Weekly Roundup: Lawsuits, rising sales, falling foreclosures, ghostly cities, rosier forecasts

Everywhere in the city, brown sandstone is a fading commodity

Having tried a $500,000 two-week Hamptons rental to snag a man, Cheryl Mercuris buys $13.72 million UWS condo

Good investment property must first of all be in — duh — right location

Record 33 contracts signed for luxury properties last week

To track down pre-construction bargains, start with city’s Web site, then negotiate hard

Priciest zip isn’t on the Upper East Side after all

Median price of lower-end homes swoons in the Hamptons

Agents have reasons stemming from mid 90s lawsuit for withholding square footage

Mauritian national seeks more than $1 million on claim that co-op board broke anti-discrimination law

Rise recorded in foreclosure, delinquency rates in metro region

Stigmatized Kennedy property in Connecticut finds buyer in week

Acting couple rid themselves of Mediterranean-style mansion in Los Angeles for $6.7 million

Moving four blocks away, funny man and wife add a room

Ex-wife of billionaire financier/philanthropist Continue reading

Advertisements

Consensus erupts over trend toward renting

(Flickr photo by abrin523)

Beware the stampede of opinions about potential homebuyers.  Those views are trampling conventional wisdom by asserting that the American Dream is dead or dying.

Last week, momentum swelled around the idea that many folks are choosing to rent a home rather than buy one.  Such consumers fall into two groups: Those for whom it is their only option because of finances and those who lack enough confidence in real estate to risk a decline in the value of their property.

I don’t know that the herd of economists and analysts wiser than me is wrong, but the volume and consistency of reports about the decline of American Dream was remarkable.

(Most of the links below have appeared or will do so in my Weekly Roundup on Fridays, on the Service You Can Trust Facebook page, on Twitter or some combination.)

Just look at the drumbeat of evidence over the last couple of weeks — for example, what James Bullard, president and CEO of the Federal Reserve Bank of St. Louis observed on Friday: Continue reading

Fannie, Freddie ideas could change our world

Treasury Secretary Tim Geithner

Fannie Mae and Freddie Mac may seem like distant galaxies, light years from our world as we know it.

But the proposals last week by the Obama administration to phase them out could have a profound affect on all buyers and sellers as early as this year.

To be sure, a proposal is a long, long way from congressional action, and self-interested parties such as the Mortgage Bankers Association already Continue reading

Mortgage applications continue an upward trend

The Mortgage Bankers Association (MBA) said today that mortgage loan application volume increased 1.3 percent lasts week on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the gain was 1.4 percent.

Refinancing activity also rose, by 1.3 percent, and purchase volume grew by 1.5 percent.  It was the third consecutive weekly increase for purchase applications. Continue reading

Volume of mortgage applications is tepid

The Mortgage Bankers Association (MBA)reported today that loan application volume slumped 1.2 percent on a seasonally adjusted basis the week of Feb. 5 from one week earlier.   Unadjusted, activity increased 0.6 percent.

Refinancing applications went up 1.4 percent and purchases fell 7.0 percent seasonally adjusted.  Unadjusted purchase volume decreased 1.1 percent; it was 7.5 percent lower than the same week one year ago.

The refinance share of mortgage activity grew to 69.7 percent of total applications from 69.2 percent the previous week, and the adjustable-rate mortgage (ARM) share was unchanged at 4.5 percent.

Subscribe by Email

Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

Mortgage rates stay low, but borrowers are scarce

The 30-year fixed-rate mortgage (FRM) averaged 4.98 percent this week, barely down from last week’s 4.99 percent, according to Freddie Mac.  Last year at this time, it was 5.10 percent.

Yet the Mortgage Bankers Association (MBA) said in its latest report that loan application volume fell to 10.9 percent on a seasonally adjusted basis for the week ending Jan. 22.  Unadjusted, the change was 10.1 percent.  Compared with the same week a year ago, there was 19.8 percent less activity.  Continue reading

Mortgage applications drop for purchase

The Mortgage Bankers Association (MBA) says loan application volume increased 0.3 percent on a seasonally adjusted basis for the week ending Dec. 11 from the previous week.  On an unadjusted basis, activity slipped 0.3 percent.

Although applications to refinance mortgages were 0.9 percent higher than the prior week, the purchase volume dipped 0.1 percent on a seasonally adjusted basis.  Unadjusted purchase activity fell 3.6 percent compared with the previous week; it was 15.4 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 75.2 percent of total applications from 74.4 percent the previous week, reaching the highest refinance share since the end of April. The adjustable-rate mortgage (ARM) share dropped to 4.1 percent from 4.7 percent of the total, the lowest share since mid June.

Subscribe by Email

Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site