Tag Archives: Bedford Corners NY Real Estate for sale

Single family housing starts fall in July | Bedford Corners Real Estate

A sharp decline in single-family home construction is another indicator that the housing slowdown is showing no signs of abating, as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act as a drag on the market.

Overall housing starts fell 9.6% to a seasonally adjusted annual rate of 1.45 million units in July, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The July reading of 1.45 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months.

Single-family starts decreased 10.1% to a 916,000 seasonally adjusted annual rate and are down 2.1% on a year-to-date basis. This is the lowest reading for single-family home building since June 2020. More declines lie ahead, as single-family permits decreased 4.3% to a 928,000 unit rate and are down 5.9% on a year-to-date basis. NAHB is forecasting 2022 to be the first year since 2011 to record an annual decline in single-family home building.

A housing recession is underway with builder sentiment falling for eight consecutive months, while the pace of single-family home building has declined for the last five months. The decline in single-family starts is reflected in the HMI measure of builder sentiment, as housing demand continues to weaken on higher interest rates while on the supply side builders continue to grapple with higher construction costs. Builders are reporting weakening traffic as housing affordability declines.

The multifamily sector, which includes apartment buildings and condos, decreased 8.6% to an annualized 530,000 pace. Multifamily construction remains very strong given solid demand for rental housing. The number of multifamily 5+ units currently under construction is up 24.8% year-over-year. Multifamily development is being supported by a substitution effect, with frustrated or priced out prospective home buyers seeking rental housing.

The number of single-family homes permitted but not started construction has likely peaked after rising over pervious quarters due to supply-chain issues. In July, there were 146,000 homes authorized but not started construction. This reading is flat year-over-year. In contrast, the number of multifamily 5+ units permitted but not started construction continues to rise, up 47% year-over-year to 147,000 units.

On a regional and year-to-date basis, combined single-family and multifamily starts are 10.7% higher in the Northeast, 0.4% lower in the Midwest, 6.5% higher in the South and 2.2% lower in the West. Looking at regional permit data on a year-to-date basis, permits are 1.9% lower in the Northeast, 1.9% higher in the Midwest, 2.6% higher in the South and 0.2% higher in the West.

As an indicator of the economic impact of housing and as a result of accelerating permits and starts in recent quarters, there are now 816,000 single-family homes under construction. This is 17% higher than a year ago. There are currently 862,000 apartments under construction, up 25% from a year ago with this number continuing to rise. Total housing units now under construction (single-family and multifamily combined) is 21% higher than a year ago. The number of single-family units in the construction pipeline is now falling and will continue to decline in the months ahead given recent declines in buyer traffic.

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eyeonhousing.org

So California prices keep rising | Bedford Corners Real Estate

Southern California home prices jumped 10.2% in February compared with a year earlier, while sales remained nearly flat as the region and the state grapple with a shortage of homes for sale.

The median price across the six-county region clocked in at $506,750 last month, real estate data firm CoreLogic said Wednesday. That’s up from a revised $495,500 in January but below an all-time high of $509,500 in December.

It’s not unusual for the median — the point at which half the homes sold for more and half for less — to fluctuate month to month, and prices are up solidly from last year. In Los Angeles County, the median hit a new all-time high of $580,000 in February, up 10.5% from a year earlier.

Elsewhere in Southern California, median prices increased as well.

  • Orange County: The price tied a record of $710,000 and was 10.1% higher than a year earlier.
  • Riverside County: The price rose 8.7% to $375,000.
  • San Bernardino County: The price leaped 16% to $336,500.
  • San Diego County: The price rose 8.7% to $535,000.
  • Ventura County: The price rose 6.7% to $555,000.

A growing economy and a shortage of homes listed for sale are helping drive the increases. That’s spurring a political debate about whether state government should restrict local authorities’ ability to limit housing construction.

California, largely because of its housing costs, has the nation’s highest poverty rate after accounting for cost of living. Many cities, including Los Angeles, have proved too expensive for some low-income residents, causing them to move away or end up in tents that line streets.

According to online real estate brokerage Redfin, there was less than a four-month supply of homes for sale in every Southern California county last month. That means there would be no properties left at the end of that time frame if no new listings popped up and sales continued at their current pace.

Real estate agents generally consider a six-month supply of homes to be a balanced market, in which neither sellers nor buyers have an advantage. Lower supply gives an edge to the sellers. In Los Angeles and Orange counties, inventory stood at 3.1 months.

Across the region, sales rose 0.6% in February compared with a year earlier.

Exacerbating the supply shortage, rock-bottom mortgage rates have supercharged the market in recent years, enabling borrowers to afford more than they otherwise could as long as they can scrape together a down payment.

Rates remain low historically, although they have shot up this year because investors fear inflation will pick up.

That uptick essentially makes homes more expensive. But some real estate agents say that it hasn’t hurt demand yet — instead, they say, it’s is spurring families to buy, for fear that rates will just keep rising.

The average rate on a 30-year fixed mortgage was 4.44% last week, up from 3.95% at the beginning of the year, according to Freddie Mac.

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http://www.latimes.com/business/la-fi-home-prices-20180321-story.html

Italy to give away more than 100 castles | Bedford Corners Real Estate

Some of the properties are centuries old and will need extensive restoration.
Some of the properties are centuries old and will need extensive restoration. 

It sounds like an offer too good to refuse – Italy is to give away, for free, more than 100 historic monasteries, castles, stone towers, inns and railway stations.

Many of the properties are situated along historic pilgrimage routes which the government wants to promote, just as Spain attracts hundreds of thousands of tourists along the famous Way of St James, which leads to the shrine of Santiago de Compostela.

The initiative, announced by the State Property Agency, is an attempt to pump new life into struggling rural areas. There is, however, a catch.

Castello di Blera near Rome
Castello di Blera near Rome

Many of the 103 properties are crumbling, having been abandoned for decades, and their new owners will be expected to restore them out of their own pocket.

Prospective owners will have to show detailed plans of how they will renovate them and turn them into businesses to boost tourism – such as hotels, restaurants, bed and breakfasts and craft workshops.

In a country where youth unemployment is close to 40 per cent, special consideration will be given to people under the age of 40. They will be initially offered a nine-year lease, with the option of extending it for another nine years.

The buildings on offer include farmhouses, monasteries and castles, such as the 13th-century Castello di Montefiore in the Marche region, Castello di Blera in Lazio and a former school in Puglia.

More than 40 of the properties are on historic walking routes or pilgrimage trails, including the Appian Way, the ancient Roman road that once led from Rome to the Adriatic coast, the Via Francigena, which led from Paris to Rome, and the Way of St Benedict, a pilgrimage route which leads through the mountains of Umbria.

Others are located along established cycling routes.  If the scheme is a success, another 100 properties will be given away free next year and a further 100 in 2019.

New owners will be expected to restore the properties and turn them into hotels, restaurants or bed and breakfasts.
New owners will be expected to restore the properties and turn them into hotels, restaurants or bed and breakfasts. 

“Slow tourism, including walking trails and cycle paths, is very much in vogue and we can combine it with properties of various kinds, from castles to old railway stations,” said Roberto Reggi, the director of the State Property Agency.

“We are hoping that the transformation and regeneration of these properties will involve young people, providing benefits that will have an impact on rural areas and on tourism.”

With popular locations such as Rome, Venice, Florence and the Cinque Terre coastline of Liguria in danger of being swamped by increasing numbers of tourists, Italy is keen to try to disperse visitors to lesser-known parts of the country. The initiative is part of a Strategic Tourism Plan being pursued by the government.

The properties are located along cycling trails or ancient pilgrimage routes.
The properties are located along cycling trails or ancient pilgrimage routes.

The State Property Agency is also working on a scheme to lease unused lighthouses to private developers who will be expected to turn them into boutique hotels, restaurants or museums.

They are situated on dramatic cliffs and headlands overlooking beaches and stunning stretches of coastline, including several in Sardinia and others on Italy’s tiny outlying archipelagoes.

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http://www.telegraph.co.uk/property/news/italy-giving-away-100-castles-villas-monasteries-free/

U.S. Housing Market Continues Steady Improvement | Bedford Corners Real Estate

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Freddie Mac (OTCQB: FMCC) today released its Multi-Indicator Market Index® (MiMi®), showing three additional states — Indiana, Alabama and New Jersey — and one additional metro area — Dayton, Ohio — entering their historic benchmark levels of housing activity.

The national MiMi value stands at 85.7, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity with a +1.05 percent improvement from July to August and a three-month improvement of +1.22 percent. On a year-over-year basis, the national MiMi value improved +5.44 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43 percent, but remains significantly off its high of 121.7.

News Facts:

  • Forty-one of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (99.2), Colorado (96.6), Hawaii (96.3), Idaho (96) and North Dakota (95.4) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • Eighty of the 100 metro areas have MiMi values within range, with Los Angeles, CA (101.1), Honolulu, HI (99.5), Provo, UT (100.8), Dallas, TX (98.9) and Ogden, UT (98.6) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • The most improving states month over month were Nevada (+2.95%), Florida (+2.14%), Illinois (+1.95%), Washington (+1.91%) and Alabama (+1.90%). On a year-over-year basis, the most improving states were Florida (+12.13%), Massachusetts (+9.94%), Nevada (+9.94%), Oregon (+9.43%) and Tennessee (+9.39%).
  • The most improving metro areas month over month were Las Vegas, NV (+3.00%), Palm Bay, FL (+2.63%), Tampa, FL (+2.59%), Orlando, FL (+2.40%) and Sarasota, FL (+2.40%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+18.21%), Tampa, FL (+14.78%), Chattanooga, TN (+14.51%), Palm Bay, FL (+14.25%) and Lakeland, FL (+13.66%).
  • In August, 33 of the 50 states and 73 of the top 100 metros were showing an improving three-month trend. The same time last year, all 50 states and 96 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Housing markets are on track for their best year in a decade, and that’s reflected in MiMi. The National MiMi stands at 85.7, a 5.4 percent year-over-year increase. The MiMi purchase applications indicator is up over 18 percent from last year and is at its highest level since December 2007.

“The housing market is showing strength across the country. The South continues to show some the biggest improvements, especially in Florida. MiMi’s purchase applications indicator is up more than 30 percent in Florida compared to last year. Meanwhile, in the West, the battle between low mortgage rates and rising house prices continues. So far, low mortgage rates have helped on the affordability front, but in hot markets like Denver, Fresno, Provo and Los Angeles it’s becoming increasingly difficult for the typical family to afford a median price home.”

The 2016 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

Mortgage rates average 3.47% | Bedford Corners Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slipping from last week’s spike and the 30-year fixed-rate mortgage easing back to its summertime range below 3.5 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 27, 2016, down 5 basis points from 3.52 percent last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
  • 15-year FRM this week averaged 2.78 percent with an average 0.5 point, down slightly from last week when they averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 2.98 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Mortgage rates continue to be relatively stable and at near record lows. The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat — up about 2 basis points.”

June housing starts jump | Bedford Corners Real Estate

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U.S. housing starts rose more than expected in June as construction activity increased broadly, but a downward revision to the prior month’s data pointed to a housing sector treading water in the second quarter.

Groundbreaking surged 4.8 percent to a seasonally adjusted annual pace of 1.19 million units, the Commerce Department said on Tuesday. May’s starts were revised down to a 1.14 million-unit pace from the previously reported 1.16 million-unit pace.

Economists polled by Reuters had forecast housing starts rising to a 1.17 million-unit pace last month.

Housing starts in the second quarter were a touch higher than the average for the first three months of the year, suggesting that residential construction was probably a small boost to gross domestic product in the second quarter.

The housing market is being supported by a strengthening labor market and demand for rental accommodation, but home building is being constrained by labor and land shortages.

A survey of homebuilders published on Monday showed scattered softness in some markets, with builders citing regulatory challenges, as well as shortages of lots and labor.

Groundbreaking on single-family homes, the largest segment of the market, increased 4.4 percent to a 778,000-unit pace in June. Single-family starts in the South, where most home building takes place, gained 0.5 percent.

Single-family starts jumped 31.6 percent in the Northeast and climbed 3.1 percent in West. Groundbreaking on single-family housing projects increased 7.3 percent in the Midwest.

But single-family home construction continues to run ahead of permits, which could limit gains in the near term.

Housing starts for the volatile multi-family segment rose 5.4 percent to a 411,000-unit pace. The multi-family segment of the market continues to be supported by strong demand for rental accommodation as some Americans remain wary of homeownership in the aftermath of the housing market collapse.

 

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http://www.foxbusiness.com/markets/2016/07/19/june-housing-starts-rise-4-8.html

Groovy Midcentury-Style New Jersey Home for sale | Bedford Corners Real Estate

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All photos via Zillow

Location: Hopewell, NJ
Price: $885,000

Apparently undeterred by the climate of New Jersey, which has real seasons, midcentury architect Philip Collins designed this breezy timber-and-glass house for the ultimate indoor-outdoor experience. The 2,000-square-foot house no doubt looks desperate for some fixing up, but the original design intentions of the 1980-built home are clear and appealing: a central living room with a fireplace and glazing on three sides offer serene views of the 8.75-acre grounds filled with mature trees and a pool, while expansive decking on two sides (one with a fountain) provides plenty of space to lounge and entertain.

Inside, there’s a galley kitchen with pegboard walls and upgraded stainless steel appliances. Each wing of the house contains two bedrooms with large windows, and a separate office/guest room space that includes its own bathroom and kitchenette. Collins, perhaps best known for contributing a spiraling tent to the 964 New York World’s Fair, also designed another Hopewell home, a stone-and-cedar pavilion for himself a mile away, which sold in 2015 for $1.44M. According to Realtor, a listing agent found tax records that indicate this Collins design has only had one owner so far. What could be next?

http://curbed.com/archives/2016/01/28/midcentury-modern-homes-for-sale-new-jersey.php?utm_campaign=issue-43144&utm_medium=email&utm_source=Curbed

The color Watery Blue Is Summer’s Best Hue | Bedford Corners Real Estate

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Summer’s in full swing, which hopefully means plenty of pool and beach time for many of you. Whenever I’m working with a homeowner who wants to add some color to their home, but doesn’t necessarily want to travel down the bold road, I recommend watery blue hues — colors inspired by summertime spent by the sea.

These soft, muted greenish-blue hues work especially well for bedrooms and bathrooms, where they offer a calming, spa-inspired vibe. I’ve gathered together some paint color options as well as examples of how to work with this pleasing, ocean-inspired hue.

by Jennifer Ott Design
Jennifer Ott Design
Our featured color is a soft blue that has green and gray undertones. Because of its softness, it can be used in large quantities in a room without being overwhelming.

Some of my favorite watery blue paint colors are, from left to right: Watery from Sherwin-Williams, Rain Washed from Behr, Harbor Haze from Benjamin Moore and Thunder Bayfrom PPG Pittsburgh Paints.

Beach Style Kitchen by Dillon Kyle Architecture
Dillon Kyle Architecture
White, light and neutral kitchens remain popular, but I always like to see a splash of color included somewhere in the space. This helps break up the monotony and makes your kitchen stand out just a bit from all the others. The soft watery blue hue on this island is a terrific choice as it contrasts nicely with the beautiful butcher block top.
Transitional Kids by Kim Macumber Interiors
Kim Macumber Interiors
Watery blue hues are among my favorites for bedrooms. Blue can be such a calming color, and these muted watery blues offer just the right dash of color while remaining sedate. If you have trouble getting a good night’s rest, consider using our featured hue to set the tone for some solid sleep.
Beach Style Family Room by Southern Living
Southern Living
A light watery blue plays well with a variety of colors, from soft neutrals to bold, electric hues. This room is much more high-energy than the previous one, but the soft blue is a nice grounding color to the more vibrant hues in the space.
Contemporary Staircase by Jennifer Ott Design
Jennifer Ott Design
Cool colors tend to visually recede, so they are a great choice in a small space — such as a stairway or hallway — to make it feel more expansive. What I like about our featured color is that even if your particular room or space lacks abundant natural light, these hues are soft enough that they will never cause it to feel closed in or cave-like.
Rustic Bedroom by S&W Designs
S&W Designs
Blue and orange are complementary colors: They sit opposite each other on the color wheel. This means they offer the most contrast to each other. So the best way to show off interesting hardwood floors or other wood elements in a space is to use blue as a contrasting color. It plays up the orange tones in wood and makes it really stand out.
Beach Style Bathroom by Kristina Crestin Design
Kristina Crestin Design
Think about layering blues in a space, such as combining dramatic navy with our featured hue. By staying within one color family you can easily add more elements while still keeping the palette harmonious. Just keep an eye on the undertones of the blues — slight shifts in hue can be tough to notice until you place various blues next to one another. Some may appear cooler, or more purple, while others veer more toward green or yellow. Two light blues that differ vastly in undertones can clash when used together in a space.
Contemporary Kitchen by Aparté Conseils - Emilie PERRUCHET
Aparté Conseils – Emilie PERRUCHET
A soft blue accent wall is a terrific way to help bring the outdoors in. It also creates a focal point that doesn’t necessarily hit you over the head. There’s lots to like in this kitchen, and I think color is expertly used to pull it all together.
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http://www.houzz.com/ideabooks/44309088

New-home sales rise 2.2% in May to fastest pace in more than 7 years | Bedford Corners Homes

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New single-family homes in the U.S. sold at an annual rate of 546,000 in May, hitting the fastest pace since February 2008, with growth in two of four regions, the government reported Tuesday. Economists polled by MarketWatch had expected a sales rate of 525,000 in May, compared with a prior estimate of 517,000 for April. On Tuesday the U.S. Commerce Department revised April’s rate to 534,000. May’s pace was up 19.5% from a year earlier, signaling a healthy pick up, though recent sales rates remain below long-term averages. The median price of new homes, meanwhile, fell 1% to $282,800 compared with May 2014. The supply of new homes was 4.5 months at May’s sales pace, down from 4.6 months in April. Economists caution over reading too much into a single monthly report. A confidence interval of plus-or-minus 16.7% for May’s growth of 2.2% shows that the government isn’t sure whether the sales pace rose or fell last month.

 

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http://www.marketwatch.com/story/new-home-sales-rise-22-in-may-to-fastest-pace-in-more-than-7-years-2015-06-23

Consumers Prices Fall 0.7% in January | Bedford Corners Real Estate

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The consumer price index fell for the third straight month as the price of gasoline continued its sharp decline. The prices on expenditures made by urban consumers decreased 0.1% over the past twelve months before seasonal adjustments. According to the latest release from the Bureau of Labor Statistics (BLS) the consumer price index decreased 0.7% on a seasonally adjusted month-over-month basis.

The energy price index fell 9.7% in January for seventh straight month-over-month decline. This was the largest month-over-month drop during that period. The driving force behind falling consumer prices and the energy index is the sharp drop in gasoline prices. The gasoline index, a component of the energy price index, fell 18.7% for the month and is down 35.4% for the year. The index for natural gas also fell for the month; dropping 3.4% on a seasonally adjusted month-over-month basis.

The food index was unchanged in January on a seasonally adjusted month-over-month basis. Over the past twelve months, however, the food index increased 3.2% before seasonal adjustments. The food at home index increased 3.3% over the last twelve month with a large increase in the meats, poultry, fish, and eggs group of 8.7% for the year.

Core CPI, which excludes the more volatile food and energy prices, increased 0.2% on a seasonally adjusted month-over-month basis. Over the past twelve months core CPI increased 1.6% before seasonal adjustments.

Chart1_CoreCPI

The shelter index rose 0.3% month-over-month in January after increasing 0.2% month-over-month in December. Over the past twelve months, the shelter index increased 2.9% before seasonal adjustments.

The increase in the shelter index partly reflects increases in rental prices; the BLS measure does not isolate the change in rental prices from the changes in the overall price index. NAHB constructs a real price index by deflating the price index for rent by the index for overall inflation. This measure indicates whether inflation in rents is faster or slower than general inflation and provides insight into the supply and demand conditions for rental housing, after controlling for overall inflation. When rents are rising faster (slower) than general inflation the real rent index rises (declines).

The growth in real rental prices continues to outpace growth in the CPI. The NAHB constructed real rent index increased 0.1% in January month-over-month. Real rental prices rose by 1.7% from one year ago.

Chart2_Rent

 

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http://eyeonhousing.org/2015/02/consumers-prices-fall-0-7-in-january/