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Fannie Mae to pay Treasury $10.2B as housing prices rise | Armonk Homes

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Fannie Mae, the mortgage financier seized by U.S. regulators in 2008, will pay the Treasury Department $10.2 billion after reporting its sixth consecutive quarterly profit on continued recovery in the housing market.

The government-sponsored enterprise, which is operating under federal conservatorship, had net income of $10.1 billion for the three-month period that ended June 30, according to a statement released Thursday.

“Fannie Mae reported a strong second quarter in 2013 driven primarily by continued stable revenues and boosted by a significant increase in home prices in the quarter, which resulted in a reduction in the company’s loss reserves,” the company said in the statement.

After its latest payment, Washington-based Fannie Mae will have sent the Treasury a total of $105 billion, compared with the $117.1 billion of aid the company has received. Freddie Mac, which Wednesday reported a $5 billion quarterly profit, will have paid about $41 billion after drawing $72 billion.

Don Layton, Freddie Mac’s chief executive officer, said his McLean, Va.-based company may send Treasury as much as $28.6 billion within the next two quarters if tax credits it holds have value based on expectation of continued profitability.

Fannie Mae and Freddie Mac have returned to profitability as the housing market recovered and they raised fees for loan guarantees. Fannie Mae’s net income last year exceeded that of companies such as Wal-Mart Stores Inc., General Electric Co. and Berkshire Hathaway Inc., according to data compiled by Bloomberg.

The two companies were seized in September 2008, shortly before the failure of Lehman Brothers Holdings Inc. and the rescue of American International Group Inc., amid losses that pushed them toward collapse. They ceased this year paying 10 percent dividends that returned $65 billion to Treasury and now turn over any profits above a permitted capital reserve.

Fannie Mae and Freddie Mac, which were created by the federal government before becoming publicly traded companies, buy mortgages from lenders and package them into securities on which they guarantee payments of principal and interest.

President Barack Obama on Aug. 6 called for the two companies to be replaced with a government mortgage reinsurer that would sustain losses only in catastrophic circumstances.

Hedge funds including Paulson & Co. Inc. have been pushing Congress to abandon plans to liquidate the companies as they buy up preferred stock that has been soaring after being considered worthless, according to people with knowledge of the discussions. Some owners of preferred shares have sued the U.S. government, charging that some of the companies’ profits should eventually go to stockholders.

From The Detroit News: http://www.detroitnews.com/article/20130808/BIZ/308080078#ixzz2bi7uV22s

 

Fannie Mae to pay Treasury $10.2B as housing prices rise | The Detroit News.

Housing prices drop in real terms in Israel for first time in year | Armonk Real Estate

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The real estate industry does not believe that housing prices are dropping, despite the slight decline recorded in the second quarter of 2013. The Government Assessors Office reported on Sunday that housing prices dropped 0.3% in the second quarter, the first decline in real terms in a year-and-a-half.

“The market is still rising, but the rate of increase is falling,” said Adina Hacham, the CEO of Anglo-Saxon real estate compay. “I believe it will moderate further, but there won’t be dramatic changes.”

Hacham said property investors are still active in the residential real estate market, despite the introduction of new taxes and other restrictions, which, she said, do not offset the continuing shorfall between demand and supply. “Unless something dramatic happens economacally, there’ll be no drama in home prices,” she added.

That opinion was seconded by Ohad Dannus, head of the Israel Real Estate Appraisers Association, who said the govenrment had failed to act on promises to restrain prices. “Until all the promises are translated into action, the market is going to remain strong,” he said. “Buyers who listened to promises by decision-makers and didn’t buy a home paid a penalty of NIS 50,000 to NIS 70,000 in higher prices.”

Moreover, the downtick detected by the assessors office is based on a survey that is so small that the results could be due to statistical error. In any event, in nominal terms, apartment prices rose nationwide in the second quarter, albeit by a slight 1%. The consumer price index rose 1.3% in the same period, meaning that in real terms prices appeared to have fallen. Home prices rose 4.6% in nominal terms from the second quarter of 2012.

The assessor’s survey tracks the prices of three-bedroom homes in 16 cities across Israel. The sharpest rise in the second quarter was in Modi’in, which saw a 5% increase over the previous quarter. Behind Modi’in, there were 3% increases in Ashkelon, Be’er Sheva and Rishon Letzion. Prices in Tel Aviv, Jerusalem, Petah Tikva, Netanya and Eilat didn’t move, while they actually dropped in nominal terms in Ashdod (2%) and Ramle (1%).

Since the second quarter of last year, home prices have held more or less steady, according to Government Assessor Tal Alderoti. “Its a stagnant trend, with a creeping nominal rise,” he wrote in the second-quarter report. “The big boom hasn’t come. It seems we’ve reached the upper limit, where every home is expensive and price rises have stopped. On the other hand, prices aren’t falling, because the govenment hasn’t succeeded in creating enough supply.”

 

 

Housing prices drop in real terms in Israel for first time in year and a half – Real Estate – Israel News | Haaretz.

HUD deputy secretary to discuss fair housing settlement | Armonk Real Estate

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Deputy Secretary Maurice Jones of the U.S. Department of Housing and Urban Development discusses the fair housing settlement with Westchester County in an Editorial Spotlight interview at 2 p.m. Wednesday.

To view the session and join the live chat, go towww.lohud.com/editorialspotlight.

To make a comment in advance, reach us via Twitter

@lohudopinion or email Digital/Social Media Editor Brian Howard at bjhoward@lohud.com.

Also, read Westchester housing settlement monitor James Johnson’s report on fair housing in Westchester, and other key documents, on lohud.com or directly at http://lohud.us/19A2uvH.

 

Watch live: HUD deputy secretary to discuss fair housing settlement Wednesday at 2 – Northern Westchester.

Live Near A Clinton At The Whitman’s Bonkers $25M Penthouse | Armonk Real Estate

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Event: A “top broker lawn party” to launch the sale of The Whitman‘s new-to-market penthouse
In the house: Every broker under the sun (seriously, more than 150 of them), including Elliman bigwigs Howard Lorber and Dottie Herman, as well as Fredrik Eklund, who made an appearance before his Million Dollar Listing New Yorkfinale party, plus architect Jeffrey Cole, contractor Allan Bloom of Facet Construction and his team, and a smattering of potential buyers
Dress code: Sleek summer dresses paired with sky-high heels for the ladies; summer suits for the gents, sometimes sans jackets, and the occasional dude in shorts with a backpack. What was he doing there?
Menu: An assortment of delicious chichi canapes (asiago and artichoke pizzette, barbequed duck crepes, Maryland crab cakes, summer rolls) and libations from not one but two bars
Overheard: “Look at this view!” “Oh, the hoi polloi is here.” “Where’s all the wine?” “It’s gor-gee-oso!”

Conversion The Whitman only has four residences, and the three on lower floors, priced in the $10 million ballpark, are already spoken for—one by former First Daughter Chelsea Clinton, who made a splash with an early buy of $10.5M back in March. That leaves the penthouse, a 10,000-square-foot giantess of a full-floor duplex that overlooks Madison Square Park. It’s asking$25,000,000. The 3,000-plus square feet of outdoor space includes a terrace on the lower level and a big, landscaped roof deck above the living room that both overlook Madison Square Park, plus a croquet pitch between the upstairs den and the master bed and bath, and a putting green behind the master bath, facing 27th Street. As party attendees oohed, aahed, and passed judgement over the luxurious trappings—courtesy of interior designer Jeremiah Brent (it’s actually the first New York project for the partner of designer Nate Berkus)—some of the 4BR/6.5BA apartment’s luxe amenities made themselves apparent.

The keyed elevator (note: still under construction) opens up onto a private foyer that will soon be enclosed in some kind of fancy notched semi-opaque glass—Cole was particularly enthusiastic about this, as well as the to-be-installed banister of the stairwell to the roof deck. It’s the little things.

Then you step into a spacious living room with three arched windows facing the park that opens up onto terrace, a.k.a. outdoor space #1. Backtracking to the area by the door, a staircase takes you up to the den… but wait, let’s keep walking north through the apartment’s massive restaurant-style kitchen, which includes a giant warming rack above an island, dual wine fridges that can hold 108 bottles at a time, a grand total of four Miele ovens, and grow lights for your herbs (“This is the most impressive thing in the apartment,” someone breathed).

 

Live Near A Clinton At The Whitman’s Bonkers $25M Penthouse – Hangover Observations – Curbed NY.

Corporate America has a Flare for Solar Industry Investment | Armonk Real Estate

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A few weeks ago, American Honda announced an innovative financing partnership with Solar City, a major solar installer. (Full disclosure: My wife works for Solar City).  Under the terms of the deal, the carmaker will use $65 million its own money to pay for its customers and dealers to install solar panels on their properties and reduce their future electric bills.

The money involved is not a big deal in terms of corporate finance, so why do I think this announcement is a big deal? Because it could, if other companies follow Honda’s lead, be the key to providing the investment dollars the solar industry needs to make rapid inroads throughout the country.

What’s holding up the solar industry?

The cost to install solar energy is declining rapidly — panel prices fell by 41% in the fourth quarter of 2012 compared to the previous year.  This helped solar installations in the United States to grow rapidly in 2012, from 1,855 megawatts (MW) in 2011 to 3,300 MW.  (The average coal plant in the U.S. has a capacity of about 650 MW).  Even better, annual installations are projected to climb to an estimated 9,000 MW in 2016.

Right now, a lack of investment capital may be the biggest barrier to the industry’s continued  growth. Bloomberg New Energy Finance forecasts that the industry will need $3.1 billion of equity investment in 2013, compared to $1.8 billion in 2012.  This need for investment comes at a time when American corporations – excluding financial firms — are sitting on $1.7 trillion, some of which could easily be invested in the solar industry, earning substantial returns, in dollars and good will, for corporate lenders.

 

Corporate America has a Flare for Solar Industry Investment | Environmental Defense Fund.

London Luxury-Home Prices to Climb 6% This Year on Pound | Armonk Real Estate

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Central London luxury-home values will jump 6 percent this year, Knight Frank LLP said, revising an estimate that prices would be little changed as a weakening pound made the market more attractive to overseas buyers.

The average price of a house or apartment in the city’s most expensive neighborhoods has climbed 4.2 percent this year and interest among prospective buyers remains strong, the London-based broker said in a report today. The pound fell about 5 percent against the euro in the first half and lost 7.9 percent against the Chinese yuan.

Enlarge imageLondon Luxury-Home Values to Rise 6% in 2013, Knight Frank Says

Luxury residential properties are seen on Lennox Gardens, Knightsbridge, in London. Photographer: Simon Dawson/Bloomberg

Marinov Sees Pound Weaker at $1.50 Versus Dollar

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July 29 (Bloomberg) — Valentin Marinov, head of European Group-of-10 currency strategy at Citigroup Inc., talks about the dollar and pound. He spoke July 25 in London. (Source: Bloomberg)

The currency’s weakness “helped to boost overseas interest and domestic demand has been aided by London’s economic recovery,” Knight Frank said.

Foreign investors are buying London properties to preserve wealth as political and economic turmoil menace their home markets, leading prices in the city to rise more than brokers had expected. Knight Frank, along with Jones Lang LaSalle Inc. (JLL) and Savills Plc (SVS), last year forecast that prices would be little changed in 2013 after an 8.7 percent increase in 2012.

Knight Frank as recently as last month said it didn’t expect a significant increase in luxury London home values for the whole of this year. Values rose in June by the smallest annual amount since at least December 2009, the broker said last month.

Savills on July 18 revised its forecast of little or no growth in 2013, saying that prime central London prices would climb 6 percent this year and 3 percent in 2014, according to an e-mailed statement from the broker.

Strongest Increase

London luxury-home prices increased by 0.5 percent in July from the previous month, bringing the gain for the past 12 months to 7 percent, Knight Frank said. The strongest increase was for homes costing less than 1 million pounds, and the biggest gains were in the neighborhoods of Islington, Marylebone and the South Bank. Property prices in prime central London locations are now almost 60 percent above their low during the financial crisis in March 2009, Knight Frank said.

Other factors affecting luxury values include government measures aimed at helping Britons’ enter the housing market by encouraging sales of newly built property and providing guarantees for borrowers with smaller deposits. While the government’s Help-to-Buy program is aimed at mainstream customers, housing market sentiment is “infectious across markets,” the broker said.

Demand Cooled

U.K. house-price growth slowed in July as more Britons offered their property for sale and demand cooled at the start of the summer, Hometrack Ltd. said today. Average values in England and Wales increased 0.3 percent after a 0.4 percent gain in June, the London-based property researcher said in a statement. From a year earlier, prices were up 1.3 percent, the most since 2010.

 

 

London Luxury-Home Prices to Climb 6% This Year on Pound – Bloomberg.

Westchester Health Department Puts News On Facebook | Armonk Real Estate

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The Westchester County Health Department is now providing breaking public health news and information on Facebook.

Residents can “like” the Health Department’s page to get health information and alerts in their news feed.

In addition to news, the department’s page also offers information on health and wellness, including exercise tips and nutrition information.

 

Westchester Health Department Puts News On Facebook | The Armonk Daily Voice.

Real estate investment trust yields robust rewards despite risk | Armonk Real Estate

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Sinking money into real estate investment trusts is considered to be one of Wall Street’s most complex investments.

Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they’ve gained a reputation of being risky and confusing — especially after the industry was pummeled during the last real estate crash.

 

 

Real estate investment trust yields robust rewards despite risk – Los Angeles Times.

What Is a Home Warranty, and Do You Need One? | Armonk Homes

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When you buy a computer from Best Buy, you’ll be asked if you want to cover it with an extended warranty. Some people go ahead and pay the extra money, but not everyone thinks these warranties are a good idea. Consumer Reports almost always says they aren’t worth the money.

You might be surprised to learn that, sort of like the computer from Best Buy, you may have the option of buying a warranty for your home. Depending on your situation, a home warranty could definitely be worth the investment.

What is a home warranty?

For a fee of between $300 and $500 a year, depending on where you live, a home warranty covers the costs of repairing or replacing most any malfunctioning system in your home.

Let’s say your dishwasher starts leaking, your clothes dryer burns out, or your water heater won’t heat water anymore. If you had a home warranty, you wouldn’t have to call around to get estimates for repairs. You wouldn’t have to pay out of pocket to get it fixed, either.

Instead, you would just call up your home warranty provider. The warranty company would call the appropriate repair company it has an arrangement with. The repair company then would call you and set up an appointment. The company would send someone to your house to fix the problem, if possible, or replace the malfunctioning appliance with a brand new one. Your home warranty would cover the costs, though you’d probably be responsible for a co-pay of about $50 per incident.

Who should buy a home warranty?

Home warranties are particularly great for first-time Gen X /Y and Millennial home buyers who’ve been renters until now. They’re used to calling the landlord whenever there’s a problem, and a home warranty company takes over that role. These homeowners are working long hours and might not have the time or the energy to call around to find a plumber or an electrician to get quotes or bids, let alone wait around for the noon to 4 p.m. window for the repairman to show up. You can look at this web-site to know how to choose best plumber. Sometimes, it takes just one costly and unexpected system repair — and the drama associated with it — to realize the savings of a one-year home warranty.

But home warranties aren’t limited to Gen X, Gen Y or other first-time home buyers.  A homeowner can buy one at any time. Are you buying or do you own a 15- to 20-year-old home (or older)? Does the home have aging appliances and systems? A home warranty might be well worth your money. Many appliances and systems start to break down after 15 or 20 years, and you don’t want them all falling apart on you around the same time. Your real estate agent can give you referrals, and you can read reviews of home warranty companies on the Home Warranty Reviews site.

Home warranties are also great for investors or “accidental landlords,” folks who end up renting their homes out because they have to move and want to hold out until the market picks back up. If you’re not an experienced real estate investor and don’t have a network of repair folks, it might be easier to pay for the home warranty. The last thing you want is a tenant without hot water calling you day in and day out. If you have a home warranty, you can cut right to the chase, keep happy tenants and minimize stress.

If you shop for a home warranty, be sure to ask each company exactly what’s covered. If something isn’t covered (such as the plumbing system), ask if you can add on coverage, and if so, at what cost.

What Is a Home Warranty, and Do You Need One? | Zillow Blog.

Real estate investment trust yields robust rewards despite risk | Armonk Real Estate

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Sinking money into real estate investment trusts is considered to be one of Wall Street’s most complex investments.

Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they’ve gained a reputation of being risky and confusing — especially after the industry was pummeled during the last real estate crash.

Even Lloyd McAdams, chief executive of Anworth Mortgage Asset Corp., makes no bones about saying his Santa Monica REIT does carry some risk. But it also has given shareholders high dividend yields as the real estate market has recovered.

“The potential magnitude of the risks we have to manage around has been the most daunting aspect of managing the business,” said McAdams, who has been CEO since the company was founded in 1998.

Market shocks have been a challenge for Anworth, whose portfolio holds residential real estate where the mortgages are secured by government guarantees from Freddie Mac,Fannie Mae and Ginny Mae.

Anworth’s stock price has had big gyrations because of the company’s ties to the housing market. The stock at one point traded above $15 before the housing crisis walloped the industry. It now trades for about $5 a share.

But analysts are bullish on the company’s prospects and hail its consistent dividend. The company has averaged about a 10% payout every year for the last decade. That compares to the 2.65% average weighted dividend yield for the Standard & Poor’s 500 index.

 

 

Real estate investment trust yields robust rewards despite risk – latimes.com.