Monthly Archives: July 2014

The greatest threat to the housing industry | Bedford Corners Real Estate

 

Monday Morning Cup of Coffee takes a look at news crossing HousingWire’s weekend desk, with more coverage to come on bigger issues.

As Independence Day festivities slide into the rearview mirror, it’s time for a sobering look a the housing industry, and Sober Look takes just that, looking at why home price gains have slowed.

One of the reasons cited is the continuing weakness in wage growth. As they note, the latest data seem to indicate that in spite of the overall improvements in job creation, wage growth remains subdued – hovering around 2% per year over the past three years or so.

Click the graph below to enlarge.

“And wage growth is a key determinant in home price valuation. Merrill Lynch for example shows that current home prices may already be above where they should be, based on Merrill’s fair value index that is driven to a large extent by wages,” the report says.

 

read more….

 

 

http://www.housingwire.com/blogs/1-rewired/post/30553-monday-morning-cup-of-coffee-the-greatest-threat-to-the-housing-industry

Farmers Markets | Chappaqua Real Estate

 

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Happy July 4th Weekend! ALL Westchester Markets
+ Piermont OPEN Over Holiday Weekend;
Cherries, Raspberries, & Peaches Come Out to Celebrate + MORE

July 3rd-9th, 2014

DowntoEarthMarkets.com
VeronicaLCarrots
What’s New, In Season, and On Sale This Week

Bees Knees Spicy Honey
Honeybrook Farm

Blueberries
Mead Orchards

Broccoli
Alex’s Tomato Farm
Rexcroft Farm
Taliaferro Farm


Cabbage

Mead Orchards
Taliaferro Farm

Cherries
John D. Madura Farm
Wrights Farm

Golden Beets
R & G Produce

Goat Cheese Ravioli
with Spring Peas

Trotta Foods


Indian Chutneys
$2 OFF when you buy 5 jars
Gift boxes available, too.

Bombay Emerald Chutney Co.

New Onions
R & G Produce

Peaches
Alex’s Tomato Farm

Purslane
Taliaferro Farm

Peach Crumble Pies
Meredith’s Bread

Pumpkin Honey
Hudson River Apiaries

Rainbow Chard Ravioli
with Black Pepper Pasta

Trotta Foods


Raspberries
Wrights Farm

Sauerkraut
Old German Style: Made with finely cut cabbage; distinctly delicious sour taste. Great for BBQ!
Pint = $4 (Reg. $5)

Pickle Licious

Strawberries
Fishkill Farm
Migliorelli Farm
Wright Family Farm


Tart Cherries
Mead Orchards

Tomatoes
John D. Madura Farm
Wright Family Farm

Yellow Zucchini
Dagele Brothers Produce
Migliorelli Farm


Click on a Market to see all vendor and event details…

Westchester
County


Rockland
County


Ossining

Saturdays
8:30 am-1:00 pm


Larchmont


Saturdays
8:30 am-1:00 pm

Piermont

Sundays
9:30 am-3:00 pm

L
Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

OPENING DAY: July 9th
Wednesdays
8:30 am-3:00 pm

Tarrytown/Sleepy Hollow

Saturdays
8:30 am-1:00 pm

New Rochelle

Fridays
8:30 am-2:30 pm

Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
New Rochelle – Friday, July 4th

We are OPEN on Friday, July 4th for all your festive BBQ needs. Also, help us welcome “The Rockstars” of The Beth El Day Camp as our Food Ambassadors at the market. They are a group of 7 and 8 year old girls who will be at the market for the next 7 weeks, demonstrating delicious recipes for everyone to enjoy. This week, they are making strawberry preserves with fresh, sweet berries from the market. Come try a sample and pick up a recipe tomorrow between 11 am-1 pm.

Ossining – Saturday, July 5th

Rinku Bhattacharya, the chef and author of the new book, Spices and Seasons – Simple, Sustainable Indian Flavors, will host a cooking demo and book signing at the Ossining market this Saturday. She’ll offer samples of her Red, White, and Blue Spiced Salad for all to try with a free copy of the recipe to take home. We can then make this recipe – and her many others – in our kitchens with the help of her colorful and inviting cookbook.

Rye – Sunday, July 6th

Calling all kids! The Rye Free Reading Room will be hosting an ‘Eating Green with Granny Jean’ Storytelling event at the market on Sunday from 11:30 am to noon. Join storyteller Granny Jean as she reads stories and shares activities to inspire curiosity about healthy foods.

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Proud Nations Eat Local: 8 Reasons to Shop at
Down to Earth Farmers Markets
July Collage
Summertime and the market is delish…

Happy July 4th weekend, all. Looking towards the holiday, we got inspired by a phrase: Proud nations eat local. Katrina, our market manager in Park Slope on Wednesdays, playfully declared these words in the spirit of Independence Day. Yet her words have resonance. Here at Down to Earth Markets, we manage approximately 20 farmers markets during the year with the goal to provide everyone a fun, easy way to be proud. Why shop at the farmers market? We’ve got 8 great reasons here:

8 Reasons to Shop at Down to Earth Farmers Markets

1) Our vendors are independent farmers and food makers. As the national food industry consolidates, our markets bring together small, family-owned companies of producers and food entrepreneurs.

2) Market farmers grow greater variety. When farmers sell to the wholesale produce market, the wholesale market wants a limited spectrum of products. When they sell at the farmers market, their customers ask for greater variety, and to satisfy this demand, they grow a greater range of crops. This is great for local biodiversity, as well as for hungry locavores.

3) The fruits and vegetables at Down to Earth Farmers Markets are grown with NON-GMO seed.

4) Our farmers markets celebrate our shared food heritage. Macoun apples. Onions nurtured by the renowned “Black Dirt” of Orange County, NY. Today’s catch from the Atlantic Ocean. These are all foods native to the New York area. Likewise, we also relish internationally-inspired foods made with local ingredients. If you know the Indian chutneys from Bombay Emerald Chutney Company, the “Israeli soul food” from Taiim Falafel Shack, or the Japanese dressings and marinades from MOMO, you know what we mean. (Just to name a few…!)

5) Farmers markets bring communities together. As Michael Pollan wrote, “the farmer’s market is the country’s liveliest new public square.” In the same article, he quoted the study that as many as 10 times the number of conversations happen at the farmers market than at the conventional grocery store. Hey there, neighbor!

6) Down to Earth Markets are live and in-person events; they happen off-line. On average, Americans spend about 8 hours a day in front of a screen — computer, phone, tv — you name it. Let’s engage our senses in a fresh way with delicious foods to see, touch, and TASTE.

7) Farmers markers are open to all, from longtime fans to those attending for the first time. Our open air venues have no walls, nor pretense. And many of our markets are E.B.T. equipped to facilitate shoppers with SNAP benefits.

8) The food at the farmers market fresh and real. It is grown by farmers from this region with the goal of taste, not transport. We don’t allow artificial ingredients at our markets, so we can all enjoy delicious food in its purest form.

All of the Down to Earth Farmers Markets – both large and small markets – support these eight great reasons. If you’d like to see your local farmers market grow, please keep supporting it. Vendors of a feather flock together, and when they can earn their livelihood at a market, they share the good news with their friends. The fastest way to grow the farmers market is to c’mon out and encourage our neighbors to do the same. With this in mind, we look forward to seeing you this weekend – thank you!

Rotating* Vendors This Week
*Vendors who rotate through
various markets during the season.
They enjoy getting to know many communities, and here’s where to find them this week:

Croton-on-Hudson

#Freedom Craft Brewery

Larchmont

Flourish Baking Company
Hudson River Apiaries
North Winds Lavender Farm
Pie Lady & Son
Tuthilltown Spirits Farm Distillery
Trotta Foods

Piermont

Bombay Emerald Chutney Company
Tuthilltown Spirits Farm Distillery

Rye

Bombay Emerald Chutney Company
Christiane’s Backstube
Taiim Falafel Shack

Mortgage Rates Little Changed Heading Into Holiday Weekend | Armonk Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage unchanged or easing slightly lower. Fixed mortgage rates remain lower this week than at the same time last year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending July 3, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 4.29 percent.
  • 15-year FRM this week averaged 3.22 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.39 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.10 percent.
  • 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.66 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets. Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending showing a slight improvement with private residential spending now up 7.5 percent on yearly basis.”

 

 

 

The Baby Boomer housing sell-off | North Salem Real Estate

 

When Arthur Nelson, a professor at the University of Arizona, went shopping for a home in Tucson recently, he found plenty of senior citizens trying to sell their homes — but at prices far more than what they were worth. “I was amazed at the number of homes that were overpriced by about 25% where the owners were seniors,” he said. These seniors would barely counteroffer, taking so little off the asking price that it wasn’t worth negotiating, Nelson said.

 

read more…

 

The Baby Boomer housing sell-off

Foreclosure declines reverse as starts surge 9.5% in May | Mt Kisco Real Estate

 

Foreclosure starts unexpectedly reversed course and climbed 9.5% in May, according to Black Knight Financial Services, countering an eight-month streak of declines.

The survey found that more than half of these foreclosure starts were repeats, rather than new foreclosures, and almost 80% were on loans from 2008 or earlier.

Click the graphic to enlarge.

“While foreclosure starts did rise over 9% in May, it’s important to remember the historical trend is still one of improvement,” said Kostya Gradushy, Black Knight’s manager of Loan Data and Customer Analytics. “On a year-over-year basis, January through May foreclosure starts were still down 32%, and we are still looking at the lowest level of foreclosure starts in seven years.

“Additionally, over half of these starts are repeat foreclosures, rather than new entries into the pipeline, That is, these are loans that had been in foreclosure, shifted back to either current or delinquent status by way of modification, repayment plan or some action by the borrower, but have now fallen into foreclosure once again,” Gradushy said.

 

read more…

 

http://www.housingwire.com/articles/30533-foreclosure-declines-reverse-as-starts-surge-95-in-may

Bank committed fraud in order to show ownership | Waccabuc Real Estate

 

JPMorgan Chase (JPM) created and recorded false documentation that showed the bank owned the mortgage of two California residents in order to foreclose on their home, the California Court of Appeals stated in a ruling Monday.

In 1998, Jan and Rosalind Kalicki obtained a mortgage loan from Headlands Mortgage Company for a home in San Marcos, California. Headlands originated the loan and Washington Mutual became the servicer of the loan. When WaMu was placed in receivership in 2008, Chase purchased “certain interests” of WaMu in the Kalicki’s loan, according to court documents.

The Kalickis sued WaMu in 2009, alleging that the bank wrongfully foreclosed on their property in 2008. In 2010, Chase was granted a motion to intervene because it had purchased WaMu’s assets and held the interests in the loan.

 

read more…

 

 

 

A Village With a Changed Image | Cross River Homes

Two decades ago, Dobbs Ferry, then a working-class village in southern Westchester along the Hudson River, was considered by many the poor stepsister of its immediate neighbors — artsy Hastings-on-Hudson on its southern border and upscale Irvington to the north.

While Hastings and Irvington attracted well-heeled buyers from Manhattan and the tonier sections of Brooklyn, Dobbs Ferry, about 20 miles north of New York City, was often overlooked. Its housing stock was limited, and its school system lower-performing than those of its neighbors.

Thanks a good a HOA Management from the community you can learn about about this in https://realtybiznews.com/3-things-you-need-to-know-about-hoa-management-companies/98759826/, the village’s image has since changed. The turning point came in 1998, when the Dobbs Ferry Union Free School District became the first in Westchester to join the International Baccalaureate organization, based in Geneva — prompting home buyers to take a fresh look at the virtues of the 2.4-square-mile village of 11,000 residents. The Baccalaureate group offers junior and senior high school students a two-year, preuniversity course of study.

“The change in the high school program was what drove the engine,” said Linda Jo Platt, who moved from Manhattan to Dobbs Ferry with her husband, Bruce Platt, in the 1970s. “A lot has happened for the better in Dobbs Ferry,” said Ms. Platt, the director of the Community Nursery School, which is owned by South Presbyterian Church in the village. Mr. Platt is a systems analyst for a data firm in Manhattan.

read more…

Purchase index plunges 16% year-over-year | South Salem NY Homes

 

A week after a free-fall of 9.2%, mortgage applications continued their decline with a 0.2% decrease from one week earlier, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending June 27, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1% compared with the previous week.

The Refinance Index increased 0.1% from the previous week. The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 16% lower than the same week one year ago.

“The mortgage industry has yet to see purchase activity make up for the drop in refinance volume,” said Quicken Loans vice president Bill Banfield. “Lenders who are able to focus on client experience are bucking this trend and gaining market share despite the recent drops in volume overall.”

The refinance share of mortgage activity increased to 53% of total applications from 52% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

 

read more…

 

 

http://www.housingwire.com/articles/30523-mortgage-application-decline-continues-after-last-weeks-free-fall

3 reasons all is not lost in housing | Katonah Real Estate

 

When mortgage rates jumped in anticipation of the start of Fed tapering back in June 2013, the inherent cracks in the foundation of the housing industry became apparent.

Seriously, how healthy is a housing market that relies on artificially capped interest rates and literally tens of billions of dollars a month of fiat money pumped into Treasurys and bonds?

Now it’s a full year later and despite the fact that interest rates are nearly back to where they were a year ago, housing has stalled out.

Worse, unless you believe the happy-happy-joy-joy analysts on CNBC or anything on Business Insider, it’s been pretty apparent for, oh, the past 12 months.

That’s not to say that it’s doom and gloom. There are some strengths showing, despite the top-line numbers showing year-over-year drops in everything from sales and construction spending to price increases and mortgage originations.

 

read more…

 

http://www.housingwire.com/blogs/1-rewired/post/30519-reasons-all-is-not-lost-in-housing

Detroit homes face foreclosure due to unpaid taxes | Bedford Hills Real Estate

 

 

In January, the owners of 43,634 properties in Detroit owed the county more than $328 million combined in unpaid taxes and fees, the New York Times reported.

Since then, some have paid their debts, entered payment plans or qualified for assistance, but 26,038 properties continue to face foreclosure and many are headed for public auction, the news outlet said.

Most of the properties are residential, though 5 percent are former businesses. One-third of the properties are vacant lots.

Source: nytimes.com