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Positive Momentum in the Housing Market Stumbles | Waccabuc Real Estate

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Freddie Mac today released its updated Multi-Indicator Market Index® (MiMi®) showing that the U.S. housing market experienced some winter doldrums. While an improving labor market and attractive mortgage rates continue to promise a strong spring homebuying season, housing market stability stumbled a bit due to the cold winter and a softening of economic growth. The slight decline in the national MiMi value this month is broad-based, and not concentrated in a handful of state or metro markets.

News Facts:

  • The national MiMi value stands at 74.6, indicating a weak housing market overall and showing a slight decline (-0.20%) from December to January and 3-month decline of (-0.37%). On a year-over-year basis, the U.S. housing market has improved (+3.39%). The nation’s all-time MiMi high of 121.7 was April 2006; its low was 57.4 in October 2010, when the housing market was at its weakest. Since that time, the housing market has made a 30 percent rebound.
  • Fourteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (96.9), the District of Columbia (96.3), Hawaii (90.1), Montana (90.0), and Wyoming (88.4) ranking in the top five.
  • Nine of the 50 metro areas have MiMi values in a stable range, with Austin (86.0), Los Angeles (85.2), San Jose (84.1), Houston (82.2), and San Francisco (82.2) ranking in the top five.
  • The most improving states month-over-month were Oregon (+1.29%), Idaho (+0.49%), Utah (+0.49%), Georgia (+0.48%) and Michigan (+0.28%). On a year-over-year basis, the most improving states were Nevada (+12.02%), Colorado (+9.52%), Rhode Island (8.41%), Florida (+7.97%), and Illinois (+7.73%).
  • The most improving metro areas month-over-month were Portland (+0.65), Sacramento (+0.14%), Denver (+0.12%) and San Jose (+0.00%). On a year-over-year basis, the most improving metro areas were Las Vegas (+14.45%), Denver (+13.37%), Providence (+9.41%), Chicago (+7.41%), and Austin (+7.23%).
  • In January, 11 of the 50 states and 21 of the 50 metros were showing an improving three month trend. The same time last year, 49 states plus the District of Columbia, and all 50 of the top 50 metro areas were showing an improving three month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Housing markets weakened slightly this month, which is no surprise considering the harsh winter and slowdown in economic activity at the outset of 2015. While single-family purchase applications dipped a bit across the board from December to January, they are still up nearly 3 percent from last year. Improving employment and attractive mortgage rates should help to support increased purchase applications, particularly as the weather warms up and we head into the spring homebuying season.”

“The good news is that mortgage delinquencies also continued their steady decline. The national MiMi current on mortgage indicator for January is up 10 percent from a year ago at 67.5, the highest level we’ve seen since in six years. The improvement in households paying their mortgages on time has been dramatic. For example, at its low point in February of 2010, California’s MiMi current on mortgage indicator was just 22.8. Since then, California has seen major improvements and today the current on mortgage indicator is 77.6, showing a 240 percent improvement from its low point and an 8.2 percent improvement from one year ago.”

 

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Hidden Buildings | Waccabuc Real Estate

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Architects have made a virtue out of the need to hide buildings. London-based dRMMM stuck to stringent planning guidelines for rural development, creating an award-winning design in the process. Their Sliding House in Suffolk replaced a bungalow and some outbuildings with a building based on a traditional timber-framed barn. Yet the structure is mobile: a 50-ton roof and wall enclosure glides along recessed tracks, revealing the house, annexe and garage. (Credit: Alex de Rijke/Ross Russell/DRMM)

 

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http://www.bbc.com/culture/story/20150316-buildings-hidden-from-the-world

2014 Ended with 39 Percent of Housing Markets Fully Recovered | Waccabuc Real Estate

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As the year ended, 39 percent, or 117, of the nation’s largest 300 markets achieved full price recovery, up 30 percent from the end of 2013. Hundreds of other markets moved closer to full recovery; by December, the average rebound percentage of all 300 markets was 95.85 percent, which was slightly higher than 95.49 percent recorded in November.

 

Markets that lost the least value during the Great Recession have been the first to rebound. Of the markets with a peak-to-trough decline of less than 10 percent, 25 had an average rebound of 107 percent in December. Of the markets that lost 10 to 20 percent of value, the average rebound reached 99 percent of the prior peak price in December. In the markets that suffered the most severe price declines, the average rebound percentage was 81 percent.

 

In December, 42 of the top 100 markets measured continued to show a complete price recovery, increasing by two from November. Jackson, MS and NashvilleDavidson-Murfreesboro-Franklin, TN were the new markets rebounding at 100.15 percent and 100.16 percent, respectively. Additionally, 75 midsize markets saw a rebound above 100 percent, up by four markets from November’s report.

 

“Great progress was made in the housing market during 2014. It put the real estate sector within striking distance of a majority of the nation’s 300 largest markets reaching full price recovery.  As markets reach new price peaks, they are restoring equity to millions of homeowners, making it possible for them to refinance or sell,” said David Mele, president of Homes.com.

 

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http://www.realestateeconomywatch.com/2015/02/8482/

REO’s Are Back | Waccabuc Real Estate

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Four years of declining distress sales quietly ground to a halt last year and now real estate owned properties (REOs) have increased steadily for four months in a row, rising to 23.2%, based on a three-month moving average, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

The distressed property share of home sales peaked at 45.5% in March 2011 and declined to 21.3% as recently as September.

The numbers suggest that a market share for REOs will settle in at one out of five listings for the foreseeable future.  “A distressed property proportion above 20% is likely to be a persistent feature of the housing market,” said Tom Popik, research director for Campbell Surveys.

M ove-in ready REO is the largest category of distressed property, accounting for 10.6% of home sales in January. The move-in ready REO share of home sales has increased most months after hitting a low of 8.2% in August 2013.

Popik said the largest portion of move-in ready REO properties will likely be purchased by first-time homebuyers. Such buyers accounted for 48% of purchases of move-in ready REO sold in January, with current homeowners claiming a 39% share and investors accounting for a 13% share.

Average home prices for move-in ready REO have increased since hitting a low of $171,300 in April 2013. Move-in ready REO sold in January had an average price of $221,000.

Damaged REO accounted for 8.0% of home sales in January, increasing for the fourth consecutive month. The damaged REO share of home sales hit a low in September at 6.3%.

Investors are the main buyers of damaged REO, purchasing 61% of such properties sold in January. Demand for damaged REO was particularly strong in January, with the properties receiving an average of 3.4 offers. However, time-on-market for damaged REO also hit a 4-year high during the month with properties sold in January having stayed on the market for an average of 13.0 weeks.

Short sales accounted for 4.5% of home sales in January, with market share for the properties staying level for the previous six months. The short sale share of home sales peaked in February 2012 at 16.8%.

 

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http://www.realestateeconomywatch.com/2015/02/reos-theyre-b-a-a-a-a-a-ack/

Sweet Little Cape with Its Own Sandy Beach | Waccabuc Real Estate

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Technically, this property is in Noyack, but the address is Sag Harbor, and the views are of Sag Harbor Cove. If a buyer is looking for an easy to manage weekend house, this place would fit the bill. It’s small (just 750sf) but nice, with an updated kitchen and bathroom, cozy living room with fireplace, and two bedrooms. Outside, the plot is a petite 0.18 acre, but you get your own sandy beach and a there’s an existing permit for a dock. Price isn’t bad; another house just down the street sold for $2.05M last year, but that was larger with slightly more land.

 

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http://hamptons.curbed.com/archives/2015/02/18/

Jobs Gains Will Support Housing Demand | Waccabuc Real Estate

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The end of 2014 saw an acceleration of job creation that compared favorably with the poor start to the year. Combined with the ongoing expansion of consumer confidence, these trends will help support housing demand and residential construction during 2015.

The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 257,000 in January, with an additional 147,000 jobs reported in November and December after data revisions. The unemployment rate inched up to 5.7% in January from 5.6% in December, which is in fact a positive development as this change was due to more individuals seeking work. In January, home builders and remodelers added 20,100 jobs on a seasonally adjusted basis. Over the last 12 months, the industry has created 162,000 jobs.

The separate BLS JOLTS survey of job openings and turnover suggests additional hiring ahead. For the overall economy, the job opening rate (number of unfilled jobs as a percent of total employment) reached 3.5% in December, the highest rate for the post-recession period.

The number of open construction sector jobs for December (on a seasonally adjusted basis) rose to 147,000. The December level marks the third-highest monthly measure of unfilled jobs in construction during the post-recession period. Quits surged in the construction sector for the month, along with a moderate increase in hiring, which may reflect some worker churn among employers.

The good news on the employment front has helped consumer confidence. The January 2015 University of Michigan Index of Consumer Sentiment soared to its highest level since January 2004. The Conference Board Consumer Confidence Index also increased sharply, reaching its highest level since August 2007.

With respect to the broadest measure of the economy, the advance estimate from the Bureau of Economic Analysis indicates that Gross Domestic Product (GDP) increased at a 2.6% annual rate. This was below expectations, which were generally around 3%.

 

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http://eyeonhousing.org/2015/02/eye-on-the-economy-jobs-gains-will-support-housing-demand/

Obama: Help for younger, first-time homebuyers | Waccabuc Real Estate

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President Barack Obama Wednesday moved to make it cheaper for first-time and younger buyers to take out a mortgage.

Obama lowered the mortgage-insurance premium for borrowers who have a down payment of just 3.5 percent of the total home’s purchase price and finance the rest of the purchase with a loan backed by the Federal Housing Administration.

The reduction is expected to save the typical first time homebuyer an average of $900 a year on the insurance, the White House said. The insurance is required because they’re financing so much of the puchase and the loans are riskier.

Existing homeowners who refinance into an FHA mortgage will see similar reductions, the White House said.

The White House estimated that the change will help 800,000 homeowners save on their mortgages and 250,000 new buyers save on mortgage payments over the next three years.

Obama, expected to highlight the lower cost mortgages during a visit to Arizona on Thursday, has been under pressure from the housing sector to help lower costs for borrowers seeking to buy with a low down payment – often younger buyers and first-time home buyers, both a crucial link in home sales.

“We do not see first-time buyers getting into the marketplace. They don’t have a chance to get onto that first rung of housing,” said Chris Kutzkey, president of the California Association of Realtors.

While mortgage lending rates have been near record lows for several years, that has benefited the most creditworthy borrowers, who are often the wealthiest of home buyers. The middle-income segment of the market, with higher debt loads, has faced tougher lending standards. Stagnant income has crimped their ability to put more down towards a home purchase.

“Mortgage underwriting standards have been overly stringent,” said Lawrence Yun, chief economist for the National Association of Realtors.

The premiums rose sharply after the financial collapse, and have not come down even as the economy and housing market have improved.

“It’s almost as if government is ripping off the consumers,” complained Yun, noting that premiums were raised to minimize risks to taxpayers of borrowers defaulting on government-backed loans. “But what has happened is they were punishing current borrowers for the sins of past mistakes. Current borrowers did not harm the market, but they are paying the excessively high premiums.”

One consequence is the shrinking number of new homeowners. Over the past four years, first-time home buyers shrank as a percentage of all FHA loans – from 56 percent down to 39 percent, he said.

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http://www.theolympian.com/2015/01/07/3513236/obama-help-for-younger-first-time.html?sp=/99/102/#storylink=cpy

Universal Design Details You’re Forgetting | #Waccabuc Real Estate

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When Rosemarie Rossetti lost the use of her legs in a freak accident in 1998, she and her husband Mark Leder focused on getting her well. Their experience has become a critique on traditional homebuilding and an impressive exercise in true universal design. Finding the home they lived in would never work for Rosemarie’s new needs, the couple was further discouraged by the dearth of universal design options offered by area builders. Their solution was to become general contractors themselves and built the ultimate universal design custom home.

Today, the Universal Design Living Laboratory is Rosemarie and Mark’s home and office, and an education center for builders, architects, and the public to learn how to create homes that work for all of their residents, no matter their age or ability. Products editor Lauren Hunter recently toured the UDLL and found a number of details worth sharing. Here are nine of her favorites.

Safe and Sound: Knox Box
In emergency situations, first responders will gain access to a home in the most efficient ways possible. If this means breaking down a door, so be it – unless you have a Knox Box. This mini safe works similarly to a lock box that a Realtor might use when showing a home. The fire department has a key to the Knox Box, which stores your emergency house key inside, allowing them to open a door properly rather than breaking it down. Because, as Mark points out, the last thing homeowners should be thinking about in an emergency situation is how much door replacement costs.

Outdoor Enjoyment: Planter Boxes
Adjusting to life in a wheelchair made Rosemarie’s love of gardening a challenge. Mark says chair-height planters bring the gardening to a convenient height for Rosemarie to roll up to and tend any time she likes. The landscaped back yard also incorporates paver ramps and pathways so the couple can enjoy all of its amenities together.

See Through: Multi-level Peep Holes
Traditional entry doors have peep holes positioned at a height between 60 and 66 inches. Consider adding a peephole at closer to 48 inches for wheelchair users, children, and homeowners short of stature. Or, let the door glass do the work for you. In addition to daylighting as a universal design benefit, the glass in this ProVia door has clear panes for viewing at three different heights in the door.

Cooking Confidence: Easy Access Burners
ADA-compliant ranges put the cooktop controls at the front of the appliance so users can access them easily without reaching over hot surfaces. The UDLL takes things a step further by installing individual burners side by side in the cooking area, eliminating the problem of hard-to-reach back burners. In this configuration, Rosemarie can easily and safely reach each cooking element, as well as vent hood controls.

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http://www.remodeling.hw.net/business/design/9-universal-design-details-youre-forgetting_o?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=RDU_121714&day=2014-12-17