Basement of the Week: A Creative Space for Kids and Storage for All.
Basement of the Week: A Creative Space for Kids and Storage for All | South Salem Homes
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Home Prices Rise Nationwide; Connecticut and New Jersey Lag | South Salem NY Homes
According to recent data released from the Federal Housing Finance Agency [1], seasonally adjusted home prices have surged 8.4% from November 2012 to November 2013, bringing national home prices to 2005 levels. This represents the fastest quarterly pace of price appreciation since 2006. Furthermore, the November 2013 foreclosure report from CoreLogic shows that national foreclosure inventory has fallen 34% over the past 12 months, and the rate of seriously delinquent mortgages is at a five-year low. In aggregate, the data presents a favorable sign that the housing market is continuing to rebound from the financial downturn. Housing market trends not only reflect the overall health of the economy, they also tie directly to the revenue capacity of local governments, which often rely on property tax revenue.
Home prices appreciated year over year in all 50 states and the District of Columbia. Leading the nation in year-over-year gains were Nevada, California, Arizona, Florida, and Washington. However, these five states also lag the furthest behind third-quarter 2007 levels. The problem is especially acute in Nevada, where home prices remain over 40% below the prerecession peak. We are also concerned about the housing recovery in Connecticut, Delaware, Illinois, New Jersey, and New Mexico; prices in these states lag third-quarter 2007 levels by 13%-16% but have grown at the slowest pace in the nation at between 2%-3% over the past 12 months.
Source: Federal Housing Finance Agency
Thirty-eight states still lag third-quarter 2007 levels, though 34 of the 38 lag by only 10% or less. Home prices in resource-rich states North Dakota, South Dakota, and Texas are now at all-time highs and exceed prices from 2007 by more than 10%; North Dakota is the leader of the pack, with a 28.9% price increase since third-quarter 2007.
http://news.morningstar.com/articlenet/article.aspx?id=632034&SR=Yahoo
$12.75M Sagaponack House Features Pretty Much Everything – On the Market | South Salem NY Homes
Canadian regulators continue to press case that Toronto Realtors are restricting competition | South Salem Homes
Is housing bubbly? There is a lot going on | South Salem NY Homes
There is a lot going on right now in housing and mortgage markets. But one of the debates that continues to rage on is whether U.S. housing markets are in a bubble or not.
HousingWire’s own monthly HW Magazine talked about it in detail in our January issue.
So too has CNBC’s John Carney, in a post from late last year with the headline: Yep, it’s another housing bubble. And then on January 14 of this year, Peter Wallison at the American Enterprise Institute wrote a breathless op-ed proclaiming: The bubble is back.
But is it really a bubble just because home prices are rising again?
They say a picture is worth a thousand words, and this chart published today by rating agency DBRS in their annual overview of the RMBS market for 2014 suggests that anyone claiming a new housing bubble is simply ignoring the most basic housing fundamental of them all: nominal home prices.
Most markets haven’t yet reached their pricing level highs from the previous cycle, with the exception of two markets that saw the least amount of decline.
Those who want us to think there is a bubble cite the relationship between home prices and rental rates; or look at some calculated measure of affordability. And when those are out of whack, they say it’s a bubble.
But it could be that rental rates are themselves out of whack, not housing prices. And it could be that other variables are affecting affordability rather than just prices, too. Supply and demand factors can do funny things to ratios, all of which need to be read in context.
No analysis should ignore market fundamentals, should it? Can we really be building another housing bubble if home prices in almost every U.S. market right now haven’t even surpassed levels they once were at — even after the strong price rebound we’ve already seen in the previous year?
After five years of a housing economy that has been either horrible or just plain bad, it’s difficult to believe that one good year somehow suddenly puts the nation’s housing markets back into the bubble.
http://www.housingwire.com/blogs/1-rewired/post/28599-the-most-important-chart-in-housing-right-now
Runup in Canadian real estate prices reason for worry? | South Salem NY Real Estate
“If you run a bank,” says Toronto-Dominion Bank CEO Ed Clark, “you should be worried” about the rapid price appreciation seen in all types of Canadian real estate.
Toronto-Dominion Bank has had to say no to financing “a number of big, lucrative” deals Clark said at a bank conference in Toronto, The Globe and Mail’s Tim Kiladze reports. Other execs at the conference say there’s no cause for alarm — delinquencies remain in check, and supply and demand are balanced.
Source: theglobeandmail.com
Purchase apps down 20 percent from a year ago | South Salem Realtor
Manhattan apartment sales market caps off winning year as deals and prices hit new records | South Salem NY Homes
Sales volume surges nearly 27%; Average price rises 5.3% to $1,538,203
Manhattan’s apartment market ended 2013 on a high note as a flood of buyers sent sales volume and prices to record levels, according to multiple reports.
Sales in the quarter surged nearly 27% to 3,297, compared with last year, marking the largest number of fourth quarter closings on record, according to Douglas Elliman….
Read more: http://www.nydailynews.com/new-york/manhattan-apartment-sales-market-caps-winning-year-deals-prices-hit-new-records-article-1.1564829#ixzz2pMEXfPji
Real Estate: Avoid these common mortgage scams | South Salem NY Real Estate
The sluggish economy and slowly recovering housing market create the perfect environment for mortgage scams, with desperate homeowners as easy prey for scammers.
The crooks make the deal sound attractive and legit. Thousands of homeowners are duped in mortgage scams each year, and con artists don’t have to look far for victims, says Yolanda McGill, senior counsel for the Fair Housing & Fair Lending Project, an initiative by the Lawyers’ Committee for Civil Rights Under Law in Washington, D.C.
Most of the victims reach out to the scammers themselves through Internet searches, she says. She bases her conclusion on thousands of complaints that her organization has received from mortgage scam victims.
”The people showing up in our databases are people who are looking for help on the Internet,” she says.
— A theft in-‘deed’
Lured by promises of a better interest rates and lower mortgage payments, some borrowers end up signing away their houses.
Thieves pose as mortgage professionals or attorneys who pledge to modify or refinance the homeowner’s mortgage. The borrower is asked to sign the supposed modification papers. One of the pages in the stack of documents is a deed that, once signed, transfers ownership of the property to the perpetrators or a company related to them.
While many homeowners would be able to spot such an ingenious trick, others don’t bother to read or simply don’t understand the documents they sign, says Brian Sullivan, a U.S. Department of Housing and Urban Development spokesman.