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Purchase Mortgage Applications Plunge | Bedford NY Real Estate

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It might be hot outside but its freezing in the inboxes of hundreds of the nation’s mortgage lenders. Last week applications fell to their lowest level since February.

Maybe it’s just a sign that the selling season is winding down. More likely it’s something a lot more serious—yet another signal that the housing recovery is seriously sick and keeps getting sicker.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests. The Mortgage Bankers Association’s index revealed that loan application volume fell 3.6% on a seasonally adjusted basis for the period ending July 11 after increasing the previous week, which included an adjustment for the July 4 holiday.

The dip in mortgage activity was mainly attributed to an 8% decline in purchase applications. These applications, where the average loan size sought was $268,500, plunged to their lowest level since February, the Washington-based trade group said on Wednesday. Meanwhile, refinance activity was only down 0.1% from the prior week.

Yet this time no one is attributing the decline to interest rates. Bankrate reports that mortgage rates dropped to record lows again last week after a sluggish employment report disappointed investors. The 30-year fixed-rate mortgage fell 8 basis points to 3.79 percent. The 15-year fixed-rate mortgage fell 8 basis points to 3.05 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 3 basis points to 4.44 percent.

 

 

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http://www.realestateeconomywatch.com/2014/07/purchase-mortgage-applications-plunge/

 

Fed Study Says FHA Lenders Tighten Standards |Bedford NY Real Estate

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A new report from two Federal Reserve economists says lenders have been applying strict underwriting conditions to keep borrowers who can’t afford a large down payment out of the Federally guaranteed program that is designed to make it possible first time and mid to lower income applicants become homeowners.

The report sets down in black and white what has been rumored for months: that the steep declining in FHA loans in recent months is due in part by a concerted effort by FHA lenders to reduce their exposure and improve profitability by rejecting applications by applying tough underwriting standards.

Federal Reserve economists Jordan Rappaport and Paul Willen found that from early 2007 to mid-2010 the median FICO score on a conforming mortgage increased by almost 50 points as lenders raised standards for conventional loans. Lower income borrowers who could not meet those standards turned to the FHA program. The median FICO score for the combination of conforming and FHA-guaranteed mortgages increased only 10 points.

But rather than cutting off access to mortgage credit for a subset of households, lenders tightened credit for all households through strict underwriting procedures.

“Lenders required conservative appraisals, meticulous documentation and the curing of even the slightest questions of title. To the extent that these standards constitute sound lending practices, adhering to them is a positive development. But the level of vigilance suggests that regulatory uncertainty may also be playing a role,” the Fed economists said.

“Lenders fear that departures from the evolving standards will result in considerable costs, including the forced buyback of loans sold to Fannie and Freddie and the rescinding of FHA mortgage guarantees. The associated uncertainty has caused lenders to act as if strict interpretations of possible restrictive future standards will apply,” they said.

 

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http://www.realestateeconomywatch.com/2014/07/fed-study-says-fha-lenders-tighten-the-screws-on-applicants/

Jonathan Safran Foer Reduces Price of Park Slope Mansion | Bedford Real Estate

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19 images


Click here to view the full photogallery.

While Brooklyn townhouses are still selling like crazy, apparently the $14 million threshold remains a tough one to break. For evidence, look no further than writer Jonathan Safran Foer’s extremely nice and incredibly expensive limestone townhouse in Park Slope, which he and his wife, writer Nicole Krauss, put on the market for $14.5 million back in October. The couple separated shortly before listing the house and are now “living in separate homes in another Brooklyn neighborhood.” In the meantime, the house has not sold, and yesterday it was relisted with a reduced asking price of $13 million.

 

 

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http://ny.curbed.com/archives/2014/06/25/jonathan_safran_foer_reduces_price_of_park_slope_mansion.php

Fixed Mortgage Rates Near Seven Month Low | Bedford NY 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 moving lower for the fourth consecutive week with fixed mortgage rates hitting new lows for this year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.6 point for the week ending May 22, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.63 percent.
  • 1-year Treasury-indexed ARM averaged 2.43 percent this week with an average 0.4 point, unchanged from last week. 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 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.

“Mortgage rates continued to decline this week as industrial production slipped by 0.6 percent in April, below the market consensus forecast. Meanwhile, housing starts jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.

 

 

 

 

Luxury market’s ticking time bomb: If this were a virus, you would call it a full-blown epidemic | Bedford Real Estate

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There is a ticking time bomb hidden in the top end of the housing market that I don’t see the mainstream media addressing. And this is no hidden bomb — it is glaringly obvious and sitting right out in the open.

McMansions image via Shutterstock.
McMansions image via Shutterstock.

The question is not, “Will it blow up?” The simple question is, “What will the fallout be when it does explode?”

Do we still love our McMansions?

This is not a Tallahassee problem — this is a U.S. housing market issue that will be felt in most areas. Only the highest-growth, strongest economic areas of our country will be shielded from the blast when it occurs.

We have built too many McMansions; too many homes for an upper 10 percent of the market that is going to change dramatically when the trigger point is reached. As with any time bomb, you have to wonder just what is needed to make it explode.

 

 

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http://www.inman.com/next/luxury-markets-ticking-time-bomb-if-this-were-a-virus-you-would-call-it-a-full-blown-epidemic/?utm_source=20140519&utm_medium=email&utm_campaign=dailyheadlinespm

Metro Detroit home sale prices rose 24% in April | Bedford NY Real Estate

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Home prices in metro Detroit jumped 24% in April from a year earlier as house hunters chased a smaller number of properties on the market, according to a Realcomp report released Monday.

Figures from Farmington Hills-based Realcomp show the median home sale price for the region was $121,900, compared with $98,250 in April 2013.

At the same time, there were 14% fewer sales than in April 2013 and housing inventory dipped 6%.

Housing experts say the slim inventory of for-sale homes is continuing to lift prices. Desirable properties are selling fast and often receiving multiple bids. The average days on the market for a metro Detroit home was down to 48 days from 70 a year ago.

 

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http://www.freep.com/article/20140512/BUSINESS04/305120145/Metro-Detroit-housing-prices-up-April-2014-Realcomp

Updates from The Town of Bedford | Bedford NY Homes

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Thursday, April 25, 2014

Dear Residents,

Bedford Police Taking Back Unwanted Prescription Drugs April 26 at 307 Bedford Road, Bedford Hills. Click here for the press release

2014 Town-Wide Clean-up Days 2014 – May 1-3

Join us at the Crusher Road Highway Facility off Route 22, just North of Route 172, in Bedford Village where Town residents can bring for a fee (listed – click on the link below) household debris and metal waste and, at no charge, bring brush and tree debris to the Beaver Dam Highway facility on Beaver Dam road off Harris Road. Days/Hours are:

Thursday May 1st and Friday May 2nd: 7:30am-3:00pm and
Saturday, May 3rd: 7:30am-4:30pm
For more information click here

2014 NYSEG Routine Tree Trimming:

NYSEG Tree Pruning – NYSEG will be trimming the Bedford Hills 225 circuit for routine maintenance in 2014. This will be done to help improve the reliable distribution of power throughout the circuit. Attached are the roads in your town that are on the mentioned circuit.

The trimming specifications are to cut vegetation 10 feet to either side of the primary line, that is the line at the top of the poles. Cut vegetation 10 feet below the primary line and cut overhanging vegetation 15 feet above the line.

It should be noted that trees that are within 10 feet of the line and have the ability to grow into the line will be evaluated for removal as well as dangerous/ hazardous trees outside 10 feet.

Employees from ACRT INC. will be pre planning the tree work. This company will be going to everyone who has property on this circuit and explaining the tree work that will be done prior to the tree crews starting the work. Attached is the notification letter the company will be using. We expect the tree work to start later this year.

If you would like to review the circuit maps and discuss any concerns, I and Nelson Tree Service General Foreman will be more than happy to meet with you.
Brewster Division, Sam Miller, 845.278.8120, extension 229

Notice:

The Bedford Water District will flush the water mains in Katonah, Bedford Village Bedford Hills and the Stanwood/Cedar Downs areas until Wednesday, April 30th.

2014 County & Town Tax Reminder- avoid a 2% penalty for late payments – due by April 30, 2014, without Penalty.

Reminders:

The Town of Bedford resident commuter parking permit applications for the 2014-2015 permit season will be mailed out after May 1st this year.

The Town of Bedford will be celebrating Arbor Day with a tree planting ceremony on Saturday, April 26 at 9:00 am at the Bedford Hills Memorial Park. Please join us!

Two Types of Real Estate I’ll Never Invest In | Bedford Real Estate

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I generally try to avoid blanket statements such as this, but I’m confident I will never invest in the following two types of real estate:

1. A Speculative Development Project I know, I know some of the most successful real estate investors in the world have made vast fortunes and built empires through development. I just won’t be one of them. Right or wrong, here is my rationale:

  • Development is all about timing and I’m not clever enough to consistently time the market over an entire investing career. Often the best time to build is when the market is in the gutter and development doesn’t “pencil” (i.e. the numbers look awful). If you start to build when the market is on fire, you’ll often miss the party before you finish construction.
  • Developers often have to “land bank” to wait for the right time to build. The holding cost of land creates a negative carry investment, which eats into the project’s final returns.
  • The entitlement and permitting process is expensive and tortuous. Get out your checkbook, because every consultant and city agency is going to have its hand out. The EIR (Environmental Impact Report) alone can wreck a pre-development budget (traffic study, wind study, etc.) and everything takes 2-3 times longer than your “most conservative” project timeline.
  • Too much construction / execution risk. One failed development can crush a company’s reputation and balance sheet; erasing years of positive returns. Why not let others develop and just wait for a market dip to buy buildings below replacement cost?

2. A Suburban Office Property I probably wouldn’t be able to sleep at night if I owned a leveraged office property outside of a major city. Here’s why…

 

 

http://www.fool.com/investing/general/2014/04/06/two-types-of-real-estate-ill-never-invest-in.aspx

Westchester’s Only Great Blue Heron Rookery In Bedford, Nature Group Say | Bedford Real Estate

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A colony of great blue heron has made Bedford its home for the season in a remote, yet visible wooded area that Naturalist Tait Johansson says is the only place in all of Westchester that you will find the large birds.Photo AlbumGreat Blue Herons Nest, Breed, Incubate In Bedford

There are about 20 blue herons nests at a rookery – or colony of breeding animals – on Route 121 just past the intersection with Route 137.

Some of the birds could still be seen this week building nests high up in the barren trees, flanked by a swampy surface with dead trees. The tall bird with an S-shaped neck and long legs usually settles near water or in a marsh and preys on fish, frogs, mice and even other birds.

“This rookery started two years ago,” said Johansson, who works at the Bedford Audobon Society in Katonah. “It’s something interesting. A lot of people have called here asking about it.”

The Katonah resident and lifelong bird admirer said not all of them have migrated back north to the Bedford rookery. He said the birds you see now are adults, who will breed and then incubate their eggs in the nest for about a month – he added that they’re not as interesting to observe while incubating since they mostly stay in the nest.

 

http://bedford.dailyvoice.com/lifestyle/westchesters-only-great-blue-heron-rookery-bedford-nature-group-say

Social Media Marketing Secrets of Smart Savvy Bloggers | Bedford Realtor

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The success of a blog can be judged on different aspects, but engagement will  be a dominant factor in achieving the desired outcome. Using social media  marketing to promote your blog can be highly effective, and your ‘followers’ or ‘likes’ should be considered as important metrics.

However, ensuring that you truly engage with these people, across all  platforms, is equally important and often overlooked.

Seth Godin is widely viewed as an arbiter on marketing issues, he has  repeatedly referenced Kevin Kelly’s ‘1000 True Fans’ article. Kelly’s principal message is that  a ‘true’ fan is of greater value than a lesser fan, and that engagement helps  nurture ‘true’ fans. He states that:

‘The genius of the True Fan model is that the  fans are able to move an artist away from the edges of the long tail to a degree  larger than their numbers indicate.’

His article focuses on upcoming artists aiming to sustain a living, but the  methods can be applied to the development of any blog. If you’re dealing with  larger numbers, or are representing a corporation, then you should still pay  heed to these core values with the same sincerity.

1. Unique & varied social media content

Using Facebook or twitter to post links to your own articles will help drive  traffic towards your site, no doubt. However, if this is your only social media  activity then you have to question how original and engaging the page is.  Readers may initially ‘like’ or ‘follow’ you, but if your page is essentially a  glorified RSS feed then you may drive these same people away at a later date.  Also remember that engagement leads to more followers/likes.

A good example of a successful commercial Facebook page is Oreo; unique video, images, and campaigns  solely for their Facebook page present the user with a fresh experience. The  user’s engagement and sharing of the content, will in turn increase the traffic  to both your Facebook page and your blog. If you are representing a brand, don’t  be afraid to show intelligence – ‘dumbing down’ to your audience can be  portrayed as a ‘dumbing down’ of your brand. This is where Oreo excels; it  doesn’t offer generic competitions, instead choosing to post relevant and  humorous content.

If you run a personal blog you may not have the resources for a campaign on  this scale, but at least adopt the principles and ensure you have some unique  content.

Read more at http://www.jeffbullas.com/2014/04/02/the-social-media-marketing-secrets-of-smart-savvy-bloggers/#YJuH5J5gkgCsdYrK.99