Monthly Archives: May 2013

How homeowner insurance rates have spiked | Bedford NY Real Estate

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Nationwide, an average homeowner paid $909 for homeowner insurance coverage in 2010, up 36 percent from 2003. Inflation rose 19 percent during the same period. Here’s a look at what homeowners in states bordering the Atlantic Ocean or Gulf of Mexico paid, ranked by percentage change since 2003. The totals do not include flood insurance, which is sold separately under a federal program.

1. Florida: $1,544, up 90.6 percent(asterisk).

2. Rhode Island: $1,092, up 62.3 percent.

3. Louisiana: $1,546, up 58.6 percent.

4. Massachusetts: $1,050, up 56.5 percent.

5. Alabama: $1,050, up 54.2 percent.

6. Mississippi: $1,217, up 53.5 percent.

7. South Carolina: $997, up 48.4 percent.

8. New Jersey: $867, up 48.2 percent.

9. Connecticut: $1,052, up 47.3 percent.

10. New Hampshire: $791, up 46.8 percent.

11. Maine: $676, up 46.3 percent.

12. Georgia: $833, up 46.1 percent.

13. New York: $1,044, up 44.8 percent.

14. Delaware: $636, up 43.9 percent.

15. Virginia: $753, up 34.5 percent.

16. Maryland: $784, up 34.3 percent.

17. North Carolina: $757, up 31.4 percent.

18. Texas: $1,560, up 17.5 percent(asterisk).

 

How homeowner insurance rates have spiked – Yahoo! News.

7 Reasons to Fear the Housing Bubble | North Salem Real Estate

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1. Healthy price rebound or too much, too fast?

The one-year period between March 2012 and March 2013 saw the most significant rise in housing prices since April 2006, with property values jumping up 10.9 percent. This number was markedly higher in certain areas, with San Francisco and Phoenix experiencing a gain in prices of more than 20 percent. While it is true that consumer sentiment is on the rise and spending is increasing, the availability of easier credit helps push sales higher and offer up a dangerous metric for those worried about future bubbles. As mortgage rates continue to be quite low — falling from 3.78 percent to 3.59 percent since May of last year — lenders are picking up steam in doling out cash; a feature that is capable of driving housing prices past what is likely sustainable.

 

7 Reasons to Fear the Housing Bubble | Wall St. Cheat Sheet.

Survey says: Hispanic investors face housing challenges | Mt Kisco Real Estate

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Despite financial confidence and an overall optimistic outlook, debt remains a top concern for many Hispanic investors, according to a recent survey.

Twenty-five percent of Hispanics surveyed are more concern about losing their home, compared to 12% for the overall population, Wells Fargo ($41.25 0%) said in its latest survey.

While Hispanic investors appear to be taking steps towards saving, there is still anxiety about having enough for retirement.

“Hispanic investors are facing tremendous challenges when it comes to saving for retirement. We are seeing immediate financial concerns like covering household bills and mortgage payments are interfering with their ability to put money away toward retirement,” said David Roda, regional chief investment officer for Wells Fargo Private Bank.

He added, “These are complex challenges where one size doesn’t fit all in terms of a possible course of actions, but we would certainly encourage all investors to double down on their planning efforts, and really seek guidance from an advisor to ensure they are on track to meet their financial goals.”

Living in multi-generational households may also have a significant impact on Hispanic investors’ savings, as a number of respondents are caring for their own children, as well as parents or grandparents, the survey noted.

Nearly one in five, 18%, of Hispanic investors report currently living in a three-generation household and 27% expect to do so within the next decade.

 

Survey says: Hispanic investors face housing challenges | HousingWire.

CoreLogic: 4.2 million homes in path of hurricane storm-surge | South Salem Real Estate

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More than 4.2 million U.S. homes are located within the risk-zone of hurricane-driven storm-surge along the Atlantic and Gulf Coasts, CoreLogic concluded in a study this week.

After analyzing residential property risk on the national, regional, state, metro and ZIP code level, CoreLogic ($26.430%) produced a Storm Surge Report, noting that $1.1 trillion in U.S. property is situated within at-risk areas.

Unfortunately, risk-prone areas are only increasing.

The Federal Emergency Management Agency released a revised flood map for New York suburbs, adding another 35,000 homes and businesses to the list of at-risk properties along the coast.

“Public awareness of the risk hurricane-driven storm surge poses to coastal homeowners has never been higher coming off the heels of Hurricane Sandy last fall,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline.”

Of the $1.1 trillion in property at-risk, $658 billion is located in 10 major metro areas.

States high on the list include Louisiana with 411,000 homes in storm-surge zones. Not to mention, New York with $135 billion in property at risk.

Long Island, N.Y., alone has an estimated $200 billion in residential property exposed.

CoreLogic says for the first time the report incorporates a climate-related rise in sea levels – a factor putting more neighborhoods at risk.

“These findings show that the Miami area could potentially have the highest increase in the number of homes at risk of the cities discussed in the report,” CoreLogic said. “Given a one-foot rise in sea level, total properties at risk would nearly double from just under 132,000 to almost 340,000, and estimated value would increase from an estimated $48 billion to more than $94 billion overall.”

 

CoreLogic: 4.2 million homes in path of hurricane storm-surge | HousingWire.

Study finds attractive Realtors sell more | Cross River Real Estate

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To measure this effect, Sean Salter, associate professor of finance atMiddle Tennessee State University and co-author of a study on how an agent’s looks affect property sales, along with co-authors Franklin Mixon of Columbus State University and Ernest King of theUniversity of Southern Mississippi asked 402 people to rate agents, both male and female, on a scale of 1 to 10, from very unattractive to very attractive, based on online head shots. The researchers then looked at the agents’ property transactions over a seven-year period, writes The Wall Street Journal.

The findings: Every one-point increase in a listing agent’s attractiveness score added $10,989, on average, to the home’s list price. Every one-point increase in a selling agent’s score added $8,467 to the home’s sale price.

 

Study finds attractive Realtors sell more | HousingWire.

Homes.com: Local markets improving each month | Katonah Real Estate

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In its latest Local Market Index for home pricing data, Homes.comreported that 96 out of 100 markets showed monthly improvement, a stark increase from the 75 out of 100 that saw gains in February.

However, on a year-over-year time period, 91 out of 100 markets reported a price increase in March, compared to 98 markets in February. According to Homes.com, the Northeast is largely to blame for this weakening. 

Month-over-month and year-over-year, Honolulu, Hawaii, posted the largest increase, climbing 2.40 index points from February and 22.55 from last March.

On a regional scale, the distribution was fairly equitable, especially compared to last month when all of the top 10 increasing markets belonged to the Western region.

 

Homes.com: Local markets improving each month | HousingWire.

Foreclosure Sales Fall 22% In Q1 | Armonk NY Real Estate

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foreclosure

Foreclosure and bank owned sales fell 18% in the first quarter to 190,121, according to RealtyTrac’s latest report.  This is down 22% from Q1 2012.

Foreclosure and short sales accounted for 21% of all residential sales in Q1, down form 25% in Q1 2012, and a peak of 45% in Q1 2009.

Meanwhile, non-foreclosure short sales were down 10% from Q4 2012, and down 35% from Q1 2012.

Including non-foreclosure short sales, the share of distressed sales came to 36%.

The decline in foreclosure related sales is in large part because of  a decline in foreclosure activity. But the decline in non-foreclosure short sales was “surprising” according to RaltyTrac vice president Daren Blomquist, given that 11 million homeowners are in negative equity.

“Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders.

“Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

Here are some details from the report:

  • The average price of a foreclosure related sale declined 1% quarter-over-quarter in Q1 to $167,095.
  • At 35% Georgia had the biggest percentage of foreclosure related sales. Meanwhile, in Massachusetts, New York, and New Jersey foreclosure-related sales account for less than 10% of sales.
  • The average price of a foreclosed home was 30% below the average price of a non-foreclosure property.

Here’s a look at foreclosure sales against average foreclosure sale price:

foreclosure sale and price chart

 

Foreclosure Sales Fall 22% In Q1 – Business Insider.

How to Get Your Executive Team Active in Social Media | Chappaqua Realtor

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As a savvy inbound marketer, you already know thatsocial media is a must-have in your marketing strategy. You’ve spent time looking at what channels work best for your company, creating the best content you can for those outlets, and aligning the social media goals to the business’ bottom line. You live and breathe social media every day on the job.

But that’s not true for everyone else in your organization. Not everyone is sold on the importance of social media — never mind manage their own presence. What about that VP down the hall with tons of killer industry knowledge or that executive you know who spends hours talking to customers? These executives may not be active in social media just yet, but they should be.

This is where you come in. If you think there are executives in your company who could add credibility to what you’re already doing, it’s time to get them on board.

Why Should Your C-Suite Be in Social Media?

Often, executives may feel like there’s not much for them to do in social media. They hired a social media manager to watch over the company’s presence, so why would they need to be in social media as well? Though some executives at your company may have already made up their minds about their social media participation (or lack thereof), it’s incredibly important to have them in social media.

Having a presence in social media gives executives the opportunity to stay relevant with industry trends, engage with your prospects and customers, and show that they stand by and believe in your brand. By not listening and participating in social media, executives are missing out on numerous opportunities to improve your business. And ultimately, growing your business is every executive’s objective.

How to Get Your Executive Team in Social Media

Getting executives in social media isn’t as simple as signing up for a Twitter handle and asking them to tweet. Instead, you’ve got to be strategic if you want to get on board. By following these five steps, you can develop a socially savvy executive team.

1) Pick the right executives for the job. 

Not every executive is ready to dive headfirst into social media — and that’s okay. Instead of proclaiming that all executives must start tweeting immediately, start off with a select few that you know would be successful in social media if you were to show them the ropes. Think about who would be a good advocate for your brand and have the potential to be a thought leader. Also, see how active they are in social media already. You may want to check out LinkedIn first to see who’s active already, since executives prefer LinkedIn to any other social site. This will give you a good indication of who to approach about helping build your brand in social media.

After you understand who’s been up to what, it’s time to think about your approach. Asking an executive who isn’t that familiar with Twitter or Facebook to jump right in isn’t going to work. First, they need to get an understanding of what’s happening on social media for your brand.

 

How to Get Your Executive Team Active in Social Media.

Nearly half of all US homeowners with a mortgage still ‘underwater’ in Q1 | Pound Ridge Real Estate

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Zillow: Homeowners with ‘effective’ negative equity helped keep inventory low

Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage — about 44 percent — still owed more on their home than it was worth or didn’t have enough equity to move at the end of the first quarter, according to Zillow’s first-quarter Negative Equity Report.

Zillow’s analysis showed that 25.4 percent of homeowners with a mortgage were underwater on their homes, while another 18.2 percent more were “effectively” underwater, with less than 20 percent equity in their homes.

Taken together, about 22.3 million U.S. homeowners likely don’t have enough equity in their homes to afford a down payment on another home, Zillow said, keeping them in their homes and preventing new inventory from hitting the market.

“Reaching positive equity, even barely, is an important milestone,” said Zillow Chief Economist Stan Humphries in a statement. “But things like real estate agents’ fees and a down payment for the next home traditionally come out of the proceeds from the prior home’s sale. Without enough equity, these costs will instead have to come out of a homeowner’s pocket, leaving many still stuck,” he said.

“Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale,” Humphries added. “The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell.”

Among the 30 largest metro areas covered by Zillow, those with the highest effective negative equity rate, including homeowners with 20 percent equity or less, include Las Vegas (71.5 percent), Atlanta (64.1 percent), and Riverside, Calif. (59.7 percent).

 

Nearly half of all US homeowners with a mortgage still ‘underwater’ in Q1 | Inman News.

“A Bit of a Surprise”: Foreclosure Sales Fell 18 Percent in Q1 | Bedford Hills Real Estate

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Foreclosure sales dropped dramatically first quarter.  A total of 190,121 properties that were in some stage of foreclosure or were bank-owned (REO) were sold during the second quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012.

These foreclosure-related sales accounted for 21 percent of all U.S. residential sales during the first quarter, down from 25 percent of all sales in the first quarter of 2012 and down from a peak of 45 percent of all sales in the first quarter of 2009, according to RealtyTrac.

Properties not in foreclosure that sold as short sales in the first quarter accounted for an estimated 15 percent of all residential sales — bringing the total share of distressed sales during the quarter to 36 percent. Non-foreclosure short sales also trended lower in the first quarter, down 10 percent from the previous quarter and down 35 percent from the first quarter of 2012.

“We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of a surprise given the 11 million homeowners nationwide still underwater,” said Daren Blomquist, vice president at RealtyTrac. “Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders. Underwater homeowners may be willing to stick it out a few more months or even years in the hope that they will be able to walk away with money at the closing table and without a hit to their credit rating, and for lenders a failed short sale may no longer translate into bigger losses down the road given that average prices of bank-owned homes are rising — at a faster pace than non-distressed home prices in many markets.”

Other high-level findings from the report:

States with the biggest percentage of foreclosure-related sales were Georgia (35 percent), Illinois (32 percent), California (30 percent), Arizona (28 percent), and Michigan (28 percent). States where foreclosure-related sales account for less than 10 percent of all sales include Massachusetts, New York, and New Jersey.

 

“A Bit of a Surprise”: Foreclosure Sales Fell 18 Percent in Q1 | RealEstateEconomyWatch.com.