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Lewisboro NY Homes

Seven Million to Struggle with Negative Equity for Four Years or More | South Salem Real Estate

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Though three million homeowners were freed from the shackles of negative equity in the past year, it will take at least four more years for 7 million or more deeply indebted homeowners to reach positive equity, even as home values continue their current pace of recovery.

As home values continue to rise, the national negative equity rate continued to fall in the second quarter, dropping to 23.8 percent of all homeowners with a mortgage, according to the second quarter Zillow® Negative Equity Report. However, millions of homeowners remain so far underwater that it will take years for them to regain equity, even as home values continue their recovery.

Approximately 12.2 million homeowners with a mortgage were in negative equity, or underwater, at the end of the second quarter, owing more on their mortgages than their homes are worth. That is down from 13 million homeowners in the first quarter and 15.3 million at the same time last year. Roughly one-third of homes are owned without a mortgage. The negative equity rate among all homeowners, both with and without a mortgage, was 16.7 percent at the end of the second quarter.

Nationwide, more than half (57 percent) of homeowners in negative equity are underwater by 20 percent or more, and roughly one in seven (13.4 percent) owes more than twice what their home is worth. According to the most recent Zillow Home Value Forecast, home values are expected to rise 4.8 percent in the next year. Assuming appreciation at that rate going forward, it would take a homeowner underwater by 20 percent roughly four years to reach positive equity.

“Widespread rising home values during the past year have helped chip away at negative equity nationwide, helping many homeowners who were only modestly underwater to come up for air. For those homeowners who are deeply underwater, though, there is still a long row to hoe,” said Zillow Chief Economist Dr. Stan Humphries. “The frustratingly slow pace of negative equity declines in the face of such robust home value appreciation is a direct result of the fact that many people in the hardest-hit markets are underwater by an enormous amount. Because of this, negative equity will be a factor in these markets for years to come, constraining the supply of homes for sale and keeping people out of the market who might otherwise get involved.”

The “effective” negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, fell to 41.9 percent, from 43.6 percent in the first quarter. Listing a home for sale and buying a new one generally requires equity of 20 percent or more to comfortably meet related expenses, including the down payment for a new home and associated closing costs, taxes and real estate agents’ fees. Homeowners without enough equity may remain tied to their homes, even if they are not underwater.

 

 

http://www.realestateeconomywatch.com/2013/08

Mortgage rates remain steady on uncertain jobs data | Waccabuc Real Estate

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Mortgage rates remained unchanged this past week as mixed jobs data created some uncertainty about housing and the economy, Freddie Mac reported Thursday.

The average 30-year, fixed-rate mortgage came in at 4.57%, unchanged from highs reported a week earlier, and up from 3.55% last year.

While rising rates have been tied to a possible slowdown in housing activity, rates hit a plateau as the jobs situation created more questions for the market, stalling additional upward movement.

“Mortgage rates were little changed this week following a mixed employment report,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3%, which was the lowest since December 2008.”

The 15-year, FRM came in at 3.59%, also unchanged from last week, but up from 2.85% a year earlier.

On the other hand, adjustable rates shifted, with the 5-year Treasury-indexed hybrid ARM averaging 3.22%, down from 3.28% a week earlier and up from 2.72% a year ago.

The one-year Treasury-indexed ARM also hit 2.67%, down from 2.71% a week earlier, and up from 2.61% a year ago.

Rates have been rising ever since the Fed started sending hints to the market in late spring that the possibility of tapering mortgage-backed securities and Treasury purchases could occur later this year.
HousingWire covered the dramatic tumble mortgage applications took this past week, falling 13.5% as rates remained elevated. The sharp drop prompted market fears that higher rates are beginning to sideline potential homebuyers as home affordability concerns resurface.

As of now, there are several factors that could impact consumer confidence and rates within the next few weeks.

For starters, the Federal Open Market Committee meets next week. A big question is when will the committee actually decide to scale back its asset purchases – at the next meeting or later in the year, Capital Economics noted in a Thursday report.

Julian Jessop, a chief global economist with Capital Economics, said, “Fed tapering is unlikely to be the major shock to the prospects for the rest of the world, or indeed for the US itself, that many have assumed.”

Jessop added, “In short, next week we expect the Fed to announce a reduction of perhaps $10 billion to $15 billion in the pace of asset purchases, from the current $85 billion per month. Surveys of other analysts and market participants suggest that this is the consensus view as well.”

Bankrate’s report also shows fixed rates barely shifting this past week. The 30-year, FRM edged down to 4.71% from 4.72%, while the 15-year, FRM shifted up slightly to 3.75% from 3.74%. Meanwhile, the 5/1 ARM stayed unchanged at 3.65%, according to Bankrate data.

 

 

http://www.housingwire.com/articles

CoreLogic: Prices to Rise 12.3 Percent in August | Katonah Real Estate

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The housing recovery will keep rolling right along   through August as price increases continue to score in the double digit range   and rise for the 18th straight month, according to CoreLogic’s   pending sales index.

 

Home prices   nationwide, including distressed sales, increased 12.4 percent on a year-over-year   basis in July 2013 compared to July 2012. Prices are rising   even faster than they did in the first half of the year, when they averaged   10 percent from January through June.     On a month-over-month basis, including distressed sales, home prices   increased by 1.8 percent in July 2013 compared to June 2013,

Excluding distressed   sales, home prices increased on a year-over-year basis by 11.4 percent in   July 2013 compared to July 2012. On a month-over-month basis, excluding   distressed sales, home prices increased 1.7 percent in July 2013 compared to   June 2013. Distressed sales include short sales and real estate owned (REO)   transactions.

The CoreLogic Pending   HPI indicates that August 2013 home prices, including distressed sales, are   expected to rise by 12.3 percent on a year-over-year basis from August 2012   and rise by 0.4 percent on a month-over-month basis from July 2013. Excluding   distressed sales, August 2013 home prices are poised to rise 12.2 percent   year over year from August 2012 and by 1.2 percent month over month from July   2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that   provides the most current indication of trends in home prices. It is based on   Multiple Listing Service (MLS) data that measure price changes for the most   recent month.

“Home prices   continued to surge in July,” said Dr. Mark Fleming, chief economist for   CoreLogic. “Looking ahead to the second half of the year, price growth   is expected to slow as seasonal demand wanes and higher mortgage rates have a   marginal impact on home purchase demand.”

“Home prices   continue to climb across the nation in July with markets hit hardest during   the downturn leading the way,” said Anand Nallathambi, president and CEO   of CoreLogic. “Nationally, home prices are now within 18 percent of   their peak levels reached in April of 2006.”

Highlights   as of July 2013:

  • Including        distressed sales, the five states with the highest home price        appreciation were: Nevada (+27 percent), California (+23.2 percent),        Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).
  • Including        distressed sales, this month only one state posted home price        depreciation: Delaware (-1.3 percent).
  • Excluding        distressed sales, the five states with the highest home price        appreciation were: Nevada (+24.2 percent), California (+20.2 percent),        Arizona (+14.9 percent), Utah (+13.5 percent) and Florida (+13.5        percent).
  • Excluding        distressed sales, no states posted home price depreciation in July.
  • Including        distressed transactions, the peak-to-current change in the national HPI        (from April 2006 to July 2013) was -17.6 percent. Excluding distressed        transactions, the peak-to-current change in the HPI for the same period        was -12.9 percent.
  • The        five states with the largest peak-to-current declines, including        distressed transactions, were Nevada (-43 percent), Florida (-37.4        percent), Arizona (-32.5 percent), Rhode Island (-29.7 percent) and        Michigan (-27.7 percent).
  • Of        the top 100 Core Based Statistical Areas (CBSAs) measured by population,        99 were showing year-over-year increases in July, equaling the measure        in June 2013.

*June data was   revised. Revisions with public records data are standard, and to ensure   accuracy, CoreLogic incorporates the newly released public data to provide   updated results.

July HPI for the   Country’s Largest CBSAs by Population (Ranked by Single-Family Including   Distressed):

CBSA

July 2013     12-Month HPI

Change by     CBSA

Single-Family     Including Distressed

Single-Family     Excluding Distressed

Los     Angeles-Long Beach-Glendale, CA

22.6%

20.1%

Riverside-San     Bernardino-Ontario, CA

22.5%

21.1%

Phoenix-Mesa-Glendale,     AZ

18.1%

15.7%

Atlanta-Sandy     Springs-Marietta, GA

15.6%

13.7%

Houston-Sugar     Land-Baytown, TX

11.1%

11.9%

Dallas-Plano-Irving,     TX

10.0%

10.7%

Washington-Arlington-Alexandria,     DC-VA-MD-WV

9.1%

9.0%

Chicago-Joliet-Naperville,     IL

8.6%

10.7%

New     York-White Plains-Wayne, NY-NJ

7.8%

8.2%

Philadelphia,     PA

4.3%

4.8%

Source:   CoreLogic.

 

 

 

 

http://www.realestateeconomywatch.com/2013/09/corelogic-prices-to-rise-123-percent-in-august/

Rising Rates and Falling Standards Raise Default Risk | South Salem Real Estate

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Mortgages currently being originated stand a 14 percent higher risk of default due solely to current economic conditions, especially rising mortgage interest rates and falling underwriting standards.

Under current economic conditions, investors and lenders should expect defaults on loans currently being originated to be 14% higher than the average of similar loans originated in the 1990s, due solely to the local and national economic environment.

Investors and lenders should expect defaults to rise on new loans according to the latest UFA Mortgage Report by University Financial Associates of Ann Arbor, Michigan. The UFA Default Risk Index for the third quarter of 2013 rose to 114 from last quarter’s revised 96 in our baseline scenario.

“Most of the increased risk this quarter can be attributed to the hefty increase in mortgage rates – 100bps in just three months! Borrowers initiating mortgages at these higher rates will have higher payment ratios and will be more likely to default if the household is stressed,” said Dennis Capozza, Professor of Business Administration in the Ross School of Business at the University of Michigan and a founding principal of UFA.

“At the same time, borrowers at the lower rates of earlier vintages become less likely to default. This is because their existing mortgage at the earlier favorable rate becomes a more valuable contract, since the market value of the mortgage liability falls when valued at current higher rates,” Capozza said.

Capozza also cited changes in underwriting standards as factors contributing to higher rates of risk in new mortgages. Last week Jonathan Corr, president and CEO of Ellie Mae, said credit standards continued to ease in July. “The average FICO score fell to 737, from 742 in June 2013, and it is now at the lowest level since we began our tracking in August 2011. Similarly we saw slight increases in both loan-to-value and debt-to-income ratios last month-signs that lenders are willing to accept slightly more risk to maintain volume,” he said.

The UFA Default Risk Index measures the risk of default on newly originated prime and nonprime mortgages. UFA’s analysis is based on a “constant-quality” loan, that is, a loan with the same borrower, loan and collateral characteristics. The Index reflects only the changes in current and expected future economic conditions, which are much less favorable currently than in prior years.

 

 

Rising Rates and Falling Standards Raise Default Risk | RealEstateEconomyWatch.com.

2013 elections: Who is running in Westchester, Rockland, Putnam | Cross River Real Estate

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With petitions submitted for independent lines for local office last week, the lists of candidates in Rockland, Putnam and Westchester are nearly complete. The Sept. 10 primary will put the final stamp on who is running in November.

Below are the candidate lists for each county (only primary candidates in Putnam):

Westchester – all candidates (unofficial):

http://public.tableausoftware.com/views/Westchesterscandidatesin2013/Dashboard1?:embed=y&:display_count=no

Rockland primary and general election candidates:

https://rocklandgov.com/files/8813/7692/0033/2013_Primary_candidate_list.pdf

Putnam primary candidates:

http://www.putnamcountyny.com/wordpress/wp-content/uploads/2013/06/2013-WEBPAGE-LIST-CANDIDATES-FOR-PRIMARY.pdf

Mortgages will remain hard to get until common sense returns | Katonah Real Estate

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Long-term rates stayed about the same this week, mortgages just above 4.5 percent for most products. There are many things to write about this week, but the most important news for most Americans is the first retreat from Dodd-Frank toward common sense.

Economic data stayed in pattern — reasonable growth without acceleration. Overall orders for durable goods fell 7 percent in July, but excluding volatile orders for airplanes and such gained 0.6 percent. Pending home sales fell 1.3 percent in July, but from an improved level.

Second-quarter GDP was revised up from 1.7 percent to 2.5 percent annualized, but net of accounting gyrations still two-ish — way under the Fed’s forecast, as is inflation, barely 1 percent annualized. Consumer spending and incomes in July rose 0.1 percent versus forecast gains of 0.2 percent and 0.3 percent, respectively.

The threat of action against Syria is still suppressing rates, but that won’t last long. A brief hail of Tomahawks won’t change anything, serious regional upset unlikely.

 

read more…

 

http://www.inman.com/2013/08/30/mortgages-will-remain-hard-to-get-until-common-sense-returns/#sthash.FoyRu0C5.dpuf

Katonah NY Weekly Real Estate Report | Katonah Homes for Sale

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Katonah   NY Weekly Real Estate Report8/15/13
Homes for sale53
Median Ask Price$899,000.00
Low Price$359,000.00
High Price$18,995,000.00
Average Size3754
Average Price/foot$415.00
Average DOM131
Average Ask Price$2,081,011.00

All-cash buyers winning the war in Calif.’s booming housing market | Katonah Real Estate

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One place the housing market is booming is in San Francisco.

The bidding wars are under way and the combatants are armed with cash.

In Oakland, Calif., Sara Mertz and her real estate agent Patrick Leaper are finally on the verge of closing a deal. This is the ninth house she has tried to buy

“Six months, nine offers,” Mertz said.

Home prices rise most since 2006

How much do Fannie and Freddie still owe us?

This first-time buyer is ready with a 20 percent down payment. But in today’s market, that is not always enough.

“From our experience, there’s not a lot on the market, and so when there is a house that we’re excited about, so is everybody else,” Mentz said.

It took Sara Mertz six months and nine offers before she was finally able to clinch a house. / CBS News

And many of those “everybody else’s” has cash. “A lot of it,” Mentz said.

“Cash buyers coming in with no contingencies at all are closing in 10 days,” Leaper said.

He hasn’t seen this many cash buyers in 40 years.

Cash buyers accounted for more than a third (34.1 percent) of home sales in California in March, more than double the average (a 16.1 percent monthly average since 1988). They are not just buying foreclosures, they are buying everything.

“There’s a tremendous amount of cash buyers out there,” Leaper said. “Not just the investor, [or] people who have taken money out of their IRA’s and buying real estate, but homeowners too.”

In part it’s a response to the low interest rates paid on money in the bank. Some savers are putting their money in real estate instead. All that cash is helping drive up prices. In Oakland, the median sales price has risen from $240,000 in April last year to $537,000 this April, according to Red Oak Realty.

“It’s wonderful for sellers right now, today, equally as bad for buyers,” Leaper said.

It’s almost as if buying a house in Oakland right now has become an endurance sport.

Sara Mertz endured. After being beaten on eight previous offers, she went more than $100,000 over the asking price to get her new house. And she can’t wait to move in.

 

 

All-cash buyers winning the war in Calif.’s booming housing market – CBS News.

County, NY state hit utility on complaints of slow restoration efforts after Cuomo order | Lewisboro Realtor

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State and county officials had what appeared to be the first confrontation with a utility to speed up the restoration of power after the storm following Gov. Andrew Cuomo’s warning to companies to act fast.

State Director of Operations Howard Glaser said the response by New York State Electric and Gas Corp. to its customers without power in northern Westchester County was “silence, darkness and an utter lack of any NYSEG presence whatsoever.” Glaser then proposed a new motto for NYSEG: “Lights out, Nobody’s Home,” according to an email he sent to NYSEG President Mark Lynch that was obtained by The Associated Press.

“Any objective assessment is that NYSEG is by far the poorest performing utility in this situation in the state,” Glaser wrote.

An NYSEG spokesman said the utility was slowed by the number of trees downed during the superstorm, but more crews were coming in to help with its restoration efforts.

Cuomo and Westchester County Executive Robert Astorino were assigning monitors to watch NYSEG’s progress. Glaser said, if necessary, Cuomo would order another utility to take over the restoration effort for NYSEG customers.

Westchester County Executive Robert Astorino on Thursday said he and state officials met with the utility’s president Wednesday after residents complained. Officials said crews weren’t working to restore power the way other utilities were and the process was moving too slowly or was nonexistent.

Astorino says NYSEG also wasn’t communicating adequately. Public works crews were forced to wait to clear streets of trees and debris until they heard from NYSEG if downed lines were safe, he said.

NYSEG had about 114,000 customers without power at the peak, a tally that was down to about 80,000 by midday Thursday. The pace was similar to other utilities in New York: Statewide, the peak number of power outages was 2.2 million, down to about 1.6 million by midday Thursday. In a statement Thursday, the company said the majority of customers downstate should have power back by midnight Sunday, but some won’t get electricity back until midnight on Nov. 7.

The Cuomo administration said the volume of complaints from NYSEG’s northern Westchester service area prompted a tour Tuesday night, where they said they found none of the crews at work chain-sawing and splicing, as Consolidated Edison crews were doing. In addition, Cuomo spokesman Josh Vlasto said, NYSEG was singled out because it was slowest to return power the Metropolitan Transportation Authority needed to clear tunnels and power trains and pumps.

A NYSEG spokesman in Westchester didn’t immediately respond to questions about the meeting and the complaints, but a corporate spokesman, Dan Hucko, said the first essential task was to make sure the main transmission line was safe to handle power. That required walking and driving along the line and observing it by helicopter.

“That takes time, especially in Westchester and Dutchess and Putnam counties, because of the trees that were down,” he said. “It’s a pretty long, involved process. We have a lot of crews there and we are sending more crews down there on an hourly basis.”

He said crews from NYSEG’s sister company in Maine had completed restoration work at home Wednesday night and were headed to New York on Thursday to help out.

“I can imagine in some of the states and residential areas that people haven’t seen our crews because they have not gotten there yet, and there are other crucial elements.”

Astorino told the AP his meeting with Mark Lynch, president of NYSEG, was “very frank, candid and sometimes uncomfortable.”

“There was an obvious breakdown in communication between NYSEG and local communities that needed to be fixed immediately,” he said. “I don’t think there was a lot of lost time. There was some frustration.”

Astorino said he thought “things have gotten a little better” since his meeting with Lynch.

via therepublic.com