Tag Archives: Mount Kisco NY Homes

Mortgage rates average 3.11% | Mt Kisco Real Estate

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.11 percent.

“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said Sam Khater, Freddie Mac’s Chief Economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.11 percent with an average 0.6 point for the week ending December 2, 2021, up slightly from last week when it averaged 3.10 percent. A year ago at this time, the 30-year FRM averaged 2.71 percent.
  • 15-year fixed-rate mortgage averaged 2.39 percent with an average 0.6 point, down from last week when it averaged 2.42 percent. A year ago at this time, the 15-year FRM averaged 2.26 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.49 percent with an average 0.3 point, up from last week when it averaged 2.47 percent. A year ago at this time, the 5-year ARM averaged 2.86 percent.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. 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.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Pending home sales drop 33.8% | Mt Kisco Real Estate

The index of pending home sales dropped 21.8% in April compared to March as the coronavirus pandemic kept prospective home-buyers out of the market, the National Association of Realtors reported Thursday.

Compared with a year ago, pending home sales were down 33.8%. Overall, it was the largest decline since the National Association of Realtors began tracking this data in 2001.

The index measures real-estate transactions where a contract was signed but the sale had not yet closed, benchmarked to contract-signing activity in 2001. It is an indicator of existing-home sales reports in the coming months.

What happened: The Northeast saw the biggest decline in contract signings, with a 48.2% plunge month over month — likely a reflection of the emergence of New York as one of the hot spots for the global coronavirus pandemic. The South saw the next largest decrease, followed by the West and the Midwest.

The rates of declines in April were lower in the Midwest, South and West compared to the declines in March.

Big picture: Stay-at-home orders to prevent the spread of coronavirus put a major dent in the number of contracts that were signed in April, which could preview a significant drop in home sales figures in months to come.

The good news for the market, though, is that sales activity has shown signs of a rebound. “In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about home buying in the midst of the social distancing measures,” said Lawrence Yun, chief economist at the National Association of Realtors.

Mortgage applications for loans used to purchase homes have increased on a weekly basis for six consecutive weeks now, according to the Mortgage Bankers Association. That’s a sign that buyers are lining up financing in order to march into the housing market.

The remaining question is whether sellers will follow. “Home sales could bounce back if sellers also enter the market with similar enthusiasm to buyers,” said Danielle Hale, chief economist at Realtor.com. “Our latest weekly data shows an improvement in new listings declines, but inventory levels still remain well below levels seen this time last year.”

If the number of homes on the market remains constrained, so too will the number of sales, regardless of buyers’ demand.

What they’re saying: “Mortgage applications for purchases have fully unwound their previous plunge, suggesting sales are rebounding in May,” Sal Guatieri, senior economist at BMO Capital Markets, wrote in a research note. “The housing sector seems to be weathering the crisis about as well as could be expected, even if it will take a long time before sales return to pre-virus levels given the massive job losses.”

read more…

marketwatch.com/story/

Pending home sales up 3.8% in March | Mt Kisco Real Estate

Pending home sales rose in March, reversing course from a month prior, according to the National Association of Realtors®. Three of the four major regions saw growth last month, as the Northeast reported a minor slip in contract activity.

The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, increased 3.8% to 105.8 in March, up from 101.9 in February. Year-over-year contract signings declined 1.2%, making this the 15th straight month of annual decreases.

Lawrence Yun, NAR chief economist, noted that pending home sales data has been exceptionally fluid over the past several months but predicted that numbers will begin to climb more consistently. “We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable.”

2019 03 phs housing snapshot infographic 04 30 2019 750w 800h

See and share this infographic.

Yun noted that sales activity in the West had increased at a relatively stable rate for five consecutive months before the region saw a significant spike in activity in March. “Despite some affordability issues in the West, the numbers indicate that there is a reason for optimism. Inventory has increased, too. These are great conditions for the region.”

Pointing to active listings from data at realtor.com®, Yun says the year-over-year increases indicate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in March compared to a year ago.

Although pending contracts appear to be on an overall upswing, Yun says current sales activity is underperforming. “In the year 2000, we had 5 million home sales. Today, we are close to that same number, but there are 50 million more people in the country,” he said. “There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years.”

March Pending Home Sales Regional Breakdown

The PHSI in the Northeast declined 1.7% to 90.5 in March and is now 0.4% below a year ago. In the Midwest, the index grew 2.3% to 95.3 in March, 5.0% lower than March 2018.

Pending home sales in the South jumped up 4.4% to an index of 127.2 in March, which is 0.7% higher than last March. The index in the West ascended 8.7% in March to 95.1 and fell only 1.6% below a year ago.

read more…

https://www.nar.realtor/newsroom/pending-home-sales-climb-3-8-in-march

Price it right and they will come | Mt Kisco Real Estate

No, that’s not a typo: Douglas Elliman’s profits dipped to just $100,000 during the first quarter of 2017, down from $7.1 million during the same period last year, parent company Vector Group reported Friday. The paltry sum was attributed to fewer closings at new development projects, Vector executives said.

Elliman closed sales worth $5.6 billion during the first quarter, compared to last year’s $5.7 billion, the company said. That resulted in $155.5 million in first-quarter revenue, down slightly from $157.6 million last year.

“There were less new development closings. That’s a higher-margin business so that hurt us,” said Douglas Elliman CEO Howard Lorber, during an earnings call Friday.

While the firm’s net income for the quarter was $100,000, its adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $1.8 million, compared to $9.1 million in 2016’s first quarter.

Overall, Vector’s first-quarter revenue was $415.2 million, up from $380.8 million in 2016’s first quarter. Vector reported a net loss of $4.2 million compared with net income of $19.3 million during the first quarter of last year.

Lorber told investors that New Valley, the real estate investment vehicle of Vector, would continue to take an “opportunistic” approach. “If there’s something that makes sense, that’s an opportunistic type of investment or a troubled project where we think we can add value, we’re interested,” he said.

In general, he said, the New York market has picked up — a sentiment shared by others in recent weeks.

Real estate conglomerate Realogy Holdings Corp., which reported its first-quarter results on Thursday, generated $1.2 billion in revenue for the quarter, a 6 percent improvement from the prior year, the company said. New Jersey-based Realogy had an adjusted net loss of $23 million compared to an adjusted loss of $17 million in 2016’s first quarter — both attributed to low seasonal transaction volume.

During an earnings call Thursday, Realogy CEO Richard Smith said there are “early signs of stabilization” in the luxury market, with sales in the $2.5 million-and-up segment up 10 percent from this time last year. “New product in New York City continues to be particularly strong,” he said.

NRT — the division that owns the Corcoran Group, Sotheby’s International Realty and Citi Habitats — saw revenue jump seven percent year-over-year to $897 million for the first quarter.

But Smith cautioned that there isn’t enough inventory on the low end of the market, and he described a recent bidding war for a $1 million New York City apartment as an example. Some 200 people showed up at the open house, 25 of them made bids and the apartment sold for 20 percent above the asking price, he said. “Listen, we don’t see that play out in every market,” he said. “The good news is, when something is priced right… it’s selling.”

 

read more…

 

https://therealdeal.com/2017/05/05/elliman-only-made-100k-in-profits-in-q1/?utm_source=The+Real+Deal+E-Lerts&utm_campaign=5e50cfa7fe-New_York_Weekend_Update_10.18.2015&utm_medium=email&utm_term=0_6e806bb87a-5e50cfa7fe-385733629

Are Starter Homes Going the Way of the Station Wagon? | Mt Kisco Real Estate

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The millennial generation’s slow start in adulthood is still causing aftershocks in the housing economy.  Unemployment, underemployment and student debt have delayed their household formation beyond the timeframe of earlier generations.  Low interest rates and low down payment programs were enough to get millions of potential buyers into affordable homes before prices soared. Now it looks like an icon of the homeownership experience—the starter home—may be on the chopping block, soon to follow past icons of young family hood like station wagons and cloth diapers into obsolescence. Young buyers—Gen Xers as well as Millennials— are bypassing the traditional first rung of the housing ladder, the starter home and buying up. With inventories of affordable housing chronically slim and overpriced, especially the metros where they want to live, young prospective buyers are renting a year or two longer until they can afford a larger home that will meet their needs for many years to come.  That may be one reason buyers today are saying intending to stay at least 15 years in their new homes (see Americans Move Less and Impact the Economy. Some 14 million single family rentals, a number that swelled during the foreclosure crisis and continues to grow with the popularity of real estate investing, make the transition from rental to ownership easier for young families by providing a rental option that’s almost like ownership.

2016-11-14_15-27-12Source: Bank of America

The first alarms that starter homes may be on their way out were sounded last March when Bank of America released its first Homebuyer Insights Report, which found that:

  • Seventy-five percent of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs, even if that means waiting to save more. Thirty-five percent want to retire there.

 

  • More Gen Xers than Millennials have put off purchasing their first home because of debt.

 

  • Young buyers’ goals are not urban hot spots by family-friendly suburbs. More than half (54 percent) of buyers are looking for a home in the suburbs, including 52 percent of first-time buyers.

Now the new Zillow Group Report on Consumer Housing Trends, which was released on Halloween, confirms the Bank of America findings. “When Millennials do become homeowners, they leapfrog the traditional “starter home” and jump into the higher end of the market by choosing larger properties with higher prices, similar to homes bought by older buyers. They pay a median price of $217,000 for a home—more than Baby Boomers, and just 11 percent less than Generation X. The Millennial median home size is 1,800 square feet, similar in size to what older generations buy,” Zillow found. At $217,99p per property that has a 1,800-foot floor plan, the youngest generation is paying almost the median price for a median-sized home today, far from the definition of a starter home.

 

read more…

http://www.realestateeconomywatch.com/2016/11/are-starter-homes-going-the-way-of-the-station-wagon/

Holiday Credit Tips from North Shore Advisory | Mt Kisco Real Estate

 
 The Christmas & Holiday season is a time full of joy, laughter, and time spent with loved ones.

But, if you have ever stepped into a department store this time of year, you know that it’s also a hectic and stressful time. It’s easy to get caught up in all the parties and shopping, the last thing on your mind are account due dates and closing dates.

Here are a few tips:

  1. Double-check that credit card bill/payment alerts are activated.
  2. Auto-pay – a great way to make sure bills are paid on time. (Get a confirmation number!)
  3. Avoid paying late, it had the power to drop FICO score’s 100’s of points depending on your scores prior to the delinquency.
  • For instance, if John has a 780 FICO score he is a very low risk borrower. Let’s say he forgets to pay his bill on time this month, his score can drop down to 650, which is far from excellent. If John had delinquencies already appearing with a score of 660 prior to a new late payment he may experience a drop of 30-50 points. Since he is already a higher risk borrower his score does not have to drop much to show his new risk level.

Safeguard your credit score this Holiday season, especially if you are planning to go for a mortgage or loan within the next year or two – with the new trending credit data, lenders are looking at your revolving payment history dating back two year in order to assess the borrowers risk level.

If you have any questions or would like us to review reports, reach out to our Expert Credit Team!

Happy Holidays!

 
 
 
Tracy A. Becker, President

FICO Certified Professional

Expert Credit Witness Certified

Author “Credit Score Power”

 
North Shore Advisory Credit Repair
 
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FICO Certified Professional

Author “Credit Score Power”
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North Shore Advisory, Inc.
5 West Main Street. Suite 207
Elmsford, NY 10523
P: 914-524-8300
F: 914-524-5014
info@northshoreadvisory.com
www.northshoreadvisory.com

 

Home buyer sentiment index weakens | Mt Kisco Real Estate

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A home-buying sentiment index from Fannie Mae weakened for the third straight month in October, a sign the market’s momentum may be faltering.

Fannie’s home purchase sentiment index fell 1.1 percentage points to 81.7. After climbing as high as 86.5 in July, the index has fallen every month since then. It’s now 1.5 percentage points below its level from a year ago.

“Since July, more consumers, on net, have steadily expected mortgage rates to rise and home price appreciation to moderate,” said Fannie chief economist Doug Duncan in a statement. “Furthermore, consumers’ perception of their income over the past year deteriorated sharply in October to the worst showing since early 2013.”

The index includes six components from a monthly survey the mortgage buyer FNMA, +0.80%   conducts of 1,000 Americans on owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence.

Slightly more respondents said mortgage rates would rise in the next 12 months – 50% versus 49% in September. While most economists expect the Federal Reserve to raise interest rates at its December meeting, it’s not clear how much of an impact that will have on mortgage rates, which remain near all-time lows.

And while the share of respondents expecting home prices to increase fell to 41% in October from 43%, prices seem to be defying gravity.

Respondents in Fannie’s survey expect home purchase prices to appreciate 1.9% over the next 12 months. Data provider CoreLogic forecasts home prices will rise 5.2% over the next 12 years, and many analysts and industry participants believe prices are increasing too quickly for most would-be buyers to keep up.

 

read more…

 

http://www.marketwatch.com/story/housing-market-becoming-more-pessimistic-fannie-mae-survey-finds-2016-11-07?siteid=yhoof2&yptr=yahoo

Case-Shiller up 5.1% | Mt Kisco Real Estate

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United States S&P Case-Shiller Home Price Index  

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index rose 5.1 percent year-on-year in August of 2016, following a 5 percent increase in July and above market expectations of 5 percent. Portland, Seattle and Denver reported the highest annual gains over each of the last seven months with prices up by 11.7 percent, 11.4 percent and 8.8 percent respectively in August. On a monthly basis, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index increased 0.4 percent, easing from a 0.6 percent rise in July. Case Shiller Home Price Index in the United States averaged 157.24 Index Points from 2000 until 2016, reaching an all time high of 206.52 Index Points in July of 2006 and a record low of 100 Index Points in January of 2000. Case Shiller Home Price Index in the United States is reported by the Standard & Poor’s.

United States S&P Case-Shiller Home Price Index
CalendarGMTReferenceActualPreviousConsensusForecast (i)
2016-09-2701:00 PMJul5%5.1%5.1%5.1%
2016-10-2501:00 PMAug5.1%5%5%5%
2016-10-2501:00 PMAug0.4%0.6%0.4%0.5%
2016-11-2402:00 PMSep0.4%
2016-11-2402:00 PMSep5.1%
2016-12-2902:00 PMOct

 

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http://www.tradingeconomics.com/united-states/case-shiller-home-price-index

Construction Job Openings Decline in August | Mt Kisco Real Estate

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The count of unfilled jobs in the overall construction sector fell in August, as residential construction employment hiring accelerated in August and September.

According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) fell to 184,000 in August, after establishing a cycle high of 225,000 in July (post-data revisions). The July estimate represents the highest monthly count of open, unfilled jobs since February 2007.

The open position rate (job openings as a percent of total employment) for August was 2.7%. On a smoothed twelve-month moving average basis, the open position rate for the construction sector held steady at 2.9%, near a cycle high.

The overall trend for open construction jobs has been increasing since the end of the Great Recession. This is consistent with survey data indicating that access to labor remains a top business challenge for builders.

constr-jolts

The construction sector hiring rate, as measured on a twelve-month moving average basis, ticked up to 4.7% in August.

Monthly employment data for September 2016 (the employment count data from the BLS establishment survey are published one month ahead of the JOLTS data) indicate that home builder and remodeler net hiring continued to rebound, as sector employment increased by 15,700 after posting a 14,400 gain in August. These gains come after a recent period of hiring weakness, which has reduced the 6-month moving average of jobs gains for residential construction to just under 4,000.

Residential construction employment now stands at 2.617 million, broken down as 738,000 builders and 1.879 million residential specialty trade contractors.

res-constr-employment

Over the last 12 months home builders and remodelers have added 146,000 jobs on a net basis. Since the low point of industry employment following the Great Recession, residential construction has gained 631,000 positions.

 

real estate…

 

http://eyeonhousing.org/2016/10/construction-job-openings-decline-in-august/

Inventory update | Mt Kisco Real Estate

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When we published “Will Sellers Step up the Plate in 2016? “two weeks ago December market report weren’t in yet and it was clearly too early to blow the bugle over the inventory picture for the coming season

The reports are now in and hands are reaching for the nearest brass instruments.  Too many signals from too many sources are not looking good, especially for the mid to lower tier entry-level homes that Millennials need to escape the Rent Trap.

“Insufficient supply levels” is how NAR’s Lawrence Yun characterized the inventory picture when he released December existing home sales.  The headlines last week.  His careful choice of words masked the very serious possibility that inventories at the outset this year could be worse than last or even 20013 when shortages erupted in bubbles across California.

Here’s a quick review of the latest:

sellersbystate

NAR Traffic Report

Seller traffic was broadly “weak” across most states in December, as measured by Sentrilock, the leading lock box system.  Seller traffic was reported to be “strong” only in North Dakota where much residential construction took place as builders anticipated strong housing demand in the wake of the boom in oil production. There was also “very strong” selling activity in Puerto Rico, where significant out-migration is taking place, given the economy’s financial woes.2016-01-25_12-07-38 

NAR Existing Home Sales and Realtor Confidence Index

Total housing inventory at the end of December dropped 12.3 percent to 1.79 million existing homes available for sale, and is now 3.8 percent lower than a year ago (1.86 million). Unsold inventory is at a 3.9-month supply at the current sales pace, down from 5.1 months in November and the lowest since January 2005 (3.6 months).

Nationally, properties sold in December 2015 were typically on the market 58 days compared to 66 days one year ago.  Fewer days on the market are an indication that inventory remains tight. Short sales were on the market for the longest time at 86 days, while foreclosed properties typically stayed on the market for 68 days. Non-distressed properties were typically on the market for 57 days. Nationally, approximately 32 percent of properties were on the market for less than a month when sold.

Zillow

Active inventories on Zillow in December fell by 7.7 percent from December 2014.  Listings on the site dropped from 1,6012,255 to 1,477,330 (SAAR).

Realtor.com

December median age of inventory was 94 days, which is up 12 percent from November but still down 6 percent year-over-year.

Redfin

Last month (November) prices spiked due to a dearth of properties on the market. In December, there was a three-month supply of homes for sale, a steep slide from the 4.1 months reported in November. The lack of inventory supported a fast market, where the typical home sold in 41 days, a week faster than a year ago.  December listings fell 10.3 percent from November and 5.4 from December 2014.

2016-01-25_12-37-43

Source: Re/Max

Re/Max

The inventory of homes for sale remains very tight in many metros across the country, at a level that is 14.2% lower than December 2014. At the rate of home sales in December, the national Months’ Supply of Inventory was 4.9, down from 5.7 one year ago. A 6.0 months’ supply indicates a market balanced equally between buyers and sellers. The number of homes for sale in December was 12.5% less than in November and 14.2% less than in December last year. The average loss of inventory on a year-over-year basis for 2015 was 12.2%. The highest month supply was seen in Augusta, ME at 14.1 months.  Three metros had a supply less than 2 months, San Francisco with 1.1, Denver, CO 1.8 and Seattle at 1.9 months.

 

read more…

 

http://www.realestateeconomywatch.com/2016/01/inventory-update-get-the-cavalry-ready/