WASHINGTON—The Federal Housing Finance Agency announced on May 10 that it had rescinded the upfront fees based on borrowers' Debt to Income (DTI) ratios for loans acquired by Fannie Mae and Freddie Mac. FHFA had announced in March it would delay implementation in order to engage with industry stakeholders and better understand their concerns. “I…
Read MoreNEW YORK—Locally-based Nuveen, the $1.1-trillion asset manager of TIAA, reported on May 9 it is acquiring a portfolio of multifamily assets from Omni Holding Company totaling approximately 12,000 units. A majority of the acquired assets, more than 10,000 units, are located in the Bronx, Brooklyn, Queens, Manhattan, Long Island and Newark, NJ. No financial terms…
Read MoreWASHINGTON —Nearly seven out of 10 metro markets registered home price gains in the first quarter as 30-year fixed mortgage rates fluctuated between 6.1% and 6.7%, according to the National Association of Realtors latest quarterly report released on May 9. Seven percent of the 221 tracked metro areas registered double-digit price increases over the same…
Read MoreNEWBURGH—Non-profit research firm Hudson Valley Pattern for Progress released a report on May 3 that chronicled the Hudson Valley’s population loss during the height of the COVID-19 pandemic in 2019 and 2020. The region lost 4,845 people due to migration to locations outside of the Hudson Valley. The Pattern for Progress report points out, however,…
Read MoreWHITE PLAINS—Executives with Greystar Real Estate Partners LLC and the Cappelli Organization joined officials from Westchester County and the City of White Plains on April 18 to celebrate the “topping out” milestone in the construction of the mixed-use 25 North Lex development in Downtown White Plains. Officials and several hundred construction workers cheered as the…
Read MoreALBANY—A new record of approximately 120 HGAR members and staff traveled to Albany on Tuesday, May 2 to meet with state lawmakers from the New York City/Hudson Valley regions to advocate on key real estate-related issues and legislation as part of the New York State Association of Realtors Lobby Day. HGAR President Tony D’Anzica reported…
Read MoreWASHINGTON—A majority (63%) of agents and brokers said promoting energy efficiency in listings is very or somewhat valuable, according to a new report from the National Association of Realtors—The 2023 Realtors and Sustainability Report. “While each area of the country has a unique climate and community resources, Realtors are finding the need to embrace their…
Read MoreRYE BROOK—Houlihan Lawrence has reported the appointment of Garry Klein as Director of the company’s Commercial Division. Klein previously served as Regional Manager and Associate Broker responsible for recruiting, training and managing the Westchester division of the company. In his previous role, Klein represented owners, buyers and tenant clients in the evaluation, sales, purchase and…
Read MoreWASHINGTON—Pending home sales decreased in March for the first time since November 2022, the National Association of Realtors reported yesterday (April 27). Three U.S. regions posted monthly losses, while the South increased. All four regions saw year-over-year declines in transactions. Home sales in the Northeast fell more than 8%. The Pending Home Sales Index—a forward-looking…
Read MoreYONKERS—Yonkers Mayor Mike Spano joined Ginsburg Development Companies and city officials on April 21 to celebrate the dedication of the Martin Ginsburg Park in the Greystone neighborhood that links Warburton Avenue to the Old Croton Aqueduct State Trail. The new park, which is named after the GDC Founder and Principal Martin Ginsburg, features a stairway…
Read MoreMOUNT PLEASANT— Toll Brothers will age-restrict 162 proposed townhomes in response to feedback from the Mount Pleasant Town Board, a decision that will allow the project between Columbus Avenue and West Lake Drive to move to the Zoning Board for review of a needed change to permit the townhomes use. The Town of Mount Pleasant…
Read MoreNEW YORK—The Fund for the City of New York (Fund) in partnership with United Way of New York City (UWNYC) released on April 25th the “2023 NYC True Cost of Living report,” which found that 50% of working-age households in New York City do not earn enough to meet basic needs. This equates to 1,298,212…
Read MoreNEW YORK – New York City Mayor Eric Adams, Trust for Governors Island President and CEO Clare Newman, and State University of New York (SUNY) Stony Brook University President Maurie McInnis unveiled on April 24, the “New York Climate Exchange,” a first-in-the-nation climate research, education, and jobs hub on Governors Island that will create thousands…
Read MoreWASHINGTON—Existing-home sales edged lower in March, according to a report released by the National Association of Realtors on April 20. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases. Existing-home sales in the Northeast were unchanged from February at an annual…
Read MoreWHITE PLAINS—On March 29, the Hudson Gateway Association of Realtors Diversity, Equity, and Inclusion Committee hosted a presentation that featured women leaders from across the real estate and economic development industries in the Hudson Valley who frankly shared how they navigated some of the unique advantages and pitfalls that exist for women in real estate.…
Read MoreWHITE PLAINS—The negative trifecta of high inflation and mortgage interest rates and low inventory continues to put a significant dent in home buying sales volume in the New York City/Lower Hudson Valley market. Single-family home prices values continued to rise in the first three months of this year in some markets, but indications are that…
Read MoreWHITE PLAINS—The Commercial Investment Division of the Hudson Gateway Association of Realtors recently presented its Annual Economic Development Roundtable that featured the top officials in the region charged with attracting and retaining business here. If there was one recurring theme from the program it was that despite talks of an economic slowdown or possible recession…
Read MoreFARMINGDALE, NY—OneKey MLS reported today that for March 2023, a regional closed median sale price of $550,000, representing no change as compared to the figure reported in February 2023. OneKey service area spans from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains. Between February 2023 and March 2023, closed regional sales…
Read MoreKANSAS CITY, MO—– A newly released housing report by the National Association of Realtors reveals middle-income homeowners accumulated $122,100 in wealth as their homes appreciated by 68% in the last 10 years. The report indicated all income earner brackets benefitted from home appreciation, however, some stark inequalities in benefits were revealed. The report, Wealth Gains…
Read MoreSANTA CLARA, CA—While the best time to sell your home is upon us, there is one major issue holding sellers back—high mortgage rates. According to a new survey released on April 17 from Realtor.com and HarrisX, the vast majority (86%) of those planning to sell their home in the next 12 months are also planning…
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