Daily Archives: August 20, 2015

Barbados real estate | Bedford Hills Real Estate

Though perhaps best known for luxury resorts and beachfront villas, the Caribbean island of Barbados also has a historic side to its property market.

Across the island’s palm-covered interior are the remains of former plantation estates, relics of the Caribbean’s once-thriving tobacco and sugar industries.

Such properties sell from $500,000, or one million Bajan dollars, to over $10 million, depending on size and condition. (Real estate prices in Barbados are typically listed in United States dollars.) They date from the 17th and 18th centuries and would once have included up to 80 hectares, or 200 acres, of land.

Over time, many estate houses were abandoned because of the cost and effort of maintaining them, and land was sold for agriculture and development. Now, plots average between one and 16 hectares.

Holders House is a high-profile hub for many upscale social events in Barbados.

Traditional external features include wraparound porches and portico entrances with stone stairways and upper-floor verandas giving views across the estate.

Inside, ground-floor rooms are generally arranged on either side of a central hall from which a main staircase ascends to a galleried top-floor landing leading to the bedrooms.

The majority of plantations had sugar mills, often close to the great house and built from stone with canvas sails. Many estates retain the original towers, also called mill walls, which are sometimes converted for further accommodation.

One such house is Mangrove Plantation, a renovated great house on 16 hectares of land with a restored sugar mill, two-bedroom guest cottage and pool area, plus panoramic coastal views.

The house was once owned by the Skeete family, one of whom was island governor in the 1800s, and is listed with local agency, Bajan Services, at $6.95 million.

read more…

Mortgage Rates stay at 3.93% | Bedford Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged from the previous week amid little movement in financial markets. The 30-year fixed rate mortgage has averaged below four percent for the fifth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending August 20, 2015, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
  • 15-year FRM this week averaged 3.15 percent with an average 0.6 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.95 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.38 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

 

US Homes Sales soar in July | Pound Ridge Real Estate

Americans stepped up their home-buying for a third straight month in July, as sales accelerated to the strongest pace in eight years.

The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month to a seasonally adjusted annual rate of 5.59 million, the fastest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.

Steady job growth and relatively low mortgage rates have convinced current homeowners to purchase homes, while first-time buyers remain scarce. The housing market contains a mere 4.8 months’ supply of homes, meaning that prices are rising for an increasingly narrow set of properties.

The slow six-year recovery from the Great Recession has finally revitalized the housing market. Home sales have soared in recent months, as more current homeowners have returned to the real estate market for an upgrade or to downsize as they approach retirement. Yet the upswing also reflects increasing problems with affordability that have left first-time buyer on the sidelines.

“When first-time homebuyers compete with people who are more qualified borrowers that have additional cash, they tend to lose,” said Budge Huskey, chief executive of the real estate brokerage Coldwell Banker.

The median home price climbed 5.6 percent over the past 12 months to $234,000. Just 28 percent of the purchases last month went to first-time homebuyers, a group that historically accounted for 40 percent of sales. A more balanced market would contain six months’ of supply-instead of less than five-and provide potential homebuyers with a greater selection of homes.

Current homeowners with equity have been able to absorb some of that price appreciation as they’ve shopped for another home. But the recent sales explosion also reflects two critical factors: the economy adding a solid 2.9 million jobs over the past 12 months and the average, 30-year fixed mortgage rate staying around 4 percent. At roughly two percentage points below the historical level, mortgage rates have reduced monthly borrowing costs for buyers.

Still, the trajectory of mortgage rates- and sales- going forward is unclear.

It’s possible that a weakening global economy will cause more investors to buy U.S. Treasury bonds, a move that has historically held down mortgage rates. The average mortgage rate has slipped slightly as China has endured stock market volatility and reduced the value of its currency.

Yet the Federal Reserve is preparing to raise a key interest rate for the first time in nearly a decade. Economists say the Fed could lift its fed funds rate from near-zero as soon as September, an increase that would potentially cause mortgage rates to rise. When Fed officials previously announced plans in 2013 to pull back on other forms of economic stimulus, mortgage rates suddenly spiked and derailed home sales for several months.

read more…

http://hosted.ap.org/dynamic/stories/U/US_HOME_SALES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-08-20-12-08-48

U.S. home repossessions reach 30-month high | Bedford Corners Real Estate

The U.S. housing market appears to be shedding the last vestiges of the subprime mortgage crisis. As foreclosures reached their lowest level in nearly 10 years, home repossessions hit a 30-month high in July 2015, according to real-estate website RealtyTrac.

There were 45,381 U.S. properties that were put into foreclosure for the first time in July, down 8% from the previous month and 9% from a year ago, the lowest since November 2005, while banks repossessed 46,957 properties in July, up 29% from the previous month and 81% from a year ago, hitting the highest level since January 2013. (Foreclosure refers to the process your lender goes through if you stop making payments on your home or go into default. Repossession is when the lender takes ownership of your home. This can’t occur until a foreclosure is final.)

A decade-low in foreclosure activity shows that a recent surge in bank repossessions represents “banks flushing out old distress rather than new distress being pushed into the pipeline,” says Daren Blomquist, vice president at RealtyTrac. “Properties that foreclosed in the second quarter had been in the foreclosure process an average of 629 days, the longest in any quarter since we began tracking in the first quarter of 2007,” he said. Some 61% of loans in the foreclosure process originated during the housing bubble between 2004 and 2008. That number was 75% two years ago.

 

read more…

 

http://www.marketwatch.com/story/us-home-repossessions-reach-30-month-high-2015-08-20