Category Archives: Bedford Corners NY

REAL ESTATE: Focus shifts to short sales | Bedford Hills Realtor

Homeowners shifted more attention to short sale properties from July through August, a new report by RealtyTrac says.

That may have had a hand in helping to cut down on the flow of foreclosure activity in California.

Data released Thursday, Dec. 6, by the online real estate information reporting service RealtyTrac on the 47,809 distressed sales show that foreclosure-related sales across California fell 11.9 percent decline from the same quarter in 2011.

Non-foreclosure short sales in California rose 20 percent from July through August over the same time period in 2011, and accounted for 14 percent of all sales in the state. Short sale activity from the prior quarter was also up 16 percent.

“The shift toward earlier disposition of distressed properties continued in the third quarter as both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure,’’ said RealtyTrac vice president Daren Blomquist.

In Riverside County, the 5,242 foreclosure-related sales averaging $209,284 were down 8.8 percent from the 5,752 distressed property sales recorded from July through August 2011. The foreclosure-related sales rate also dropped 11.1 percent in San Bernardino County over the third quarter, from 4,400 to 3,909. The average sales price there was $180,675.

Blomquist stopped short of calling this a trend.

The volume of homes sold — at an average foreclosure sales price of $267,263 — across California still represents 35 percent of all sales.

In the two-county region, the percentage is slightly less than 50 percent.

The scheduled expiration of the Mortgage Forgiveness Debt Relief Act at the end of 2012 could be the spoiler.

If that form of debt relief expires, Blomquist said short sellers could see their income tax jump. The portion of the unpaid loan balance not covered by the transaction will be considered taxable income in many cases, he said. The average amount on a home classified as a short sale in California was $107,972.

“The prospect of being taxed on potentially tens or hundreds of thousands of dollars in additional income may motivate more distressed homeowners to forgo a short sale and allow the home to be foreclosed,’’ he said.

“If the mortgage interest deduction is eliminated due to the fiscal cliff quagmire, it would give many underwater and otherwise distressed homeowners one less reason to hang onto their homes.”

via pe.com

Unify your brand’s presence in the digital realm | Bedford Corners NY Real Estate

“What the average homebuyer can do now in the palm of his or her hand was unthinkable just a few years ago,” said Brian Boero, partner and co-founder of real estate marketing, design and consulting firm 1000watt. “It’s an exciting new world.”

As a keynote speaker at Real Estate Connect New York City, Boero will speak about how the widespread adoption of Internet-enabled mobile devices and the integration of digital technology into seemingly every aspect of our lives should inform the strategic decisions of real estate companies. Real Estate Connect runs Jan. 16-18 at the Grand Hyatt New York.

Boero has had the opportunity to examine the business practices of many real estate companies firsthand. The biggest mistake made by many is not putting enough emphasis on unifying their brand’s presence in the digital realm, where many consumers now encounter it in intimate, new and compelling ways.


Brian Boero

Focusing on the digital side of business is not about being pretty, Boero said, but about doing things that have a measurable impact on the bottom line. First of all, it’s important for businesses to ask themselves, “What kind of experience do we want to create for our consumers?”

They should integrate their answer across all points — especially the digital ones — where the company touches consumers, Boero said.

And, he stressed, it’s important for companies to make sure their websites are solid before focusing on other arenas, like app development. For example, websites should include responsive design, where Web pages automatically resize to best fit the size of the browser screen or device that’s accessing it.

Boero, who has a master’s degree in political science, got into real estate by happenstance. In the mid-90s, he was working in the California Legislature at the state capitol in Sacramento when he met a Los Angeles Times reporter by the name of Bradley Inman.

In 1997, Boero recalls, Inman convinced him to come to the San Francisco Bay Area to help him run Inman News. Within a couple of years Boero was president of the organization. In 2004, he left Inman News to run real estate software company VREO Inc. as CEO, before co-founding 1000watt in 2007.

At 1000watt, Boero is focused on providing guidance to real estate companies like Realtor.com operator Move Inc., Lisle, Ill.-based multiple listing service Metropolitan Regional Information Systems Inc. (MRIS), and neighborhood information provider StreetAdvisor.

Brian Boero’s weekly “Friday Flash” blog at 1000watt, published most Fridays, provides a quick-hit, smart take on the notable real estate events that occur during the week. “The foreclosure play, Jay-Z and RIN Redux,” “RPR ecstasy, beautiful servers, and a second look at Facebook ads,” and “Emotional titillation, Realogy’s Roadshow, and a trivial pursuit” are a few recent titles showcasing Boero’s knowledge.

Boero, 1000watt co-founder Marc Davison, and 1000watt partner Joel Burslem have published a book of their selected writings from the firm’s first four years.

Mobile is clearly today, Boero said. And he has a hunch that tomorrow’s technology will have something to do with what he calls “people doing insane (things) on the Web,” like renting out a stranger’s apartment (AirBnB), having a stranger pick up your laundry (TaskRabbit), or hitching rides from people you don’t know (Lyft).

As the traditional barriers between people erode, transactional relationships increase, driven by the fact that smartphones and tablets, so widespread now, facilitate payments, location, directions and loads of other actions that make conducting business on the fly much easier.

This trend could increase the number of real estate transactions between strangers, he said. While the percentage of for-sale-by-owner home sales haven’t increased in recent years, Boero thinks it’s something to keep an eye on.

Outside of real estate, on most fall weekends Boero has his eyes on ducks he’s hunting from San Pablo Bay near San Francisco. But time away doesn’t preclude getting work done.

“I’ve been known to take conference calls from the duck pond,” he said.

3 attitude adjustments everyone should make now | Bedford Corners Realtor

Book Review
Title: “Get Your Shift Together: How to Think, Laugh, and Enjoy Your Way to Success in Business and in Life
Author: Steve Rizzo
Publisher: McGraw-Hill Professional, 2012; 224 pages; $25

A friend of mine has two remarkable little girls, ages 5 and 8, and they have very different personalities. The youngest is spritely, whimsical and exuberant. The oldest is brilliant, methodical and mightily capable. She taught me how to tie a square knot. She’s wont to say things like, “Tara, I can row from this side of the bay to that one, in a boat the size of a bathtub. By myself.” And she can.

But she’s young and well-parented, so she has not let her pragmatism dim the high priority she places on fun — not in the least. In fact, she’s somehow managed to find a perfect marriage between the two. After she pulled me out of some brooding moment with a silly story about a caper she pulled off with her schoolmates, she took the occasion of my laughter to say: “You know, every time you laugh, it adds two months to your life.”

I don’t know whether that’s true. Research uncovered in my Google search says that it does boost your immune system and your chances of survival, should serious disease strike — it also suggests that laughter adds life to the years we do have.

Article continues below

But in any event, there’s one person I’m certain would agree with my little friend’s assessment: comedian-turned-motivator Steve Rizzo, whose new book “Get Your Shift Together: How to Think, Laugh, and Enjoy Your Way to Success in Business and in Life” launches right after Christmas.

Rizzo starts out by telling a series of stories — one about his own life as a Hollywood comedian opening for the likes of Eddie Murphy, Rodney Dangerfield and Jerry Seinfeld before he had the epiphany that his true calling was to motivate people, not “making it big” in the traditional sense. He tells another about his brother, who lost nearly all his intestines in Vietnam and has lived a full, wonderful life despite doctor’s foreboding prognoses.

Rizzo’s stories remind us that our circumstances impact our lives, but our attitudes and our responses create our final outcomes.

The rest of the book is broken into three parts, broken down to cover buckets of the “shifts” referenced in the title, laughter-drive attitude adjustments Rizzo says hold the potential to change your business and your life:

1. The shift to a happier mindset. Rizzo encourages readers to adopt the viewpoint that happiness is a choice, one they must consciously and constantly make if they truly want to have happy lives. He also makes a good case that most of us who are on a success path fail to enjoy the process — of achieving our goals and of daily living — and, thus, fail to enjoy the bulk of our lives.

The stress and other chronic negative emotions so many people live with on their way to reaching distant goals also hinder productivity and creativity, according to Rizzo, who prescribes personal choice as the key to shifting into everyday happiness and achieving your goals and dreams.

Advocating that happiness is a “personal right” we should simply, aggressively claim all through every day, at work and at home, Rizzo proclaims that “there is absolutely no reason why you can’t plan for the future, set goals, undergo your daily routine, deal with the unexpected and still make conscious choices to enjoy yourself while you do so.”

2. The instant shifting power of humor. Here, Rizzo focuses on helping readers practice their most important superpower: the power of choosing to think about the things that take place in their lives in a way that is positive, optimistic and happiness-promoting. He provides methodical guidance for learning how to shift your beliefs and feel better any time you need to.

Finding and focusing on the humor in tough situations is one of the key cures for negativity that Rizzo recommends, here and throughout “Get Your Shift Together.”

3. Shifts away from fear and the “big mouth in your head.” Rizzo, whose motivational stage name is The Attitude Adjuster, devotes the last section of the book to his insights on how to conquer fear (“the emotion from which anger, worry, guilt, self-doubt and all other negative emotions derive”) and something he calls the “Big Mouth in Your Head,” an “inner voice” that “plays off your deep-rooted fears and keeps you in a state of constant turmoil.

Laughter is, again, Rizzo’s go-to cure for these darkest emotions. He writes that “the moment you become aware of the deceiving ways of the Big Mouth and allow yourself to laugh in the face of fear, you enter into a higher state of consciousness.”

“Get Your Shift Together” is not a hard-hitting, step-by-step, chart-laden, personal growth book. Rather, it’s an entertaining, easy, yet inspiring read for those who are ready to start taking their happiness seriously.

Tara-Nicholle Nelson is a real estate broker, attorney and the author of two critically acclaimed books on real estate. Tara also speaks and writes on the art and science of life transformation at RETHINK7.com.

Has a Second Foreclosure Wave Really Been Averted? | Bedford Corners Realtor

Many analysts are projecting that the worst of the foreclosure crisis is behind the housing market, but on a more local level, some areas are still struggling and are seeing a “second foreclosure wave” emerging, Forbes reports. 

The areas most affected tend to be where foreclosures must go through court approval. The process has created huge backlogs in processing foreclosures. So while the housing data may show a 24 percent nationwide decrease in foreclosures year-over-year, Forbes columnist Morgan Brennan says that is misleading for some areas. Some areas that are even seeing a decrease now may find it temporary as the courts work through the backlogs. 

For example, in Florida, New Jersey, and New York alone, the average time it takes a home to go from default to being repossessed by a bank is more than two years. 

Some judicial states are already seeing the effect of the large backlogs with a big spike in foreclosures starting to surface. For example, New Jersey is seeing a 140 percent increase in foreclosure filings in October year-over-year; New York saw a nearly 123 percent increase, RealtyTrac reports. 

“There’s been a pronounced shift in foreclosures from the Sand States to the East Coast, in particular the judicial foreclosure law states with the longest time lines like Florida, New York, and New Jersey,” says Mark Fleming, chief economist for CoreLogic. 

In October housing data, Florida leads the nation in foreclosures with an 11 percent rate, followed by New Jersey (8 percent) and New York (5 percent). 

“There are a set of states that are not improving year-over-year like the others,” says Tim Martin, group vice president of U.S. housing at TransUnion. 

But even in markets where foreclosures are still high, there are signs of improvement with new borrowers staying current on their loans and a decrease in mortgage delinquencies, Forbes reports. 

Source: “The Foreclosure Crisis Isn’t Over Just Yet,” Forbes.com (Dec. 1, 2012)

Read More

New Report Warns of Hidden ‘Second’ Foreclosure Crisis
Excerpt: How to Avoid the Next Financial Crisis

CoreLogic: Prices on Track for 7.1 Percent Increase | Bedford Corners Real Estate

October prices nationwide, including distressed sales, increased on a year-over-year basis by 6.3 percent in October 2012, the biggest increase since June 2006 and the eighth consecutive increase in home prices nationally on a year-over-year basis, according to the latest data from CoreLogic.

On a month-over-month basis, including distressed sales, home prices decreased by 0.2 percent in October 2012 compared to September 2012. All but five states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 5.8 percent in October 2012 compared to October 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.5 percent in October 2012 compared to September 2012, the eighth consecutive month-over-month increase. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that November 2012 home prices, including distressed sales, are expected to rise by 7.1 percent on a year-over-year basis from November 2011 and fall by 0.3 percent on a month-over-month basis from October 2012 as sales exhibit a seasonal slowdown going into the winter. Excluding distressed sales, November 2012 house prices are poised to rise 7.4 percent year-over-year from November 2011 and by 0.5 percent month-over-month from October 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“The housing recovery that started earlier in 2012 continues to gain momentum,” said Mark Fleming, chief economist for CoreLogic. “The recovery is geographically broad-based with almost all markets experiencing some appreciation. Sand and energy states continue to experience the most robust appreciation and some judicial foreclosure states are even recording increasing prices.”

“We are seeing an ongoing strengthening of the residential housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.”

Highlights as of October 2012:

  • Including distressed sales, the five states with the highest home price appreciation were: Arizona (+21.3 percent), Hawaii (+13.2 percent), Idaho (+12.4 percent), Nevada (+12.4 percent) and North Dakota (+10.4 percent).
  • Including distressed sales, the five states with the greatest home price depreciation were: Illinois (-2.7 percent), Delaware (-2.7 percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent) and Alabama (-0.3 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.6 percent), Hawaii (+12.2 percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California (+9.7 percent).
  • Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-2.1 percent), Alabama (-1.5 percent) and New Jersey (-0.2 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2012) was -26.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.6 percent.
  • The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-53.5 percent), Florida (-44.5 percent), Arizona (-40.2 percent), California (-36.6 percent) and Michigan (-35.3 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 17 are showing year-over-year declines in October, four fewer than in September.

*September data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

October HPI for the Country’s Largest CBSAs by Population (Sorted by Single Family Including Distressed):

Fannie, Freddie halt foreclosures for the holidays | Bedford Corners Realtor

(MoneyWatch) Fannie Mae (FNMA) and Freddie Mac (FMCC), along with some of the nation’s biggest lenders, said Monday that they will suspend some foreclosures during the holidays.

From Dec. 19 through Jan. 2, 2013, Fannie will halt evictions of homeowners in a single-family property and in apartments with up to four units that are financed by a mortgage from the government-sponsored enterprise. Freddie, the nation’s other main provider of government-backed housing loans, will stop foreclosures for the same the type of homes from Dec. 17 through Jan. 2, 2013.

JPMorgan Chase (JPM) and Citigroup (C) said in statements that they also are temporarily ceasing foreclosures. JPMorgan said it would suspend all evictions beginning Dec. 19 through Jan. 1; Citi did not specify dates for its suspension.

Fannie Mae announced on Monday that the agency is halting foreclosure evictions in support of families who have faced financial challenges. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year,” said Terry Edwards, an executive vice president in Fannie Mae’s credit management division, in a statement.

Edwards said borrowers who are struggling with their house payments should contact Fannie as soon as possible. 

Although the news is likely to bring a measure of relief to homeowners at imminent risk of eviction, the respite will be brief. Freddie noted that firms that handle evictions for the company will continue filing foreclosure documents, such as default notices, so evictions can resume after January 2 of next year. 

Fannie and Freddie, which finance the housing market by purchasing mortgages from lenders, are government-owned. They were seized by federal authorities in 2008 after the agencies suffered massive financial losses stemming from the housing crash.

Following superstorm Sandy, both agencies said that they would suspend evictions and foreclosures in affected areas for 90 days. For borrowers with a Fannie loan, that foreclosure moratorium will last through Feb. 1, 2013, while for Freddie customers the suspension lasts through next February.

The Federal Housing Administration in November also halted foreclosures on federally insured homes in storm-hit areas of Connecticut, New Jersey, New York and Rhode Island.

Foreclosure activity has fallen in recent months. According to real estate research firm CoreLogic, 58,000 foreclosures were completed in October, down 17 percent from the year-ago period.

Still, foreclosures remain elevated. Between 2000 and 2006, when the bubble in housing prices started to deflate, an average of roughly 21,000 foreclosures were completed each year. Roughly 1.3 million homes, or 3.2 percent of all properties with a mortgage, were in some process of foreclosure as of October, down from 1.5 million in the same period last year, according to the firm.

Know the heating requirements for attic bedrooms | Bedford Hills Real Estate

DEAR BARRY: The house we are buying has a walk-up attic that was converted into two additional bedrooms. Our concern is that no heat source has been provided in either of these rooms. Are these bedrooms legal if they don’t have heat? –John

DEAR JOHN: A direct heat source in the bedrooms is not required if ambient heat from adjoining rooms provides adequate warmth. In this case, it would depend on whether sufficient heat is able to rise through the stairwell. But dependence on heat convection has a disadvantage because bedroom doors would have to remain open throughout the night, precluding the option of privacy.

One solution would be to use portable heaters in the bedrooms, but this could significantly increase your electric bills.

Since code compliance is your main concern, you should ask the local building inspector to take a look at the home and advise you regarding applicable requirements for heating the attic bedrooms.

DEAR BARRY: One month after we bought our home, a letter arrived from the local building department. It alleged that we were trying to sell the house with two unpermitted rooms, a bedroom in the basement and another that was added to the garage.

Actually, we are not trying to sell our house, since we just bought it. So we invited the building inspector for a meeting, and he explained that the addition and basement conversion were done without permits. He said we would need bigger windows above the garage, an escape hatch in the basement, and a list of other upgrades.

In total we are looking at roughly $6,000 in improvements and an increase in our property taxes. Shouldn’t these issues have been disclosed to us by the sellers? –Mark

DEAR MARK: The nonpermitted alterations should have been disclosed by the sellers if they were aware of these issues. But were they aware? If the changes to the building were done before they bought the property, it is possible that they had no knowledge of additions or the lack of permits. But if they added the bedroom and converted the basement, then they could be liable for costs to bring the building into compliance.

A letter should be sent to the sellers, informing them of the situation. If they deny responsibility, you should get some legal perspective from an attorney. You should also discuss the issue with your neighbors to see if anyone remembers when the additions were built. This would determine whether the sellers were aware of the situation.

Some of the defects that were pointed out by the municipal building inspector should have been disclosed by your home inspector, assuming that you had a home inspection when you bought the property. Lack of emergency escape windows in the bedrooms is something that a competent home inspector should have reported. If you did not hire a home inspector, now is the time to do so, to determine what other conditions have not been disclosed.