them.



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http://www.housingwire.com/blogs/1-rewired/post/30935-this-1-chart-shows-mortgage-death-valley

Here's evidence showing the housing “recovery” isn’t real | Armonk Real Estate

As I continue to follow and write about developments affecting the housing market I cannot help but notice an increase in reports and supporting articles that question the strength of this important component of the general economy in America.

In a piece authored by John Mason in The Street dated Jul. 31, “How Fast Can the U.S. Economy Grow With So Many Delinquent Loans?” Mr. Mason points to a recent report by the Urban Institute, “… that analyzed the credit files of 7 million Americans shows why the U.S. economy may not be as strong as [another recent] report from the Commerce Department on second-quarter growth may have indicated.”

Mason’s article continues to state that the government reported that GDP rose at a seasonally adjusted 4% annual rate in the second quarter, as compared to a decline of 2.1% during the first quarter, which as we know was revised downward to a staggering 2.9% contraction. I have also reported on this here at HousingWire. There continues to be conflicting reports about just how “strong” our economic recovery is, or has been.

The Urban Institute, as noted by Mason, reported that about one-third of adults in America who have a credit file have a report of debt that is in collection.



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http://www.housingwire.com/blogs/1-rewired/post/30926-heres-evidence-showing-the-housing-recovery-isnt-real

Home price gains slow to 7.5% as forecast calls for further decline | North Salem Real Estate

Home prices nationwide, including distressed sales, increased 7.5% in June 2014 compared to June 2013, reflecting a general slowdown that continues and will worsen through June 2015.

The CoreLogic (CLGX) home price index forecast indicates that home prices, including distressed sales, are projected to increase 0.7% month over month from June 2014 to July 2014 and, on a year-over-year basis, by 5.7% from June 2014 to June 2015.

"Home price appreciation continued moderating in June with its slight month-over-month increase," said Mark Fleming, chief economist for CoreLogic. "This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble."

The good news is this change represents 28 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1% in June 2014 compared to May 2014.




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http://www.housingwire.com/articles/30915-home-price-gains-slow-to-75-as-forecast-calls-for-further-decline