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Composition of New Home Sales Financing Shifts in Third Quarter | Bedford Hills Real Estate

NAHB analysis of the most recent Census estimates concerning sources of financing for new home salesreveals that the composition of mortgages by financing method shifted over the third quarter of 2016. The share of new home sales financed with conventional loans expanded at the expense of FHA-insured and VA-backed mortgages. The shift to conventional mortgages indicates continued return to health in the mortgage market.

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The Census Bureau’s Quarterly Sales by Price and Financing reports that the conventional share fell to 57% in the third quarter of 2010. Since then, the conventional share has trended upward, reaching 74% in the third quarter of 2016, 6 percentage points above its level in the previous quarter, 68%. However, as Figure 1 illustrates, in quarters prior to the most recent one, the conventional share remained relatively steady.

The expanded conventional share of new home sales over the third quarter of 2016 was partially offset by a decline in the percentage of sales financed with FHA-insured mortgages. After rising from 10% in the fourth quarter of 2014 to 17% in the second quarter of 2016, largely reflecting a decline in the annual MIP, the share held steady at or near this level until second quarter of 2016 before falling 3 percentage points to 14% in the third quarter.

In addition, the share of new home sales backed by VA mortgages fell to 7% over the third quarter after holding steady at or near 9% since the fourth quarter of 2014. Meanwhile, the share of homes financed with all cash was unchanged over the third quarter at 5% near its average level in 2002, 4%. However, while cash sales account for 5% of total new home sales, new construction accounts for 15% of all-cash sales.

The future evolution of the financing composition remains is worth tracking. On the one hand, the compositional shift recorded over the third quarter of 2016 may point to return to the mix of financing seen in the years just prior to the most recent recession. On the other hand, the shift in composition may be a temporary occurrence and components may return to the steady proportions that steadily prevailed over 2015 and the first half of 2016.

 

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http://eyeonhousing.org/2016/10/composition-of-new-home-sales-financing-shifts-in-third-quarter/

Marcel Breuer-Designed House Hits The Market | Bedford Hills Real Estate

A three-bedroom, two-bathroom single-family house designed by Marcel Breuer was quietly listed by ReeceNichols in June, according to real estate firm’s website. The asking price for the Snower Residence at 6701 Belinder Ave. in Mission Hill’s, Kan., is $925,000.

Completed in 1954, the polygonal residence features an open floor plan atop a cantilever base, a now-ubiquitous structural design element that Breuer first championed in furniture design and later in architecture. The Bauhaus alum also designed the home’s interior, much of which remained intact when the residence was purchased by Rob Barnes and Karen Bisset in 2013, according to the Kansas City Star. Furnishings include a Herman Miller rocking chair designed by Charles and Ray Eames and Ludwig Mies van der Rohe’s Barcelona Sofa for Knoll Furniture (below). The couple installed a new roof, refinished the cedar-plank ceilings, and repainted the exterior to its original blue and orange hues.

The current owners restored the living room's cedar-plank ceilings and kept much of Breuer's furnishings, including Mies' Barcelona Sofa (left.)
ReeceNicholsThe current owners restored the living room’s cedar-plank ceilings and kept much of Breuer’s furnishings, including Mies’ Barcelona Sofa (left.)
A bedroom in the Snower Residence with Breuer's signature sliding windows and an Eames Rocking Chair (right.)
ReeceNicholsA bedroom in the Snower Residence with Breuer’s signature sliding windows and an Eames Rocking Chair (right.)

According to ReeceNichols’ website, Robert Snower asked Breuer to design a house that would stand alone among the sea of his Ranch-style neighbors. “Of course I am asking the impossible,” wrote Snower, who first saw Breuer’s residential work in the 1952 edition of House and Home Magazine. “[My wife and I] hope for a house which we will consider exceedingly handsome, yet which will not too seriously offend what in our opinion are duller eyes than our own. Most of the newer houses around here fit the description of what I believe are called ‘Sunset Ranch Homes,’ ” a variation of the Colonial Ranch style that was popular at the time. “This we do not want.” Snower owned the home until his death in 2013.

 

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http://www.residentialarchitect.com/projects/marcel-breuer-designed-house

The evolution of window styles and technology | Bedford Hills Real Estate

This post is part of a monthly series that explores the historical applications of building materials and systems through resources from the Building Technology Heritage Library (BTHL), an online collection of AEC catalogs, brochures, trade publications, and more. The BTHL is a project of the Association for Preservation Technology, an international building preservation organization. Read more about the archive here.

Windows are one of the most expressive and vital features of a building, serving as part of the thermal envelope while affording light transmission, sound control, and natural ventilation. While window designs have long varied in opening size, sash pattern, and shape, they remained largely made from wood until the early 20th century, when steel and aluminum became feasible material options. Around the same time, insulated glass units, curtainwalls, and glass block came onto the scene, taking off in use following World War II. The following 11 brochures, pamphlets, and journals, culled from the BTHL, explore how glazing, windows, and related components evolved from the mid-19th through the mid-20th centuries. To find out more about Affordable Windows you can click here and start renovating your house.

Combined Book of Sash, Doors, Blinds, Mouldings, Paine Lumber Co., 1893: Wood windows and window moldings were commonly available through millwork companies and at lumber yards by the mid-19th century. Window and frame units were among the first building components to be made in a factory rather than built on-site. This catalog, published by Rand McNally and typical of the era, was issued by a number of lumber yards and exemplifies standardization in materials and dimensions of building components like millwork across the country.

Complete Catalog, Roach & Musser Sash and Door Co., 1905: This extensive brochure features double-hung windows with myriad design configurations, including arch-top, bowed, and stained-glass.

United Steel Sash, Trussed Concrete Steel Co., 1912: The use of steel-sash windows like those marketed in this catalog brought ample daylight into factories and warehouses and represent a milestone in window design in the early 20th century.

The Window Women Want, Andrew Hoffman Manufacturing Co., c. 1923: The now-universal practice of marketing windows to homeowners takes a unique direction in this 1920s catalog for steel casement windows. Offset hinges aim to make cleaning their exterior faces easier—a supposed boon to the woman who, as the pamphlet notes, “spends as many hours of her life in the home that she is entitled to all the comforts that can be secured.”

Building Material: Millwork, Lumber, Roofing, Mantels, and Fireplace Furnishings, Sears, Roebuck & Co., 1929: Though touting energy savings is nothing new, even back then, this page from a 1929 Sears, Roebuck & Co. building materials catalog makes a case for installing storm windows to cut one’s coal bill.

Kawneer: Windows, Doors, Architectural Metal Work, Kawneer Co., 1936: Kawneer was one of the first building-product manufacturers to make aluminum windows, such as those shown in the catalog above, starting in the 1930s. Initially, the company produced metal storefronts before expanding its operations into metal windows and curtainwalls in the mid-20th century.

New! French Mosaic Stained Glass, Studios of George L. Payne, c. 1945: Specialty glass products have an important role in the history of windows in residential and commercial construction. This French company used an American distributor to introduce a new type of stained glass—set in reinforced mortar rather than in lead—to the U.S. market, which would find particular use for the product in midcentury churches.

Glass Manual, Pittsburgh Plate Glass Co. (PPG), 1946: This dealer’s manual from PPG begins with a history of glass making and of the company. Because this manual was intended for building-material dealers to sell windows and glazing to architects and builders, it includes technical and performance details for the full range of PPG glass products.

For Brighter Homes: Insulux Glass Block, American Structural Products Co., 1950: Glass block made its debut in the 1930s and quickly found its place in many commercial, industrial, and residential applications. This small catalog shows how it can be used to bring daylight into homes without sacrificing privacy.

Twindow: The World’s Finest Insulating Glass!, PPG, 1958: Insulating glass is an early-20th-century innovation that didn’t enter the mass market until after World War II. Twindow was PPG’s propriety name for its insulated glass product, which in this catalog is being marketed for use in homes to maintain thermal comfort and manage energy costs year-round.

Kirsch Guide to Window Beauty, Kirsch Co., 1961: Window curtains and shades are featured in this catalog from the Kirsch Co., a century-old interior finishes business started in 1907. Kirsch catalogs from the 1920s through the 1960s show the evolution of popular window-blind and curtain styles.

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http://www.architectmagazine.com/technology/products/pulling-back-the-curtain-a-brief-history-of-windows_o

HELOCs Continue to Shrink, But at Larger Banks | Bedford Hills Real Estate

According the Federal Reserve Bank of New York the outstanding amount of home equity lines of credit (HELOCs) was the only debt category to record a decrease in the third quarter of 2015. Home equity lines of credit are an important source of financing for home remodeling projects. Over the quarter, the outstanding amount of HELOCs fell by 1.4%, $7 billion, and over the year, it shrank by 3.9%, $20 billion. An earlier postdocumented the decline in the outstanding amount of HELOCs beginning in 2009, and the most recent reportfrom the Fed indicates that the trend continues.

According to bank-level analysis of the Consolidated Reports of Condition and Income, commonly referred to as “call reports”, the decline in the outstanding amount of HELOCs reflects a decrease at larger-sized banks. In contrast, the outstanding amount of HELOCs at smaller sized banks has risen in recent years. As illustrated in Figure 1 below, in 2001 the outstanding amount of HELOCs at the 20 largest banks as measured by total loans and leases, was equal to the combined amount of HELOCs on the balance sheets of all other banks. The outstanding amount of HELOCs was split nearly evenly until 2003, even as the total amount was rising.

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However, beginning in 2003, the outstanding amount of HELOCs on the balance sheets of the Top 20 banks soared, peaking at $475.9 billion in 2009. Since 2009, the outstanding amount of HELOCs has collapsed, falling to $314.7 billion by 2015. Meanwhile the outstanding amount of HELOCs held at all other banks doubled between 2001 and 2004, but then declined to $131.6 billion by 2006. Instead of an up-and-down cycle, the outstanding amount of HELOCs held at all other banks remained steady through the financial crisis. In recent years, the outstanding amount of HELOCs held at other banks has risen slightly. Since the outstanding amount of HELOCs on the balance sheets of all other banks is rising while declining at the Top 20 banks, then the gap between the two cohorts is converging.

 

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http://eyeonhousing.org/2015/11/home-equity-lines-of-credit-continue-to-shrink-but-mostly-at-larger-banks/

Should real estate agents “fire” know-it-all homebuyers? | Bedford Hills Realtor

Real estate agents are vital in the role of helping people find the perfect home.

But what should you do if it’s those same people who prove problematic?

What would you do, walk away?

Check out this Reddit post titled: “Stubborn buyer loses home over stupidity, how to handle?”

Here, user WolfofWallStr lays out this tragic scenario:

Hey all. Had a buyer, I’ll call them they “Know it All” Family. They knew everything, especially since they watch Home & Garden TV, Million Dollar Listing, and saw something on Youtube that one time.

So anyways, the buyer (The Know It All Family) submitted an offer, solid offer. Seller countered. The two were $10,000 apart. The seller then offered to meet in the middle, so they are no longer apart. Unfortunately buyer refused and actually informed the seller they are considering lowering their offer. The buyer used silly excuses such as values listed on the tax assessment of the property & replacement values from insurance quotes. In the meantime, the seller got a higher offer… we snoozed, we lost and it was all the buyers fault.

Now this buyer is angry and doesn’t want to buy anymore. They’re solid buyers, but they think they know everything because they read some blog on the internet about real estate and watch RE TV shows lol. Any thoughts on how to handle situations like this in the future?

For once, reaction isn’t so mixed.

Most of the Redditors, many brokers, landlords, agents themselves, say to “fire” clients such as these. Do you agree? Let me know on the message boards below.

Note: one user disagreed and got shot down for showing “alternative feelings.”

I’ll just add that here, at the end, for some balance.

WiseImprovements said:

“They are going through a very emotional process that may seem pretty simple to you. It’s a huge deal for their family and they are out of their comfort zone. I understand that you are frustrated but calling them stupid and insulting them online makes you look very badly.

read more…

you know it all

U.S. Housing Market Recovery Remains on Track | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to slowly stabilize with two additional metro areas entering their outer range of stable housing activity: Scranton and Harrisburg, Pennsylvania.

The national MiMi value stands at 81.2, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.27% from July to August and a three-month improvement of +2.54%. On a year-over-year basis, the national MiMi value has improved +6.16%. Since its all-time low in October 2010, the national MiMi has rebounded 37%, but remains significantly off from its high of 121.7.

News Facts:

  • Twenty-nine of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (96.9), District of Columbia (103.9), Hawaii (93.5), Montana (93.2), and Utah (90.3) ranking in the top five.
  • Forty-seven of the 100 metro areas have MiMi values in a stable range, with Fresno (99.4), Austin (96.6), Honolulu (94.1), Salt Lake City (93.3) and Los Angeles (93) ranking in the top five.
  • The most improving states month-over-month were Ohio (+1.30%), South Carolina (+1.20%), New Jersey (+0.97%), Colorado (+0.92%) and Georgia (+0.83%). On a year-over-year basis, the most improving states were Florida (+14.07%), Oregon (+12.02%), Nevada (11.75%), Colorado (+11.28%), and Washington (+10.41%).
  • The most improving metro areas month-over-month were Akron, OH (+1.47%), Palm Bay, FL (+1.28%), Cleveland, OH (+1.27%), Lakeland, FL (+1.26%) and Denver, CO (+1.21%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+18.07%), Cape Coral, FL (+17.77%), Tampa, FL (+16.00%), Denver, CO (14.73) and Palm Bay, FL (+14.64%).
  • In August, 48 of the 50 states and 98 of the top 100 metros were showing an improving three month trend. The same time last year, 35 of the 50 states plus the District of Columbia, and 71 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“The nation’s housing market continues to improve riding the wave of the best year in home sales since 2007. With the MiMi purchase applications indicator at its highest level in more than seven years we expect home sales to remain strong. Low mortgage rates are fueling the recovery across the country. Places like Denver, Austin and Salt Lake City, and most markets in California, are seeing robust home purchase demand and in many cases double-digit growth over last year.”

“Buoyed by strong employment growth, housing supply is struggling to keep pace with demand, which is driving house prices higher. Fortunately, low mortgage interest rates are helping to keep homebuying affordable for some prospective homebuyers. Nationwide, housing markets are getting back to their long term benchmark averages, but they still have room for improvement. We’re expecting housing to sustain its momentum going into yearend, but we’re going to need stronger income growth to carry housing throughout 2016.”

 

 

 

 

Fixed Mortgage Rates Lower for Fifth Straight Week | Bedford Hills Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling for the fifth consecutive week and hitting new 2014 lows. The average for the 30-year fixed-rate mortgage is at its lowest point since the week of October 31, 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.6 point for the week ending May 29, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.81 percent.
  • 15-year FRM this week averaged 3.21 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.3 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.66 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, down from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.54 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 the Regional 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.

“Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.”

“Also, as the spring home buying season continues, we see stronger consumer confidence as house prices remain on the rise. The Conference Board reported that confidence among consumers rose in May after dipping in April. Meanwhile, the S&P/Case-Shiller® 20-city composite index rose 0.9 percent in March, above the consensus forecast.”

 

 

House marketed as ‘Frankenstein’ fixer-upper sells in 2 days, over list | Bedford Hills NY Real Estate

Abandoned for three years, stripped of its kitchen and bathroom fixtures, and missing part of its roof, the two-bedroom fixer-upper was in such rough shape that its listing agent did not hesitate to market the property as “Frankenstein.

”Which made the home all the more attractive to plasterer and carpenter Chris Leczynski, who bought the Melbourne, Australia, property sight unseen two days after it hit the market, paying $11,000 over the asking price of $500,000. Source: news.com.au

 

– See more at: http://www.inman.com/wire/house-marketed-as-frankenstein-fixer-upper-sells-in-two-days-over-list/?utm_source=20131216&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.R3mr5AHp.dpuf

Dreaming in Color: 8 Gorgeously Green Bedrooms | Bedford Hills Real Estate

Green runs the gamut from cooler, blue-tinged jade greens to warmer, citrusy yellow-greens. Cooler greens tend to make us feel relaxed and soothed — conducive to getting a good night’s sleep. Warmer greens, especially the bolder hues, can help us wake up and feel more energized. So whether you’re looking for a bedroom color that is de-stressing and calming, or you want some assistance bounding out of bed in the morning, you can look to green for help.
I’ve gathered an assortment of my favorite green paint colors for bedrooms along with eight beautiful bedrooms on Houzz that wear the hue well.

Green paint picks for bedrooms (clockwise from top left):
1. Glacial Green 21-32, Pratt & Lambert 2. Soft Green 066-2, Mythic Paint 3. Timid Absinthe 6003-5B, Valspar 4. Celery Ice 410E-2, Behr 5. Pear Green 2028-40, Benjamin Moore 6. Green Jeans KM3335-3, Kelly-Moore 7. Eco Green SW6739, Sherwin-Williams 8. Arsenic No. 214, Farrow & Ball
I find this fetching green bedroom appealing for the mix of bold and soft color as well as the charming furniture and accessories. The green walls really help the wood beams stand out, but the remainder of the palette remains light and soothing. It’s a relaxed, airy room that I think would appeal to many — perfect for a guest room.
Instead of painting the four bedroom walls green and leaving the ceiling white, mix it up a bit and paint the ceiling and one wall or part of one wall your chosen green hue. Be sure to pick up the color elsewhere in the room. Even small accents of it will add visual rhythm, causing the eye to move throughout the space and the viewer to appreciate all of the lovely details.
Here’s another example of a green ceiling paired with light-colored walls. While the previous example had a minimal palette of just green and white, this bedroom has many different shades of yellow-green mixed with whites and wood tones. It’s colorful but feels soft and harmonious.
This is a more dramatic green that offers a modern, fun and youthful vibe. This assertive shade stands up well to darker, cooler wood tones.

Bedford Post Inn To Feature Local Farmers In ‘Harvest’ Dinners | Bedford Hills Real Estate

Bedford Post Inn will host its first in a series of ‘Harvest’ dinners on Sunday from 5 p.m. to 9 p.m., featuring some of the Hudson Valley’s farmers and purveyors

This night will honor Mimi Edelman of I & Me Farms, a purveyor that the inn’s executive chef, Jeremy McMillan, and his team regularly rely on for a bulk of their seasonal produce.

In October, the Bedford Post Inn’s Farmhouse will hold an Oktoberfest celebration featuring German inspired fare including potato and rye dumplings, wurst, sauerbraten, saurkraut, and braised red cabbage.

Guests will also be able to listen to German music.

Reservations can be made by calling 914-234-7800 or emailing reservations@bedfordpostinn.com

The Bedford Post Inn is at 954 Old Post Road.

 

 

 

http://bedford.dailyvoice.com/events/bedford-post-inn-feature-local-farmers-harvest-dinners