Housing Affordability Suffers in Third Quarter

first_img Steady gains in home prices and rising mortgage rates across the United States contributed to weakening housing affordability in the year’s third quarter, the “”National Association of Home Builders””:http://www.nahb.org/default.aspx (NAHB) reported Thursday.[IMAGE]According to the association’s “”Housing Opportunity Index””:http://www.nahb.org/news_details.aspx?newsID=16526 (HOI), 64.5 percent of new and existing homes from the start of July through the end of September were considered affordable to families earning the national median income of $64,400. That share is down from 69.3 percent in the second quarter, marking the biggest HOI decline since Q2 2004.NAHB chairman Rick Judson said the third quarter’s drop was the result of a “”‘perfect storm’ scenario.””””With markets across the country recovering, home values are strengthening at the same time that the cost of building homes is rising due to tightened supplies of building materials, developable lots and labor,”” Judson said.[COLUMN_BREAK]David Crowe, chief economist for NAHB, added that the decline may have been amplified by the current lending environment.””Some of the decline in the affordability index could be the result of a loss in some more modest priced homes as tight underwriting standards have limited the purchases by moderate income families,”” he said. “”While affordability has come down from the peak in early 2012, the index still means a family earning a median income can afford 65 percent of homes recently sold.””Indianapolis-Carmel, Indiana, and Syracuse, New York, tied as the country’s most affordable major housing markets, with 93.3 percent of transactions fitting into those areas’ median household income ($65,100 and $65,800, respectively).Another Indiana market claimed the most affordable title among smaller metros: Kokomo, where 96.9 percent of home sales were affordable for the median income of $60,100.At the other end of the scale, California’s San Francisco-San Mateo-Redwood City metro held the spot for least affordable major market for the fourth quarter in a row. In that market, only 16 percent of homes sold in the third quarter were affordable to families earning the median income of $101,200.Among smaller markets, the five least affordable metros last quarter were all located in the Golden State. Santa Cruz-Watsonville was declared the least affordable, with 20.3 percent of sales being considered affordable for a household earning the median income of $73,800. Agents & Brokers Attorneys & Title Companies Home Prices Homebuilders Housing Affordability Investors Lenders & Servicers Mortgage Rates National Association of Home Builders Service Providers 2013-11-15 Tory Barringer in Data November 15, 2013 419 Views center_img Housing Affordability Suffers in Third Quarter Sharelast_img read more

While destinations like St Tropez and South Beach

first_imgWhile destinations like St. Tropez and South Beach have become overbuilt and overflowed, South American beach town Punta del Este, Uruguay has kept its charm and glamour whilst quietly playing host to those “in the know” such as Ralph Lauren, Naomi Campbell and Kate Moss. New oceanfront development ACQUA has finally created a residential offering to meet the high standards of the rich and famous visitors to this growing hot spot.For years, Europeans, North Americans and other globetrotters have converged in Punta del Este, Uruguay. With the tourist population ever-increasing and chic hotels and restaurants popping up left and right, the time has come for a residential offering that meets the sophistication of the fastest growing vacation destination in South America. Set for completion in early 2008, Acqua, a breathtaking 34-unit structure designed by famed architect Rafael Viñoly, seeks to do just that. Due to its revolutionary design, Acqua will be the most exclusive and unique real estate development in Punta del Este. With units ranging between 3,000 and 16,000 square feet, and private swimming pools of up to 1,000 square feet, this project truly is an architectural marvel. In fact, Acqua was recently awarded the Most Attractive International Project, among 800 projects from more that 50 countries, at Madrid’s 2007 Real Estate Convention known as SIMA.Born in Uruguay, Rafael Viñoly was a finalist in the “rebuilding” of New York’s World Trade Center competition and the architectural genius behind the Tokyo International Forum in Japan. “As the first project I’ve completed in my native Uruguay, I wanted Acqua to be incomparable to any other project in Punra Del Este”, says Viñoly, adding “Punta del Este’s marvelous beach and glamorous lifestyle have been an inspiration in the vision and creation of this paradise.” As a New York City resident, Viñoly has combined the sophistication and industrial chic of New York with the beachside allure of this global hot spot to create a living environment that will thrill trendsetters the world over. Of the project’s design, says Viñoly, “Acqua truly reflects the uniqueness and beauty of its surroundings. In this building we have presented an exceptional integration of sunlight, blue sky, rippling water and distant vistas.”Overlooking the ocean and steps away from Punta’s pristine beaches, while just minutes from the city center, Acqua will offer a rare combination of style, convenience, and year-round security; putting second home owners at total ease. The units are comprised of spacious manors with private decks and infinity pools, penthouses with private sundeck and grand pools, and duplexes and residences all with private terraces. Acqua will offer superior amenities that define a new concept of luxury living in Latin America such as private elevators and parking, wine cellars,, and state of the art gym and spa. Most attractive to owners will be Acqua’s beach club on the sand, offering residents five-star comfort to eat, drink, and play.Due to Uruguay’s ideal “reverse seasons”, summer weather occurs during the cold North American/European months of November through March. Coupled with the ease of real estate purchasing (foreign investors have the same rights as locals), Acqua developer Zsolt Agárdy is noticing a “definite change in the demographic profile of the people who are choosing Punta not only as a vacation destination, but also a place to buy their second homes.” he added.With award-winning architecture, ideal weather, the excitement of a global hot spot, purchasing ease and property appreciation, and most importantly, relaxed beachside living; ACQUA offers a remarkable choice for the fashionable and discerning first or second home buyer.FOR MORE INFORMATION: Go to www.acqua.com.uy or call (598) 98 852 409 Email: asaggese@acqua.com.uylast_img read more