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Fed holding off on taper | Katonah Real Estate

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Citing rising mortgage rates and an unstable economy, the Federal Reserve said that it’s holding off on its decision to pull back on its bond-buying activity.

“Household spending and business fixed investment advanced, and the housing sector has been strengthening, but mortgage rates have risen further and fiscal policy is restraining economic growth,” the Fed said in a statement.

Many, including Inman News columnist Lou Barnes, had expected that the Fed would begin tapering today. U.S. and global bond markets have been highly reactive to the Fed’s taper talk.

“This is incredibly wimpy,” David Kelly, chief market strategist at Morgan Stanley, told CNBC.

Source: CNBC and Federal Reserve

 

 

 

– See more at: http://www.inman.com/wire/fed-holding-off-on-taper/#sthash.pOY0uRAz.dpuf

Buy the House the Dead Poets Society Built For $15M Flat | Katonah Real Estate

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Newly on the market in the Brentwood area of L.A.: this 9,000-square-foot house, owned by screenwriter Tom Schulman. Schulman purchased the 1.35-acre property in 1989, the year the Dead Poets Society was released, and commissioned California architect Steven Ehrlrich—who trademarked the expression “multicultural modernism” to describe his firm’s philosophy—for this modernist five-bedroom, made of concrete, glass, steel, and wood. The result, according to the brokerbabble, is an “adept interpretation of California modernist style” and “a comprehensive blending of the sensibilities of Schindler and Neutra, with delicate Japanese influences.” Standouts here include a driveway lined with bamboo, an entry bridge (“the balance of striking geometric angles with the soft landing of a water”), shoji screen-inspired interior woodwork, and a double-height living room. Below, a look:

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/

Reining in Share House Rentals in East Hampton | Waccabuc Real Estate

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[PARTAY! Photo credit: GoaG]

The Wall Street Journal yesterday discussed the latest proposal in the Town of East Hampton for limiting share houses because of complaints about noise and overcrowding at beaches. Some residents say the problem has worsened in recent years as trendy bars and clubs have opened in Montauk. The bill would require homeowners to inform the town if they are renting their house and disclose the square footage and number of bedrooms. Not everyone is in favor. John Keeshan, the well known Montauk broker, says if the town would “enforce the laws on the book presently, it wouldn’t be necessary to muddy the water by creating new legislation.”
· East Hampton Seeks Share-House Hangover Cure [WSJ]

 

 

Reining in Share House Rentals in East Hampton – party hearty – Curbed Hamptons.

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

Homes.com: Local markets improving each month | Katonah Real Estate

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In its latest Local Market Index for home pricing data, Homes.comreported that 96 out of 100 markets showed monthly improvement, a stark increase from the 75 out of 100 that saw gains in February.

However, on a year-over-year time period, 91 out of 100 markets reported a price increase in March, compared to 98 markets in February. According to Homes.com, the Northeast is largely to blame for this weakening. 

Month-over-month and year-over-year, Honolulu, Hawaii, posted the largest increase, climbing 2.40 index points from February and 22.55 from last March.

On a regional scale, the distribution was fairly equitable, especially compared to last month when all of the top 10 increasing markets belonged to the Western region.

 

Homes.com: Local markets improving each month | HousingWire.

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.

Housing market now the ‘tailwind’ pushing economic growth | Cross River Real Estate

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It was only a few years ago that the housing market helped drag the U.S. economy into the gutter, but times surely have changed.

In its monthly economic forecast on Monday, Fannie Mae said it believes the recent slowdown in economic growth may be short-lived thanks to the strong rebound of the housing market, which will serve as the economy’s “tailwind” through the rest of the year and even into 2014.

“If (home purchase) demand awakens further and more jobs are added each month, economic activity should step up compared to 2012 levels with housing acting as a significant contributor to growth,” the report said.

After a strong start to 2013, Fannie Mae noted economic growth has been tapering off in recent months “partly due to fiscal drags including sequester.” But with further anticipated improvements in the financial and housing markets, Fannie Mae expects the nation’s economy will grow 2.2 percent by year-end from 2012. That’s a modest gain, but still better than the 1.7 percent and 2 percent year-over-year economic growth the U.S. saw in 2012 and 2011, respectively.

“Employment numbers are getting better, albeit it at a relatively slow pace, and the April employment picture should help boost consumer sentiment toward the economy overall,” Fannie Mae Chief Economist Doug Duncan said in the report. “Spending grew in the first quarter at a surprisingly strong pace, and although this rate is unlikely to hold up, consumers continue to show signs of resilience in the face of fiscal concerns.”

 

 

Housing market now the ‘tailwind’ pushing economic growth – Phoenix Business Journal.

Want Chinese clients? Hire Chinese-speaking agents | Cross River Real Estate

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Any discussion of working with the Chinese market must begin with a word of caution: China is in many ways as diverse as Europe, so general statements about Chinese clients must be treated carefully.

In the past 30 years, our firm has done thousands of transactions, both commercial and residential, with Chinese families and businesspeople. Notwithstanding China’s immense diversity, our collective experience has given us certain concrete insights into the expectations of Chinese clients, what factors shape their investment decisions, and how to best service this segment of the market.

When compared to other investment vehicles, there is a general preference for real estate investment amongst Chinese clients. According the U.S. Census Bureau and other studies, Asian Americans, specifically Chinese Americans, have a higher homeownership rate than any other immigrant group.

There are a variety of reasons for this which are beyond the scope of this article, but the bottom line is that when Chinese families or businesspeople come to North America, real estate is often the first major investment they make.

– See more at: http://www.inman.com/2013/05/15/want-chinese-clients-hire-chinese-speaking-agents/#sthash.BXaIr9DY.dpuf

 

 

Want Chinese clients? Hire Chinese-speaking agents | Inman News.

Goldman Sachs’ DIY Outlook Hinges on Housing Recovery | Cross River Real Estate

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Rising home prices stand to benefit home-improvement retailers, especially Lowe’s, although investors may have to wait until second-quarter results are out before they see meaningful acceleration, Goldman Sachs said in a new research report.

For now, first-quarter strength will likely be shrouded by unfavorable weather comparisons after a much colder-than-normal period following a more-mild-than-usual first quarter of 2012.

Recent economic data point to a sharp uptick in prices with the median price for a home resale rising the most since 2005 and the S&P/Case-Shiller indexshowing the best annual increase for single-family home prices since May 2006.

Play Video
Housing: Bubble Watch With Trulia
Jed Kolko, Trulia chief economist, reveals the results of its latest report on housing and credit, explaining that they found in most of the country, “prices are below “their fundamental value.”

Both of these are correlated to increases in do-it-yourself same-store sales trends, Goldman said. The firm also talked with private remodeling firms in five different markets in the eastern half of the U.S. to gauge the health of the housing environment.

“We heard consistent feedback that reinforces our expectation of strengthening sales in remodeling-oriented categories, and for larger projects,” the report said. “Note that all of these players—like most pros—source only a small part of their materials for big box retailers, but these sales are certainly rising, and to the extent that they are representative of the broader market, they bode well for overall demand.”

Analysts also noted that the ratio of residential improvements to gross domestic product remains lower than its level a year ago, with upside of 10 percent until it returns to its historic average.

Even with these sharp rises, home prices have further room to run, said Jed Kolko, Trulia’s chief economist. Currently, 91 of the 100 largest metro prices remain below their fundamental values, according to the company’s analysis.

“Right now, prices are still actually 7 percent undervalued relative to fundamentals,” he told CNBC’s “Squawk Box.” “That’s even with the big price increases we’ve seen over the past year.”

Citing rising home prices and discussions with remodeling firms, Goldman raised its 12-month price target on Lowe’s to $46 with a “buy” rating and upped its target forHome Depot to $81 with a “neutral” rating. Home Depot, it noted, already has a premium valuation and near-peak margins, while Lowe’s margins are well below its historical peak levels.

A separate report from Oppenheimer was also bullish on the two home-improvement retailers with “outperform” ratings on each. The housing market recovery is likely to propel consumer spending for the foreseeable future, driving both home-improvement sales and home-goods sales, its analysts said.

 

 

Goldman Sachs’ DIY Outlook Hinges on Housing Recovery.