Tag Archives: Cross River NY Homes for Sale

In Four Southern States, Nearly 90 Percent of New Homes Have Porches | Cross River Real Estate

Of the roughly 850,000 single-family homes started in 2017, 64.7 percent were built with porches, according to NAHB tabulation of data from the Survey of Construction (SOC).  The SOC is conducted on an ongoing, monthly basis by the U.S. Census Bureau, partially supported with funding from the Department of Housing and Urban Development.

Among other things, the SOC data show that, over the period when single-family starts were declining (from 1.7 million in 2005 to 430,000 in 2011), the share of new homes built with porches was increasing (from 54.1 percent in 2005 to 65.7 percent in 2011).

Since 2009, the share of new homes with porches has been relatively stable, staying between 63 and 65 percent most years.  However, the new-home porch share has broken above the 65 percent barrier twice.  The first time was the record high of 65.7 percent for new homes started in 2011.  The second time was the 65.1 percent of homes started in 2016.   Although the share declined slightly to 64.7 percent in 2017, that still represents the third highest percentage on record.

The Census Bureau generally publishes characteristics of new housing only for the four principal Census regions, but the underlying data can be tabulated down to the nine Census divisions.  There turns out to be substantial variation across divisions in the share of new homes built with porches.  Sometimes, the difference is substantial even between neighboring divisions.  The low extreme is the 52 percent of new homes with porches in the West North Central divison, as well as in the West South Central that neighbors the West North Central to the south.  At the high end of the scale, however, 89 percent of homes started in 2017 were built with porches in the four states that make up the East South Central division, which lies adjacent to the West South Central, on its eastern border.

While the SOC shows how many new single-family homes are built with porches, it doesn’t provide much information about the nature of the porches.  Information on that, however, is available from the Annual Builder Practices Survey (BPS) conducted by Home Innovation Research Labs.  The preliminary 2018 BPS report shows that front porches were far more common than side or rear porches on single-family homes built in 2017.

The BPS also shows that the average size of a front porch on a new home is roughly 100 square feet.  Measured by square footage, the material most commonly used to build new home porches is concrete, followed by treated wood.  Many species of wood used in home building, like southern yellow pine, don’t withstand outdoor use unless pressure treated with preservative chemicals.

read more…

 

http://eyeonhousing.org/2018/09/nearly-90-percent-of-new-homes-have-porches-in-four-southern-states/

Pending home sales drop | Cross River Real Estate

Contracts to buy previously owned homes in the United States shrank 4.1 percent year-on-year in February of 2018, following an upwardly revised 4 percent drop in January. It is the biggest decline since June of 2014 as contracts fell in all main regions: Northeast (-5.1 percent), Midwest (-9.5 percent), South (-1.5 percent) and the West (-2.2 percent). Compared to the previous month, pending home sales increased 3.1 percent, rebounding from an upwardly revised 5 percent fall in January and beating forecasts of a 2.1 percent gain. Pending Home Sales in the United States averaged 1.03 percent from 2002 until 2018, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.

 

CalendarGMTActualPreviousConsensusTEForecast
2018-01-3103:00 PMPending Home Sales YoY0.5%0.8%-0.2%-0.3%
2018-02-2803:00 PMPending Home Sales YoY-3.8%0.4%0.4%
2018-03-2802:00 PMPending Home Sales YoY-4.1%-4%-0.2%0.5%
2018-04-3002:00 PMPending Home Sales YoY-4.1%-2.11%
2018-05-3102:00 PMPending Home Sales YoY-1.60%
2018-06-2702:00 PMPending Home Sales YoY-1.35%

 

read more…

 

https://tradingeconomics.com/united-states/pending-home-sales#alerts

Pending home sales drop 3.6% | Cross River Real Estate

Contracts to buy previously owned homes were flat in September and activity declined on an annual basis for the fifth time in the last six months as demand for properties continued to exceed supply.

The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed last month, was unchanged with a reading of 106.0. August’s index was revised lower.

Economists polled by Reuters had forecast pending home sales edging up 0.2 percent last month.

Pending home contracts are viewed as a forward-looking indicator for the state of the housing market because they become sales one or two months later.

Although the U.S. economy continues to strengthen, the housing sector has faltered this year. Home sales have weakened amid tight inventories while builders have cited shortages of land and labor as a curb on construction.

Compared to one year ago, pending sales fell 3.5 percent overall and there were annual declines across all four of the nation’s regions.

Compared with the prior month, pending sales for September rose 1.2 percent in the Northeast, 1.4 percent in the Midwest and 1.9 percent in the West.

“Activity is falling further behind last year’s pace because new listings aren’t keeping up with what’s being sold,” NAR chief economist Lawrence Yun said in a statement.

He added the situation will likely be further exacerbated as inventory starts to decline heading into the winter months.

The South saw declines of 2.3 percent in September, which the NAR largely attributed to the effects of Hurricanes Harvey and Irma.

read more…

 

http://www.newsmax.com/Economy/pending-home-sales-housing/2017/10/26/id/822258/

Mortgage rates average 3.91% | Cross River Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates increasing across the board for the first time in over a month.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.5 point for the week ending June 15, 2017, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, up from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 2.74 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 30-year mortgage rate rose 2 basis points over the week to 3.91 percent. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week’s survey.”

Features and Colors of Kitchens in New Homes | Cross River Real Estate

Leave a reply

What are the features and colors included in kitchens of newly constructed homes? Data from Houzz, combined with information from the 2016 Builder Practices Survey, provides insight.

The 2016 Builder Practices Survey (BPS) is a national survey of homebuilders, conducted by Home Innovation Research Labs, that captures valuable information on the product features included in new residential construction, both single-family and multifamily.

It is a robust survey of 1,381 respondents who built single-family detached units and 199 respondents who built multifamily or single-family attached units (i.e. townhomes). Results are available on national and regional levels.

Analyzing the BPS can uncover interesting trends in the construction of new kitchens, such as countertop material type, cabinet type, and appliances.

Although the BPS covers a broad range of topics, it does not touch upon the color themes of kitchens in new construction. Houzz, an online platform dedicated to home remodeling and design, conducted an online survey on this very topic. Its survey asked recent buyers of newly constructed homes about the colors themes in their kitchens. The survey is national in scope and had 203 respondents.

Combining data from the BPS with the Houzz survey can provide powerful information on what today’s new kitchens look like. The following provides a snapshot of the 2015 product features and color themes included in kitchens of newly constructed single-family homes:

Countertops & Backsplashes
Figure 1 displays the type of countertop material installed in new kitchens. Granite countertops are overwhelmingly the most popular with 64 percent of new homes having this material type. It is no surprise that only 14 percent of new homes have laminate countertops. Based on NAHB’s Consumer Preference Surveyreport, laminate countertops are the least desired kitchen feature and are likely only installed when affordability is a major concern. Besides these material types, 9 percent each of new homes have engineered stone and solid-surface countertops.

Figure 1: Countertop Material Type (1)
figure1v3

The Houzz survey provides insight on countertop color. Figure 2 displays the countertop color of those who have granite countertops, the most popular countertop material. Three color choices stand out: 30 percent of respondents have multi-colored countertops, 26 percent have white, and 18 percent have black. Twenty-six percent reported some other color, or were not sure about their countertop color.

Figure 2: Countertop Material Color (2)

figure2

In addition to countertop material color, buyers also noted the color of their backsplashes (Figure 3). Twenty-six percent of respondents reported having white backsplashes, 13 percent reported beige, 12 percent reported multi-colored, and 6 percent reported gray. Forty-three percent reported some other color, or were not sure of their backsplash color.

Figure 3: Backsplash Color (3)

figure3

 

Cabinetry
Figure 4 displays the types of cabinets installed in new homes. Wood-based cabinets are the most common, but there is variation in the panel type of wood cabinets. Sixty percent of new homes have raised panel wood cabinets, compared to 25 percent that have flat panel wood cabinets. Only 5 percent of new homes have laminate cabinets, and the remaining 10 percent consists of various other types, such as glass cabinets.

Figure 4: Cabinet Type (4)

figure4

Figure 5 displays the cabinet colors reported by respondents in the Houzz survey. The most popular color is white (34 percent), followed by wood – medium tone (20 percent), gray (9 percent), wood – dark tone (7 percent), and multi-colored (6 percent).

Figure 5: Cabinet Color (5)

figure5

 

Appliances
Figure 6 displays the percentage of new homes that have each appliance listed. Cooktops and ranges are almost always provided in new kitchens with 97 percent of new homes having these features. Features that are also commonly installed include dishwashers (92 percent), microwave ovens and garbage disposals (both 84 percent); and refrigerators and freezer (65 percent).

Items less frequently installed in new homes include clothes dryers and washers (36 and 34 percent, respectively), wall ovens (18 percent), hot water recirculation piping (17 percent), water softeners and central vacuum systems (both 13 percent); hot water dispensers and standby generators (both 8 percent); trash compactors (4 percent), and elevators (2 percent).

Figure 6: Percentage of New Homes that Include Appliance (6)

figure6

Figure 7 displays the colors of appliances installed in new kitchens. Most respondents reported that “stainless steel” is the color theme of their appliances, 6 percent reported black, and 4 percent reported white.

Figure 7: Appliance Colors (7)

figure7v2

The combination of data from the BPS and the Houzz survey provides a sense of what new kitchens look like. New kitchens tend to have granite countertops, raised panel wood cabinets, and come with a standard set of appliances, such as cooktops & ranges, microwaves, dishwashers and garbage disposals. New kitchens also have white, multi-colored, or wood-based color themes, and are complemented by “stainless steel” appliances.

 

read more…

 

http://eyeonhousing.org/2016/10/features-and-colors-of-kitchens-in-new-homes/

Mortgage rates average 3.42% | Cross River Real Estate

Leave a reply

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding steady with the 30-year fixed-rate mortgage remaining near its all-time record low of 3.31 percent in November of 2012.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending July 14, 2016, up from last week when it averaged 3.41 percent. A year ago at this time, the 30-year FRM averaged 4.09 percent.
  • 15-year FRM this week averaged 2.72 percent with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.76 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. A year ago, the 5-year ARM averaged 2.96.

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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“We describe the last few weeks as A Tale of Two Rates. Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. In contrast, the 30-year mortgage rate declined after the Brexit vote, but only by half as much as the 10-year Treasury yield. This week, the 30-year fixed rate barely budged, rising just one basis point to 3.42 percent. This pattern suggests that mortgage rates are likely to remain low throughout the summer.”

U.S. existing home sales rise to more than nine-year high | Cross River Real Estate

Leave a reply

U.S. home resales rose in May to a more than nine-year high as improving supply increased choices for buyers, suggesting the economy remains on solid footing despite a sharp slowdown in job growth last month.

The National Association of Realtors said on Wednesday existing home sales increased 1.8 percent to an annual rate of 5.53 million units last month, the highest level since February 2007.

“The economy can’t be going too far off course when home buying is picking up,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

April’s sales pace was revised down to 5.43 million units from the previously reported 5.45 million units. Economists polled by Reuters had forecast sales rising 1.1 percent to a 5.54 million-unit pace in May.

Sales were up 4.5 percent from a year ago.

U.S. financial markets were little moved by the report as investors nervously awaited the outcome of Britain’s referendum on European Union membership on Thursday.

The housing index .HGX was up 0.13 percent. Shares in the nation’s largest home builder, D.R. Horton Inc (DHI.N), were flat while Lennar Corp (LEN.N) rose 0.2 percent.

The strong home resales added to retail sales data in painting an upbeat picture of the economy. That should help allay the fears that were stoked by last month’s paltry job gains.

The higher existing home sales suggest an increase in brokers’ commissions, which should boost the residential investment portion of the gross domestic product report.

Housing is being driven by improving household formation as some young adults find employment and older Americans move into smaller and cheaper homes.

MEDIAN HOUSE PRICE SURGES

Existing home sales surged 4.1 percent in the Northeast and climbed 4.6 percent in the South. Sales in the West, which has seen a strong increase in house prices amid tight inventories, jumped 5.4 percent.

In the Midwest, sales tumbled 6.5 percent last month. The decline, however, followed recent hefty gains.

The number of unsold homes on the market in May rose 1.4 percent from April to 2.15 million units. Supply was, however, down 5.7 percent from a year ago.

In May, new listings typically stayed on the market for 32 days, the shortest period of time since the NAR started tracking the data. That was down from 39 days in April and 40 days a year ago.

At May’s sales pace, it would take 4.7 months to clear the stock of houses on the market, unchanged from April. A six-month supply is viewed as a healthy balance between supply and demand.

Economists say builders will need to ramp up construction of new homes to meet the pent-up demand.

With inventory still tight, the median house price soared 4.7 percent from a year ago to a record $239,700 last month.

 

read more…

 

http://www.reuters.com/article/us-usa-economy-housing-idUSKCN0Z81ND

CoreLogic: Foreclosures fall to lowest level since 2007 | Cross River Real Estate

Leave a reply

The inventory of homes in foreclosure continued to decrease in November 2015, falling to the lowest level since November 2007, a new report from CoreLogic showed.

CoreLogic, a global property information, analytics and data-enabled services provider, released its November 2015 National Foreclosure Report on Tuesday.

The report shows that during the month of November foreclosure inventory declined by 21.8% and completed foreclosures declined by 18.8% compared with November 2014.

CoreLogic’s report also showed that the number of completed foreclosures nationwide fell year over year from 41,000 in November 2014 to 33,000 in November 2015.

Additionally, the number of completed foreclosures in November 2015 was down 71.6% from the peak of 117,657 in September 2010, CoreLogic’s report noted.

According to CoreLogic’s report, the foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure.

CoreLogic’s report noted that as of November 2015, the national foreclosure inventory was approximately 448,000, or 1.2%, of all homes with a mortgage compared with 573,000 homes, or 1.5%, in November 2014.

The November 2015 foreclosure inventory rate marks the lowest for any month since November 2007, CoreLogic’s report showed.

“After peaking at 3.6% in January 2011, the foreclosure rate currently stands at 1.2% – a remarkable improvement,” said Dr. Frank Nothaft, chief economist for CoreLogic. “While there are still pockets of areas with high foreclosure activity, 30 states have foreclosure rates below the national average which is evidence of the solid improvement.”

But it wasn’t just the number of homes in foreclosure that fell to an eight-year low.

CoreLogic also reports that the number of mortgages in serious delinquency, which CoreLogic defines as 90 days or more past due, including loans in foreclosure or REO, declined by 21.7% from November 2014 to November 2015, to 1.3 million mortgages, or 3.3%, in this category.

According to CoreLogic, the November 2015 serious delinquency rate is the lowest since Dec. 2007.

“Tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year-lows,” said Anand Nallathambi, president and CEO of CoreLogic. “Although judicial states will likely continue to lag, given current trends, it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016.”

CoreLogic’s report also showed that:

  • On a month-over-month basis, completed foreclosures decreased by 10.9% to 33,000 in November 2015 from the 38,000 reported in October 2015.
  • The five states with the highest number of completed foreclosures for the 12 months ending in November 2015 were Florida (83,000), Michigan (51,000), Texas (29,000), California (24,000) and Georgia (24,000). These five states accounted for almost half of all completed foreclosures nationally.
  • Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in November 2015: the District of Columbia (78), North Dakota (225), Wyoming (543), West Virginia (565) and Hawaii (686).
  • Four states and the District of Columbia had the highest foreclosure inventory rate in November 2015: New Jersey (4.4%), New York (3.5%), Hawaii (2.5%), Florida (2.4%) and the District of Columbia (2.4%).

read more…

 

CoreLogic: Foreclosures fall to lowest level since 2007

Here’s what the typical #homebuyer and #seller look like | Cross River Real Estate

Leave a reply

This is the third year in a row that the share of first-time buyers declined, staying at the lowest point in nearly three decades, according to an annual survey released by the National Association of Realtors.

Instead of first-time buyers, the overall strengthening pace of home sales over the past year was driven more by repeat buyers with dual incomes.

In this year’s survey, the share of first-time buyers declined to 32%å (33% a year ago), which is the second-lowest share since the survey’s inception (1981) and the lowest since 1987 (30%). Historically, the long-term average shows that nearly 40% of primary purchases are from first-time homebuyers.

Lawrence Yun, NAR chief economist, said the housing recovery’s missing link continues to be the absence of first-time buyers.

“There are several reasons why there should be more first-time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college-educated, and the fact that renting is becoming more unaffordable in many areas,” said Yun.

He attributed the drop in first-time buyers to several reasons.

“Unfortunately, there are just as many high hurdles slowing first-time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing-homes in their price range, and it’s still too difficult for some to get a mortgage,” Yun said.

This infographic shows what the typical homebuyer and home seller look like.

Click to enlarge

NAR

(Source: National Association of Realtors)

read more….

[Infographic] HereÕ what the typical homebuyer and seller look like

Mortgage Rates Average 4.02% | Cross River Real Estate

Leave a reply

Freddie Mac today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates little changed from the previous week amid reports of the U.S. housing market strengthening.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.7 point for the week ending June 25, 2015, up from last week when it averaged 4.00 percent. A year ago at this time, the 30-year FRM averaged 4.14 percent.
  • 15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.4 point, down from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.98 percent.
  • 1-year Treasury-indexed ARM averaged 2.50 percent this week with an average 0.3 point, down from last week when it averaged 2.53 percent. At this time last year, the 1-year ARM averaged 2.40 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.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Mortgage rates were little changed this week. The rate on 30-year fixed-rate mortgages was 4.02 percent, an increase of just 2 basis points from the previous week. Economic releases confirmed increasing strength in housing. Existing home sales increased 5.1 percent in May to an annual pace of 5.35 million units and new home sales increased 2.2 percent to an annual pace of 546,000 units. Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up.”