Monthly Archives: January 2014

Case-Shiller: Home prices dipped in November | Mt Kisco NY Real Estate

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Home prices in November fell slightly for the first time since November 2012, as the combination of price gains earlier in 2013 and higher mortgage rates caused prices to reach a plateau, according to a leading index of housing-market activity.

The Standard & Poor’s Case-Shiller index of home prices in 20 top cities fell 0.1% in November. A separate 10-city index also fell by 0.1%, Standard & Poor’s/Dow Jones Indices said in a statement. The 20-city index showed prices 13.8% higher than a year earlier, while the 10-city index rose 13.7%.

The company said the dip is not a reversal of the housing recovery. Prices typically dip in November and this performance was the best for any November since 2005. Seasonally adjusted, prices rose 0.9% in November.

“Beginning June 2012, we saw a steady rise in year-over-year increases, (and) November continued that trend,” said David Blitzer, head of the index committee at S&P/Dow Jones Indices.  “The Sun Belt continues to push ahead with Atlanta, Las Vegas, Los Angeles, Miami, Phoenix, San Diego, San Francisco and Tampa taking eight of the top nine spots.”

Home prices are still rising despite last May’s jump in mortgage interest rates, Blitzer said. Mortgage applications for purchase were up in recent weeks, confirming home builders’ optimism shown in surveys by the National Association  of Home Builders, he added.

 

 

http://www.usatoday.com/story/money/business/2014/01/28/case-shiller-housing/4957633/

Eaglefest coming to Croton | Cross River Real Estate

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Teatown Lake Reservation
View our videos on YouTube Like us on FacebookFind us on PinterestFollow us on TwitterJanuary 30, 2014

Swoop in to get your EagleFestsm Pre-Sale Tickets!

   Only 7 days left to qualify for discounted pricing! Click here to purchase your tickets!

General Admission Tickets Now Available!
Click here to purchase general admission tickets.
To purchase bus tour tickets, call 914-762-2912 x 110.To enter EagleFestsm this year, you will need a wristband. If you have purchased pre-sale tickets, please bring your receipt to the admissions tent to receive wristbands for entry.

 

For more information, click here.
Visit Teatown
1600 Spring Valley Road
Ossining, NY 10562
914-762-2912
Nature Center hours:
9:00am-5:00pm everyday
Trails are open 365 days a year from dawn to dusk.

Teatown Lake Reservation’s
mission is to conserve open
space and to educate and
involve the regional community
in order to sustain the diversity
of wildlife, plants and habitats
for future generations.

Your donation can make

an immediate impact to help

conserve and protect the

diversity of wildlife, plants

and habitats…

today and into the future.

 

 

In Teatown’s Gallery

Through January 31
Recent Works by
Inez Andrucyk
Inez Andrucyk has exhibited at The Hudson River Museum, The Jacob Burns Film Center, The Katonah Museum, The Arts Exchange, various galleries, colleges and universities, and was a guest speaker at The National Museum in Malta and Rutgers University. Murals are located in New York City (featured on Channel 11 News) and Port Chester, NY.
Photos of her work have been featured in The New York Times, and in “Crimes of the Beats and Unbearables.” Her Community Mural was listed in “On the Wall: Community Murals” by Janet Braun-Reinitz and Jane Weissman.
Inez enjoys teaching art to adults, children, youth and at risk populations. Her long term teaching position is at Silvermine Arts Center.
All photographs are for sale, and all proceeds will be donated to Teatown Lake Reservation.
Animal Adventures- Gnawing Critters

Saturday, February 1, 11:00am- 12:00pm
Join us on Saturday to meet and learn about Teatown’s furry, scurry rodent friends!  Families with children over 4 years old. Free for members, $5 for non-members.

Click here for more information.
Whistle-Pig Day!

Sunday, February 2, 1:00- 2:00pm
The whistle-pig (groundhog) is leaving clues for you to find around Teatown. Join in the quest as we search and discover the whereabouts of this wily critter. Families with children 4-7 years old. Free for members, $5 for non-members.

Click here for more information.
All programs require pre-registration.

To register, call 914-762-2912 x 110
unless otherwise noted.

Click here for more information on our programs.

Register for Summer Camp 2014!
Don’t miss out on the summer fun, friendships, and exploration!  Register your child for Teatown’s natural science day camp. Registration for members with first time campers starts February 11. Registration for non-members with first time camper starts March 11.
Click here for more information!
Teatown’s Return of the Eagle Program

The eagles have been active for  Ossining’s first graders at the Croton boat ramp this week.  The first graders are getting an up-close and personal experience with the eagles, giving  hands-on experience for their in-school curriculum. Teatown educators and volunteers assist the students in viewing the bald eagles through the spotting scope and instruct them in bald eagle ecology. The eagles, of all ages, are enjoying the cold weather and ice. They have been seen soaring over Eagle Bay, perching in tall trees near Croton Point Park, and feasting on fish on an ice shelf.

 

Crossroads Project 

Armor Hall

 

On February 16, Wave Hill be hosting a concert featuring The Crossroads Project a group comprised of musicians, artists and environmental activists who have created an artistic response to their concerns about climate change and sustainability.  The group was featured in The New York Times on January 24, 2014.

 

Teatown members, can take advantage of the Wave Hill Member rate of $22 (adults and seniors); $12 (child 7 to 18) (regular priced tickets for the performance are $32 Adult, $28 Senior and $18 child).  To receive the special rate, members need to enter “Teatown” in the registration field that requests the Wave Hill Member account number, and then select the Wave Hill Member rate.

 

To purchase tickets or for additional information click here!

 

 

Reap the rewards
of being a Teatown member.
Click to join today!
Sitting on PURPOSE: 30 Days Can Change Everything Wednesday, February 5

Presented by Sagefire Institute: The ancient practice of Sit Spot is a form of daily meditation that takes a person out of their head and into their senses. Unlike other forms of meditation, Sit Spot and its associated core routines of awareness, is done outside where you can experience the fullness of life and fall more deeply in love with the earth.

Taken alone or as a family, you will decrease stress and increase your connection to the natural world through:

  • 30 days of assignments to learn about local wildlife, mapping, and exercises to better your awareness. These are done at home and at your own pace.
  • Access to a private on-line community where you can exchange information and inspire others towards nature friendly living.
  • Four community calls for support and guidance. (The calls take place on 2/6, 2/13, 2/20 & 2/27 at 7pm).  Call-in Information will be sent upon registration.

Click here to register!

Cost: $50

A portion of the proceeds from Teatown participants will get donated back to the reservation.

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Should I Update the Flooring in My Entry Hall? | Waccabuc NY Real Estate

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Q. The floors in our home are mostly hardwood except for the entry hall, which is dated tile. Is it worth replacing?

A. “If you and your broker notice it as a flaw and something that needs to be updated, you can be sure the buyer will, too,” said Aimee Scher, a real estate sales representative at Douglas Elliman Real Estate in Manhattan. So in most cases, she said, it is probably a good idea to replace the tile.

But you should consider the condition of the rest of the home, and your asking price. If other parts of your home require work, and you plan to set the asking price below similar properties, it may make sense to leave it as is.

“Some people would be willing to buy it with that flaw,” Ms. Scher said, “and then rip it out and replace it themselves.”

If the rest of your home is in pristine condition, though, and you plan to set your asking price at the high end of the range for similar properties, you should deal with the problem.

Ms. Scher said, “A $10,000 fix that might add $30,000 or $40,000 to your purchase price is something worth doing.”

http://www.nytimes.com/2014/01/30/garden/should-i-update-the-flooring-in-my-entry-hall.html?hpw&rref=garden

Housing Shortage Is Highest in These Cities | Katonah NY Real Estate

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Douglas Elliman Realtor Elaine Richheimer has noticed that the South Shore of Long Island is buzzing with real estate activity despite continuing efforts to recover from the water damage of November 2012’s Super Storm Sandy. In fact, home sales have increased 48.5% in the region stretching from Queens to the Hamptons.

“Although sales of waterfront properties are quieter, pricing is attractive and, as a result, living in a house on the water overlooking the South Shore is more obtainable now,” Richheimer told MainStreet.

Richheimer’s optimistic glow on home sales in New York reflects an estimated 56% of real estate agents who say now is a good time to buy compared to 55% in the fourth quarter of 2013, according to Redfin data.

While 71% of current homeowners are contemplating selling in 2014, according to a Lending Tree survey, buyers continue to be frustrated by housing shortages with 87% of Redfin realtors citing limited inventory as the biggest challenge for buyers.

“The housing crash lead new home construction to fall off dramatically, restricting the number of homes available for sale,” said Ellen Haberle, economist with Redfin, a national real estate brokerage. “New home construction has increased slowly over the past two years, but factors such as a lack of developed lots and skilled labor, expensive materials and tight credit conditions have challenged builders’ ability to boost construction quickly.”

 

 

http://www.mainstreet.com/article/real-estate/housing-shortage-highest-these-cities

Mortgage Loan Rates Dip as Home Sales Stabilize | Pound Ridge NY Homes

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The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.2% in the group’s seasonally adjusted composite index, following a rise of 4.7% for the previous week. Mortgage loan rates decreased last week on three of four loan types to their lowest levels since late November.

The seasonally adjusted purchase index increased by 2% from the prior week’s report. On an unadjusted basis, the composite index decreased by 9% week-over-week. The unadjusted purchase index decreased by 3% for the week and is 12% lower year-over-year.

Mortgage rates continue to inch downward, with only the 5/1 ARM interest rate adding three basis points last week. Adjustable rate mortgage loans account for 7% of all applications.

The MBA’s refinance index decreased by 2%, after rising by 10% in the previous week. The share of refinancings fell by two points, totaling 62% of all applications.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.57% to 4.52%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.57% to 4.47%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.68% to 3.59%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.23% to 3.25%.

Sales have held fairly stable in January after an initial recovery, which is good news for sellers. As inventories increase with better weather, buyers should get a break too.

 

http://247wallst.com/housing/2014/01/29/mortgage-loan-rates-dip-as-home-sales-stabilize/

 

Are falling new home sales in December a warning for 2014? | Bedford Corners NY Real Estate

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New home sales decreased to an annualized pace of 414,000—down 6.9% from November (which was revised down from an initial estimate of 464,000 to 445,000) and up 5% from a year ago. Activity picked up in the Midwest while falling everywhere else. It’s important to understand that this number is an estimate, and these numbers are often revised several times. Investors should understand that these estimates can be volatile and should not read too much into any one specific number.

 

Restricted supply has been the theme of the U.S. housing market over the past year

At the end of December, there were 171,000 new homes for sale, representing a five-month supply. The median time a new home has been on the market has shrunk from nine months last summer to the current figure of five months. As professional investors have become major players in the real estate market, we’re seeing bidding wars for properties in the hardest-hit markets, like Phoenix, and even strong markets, like Washington, DC. For all the fears that a flood of properties would hit the market and drive down prices, the opposite problem has happened.

Prices are beginning to rise

The median sale price for a new home was $270,200, and the average price was $311,400. These numbers aren’t based on a repeat sales methodology, so you can’t project nationwide existing home prices from these figures. On balance, the jump in prices implies that more activity is happening at the high price points. That said, the report showed that the sweet spot for new home sales has been in the $200,000-to-$299,000 range.

Homebuilder earnings were strong

Homebuilders like PulteGroup (PHM) and DR Horton (DHI) will report fourth quarter and full year earnings this week. Reports noted particular strength in the West Coast, and also in the entry-level and first-time move-up sector. KB Home (KBH) and Lennar (LEN) recently announced fourth quarter numbers that showed that the increase in interest rates and home prices is keeping the first-time homebuyer on the sidelines. That said, homebuilder sentiment is at all-time highs, and the earnings reports we have seen so far from the builders don’t suggest activity is beginning to wane. If anything, the improving economy is driving more demand. The spring selling season is just around the corner.

 

 

http://finance.yahoo.com/news/falling-home-sales-december-warning-145013152.html

Housing Market Resumes This Downtrend | Chappaqua NY Real Estate

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Despite a slight improvement in interest rates, mortgage applications and refinancing activity declined in the latest update from the Mortgage Bankers Association. For the week ended January 24, 2014, applications for home loans decreased 0.2 percent on a seasonally adjusted basis from one week earlier.

On an unadjusted basis, mortgage applications plunged 9 percent from the prior week. There have only been a handful of increases over the past nine months as the housing market is starting to return to a more sustainable pace. The Refinance Index and Purchase Index both declined 2 percent from the previous week. Meanwhile, the unadjusted Purchase Index decreased 3 percent compared with the previous week and was 12 percent lower than the same week one year ago.

Overall, the refinance share of mortgage activity accounted for 62 percent of total applications, down from 64 percent a week earlier, which was the highest level in a month. Interest rates have rebounded higher in recent months, but a disappointing jobs report earlier this month could keep rates under control for the near future as the Federal Reserve maintains a loose monetary policy. In December, the U.S. economy added only 74,000 jobs, the smallest monthly gain in three years and a far cry from the 200,000 jobs estimated by economists

 

 

http://wallstcheatsheet.com/stocks/housing-market-resumes-this-downtrend.html/?ref=YF

Higher rates loom for some modified mortgages | Bedford NY Real Estate

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Almost 800,000 homeowners will see mortgage payments rise about $200 a month in the next few years as the benefits of their government loan modifications ease, a new government report says.

The first higher payments will hit more than 30,000 homeowners this year. They received the initial mortgage modifications in 2009 under the government’s Home Affordable Modification Program (HAMP), says the report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP).

The modifications were intended to help homeowners avoid foreclosure as housing prices sank and unemployment soared. About 95% of HAMP modifications included cuts to interest rates, some to as low as 2%, SIGTARP says.

But the “permanent” modifications only last five years, after which interest rates can  reset no more than 1 percentage point per year until they get back to the prevailing rate for a 30-year fixed rate loan at the time of the modification.

Between now and 2021, 782,748 HAMP homeowners will get increases, SIGTARP says, including almost 300,000 next year.

The increased costs “could be a problem for some people,” says Keith Gumbinger, mortgage expert with HSH.com.

 

http://www.usatoday.com/story/money/business/2014/01/29/rate-increases-for-hamp-loan-modifications-2009/4964701/

Chinese Homebuyers Thronging Sydney Make Mini-Bubble Frenzy | Bedford Hills Real Estate

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Tina Ford, an Australian public servant, said she could hardly believe it when her three-bedroom apartment sold this month for A$1 million ($877,000) at an auction in which all 16 registered bidders were ethnic Chinese.

“I’m over the moon, I’m gobsmacked,” said Ford, 53, adding that she “would have been ecstatic with A$940,000” and didn’t expect to double what she had paid 14 years ago for her third-floor unit with a balcony 11 kilometers (7 miles) from downtown Sydney in the suburb of Chatswood. “I suspect that overseas investment, Chinese or otherwise, is certainly pushing prices up, but from a vendor’s perspective, I’m ecstatic.”

Such buying by locally resident Chinese and those from mainland China is inflating housing bubbles in and around Sydney, where prices in some suburbs have surged as much as 27 percent in the past year. That’s almost three times faster than the overall market.

Many of the neighborhoods with the biggest price gains “are areas that are popular with Chinese buyers,” said Andrew Wilson, senior economist at real estate data firm Australian Property Monitors. “Some of these suburbs are seeing price growth that we haven’t seen in Sydney since the early 2000s.”

The proportion of foreigners purchasing new homes in Australia more than doubled to 12.5 percent in the three months to September, from 5 percent throughout most of 2011, according to a survey of more than 300 property professionals by National Australia Bank Ltd.

 

http://www.bloomberg.com/news/2014-01-28/chinese-homebuyers-thronging-sydney-create-mini-bubble-frenzy.html?cmpid=yhoo

Home Prices Rise Nationwide; Connecticut and New Jersey Lag | South Salem NY Homes

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According to recent data released from the Federal Housing Finance Agency [1], seasonally adjusted home prices have surged 8.4% from November 2012 to November 2013, bringing national home prices to 2005 levels. This represents the fastest quarterly pace of price appreciation since 2006. Furthermore, the November 2013 foreclosure report from CoreLogic shows that national foreclosure inventory has fallen 34% over the past 12 months, and the rate of seriously delinquent mortgages is at a five-year low. In aggregate, the data presents a favorable sign that the housing market is continuing to rebound from the financial downturn. Housing market trends not only reflect the overall health of the economy, they also tie directly to the revenue capacity of local governments, which often rely on property tax revenue.

 

Home prices appreciated year over year in all 50 states and the District of Columbia. Leading the nation in year-over-year gains were Nevada, California, Arizona, Florida, and Washington. However, these five states also lag the furthest behind third-quarter 2007 levels. The problem is especially acute in Nevada, where home prices remain over 40% below the prerecession peak. We are also concerned about the housing recovery in Connecticut, Delaware, Illinois, New Jersey, and New Mexico; prices in these states lag third-quarter 2007 levels by 13%-16% but have grown at the slowest pace in the nation at between 2%-3% over the past 12 months.

 

Source: Federal Housing Finance Agency

 

Thirty-eight states still lag third-quarter 2007 levels, though 34 of the 38 lag by only 10% or less. Home prices in resource-rich states North Dakota, South Dakota, and Texas are now at all-time highs and exceed prices from 2007 by more than 10%; North Dakota is the leader of the pack, with a 28.9% price increase since third-quarter 2007.

 

http://news.morningstar.com/articlenet/article.aspx?id=632034&SR=Yahoo