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Tiny Living: Professor Dumpster Ditches Dumpster for Strangers’ Couches | Bedford Hills Real Estate
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Pending Sales Resume Upward Trend | Bedford Hills Real Estate
The Pending Home Sales increased 1.7% in January, and was up 8.4% from the same period a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by theNational Association of Realtors (NAR), increased to 104.2 in January, up from an upwardly revised  102.5 in December. The PHSI increased year-over-year for the fifth consecutive month.
The January PHSI increased 3.2% in the South, 2.2% in the West and 0.1% in the Northeast, but decreased 0.7% in the Midwest. Year-over-year, the PHSI increased in all four regions, ranging from 11.4% in the West to 4.2% in the Midwest.
This resumption of an upward trend in the PHSI suggests that, despite a dip in January, existing home saleswill improve over the next couple of months. Improved job growth will sustain the housing recovery and move it to a higher level during 2015.
read more…
http://eyeonhousing.org/2015/02/pending-sales-resume-upward-trend-2/
Firefighters Battle Two Bedford Home Blazes Within A Day | Bedford Hills Real Estate
Bedford Hills fire
Firefighters in and near Bedford were busy on Tuesday battling two house fires in town, both of which were in the Bedford Hills Fire District.
Bedford Hills Fire Chief Joseph Lombardo said that his department responded shortly before midnight Tuesday for a chimney fire, which was at a home at 98 Buxton Road. A firefighter, who arrived in just minutes, observed heavy fire on the roof, Lombardo said, and the fire extended to the attic and roof line.
It took about an hour and a half to get the fire under control, Lombardo recalled. One firefighter was injured due to having fallen on ice, according to the chief.
The fire was caused by a malfunctioning chimney, Lombardo explained. Mutual aid was provided, according to the chief, by fire departments from Katonah, Mount Kisco, Goldens Bridge and Banksville. The Katonah Bedford Hills Volunteer Ambulance Corps (KBHVAC) and Westchester EMS were also on scene, he noted.
The blaze caused the home’s roof to collapse. The home is located at Buxton Gorge Farm, which traces its history to circa 1760. The farm is a short drive away from downtown Bedford Hills.
read more…
http://bedford.dailyvoice.com/police-fire/firefighters-battle-two-bedford-home-blazes-within-day
Housing chill: Builder sentiment drops 2 points in Feb. | Bedford Hills Real Estate
New Loan Options Spell Opportunity for Home Buyers | Bedford Hills Real Estate
As the country moves into year five of the re-regulated mortgage era, loan guidelines continue to become more flexible. If you’re buyingor refinancing a home, the following recent developments in expended loan options could affect you. In all cases, each lender’s guidelines will vary, so consult your loan officer to see if any of these fit your profile.
97-percent conforming loans for first-time buyers
In December, Fannie Mae and Freddie Mac rolled out 3-percent down programs targeted at first-time buyers. The loans require mortgage insurance and are capped at $417,000. But with a 3-percent down payment, that translates into a purchase price as high as $429,897.
Both Fannie and Freddie guides say the loans can be obtained with a credit score as low as 620, but each lender can layer its own guidelines on top of Fannie/Freddie guides, so you’ll need to ask your lender for its credit and other requirements.
90-percent jumbo loan with no mortgage insurance
For higher-earning home buyers who need to borrow more than the $417,000 conforming loan cap, an increasing number of jumbo lenders are adding the ability to lend 90 percent of a home’s value with loan amounts up to $1 million — and as high as $1.25 million for exceptional borrowers.
This translates into purchase price ranges of $1,111,111 to $1,388,888 with just 10 percent down and no mortgage insurance, which is a huge cost savings on larger loans. Borrowers typically must have a debt-to-income ratio of 35 percent or less, credit scores of 720 or greater, and at least 12 months cash reserves after the close. These programs are now available with most jumbo lenders.
Re-amortizing jumbo loans
Some large banks who keep their jumbo loans — instead of selling the loans after they close — have begun offering a re-amortization feature on jumbo loans over $417,000. Re-amortization means that your payment will decrease as you pay your loan down.
Depending on the lender, a loan balance pay-down from $5,000 to $20,000 will trigger a payment recalculation. This feature enables higher earners to lower their monthly budget as they chip away at their loan balance using extra income like bonuses or stock compensation. Previously, the only way to lower your payment as you paid your loan down was to use an interest-only loan, but those loans carry higher rates.
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http://www.zillow.com/blog/new-loan-options-spell-opportunity-169602/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29
Mortgage Rates keep dropping | Bedford Hills Real Estate
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates, after ticking-up slightly last week, reversing course and falling amid weaker than expected housing and economic data. Fixed-rate mortgages rates are once again back near their May 23, 2013 lows.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending February 5, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
- 15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.12 percent.
- 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.55 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.
Quotes
Attributed to Len Kiefer, deputy chief economist, Freddie Mac.
“Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December. Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”
South Beach Nightclub King Lists House With Astroturf Yard | Bedford Hills Real Estate
Opium Group Managing Partner Roman Jones, don of Mokai, SET, Cameo, and, and Mansion, has listed his own historic mansion (ha ha ha) at 6222 Alton Roadfor $3.895 Million. Although the mediterranean manse was built in 1934, and looks like it was originally a very classy, classic edifice, it’s seen some serious updating and nightclub-ifying, including luxe features like ipe wood, vaulted ceilings, and vertical wood thingies in the staircase.
The listing says “this house is meant to be lived in”, and boy do they mean it. The bed room, err the ‘boom boom room’, has a big bed, durable floors, and plenty of (reinforced?) ceiling space for all those hanging contraptions that are so much fun. A dance floor-sized tiki hut flanks an astroturf backyard (no mowing needed here). Just hose the place down and let the party rage on.
read more…
http://miami.curbed.com/archives/2015/01/20/opium-group-manager-lists-house-with-astroturf-yard.php
Mortgage Rates Remain Near 2014 Lows | Bedford Hills Real Estate
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging slightly higher while remaining near their 2014 lows amid mixed housing and economic news.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.6 point for the week ending December 24, 2014, up from last week when it averaged 3.80 percent. A year ago at this time, the 30-year FRM averaged 4.48 percent.
- 15-year FRM this week averaged 3.10 percent with an average 0.6 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 3.00 percent.
- 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.56 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.
Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“Mortgage rates were up slightly, following a week of mixed economic releases. Existing home sales were down 6.1 percent in November to annual rate of 4.93 million units, below economists’ expectations. New home sales fell 1.6 percent last month to an annual rate of 438,000, also below expectations. Meanwhile, the third quarter real GDP was revised sharply higher to 5.0 percent according to the final estimate released by the Bureau of Economic Analysis.”
Tiny Houses Have A Not-So-Tiny Problem | Bedford Hills Real Estate
As much as we love gorgeous small-scale architecture, not all micro-housing is created equal. Over at City Lab, Kriston Capps argues thattiny houses plopped onto huge lots in the middle of nowhere miss the entire point of micro-housing: to provide more options for affordable housing, especially in crowded, expensive cities.
He takes issue with the 650-square-foot prefabricated zeroHouse, the self-sufficient modular home seen above:
The zeroHouse is so modular and low maintenance, in fact, that all you need to own a zeroHouse is—after $350,000—a plot of land. Any kind of land.
Which is, of course, the problem with zeroHouse: Nobody needs micro-housing in places where plots of prairie, mountain, and sea (!) are available in plenty.
If you’re determined to live on a sprawling piece of rural land, it’s probably more environmentally friendly to do so in a prefab house that’s designed to function off the grid. “Basically, a tiny house is sort of the suburban or maybe even rural version of a small apartment,” asRyan Mitchell, author of the book Tiny House Living, told Salon.
But trendy tiny dwellings more often come in this form than the variety people more desperately need: the kind that makes urban living affordable for those of us who aren’t oligarchs. “Lovely granny flats, Voltron head-cubes, and stories that tug at the heart-strings are nice, but support for these doesn’t amount to support for real micro-housing—or congregate housing developments, perhaps a better term for urbanist housing solutions,” Capps writes.
What cities need in micro-housing, he argues, is “at least the option to build for a range of buyers and renters, at a range of densities. When tiny-house enthusiasts go on about what are essentially single-family homes, they are confirming the status quo, if shrinking it a little.”
Ultimately, we need both. It’s true that crowded cities—especially those with a high concentration of young professionals who aren’t trying to fit an entire family into a 129-square-foot apartment—need affordable micro-units to alleviate intense pressure on the housing market. It’s perhaps no surprise that we don’t see that many of those designs yet, considering that even in housing-strapped cities like San Francisco,micro-apartments remain controversial. The prospect of allowing developers to pack people into a whole new definition of “cozy” worries some tenants rights advocates and even some psychologists.
read more…
http://www.fastcodesign.com/3032535/slicker-city/tiny-houses-have-a-not-so-tiny-problem?fullsite&partner=ps03101titles
Home Equity Grows | Bedford Hills Real Estate
According to NAHB tabulations of the third quarter Federal Reserve Flow of Funds, the real estate equity position of U.S. households (the difference between assets and liabilities) increased nearly 1.6% for the quarter.
The market value of real estate held by U.S. households increased $180 billion dollars during the quarter, while liabilities (home mortgages) remained virtually unchanged. The value household-owned real estate, including owner-occupied and second homes, totaled $20.4 trillion for the quarter. Total home mortgage debt outstanding stands at $9.4 trillion.
Recent developments in terms of housing values and mortgage debt outstanding have been largely driven by tight lending conditions and steadily increasing home prices. Rising home prices, in particular, have boosted household balance sheets in recent years.
To account for inflation in the quarterly series and measure changes in real values, it is also useful to examine owner’s equity in real estate as a percentage of the value of household real estate. The higher the ratio, the more favorable is the financial position of U.S. households with real estate. The current reading of 53.9% is a slight improvement over the prior quarter. The ratio has steadily improved from the 36.7% reading in the first quarter of 2009 during the depths of the Great Recession.
This type of improvement in the balance sheet of U.S. households with real estate generally corresponds with the ongoing recovery in housing. It is likely that tight lending conditions have led to pent-up housing demand, which could release with further improvement to the economy.
read more…
http://eyeonhousing.org/2014/12/home-equity-grows-during-the-third-quarter/