U.S. mortgage applications fell last week

April 2, 2014

Applications for mortgages in U.S. fell in the last week due to lower demand for refinancing, said Wednesday a group of industry.

The Mortgage Bankers Association (MBA, for its acronym in English) said its seasonally adjusted index of mortgage application activity, which includes both refinancing and demand for home purchases fell 1.2% in the week ended 28 March.

The seasonally adjusted index of refinancing applications fell 2.9% MBA, while the measurement of loan requests for home purchases, an important indicator of home sales, rose 0.9 percent.

Mortgage rates 30-year fixed averaged 4.56% this week, unchanged from the previous week.

The survey covers over 75% of retail residential mortgage applications in the U.S., according to the MBA.

U.S. housing price records biggest gain in seven years

March 31, 2014

The price of single family homes in the United States again recorded in May their biggest gain in annual terms in seven years, said Tuesday Standard & Poor’s ( S & P) , who said that these data indicate that the housing market ” continues to strengthen .”

The Case- Shiller , which prepares the firm to study the evolution of housing prices , index rose 12.2% in May compared with the same month last year in the twenty largest cities.

The advance was 11.8 % in the ten largest cities.
In both cases these increases are the largest recorded since March 2006, before the bursting of the housing bubble in this country, although experts had calculated a slightly steeper climb.

Moreover, when compared to the levels that were in April, prices of single-family homes in the twenty largest cities have advanced 2.4% and 2.5% in the top ten .

Two of the twenty cities surveyed by S & P , Dallas and Denver, in May reached levels not seen since they began developing this index, also before the peaks reached before the start of the housing crisis.

In annual terms , San Francisco registered the highest advance with 24.5 %, followed by Las Vegas ( 23.3%) , Phoenix ( 20.6%) and Atlanta ( 20.1%).

” The housing prices continue to strengthen ,” he said Tuesday in announcing this information the chairman Indices S & P , David Blitzer, who highlighted the changing trends shown in this report , as the case of Miami and Tampa , which ” is lagging behind compared to western cities . “

In any case, since hitting their peak in June and July of 2006, housing prices in both the 20 and the 10 largest U.S. cities accumulate a drop of 25% and 24% , respectively .

Up home prices in South Florida

March 29, 2014

The housing market in South Florida continues to rise .

The average price of a detached house in Miami -Dade County increased 25.7 percent in July to $ 230,000 , compared to $ 183,000 in the previous year, said the Association of Realtors Miami.

Sales of single family homes in Miami -Dade rose 27.3 percent in July , to 1,227 closings compared to 964 a year earlier. This marked the highest level of sales in Miami -Dade since the peak of the boom in 2005, when the average price was $ 351.200 .

Miami -Dade , ground zero for the housing crisis , has registered 20 consecutive months of price increases in both single family homes and condominiums .

Strong sales come despite continued tight supply of homes listed and an increase in mortgage interest rates .

” There is a sense of urgency that comes from rising interest rates,” ‘ said Lisa Dority , Realtor of RE / MAX Advance Realty II in Miami. “Some people are nervous and do not know how far they will raise interest rates .” In July , sales of single-family homes in Miami-Dade were up 4.9 percent from June , when the average price was the same : $ 230,000 .

Lawrence Yun , chief economist of the National Association of Realtors said Wednesday that the momentum in the increased rates will only come to a point. ” The initial increase in interest rates gave a strong incentive to close shop. However, further increases in rates will reduce the number of eligible buyers, ” Yun said in a statement.

As for condominiums in Miami- Dade , the average price rose 33.3 percent in July to $ 180,000 compared to $ 135,000 in the previous year, said Miami Realtors.

Condo sales in Miami -Dade County increased by 13.4 percent in July , to 1,538 closings compared to 1,356 a year earlier, while the units listed rose 13.5 percent to 8,458 units compared to 7,451 units in the previous year. Miami -Dade had in July 6 month inventory of condos for sale , compared with 5.6 months in the previous year and an inventory of 5.8 months in June.

In Broward , the housing market continued also recorded impressive gains in July. The average price of a detached home rose 27.9 percent to $ 275,000 in July compared to $ 215,000 in the previous year , according to Greater Fort Lauderdale Realtors.

Sales of single family homes in Broward rose 12.9 percent, to 1,475 closings in July compared with 1,307 a year earlier. Single family sales rose 8.7 percent in July from June , when 1,356 sales closed.

The average price of a condominium in Broward rose 29.2 percent in July to $ 108,500 from $ 84,000 the previous year. Condo sales increased Broward 12.6 percent in July , at the end of 1525-1354 the previous year and remained stable at the end of June 1355 .

The inventory of single-family homes for sale fell 10.3 percent in July from 4,297 , while condos in the charts fell 7.1 percent to 5,985 .

Broward in July was 3.5 months inventory of single-family homes for sale, or 3.5 times the volume of transactions that closed this month. This represents a decrease from an inventory of 4.3 months in the previous year. Broward had an inventory of 4.3 months for condos in July, compared with 4.8 months of inventory in the last year.

The average price of a condominium in Broward rose 29.2 percent in July to $ 108.500 from $ 84,000 in the previous year. Condo sales in Broward rose 12.6 percent in July to 1,525 from 1,354 closings in the previous year, and remained stable with 1,355 closings in June.

The inventory of single-family homes for sale fell 10.3 percent in July to 4,297 , while the condominiums in the charts fell 7.1 percent to 5,985 .

Broward was only 3.5 months inventory of single-family homes for sale in July, or 3.5 times the volume of transactions closed that month. This represents a decrease compared with an inventory of 4.3 months in the previous year. Broward had an inventory of 4.3 months for condos in July, compared with 4.8 months of inventory last year.

Market watchers believe that six months of inventory represents a balanced market between buyers and sellers. When inventory is less than that, the sellers have the last word and prices rise at a rapid pace .

“The decline in inventories of single family homes, condos and homes available for sale in Broward County , along with the largest percentage of the sale price that existing homeowners are getting , and the impressive decrease in the number of days units go on the market compared to last year , continue to drive up prices, “he said in a statement Charles Bonfiglio , president of the Greater Fort Lauderdale Realtors.

In Miami -Dade condominium sales rose 13.4 percent in July to 1,538 from 1,356 closings a year earlier, while the inventory of units for sale rose 13.5 percent to 8,458 units from 7,451 units in the previous year. Miami -Dade had a 6 month inventory of condos available for sale in July , compared with 5.6 months in the previous year and an inventory of 5.8 months in June.

They build New York’s tallest skyscraper thin the Empire State

March 27, 2014

A thin tallest skyscraper the Empire State will be built in New York. The tower, which has already received the approval of the authorities, will have only 18 feet of frontage . The unique building will be residential .

The slender tower , which will measure 411 meters in height, has been approved by the Commission for the Preservation of Historical Monuments in New York, essential to begin construction pending.

Even more surprising than its height , to surpass the Empire Estate at about 30 meters at its roof , is its slim design , which will decrease as gaining height, which , added to the facade of staggered glass, literally make you look like a stairway to heaven.

Last September, the companies promoting JDS Development and Property Markets Group presented their final plans to the Commission for the Preservation of Monuments, and that construction had to buy the iconic building Steinway Hall, New York headquarters of the famous brand piano , and ensure their preservation to ensure that approved construction of such magnitude.

According to Gregg Pasquarelli , a principal of SHoP Architects design company , the relationship between height and width would be about 25:1 . “It may be the slimmest building ever built .”

It is planned that the project ends in 2016, at which time the hundred lucky buyers can move into their new apartments, one per floor .

The strange thing is that the building , which is the second highest in New York, after One World Trade Center, will be for the exclusive use of owners of their luxury apartments .

Bank of America will pay $ 9,300 million to U.S. mortgage “junk”

March 27, 2014

The Bank of America agreed today to pay 9.300 billion a federal regulator that absorbed and manages mortgage banks Fannie Mae and Freddie Mac for their role in the crisis of the “junk” mortgages.

The Federal Housing Finance Agency ( FHFA , for its acronym in English ) said in a statement that it has acted within its mandate to recover losses to American taxpayers .

Meanwhile , Bank of America said the disbursement cause a cut in expected for the first quarter profits.

The bank will pay 6,300 million in cash and the rest through the acquisition of about 3,000 million dollars in assets of Fannie Mae and Freddie Mac , agencies were rescued with public money after the fall of the “subprime” mortgages .

The FHFA sued 18 entities in 2011 for his irresponsible in creating the housing bubble and sales of toxic assets to Fannie Mae and Freddie Mac behavior, and only seven others remain pending lawsuits agree.

“This agreement represents an important step to help restore stability to the mortgage market and to recover the role of private firms in the mortgage lending ,” he said in a statement Melvin L. Watt , director of the FHFA .

New York Declares War on private rental housing

March 24, 2014

The professionally managed vacation rentals , alternative to the controversial lease by individual

Today, travel is no longer synonymous with staying in a hotel. Increasingly, there are alternatives for those who prefer to go at your leisure before opting for fixed hours and impersonality of the hotels. In this context, vacation rentals , and to be managed by individuals or professionals , is emerging as a good option for those looking for authenticity in your trip .

However, New York has declared war on the dwelling for days or weeks by individuals , a widespread practice among the residents of the Big Apple , renting underused room or even your whole house while on rental for extra income to help them pay the high rents in the city. Now , however , this practice may have its days numbered by the reluctance of New Yorkers authorities on this system , articulated by websites specializing in private hire , that connect people who have a space with other , usually tourists who want to rent it.

Recently, the New York attorney general has asked these companies info for all New Yorkers as part of an investigation into abusive practices in the conventional rental customers and opened a deep process of debate about the supposed lawlessness of such rents, which could benefit from loopholes or unclear and ambiguous written laws , officials of the American city , which also denounce tax evasion and deprotection of the client ( which in some cases can be seen as cancel your reservation up to two days before the trip without receiving any compensation for it ) .

In contrast to this model , the holiday rental regulated by professionals is emerging as an option gaining fans every day for their safety and reliability and the guarantee of a safe and efficient service to the customer. Migoa.com is a good example because it offers a catalog of more than 44,000 homes and apartments managed exclusively by professionals, an almost unique in the network , making the portal on a secure platform that reduces the classical risk transactions with private owners. The system provides Migoa.com interesting for both managers, who have a website designed exclusively for them and their needs ( with the technology to upload their properties easily and quickly on the web) and with flexible terms , allowing them to choose the requirements for cancellation or percentage of the down payment , and also for customers who have a secure service with the assurance that they rent apartments are in good condition and complete trust in the time of booking and payment, since the system is completely safe.

Caen loan applications for home purchases in the U.S.

March 22, 2014

Applications for loans to buy homes , a key real estate sales indicator fell in the last week in the U.S., reported the Mortgage Bankers Association of that country.

A survey prepared by the entity , released yesterday , showed that the rate dropped 5 % in a country where the real estate market was one of the hardest hit from the start of the economic crisis in 2007.

Orders for home loans fell 2 % due to falling demand for loans for house purchase and for refinancing.

That meter in late 2013 touched its lowest level since 2000 , following the announcement that the U.S. Federal Reserve would begin to reduce its program of monthly bond buying 85 billion dollars.

The survey covers over 75 % of orders for retail residential mortgage loans in the United States.

A recent expert report showed that low interest rates and rising demand in December 2013 favored the sale of existing homes in the United States, but dwindled housing starts .

Other indicators show some health sector due to the rise in household formation and demand encouraged the interest of builders to carry out new projects , according to Prensa Latina .

Two opposing forces impact the market : a mismatch between the values ​​up with a weak revenue growth , which made homeownership less affordable for many Americans , say the analysts.

The explosion of the housing bubble in 2008 called one of the most severe in recent decades economic crisis strongly affected the whole world because of the high interconnectedness of global financial markets.

Miami real estate market will grow 13.2 percent this year

March 21, 2014

CONSUMIAMI During 2014 , several real estate specialists claimed that the projection of the Miami market will continue to rise.

The Real State in the state of Florida is one of the sectors that generate dividends. This was stated Lynda Fernandez VP . Public Relations Miami Realtors . ” The furniture market in Miami has recovered faster than thought . , After the crisis of 2008 .”

At that time the lower house sales fell by over 75 percent. ” Although today the reality is totally different and is that sales quickly recovered by foreign investment . Indeed , on average a home today is located in approximately 60 days.

The city of Miami is ranked No. 2 ranking property sales in the United States and holds the 3rd place as the most populous Dowtown .

Meanwhile, Miguel Correa, Consultant and Director of Miami District , began claiming that intervention : ” According to surveys, 75 percent of the buildings in Brickell are sellers , which shows that the market in Miami, is growing rapidly and producing millions of dollars. “

Correa said the Downtown Miami currently has 200 thousand inhabitants and in many cases foreign investors rent their properties, and is based on the habitability of housing census has been carried out which yielded this figure.

Finally , the experts agreed that Venezuela and Brazil are the countries providing the largest number of foreign investors to South Florida.

Google gets into the business of real estate auctions

March 12, 2014

With the support of Google Capital , the company was able to cut off an even larger piece of the global pie of the real estate trade , said Jeff Peace , CEO and co-founder of Auction.com . By his own account properties were sold for a total value of $ 20 billion since 2010 on the platform.

Google Capital will send two representatives to the executive suite of Auction.com . Thus, the Internet giant strategic stake Eigenern closes like Starwood Capital, Starwood Property Trust , Stone Point Capital and funds that are managed by subsidiaries of Fortress Investment Group.

Auction.com has 900 employees and has offices in Atlanta , Austin, Denver , Miami and Newport Beach. In Germany, the company has at the beginning of the branches surprisingly closed – justified by cost savings.

This Auction.com announced four auctions this year in Germany at the Expo in 2013 , and even long-term monthly auctions not excluded. But but the business was rather poor in this country . So of the 31 proposed buildings only about a quarter had found a buyer about the second auction of last year. But this was dismissed as “Startup problems ” .

So now comes in fresh capital from Google. The daughter Google Capital invests in companies that have the potential , with its technology to change customer behavior . Auction.com trust the Google management to be revealed to revolutionize the buying and selling of real estate with a view to smaller investors.

Buying a condo in Florida last call?

March 8, 2014

Guy Dubreuil has drawn a roadmap for the coming years , and the needle of the compass points strongly to the south : he plans to purchase a condo in Florida. “I would like to rent it for four years and then settle there six months a year , taking my retirement ,” says Laval amateur golf and motorcycle.

But there are still bargains to Uncle Sam, now that property prices are rising and the Canadian dollar weakens ? will he demand.

In recent years, plummeting property prices across the United States and particularly in the Sunshine State, combined with a strong dollar has enabled many Quebecers to grab a property under the palms for a song bread . La dolce vita in warmer climes was no longer the preserve of the rich.

“Last year , you could find condos for less than $ 30,000 that were worth $ 100,000 a few years ago, says Yves Beauchamp , realtor and owner of Le Soleil Florida . Half the people who bought in recent years would not have been able to afford before the crisis. “

In the roller-coaster ride that has shaken the U.S. property prices in recent years, Florida has the lead car . It is in this state that prices have climbed faster and higher in the mid- 2000s, then plunge precipitously in 2011. Then, the ride has regained momentum : the value of properties is now bullish .

“Florida has been more affected than all other states by the housing bubble, says Francis Generous economist for Desjardins. Prices have tripled between 2000 and 2006. The fall was therefore sharper than elsewhere in the United States . “

Many owners have found themselves in trouble, and Florida has turned into a huge “liquidation” . Buyers from around the world rushed to get their hands on the best deals, including a large number of Canadians.

This is also what drove the real estate market recovery . ” Properties are sold above the asking price , because there are sometimes multiple offers on the same property ,” says Jean Feuillet, real estate agent in the Fort Lauderdale area .

The best deals are probably past . The Canadian dollar down also increases the cost of purchase: for a property of $ 150,000 , the change of the currency represents an additional expense of $ 14,250 compared to 2012.

Treasures to find

Should we conclude that the train has passed and those who remained on the platform have to stay at home in the cold? Not necessarily .

“You may not come across the deal of the century, the golden opportunities are a little harder to find, but there are still says Yves Beauchamp . Although prices have increased, there are still good opportunities. “

“Despite the decline in the Canadian dollar , buyers know they are still a good deal, says Jean Feuillet. A condo built in the 80s who then sold $ 100,000 now sells for $ 120,000 . With inflation , it is as if it cost $ 40,000 in 1980 dollars . “

Property values ​​continue to increase , but at a slower pace. “We do not expect to return to the same price as before the crisis for several years ,” says Francis Generous . The Canadian dollar , experts do not expect significant fluctuations in its value in the months ahead.

“Quebecers who buy to enjoy themselves for several years and not to invest should not have fears. The important thing is to pay a price that suits their budget , says Generous . But those who buy thinking make a lot of money maybe take risks. “

Of particular note is that the real estate market in Florida is still struggling with a large number of homes seized by banks , and third mortgages exceed the value of the property , owners who sell so do not get a enough to repay their mortgage rates .

Jean Feuillet warns buyers who might be tempted by condos advertised at extremely low prices , including those sold by banks : they may be in poor condition , or located in unsavory areas . ” The very low prices have attracted other types of buyers , demography has changed in some areas , and this is perhaps not what Quebec snowbirds looking for,” he said.

Sylvie Champagne, a Montrealer who bought a first condo in Fort Lauderdale area in 2006, observes that the popular sectors of Quebecers are somewhat protected bursts real estate market. ” The criteria for these buyers are not the same as traditional buyers, she said. Although Quebec retirees looking for apartment complexes where they can speak French , which supports demand in these sectors. “

Favorite places Canadian buyers :

Naples -Marco Island: 13%

Cape Coral -Fort Myers: 12%

Orlando -Kissimmee : 12%

Brandenton – Sarasota- Venice : 10%

Fort Lauderdale : 8%

Tampa- St Petersburg -Clearwater : 8%

Palm Beach : 6%

The choice of Sylvie
After a few trips to Florida and camping at the hotel over the years , Sylvie Champagne and her husband were tempted by a first condo they bought in 2006. Then a second , three years later … Then a third , there is a year!

Here are the reasons for their choice :

1st purchase, April 2006 – $ 70,000

Margate, north of Fort Lauderdale, 30 minutes from the ocean.

Condo one bedroom in a popular complex of Quebecers .

They bought when prices were at their peak .

“We have been in contact with the owner by an acquaintance and paid a price that was just in that moment and that suited our budget ,” says Sylvie .

2nd purchase, December 2009 – $ 105,000

In the same complex as the first.

Two bedrooms and two bathrooms.

The place need renovations of $ 12,000 .

At that time , prices have begun to fall , but are far from being at their lowest .

“We wanted more space to be able to entertain family and friends , and to spend more time working remotely ,” says Sylvie .

The first condo was leased .

3rd purchase, January 2013 – $ 320,000

Boca Raton, a little further north, in front of the ocean

Two bedrooms , three bathrooms , pool, gym , spa, underground parking.

“We wanted to get closer to the ocean and have more space , says Sylvie . We could never afford such a property a few years before , when prices were more around $ 600,000 . Our purchase has appreciated in value since last year , since it is a fairly sought . “

The other two condos are rented with a small profit .

” They probably sell when prices have increased , but there is no hurry ,” said Sylvie .

User manual for a purchase without worries
Here are 10 things to consider before buying Florida.

1 . Transaction costs can reach 2000 or $ 3000. Future owners may need , depending on the county pay for the title search , obtaining title insurance and inspection. By cons , it is the seller who pays the property transfer tax ( $ 7 per $ 1,000 of sales price) .

2 . A mortgage loan from a U.S. bank will be accompanied by a registration fee of $ 0.35 for every $ 100 borrowed . The process can be long and difficult , prompting the majority of snowbirds to pay cash for their purchase , often réhypothéquant their property in Canada. It is easier to negotiate at the time of purchase.

3 . If you fear the fluctuations in the exchange rate between the filing of your offer and closing the sale , you can convert the amounts necessary for your purchase in advance. Exchange companies also help block a few months in advance favorable interest rates and reduce the cost of remittance .

4 . An interview with the owners’ association is often required for the transaction to be approved, and that you are informed of rules to follow . It also requires a credit check and a criminal investigation. These steps may take about a month .

5 . Condominium charges rose in some areas affected by the housing crisis , because owners in financial difficulty could not pay their share . Other owners have had to clean the invoice . The maintenance of some buildings may also have suffered from financial problems of condominium associations . These problems are generally less important in the complex for 55 years and over who have suffered less from the crisis. Remember , if the selling prices have declined, condominium charges have not necessarily followed the same trend .

6 . Municipal taxes are generally lower for a permanent resident of Florida for an alien who has his main residence elsewhere , because of measures taken to avoid excessive increases in property taxes when the housing bubble. Do your calculations accordingly.

7 . Insurance much more expensive since the hurricanes of 2004-2005 . Insurers refuse to cover certain areas , forcing the owners to turn to the insurer of last resort established by the state, whose rates are higher.

8 . If the property is rented out , the rental income may be taxed in the United States and Canada, with the ability to claim a tax credit here for the amounts paid to the IRS . Many homeowners associations regulate the location, for example by prohibiting rent during the first year after purchase , and imposing a limit of one rental per year.

9 . By selling your property, you will , again, be taxed on the capital gain in the U.S. first, then Canada for the excess. Here you can claim a credit for taxes already paid south of the border.

10 . If you live in Quebec at least six months in the year, you continue to be covered by the Quebec health insurance plan . But if you have spent an average of 122 days per year in the United States for three years , you may be considered a resident in the eyes of the IRS


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