Daily Archives: December 30, 2012
Bedford NY Real estate sales down 19% – Prices down 25% | RobReportBlog
Bedford NY Real estate sales down 19% – Prices down 25% | RobReportBlogBedford NY Real Estate Sales Report – last six months
2012
29 sales
$986,000 median sales price
$418,500 low price
$4,450,000 high price
4056 Ave. size
$321 Ave. price per foot
200 Ave. DOM
93.13% Ave sold to ask
$1,328,948 Average sold price
South Salem NY real estate sales up 39% – Prices up 6% | RobReportBlog
South Salem NY real estate sales up 39% – Prices up 6% | RobReportBlogSouth Salem NY Real Estate Report – last six months
2012
39 sales
$575,000 median sales price
$245,000 low price
$1,300,000 high price
2869 ave. size
$230 ave. price per foot
208 ave. DOM
$649,193 ave. sales price
Local Inventories | RobReportBlog | Armonk NY Real Estate
Local Inventories | RobReportBlog | Armonk NY Real Estate
Armonk 8.33 months
Chappaqua 9.26 months
Bedford 15.51 months
Katonah 7.36 months
South Salem 9.8 months
North Salem 16.51 months
Pound Ridge 10.6 months
Bedford NY area luxury market down 14% | RobReportBlog
Bedford NY area luxury market down 14% | RobReportBlogHomes selling for more than $2,000,000 – last six months
2012
23 homes sold
2011
27 homes sold
There are currently 135 homes for sale asking over $2,000,000. At the current rate it will take 35.22 months to sell these homes. There is a great inventory of un sold homes to choose from.
Bedford NY area real estate selling for under $500k up 39% | RobReportBlog
Bedford NY area real estate selling for under $500k up 39% | RobReportBlogBedford NY Real Estate Market Report – last six months
2012
120 homes sold
2011
86 homes sold
The market for homes selling for under $500k is up 39.5% from last year. Low rates and market realistic pricing has been good news for the market.
Currently there are 133 homes for sale asking under $500k in the area and at the current pace they will sell in 6.65 months. A very healthy market in this price range.
Impact of proposed tax increase for high earners would be marginal | North Salem NY Real Estate
Editor’s note: This story has been updated to clarify that under the Obama administration’s proposed revisions to income tax rates, taxpayers in the highest tax bracket would not only pay a higher marginal tax rate on income above $398,350, but would also be affected by proposed adjustments to the lower brackets and other changes.
The Republicans in Congress and President Obama are in the process of fighting World War III over tax rates for upper-income taxpayers.
The president wants to raise rates on taxpayers earning more than $250,000 per year. The Republicans introduced a plan, later withdrawn, to increase rates only on those earning more than $1 million per year.
With all this going on, now is a good time to understand the term “marginal tax rate,” because that is what all the fighting is about.
It sounds complicated, but it’s actually very simple: Your marginal tax rate is the tax you pay on your next dollar of income. For example, if your marginal tax rate is 28 percent and you earn $1,000 this week, you’ll owe $280 in federal income tax.
It’s important to understand that your marginal tax rate applies only to your next dollar of income, not all your income.
Thus, a person with a 28 percent marginal tax rate would not pay a 28 percent tax on all of his income. As shown in the table below, in 2012 a single taxpayer would pay a 10 percent tax on his first $8,7000 in income, a 15 percent tax up to $35,350, and a 25 percent tax up to $86,650. The 28 percent rate would apply only on taxable income over $85,650.
So a single taxpayer with a taxable income of $90,000 in 2012 would pay his 28 percent marginal tax rate on only a tiny sliver of his income: $4,350. This would amount to $130.50 in additional taxes (3 percent of $4,350).
Tax rate
Taxable income if single Taxable income if married, filing jointly The Republicans in Congress would like to extend the 2012 rates into 2013 and later. However, President Obama disagrees. His proposal, shown in the following chart, would preserve the 2012 rates for most taxpayers, except for single people earning more than $203,600 or married taxpayers who make more than $247,000. These taxpayers would have higher top brackets.
Obama’s proposed 2013 tax rates
Tax rate
Single Married, filing jointly The crucial point is this: When we’re talking about raising taxes on people earning over $398,350 from a marginal tax rate of 35 percent to 39.6 percent, as President Obama has proposed, the 39.6 percent rate will only apply to income over $398,351.
So a person with $399,351 in income would pay a total tax of $396 on his last $1,000 in income instead of $350 under the old rates — a difference of $46. However, because of adjustments to the lower brackets and other changes, such a taxpayer would pay a total additional tax of $6,513 on all his taxable income under the Obama plan.
It hardly seems worth it to bring the U.S. government to a grinding halt to prevent such a relatively minor increase in taxes on high earners.
Deadline is Monday for foreclosure review | Katonah NY Real Estate
Pound Ridge Real Estate | Distressed home sales still hitting California’s inland
The percentage of distressed home sales is falling, but still remains elevated in California’s heartland, according to new California Association of Realtors data.
Statewide, 35 percent of existing home sales in California last month were distressed, down from 50 percent in November 2011. But the percentages were higher in much of state’s inland portion, which is where home prices fell the most.
Madera County had the greatest percentage of distressed sales at 58 percent. That was down from a whopping 88 percent a year earlier. Tehama and Solano counties were at 55 percent, while Merced County was at 52 percent and San Joaquin and Riverside Counties were at 51 percent respectively.
Fifty percent of the sales in Fresno and Stanislaus counties were distressed.
Closer to home, the percentage of distressed sales in November in Sacramento, Placer, Yolo and El Dorado counties was 47, 35, 47 and 38 respectively.
Sanford Nax covers real estate, planning, development, construction and economic issues for the Sacramento Business Journal.
Related links:
Sacramento County, Placer County, Yolo County, El Dorado County, California, Four-county Sacramento region, Foreclosures, Economic Snapshot
Industries:
Sarasota judge finds U.S. Bank found in contempt over foreclosure case | Armonk Homes
Attorneys for Dimitri Jansen, a local schoolteacher whose former home in North Port is in foreclosure, said such the contempt order against Minneapolis-based U.S. Bank, is “unprecedented.”
Jansen says his mother’s name was mistakenly added to the mortgage he obtained in 2006, that the bank has ignored requests to remove her name from the foreclosure documents and thus wrecked her credit history, and that the bank held up a pending short sale.
Another Sarasota judge, apparently frustrated with U.S. Bank, had ordered the bank’s president to be present in court on Friday. The bank instead sent a senior representative, who declined to comment.
Sarasota Circuit Court Judge Charles Williams found the bank in indirect civil contempt. It is unclear what, if any, sanctions the bank will face at the next court hearing in February 2013.
“Fundamentally, they refused to respect the court,” Jansen’s attorney, Matt Weidner, said of U.S. Bank. “What this shows is willful negligence.”
Like many other foreclosure cases throughout the country, Jansen’s is a tale of paperwork mistakes.
In addition to his regular mortgage, Jansen applied for an additional $10,000 loan that is designed to be forgiven if the homeowner stays in the house for 30 years, through a special state program for teachers. BB&T, the original lender, told him he had to have a co-signer on that loan.