New delinquencies and foreclosure starts continued to fall in January, but increases in foreclosure processing and sales were not enough to offset swelling foreclosure inventories or lengthening foreclosure timelines. In fact, the average loan in foreclosure has not made a payment in over 500 days, according to Lender Processor Services’ February Mortgage Monitor report.

A slight uptick in the number of mortgages delinquent 90 days or more registered by Lender Processor Services in January was caused by lenders transitioning loans out of foreclosure back into the se riously delinquent category, not new delinquencies.  Foreclosure starts actually fell 11.4 percent.

Delinquency rates in January increased for the first time since May 2010 by .8 percent over December but the growth was concentrated in the 90 days plus category, which rose 1.2 percent.  New delinquencies fell for the third month in a row.  All delinquent mortgages are 18.8 percent below last year, according to LPS monthly mortgage monitor and they are about 2.1 times the historical average.

However, as new problem loan rates continue to improve and all states have experienced significant 12 month declines in new seriously delinquent loan inventory, foreclosure inventory still increased.  Inventories are now 7.8 times historical levels and rising. Foreclosure to REO (or other involuntary liquidation) increased significantly in January following the end of the Robo-gate induced moratoria, but still are below pre-moratoria levels. 

Despite the increase in processing activity, timelines from foreclosure to REO lengthened and contributed to the rise in foreclosure inventory.  Most of the properties in the foreclosure inventory today have been in the foreclosure pipeline for more than a year, whey delinquency rates were significantly higher.  Almost 30 percent of loans in foreclosure have not made a payment in over 2 years, according to LPS.

States with loans having the longest average number of days in delinquency are New York (644), Florida (638), New Jersey (580), Hawaii (563), Maine (551) and Connecticut (532).  All are judicial states, where foreclosures require a court order.

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North Salem NY Homes

North Salem Luxury Homes

03/03/2011

Pound Ridge NY Has No Traffic Lights | Pound Ridge NY Homes

 

IT used to be that the only thing keeping Gary D. Warshauer up at night was the chatter of crickets and the howl of coyotes.

There was little about this 23-square-mile municipality in northeastern Westchester to trouble Mr. Warshauer, its town supervisor: the underground water supply, all 11 aquifers of it, was untainted; more than a third of town land had been set aside as open space; and the minimum residential lot size was an acre.

Indeed, the housing developments, highways and malls that mark the landscape of many surrounding towns had bypassed Pound Ridge, which does not have even a single traffic light.

Now, however, Mr. Warshauer sees a different kind threat to this town of picturesque hills and dales, where tumbledown stone walls line graceful, winding roads. The threat is coming from the sky, in the form of low-flying airplanes. These have caused the supervisor, among others, to toss and turn in bed.

The Federal Aviation Administration has begun working on a plan to shift air traffic patterns inland, and according to Mr. Warshauer, who has been supervisor since 2004, “It could impact in a very negative way what we’ve worked so hard to preserve here in Pound Ridge.”

The new routing, to begin sometime next year, could affect national routes, as well as those for LaGuardia, said James Peters, an agency spokesman in Jamaica, Queens. Mr. Warshauer sees the changes as potentially menacing not only the quality of human life but also the future of endangered species in ecologically sensitive conservation land. But according to Mr. Peters, agency studies indicated there would be no adverse ecological effects. In any event, the threat of increased noise and emissions is worrisome enough that residents have formed an Alliance for Sensible Airspace Planning, with complaint hotline numbers posted on the town’s Web site. Pound Ridge is one of several municipalities mustering opposition.

Another modern technology that generates ambivalence these days is cellular telephone service.

Until recently, Mr. Warshauer said, residents returning home to their rural retreats from high-pressure jobs in Manhattan, or Stamford and Greenwich in nearby Connecticut, might have grumbled about poor cellphone reception in low-lying areas, but they generally weren’t eager for anything beyond the town’s single cell tower.

Now the quest is on for a second tower, and while most residents agree on the need, few like the idea of the new equipment anywhere near their backyard, Mr. Warshauer added.

Vivian and Peter Falco, who bought their first house in Pound Ridge 25 years ago and reared two sons there, say they are grateful the town has remained essentially unspoiled.

In 1985, they paid $270,000 for a three-bedroom ranch on two acres with a pond. A decade later, Ms. Falco, a physical therapist, and her husband, a commercial real estate investor, spent $700,000 to build their next home, a four-bedroom colonial on three acres.

“During that time,” Ms. Falco said, “we’ve seen more and more land built on. And the street we live on, which lies in three watershed areas, has changed from a road half filled with houses to one that is now 90 percent built on.”

Still, she noted, over that period more land has been set aside as open space, to mitigate the impact of the growth.

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Pound Ridge NY Homes

Pound Ridge Luxury Homes

Mar 3, 2011 1:23:44 PM | Weblogs

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