Daily Archives: November 11, 2012

NAR likely to cede social media listings policy to MLSs | South Salem NY Real Estate

The National Association of Realtors is one step closer to adopting a policy that would leave it up to individual multiple listings services whether or not to allow member brokers and agents to display for-sale listings represented by other consenting members on social media sites.
An MLS policy statement approved Saturday by NAR’s Multiple Listing Issues and Policies Committee would, for the most part, let MLSs that choose to allow the display of shared listings on social media sites write their own rules.
But the policy statement — to be voted on Monday by NAR’s board of directors — would prohibit MLSs from requiring that their member brokers and agents allow their listings to be distributed through social media, or other non-traditional channels such as text messaging.
NAR had considered adopting a blanket policy for the display of shared listings on social media sites that would have applied to all MLSs affiliated with the trade association– in effect, taking away from MLSs the decision on whether to allow the practice or not.
But NAR leaders backed down after a number of MLSs raised objections about the difficulty of policing social media sites for compliance with rules that govern the display of shared Internet data exchange (IDX) listings on websites operated by MLSs, brokers and agents.
Instead of amending its policies governing the display of IDX listings so that those rules also governed the display of IDX listings on social media sites, NAR is creating another avenue for the display of a different set of shared listings, outside the context of IDX policy.
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“We’re taking a different approach here — give the MLSs that want to go down this road the authority to do it,” said Cliff Niersbach, the NAR staff executive who serves as liaison to the committee. “We’re basically saying OK, we want to participate — we’ll identify issues (as they) come up. We tried to be all knowing, and that approach didn’t work.”
It’s an important distinction, because the high rate of participation in IDX allows MLS, broker and agent sites to display all, or nearly all, of the homes for sale in a given market.
Third-party sites like Zillow, Trulia, and Realtor.com cannot display IDX listings — the companies that operate those sites must obtain listings directly from MLSs, listing syndicators, or brokers (thanks to its ties to NAR, Realtor.com receives listings from nearly all of the nation’s 900 MLSs).
Brokers have the option of “opting out” of distributing listings they represent to third-party sites, so listing coverage on those sites can be spotty.
Brokers who want to participate in IDX, however, are either “all in” or “all out.” They can’t choose whether or not to display listings represented by other participating brokers on their own websites, or prevent listings that they contribute to the IDX pool from being displayed on the websites of other participating MLS members.
Broker participation in IDX is nearly universal in many markets. Consumers are drawn to websites that provide access to a nearly comprehensive set of listings, and not offering access to IDX listings in markets where IDX participation is high could put a brokerage at a competitive disadvantage.
If the only option for brokers with strong objections to their listings appearing on social media sites was to withdraw from IDX altogether, the system might begin to fall apart. If IDX participation dropped, MLS, broker and agent websites might no longer be able to offer consumers a comprehensive set of listings, and lose an important advantage they hold over many third-party sites in some markets.
While NAR’s decision to separate the display of shared listings from IDX policy could protect the IDX system from controversy, it also leaves brokers who want to display shared listings on social media channels at the mercy of their MLS.
The policy statement approved by the committee Saturday, and scheduled to be considered by NAR’s board of directors on Monday, reads, in part:
“MLSs may but are not required to give participants the ability to authorize electronic display of their listings by other participants outside the context of the (IDX) policy and the Virtual Office Website (VOW) policy and rules.
“Participants may not be required to consent to display or distribution of their listing through non-IDX and non-VOW channels as a condition of participation in MLS or as a condition of participation in IDX.”
In other words, while MLSs can’t force their members to allow listings they represent to be displayed on social media sites, they can refuse to put a system in place that would facilitate the display of members’ shared listings outside of the approved IDX channels.
Brokers and agents are always free to publicize their own listings on Facebook and other social media sites, but some social media and marketing experts say that’s the wrong way to go about using such sites.
NAR’s former director of social media and online engagement, Todd Carpenter, ran down a long list of companies he said had tried and failed to use Facebook to make sales: Starbucks, Sears, Ikea, Wells Fargo, Delta Airlines.
“People use Google to find things,” Carpenter — now Trulia’s senior manager of industry engagement — told members of the Multiple Listing and Issues and Policies Committee. “People go to Facebook or other social media sites to find people.”
There are many successful real estate professionals using Facebook and social media, Carpenter said, “but it’s because they are connecting with people.”
Before voting to approve the MLS policy statement on social media, a few committee members expressed reservations about leaving the matter in the hands of MLSs. Some doubted that MLSs would be able to solve some of the knotty problems that came up when the committee tried to amend IDX policy to accommodate display of shared listings on social media sites.
But the policy statement passed in a nearly unanimous voice vote.
The proposal does “exactly the right thing, to allow local associations to move forward,” said committee member Bill Lublin, CEO of Century 21 Advantage Gold. “Every time you hear (a problem raised) it drills down to the local level,” he said.
In some respects, NAR is merely putting an official stamp of approval on events that are already transpiring — many MLSs currently allow members to display IDX listings on social media sites.
Real estate app developer N-Play reports that 40 MLSs representing 300,000 Realtors have signed up in the last 90 days to offer members the company’s IDX listings search application for agent and broker Facebook pages.
If approved by the full board on Monday, NAR’s policy statement would guarantee the right of brokers that belong to those MLSs to opt out of having listings they contribute to IDX feeds appear on social media sites, while remaining in the IDX program.
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Utilities make progress on NY storm blackouts | Waccabuc Real Estate

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NEW YORK — Frustrated Long Island residents have staged a protest against the Long Island Power Authority even as utilities made progress in restoring power to customers whose lights went out during Superstorm Sandy and Wednesday’s nor’easter.
LIPA says nearly 140,000 homes and businesses still didn’t have power by mid-afternoon Saturday.
Hundreds of people demonstrated in front of LIPA’s Hicksville office Saturday to protest what they call unacceptable delays. The utility didn’t return a request for comment.
Meanwhile, Con Edison says it will restore power this weekend to all its New York City and Westchester County customers whose buildings are in good enough shape to turn electricity back on. About 11,400 of them remained without power Saturday evening.
Those figures don’t include about 30,000 homes and businesses too damaged to juice up.

via online.wsj.com

Exec Who Looked Other Way As Countrywide Sold Off Bad Mortgages Is Now Running Chase’s Foreclosure Review Dept. | Katonah NY Real Estate

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(frankieleon)
The federal government recently filed a lawsuit over a Countrywide scheme dubbed “The Hustle” that removed impediments to a mortgage approval so the company could sell as many mortgages as possible to Fannie Mae and Freddie Mac. Now comes news that a Countrywide exec who ignored warnings about the Hustle is currently running Chase’s foreclosure review initiative.
At the time The Hustle was being put into action, Rebecca Mairone was the Chief Operating Officer of Countrywide’s subprime lending division Full Spectrum Lending. She apparently stayed on with Bank of America after it acquired Countrywide and only left earlier this year.
And according to the complaint filed last month by federal prosecutors, Mairone was “repeatedly warned… that the Hustle would generate excessive quantities of fraudulent or otherwise seriously defective loans that were ineligible for sale to [Fannie and Freddie].”
Even after the Hustle began to roll out and internal quality reviews allegedly showed that “the quality of the loans originated under the Hustle was exceptionally poor,” the complaint says that Mairone and FSL President Greg Lumsden “ignored this information, continued on with the Hustle as planned, and restricted dissemination of the quality reviews.”
Now Mairone has moved on to Chase, where sources tell Pro Publica she was put in charge of the Independent Foreclosure Review folks.
The review process, announced in late 2011 in the wake of the robosigning scandal that called a number of foreclosures into question, is intended to sort through the mass of foreclosures at the nation’s largest mortgage servicers to find out if borrowers’ loans were given the proper review.
Oh, the irony of taking an executive who looked the other way while her company removed every speed bump, road block, and toll gate to approving a mortgage, and putting her in position to review whether all the proper procedures were followed during the foreclosure process.
Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, doesn’t hold back about his feelings on the matter to ProPublica:
“Finding out that the person running it for JPMorgan Chase is a person whose conduct in the run-up to financial crisis was allegedly so egregious that she somehow managed to be one of the only people actually named in a case brought by the Department of Justice goes beyond irony… It speaks volumes to the banks’ true intent and lack of concern for homeowners when addressing the harm that they caused during the foreclosure crisis.”
Chase would only confirm that Mairone, who is not a defendant in the federal lawsuit, is working on the foreclosure review process, but would not comment on her involvement in the Hustle at Countrywide.

via consumerist.com

NAR economist Lawrence Yun’s forecast: Higher inflation, higher home prices now | Real Estate in Bedford Hills NY

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ORLANDO — NAR Chief Economist Lawrence Yun is speaking at the National Association of Realtors convention here right now.
He is taking about inflation, which has been relatively low for two decades. He says it will stay at about 2 percent next year.
But he says we should anticpiate higher inflation by 2015. “No threatening inflation next year, 2 percent. Eventually we may reach something much higher, 4, 5, 6 percent by 2013. Well above the Federal Reserve’s preferred rate of 2 percent.” The pressure on inflation will come from the large budget deficit.
“Rents are rising. Inflation pressure will be building in the rental market. Vacancies are falling and rents are rising.
The Fed has an “ultra-loose monetary policy, 0 percent, an unprecedented low rate. You cannot borrow at this rate but Mark Vinter and Wells Fargo can.”
The mortgage interest deduction will be discussed as a way to increase revenue and decrease the public debt. But Yun says it will not happen because of the efforts of his audience, the Realtors, to pressure the government to keep it in place.
Higher inflation means that the home mortgage interest rates will trend up.
Yun is forecasting “meaningfully higher home prices, which went up 4 to 5 percent in 2012.
“Home price growht ckoud slow or accelerate depending on housing starts.” Yun ecpects a 15 percent cumulative growth in home prices over the next three years. The rise in prices are not showing any signs of slowing down.” Arizona has already seen a 30 percent increase since the bust.
“Rises in prices will bring more underwater homeowners above water and then they can participate in the market.”
Her prdicts the price will rise from $176,000 to $195,ooo. “The train has left the station, but it is still a great time to buy, because if you wait, the train will be farther from the station and you will miss the chance for wealth creation.”
Realtors are seeing more traffic, and showings are consistently strong. Pending home sales are trending up.
Home sales will be 4.6 million units this year and 5.05 million units in 2013, says Yun.
Employment is a key to home purchasing. While the unemployment rate is falling, Yun looks at the “employment rate.” About 62 percent of adults have jobs. This number is not increasing. Only enough jobs are being created to soak up the new graduates. But there is plenty of room for improvement, he says. “We need 250,000 new jobs every month for the next eight years to get back to a normal job market. It is trending up, but it could trend up faster.”
Builder inventory is at a 50-year low. Builder activity is rising, but only from a very low level and housing starts are at less than half of the 50-year average of 1.5 million units per year.
Good new for all segments of housing, he said, is that the “shadow inventory” of distressed properties is shrinking. Foreclosures are clogged in judicial states and flowing freely in non-judicial states such as Arizona. Whiel home prices are up 7 percent in Miami, they are up 19 percent in Arizona.
Yun forecasts a more unqual distribution of wealth. “That is something we need to monitor.”
He is putting a lot of pressure on the builders: If they don’t build enough new homes, it will rise prices, which would be good for existing homeowners but will cut into home affordability for all those renters who want to become homeowners. What we are seeing now is that wealthy investors play a strong role in the market and are keeping some “end-user” buyers out. This is evident in Sarasota, where all-cash investors are outbidding buyers who would live in a house they would buy with a mortgage.
Renting is up strongly and homeownership is off a bit. Normally, homeowners are 66 percent of the market. And the household formation increase has been more in the rental market rather than home purchases.
Hurricane Sandy’s property destruction will provide building permit impetus in New Jersey, boosting the market there in a few months.
Florida: Yun points out that Florida’s job growth, weak or falling recently, since 1939 has boomed, and if that overall growth trend resumes, the state could run out of prime real estate development land, particularly as Chinese and Brazilian buyers come to the state.
His applause line: “The financial institutions are flush with cash. Why are they not lending?”
He closes with this: Keep the mortgage interest deduction. Taking it away will be a huge hit to the housing industry.
Wells Fargo economist Mark Vinter comes back on stage and says, “Our bank is lending. It is that other bank.”
Chase? Bank of America? I will have to ask him that later.
In case you did not know: Yun is pronounced Yoon.

via realestatetoday.blogs.heraldtribune.com

Power Outages: New Jersey, New York Slowly See Lights Back On After Hurricane Sandy | Bedford NY Real Estate

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NEW YORK — Even as the lights came on for many who lost power in New York and New Jersey during the superstorm and a later nor’easter, hundreds of residents protested Saturday outside a Long Island utility, frustrated by its slow response to outages.
Power restoration has been slower there than in other areas hit by Superstorm Sandy, sparking criticism of the Long Island Power Authority. Some of the 130,000 blacked out homes and businesses the utility serves may not have power restored until the end of Tuesday, according to LIPA.
In the rest of the region hardest hit by the storm, most service was expected to be restored by the end of the weekend, though that doesn’t include tens of thousands of homes too damaged to juice up.
“We are sitting in a cold house. No one comes by,” said John Mangin of Levittown, N.Y. “There should be criminal charges against the CEO and the executive board of LIPA for failure to do their jobs.”
He was among about 300 people staging a rally in front of LIPA’s office in Hicksville, N.Y. Not all were without power, but some who have power said they were there to protest LIPA’s lack of communication.
LIPA Chief Operating Officer Michael Hervey said the utility was aware that customers haven’t gotten the information they’ve needed from it, partly because of an outdated information technology system it’s in the process of updating.
“I certainly feel the frustration of customers whose power remains out. Our hearts go out to them,” Hervey said.
But he said workers are repairing unprecedented storm damage as fast as they can. About 6,400 linemen and 3,700 tree trimmers are at work, compared with 200 linemen on a normal day.
In Suffolk County, where about 28,000 customers remain without power, County Executive Steven Bellone announced he was cutting ties with LIPA and would deal directly with substation coordinators.
Hervey said he would not comment on that directly, but added that an ad hoc takeover of the system would lead to anarchy.
“The utility is the best suited to restore power and manage that,” he said. “We can’t have people step in and take over.”
New York Gov. Andrew Cuomo has called for an investigation of the region’s utilities, criticizing them as unprepared and badly managed. On Friday, two congressmen from Long Island called for the federal government to help LIPA restore electricity.
“It’s a totally disorganized effort, and LIPA unfortunately seems to have lost control of the situation and that’s why you see so many people becoming so angry,” Rep. Peter King said Saturday.
In New York City and neighboring suburban Westchester County, utility Con Edison said about 11,400 customers remained powerless, down from a peak of more than 1 million. The number of remaining outages doesn’t include about 30,000 Brooklyn, Queens and Staten Island homes and businesses that the utility says are too damaged to receive power for now.
In New Jersey, fewer than 85,000 customers were without power Saturday, most along the coast. That was down from 2.7 million at the height of the storm. Most were expected to have power by the end of the weekend.
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Long Island Residents, Many Still Without Power, Continue To Clean Up After Superstorm Sandy
LONG BEACH, NY – NOVEMBER 09: A man walks past a destroyed section of the boardwalk at the base of Lincoln Boulevard as Long Islanders continue their clean up efforts in the aftermath of Superstorm Sandy on November 9, 2012 in Long Beach, New York. New York Gov. Andrew M. Cuomo has said that the economic loss and damage to homes and business caused by Sandy could total $33 billion in New York, according to published reports. (Photo by Bruce Bennett/Getty Images)
Storm-Damaged Communities On East Coast Hit By Nor’Easter
NEW YORK, NY – NOVEMBER 08: Alex Vila, 2, carries a box of cereal after visiting an aid station for people affected by Superstorm Sandy on November 8, 2012 in the Brooklyn borough of New York City. Household supplies and groceries were distributed to Red Hook neighborhood residents by Catholic Charities at the Visitation of the Blessed Virgin Mary church. Meanwhile a nor’easter storm plunged temperatures to below freezing, bringing more misery to many Red Hook residents still without power, heat nor running water in their public housing apartments. (Photo by John Moore/Getty Images)
US-WEATHER-STORM-SANDY
Boats and docks damaged by Hurricane Sandy are seen at the Mansion Marinia on the shores of the Great Kills community November 7, 2012 on Staten Island, New York. New York Mayor Michael Bloomberg on Tuesday announced a limited evacuation of some neighborhoods ahead of harsh weather barreling toward a city still recovering from superstorm Sandy. The national weather service forecast heavy rain and likely snow on Wednesday and Thursday, accompanied by gale force winds gusting as high as 43 mph (69 kmh). Though barely half the strength of Sandy, the autumn storm will lash already damaged buildings and bring lower temperatures for tens of thousands of people still struggling without electricity. Bloomberg told a news conference that parks and beaches would close. The worst-hit patches of waterfront neighborhoods, including Rockaways in the Queens borough, and in Staten Island, were being asked to evacuate again. AFP PHOTO/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP/Getty Images)
Storm-Damaged Communities On East Coast Hit By Nor’Easter
LONG BRANCH, NJ – NOVEMBER 08: Debris from Superstorm Sandy is seen on a beach November 8, 2012 in Long Branch, New Jersey. Meanwhile a nor’easter storm plunged temperatures to below freezing, bringing more misery to many residents throughout New York and New Jersey still without power. (Photo by Allison Joyce/Getty Images)
Long Island Residents, Many Still Without Power, Continue To Clean Up After Superstorm Sandy
OCEANSIDE, NY – NOVEMBER 09: (L-R) James Vouloukos and William Ferris sort through donated clothes at a site maintained by the Town of Hempstead in cooperation with FEMA at Oceanside Park during in the aftermath of Superstorm Sandy on November 9, 2012 in Oceanside, New York. New York Gov. Andrew M. Cuomo has said that the economic loss and damage to homes and businesses caused by Sandy could total $33 billion in New York, according to published reports. (Photo by Bruce Bennett/Getty Images)
Funeral Held in Brooklyn For Two Young Brothers Killed During Superstorm Sandy
NEW YORK, NY – NOVEMBER 09: New York sanitation department workers watch as a hearse arrives with a casket carrying the bodies of two brothers killed during Superstorm Sandy for a funeral at the St. Rose of Lima Catholic church on November 9, 2012 in the Brooklyn borough of New York City. Brandon Moore, 2, and Connor Moore, 4, were swept away from the arms of their mother Glenda Moore as she fled Superstorm Sandy floodwaters in New York’s Staten Island borough to seek safety with family in Brooklyn. She is married to New York Sanitation worker Damian Moore, and dozens of workers and officials from the sanitation department attended the funeral ceremony. (Photo by John Moore/Getty Images)
Long Island Residents, Many Still Without Power, Continue To Clean Up After Superstorm Sandy
ISLAND PARK, NY – NOVEMBER 09: (L-R) Residents Paul and Donald Zezulinski and their dog ‘Plywood’ of Island Park show their appreciation to first responders during their clean up efforts in the aftermath of Superstorm Sandy on November 9, 2012 in Island Park, New York. New York Gov. Andrew M. Cuomo has said that the economic loss and damage to homes and business caused by Sandy could total $33 billion in New York, according to published reports. (Photo by Bruce Bennett/Getty Images)
FILE – In this Tuesday, Oct. 30, 2012 file photo, people stand next to a house collapsed from Superstorm Sandy in East Haven, Conn. While Connecticut was spared the destruction seen in New York and New Jersey, many communities along the shoreline, including some of the wealthiest towns in America, were struggling with one of the most severe storms in generations. (AP Photo/Jessica Hill, File)
Meg Dolan holds her dog “Nellie” during Sunday mass at St. Thomas More Catholic Church in Breezy Point, in the wake of Superstorm Sandy, Sunday, Nov. 4, 2012, in New York. With overnight temperatures sinking into the 30s and hundreds of thousands of homes and businesses still without electricity six days after Sandy howled through, people piled on layers of clothes, and New York City officials handed out blankets and urged victims to go to overnight shelters or daytime warming centers. (AP Photo/Kathy Willens)
A representative of the Salvation Army walks past homes destroyed by Superstorm Sandy in Breezy Point, Sunday, Nov. 4, 2012, in New York. The beachfront neighborhood heavy populated by firefighters and police officers was devastated during the storm when a fire pushed by Sandy’s raging winds destroyed 100 or more homes and buildings. (AP Photo/Kathy Willens)
Ginny Flanagan, right, and her sister go through photographs and mementos that were recovered from Flanagan’s flooded bungalow in Breezy Point, in the wake of Superstorm Sandy, Sunday, Nov. 4, 2012, in New York. The beachfront enclave heavy populated by firefighters and police officers was devastated during the storm when a fire pushed by Sandy’s raging winds destroyed 100 or more homes and buildings. (AP Photo/Kathy Willens)
US-WEATHER-STORM-SANDY-MARATHON
Runner Jonathan who would have run the ING New York City Marathon, spend the afternoon volunteering by unloading and organizing emergency supplies near Midland Beach as New York recovers from Hurricane Sandy on November 4, 2012 in Staten Island, New York. AFP PHOTO / Mehdi Taamallah (Photo credit should read MEHDI TAAMALLAH/AFP/Getty Images)
A woman with her groceries passes a group of National Guardsmen as they march up 1st Avenue towards the 69th Regiment Armory, Saturday, Nov. 3, 2012, in New York. National Guardsmen remain in Manhattan as the city begins to move towards normalcy following Superstorm Sandy earlier in the week. (AP Photo/ John Minchillo)
Patrons on foot carrying gas canisters line up for gasoline at a Hess station in the New Dorp section of the Staten Island borough of New York, Saturday, Nov. 3, 2012. Those on foot reported waits up to 40 minutes while motorists lined up for two hours as Staten Islanders fueled up to run their generators and automobiles in the wake of Superstorm Sandy. (AP Photo/Eileen AJ Connelly)
Girls hold hands during Sunday mass at St. Thomas More Catholic Church in Breezy Point, in the wake of Superstorm Sandy, Sunday, Nov. 4, 2012, in New York. With overnight temperatures sinking into the 30s and hundreds of thousands of homes and businesses still without electricity six days after Sandy howled through, people piled on layers of clothes, and New York City officials handed out blankets and urged victims to go to overnight shelters or daytime warming centers. (AP Photo/Kathy Willens)
Many streets in the Silver Lake section of Belmar, N.J., remain underwater Saturday, Nov. 3, 2012, Neighbors and volunteers clean out homes Saturday, Nov. 3, 2012, in Belmar, N.J., five days after the storm surge by superstorm Sandy. (AP Photo/Ben Nukols)
Water from superstorm Sandy is pumped from a flooded basement of an office building near New York’s Battery Park, Friday, Nov. 2, 2012. The massive storm that started out as Hurricane Sandy slammed into the East Coast and morphed into a huge and problematic system, killing at least 96 people in the United States. The cost of the storm could exceed $18 billion in New York alone. (AP Photo/Richard Drew)
Cars that were uprighted and submerged by Superstorm Sandy remain at the entrance of a subterranean parking garage in New York’s Financial District, as the water is pumped out, Friday, Nov. 2, 2012. . The cost of the storm could exceed $18 billion in New York alone. (AP Photo/Richard Drew)
National Guard in Lower Manhattan
The National Guard 827th Engineer Company helps hand out MREs to Lower Manhattan residents at the Alfred Smith Playground on Friday Nov. 2, 2012. (Damon Dahlen, AOL)
National Guard in Lower Manhattan
The National Guard 827th Engineer Company helps hand out MREs to Lower Manhattan residents at the Alfred Smith Playground on Friday Nov. 2, 2012. (Damon Dahlen, AOL)
Grand Central Terminal, New York City
People walk through Grand Central Terminal as the sun rises during a subdued morning rush on Nov. 1, 2012 in New York City. Some trains are back up and running into Grand Central following shutdowns in the aftermath of Superstorm Sandy. Subway train service in the city is back in a limited capacity, but with much of lower Manhattan still with out power, trains are not running there and busses are replacing them.
Seaside Heights, N.J.
A roller coaster sits in the Atlantic Ocean after the Fun Town pier it sat on was destroyed by Superstorm Sandy on Nov. 1, 2012 in Seaside Heights, New Jersey. With the death toll continuing to rise and millions of homes and businesses without power, the U.S. east coast is attempting to recover from the effects of floods, fires and power outages brought on by Superstorm Sandy.
National Guard in Lower Manhattan
The National Guard 827th Engineer Company helps hand out MREs to Lower Manhattan residents at the Alfred Smith Playground on Friday Nov. 2, 2012. (Damon Dahlen, AOL)
Charging Station Provided By AT&T
Phillip Melly charges the phones of Hurricane Sandy victims at Kimlau Square in Lower Manhattan on Friday Nov. 2, 2012. The generators used were brought in by AT&T to help out the residents of Lower Manhattan in New York City who currently have no power. (Damon Dahlen, AOL)
Stocking Up On Ice
United City Ice Cube Company workers who refer to themselves as “Icemen” take in a shipment of ice into their 45th and 10th ave. store on Friday Nov. 2, 2012. The workers who asked not to be identified by name said there had been a run on ice purchases due to Hurricane Sandy and they were stocking up in anticipation of more demand in the coming days. (Damon Dahlen, AOL)
Car Crash Due To Power Outage
The power outage in Lower Manhattan due to Hurricane Sandy has created a gauntlet of dangerous street intersections as can be seen by this car accident at the Houston and Varick Street crossing on Friday Nov. 2, 2012. (Damon Dahlen, AOL)
Car Crash Due To Power Outage
The power outage in Lower Manhattan due to Hurricane Sandy has created a gauntlet of dangerous street intersections as can be seen by this car accident at the Houston and Varick Street crossing on Friday Nov. 2, 2012. (Damon Dahlen, AOL)
Clean Drinking Water
Pedestrians fill up on water at a drinking station that had been setup at the corner of Centre and Canal Streets in Chinatown on Friday Nov. 2, 2012. The stations use water from fire hydrants and have been erected due to the blackout caused by Hurricane Sandy in Lower Manhattan. (Damon Dahlen, AOL)
Trash Picking In Chinatown
A pedestrian looks through discarded food near a supermarket located at Henry and Market Streets in Chinatown New York on Friday Nov. 2, 2012.
Fort Lee, N.J.
People wait in line for fuel at a Shell Oil station on Nov. 1, 2012 in Fort Lee, New Jersey. The US death toll from Hurricane Sandy rose to at least 85 as New York reported a major jump in fatalities caused by Monday’s storm. Fuel shortages led to long lines of cars at gasoline stations in many states and the country faced a storm bill of tens of billions of dollars.
New York City
Commuters ride the F train Nov. 1, 2012 in New York City. Limited public transit has returned to New York. With the death toll continuing to rise and millions of homes and businesses without power, the U.S. east coast is attempting to recover from the effects of floods, fires and power outages brought on by Superstorm Sandy.
Toms River, N.J.
A gas station displays a “No Gas” sign on November 1, 2012 in Toms River, New Jersey. With the death toll continuing to rise and millions of homes and businesses without power, the U.S. east coast is attempting to recover from the effects of floods, fires and power outages brought on by Superstorm Sandy.
Fort Lee, N.J.
Cars wait in line for fuel at a Gulf gas station on Nov.1, 2012 in Fort Lee, New Jersey. The US death toll from Hurricane Sandy rose to at least 85 as New York reported a major jump in fatalities caused by Monday’s storm. Fuel shortages led to long lines of cars at gasoline stations in many states and the country faced a storm bill of tens of billions of dollars.
Brooklyn, N.Y.
New Yorkers wait in traffic as they head into Manhattan from Brooklyn as the city continues to recover from superstorm Sandy on Nov.1, 2012, in New York, United States. Limited public transit has returned to New York and most major bridges have reopened but will require three occupants in the vehicle to pass. With the death toll currently over 70 and millions of homes and businesses without power, the US east coast is attempting to recover from the effects of floods, fires and power outages brought on by superstorm Sandy.
Hoboken, N.J.
Mud and debris liiter a street on Nov.1, 2012 in Hoboken, New Jersey. Hurricane victims continue to recover from Hurricane Sandy, which made landfall along the New Jersey shore, and left parts of the state and the surrounding area flooded and without power.
Washington, D.C.
Firefighters shoot water into a building in the 1200 block of 4th St., NE, near the recently opened Union Market, after responding to a blaze that broke out around 9pm Wednesday night.
Seaside Heights, N.J.
Debris lies on the boardwalk in front of the Casino Pier, which was partially destroyed by Superstorm Sandy on Nov.1, 2012 in Seaside Heights, New Jersey. With the death toll continuing to rise and millions of homes and businesses without power, the U.S. east coast is attempting to recover from the effects of floods, fires and power outages brought on by Superstorm Sandy.
Brooklyn Battery Tunnel, N.Y.
A New York City Police Department (NYPD) officer looks over flood waters at the entrance to the Brooklyn Battery tunnel in New York, U.S., on Nov. 1, 2012. The New York region is replacing a rail network built over a century with a patchwork constructed day-by-day to move its 8 million people again as it struggles back to life after Hurricane Sandy.
New York City
Residents charge their cell phones and computers on the East River esplanade in New York, U.S., on Nov. 1, 2012. The New York region is replacing a rail network built over a century with a patchwork constructed day-by-day to move its 8 million people again as it struggles back to life after Hurricane Sandy.
Toms River, N.J.
An American flag flies in front of a home damaged by Hurricane Sandy on Nov. 1, 2012 in Toms River, New Jersey. With the death toll continuing to rise and millions of homes and businesses without power, the U.S. east coast is attempting to recover from the effects of floods, fires and power outages brought on by superstorm Sandy.
Lower Manhattan
Water is pumped on to the street in lower Manhattan in New York, U.S., on Thursday, Nov. 1, 2012. The New York region is replacing a rail network built over a century with a patchwork constructed day-by-day to move its 8 million people again as it struggles back to life after Hurricane Sandy.
North Bergen, New Jersey
A woman leaves an Exxon gas station which was out of gas on Nov. 1, 2012 in North Bergen, New Jersey. The US death toll from Hurricane Sandy rose to at least 85 as New York reported a major jump in fatalities caused by Monday’s storm. Fuel shortages led to long lines of cars at gasoline stations in many states and the country faced a storm bill of tens of billions of dollars.
Manhattan from Hoboken, N.J.
People board the NY Waterways ferry with the Manhattan skyline in the background Nov.1, 2012 in Hoboken, New Jersey. Hurricane Sandy, which made landfall along the New Jersey shore, left parts of the state and the surrounding area without power including much of lower Manhattan south of 34th Street.
South Ferry 1 Train Station, New York City
Joseph Leader, Metropolitan Tranportation Authority Vice President and Chief Maintenance Officer, shines a flashlight on standing water inside the South Ferry 1 train station in New York, N.Y., Wednesday, Oct. 31, 2012, in the wake of superstorm Sandy. The floodwaters that poured into New York’s deepest subway tunnels may pose the biggest obstacle to the city’s recovery from the worst natural disaster in the transit system’s 108-year history.
Seaside Heights, N.J.
John Okeefe walks on the beach as a rollercoaster that once sat on the Funtown Pier in Seaside Heights, N.J., rests in the ocean on Wednesday, Oct. 31, 2012 after the pier was washed away by superstorm Sandy which made landfall Monday evening.
Grand Central Terminal, New York City
People exit a Metro-North train arriving in Grand Central Terminal during the morning rush on Nov. 1, 2012 in New York City. Some trains are back up and running into Grand Central following shutdowns in the aftermath of Superstorm Sandy. Subway train service in the city is back in a limited capacity, but with much of lower Manhattan still with out power, trains are not running there and busses are replacing them.
Brooklyn, N.Y.
Pedestrians look over a fence at a pile of boats flooded inland at the Varuna Boat Club on Oct. 31, 2012, in the Brooklyn borough of New York. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses.
Queens, N.Y.
People walk by a destroyed section of the Rockaway boardwalk in the heavily damaged Rockaway section of Queens after the historic boardwalk was washed away during Hurricane Sandy on Oct. 31, 2012 in the Queens borough of New York City. With the death toll currently at 55 and millions of homes and businesses without power, the US east coast is attempting to recover from the affects of floods, fires and power outages brought on by Hurricane Sandy. JFK airport in New York and Newark airport in New Jersey expect to resume flights on Wednesday morning and the New York Stock Exchange commenced trading after being closed for two days.
Queens, N.Y.
Damage is viewed in the Rockaway neighborhood where the historic boardwalk was washed away during Hurricane Sandy on Oct. 31, 2012 in the Queens borough of New York City. With the death toll currently at 55 and millions of homes and businesses without power, the US east coast is attempting to recover from the affects of floods, fires and power outages brought on by Hurricane Sandy. JFK airport in New York and Newark airport in New Jersey expect to resume flights on Wednesday morning and the New York Stock Exchange commenced trading after being closed for two days.
Atlantic City, N.J.
A damaged car is shown in the wake of superstorm Sandy, Wednesday, Oct. 31, 2012, in Atlantic City, N.J. Sandy was being blamed for at least six deaths across the state plus power outages that at their peak Monday affected 2.7 million residential and commercial customers.
Brooklyn, N.Y.
A worker picks up debris outside of the damaged Tatiana Grill on the Brighton Beach boardwalk, on Oct. 31, 2012, in the Brooklyn borough of New York. Sandy, the storm that made landfall Monday, caused multiple fatalities, halted mass transit and cut power to more than 6 million homes and businesses.

via huffingtonpost.com

Updates to Service Restoration in Westchester County | Pound Ridge Real Estate

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POWER
LIGHT AT END OF TUNNEL?
Consolidated Edison reported Saturday afternoon that about 6,250 of its 348,000 customers in the county were still without power. That included more than 500 customers each in the municipalities of Cortlandt, Greenburgh, Mamaroneck, New Castle, New Rochelle, Rye, Yonkers and White Plains. The utility predicted all customers would have power by the end of Sunday. Only three customers of New York State Electric and Gas remained without power on Saturday. “The end of the nightmare is near,” Paul Feiner, the Greenburgh supervisor, told constituents in an e-mail.
TRANSPORTATION
GASOLINE FLOWS
Access to gasoline appears close to normal, county officials said. A Saturday morning drive along Palmer and Mamaroneck Avenues in Mamaroneck revealed that the Mobil, Sunoco and Hess stations were all open and pumping and had no lines, though drivers at the Hess station reported that the pumps were painfully slow, requiring five minutes to pump a single gallon. Donna Greene, a spokeswoman for the county executive, Robert P. Astorino, said that panic buying had been reduced because most Westchester gas stations have power and supplies. All three Metro-North Railroad lines were operating on a standard weekend schedule in Westchester, though the New Canaan branch of the New Haven line in Connecticut had been replaced by buses as a result of extensive wire damage in the hurricane.
SHELTER
FOLDING UP THE COTS
All but four temporary shelters — in Yonkers, Chappaqua, Mount Pleasant and Cortlandt Manor — have been closed, but the county did not provide a census on Saturday of how many people were accommodated overnight. Larchmont joined Scarsdale and the city of Rye in ending their states of emergency. The county’s emergency operations center was open Saturday from 8 a.m. to 4 p.m., and will be closed on Sunday and Monday. The county urged residents who need assistance from the Federal Emergency Management Agency to visit that agency’s disaster recovery center at the County Center in White Plains. Some county parks remain closed, and the county-run Rye Playland suffered severe damage to its Boardwalk and ice-skating casino, the county said.
TELEPHONE, CABLE AND INTERNET
RESTORATION CONTINUES
Cablevision’s Web site said on Saturday that 2,500 customers who have electricity have no telephone, television or Internet service, and an additional 15,000 who have not had power restored also lack the three services provided through its Optimum package. Verizon said FiOS customers without power also have no telephone, Internet and television, but it provided no specific figures.

via nytimes.com

New short-sale program offers relief for underwater homeowners | Armonk NY Real Estate

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WASHINGTON — Though there are still some snares and drawbacks for participants, one of the federal government’s most important financial relief efforts for underwater homeowners started operating Nov. 1.
It’s a new short-sale program that targets the walking wounded among borrowers emerging from the housing downturn — owners who owe far more on their mortgages than their current home value but have stuck it out for years, resisted the temptation to strategically default and never fell seriously behind on their monthly payments.
Industry estimates put the number of underwater owners across the country at just under 11 million, or 22% of all homes with a mortgage. Of these, about 4.6 million have loans that are owned or securitized by Fannie Mae or Freddie Mac. Eighty percent of these Fannie-Freddie borrowers, in turn, are current on their mortgage payments and meet the baseline eligibility test for the new short-sale effort.

via latimes.com

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