Monthly Archives: February 2013

Must-knows when buying house with radon issue | Bedford NY Real Estate

Leave a reply

DEAR BARRY: We are in the process of buying a house and were informed that the sellers installed a radon remediation system last year. Radon levels before the system was installed were about 7 picocuries per liter. What should we do about this situation, and what are the effects of radon exposure to occupants? –Ananda

DEAR ANANDA: If the mitigation system that was installed in the home has effectively reduced the radon level below 4 picocuries per liter, there is no need to worry. Ask the sellers for radon test results taken after the system was installed. If a follow-up test was not done, or if they do not have documentary results of the test, you should request that a test be done as a condition of the purchase.

Radon is a radioactive gas that is produced by the decay of uranium in the soil or in ground water (source: Wichita Radon Mitigation). It is particularly common in areas where the soil contains granite or shale. Radon is regarded as the second-highest cause of lung cancer (next to smoking) and is credited with approximately 21,000 deaths annually in the United States.

Radon gas is emitted from the earth worldwide, with an average outdoor level of 0.4 picocuries per liter. When radon emerges from the ground beneath a building, indoor levels can become concentrated. The average indoor radon level in American homes is about 1.3 picocuries per liter. The threshold level for concern, according to the Environmental Protection Agency, is 4 picocuries per liter. When indoor radon is measured at that level, remediation is recommended for the health and safety of occupants.

via inman.com

Home price gains running out of steam? | South Salem NY Real Estate

Leave a reply

All three home price indices maintained by S&P/Case-Shiller finished 2012 with strong gains, but showed signs of losing momentum in the final three months of the year.

Case-Shiller’s National Home Price Index was up 7.3 percent from a year ago in the fourth quarter. The 20-City and 10-City Composite indices saw annual gains in December of 7.3 percent, 6.8 percent and 5.9 percent, respectively.

It was the seventh month in a row that the 20-City Composite posted an annual gain, with every market in the index except New York up for the year.

The National Home Price Index, after strong second and third quarters, slipped 0.3 percent from the third quarter to the fourth on a non seasonally-adjusted basis. When adjusted for seasonal factors, the national composite posted a 2 percent gain from the third quarter to the fourth.

The 20-City and 10-City composites were essentially flat from November to December, each growing by 0.2 percent on a non-seasonally adjusted basis. If adjusted for seasonal factors, those indices were up 0.9 percent from November to December.

David Blitzer, chairman of the index committee S&P Dow Jones Indices, said home prices ended 2012 “with solid gains,” but warned that future growth might not be as dramatic.

via inman.com

New-home sales continue upward swing | Katonah NY Real Estate

Leave a reply

Sales of new single-family homes rose 28.9 percent on an annual basis in January to a seasonally adjusted annual rate of 437,000, the U.S. Census Bureau reported today.

That represents a 15.6 percent increase from December, and was the fastest pace of new-home sales for a January since 2008, blogger Bill McBride pointed out on Calculated Risk.

It was, however, the ninth weakest January in records going back to 1973, McBride noted. Nearly three times as many new homes sold in January 2005. 

The median sales price of new homes sold in January was $226,400, up 2.1 percent from a year ago, but down 9.4 percent from December.

The Census Bureau estimated that 150,000 new homes were on the market at the end of December, representing a 4.1-month supply. Less than six months’ supply is considered normal, McBride said.

via inman.com