Archive for November, 2012

“Housing Will Save Us”

Friday, November 30th, 2012

This was a T&C Blog dated November 21st, where we predict the next evolution of the U.S. Housing Market will actually drive the economy. Then on November 28th, front page of my Wall Street Journal a similar prediction in an article by Conor Dougherty, Nick Timiraos and Neil Shah called “Now, Homes Drive Economy”.  Quoting THS Global insight who projects a 1% growth rate, with housing contributing 0.53% – the greatest contribution from housing since 2005.  S&P/Case-Shiller National Index released a 7% increase through the first 9 months of 2012, again the strongest since 2005.

2005 was the height of home sales activity in the Hamptons.

October 19th Town & Country’s Blog Post:
U.S. Home construction rose 15% in September – the fastest rate in 4 years.

October 23rd Town & Country’s Blog Post:
NAR reported existing home sales rose 11% in September 2012, from previous year…the 15th straight month of year over year gains in home sales.

November 19th Town & Country’s Blog Post:
Inventory on existing homes across the country now 22% lower than just a year ago.

November 20th Town & Country’s Blog Post:
U.S. Housing starts at a 4 year high at $894,000, highest since July 2008!

November 27th Town & Country’s Blog Post:
$1 million mortgages spike a whopping 28% year to year in the first three quarters of the year – again the highest levels since 2008.

ARE YOU IN?


 

$1M MORTGAGES SPIKE

Tuesday, November 27th, 2012

Town & Country has experienced a significant up tick.. particularly on the high end.
This is in keeping with T&C 3rd Q Home Sales Report where the $3.5-4.99M price category for All Hampton Markets Combined rose 50% year over year!
A further testament to this increase is apparent on a National level.
Home sales in major metropolitan areas with loans over $1,000,000 rose a whopping 28% in the first three quarters to the highest levels seen since 2008, according to DataQuick.
Jumbo loans, which are mortgages $417,000 and up or $625,500 in high cost areas, posted an increase of nearly 8% year over year—same period, according to FNC a mortgage – technology company.  In fact FNC graph on the Fall and Rise of Jumbo Mortgages shows jumbo mortgages rise and fall at much greater rates than conventional loans most years.. with nearly 60% less in 2008 from 2007.
Any Real Estate Professional will tell you a major stumbling block in today’s housing market is the incredibly tight lending practices. Hopefully this trend is an indicator that banks are loosening up to a normal level… then the only wild card left are the crazy appraisals.

Housing Will Save Us!

Wednesday, November 21st, 2012

So many economists point their fingers at the housing market and cast blame for the entire Great Recession.  While the housing bubble may have been a significant contributor, run away government spending, irrational lending practices and collapsing global economies weighed heavily. 

 

But now there’s one shining star in the sky as we look over the edge of that Fiscal Cliff – it’s housing!

 

Housing may actually be the savior the U.S. economy needs so badly.  Homes sold create jobs, pump money into their local economies, and, most importantly, fosters a sense of the American Dream – home ownership – a major for “feel good”!

 

Bottom Line All Measurable Housing Statistics Are Up:

-       new home sales up

-       existing home sales up

-       construction up

 

All unsustainable measures, and all economy stimulators…

Housing Starts for a 4 Year High

Tuesday, November 20th, 2012

The United States Commerce Department released its report as housing starts yesterday. United States Housing starts rose to the highest level in more than 4 years since July 2008! The level, 894,000 units or a 3.6% increase.

 

The housing market recovery has a clear and deep foundation with increased statistics in Home Sales, construction in inventory – all of which indicate prices have nowhere but up to go…the inquiring question is – at what rate ? – stay tuned to this blog for the market pulse.

Existing Homes for Sale

Monday, November 19th, 2012

We all have read the reports confirming the upcoming housing market. But did you know the inventory on existing homes for sale across the country is 22% lower than just a year ago at 2.1 million according to the National Association of Realtors. According to N.A.R., this is largely due to a drop in forclosure & distressed homes. This dynamic has changes homebuilder sentiment to 46:100. A year ago that index was 19.

 

Regionally, we are seeing considerable increase in activity as buyers realize inventory is dropping, demand increasing and historically low interest rates… waiting will only cost more in the future.

PROUD TO DONATE

Monday, November 5th, 2012

Town & Country is proud to donate a portion of every rental commission from today throughout 2013 to the American Red Cross and The Group for the East End,a not-for-profit regional charity that protects and restores the environment right here on eastern Long Island with a focus on our valued waterways.
To assist our friends and families throughout the New York area, Town & Country is collecting clothing and soft goods to be donated to those in need.
B & N Moving & Storage has generously offered to deliver these collections directly to the Breezy Point Firehouse.
We invite you join us in our endeavor by visiting any Town & Country once with cleaned clothing bagged and marked in sizes on or before Friday, November 23.

Town & Country at a World Wide real estate fair in Beijing China!

Friday, November 2nd, 2012

Join us in congratulating our North Fork colleague James Gao, who is representing Town & Country at a World Wide real estate fair in Beijing China!
As we all know our economy is a global one and future buyers from Asia & Europe, are looking to purchase in our area.
This direct marketing with an Associate who speaks the language positions T&C as the leader once again!