Tag Archives: Chappaqua

Chappaqua NY

Housing Indicator Suffers Worst Monthly Decline in History | Chappaqua NYHomes

 

The strength of the housing recovery remains questionable depending on who you ask. Home prices have rebounded sharply from their worst levels of the financial crisis, but the Federal Reserve played a major role in the process. The real estate market is expected to return to a more sustainable pace over time, but frigid temperatures and other factors are already weighing on home-builder sentiment.

After finishing 2013 at its best level since August, the National Association of Home Builders/Wells Fargo’s index of builder confidence continues to worsen. The index plunged 10 points in February to 46, compared to 56 in January. More builders viewed market conditions as poor than good for the first time in nine months.

It was the worst monthly decline for the index in survey history, and the first reading below 50 since May. Any reading below 50 indicates that builders in general hold a negative view on sales conditions. In the five years before the Great Recession, the index averaged 54, and hit an all time low of 8 in early 2009.

 

http://wallstcheatsheet.com/politics/economy/this-housing-indicator-suffers-worst-monthly-decline-in-history.html/?ref=YF

 

NAR: Rising home prices infringe affordability | Chappaqua NY Real Estate

 

The vast majority of metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter, the latest quarterly report by the National Association of Realtors revealed.

However, a companion metro area annual affordability report pictures less favorable conditions, especially in the West.

The median existing single-family home price rose in 73% of measured markets, with 119 out of 164 metropolitan statistical areas recording gains based on closings in the fourth quarter compared with the fourth quarter of 2012.

In addition, forty-two areas, 26%, had double-digit increases, two were unchanged and 43 recorded lower median prices.

There are two ways of looking at the price gains, Lawrence Yun, NAR chief economist, said.

“The vast majority of homeowners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” Yun said.

“At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability,” he added.

On Monday, HousingWire reported on Yun’s remarks at the alabama Commercial Real Estate Conference after he noted that it feels like America is still in a recession.

“Looking at the economy, last year was overall a sub-par performance with 2% GDP. That is below the historical norm of 3% and it’s been several years of under 3% growth,” he added.

 

 

http://www.housingwire.com/articles/28920-nar-rising-home-prices-infringe-affordability