Tag Archives: Cross River Homes

Consumer Lending (And Risk) Grows | Cross River Real Estate

A recent release from the Federal Reserve Board indicates that consumer credit outstanding grew by a seasonally adjusted annual rate of 6.9% over the year of 2014, accelerating from the 6.0% growth rate recorded in 2013. At the end of 2014, there was $3.3 trillion in consumer credit outstanding.

The expansion in consumer credit outstanding over the year largely reflected an increase in non-revolving credit outstanding. Non-revolving credit is mostly composed of auto loans and student loans. According to the release, non-revolving credit rose by a seasonally adjusted rate of 8.2%, $183.6 billion, accounting for 86% of the total growth in consumer credit outstanding for the year. The increase in non-revolving credit outstanding in 2014 marks the 5^th consecutive year of growth since the 0.6% decline in 2009. Over this 5-year period, growth in non-revolving credit has averaged 8.2% per year.

Revolving credit, largely composed of credit cards, also contributed to the annual growth of consumer credit outstanding in 2014. Over the year, revolving credit outstanding grew by a seasonally adjusted annual rate of 3.5%, $30.3 billion, accounting for 14% of the total growth in consumer credit outstanding. Despite its smaller contribution to growth in overall consumer credit outstanding, revolving credit outstanding continues to show signs of recovering. Since declining by 7.6% in 2010, revolving credit outstanding has experienced annual gains in the subsequent 4 years. Moreover, each year of growth in revolving credit has exceeded the increase in the prior year. The 3.5% growth rate in revolving credit recorded over 2014 is the highest rate of growth since the 7.6% increase in 2007.

http://eyeonhousing.org/2015/02/consumer-lending-and-risk-grows/

Mortgages in 2014: Winners and Losers | Cross River Real Estate

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More and more home buyers are finally getting the financing they need, according the year-end Elli Mae Originations Insights Report. But not everyone fared so well.

Two out of three applications for a mortgage were approved in November and December, the highest approval rate in years. Some 67.1 percent of applications were approved, up from 31 percent two years ago and well above the 2014 annual average of 63.3 percent.

Even more importantly, today more people with good but not perfect credit scores are getting mortgages to buy a home. The average FICO score for all loans in 2014 was 726, 12 points lower than 2013 and 22 points lower than it was 748 in 2012. However, the average FICO for a mortgage still higher than the median average FICO score of 692.

FHA borrowers with even lower FICO scores are more likely to get a mortgage approval than conventional borrowers. The average FICO score to buy a home in 2014 was only 684, down from 695 in 2013.

Yet there’s bad news for student loan debtors. Debt to income requirements for purchase loans barely budged in 2014. Average front end ratios for purchase loans were the same in 2014 as 2013: 24 percent. Back end ratios loosened slightly, rising only from 36 to 37 percent. The data may reflect the impact of the QM Rule, implemented in 2014, which limits DTI ratios to 43 percent. For first-time buyers saddled with high student loan debt, this is not good news.

Home buyers applying for conventional financing saw very little improvement in average FICO scores during the year. FICO scores remain very high compared to other loan types. In 2014 the average FICO was 755 for conventional loans, far above the average of 726 for all loan types. By comparison, the average FICO for conventional purchase loan borrowers was 759 in 2013 and 763 in 2012. In two years, the average FICO score for approved conventional purchase loans has changed only 8 points.

Borrowers with the credit and down payment for a conventional loan were also more likely to get approved. A higher percentage of conventional purchase loan applications were approved than any other loan type. In December, 62.8 percent were approved compared to 63.2 percent for FHA loans and 7.1 percent for all purchase loans.

http://www.realestateeconomywatch.com/2015/02/mortgages-in-2014-winners-and-losers/

Exploring New York City’s Irresistibly Eerie Abandoned Places | Cross River Real Estate

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[Harlem’s P.S. 186 in 2012. It has been abandoned for nearly four decades, but there areplans to turn it into affordable housing. All photos by Will Ellis.]

Photographer Will Ellis made a name for himself capturing New York’s amazing decrepit spaces on his blog Abandoned NYC, and now his work is the subject of a new book, out this week. The book features 16 derelict locations (mostly) within city limits, including brand new photos of five locations never released online (hello, sunken Coney Island submarine). Ellis’s love of abandoned buildings is as deeply tied to a curiosity for the ghoulish as it is to an intense connection with the history behind New York City’s many stories. His blog covers NYC abandonments more extensively and prosaically than nearly any other print or online source, and his photos capture the beauty of what many shrug off as eyesores and urban blight. Ellis talked with Curbed contributor Hannah Frishberg about the book and shared 18 photos of a few of his favorite sites.

How did you get into urban exploration?

It wasn’t something that I set out to do at all, I was just out one day with my camera in Red Hook, just kind of looking around, looking for inspiration, and I came across this huge warehouse, 160 Imlay Street [ed. note: This building is now being converted into condos]. I’ve always been drawn to creepy stuff: ghosts, monsters, stuff like that. Halloween was my favorite holiday growing up. So that’s kind of what drew me to it, initially. I was also reading a lot of these old gothic fiction and horror stories at the time, H.P. Lovecraft and stuff like that. A lot of those stories are about creating that sense of atmosphere, and more often than not they’re set in these decrepit estates. So I was able to find those places I was drawn to in these books, but to find them in real life, in my own backyard. I still don’t think of myself as a daredevil. I never used to break the law much, I played by the rules. I’m scared of heights. But I saw you could just walk into the building, and I went for it that day. From that point on, I was hooked. That sensation of discovery, the thrill and adrenaline of it. Especially in the first two months I was doing this. For several months I was going out every chance I got. I’ve slowed down a bit since then.

http://ny.curbed.com/archives/2015/01/29/exploring_new_york_citys_irresistibly_eerie_abandoned_places.php

Mortgage Loan Rates Fall to 16-Month Low | Cross River Real Estate

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The Mortgage Bankers Association (MBA) released its most recent report on mortgage applications Wednesday morning. It noted a weekoverweek increase of 14.2% in the group’s seasonally adjusted composite index for the week ending January 16, following a rise of 49.1% for the two week period endingJanuary 9. Mortgage loan rates dropped on all types of loans for the third consecutive reporting period and are now at levels equal to mid2013.

On an unadjusted basis, the composite index increased by 17% weekoverweek. The seasonally adjusted purchase index decreased 3% compared to the week ended January 2. The unadjusted purchase index rose by 3% for the week and is now 3% higher year over year.

The MBA’s chief economist explained:
Mortgage application volume increased last week to its highest level since June 2013, led by a
22 percent increase in refinance application volume. This increase was largely due to mortgage
rates dropping to their lowest level since May 2013. However, the recent reduction in FHA
mortgage insurance premiums also played a role: FHA refinance applications increased 57
percent last week.
Adjustable rate mortgage loans accounted for 6.4% of all applications, up from 5.9% in the prior week.
The MBA’s refinance index increased 22% weekoverweek, and the percentage of all new applications that were seeking refinancing rose from 71% in the prior week to 74%.

Conventional refinancing applications rose 21% weekoverweek, while government refinancing rose 29%.
FHA refinancing applications rose 57%, raising the FHA share of all refinancings from 4.1% to 5.2%, compared with the prior week.

http://247wallst.com/housing/2015/01/21/mortgage-loan-rates-fall-to-16-month-low/

Mortgage Loan Rates Drop to 18-Month Low | Cross River Real Estate

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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 3.3% in the group’s seasonally adjusted composite index for the week ending December 12. That followed a rise of 7.3% for the previous week. Mortgage loan rates fell on all loan types during the week.

On an unadjusted basis, the composite index decreased by 4% week-over-week. The seasonally adjusted purchase index decreased 7% compared to the week ended December 5. The unadjusted purchase index fell by 10% for the week and remains 5% lower year-over-year.

Adjustable rate mortgage loans accounted for 6.2% of all applications, down from 7.0% in the prior week.

The MBA’s refinance index rose from 60% in the prior week to 64%, and the market share for adjustable rate mortgage loan applications dropped to 6.2%.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.11 to 4.06%, the lowest since May 2013. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.07% to 3.99%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.35% to 3.33%.

http://finance.yahoo.com/news/mortgage-loan-rates-drop-18-122553203.html

Renting Now Half as Affordable as Buying | Cross River Homes

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As rent soars across the US, Zillow found that renting a home is half as affordable as buying one. In the third quarter of 2014, U.S. renters could expect to spend about 30 percent of their incomes on rent, while those buying homes could expect to spend just 15 percent of their monthly incomes on their mortgage payment.

The report reveals a big shift from the years before the real estate bubble, between 1985 and 2000, when rent was typically more affordable in major metros than buying. Now, in most metros, those who can come up with a down payment are better off buying, in terms of affordability.

Even in the least affordable metros — like San Francisco, Los Angeles, Seattle and Boston — renting was a more affordable option before the real estate market crash. But since then, rent has increased while the cost of buying a home has fallen in many places, so that renting is now the less affordable option — sometimes by a large margin.

Younger buyers making smaller down payments spend slightly more than other buyers on mortgage payments — a median of 17 percent of their incomes — but buying is still more affordable for them on a monthly basis.

“Despite rising home values, homeownership remains very accessible for buyers that can scrape together a down payment — even a relatively modest one — find a home to buy and secure financing,” said Zillow Chief Economist Dr. Stan Humphries.

Humphries has said he expects 2015 to be a breakthrough year for younger buyers to enter the market, and many of those buyers will decide to buy because rent is so unaffordable. At the same time, some renters are spending so much on rent they will struggle to save for a down payment, even if they want to buy.

http://www.zillow.com/blog/rent-half-as-affordable-as-buy-165842/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Teatown Lake Reservation | Cross River Real Estate

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November 25, 2014

PROGRAMS:

Advanced Registration is required for all programs. Unless noted, all programs meet in the Nature Center and are $7 per person or FREE for members. Please register by calling (914) 762-2912 ext. 110.

Preparing for Winter

Saturday, November 29

1 pm – 2:30 pm

How do wildlife prepare for winter? Who migrates? Who hibernates? Who is active throughout the season? Join us for this animal program where we will answer these questions, meet a couple of Teatown’s animal ambassadors, take a short walk outside, and make a craft to take home.

After the Turkey Hike

Member’s Only

Sunday, November 30

10 am – 12 pm

It’s time to hike off those extra pounds gained from the Thanksgiving feast. The Overlook Trail will give us a good workout and some views too! Moderate hike with some steep sections. Wear hiking boots, bring water and a snack.

Visit Teatown

Teatown Discovers

a Cure

Are you ready for GivingTuesday?

________

Holiday Birthday

Party Special

Book a party and invite a friend to book a party and each save $25 on the booking fee. Parties may be scheduled for any date but must be booked before December 15.

Please call 914-762-2912, 110 to book your party.

Shopping on Amazon this

holiday season?

Your purchases can

help Teatown!

Click here for info.

APellegrino

1600 Spring Valley Road

Ossining, NY 10562

914-762-2912

www.teatown.org

Teatown Lake Reservation’s

mission is to inspire our community to lifelong environmental stewardship.

Nature Center hours:

9 am – 5 pm daily

Trails are open 365 days a year from dawn to dusk.

Click here for Teatown membership benefits, details,

and to purchase or renew

your membership online.

Your donation can make

an immediate impact and help

support our environmental education programs and the stewardship of our 1,000 acre preserve.

Upcoming Events and Workshops:

Island in the River – Hike with Club Fit

Saturday, December 6

10 am – 2 pm

Join us for a pleasant stroll through Croton Point Park a picturesque riverside park that’s almost an island in the Hudson River.

Hike Length is 4 miles / 3 hours. Rain cancels. Bring lunch and a warm drink. Comfortable shoes a must! Meet in the Club Fit – Jefferson Valley parking lot located on Bank Road at 10am or at Croton Point Park at 10:30 am.

Feathers, Scales & Fur

Sunday, December 7

10 am – 11:30 am

December is upon us and animals have a strategy to make it through the winter. How does an animal’s wardrobe determine

what it does when the weather turns cold?

Join us to find out!

In the Nature Center Gallery:

Ceramic Plates & Sculpture

by Barbara Krohn

On exhibit November & December 2014

Ms. Krohn and her family have long standing connections to Teatown and we are very pleased to be hosting an exhibit of her recent works.

Click here for more info.

Teatown Highlight:

Holi-daze Mini-Camp

The holidays are coming: when school is out and nature is in! Come for a day, or two or more of fun in the outdoors. There will be hiking, crafts, and enough adventure to keep your child busy and active throughout the holiday season.

Click here for more information.

Holiday Toy Drive

Teatown is helping Open Door Family Medical Centers collect new toys for children from families of less fortunate means this holiday season. Please donate new, unwrapped toys for their young patients ages newborn to 14 years old. Every toy counts!

Please bring your new, unwrapped toys for children newborn to 14 years old to Teatown’s Nature Center between November 22 and December 10. Suggested Value: $10 – $20

www.teatown.org

Mortgage volume stalls with rates | Cross River Real Estate

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Mortgage rates-and applications-barely moved last week.

Total application volume fell 0.9 percent from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

Applications to refinance, which saw a brief surge on lower rates in October and then a precipitous drop when rates rose again this month, fell 2 percent from the previous week. Mortgage applications to purchase a home rose 1 percent from the previous week but are still 11 percent below year-ago levels.

A bright spot in the mortgage market today appears to be for veterans. Loans guaranteed by the Department of Veterans Affairs rose to 11 percent of total applications. Usually loans backed by the government mortgage insurer, the FHA, are more popular, but its share came in at 9.6 percent last week. Higher fees and insurance premiums have kept many borrowers away from even this low down-payment loan option.

VA loans require no down payment in most cases, and do not require mortgage insurance. This may be why they’ve gained popularity as home prices continue to rise.

“Apropos of Veteran’s Day, the VA share of the market reached a new high,” said Michael Fratantoni, chief economist for the Mortgage Bankers Association. “VA’s share has exceeded FHA’s share of loan applications for the last three weeks.”

http://finance.yahoo.com/news/mortgage-volume-stalls-rates-130008561.html

Steady Job Growth in October | Cross River Real Estate

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The economy continues to produce jobs at a modest pace, although wages gains remain weak according to the most recent labor market reports from the Bureau of Labor Statistics. Improvements in both areas should help support growth in both owner-occupied and rental housing demand in the coming year.

In October, home builders and remodelers added 8,000 jobs to the residential construction sector on a seasonal adjusted basis according to NAHB analysis of BLS data. Over the last 12 months, the industry has created 131,000 jobs. Since the low point of industry employment following the Great Recession, the residential construction industry has gained 333,700 positions, although employment remains 1.132 million lower than the peak level seen in early 2006. Employment growth for the sector has been steady recently, adding on average just a little more than 10,000 jobs per month over the last six months.

Of course, national employment conditions are a key factor driving housing demand. According to the most recent BLS data, total nonfarm payroll employment grew by 214,000 on a seasonal adjusted basis in October. After upward revisions for September and August, the economy added 673,000 positions over the last three months. In the separate household survey, the national unemployment rate fell from 5.9% to 5.8% in October. Real wage growth continues to lag, posting only a 0.1% pickup in October after a 0.2% decline in September.

http://eyeonhousing.org/2014/11/steady-job-growth-in-october/

DIY Spirit Reinvents an Industrial Home | Cross River Real Estate

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After living for six years in his downtown Edmonton loft, in the Canadian province of Alberta, this homeowner was ready for a change. He liked the industrial nature of the space — soaring ceilings, raw redbrick walls, exposed ducting and conduit — but didn’t like its low-grade cabinetry. Plus, he was flat-out tired of his furniture.While he didn’t mind getting his hands dirty doing some of the work of refreshing the space, he knew he needed professional help when it came to the layout and choosing colors and furniture styles. He found designer Brenda Brix of AMR Design while searching for local professionals on Houzz and enlisted her help through a design consultation. She wrote up a detailed plan, and he implemented it himself, finding materials and furnishings and even teaching himself how to build and modify pieces.

For example, he bought mirror tiles and antiqued them. He took a basic pine cabinet from Ikea and distressed it. He even located his own stainless steel and installed it himself as a backsplash. “I wanted to add personal touches and cool things that people would come in and we could talk about them for five minutes,” he says.

AMR Design

Photos by Ryan Patrick Kelly PhotographsBrix’s plan divided up the long, narrow space without interior walls into a TV room with a sectional near the farthest window, a reading area with a single chaise in the middle and a conversation grouping with four chairs, seen here in the foreground. The sleeping area is to the right (not shown), separated by bookshelves.

Each chair in the conversation area is from a different supplier, because Brix and the homeowner felt that four of the same club chair would have made the space feel too heavy.

Breaking up the three walls of brick with artwork also kept things from feeling too heavy. The homeowner made the bus stop–style signs himself on canvas. “It brings a little script into the space and flows with the brick, so it feels like you’re outside,” says Brix.

Red chair: Costco; leather chair with metal: Wayfair; metal chair with sheepskin: Restoration Hardware

A Design Consultation and DIY Spirit Reinvents an Industrial Loft

BEFORE: The low-grade kitchen cabinets and lack of a backsplash played a big part in the homeowner’s decision for a new look.

AMR Design

AFTER: The homeowner removed the cabinets and countertop himself and found a contractor to weld the sink and integrated countertop from stainless steel. He then had the steel cut for the counter-to-ceiling backsplash and enlisted the help of his neighbor to install it.He created the live-edge floating shelf from a piece of wood he picked out at a local supplier and attached it himself. He bought the range hood from Costco and took it to a local powder-coating shop.

The stairs lead to a home office.

http://www.houzz.com/ideabooks/33335349?utm_source=Houzz&utm_campaign=u776&utm_medium=email&utm_content=gallery1

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Tag Archives: Cross River Homes

Consumer Lending (And Risk) Grows | Cross River Real Estate

Mortgages in 2014: Winners and Losers | Cross River Real Estate

Exploring New York City’s Irresistibly Eerie Abandoned Places | Cross River Real Estate

How did you get into urban exploration?

Mortgage Loan Rates Fall to 16-Month Low | Cross River Real Estate

Mortgage Loan Rates Drop to 18-Month Low | Cross River Real Estate

Renting Now Half as Affordable as Buying | Cross River Homes

Teatown Lake Reservation | Cross River Real Estate

Mortgage volume stalls with rates | Cross River Real Estate

Steady Job Growth in October | Cross River Real Estate

DIY Spirit Reinvents an Industrial Home | Cross River Real Estate