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Real estate market worried | Bedford Real Estate

Home prices in the United States have never been higher. In January, housing values eclipsed their 2006 pre-crisis peak and since then have only pushed higher, according to the Case-Shiller home price index.

The culprits are a crazy tight job market, rising wages and the fact that the homeownership rate is rising again after bottoming in 2016.

But storm clouds are gathering as the Federal Reserve pushes interest rates higher, part of its ongoing fight to keep a lid on inflation. Higher rates weigh on home affordability — and thus depress demand. Here are three growing headwinds the housing market faces:

Affordability

Thanks to the resolve of Federal Reserve chairman Jerome Powell, who is resisting President Trump’s calls for a slowdown of the rate hike pace, monetary policy continues to tighten. That’s pushing up long-term interest rates, with the 30-year Treasury yield pushing back over the 3 percent threshold recently, up from less than 2.7 percent in December and a low of 2.1 percent in the summer of 2016.

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Looking at the 30-year fixed mortgage rate, rates are at 4.5 percent right now, up from 3.8 percent last September and lows around 3.3 percent in 2012 and 2013.

As a result of rising mortgage rates and higher home prices, Gluskin Sheff economists estimate that housing affordability has crashed to lows not seen since 2008, well off the highs seen in 2011 and 2012 when a combination of lower prices and lower rates helped put an end to the housing collapse.

Sales activity

A slowdown in new home construction during the housing crisis resulted in a backlog of demand for brand-new homes. Builders have responded to consumer appetite for newly constructed homes, which has helped pushed up the average price of a new home from a low of $250,000 in late 2011 to a high of $402,900 in December, before cooling slightly.

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But now sales activity is rolling over, threatening to break the recent trend of rising activity. Sales of existing homes has flatlined over the past year.

Demographics

Millennial homeownership rates are still poor, mired as they are with student loan debt and tepid wages.

According to the Urban Institute, the homeownership rate of millennials between the ages of 25 and 34 is about 8 percent below Gen X and baby boomers at the same age. If millennial homeownership matched previous generations, there would be 3.4 million more homeowners today, they estimate.

The risk is that the longer this generation delays homeownership, the more baby boomers looking to downsize will be pressured into lowering their home prices when they enter retirement.

Indeed, a study by Fannie Mae’s Economic and Strategic Research group warns of a “mass exodus” on the horizon as the “homeownership demand from younger generations is insufficient to fill the void left by multitudes of departing older owners.”

 

read more…

 

https://www.cbsnews.com/news/3-reasons-to-worry-about-the-housing-market/

Bedford Town news | Bedford Real Estate

STATUS OF RE-PAVING ROUTE 117 SOUTH OF GREEN LANE
Readers of this column may recall that a few weeks ago, I reported that the NYS Department of Transportation at our urging required Con Edison to restore the surface of Route 117 curb to curb (rather than just the southbound lane, as Con Edison originally reported to us) for the portion of from the residential section of Bedford Hills south to Green Lane.
At that time I also explained that restoration had been complicated due to Mt. Kisco’s water line replacement project which also runs along 117. DOT would not require Con Edison to restore the surface twice – now following its own work and then following the completion of Mt. Kisco’s work. We continue to be concerned about the length of time that the surface has been in very poor and dangerous condition prompting some driers to avoid the rough, rutted surface and drive in the opposing lane of traffic.
When we learned of Mt. Kisco’s project earlier this year, we urged the Village’s engineers to coordinate with their counterparts at Con Edison and with DOT with a view to getting the work done promptly.
Earlier this week I asked DOT and the Village of Mt. Kisco for an update, and received the following reply from Village Manager Ed Brancati:
Supervisor Burdick,
To provide a quick update on our water main replacement:
The Village and our engineers for this project, Delaware Engineering, have developed a plan that significantly minimizes the disturbance to N. Bedford Rd. by keeping much of the work under the northbound sidewalk, but we still need to perform work in the roadway to make a variety of connections across N. Bedford Rd. Our plan is to perform all work in the roadway at the beginning of the job so that we can allow Con Ed to restore the road as quickly as possible.
We have submitted all plans to NYS DOT for their review, have received comments, and provided responses. We have also submitted our plans to WCDOH for their review and are likewise addressing their comments. We have also put the project out to bid with responses due on Thursday July 12th at 10 am and the Board of Trustees will look to award on Monday July 16th. At that point we can begin scheduling the work.
I will continue to keep you informed.
UPDATE ON POLICE STATION RENOVATION PROJECT; CARPORTS
As earlier reported, due to dramatic change in Public Service Commission incentives to solar developers, the Town received no bids for a long term contract in which the value of electricity produced by solar panels on carports would pay for the carports themselves.  We then put it out to bid based on the then carport plans and received a single bid (from the general contractor, Verdi Construction) in excess of $350,000.  The Town Board rejected the bid and approved the recommendations of the project team for new plans which would provide greater flexibility to bidders and potentially lower bids.
With the renovation project between 85 and 90% complete, we intend to avoid delay resulting from the carport bidding and installation.  The project team has developed the following timelines:
  • Bids became available today, July 6 at 11:00 AM.  The bid package can be
  • Walk-through at 9:00 AM on Thursday, July 12 for interested bidders.
  • Bids close at 11:00 AM on Thursday July 26
  • The Town Board will need to award the work to the lowest, responsible bid, as recommended by the project team.  We may schedule a special Town Board meeting rather than wait until the August 14 meeting.
UPDATE ON HYBRIDS AND ELECTRIC CARS
FOR THE TOWN’S OPERATIONS
The Town has had as an objective for over 10 years – beginning under the helm of my predecessor, Lee Roberts – to increase the Town’s use of hybrid and electric cars.  The policy makes sense from both an environmental and taxpayer standpoint.  A summary of the benefits of electric cars is available through the US Department of Energy athttps://www.energy.gov/eere/electricvehicles/electric-vehicle-benefits, explaining that emissions are reduced significantly; operation costs are much lower; and from a national security and price volatility standpoint, electricity in the US nearly 100% domestically produced (as opposed to oil, a significant portion of which is imported).  Under Ms. Roberts, the Town’s passenger car fleet became nearly entirely comprised of highly cost-effective hybrids which have borne out their promise of lower emissions and lower operating costs.  Our staff also is very satisfied with them for serving their required functions.
Going forward, the Town benefits from greater competition, moderated purchase costs and more choice.  The driving range on a single electric charge also has dramatically increased with improvements in battery technology.
The Town was the first municipality in Westchester County to undertake a gold pledge under the New York League of Conservation Voters/Sustainable Westchester challenge to increase further the acquisition and operation of electric or plug-in hybrids. The Gold Pledge . The 10 year Capital Plan which the Town Board adopted in December provides for vehicle replacement, including electric passenger vehicles. We have ordered a Chevrolet Bolt, one of the most highly regarded electric vehicles.  We did well on the purchase price working through the Sustainable Westchester consortium with a $33,970.00 price tag.
NEW & NOTEWORTHY
Bedford Canvas Bags
Newly appointed Reusable Bag Task Force (RTBF) member Rosemary Lee picked up this canvas bag at the Bedford Town House before heading off for vacation. They are $5.00 while supplies last.
PRIOR POSTS OF CONTINUED RELEVANCE
HIGHLIGHTS OF THE JUNE 27
TOWN BOARD MEETING ACTION
Note: The Board scheduled this meeting to consider the request of Police Chief Melvin Padilla regarding certain audio visual equipment and related items for the police station renovation project which could not be held over to the July 17 meeting lest it delay the project.
Conservation Board Application for Urban and Community Forestry (UCF) grant
The Board approved the Conservation Board’s request for authorization to submit an application for a $50,000 UCF planting grant. We thank Conservation Board chairman Simon Skolnik and member Fred Pollack who have been tireless and very successful in pursuing grant opportunities.
Appointments:
Our congratulations and thanks for the service of those whom the Board appointed:
1.    Local Katonah resident Jack DeAlto appointed to the position of
Police Officer.
2.    Sally Corbett appointed to the Drug Abuse Prevention Council for a term
expiring December 31, 2019.
3.    Mary Cassidy appointed to the Traffic Safety Working Group for a term
expiring August 31, 2020.
Change Order for Asphalt (Police Station Renovation Project)
The Board approved a change order in the amount $34,362.88.
Proposal from Entertainment Technologies, Inc (Police Station Renovation Project)
The Board approved the requests from Police Chief Melvin Padilla to (1) accept proposal from Entertainment Technologies, Inc. in the amount of $34,707 from for certain audio visual equipment and related items’ and (2) to authorize initial payment to Entertainment Technologies, Inc. in the amount of $12,000 The Board’s action enables the project to proceed without delay.
No Knock Registry
The Board set a Public Hearing for 7:50 PM on Tuesday, July 17 on proposed amendments to the Town solicitation law to establish a No Knock Registry and to revise approved entities for performing fingerprinting.  The No Knock Registry is in response to concerns of some residents regarding door to door sales.  It prohibits such solicitation to the homes of those residents who complete a request to be listed on a “no knock registry”. The Town Clerk will maintain the registry and provide a simple form. The proposal will not infringe upon political, educational or religious activities.
Corrective Amendments to the Town’s Energize NY Benefit Financing law
At the request of the Energy Improvement Corporation, of which the Town
is a founder and long-standing member, the Board set a Public Hearing
for 7:55 PM on Tuesday, July 17 to adopt corrective amendments to the law (Local Law 9-2017)
Resolution Regarding Algonquin Pipeline
At the request of the Town of North Salem and others, the Board adopted a resolution regarding the Algonquin Pipeline to protect the safety of Bedford’s residents, businesses and institutions as it relates to air emissions regulations developed by the NYS Department of Environmental Conservation, affecting natural gas infrastructure facilities. Resolution
REVISION FOR JULY AND AUGUST 2018
TOWN BOARD MEETING SCHEDULE
Summer months are away months and many of our residents are unable to attend two meetings in July and two in August. The Town Board approved the following changes to these summer month meetings. We have cancelled the July 3 meeting and retained the July 17 meeting which was previously scheduled. We cancelled the August 7 and August 21 meetings and have replaced them with a single meeting to be held on August 14.
THE SUPERVISOR’S SHOW
Each month, we spend a short time chatting with members of the community
on recent activities and/or events that are pertinent to all of us. Take a few minutes to get to know some of your neighbors, and how their community involvement serves us all. If you would like to be on the show, send me an email and pitch yourself or your group!
For the latest Supervisor’s Show:
Green Initiatives, Regulations, and the Recently Adopted Reusable Bag Law
click here
Some photos from the Summer Solstice Yoga
at John Jay Homestead
Saturday June 23, 2018
Many Thanks to The Katonah Village Improvement Society, Deirdre Breen and all of the yogis from our many local studios.
Noteworthy:
Congratulations to the Town of Bedford for being recognized by Westchester County with the 2018 Westchester Eco Award. Thanks and praise to Kevin Winn and the highway department along with Bedford 2020 for working with the carters to create a single stream, to the Town Board for putting it into law, and to our entire community for responsible recycling. According to the data, Bedford has the highest recycling rates in the County. Great work!! “
Single Stream Reycyling:
Summer Fun + Bedford Parks
Summer Fun for Everyone! Bedford Recreation’s Park it in Bedford
Entertainment Series is back this summer! Grab your family, friends, a blanket and park hop with us and enjoy the magic of the summer! It’s Better in Bedford!
Bedford Rd Gas Main replacement from Park Dr South to Barker St
Con Ed has informed us that a that gas main replacement project on Bedford Rd from Park Dr south to Barker St in Mount Kisco is scheduled to start on Monday 7/9.
The information below is from Con Ed:
“We are in the process of requesting night hours with WTMC – same stips that we worked last year – 7p-6a. The linear footage of the project this year is about a 1/3 of the linear footage of the project last year so we anticipate a shorter disturbance period.
We are going to work towards completing construction by 10/15 –
As long as the water main project is completed by then, and all goes well on our end, we should be able to get the roadway re-surfaced before the plants close for the winter.
Feel free to reach out with any questions pertaining to this project.”
Larry Dugan
WCM-Gas
914-789-6886
As the start date nears, Con Ed will provide a work notice as a reminder that we will share here.
THE TOWN OF BEDFORD RECEIVES THE 2018 WESTCHESTER
MUNICIPAL PLANNING FEDERATION AWARD
FOR THE ANTIOCH HOMES PROJECT
On Thursday June 7, The Town of Bedford was honored to receive a planning commendation from the WMPF for our work at Antioch Homes. Antioch Homes, which was competed in 2017, is an example of a creative adaptive reuse, as well as a coordinated effort on the part of our community to provide 12 new affordable housing units in Bedford Hills. The project included
re-purposing the former Antioch Baptist Church into four apartments and construction of two new buildings with four units each. The picture below is of Antioch Homes on Railroad Avenue in Bedford Hills.
From L to R: John Tegeder (WMPF), Andrew Chintz (Blue Mountain
Director), Chris Burdick (Bedford Supervisor), Marion Blount (Antioch Homes
Chair), WMPF representative
REMINDER: TOWN FACILITIES FOR RECYCLING,
YARD WASTE & E-WASTE
Most of the following services are free to Town residents:
Recycling at the Town’s Recycling Center
The Railroad Avenue Recycling Center is located at 343 Railroad Avenue, Bedford Hills, NY 10507. Hours are 8:00 AM to 3:00 PM on Tuesdays, Thursdays, and Saturdays.  Carters are obligated to collect single stream recyclables at your property along with trash for all customers. For those who wish to drop off recyclable materials, the Railroad Avenue Recycling Center accepts single stream recyclables (metal, plastic, glass, cardboard and paper). A complete list of single stream materials can be found at http://bedford2020.org/single-stream-recycling/.
Ewaste, Metals, Textiles; Trash Drop Off for Seniors
Residents may bring electronic waste to the Recycling Center, but please note that for CRTs (TVs and old monitors), residents first must obtain from the Town Clerk (8:30 AM to 4:30 PM M-F, 321 Bedford Road, Bedford Hills) the coupon after paying a modest fee (to cover the costs to the Town). In addition, the Railroad Avenue Recycling Center accepts e-waste of all kinds (see below for details), bulk metals of all kinds, textiles, and trash for seniors (60+) who purchase Senior Refuse Coupons (book of 5 for $25) at the Town Clerk’s office. Each coupon can be used for up to a 33-gallon trash bag of household refuse (do not include recyclables in the refuse bag).
Beaver Dam Yard Waste and Compost Facility
The Town of Bedford Beaver Dam Compost Facility processes recyclable wood waste and leaves from the Town and provides beneficial reuse of the waste as compost and mulch. The facility provides an extremely cost effective method for this recycling as well as an environmental benefit of local recycling with minimal transportation requirements. It is open for residents to dispose of recyclable wood waste (logs and branches up to 6” diameter, brush, and leaves), as well as pick up wood mulch and leaf compost. This service is free to Town of Bedford residents between 7:30 AM and 3:00 PM Monday to Friday, excluding Town holidays.
Shredder Services
The Town is pleased to provide once again this year mobile paper shredder services at the Town Recycling Center at 343 Railroad Avenue, Bedford Hills from 11:00 AM to 2:00 PM on March 17, September 15, and November 17. We had such services on March 5 and also during Clean Up weekend at the Crusher Road Highway Facility. A mobile shredder truck will securely destroy documents. The company’s customer service professionals never physically touch your documents so the entire process is “touch-free”. The company can shred paper, paper clips, rubber bands, staples and even the black clips. They cannot shred 3-ring binders, or anything that is non paper (CDs, tapes, DVDs, hard drives, etc.).
Please also refer to the “Recycling Division” page on the Town’s website at
or call the Highway Division at 666-7669 with any questions.
Possible Acquisition from NYC of Community Center Site
As I reported last week, the Community Center of Northern Westchester had contacted me last year regarding plans for an addition to the building it occupies in Katonah. Both the building and the land on which it is situated are owned by New York City, with the NYC Water Board having authority with regard to its disposition.  The Center is seeking a long-term occupancy of the property which is key to its ability to raise funds for the planned addition and to provide certainty regarding its present location.  Lee Roberts and I spoke with NYC DEP Assistant Commissioner David Warne who investigated the matter internally.  In following up on the matter with Mr. Warne earlier this year, he suggested that the Town Board request that NYC convey the property to the Town at $1.00/waived (which would be subject to certain conditions). The solution is ideal both for the Town as well as the Community Center.         I have been working closely with both Lee and Clare Murray, Executive Director of the Community Center to develop the proposal.  The Town Board authorized me to pursue the acquisition. The process will take some time, but DEP has encouraged us. We are cautiously optimistic that approval will be granted following DEP’s review of documents and other submissions (there are several layers and agencies within NYC which must review/approve the conveyance).
Carports for the Police Station Renovation Project  The Board, as recommended, rejected the bid mentioned below for the carports and approved a $16,300 proposal by GPI Engineering to re-design the carports to motivate more competitive bidding including from manufacturers of prefabricated metal carports.  I should mention that the design will allow for later installation of rooftop solar panels should they become economically viable. As mentioned previously, the Board had determined that carports for providing protection to 17 vehicles would prolong the life of the police patrol cars and other vehicles by protecting them from the elements and in addition during winter snowstorms police response time would be affected by the time to clear off vehicles for safe travel.   Before New York State Public Service Commission had revised its incentive program for solar developers, it was a reasonable assumption that the Town would be able to successfully find bidders for installing solar carports at no upfront charge to the Town, but rather financed through federal and state tax and other incentives to the developer and by the Town purchasing electricity from the developer at a reasonable rate.  Following the PSC changes last year, the incentives were not sufficient in the NYSEG service area to be financially viable for developers.  On May 1, 2018 the Town Board authorized releasing bid documents to solicit bids to build the carports. Only one bid was received and it was in the amount of $350,380 from Verdi Construction Company, LLC, the general contractor for the job.  Based on the fact that only one bid was received, Comptroller Abraham Zambrano recommended that the Town Board reject the Verdi bid and authorize the project be re-bid. a proposal to re-design the carports has been obtained from GPI Engineering. We are hopeful that the re-design will result in greater bidder interest including from manufacturers of prefabricated carports.
POTHOLES NYS ROADS AND CLAIMS FOR VEHICLE DAMAGE
For potholes on state roads in our Town, such as Routes 22, 117, 121, 137 and 172 we would suggest that you call NYS’s pothole line at 1-800-POTHOLE.  Also, I’ve been asked whether there might be the possibility of reimbursement for repairs for vehicle damage resulting from potholes or other faulty conditions of NYS roads.  You may consider filing a claim. For information: https://www.dot.ny.gov/divisions/legal-services-division/smallclaims
HURRICANE SEASON HAS OFFICIALLY ARRIVED
We received the following e-mail today from the Westchester County Office of Emergency Management:
As we have all been reminded by the widespread utility outages and damage caused by the most recent nor’easters and high winds, following a harsh winter season, severe weather continues to be the hazard to which we as a County remain the most vulnerable all year round. As we approach the summer months this threat evolves yet again to include brush fires, severe thunderstorms and tornadoes, as well as tropical cyclones.
Hurricane Season in the Atlantic officially began today June 1, 2018, and will end on November 30, 2018. The season started early again this year with the formation of Subtropical Storm Alberto on May 25th in the Gulf. Below are two links providing updates on this season’s outlook as well as product and service changes implemented by the National Hurricane Center for 2018.
Be assured that the Town is vigilant in checking emergency plans and procedures that we have in place and in identifying and addressing training, equipment and supply needs.
UPDATED: PAVING OUR STATE ROADS: STILL TRYING TO GET ACTION
I-684
It’s been a long haul trying to persuade New York State to pave the concrete portion of I-684 that runs through Bedford (the same original surface from the late 1960s).  You may remember that in early 2014 shortly after coming into office, I started working with Assembly David Buchwald and then State Senator George Latimer to urge the re-paving of the portion of I-684 which runs through Bedford. We also worked with Congressman Sean Patrick Maloney, a member of the Transportation and Infrastructure Committee, to press for funds from Washington, since 80% to 90% of the funds to repair our State’s highways comes from the federal government.  Thanks principally to the efforts of Assemblyman Buchwald a portion of the Bedford section was paved (the southerly portion up to Harris Road).  But the portion from Harris Road through a bit north of Exit 6 is in terrible condition. One of our residents who is an engineer and works on major road projects described it in an e-mail earlier this week: “Spring has arrived!! Please take the time to drive northbound and southbound on I-684, including the exit ramps. The pavement deterioration has become very severe in some areas due to the harsh winters. You may see large chucks of concrete in the shoulders that have broken free from the mainline pavement. Perhaps the board can urge the NYSDOT Highway Department to have maintenance crews fill the pot holes in the Katonah corridor as a priority.”
DOT Albany office: 518-457-6195
DOT Region 8 Acting Regional Director Lance MacMillan: 845-431-5750
If you send an e-mail, please consider copying me and our legislators:
State Assemblyman David Buchwald: buchwaldd@assembly.state.ny.us, 914-244-4450
State Senator Shelley Mayer: smayer@nysenate.gov, 518-455-2031
SAVE MONEY AND THE ENVIRONMENT WITH THESE TWO EXCITING SUSTAINABLE WESTCHESTER INITIATIVES!
Nissan Leaf Discount Program
Electric vehicles save money and reduce fossil fuel usage and emissions. Click the link below to see how you can save up to $12,500 on a 2018 all electric Nissan Leaf through the Sustainable Westchester bulk discount program.
Community Solar
Now everyone can be a part of the transition to local, clean solar energy, even if you don’t have access to your roof because you are in an apartment or it’s too shady. Currently in con Ed Territory only. Click Here to sign up for Local solar – and save money on your Con Ed bill!
FOR THE COMMUNITY EVENTS CALENDAR click here 
FOR THE TOWN CALENDAR click here
TO SIGN-UP FOR NIXLE ALERTS click here
PHONE SCAMS – NYSEG
Customers are receiving automated calls from “NYSEG” telling them that their electricity will be shut off later that day.  The customer is instructed to call back to prevent this. The callback numbers, which vary, answer with “NYSEG automated service line,” and prompt you to push 3.
These calls are not from NYSEG and are an attempt to scam residents and businesses.
Some precautions to take to avoid falling victim to a scam:
  • Always type NYSEG’s Web address when making an online payment at nyseg.com. Do not rely on email links. While at nyseg.com, you can also check your account balance and any past-due amount status.
  • When making a payment by phone, always ensure that you are dialing NYSEG phone numbers: 1.800.572.1111 (customer service); 1.888.315.1755 (payment arrangements) or 1.800.600.2275 (self-service line). You can also check your account status by phone.
  • Do not make any payments over the phone to anyone who has contacted you or asked you to dial a different number.
  • Never provide your Social Security number, credit card number or bank information to anyone requesting it (over the phone or in person) unless you initiated the contact and feel confident that the transaction is legitimate.
  • NYSEG does not ask customers to purchase debit cards (like Green Dot cards) to make payments.
  • If you have fallen victim to a scam, immediately contact the Federal Trade Commission and your local police.
MOVING AHEAD WITH OUR COMMITMENT TO
ELECTRIC VEHICLES
Consistent with the Town’s commitment to reduce its carbon footprint by 2020, on October 3, 2017, the Town Board responded to the New York League of Conservation Voters/Sustainable Westchester challenge by being the only municipality in Westchester County to adopt Gold Tier Pledge under which we commit to purchase Zero Emissions Vehicles (ZEV’s) for at least 10% of our new light-duty municipal fleet purchases by the end of 202 and revisit this level annual to consider adopting a higher purchasing commitment. At its May 1, 2018 Town Board meeting the Town Board approved the purchase of the highly rated Chevy Bolt, which has an excellent driving range of 238 miles on a single charge. The Town is able to purchase the vehicle under procurement through NYC Department of Citywide Administrative Services in which the Town may participate.
FOR YOUR NEIGHBOR’S SAKE
Please consider your neighbor when you go to work with your lawn mower or weed whacker (or your lawn service uses them). We realize that your busy schedule makes it difficult to find time to get work done on your property. We all try to squeeze in time to do it. But please not too early and not too late…
IT’S THE LAW: IDLING
Please be reminded that Westchester County regulates the idling time of motor vehicles to not more than three minutes (with certain exceptions – click here for the law. Let’s all obey the law to avoid unnecessary pollution.
NEW YORK STATE ACTION OF STATE AND LOCAL TAX (SALT) DEDUCTIONS
Many have asked us about what action is being taken in response to the December federal tax law revisions which caps SALT tax deductions for federal income tax purposes to $10,000.
The following is brief description of the new law that can be provided to the public regarding the New York budget bill that provides offsets for Federal SALT tax deductions: The New York State Legislature has adopted new state law provisions designed to offset the impact of the recently enacted federal tax limitation on state and local taxes (SALT) to $10,000. Specifically, the legislation creates a vehicle for taxpayers to contribute to certain charitable funds that, in turn, would be applied for local tax purposes. The concept is that, as a charitable contribution, the amount paid by taxpayers who itemize their tax returns could be claimed as a charitable deduction on federal taxes. Under the new law, a New York State tax credit would also be provided on a percentage of each contribution. Under the new law, each taxing jurisdiction, including school districts, villages, towns, cities and counties, is responsible for establishing and managing such charitable funds. The funds collected would then be used by each taxing jurisdiction and applied to the taxing jurisdiction’s annual tax levy. The law also provides a mechanism for the taxpayer to receive a tax credit based upon the amount contributed to a school district’s or other municipal corporation’s charitable fund. The exact procedures for making payments into the charitable funds and receiving a credit against taxes owed are still being formulated.
New York State, by being the first state to enact a “workaround” to ameliorate the limitation on the federal SALT deductions, has positioned itself to be the legal test case for whether such an arrangement will pass legal muster. The Town and other government agencies, school districts and municipalities throughout New York State are in the process of reviewing the proposed bill provisions to determine what action should be taken and whether to implement the provisions of this new law. Similarly, tax experts are in the process of reviewing whether or not these new charitable funds will be treated as legitimate charitable contributions that are deductible for filers who itemize their federal tax returns. New York’s Governor and Legislature appear to believe the provisions are sound. However, a final answer has yet to be obtained and we recommend that you consult with your personal tax consultant before taking any action.
We will keep you advised as the situation develops.
FOR THE APRIL 6, 2018 KATONAH-BEDFORD HILLS SEWER DESIGN STATUS REPORT click here
CABLEVISION/OPTIMUM OUTAGE BILL CREDIT
If you lost Cablevision/Optimum service during the recent storms, you may qualify for a credit on your bill. Cablevision has records by address on power outages. We have been advised that if your outage was for fewer than four hours you would not qualify for a credit. If you the outage was for a longer period of time, you do qualify. You will need to contact them. We suggest that you also provide your service outage period according to your records (be specific with dates and times, to the extent you can).  Call them at 718-860-3513 or via Chat at https://www.optimum.net/support/outage/
VERIZON CUSTOMERS, DID YOU RECEIVE A CREDIT FOLLOWING SERVICE INTERRUPTIONS
 We have contacted our Verizon representative inquiring about a credit for their customers impacted by service interruptions during the March storms. She advises us that if you reported the service interruption to Verizon, you will receive a credit automatically on your bill. We advise that you check your bill.  If you did not receive a credit, please call Verizon customer service at 1-800-Verizon to request it. Also, for customers who did not report the outage, it may not be too late, contact customer service letting them know when you lost service and when it was restored.
NEW BEDFORD VETERANS MEMORIAL
I am pleased to report that the Town Board approved construction of a new Veterans Memorial in Katonah, which will honor the spirit, sacrifice, and commitment of the men and women from Bedford and around America who served in our military. The Memorial will be located on the Katonah Green, directly across from the Katonah Village Library, and will be funded entirely through private contributions. Information regarding the Memorial can be found at http://www.bedfordny.gov/veterans-advisory-committee/.
JOINT LETTER OF WESTCHESTER COUNTY LEGISLATOR KITLEY S. COVILL AND TOWN SUPERVISORS OF BEDFORD, LEWISBORO, NORTH SALEM, POUND RIDGE AND SOMERS TO NYSEG
click here for the letter
ACTION TAKEN AT THE APRIL 3 TOWN BOARD MEETING
Horse Properties – As scheduled, the Town Board held a public hearing on a proposed amendment to the Zoning Code to allow for a half bath in accessory structures, including barns and stables, the purpose of which is to enable property owners to engage daytime grooms..  The proposed Zoning Code amendment expressly prohibits sleeping facilities and kitchens.  As I mentioned at the outset of the hearing the proposal comes after nearly two years of discussions with horse property owners and others supporting the horse community.  Earlier this year, the Town Board had referred to the Planning Board their petition requesting revisions in the Zoning Code to relax restrictions affecting the horse community. A number of residents spoke on the need to ensure that Bedford is “horse friendly” and we do not continue to lose horse owners.  Following the public hearing the Town Board unanimously adopted the amendments.
Congratulations to Amy Carelli At the recommendation of Police Chief Melvin Padilla, the Town Board approved the appointment of Amy N. Carelli to Police Officer effective on or about April 26, 2018. We are pleased to have Ms. Carelli join the force.
Moving ahead on Electric Vehicles In the first installment of fulfilling the Town’s New York League of Conservation Voters/Sustainable Westchester Gold Pledge on purchase of electric passenger vehicles for its municipal fleet, the Town Board authorized going out to bid for the purchase of a Chevy Bolt, an all-electric vehicle that has received excellent reviews for its range of over 230 miles and durability.
Bedford Village Parking  As I mentioned in this space last week, the Town has been in discussions with the Bedford Presbyterian Church regarding acquiring the Church’s vacant land off of Court Road for the purposes of constructing a municipal parking lot.  Last year environmental evaluation of the site showed no issues. We held a public meeting earlier this year at which comments we received showed positive support. We then commissioned an appraisal of the property which was just concluded this week and shows a fair market value of $150,000.  Following discussions with representatives of the Church, I postponed Town Board consideration of approving an offer, so as to allow time for the Church to obtain its own appraisal – a step which is customary and the right action.
FOR THE SUPERVISOR’S MAY MONTHLY REPORT click here
ENERGIZE BEDFORD CAMPAIGN UPDATE
Bedford 2020 and Energize Bedford’s limited time campaign in partnership with the Town of Bedford drove an increase in energy efficient homes in Bedford. From September 1, 2017- January 15, 2018, we collected more than 70 leads, helped set up 27 assessments and 11 jobs were completed in the 5 month time frame. Although the limited time discount is over, leads are still coming through and homeowners who entered the program during the campaign are working toward completing their projects.
STOP THE BLEED
Paramedics are trained and prepared to operate with law enforcement in active shooter situations. This additional stop the bleed program is intended to provide a level of basic quick action from the public before help arrives. We have certified trainers in this program and want to start offering it up to various public institutions such as schools. Click here for the booklet.
NO PROPOSALS SUBMITTED FOR SOLAR INSTALLATIONS FOR MUNICIPAL FACILITIES
You may recall that last July the Town issued a Request for Proposals for solar panels and other systems for Town facilities. We received no proposals, which we learned was due to the fact that New York State had not settled with the electric industry on incentives and utility obligations regarding solar power provided back to the grid. So, as I mentioned a few weeks ago, the Town went ahead to re-issue an RFP. In late 2017, New York State published guidelines that define the future value of distributed energy resources (a/k/a, the VDER value stack). As of early 2018, solar developers can now use this value stack to estimate future project income from the local utilities, based on specific project locations. We understand that New York’s resolving these future values of solar electricity means that solar developers will be more attracted to investing in potential solar projects such as those in our RFP
The NYS Public Service Commission issued an “implementation order” in September on the “value of distributed energy resources,” following which was substantial work in sorting out valuations with electric utility distributors in the State, such as NYSEG and Con Edison. We understand that there now is a “level playing field” and basis on which solar developers would take an interest in our RFP.  However, the VDER provides greater incentives to solar developers in Con Edison service area where rates are higher.  Our Town facilities, however, are located in NYSEG service area.  One of the solar developers with whom we had worked closely took the time to explain why it was financially not possible to submit a proposal – due to the difference in VDER between the two service areas. Please click here for the letter.  I have recently met with a commercial property owner in Bedford Hills and a solar developer about the possibility of rooftop solar panels for “community solar”. Stay tuned.
SEPTIC SYSTEM REPAIR AND REPLACEMENT PROGRAM
NOW THAT THE SPRING HAS ARRIVED – PLEASE CONSIDER ATTENDING TO YOUR SEPTIC SYSTEM:
septic pump out – if you haven’t done it within the last five years, the law requires you do so. And, if you have a problem with your system, please check out the Town’s Septic System Repair and Replacement program to deal with failing septic systems. The program allows Bedford property owners in the Croton Watershed (about 85% of the Town’s land area) for a 50% reimbursement of repair/replacement costs. If you have a failing septic system, contact the Planning Department at 666-4434 for further information or visit our website.
MOUNT KISCO WATER MAIN REPLACEMENT
Mount Kisco is preparing to replace the 90-year old water main on New York State Route 117 from Preston Way in Mount Kisco to Green Lane in Bedford Hills and continuing to the end of Green Lane.
The construction work is planned for the fall of 2018 and will take place during the night (hours have not yet been determined). The project’s engineering will consider everything that is feasible in the design to minimize disturbance to the public and the property owners.  Currently, the project is in the preliminary design phase, which includes survey and soil boring work along the road right-of-way.  Soil boring work will take place in April during the working day between 9 am and 3 pm and is not expected to result in any lane closures.
    We met today with Mount Kisco’s engineers to emphasize the need for full coordination among Mount Kisco, Con Edison (with regard to restoration work on the southbound lane of Route 117 – SEE POST IMMEDIATELY FOLLOWING THIS ONE), NYS Department of Transportation, Westchester County Health Department and Bedford in both the design and the execution of the project.  We made it clear that the Mount Kisco project must avoid the significant disruptions which the Con Edison gas line project caused last fall.  It is also critical that restoration be complete.
We will keep you informed on the status both of the Mount Kisco project and Con Edison’s gas line project.
 .
UPDATED SHREDDER SCHEDULE INCLUDING NEW DATE OF MONDAY OCTOBER 22
The Town is pleased to provide once again this year mobile paper shredder events:
  • at the Town Recycling Center at 343 Railroad Avenue, Bedford Hills from 11:00 AM to 2:00 PM on September 15, and November 17;
  • at 1 Crusher Road, Bedford Village (Crusher Road highway yard), Bedford Village from 9:00 AM to 12:00 PM on May 5;
  • at the Town Office at 425 Cherry Street on Monday October 22 from 11:00 AM to 2:00 PM
A Mobile Shredding Truck will securely destroy documents. The company’s customer service professionals never physically touch your documents so the entire process is “touch-free”. The company can shred paper, paper clips, rubber bands, staples and even the black clips. They cannot shred 3-ring binders, or anything that is non paper (CDs, tapes, DVDs, hard drives, etc.)
INTERNSHIP IN MEDIA RELATIONS, PUBLIC RELATIONS, AND COMMUNICATION PLANNING
In consultation with the Bedford Veterans Advisory Committee, develop and implement a professional-grade communications plan that identifies local veteran-related events, programs, issues, and concerns and effectively promotes this material via appropriate print, broadcast, and electronic media.
    The successful candidate should have a skill-set sufficient to demonstrate an ability to write effective press releases along with appropriate research, planning and organizational skills to develop and implement a plan that ensures general public awareness.
  The plan should encompass an audience that includes: *     Print media* Broadcast media* Social media networks (Facebook, Instagram, etc.)* Local elected officials *Social service agencies * Veterans service organizations
    Junior or senior level undergraduate, or graduate level. Hours to be determined, along with attendance at monthly Veterans Advisory Committee meetings. Unpaid. Supervision: Chair, Bedford Veterans Advisory Committee. Contact: Mark Sindeband, 914-260-4188, aegisresources@optonline.net
FOR THE 2017 ANNUAL REPORT click here
WESTCHESTER POWER – HOW’S IT BEEN DOING HERE IN BEDFORD?
There’s been some discussion on Katonah Parents Facebook and questions I regularly receive regarding the Westchester Power (also known as Community Choice Aggregation or CCA).  By way of background, the Town Board unanimously adopted Bedford’s participation in this program sponsored by Sustainable Westchester and placed us among those Westchester municipalities choosing the “Green Option”.  At the time, we insisted that the rates must be less than the previous twelve month cost for each utility, provide fixed prices (rather than a “bait and switch” of a great rate at the outset only to pop up later) and an opt out provision at any time without charge or penalty, a common complaint at the time against many energy service companies (ESCOs). Westchester Power residential and small business electric customers in Bedford have a rate of 8.00 cents per kilowatt hour in Con Edison’s service area and 7.42 cents per kilowatt hour in NYSEG’s service area.  These are fixed rates, rather than rates which vary month by month (which is the way NYSEG and Con Edison bills).  I’ve received e-mails and calls from NYSEG and Con Edison customers who saw a spike in rates this winter. Just yesterday I received a call from a resident in Con Edison service area who is signed up with an ESCO at over 11 cents per kilowatt hour and was dismayed at her large utility bills.
So how’s Westchester Power been doing here in Bedford? I turned to Dan Welsh, Director of Westchester Power, for an analysis and he provided the following:
“Here is my estimate of the savings for Bedford residents and small businesses through the end of January. We are including the avoided sales tax now when we talk about this as you know, and that’s a significant piece. February saw a low price for Con Ed which would bring this down, but now March is looking that it’s bounced back and so I would look to the end of March for the next update.”
Should you have questions, please contact Dan at
dan@westchesterpower.org or 914-242-4725
IT’S TAX SCAM SEASON. HERE’S HOW YOU CAN PROTECT YOURSELF
From the Office of Attorney General Eric Schneiderman
  • Never give out personal information to people who call you unsolicited. That includes your Social Security number, bank account information, or credit card information.
  • If you do owe money, you will receive a legitimate notice in the mail that tells you who you owe money to and why. If you haven’t gotten a legitimate piece of mail like that, the collection call is bogus.
  • Last but not least, remember that no legitimate government organization will ever threaten arrest or deportation if you fail to pay a debt.
If someone is threatening you or you are targeted for a scam, please contact my office immediately. We are here to help: 1-800-771-7755.
ADDITIONAL INFORMATION REGARDINGTAX SCAMS
The IRS, the AARP, NYS Attorney General and many others are issuing warnings about scams particularly directed at the elderly.  Please don’t fall prey. See https://www.irs.gov/newsroom/tax-scams-consumer-alerts
MOBILE PAPER SHREDDER AT RECYCLING CENTER
The Town is pleased to provide once again this year mobile paper shredder events at the Town Recycling Center at 343 Railroad Avenue, Bedford Hills from 11:00 AM to 2:00 PM on March 17, September 15, and November 17; and at 1 Crusher Road, Bedford Village (Crusher Road highway yard), Bedford Village from 9:00 AM to 12:00 PM on May 5. A Mobile Shredding Truck will securely destroy documents. The company’s customer service professionals never physically touch your documents so the entire process is “touch-free”. The company can shred paper, paper clips, rubber bands, staples and even the black clips. They cannot shred 3-ring binders, or anything that is non paper (CDs, tapes, DVDs, hard drives, etc.).
 KATONAH FIRE DEPARTMENT UNDER-18 RECRUITMENT PROGRAM
Are you interested in a terrific community service opportunity? Would you like to receive state-of-the art lifesaving and firefighting training? Katonah Fire Department eagerly welcomes applications from 16-year-olds for its Under 18 Program. Interested candidates can fulfill their John Jay High School Community Service obligation, as well as service hours required for other organizations, such as Boy Scouts and Girl Scouts. Membership in the department as a firefighter is a great way to have your college application
stand out as well!
Any person who is between the ages of 16 and 18, who is physically fit, morally and mentally sound, and who, having met with the membership committee and satisfactorily passed the committee’s investigation (as established in the Katonah Fire Department, Inc. Constitution and By-Laws), may be selected for membership status.
The goal of this program is to carefully instill, enforce, and monitor the practices that lead to well trained, respectful, hardworking members once they reach their 18th birthdays and/or the conclusion of their first year of membership.
In addition, it creates a culture in which these members both realize their age- and experience-related limitations, but also feel as though they are learning and being prepared for taking on the duties of full-fledged, non-probationary members of the Katonah Fire Department.
An oversight committee and a training coordinator act as a resource to these members – in all aspects of KFD membership: firefighting, training, rules and regulations, etc. – and set example for the types of behaviors expected from our entire membership.
Applicants who join receive all training and equipment at no expense to them. They also become eligible for various scholarship opportunities. If you’re interested in finding out more, please sent an e-mail to chief2211@katonahfd.org
TOWN’S WEBSITE
is now available in Spanish. We have added a plug-in allowing for the website’s automatic translation to Spanish. Please note that this does not apply to linked PDF documents. http://www.bedfordny.gov/
MOTORISTS
I wish to augment the below information (e-news 8/25) with the following request for motorists:
Sharing the road with bicyclists. When parked on the street, check for bicyclists approaching from behind you before opening your car door. Always exercise due care to avoid colliding with any person walking or bicycling. Always be vigilant when pedestrians are present, especially those with visual or physical impairments. Bicyclists are fully entitled to use the road and have the right to “take the lane” by positioning themselves at or near the center of the lane when needed to avoid hazards or if the lane is too narrow to safely travel side by side with motorists.
Pass bicycles only when necessary and safe: pass to the left of the bicycle at a safe distance until safely clear. When in doubt, wait until you can pass at a safe speed. Before making a right turn, let bicyclists clear the intersection. When turning left or entering a roadway, yield to oncoming bicyclists as you would to any vehicle.
RULES OF THE ROAD FOR CYCLISTS; SAFETY TIPS FOR WALKERS; TIPS FOR CROSSING THE STREET
 Some of you may have heard of the tragic death earlier this month of a cyclist in Stony Point. Another was killed yesterday. We also are concerned about the safety of walkers and pedestrians. While we implore drivers to observe speed limits and other rules of the road, we also wish to share with you rules and tips for cyclists and pedestrians some of which a Bedford resident compiled and sent to me.
CYCLISTS
New York State law mandates the following related to cyclists:
  1. Travel WITH traffic (i.e. on the same side of the road) and obey all vehicle laws (stop at stop lights, etc.)
  2. Are not allowed on sidewalks
  3. Helmets (protective head gear) are required
  4. No headphones, ear buds, or other noise cancelling devices are allowed in more than 1 ear.
  5.  Horn/bell audible for 100 feet
  6. Lighting required a half hour before dusk until a half hour after dawn.
  7. Cyclists are required to use appropriate hand signals.
  8.  SAFETY TIPS FOR WALKERS
  9. Always walk on the sidewalk. If there is no sidewalk always walk facing traffic.
  10. Dress to be seen. Brightly colored clothing makes it easier for drivers to see you during the daytime. At night, wear special reflective material on your shoes, cap or jacket to reflect the headlights of cars coming towards you.
  11.  TIPS FOR CROSSING THE STREET
  12.  Cross only at corners or marked crosswalks.
  13.  Stop at the curb, or the edge of the road.
  14.  Stop and look left, then right, then left again, before you step into the street.
  15.  If you see a car, wait until it goes by. Then look left, right and left again until no cars are coming.
  16.  Keep looking for cars while you are crossing, and remember, Walk. Don’t run.
  17.  If a car is parked where you are crossing, make sure there is no driver in the car. Then go to the edge of the car and look left-right-left until no cars are coming.
 A regular reader of this weekly newsletter asked why I repeat certain posts from week to week. I do so because not everyone reads my newsletter on a weekly basis, much information provided remains relevant and I wish to continue to alert the community about it. In response to the comment, however, you will see that I’ve divided the newsletter into two sections “New Posts” and “Continuing Posts”. Both sections are relevant and, I believe, worthy of review. I wish to thank readers for making suggestions and comments; over the years, I’ve not only changed format but added content based on them (for example, why the flags are flown at half-staff.

Relief from soaring home prices isn’t coming anytime soon | Bedford Real Estate

The US housing market is supply constrained, sending home prices in major US metros back to levels last seen in the winter of 2007.

Research out of JP Morgan published Thursday indicates that this situation appears unlikely to resolve itself anytime soon.

“Nationwide house price indexes have been pushing steadily higher—real house prices are now 25% above their 2012 trough and at the highest levels on record outside the pre-crisis boom years,” JP Morgan’s Jesse Edgerton writes.

“One might wonder if these high prices reflect growing demand that could soon elicit a wave of construction that would prove our forecasts wrong. We find, however, that high prices are concentrated in markets where supply is constrained by geography or regulation, suggesting there may be little room for additional construction.” (Emphasis added.)

In short, areas seeing home prices rise fastest — think San Francisco, San Jose, and Denver — are not in a position to meet the demand for housing implied by the rise in prices.

The problem here is two-fold.

As the chart below shows, high home prices haven’t influenced the aggressiveness with which homebuilders have added to the housing stock over time. This indicates the supply side of the market is content to accept elevated prices even if the volume of homes built and sold is below what the demand side alone might dictate.

View photos

Additionally, Edgerton’s work shows that markets equipped with both high home prices and an ability to meet the demand implied by these prices literally do not exist.

“Metro areas in the upper right quadrant of the chart would be the best candidates for a demand-driven construction boom,” Edgerton writes. “Unfortunately, sharp-eyed readers will note that there are no dots in the upper-right portion of the figure.”

View photos

Edgerton adds, “Thus, it is unclear how much we can expect high prices to drive construction in the coming years, as the data show that high prices are concentrated in areas where supply may be limited in its ability to respond to demand.”

Data out this week from S&P/Case-Shiller showed home prices rose 5.3% nationally in August, up from a 5% annual gain seen the prior month.

A report from the National Association of Realtors last week showed a 5.6% increase in median existing home prices, the 55th straight month of year-on-year gains. At the current pace of existing home sales, there exists just 4.5-months’ supply in the US market.

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in,” chief economist for the National Association of Realtors Lawrence Yun said in a report.

read more…

http://finance.yahoo.com/news/relief-from-soaring-home-prices-isnt-coming-anytime-soon-174136415.html?_fsig=arxQ.NYjpRCtxgAPQstl9A–

Home Prices in August – Gains Continued | Bedford Real Estate

The Case-Shiller (CS) National Home Price Index, released by S&P Dow Jones Indices, rose in August. The index rose at a seasonally adjusted annual growth rate of 7.6%, faster than the 4.9% reported in July. After the deceleration in the beginning of 2016, house prices have accelerated since May due to tight inventory and the increases in existing home sales in the early part of this year.

The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 8.9% in August, after the 5.7% increase in July, confirming the reacceleration in home prices.

figure1_aug16

After the tumultuous boom and bust the increases of recent months have brought home prices more in line with long term trend levels and home prices are reaching the pre-recession peak in 2006.

Along with the gradual increases in national home prices, home prices gained in most metro areas in August. Figure 2 shows home price appreciation for 20 major U.S. metropolitan areas in August.

Among the 20 metro areas, San Francisco had the highest home price appreciation (12.2%), followed by Seattle (10.1%), Miami (7.2%) and Dallas (6.6%). Fifteen out of the 20 metro areas had positive home price appreciation, more metro areas reporting home prices increased than last month. Home price appreciation in the remaining five metro areas was negative. They are Minneapolis, Atlanta, Las Vegas, Chicago and Detroit, with the highest decline of 1.8% in Detroit.

figure2_aug16

 

read more…

 

http://eyeonhousing.org/2016/10/home-prices-in-august-gains-continued/

Serious Delinquency Rate on Single-family Mortgages Continues to Drop | Bedford Real Estate

In its quarterly National Delinquency Survey, the Mortgage Bankers Association reported that 3.11% of 1-4 family mortgages were seriously delinquent in the second quarter of 2016. Measured on a not seasonally adjusted basis, the rate of serious delinquency, which includes both mortgages that are 90 or more days past due and mortgages in foreclosure, was 0.84 percentage point less than the 3.95% recorded in the second quarter of 2015. Since reaching a peak of 9.7% in the fourth quarter of 2009, the serious delinquency rate has experienced a steady decline. The current rate of serious delinquency was last seen in 2007.

The decline in the overall serious delinquency rate partly reflects a falling rate on conventional mortgages. Conventional mortgages include both prime and subprime mortgages. In the fourth quarter of 2009, the share of conventional mortgages that were considered seriously delinquent reached its zenith at 9.8%. Since then, the proportion of conventional mortgages considered seriously delinquent has steadily fallen, reaching 2.9%. However, despite the long decline, the serious delinquency rate on conventional mortgages remains above its 2005-2006 average, 1.6%.

Presentation1

The decrease in the serious delinquency rate overall also reflects a drop in the rate on FHA mortgages. Although the rate of serious delinquency on FHA-insured mortgages also peaked in the fourth quarter of 2009, it did not begin to record a sustained decline until 2012. As of the second quarter of 2016, the serious delinquency rate on government mortgages was 4.4%, 1.5 percentage points greater than the serious delinquency rate on conventional mortgages. Although the serious delinquency rate on FHA-insured mortgages is higher than the rate on conventional mortgage, it is lower than its average level between 2005 and 2008.

The serious delinquency rate has been dropping partly because the number of new 90 or more day delinquent mortgages has also been falling. According to the most recent version of the Federal Housing Administration’sSingle-family Loan Performance Trends, the number of new 90 or more day delinquencies has been falling since 2012, largely reflecting a decrease in the number of new delinquencies 90 or more days because of unemployment or income reduction.

As illustrated by Figure 2 below, in fiscal year 2012, approximately 233,000 of the roughly 500,000 loans that were delinquent 90 or more days reached that stage because the borrower experienced unemployment or an income reduction*. By 2015, the number of new FHA-insured mortgages that were 90 or more days delinquent fell to 136,000. Meanwhile, the number of FHA loans delinquent 90 or more days due to excessive obligations, the second largest category, fell by 15% between 2012 and 2015, but number of these delinquencies in each year between 2013 and 2015 has remained near its 2011 level. The decline in the new number of borrowers delinquent 90 or more days due to unemployment or income reduction over the 2012 to 2015 time period accounted for 65% of the total decrease in the number of new FHA-insured mortgages 90 or more days delinquent over this same period.

Presentation1

* This document from the Department of Housing and Urban Development provides definitions of each category.

Unemployment – The delinquency is attributable to a reduction in income resulting from the principal mortgagor having lost his or her job.

Income Reduction – The delinquency is attributable to a reduction in the mortgagor’s income, such as a garnishment of wages, a change to a lower paying job, reduced commissions or overtime pay, loss of a part-time job, etc.

Death of Principal Borrower – The delinquency is attributable to the death of the principal mortgagor.

Illness of Principal Borrower – The delinquency is attributable to a prolonged illness that keeps the principal mortgagor from working and generating income.

Excessive Obligations – The delinquency is attributable to the mortgagors(s) having incurred excessive debts (either in a single instance or as a matter of habit) that prevent him or her from making payments on both those debts and the mortgage debt.

No Contact – Should be used rarely for any 90 day or more delinquency.  Indicates that the reason for delinquency cannot be ascertained because the mortgagor cannot be located or has not responded to the servicer’s inquiries.

 

read more…

 

http://eyeonhousing.org/2016/08/serious-delinquency-rate-on-single-family-mortgages-continues-to-drop/

Mortgage rates average 3.44% | Bedford NY Realtor

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving slightly lower for the week helping to spur ongoing refinance activity.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.44 percent with an average 0.6 point for the week ending September 8, 2016, down from last week when it averaged 3.46 percent. A year ago at this time, the 30-year FRM averaged 3.90 percent.
  • 15-year FRM this week averaged 2.76 percent with an average 0.5 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 2.91 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week. As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent.”

May home prices rise | Bedford Real Estate

National Home Prices Increased 5.9 Percent Year Over Year in May

 

HPI Blog

  • Home prices including distressed sales increased 5.9 percent year over year in May 2016 and are forecast to increase by 5.4 percent over the next year.
  • The highest appreciation was in the West, with Oregon and Washington growing by double-digits in May.
  • Prices fell in one of the Texas oil markets in May: Midland logged a 4.1 percent year-over-year decrease.

National home prices increased 5.9 percent year over year in May 2016, according to the latest CoreLogic Home Price Index (HPI®) Report. While the HPI has increased on a year-over-year basis every month since February 2012, prices are still 7.2 percent below the April 2006 peak. Home prices have risen 39.8 percent since bottoming out in March 2011. Home prices are expected to increase by 5.4 percent from May 2016 to May 2017, and are projected to return to the April 2006 peak in mid-2017. Adjusting for inflation, U.S. home prices increased 5.9 percent year over year in May 2016, and are 20.5 percent below their peak[1].

YOY HPI

Figure 1 shows the year-over-year HPI growth for the 25 highest-appreciating states in May 2016 along with their highest and lowest historical price changes. Oregon showed the largest HPI gain of all states in May 2016 with an 11 percent year-over-year increase, followed closely by Washington (+10.1 percent) and Colorado (+9.4 percent). Three states had a year-over-year decrease in home prices: Connecticut (-0.9 percent), New Jersey (-0.2 percent), and Pennsylvania (-0.1 percent). Nevada home prices were the farthest below their all-time HPI high, still 32.7 percent below the March 2006 peak.

YOY HPI

Figure 2 shows the year-over-year HPI change in select oil-patch areas for May 2016 compared with May 2015. While state-level prices continued to increase, prices fell 4.1 percent year over year in Midland, Texas, in May 2016. Midland has the highest concentration of oil employment of all metropolitan areas in the U.S.

 


1 The Consumer Price Index (CPI) Less Shelter was used to create the inflation-adjusted HPI.

read more…

http://www.corelogic.com/blog/authors/molly-boesel/2016/07/

Bedford Memorial Day parades | Bedford Real Estate

memorial_day11.jpg
Town of Bedford
Parades and Ceremonies
BEDFORD HILLS
Parade Starts        9:00 am @ Bedford Hills Elementary School
Parade Route        Babbitt Rd. to Church Street Bedford Hills Community House,
                                Main Street to the Bedford Hills Fire Department
Ceremonies          At BHCH – WW I
                                And at End of Parade – WW II, Korean and Vietnam Wars
Sponsored by       Bedford Hills Fire Dept. and Bedford Hills Lions Club
KATONAH
Parade Starts        10:00 am @ Katonah Fire Department
Parade Route        KFD down Katonah Ave., up Parkway to Lawrence Circle
                                Lawrence Circle, down Bedford Road, to KFD
Ceremonies          At Lawrence Circle – WW I, WW II & Civil War Memorial
                                At KFD – honoring all veterans who were volunteer firefighters
Sponsored by       Katonah American Legion Post 1575 & Katonah Fire Dept
BEDFORD VILLAGE
Parade Starts        11:15 am @ Seminary Rd. and Pound Ridge Road
Parade Route        Pound Ridge Road to Village Green
                              
Ceremonies          Village Green – WW I, WW II, Korean, Vietnam & Gulf War
                                Memorials
                                Light refreshments at the fire house after ceremony
Sponsored by       Bedford Fire Department and Bedford Village Lions Club
Memorial Day Town Picnic
Hosted by the American Legion Post 1575
 
American Legion Hall @ 136 Jay Street in Katonah
All town residents are invited 
Picnic will be held 11:00 am – 2:00 pm 
We respect your right to privacy. The Town of Bedford will not contact any person who submits an email address for any purpose other than the original intended communication. E-mail addresses will not be disclosed to a third party, unless required by law.

Florida Prices Zoom as Markets Recover | Bedford Real Estate

Florida markets are dominating national price rankings this winter as demand remains strong for properties still priced far below their 2007 peaks.

Florida and New York led gains among the states with 0.8 percent month-over-month appreciation I the Black Knight HPI December index and Florida accounted for every one of the top 10 best performing metro areas in December, with Sarasota leading the way at 1.4 percent month-over-month growth.

Nationally, Black Knight reported home prices were up 0.1 percent for the month, and have gained 5.5 percent from one year ago.  At $253,000, the national level HPI remains 5.3 percent off its June 2006 peak of $268K, and up 27 percent from the market’s bottom in January 2012

 

BKFS_HPI_Dec2015_FL_hi_res

 

Separately, the Florida Association of Realtors announced today that nearly half of the Realtors in U.S. and Canada – some 500,000 real estate professionals – now have access to its Tech Helpline service that provides technical support services for a wide range of software and hardware, from smartphones and tablets to desktops, laptops, email problems, virus issues and more.

 

read more…

 

http://www.realestateeconomywatch.com/2016/03/florida-prices-zoom-as-markets-recover/

Average homeowner in Mass. to see taxes rise 4% | Bedford Real Estate

Property taxes are on the rise in Massachusetts, with the average bill on a single-family home increasing by about $206 this year, as home assessments and the cost of services by cities and towns continue to go up.

The average property tax bill for a single-family home this year is $5,438, or 3.9 percent higher than last year’s average of $5,232, according to a Globe analysis of 328 of the state’s 351 communities for which comparable data were available.

The average assessed value of a single-family home in those communities has risen a similar amount, about 3.8 percent, to $383,606.

Forty-six of the 328 communities can expect bills to increase on average by 6 percent or more, the Globe review found.

Statewide, increases range from less than 1 percent in more than a dozen communities to as much as 17 percent in the city of Chelsea; or from as little as $3 in Bridgewater to as much as $825 in Brookline.

Boston homeowners will see a $15 increase in their bills on average. Among other nearby communities, bills in Lexington will rise, on average, by $764; in Newton by $637; in Somerville by $166; and in Cambridge by $29.

The average bill is decreasing in just 16 municipalities. Ten other communities have not set their tax rates

 

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