New York Fed Gives Unfavorable Review of Housing Sector

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Previous: Rising Waters, Rising Delinquencies Next: Fannie Mae Launches 13th Re-Performing Loan Sale in Daily Dose, Featured, News August 13, 2019 1,199 Views The Best Markets For Residential Property Investors 2 days ago Merriam Webster’s Dictionary defines anemic as: “lacking force, vitality, or spirit.”The Federal Reserve Bank of New York felt that is an appropriate depiction of the current housing market, as it called housing starts and permits “anemic” in its August report on the economy. According to the report, total housing starts fell 1% in June to 1.25 million units, which follows a 0.4% decline in June. Compared to June 2018, total housing starts were up 6.2%. Single-family housing starts rose 3.6% in June to 850,000 and is a decline from 5.1% in June. The report adds that mortgage interest rates have fallen nearly 100 basis points since the beginning of the year, with the bank adding, “we expect to see some improvement in single-family starts in the months ahead.” Existing home sales fell 1.5% in June to 4.69 million units, and are 1.7% below 2018’s figures. New home sales rose 7% with a year-over-year increase of 4.5%. The New York Fed called home sales, “lackluster.” “Following a robust increase in the first quarter, the pace of new-home sales has slowed modestly in 2019Q2,” the report said. Additionally, Redfin reported that the supply of new homes fell 1% in Q2—the largest decline in six years. “When there’s a shift in the market, new construction is always one of the first categories to take a hit,” said San Jose, California, Redfin agent Kristen Nowack. “In the San Jose area, overall prices are falling and there are plenty of homes for sale right now, which means buyers may be less likely to pay a premium for new construction.“And when one builder starts dropping prices in response to the market, competitors follow suit, which could lead to overall lower prices.”Although the supply of new homes took a hit, the inventory of existing homes rose 1.1% for the quarter—the fourth-consecutive quarter of increases. Prices of new-build homes dropped 0.5% year-over-year to an average of $372, 900 for the quarter. The median-sale price for existing homes continued its seven-year trend of growth by rising 3.2% in Q2 2019 to $309,700.   Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / New York Fed Gives Unfavorable Review of Housing Sector Demand Propels Home Prices Upward 2 days agocenter_img Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles New York Fed Gives Unfavorable Review of Housing Sector Servicers Navigate the Post-Pandemic World 2 days ago Housing Market 2019 Housing Starts 2019-08-13 Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. The Best Markets For Residential Property Investors 2 days ago Tagged with: Housing Market 2019 Housing Starts About Author: Mike Albanese Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

Clear Lake council approves funding for joint fireworks display with Mason City, Cerro Gordo County

first_imgCLEAR LAKE — The Clear Lake City Council last night approved a $2500 donation of city funds toward a tentative joint fireworks display on July 3rd at the North Iowa Events Center sponsored by the cities of Clear Lake and Mason City and Cerro Gordo County.The Mason City Exchange Club traditionally holds its fireworks celebration on the Mason City High School campus on July 3rd, but due to COVID-19 and the need to socially distance the spectators, the North Iowa Events Center will be the location for the show.City Administrator Scott Flory says he talked with Mason City and county officials as well as the Exchange Club about the idea and they were all for it.  “We’ve had several conversations with them. We still have some work to do on that. We still need to talk logistically with the Department of Public Health and kind of work through some of those issues. Typically the Exchange Club has their show out at high school and this would be at the North Iowa Fairgrounds. We’d have a show on July 3rd. Flashing Thunder would be the fireworks provider shooting them off.”Flory says it would give an opportunity for people to stay socially distanced in their cars and still have an Independence Day fireworks display.  “Likely visitors would stay in their cars and watch the fireworks show from their cars. Probably about a 20-25 minute fireworks show. Certainly nowhere near the scale obviously that Clear Lake puts on, but there are very few in the state if any that would rival that kind of show. Again it gives folks a legal, safe alternative to watch fireworks with their family and children, kids, in again that opportunity.”Mayor Nelson Crabb reiterated why a traditional 4th of July fireworks display in Clear Lake could create a health hazard potentially spreading COVID-19.  “We also have a lot of visitors that come to down, as well as townfolk, that will go down to the beach area, to the sea wall area, to North Lakeview as well as the City Park, all the way back. That’s shoulder to shoulder, back to back, and that’s not really safe under these conditions that we are in right now. So this offers that alternative.”Clear Lake’s contribution is solely city funds and does not include money from the Chamber’s fireworks endowment fund. The Cerro Gordo County Board of Supervisors will consider approving a $2500 contribution at their meeting later this morning, and the Mason City City Council will consider approval of a $5000 contribution at their meeting tonight.last_img read more

Some Rumson Homes Deemed Uninhabitable; Power Could be Back by Thursday

first_imgBy John BurtonRUMSON — Borough officials said about 70 percent of the homes in the borough’s West Park section are heavily damaged and have been deemed uninhabitable by the Federal Emergency Management Agency (FEMA).“Quite a bit of homes have sustained some structural damage,” primarily in that section, said Dennis Peras, the borough’s construction official.The West Park section is near St. George’s-by-the-River Episcopal Church, located on Lincoln Avenue, the eastern point of the borough. The area includes Parker, Washington and Waterman avenues, Warren Street and Oyster Bay Drive, near the Shrewsbury River.Homes are Warren Street and Waterman Avenue were impacted by a surge that was as much as 72 inches above grade, Peras said.Peras spoke about the damage at a late afternoon borough council meeting during which the lack of power was also discussed.“The elephant in the room with us is the power,” said Mayor John Ekdahl about the aftermath of Super Storm Sandy.Ekdahl was talking at the meeting which was held in the cold and quickly darkening council chambers as the sun set Monday afternoon.Borough hall, like the rest of the borough, lost power as a result of the storm and has yet to have it restored a week later.The mayor said a Jersey Central Power & Light representative told him about the power possibly being restored by Thursday but he cautioned that estimate “isn’t gospel by any means.“We have no control over that in any way,” Ekdahl said.JCP&L, the electric utility company, has restored power to parts of Red Bank, with that restoration driven in great part by Riverview Medical Center being located there, Ekdahl said.Power company representatives have indicated Fair Haven, just west of Rumson, will probably get its power back by Wednesday with the Rumson, if all goes well, getting it back  Thursday.The reason for Fair Haven’s earlier return is because JCP&L is moving west to east in this area, said David Marks who is with T&M Associates, the borough’s engineering firm.The electric company has been working on repairing high voltage lines before undertaking repairs to its substation. “This gets the most number of people energized,” Marks said.“What bothers me is we’re suppose to have a fairly strong nor‘easter on Wednesday,” Ekdahl said, noting that that storm, with possible 50 mile-per-hour winds could hamper repair efforts and exacerbate the damage the borough has already sustained.last_img read more

‘Boot camp’ gets skaters ready for figure skating season

first_imgFigure skaters from throughout the zone got a head start on the season after attending the West Kootenay Development camp held recently in Nelson.More than 50 young skaters descended on the NDCC Arena for “boot camp” on ice — designed to enhance and develop the abilities of young figure skaters in the West Kootenays.“The camp was open to all skaters from the West Kootenays that are interested in attending a grass roots seminar,” explains Sarah Gower a coach with the Nelson Figure Skating Club. “It’s one component of Skate Canada’s overall development strategy to foster young skaters from the region who eventually may go on to compete at provincial or national levels.”Event organizer Tina Borhi was pleased with the turnout.“We got lots of positive feedback from skaters and parents,” she said. “We had a number of high calibre skaters from out of town attend so the quality of skating was quite high and valuable for the younger skaters to see.”Gower, along with fellow coaches Rachel Stewart and Yoshie Measures teamed up with out of town coaches Sabrina Hinson and Mandy Paulsen to put the skaters through their paces.“We taught the skaters both new elements and elements they are familiar with but done in difficult positions, or difficult entries in the case of a jump,” says Gower, noting this approach wins skaters more points under the new system of judging.“Having five coaches on the ice at once meant that skaters were able to receive lots of input and varied approaches.”Marg Larose from Vernon led the off ice dance sessions while Sabrina Hinson ran the off ice flexibility sessions.last_img read more

10 months agoChelsea defender Azpilicueta buzzing after Man City win

first_imgAbout the authorPaul VegasShare the loveHave your say Chelsea defender Azpilicueta buzzing after Man City winby Paul Vegas10 months agoSend to a friendShare the loveChelsea defender Cesar Azpilicueta was delighted with the manner of their victory over Manchester City.The Blues are buzzing after ending City’s unbeaten run.”Every team is different. Every team have different players. We beat City in our own way. Other teams must do it their own way,” said Azpilicueta.”City are so good that you cannot let them dictate the game. After three defeats in two games, people were starting to talk about us (negatively) so to beat City was a big moment for us.”Now people are talking about us beating City but it’s only three points.”Three points against City is the same three points if we beat Brighton on Sunday.”The Spaniard also told the Daily Mail: “Was it my best performance in a Chelsea shirt? I’ve been here for a long time, so it’s hard to say. I’d prefer to focus on the team.” last_img read more

9 months agoEverton boss Marco Silva: A really important win

first_imgAbout the authorPaul VegasShare the loveHave your say Everton boss Marco Silva: A really important winby Paul Vegas9 months agoSend to a friendShare the loveEverton boss Marco Silva was pleased with their 2-0 win over Bournemouth.Kurt Zouma powerfully headed in his first goal for the club from Lucas Digne’s cross following a corner in the 61st minute, before Dominic Calvert-Lewin added the second in the fifth minute of stoppage time.”It is a really important win,” Silva said. “I understand why you are asking me. We didn’t achieve the last results we wanted.”It was tough so we deserved the three points. We didn’t start the match well in the first 20-25 minutes. It was different the last 15 minutes, we controlled the game a bit better and started to create some chances.”But in that moment, they only had one clear chance and it was a foul on Zouma, I don’t understand how the referee didn’t see that foul. All the people in the stadium can see but that the referee and his assistants didn’t see that is strange.”In the second-half we started better and faster and breaking that pressure in a different way.” last_img read more

9 days agoSheffield Utd boss Wilder hails strength of Arsenal squad

first_imgSheffield Utd boss Wilder hails strength of Arsenal squadby Paul Vegas9 days agoSend to a friendShare the loveSheffield United boss Chris Wilder knows they face a huge test against Arsenal on Monday.Wilder was speaking at his pre-match press conference this morning ahead of Monday night’s game.He said: “If you look through their team, they don’t get to where they are by being bang average.“Even players like David Luiz and the captain of Switzerland [Granit Xhaka]. The Premier League player of the month [Pierre-Emerick Aubameyang]… Lacazette looks like being fit and available, and they spent £60m on a winger in the summer [Pepe]. “It’s elite football and they’ve also got some players not even getting in the squad who are quite tasty, too!” About the authorPaul VegasShare the loveHave your saylast_img read more

Nunavuts Lupin gold mine fined for not filing environmental reports on time

first_imgIQALUIT, Nunavut – The owner of an inactive gold mine in Nunavut has been fined for filing environmental reports three years late.Lupin Mines Incorporated has pleaded guilty to the charge and faces a $100,000 fine.Daniel Smith, regional director of environmental enforcement for Environment Canada, says the mine failed to produce timely reports on impacts to fish habitat.He says those reports were filed last year and no impacts were found.Smith says the mine did not conduct the study as required for financial reasons.The Lupin Mine opened in 1982 but has been mothballed for more than a decade.The company that owns it is controlled by Mandalay Resources of Toronto.last_img