The price of these four Detroit homes is insane | Katonah NY Real Estate
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Category Archives: Katonah
Mortgage Foreclosures Down 29% in November | Katonah NY Real Estate
Homeowners (and investors in the banks holding their mortgages) received a triple dose of good news Thursday, when residential property data provider CoreLogic (NYSE: CLGX ) announced that:
- The number of completed foreclosures in America dropped 29% year over year in November, as compared to November 2012.
- Completed foreclosures trended down sequentially from October, falling 8.3%.
- The inventory of houses in some stage of the foreclosure process, the so-called “foreclosure inventory,” dropped 34% from a year ago. Month-over-month, the foreclosure inventory dropped 4.6% from October 2013 to November 2013.
Additionally, CoreLogic estimates that the residential “shadow inventory” of homes that are “seriously delinquent, in foreclosure or held as REO [real estate owned] by mortgage servicers, but not currently listed on multiple listing services,” has fallen to levels not seen since the start of the housing crisis in 2008. CoreLogic puts the size of this shadow inventory at 1.7 million homes, down 26.4% from one year ago.
As for actual foreclosures, according to CoreLogic’s data, 46,000 homes were foreclosed upon in November, versus 64,000 completed foreclosures in November 2012.
http://www.fool.com/investing/general/2014/01/09/mortgage-foreclosures-down-29-in-november.aspx
Russian oligarch’s record $75M co-op buy in peril | Katonah NY Real Estate
Roman Abramovich and 828 Fifth Avenue
Russian billionaire Roman Abramovich’s move to buy a Fifth Avenue mansion owned by the estate of the late real estate mogul Howard Ronson for $75 million is in jeopardy, because Ronson’s widow believes she can squeeze even more cash out of the oligarch.
Abramovich, who is the owner of the Chelsea Football Club, agreed in October to buy the 828 Fifth Avenue home for $75 million, and were the deal for the 22-room property to close at that price, it would dwarf the $54 million David Geffen paid for 785 Fifth Avenue, which is currently the record sale price for a co-op in the city.
But sources close to Ronson’s widow Angelika Ivanc told the New York Post that Abramovich was willing to pay even more for the mansion before trustees for Ronson’s estate accepted the offer. Ivanc is now looking to challenge the executors’ approval of the co-op sale in court in the English Channel island of Guernsey, according to the newspaper.
http://therealdeal.com/blog/2014/01/22/russian-oligarchs-record-75m-co-op-buy-in-peril/
Cuomo title insurance reform bill would slash rates, crack down on kickbacks | Katonah Real Estate
Remodeling Spending to Grow by Double Digits in First Half | Katonah NY Homes
Fed taper could hit housing market | Katonah Realtor
Hard proof Dodd-Frank isn’t working | Katonah NY Real Estate
Reuters is running a pretty shocking exclusive right now. Apparently the Federal Bureau of Investigation, of all agencies, is investigating the claim that derivative traders are front running swaps orders from Fannie Mae and Freddie Mac.
The article itself goes into the unethical, if technically legal, nature of these trades. So I won’t. Still the contents are disturbing in implication.
The first is that the government-sponsored enterprises didn’t even look to monitor shifts in markets BEFORE placing these huge orders. Clearly, they were getting played, but aren’t even wide awake enough to take notice.
Second, this is proof Dodd-Frank isn’t working. The financial reform made plenty to do with how it would regulate derivatives and how this was going to happen: “The Dodd-Frank Act divides regulatory authority over swap agreements between the CFTC and SEC.”
Yet the FBI is investigating? Clearly something about this whole ordeal should be illegal, if not yet explicitly so as of today. How did this get past regulatory authority?
After all, we were led to believe that Dodd-Frank is meant to prevent activities just as this.
Three points from the article that show Dodd-Frank isn’t working. Read them and weep (the italics are my responses):
1: “Senior bankers at the two banks ‘planned and encouraged this behavior because it led to higher revenue for their respective parent banks’.”
Dodd-Frank is meant to serve as a model for disincentivizing this exact behavior.
2: There is “low confidence that law enforcement could prosecute suspected traders because the trades concerned seem to be completely legitimate.”
This kind of market manipulation may or may not be illegal? Dodd-Frank should have made it clear.
3: “GSEs frequently submit large interest-rate swap trades, making them easy targets for front running and lucrative targets for market manipulation,” the FBI bulletin said.
http://www.housingwire.com/blogs/1-rewired/post/28585-heres-hard-proof-dodd-frank-isnt-working
Real Housewives, Tour Boats Made Rosie O’Donnell Sell Her Star Island House | Katonah Real Estate
We crazy Miamians really did scare talk show lady Rosie O’Donnell out of her Star Island house after all. In a radio interview on the Paul & Young Morning Show, Rosie admitted that tour boats constantly cruising behind her house, and the insanity of her Real Housewives of Miami neighbors, finally drove her from the island, where she had lived for 18 years. And by that she probably means the Lisa Hochstein/42 Star Island debacle right next door, although to be fair Lea Black does own on the island too.
http://miami.curbed.com/archives/2014/01/10/real-housewives-tour-boats-made-rosie-leave-miami.php
Terry Riley Explores Miami’s Return To Its Pedestrian Routes | Katonah NY Real Estate
Turnover of real estate market in Azerbaijan grew by 38.6% and exceeded AZN 3.495 bn in 2013 | Katonah NY Homes
Baku, Fineko/abc.az. The Central Bank of Azerbaijan reports that turnover of the country’s residential property market for the first 11 months of 2013 increased by 38.6% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.
According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 3.495 bn by 1 December 2013 versus AZN 2.52 bn a year earlier.
At the same time transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.548 bn for Jan-Nov 2013 versus AZN 1.1 bn a year earlier (+40.45%), and the withdrawals from these accounts AZN 1.947 bn versus AZN 1.419 bn (+37.22%).
At that, the CBA reports of a rise in revenues of mediators (banks, notary’s offices and realtors) for residential real estate transactions by 25.99% for Jan-Nov of 2013. As of 1 December 2013 mediators’ earnings were AZN 399.119 million versus AZN 316.795 million a year earlier.
Last year’s turnover of residential property totaled AZN 2.828 bn versus AZN 2.265 bn in 2011. At that, transfers to notary’s offices accounts for purchase/sale of residential real estate by individuals totaled AZN 1.599 bn versus AZN 1.2 bn a year earlier (+31.81%), and the withdrawals from these accounts AZN 1.228 bn versus AZN 1.05 bn (+16.84%). Last year mediators’ earnings grew 2.29-fold up to AZN 371.307 million versus AZN 162.3 million a year earlier.