Hidden costs of buying a vacation home | Katonah Realtor
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Category Archives: Lewisboro
Mortgage Loan Rates Post Third Straight Weekly Rise | South Salem Real Estate
The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week decrease of 3.5% in the group’s seasonally adjusted composite index for the week ending February 20. That followed a drop of 13.2% for the week ending February 13, mortgage loan rates increased on all five types of loans for the second consecutive week.
On an unadjusted basis, the composite index decreased by 12% week-over-week. The seasonally adjusted purchase index increased 5% compared to the week ended February 13. The unadjusted purchase index fell by 2% for the week and is now 2% lower year-over-year.
Home buying action is typically slow in January and February due to wintry weather. Home price increases have fallen sharply year-over-year, as Tuesday’s Case-Shiller home price index indicated. Interest rates are rising, likely in an effort to attract bond investors.
Adjustable rate mortgage loans accounted for 5.2% of all applications, down from 5.3% in the prior week.
The MBA’s refinance index decreased 8% week-over-week, and the percentage of all new applications that were seeking refinancing declined from 66% in the prior week to 62%.
The FHA share of all applications rose from 15.2% a week ago to 15.3%, and the VA share decreased from 8.0% to 9.6%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.93% to 3.99%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.92% to 4.09%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.24% to 3.28%.
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http://finance.yahoo.com/news/mortgage-loan-rates-post-third-123055690.html
Existing-home sales slow to 9-month low in January | Cross River Real Estate
The housing market didn’t get off to a great start in 2015, as existing-home sales in January fell to the lowest level in nine months.
The National Association of Realtors reported that home sales fell 4.9% to a seasonally adjusted annual rate of 4.82 million. Economists polled by MarketWatch had forecast a 4.95 million rate.
December’s data saw a mild upward revision to 5.07 million from an initially reported 5.04 million.
Lawrence Yun, chief economist for the NAR, attributed the decline to a lack of housing supply and rising prices.
The median existing-home price was $199,600, which is 6.2% above January 2014 levels. Inventory edged up 0.5% to 1.87 million homes, or a 4.7 month supply at the current sales price.
Yun added that low mortgage rates are generating interest, but the lack of new and affordable listings is delaying decisions.
Other factoids from the January report:
• All-cash sales were 27% of all transactions, up from 26% in December but down from 33% in January 2014.
• Distressed sales were 11% of all sales, unchanged from December.
• Properties typically stayed on the market slightly longer in January (69 days) than December (66 days) and a year ago (67 days).
• The share of first-time buyers declined to 28% in January, the lowest since June.
“Today a somewhat softer-than-expected report is a further sign that housing is still struggling to gain altitude although we expect further signs of recovery in the next two to three years as the improving job market encourages more first-time buyers,” said Peter Buchanan, an economist at CIBC World Markets.
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http://www.marketwatch.com/story/existing-home-sales-slow-to-9-month-low-in-january-2015-02-23
Mortgages Rise in 2014, Should Increase Further in 2015 | Katonah Real Estate
According to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report, total household debt outstanding rose by $306 billion, 2.7%, between the fourth quarter of 2013 and the fourth quarter of 2014.
At the end of 2014 there was $11.8 trillion in house debt outstanding. By virtue of its size, the increase in mortgage debt outstanding over the year, $121 billion, accounted for much of the increase in total household credit outstanding. Auto loans, $92 billion, student loans, $77 billion, credit cards, $17 billion, and other consumer debt, $18 billion, also contributed to increase in total household debt outstanding over the 2014. The outstanding amount of home equity lines of credit fell by $19 billion. However, in year-over-year percentage growth terms, auto loans, 10.7%, and student loans, 7.1%, led the way. Outstanding credit card debt rose by 2.5% and mortgage debt increased by 1.5%. The amount of home equity lines of credit outstanding fell by 3.6%.
Although the year-over-year growth in mortgage credit outstanding, 1.5%, was below the 2.7% growth in total household debt outstanding, it represents acceleration from the rate of growth recorded over the year of 2013. As Figure 1 below illustrates, following four successive years of declines, 2014 marks the second consecutive year of growth. The rate of growth in 2014 was 1.3 percentage points greater than the rate recorded in 2013 and is similar to the rate recorded in 2008, the last year that mortgage debt outstanding registered annual growth.
Despite the presence of some risks, mortgage debt outstanding should expand further in 2015. Part of the reason that mortgage debt outstanding should rise in 2015 is because the serious mortgage delinquency rate is returning to its pre-recession level. At the same time, mortgage originators expect their mortgage business to grow. According to Fannie Mae’s Mortgage Lender Sentiment Survey, and as illustrated in Figure 2 below, 88% of respondents expect to grow their mortgage origination volume going forward, while 12% expect to maintain their mortgage origination volume. No respondent expects to either downsize their mortgage origination volume or exit the mortgage origination industry.
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http://eyeonhousing.org/2015/02/mortgages-rise-in-2014-should-increase-further-in-2015/
LeBron James’ $17 Million Grove House is Still Available | Cross River Real Estate
We haven’t heard about it much lately, so here’s a quick update. Just over four months after the abdicated King of Miami basketball LeBron James put his castle on the market, signaling that, yes, he was giving up Miami for good, the$17 million house still there. Not that that’s all that surprising. It’s only been four months. But then again the total absence of this house from headlines since then might also say something. James’ house comes with a “sommelier’s dream wine cellar”, a fancy kitchen, dockage space for two 60-foot yachts, a big wall around it, an infinity pool with a rather bold lighting scheme, 16,768 square feet of living space, 4500 square feet of entertainment space, six bedrooms, and 6.5 baths, an infinity pool, ceilings high enough for a basketball player, and some gorgeous listing photos.
In other LeBron news, he apparently keeps coming back to Miami.
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http://miami.curbed.com/archives/2015/02/18/
Housing Starts Decline in the Midwest | South Salem Real Estate
The pace of housing starts declined 2% in January, including a significant decrease in single-family construction in the Midwest connected to weather factors. Nonetheless, the current pace of home construction remains strong and growth should continue in 2015.
According to the joint Census Bureau and HUD release, the seasonally adjusted annual rate of housing starts came in at 1.065 million, down from a revised pace of 1.087 million in December 2014.
The rate of starts for single-family construction was down 6.7% from December, yielding a 678,000 annual pace. Most of this decline is attributable to a 31% drop for single-family starts in the Midwest, which fell from a 133,000 annual rate in December to 92,000 in January.
This decline is consistent with elements of the February NAHB / Wells Fargo Housing Market Index, which suggested declines in builder confidence due to weather factors. However, builder sentiment remains positive, and NAHB expects single-family starts to rise in the coming months given favorable job creation numbers and pent-up housing demand.
Multifamily starts remained strong in February, rising 7.5% to a 387,000 seasonally adjusted annual rate. The three-month moving average of multifamily starts has been above 350,000 since April of 2014.
As a check on the state of the recovery in housing construction, the government data also includes a summary of housing units under construction. On a seasonally adjusted basis, there were 839,000 total homes under construction as of January. The single-family total was 366,000, which is the highest for the post-recession period and almost 9% higher than January 2014.
Multifamily units construction stand at 462,000, also a post-recession high. This estimate is more than 25% higher than the January 2014 total of 368,000.
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http://eyeonhousing.org/2015/02/
Mortgage applications tumble 13.2% as rates climb | Katonah Real Estate
Mortgage applications decreased 13.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 13, 2015.
The Market Composite Index, a measure of mortgage loan application volume, decreased 13.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12% compared with the previous week. The Refinance Index decreased 16% from the previous week. The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 1% higher than the same week one year ago.
“Mortgage rates increased to their highest level since the beginning of the year last week, and application volume dropped sharply as a result, particularly for refinances. The market index declined to its lowest level since the week ending January 2nd as purchase application activity decreased seven% and refinance applications decreased 16%. Refinance volume fell particularly for larger loans, as evidenced by the decline of almost $25,000 in the average loan size for a refinance loan,” said Mike Fratantoni, MBA’s Chief Economist.
The refinance share of mortgage activity decreased to 66% of total applications from 69% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.3% of total applications.
The FHA share of total applications increased to 15.2% this week from 14.1% last week. The VA share of total applications decreased to 8.0% this week from 8.3% last week. The USDA share of total applications increased to 0.9% from 0.7% last week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.93% from 3.84%, with points increasing to 0.35 from 0.31 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.92% from 3.90%, with points increasing to 0.28 from 0.19 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.73% from 3.72%, with points decreasing to 0.12 from 0.13 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.24% from 3.15%, with points increasing to 0.35 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
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http://www.housingwire.com/articles/32970-mortgage-applications-tumble-132-as-rates-climb
FTC will not block Zillow-Trulia merger | Katonah Real Estate
Hollywood Founder’s Spectacular Mansion | South Salem Real Estate
The stately, 23 room Mediterranean Revival mansion that Joseph Young, who developed Hollywood in the 1920s, built for himself on Hollywood Boulevard, can be yours for $2.19 million. The over-6,000 square foot house is one of the grandest (if not the grandest) home in the neighborhood, and embodies the dreams that Young had for his city, which in its day was similar to other swanky South Floridian cities like Coral Gables in a lot of ways. That included extensive master planning. Grand thoroughfares, like Hollywood Boulevard, connected elegant public amenities like Young Circle and the Hollywood Beach Resort. Even though Hollywood has certainly proven to be a successful and inviting community, it never quite became as ritzy of a locale as Young envisioned it, which might explain why the house has been on the market since 2012. People looking for this kind of spread don’t tend to look in Hollywood.
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http://miami.curbed.com/archives/2015/02/11/hollywood-founders-spectacular-mansion-is-219-million.php
Refis and purchases see big declines | #Katonah Real Estate
A week after rising 1.3% and about four weeks after a 49% jump, mortgage applications decreased 9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Feb. 6, 2015.
The Market Composite Index, a measure of mortgage loan application volume, decreased 9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week. The Refinance Index decreased 10% from the previous week.
The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 1% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 69% of total applications from 71% the previous week. The adjustable-rate mortgage share of activity increased to 5.7% of total applications.
The FHA share of total applications increased to 14.1% this week from 13.1% last week. The VA share of total applications decreased to 8.3% this week from 8.5% last week. The USDA share of total applications increased to 0.7% from 0.6% last week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.84%, the highest level since Jan. 9, 2015, from 3.79%, with points increasing to 0.31 from 0.29 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.90% from 3.82%, with points decreasing to 0.19 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.72% from 3.69%, with points increasing to 0.13 from 0.07 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
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http://www.housingwire.com/articles/32896-mortgage-applications-drop-a-hefty-9-after-strong-january-gains