Like it or not, we all live in a digital age. But now, smart gadgets for your Suffolk County NY home are making things inside your home completely controllable outside of your home, using your smart phone.
Living in Digital Times technology editor Andrea Smith discusses some of her favorite gadgets for the ultimate connected home.
Suffolk County NY home equity is rising once again. Home gains over the past two years have restored a lot of money to most homeowner's available fund balance through the value in their home versus what they owe on it. As a result, more and more Suffolk County NY homeowners are taking out HELOC's (Home Equity Lines of Credit) again.
Through July, some 449 of 884 markets or 48.9 percent of America's housing markets, have reached or exceeded median peak price levels, according to Homes.com.
RealtyTrac recently reported that the 12 months ending in June 2014 a total of 797,865 Home Equity Lines of Credit (HELOCs) were originated nationwide, up 20.6 percent from a year ago and the highest level since the 12 months ending in June 2009.
What Exactly is a Home Equity Line?
Home Equity Lines of Credit are non-purchase loans that are secured by the equity (the appraised market value of a property minus any other loans secured by that property) and can be used by homeowners to fund home improvement projects or other purchases.
This recent rise in HELOC originations indicates an increasing number of homeowners are gaining confidence in the strength of the housing recovery and, more importantly, have regained much of their home equity lost during the housing crisis. Nearly 10 million homeowners nationwide, representing 19 percent of all homeowners with a mortgage, now have at least 50 percent equity in their homes, according to RealtyTrac data. Meanwhile the percentage of homeowners with severe negative equity has decreased from 29 percent in the second quarter of 2012 to 17 percent in the second quarter of this year.
With new loans slowing to a crawl, lenders have been looking for ways to come up with products to offer homeowners who have already refinanced or gotten their primary loan. A Suffolk County NY home equity loan (HELOC) enables homeowners to leverage additional equity they may have gained since refinancing while still preserving the rock-bottom interest rate on their first position loan.
Suffolk County NY home prices increased in August, yet the pace of these gains continues to slow, helping to improve affordability for potential buyers.
Real estate data provider CoreLogic said recently that Suffolk County NY home prices rose 6.4 percent in August compared with a year ago. That marks a decline from an annual gain of 6.8 percent in July. Suffolk County NY home prices had been rising as much as 12 percent yearly toward the end of last year.
Suffolk County NY Home Prices Not Adjusted for Seasonality
Prices rose 0.3 percent in August from July. But CoreLogic's monthly figures aren't adjusted for seasonality, such as buying that occurs during warmer weather.
Sales struck a plateau in the middle of last year and have remained subdued for much of 2014. As sales have slowed, so have price gains. That should eventually make it easier for would-be buyers to afford a Suffolk County NY home.
As the pace of price gains has slowed, so have sales of existing homes.
Home Prices Dropping Nationwide Too
Nationwide, the National Association of Realtors reports that purchases fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward. Overall, the pace of home sales has dropped 5.3 percent year-over-year.
Economists associate annual sales of 5.5 million with a healthy market.
The NAR also said that median sales prices had risen 4.8 percent over the past 12 months to $219,800, but that average slipped slightly in August compared to prices in July and June.
Follow news on Suffolk County NY home prices and the housing recovery right here by periodically checking back in the Suffolk County NY Real Estate News section of our website under Suffolk County NY Real Estate Categories.
Knowing your credit score is important. But with the sheer number of different credit score systems out there, are any of them really doing you any good, or are they just a big hindrance?
The Suffolk County NY housing crisis is facing a whole new and different problem in the future, as Baby Boomers retire and are forced to spend more for housing than any generation before them.
By 2030, the number of adults age 65 and older will more than double to 73 million, according to a report by the Harvard Joint Center for Housing Studies and the AARP Foundation.
Many of these retirees will need to put so much of their income toward housing — more than 30% — that they will have to cut back on other expenses like transportation, medical care, even food, the report found.
More Seniors Owe More Money on Suffolk County NY Housing Than Ever Before
A growing number of seniors are carrying mortgage debt into retirement, with more than 70% of younger Boomers ages 50 to 64, and 40% of those age 65 and older still owing money on their home in 2010. Even worse, they owed even more money on their loans, which is putting many older Americans in a "financially precarious" position, according to the report.
Adding to Boomers' burdens, less money is expected to come in. Over the next decade, the number of households age 65 and older living on less than $15,000 a year — below the poverty level for a two person household in 2014 — is projected to grow by nearly 40%.
The report recommends a variety of fixes for this Suffolk County NY housing crunch, including property tax relief for seniors, increased federal rental assistance and improved programs to help seniors "age in place" in their homes, instead of in costly institutions.
In 2011, just one-third of low income seniors who were eligible for federal rental assistance received any assistance at all.
Get more tips and articles regarding the Suffolk County NY housing crisis by checking other articles we have for you in the Suffolk County NY Real Estate section and the Suffolk County NY Real Estate News section to your right under our Suffolk County NY Real Estate Categories.