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Chief Blogger: Christopher Dente, Director of Public Relations | 212.685.7777 | cdente@citi-habitats.com
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New Developments
5 Pct. Of Americans Plan to Buy a Home Next Year Sign in to Recommend
Posted by Christopher Dente | November 12, 2009
5 Pct. Of Americans Plan to Buy a Home Next Year Sign in to Recommend
By THE ASSOCIATED PRESS | November 11, 2009
NEW YORK (AP) -- Just one in 20 Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West, according to a survey released Wednesday.
Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.
Read entire article here.
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3rd drop in foreclosures hints at recovery; state-by-state chart
Posted by Christopher Dente | November 12, 2009
3rd drop in foreclosures hints at recovery; state-by-state chart
By Paul Wiseman, USA TODAY
Foreclosures fell for the third-consecutive month in October, another sign the worst of the housing crisis may be past.
RealtyTrac, an Irvine, Calif., real estate firm, reports Thursday that foreclosure filings totaled 332,292 last month, down 3% from September but up 19% from a year earlier. The figure means that one of every 385 homes received a foreclosure notice in October.
Read entire article here.
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Mortgage Refinance Applications Increase, Purchase Applications at Nine Year Low
Posted by Christopher Dente | November 12, 2009
Mortgage Refinance Applications Increase, Purchase Applications at Nine Year Low in Latest MBA Weekly Survey
WASHINGTON, D.C. (November 12, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.8 percent compared with the previous week.
Highlights:
- The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.90 percent from 4.97 percent, with points increasing to 1.03 from 1.01 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate is the lowest observed in the survey since the week ending May 15th, 2009, when it was 4.69 percent.
- The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.33 percent, with points decreasing to 1.15 from 1.33 (including the origination fee) for 80 percent LTV loans.
- The average contract interest rate for one-year ARMs increased to 6.85 percent from 6.83 percent, with points decreasing to 0.29 from 0.31 (including the origination fee) for 80 percent LTV loans.
Read entire release here.
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3rd Quarter 2009 Manhattan Sales Market Report
Credit to: Christopher Dente
Posted by Christopher Dente | October 15, 2009
Please click on the image to view the entire 3rd Quarter 2009 Manhattan Sales Market Report
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3rd Quarter 2009 Report - Manhattan Residential Rental Market
Credit to: Christopher Dente
Posted by Christopher Dente | October 15, 2009
Average Rents 3Q 2009
Market-wide for Manhattan, the average 3Q 2009 rental price for a studio was $1,760, representing a decrease of .3% from 2Q 2009; a one bedroom, $2,423 representing a decrease of .2% from 2Q 2009; a two bedroom, $3,481 representing a decrease of 1.9% from 2Q 2009; and three bedroom, $4,591 representing a decrease of 1% from 2Q 2009.
Vacancy Rates 3Q 2009
The overall vacancy rate for Manhattan for 3Q 2009 was 1.71% representing a decrease of 0.17 in the vacancy rate from the 2Q 2009 rate of 1.88%. A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .1.08%, while the Upper East Side, at 2.41%, ranked highest.
Please click on the image to view the Manhattan Residential Rental Market 3rd Quarter 2009 Report.
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