Category Archives: Lewisboro

Claims Cause Hefty Hikes in Homeowners’ Premiums | South Salem NY Real Estate

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Insurance claims can cause significant increases in on homeowners’ policies according to the state where they are located according to a new study commissioned by insuranceQuotes.com

Using a hypothetical two-story, single family home covered for $144,000 with a $500 deductible, the study revealed that how much annual premiums can rise following the filing of a claim for  fire, hail, liability, medical, theft, vandalism, water (non-weather related), weather (except for hail and wind) and wind.

According to the study, U.S. families who file a single homeowner’s insurance claim can expect their annual premium to increase 9 percent (or about $150). However, premium increases varied greatly by state.  Homeowners who file a single claim in Minnesota can expect their annual premium to increase, on average, by 21 percent. Conversely, filing a single claim in Texas won’t result in any premium increase.

According to the latest data from the National Association of Insurance Commissioners (NAIC), the average cost of home insurance increased 36 percent between 2003 and 2010, which is almost twice the rate of inflation.   The study’s findings come at a time when most U.S. families are already experiencing an increase in their homeowner’s insurance premiums across the board.

The following five states showed the greatest average premium increase as a result of filing one claim:

1. Minnesota – 21 percent increase

2. Connecticut – 21 percent increase

3. Maryland – 19 percent increase

4. California – 18 percent increase

5. Oregon – 17 percent increase

Meanwhile, the following five states, on average, showed the smallest percentage premium increase as a result of filing one claim:

1. Texas – 0 percent increase

2. New York – 1 percent increase

3. Florida – 2 percent increase

4. Vermont – 2 percent increase

According to the study, premiums in 31 states and the District of Columbia increased by an average of 10 percent or more after filing a single claim. What’s more, only 18 states fell below the national average increase of 9 percent. 5. Massachusetts – 2 percent increase

“For homeowners in states where premiums are going up by more than 10 percent for a single claim, that’s a bit troubling,” says Bob Hunter, former Texas Insurance Commissioner and current director of insurance at the D.C.-based Consumer Federation of America, a consumer advocacy organization.

The reasons behind why there is such a disparity from state to state are varied and nuanced, says Chris Hackett, director of personal lines policy at the Property Casualty Insurers Association of America, an insurance trade association. According to Hackett, rate swings between states come from several factors, including the nature and severity of claims filed in a given state, as well as the different ways in which insurance is regulated from state to state.

 

 

http://www.realestateeconomywatch.com/2013/10/claims-cause-hefty-hikes-in-homeowners%e2%80%99-premiums/

Great news! Shadow inventory drops to 1.9M homes | Cross River Real Estate

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It’s a staggering number: The “shadow inventory” in July– properties that are seriously delinquent, in foreclosure or in lenders’ REO inventories (but not yet listed for sale on a multiple listing service) — stood at 1.9 million homes valued at $293 billion, CoreLogic said today.

But you have to put things in perspective.

That’s a 22 percent drop from a year ago, and 38 percent from the 2010 peak of 3 million homes.

Plus, that’s the national picture, and all real estate is local, right? If you break it down to the state level, the five states with the highest foreclosure inventory as a percentage of mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4 percent) and Connecticut (3.9 percent). Source: corelogic.com

 

 

– See more at:

 

http://www.inman.com/wire/great-news-shadow-inventory-drops-to-1-9m-homes/#sthash.pe0Y4n90.dpuf

Mapping the Changes Coming to Harlem’s 125th Street | Katonah Real Estate

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The Harlem Shake has come and gone, but Harlem is still slowly being shaken up by new construction projects. Just take a look at 125th Street, where the changes are as large as Columbia’s Manhattanville expansion and as small as retailers and restaurants opening next to the Apollo Theater. Curbed intern David Stein took a stroll along 125th Street to map the changes for the latest installment in our Microhood Maps series. Know of a project we’ve missed, or have an update on one listed below? Please let us know.

Manhattanville Campus
609 West 125th Street, New York, NY 10027

Map DataMap data ©2013 Google, Sanborn
Map Data
Map data ©2013 Google, Sanborn
Map data ©2013 Google, Sanborn
125th Street Microhood Map
Harlem M/E/C Center
The Harlem Media / Entertainment / Cultural Center was a 1.6 million square foot mega-project expected to occupy almost all of the lots between 125th and 127th Streets, and Second and Third Avenues. Beyond its pretty impressive program—including an office, hotel, cultural center, and 840,000 square foot residential complex—the project had the backing of some well-known groups, including General Growth Partners, Archstone and Monadnock Construction. Unfortunately, the project was announced in October 2008, and General Growth went into bankruptcy just five months later. While Metro125, the residential building at 125th Street and Third Avenue was still completed in 2009 by MEC partner The Richman Group, the rest of the project appears to have timed-out.
2305 3rd Avenue, New York, NY 10035
40.803766-73.93543899999997
Manhattanville Campus
Columbia’s new Manhattanville campus is already underway and drastically larger than any other project currently in development on 125th Street. Yet the most visible sign of progress—a $200 million “Jerome L. Greene Science Center”—is merely the tip of Colubmia’s iceberg. Twelve more buildings totaling 6.8 million square feet are destined for the blocks between 125th and 133rd Streets, and though Columbia claims the campus will be “pedestrian” in scale and widely accessible to the public, the renderings do look intimidating. (Maybe that’s why they keep them small?)
609 West 125th Street, New York, NY 10027
40.8162413-73.95858340000001
Create @ Harlem Green
The 126th Street entrance to the former Tastee Bakery factory—a mere calculator toss from the Manhattanville campus—reveals a building still in significant need of repair and improvements. Developers Janus Partners and Monadnock Construction won the project from the NYCEDC after it was re-zoned in 2011 and have since planned to create nearly 250,000 square feet of manufacturing, office, and other commercial space, including tech-friendly areas. So far, however, the most notable tenant expected to move in will be the Harlem Brewing Company. Local residents are skeptical that the project will happen altogether: apparently a few “big ass” trees are growing inside.
439 West 126th Street, New York, NY 10027
40.813203-73.95469300000002
301 W 125th St Shopping Complex
The Adjimis and Aurora Capital are wrapping up a 100,000 square foot retail project at the corner of 125th Street and Frederick Douglass Boulevard. Joe’s Crab Shack and Party City are already up-and-running, and DSW Shoes and Blink Fitness are bound to open their doors any day now. If those sound like good neighbors, a sizeable chunk of ground floor space still looks to be available.
301 West 125th Street, New York, NY 10027
40.8105464-73.95143300000001
Red Lobster (And More)
No longer will Times Square wield an iron claw when it comes to Manhattan’s chain-scale seafood fans: theater-goers might now be tempted to 125th Street, where Red Lobster is about to open directly next to the Apollo Theater, along with a couple retailers or another, smaller restaurant (to be determined). The project is being developed by Gotham and Grid Properties, the same groups responsible for the nearby Harlem USA center.
269 West 125th Street, New York, NY 10027
40.8100025-73.9507226
Mart 125
Mart 125, a former “indoor market place for African vendors,” lies directly across the street from the Apollo and Victoria Theaters, which might explain why the NYCEDC has been trying to re-vitalize the property since the late 1990’s. Although the space was apparently decrepit even while still in use as a market, Mart 125 remains dark and closed. The EDC is seeking a community-minded developer to fix everything and incorporate a 15,000 square foot National Jazz Museum and visitor center.
260 West 125th Street, New York, NY 10027
40.80943800000001-73.95056399999998
Victoria Theater
If it happens, the Victoria Theater project could shake-up central Harlem big-time. Danforth Development Partners and Exact Capital are planning a pretty sizeable mixed-use project: a cultural arts center, a 210-room Cambria Suites hotel, and 230 apartments (although we’ve heard as many as 299 units). The two-towered project will cost $143 million, which is why the whole thing is a big “if”: most other recent projects on 125th Street have been limited to about $15 to $30 million in costs. That being said, there’s a big need for hotels in Harlem.
237 West 125th Street, New York, NY 10027
40.8096035-73.94976689999998
National Urban League HQ
Harlem’s other big project is just starting to get off the ground: a 400,000 square foot, $225 million office building, retail and conference center, parking garage, and affordable housing complex. The developer, Hudson Companies, generally specializes in residential-only projects but appears to have earned the city’s trust, as well as a strong relationship with the National Urban League, which will occupy most of the complex’s office space once everything is finished. Big-name architecture firm HOK is the designer.
121 West 125th Street, New York, NY 10027
40.8080202-73.94599920000001
Whole Foods Site
Despite DOB filing activity as recently as May, the Whole Foods / Burlington Coat Factory / American Eagle Outfitters project bound for the corner of 125th Street and Malcom X Boulevard remains an empty and lot. The lot is also sizeable, and yet Whole Foods itself is expected to occupy only 39,000 square feet, which means there’s likely to be room for even bigger ideas (Hotel? Rentals?). The developer is Jeff Sutton, who was once profiled in the Observer as the “King of New York Retail.” So maybe Whole Foods is the whole truth after all…
100 West 125th Street, New York, NY 10027
40.8078086-73.94557350000002
Hotel (or Retail) Project
The last time we heard anything about this site, it was… confusing. At one point, renderings from Curtis + Ginsberg Architects suggested a 200,000 square foot office building was on its way. In 2010 we learned of a new plan from The Real Deal, where the office building was ditched in favor of a luxury hotel, which was shortly therefater ditched in favor of a Hilton Garden Inn. The lot has since sold to RCG Longview, an affiliate of Estreich & Company, who appears to be partnering with the Feil Organization to build a 125,000 square foot retail and office complex. However, DOB filings show plans for a 14-story building, rather than the “five-story” building described by Feil. The confusion continues!
15 West 125th Street, New York, NY 10027
40.8068638-73.94325529999997
Corn Exchange Building
Work is moving ahead on a gut renovation of one of Harlem’s most distinct landmarks, the Corn Exchange Building. It was originally built in 1883 and served as headquarters for a couple major banks until bad times arrived in the form of a poor economy in the 1970’s and a fire in the 1990’s. After being partially demolished, a developer is spending $17 million to re-create 22,000 square feet of office space and 9,000 square feet of retail. It’s located right next to the Metro North stop at 125th Street and Park Avenue.
121 East 125th Street, New York, NY 10035
40.8047081-73.93814600000002
Harlem M/E/C Center
The Harlem Media / Entertainment / Cultural Center was a 1.6 million square foot mega-project expected to occupy almost all of the lots between 125th and 127th Streets, and Second and Third Avenues. Beyond its pretty impressive program—including an office, hotel, cultural center, and 840,000 square foot residential complex—the project had the backing of some well-known groups, including General Growth Partners, Archstone and Monadnock Construction. Unfortunately, the project was announced in October 2008, and General Growth went into bankruptcy just five months later. While Metro125, the residential building at 125th Street and Third Avenue was still completed in 2009 by MEC partner The Richman Group, the rest of the project appears to have timed-out.
2305 3rd Avenue, New York, NY 10035
40.803766-73.93543899999997
Manhattanville Campus
Columbia’s new Manhattanville campus is already underway and drastically larger than any other project currently in development on 125th Street. Yet the most visible sign of progress—a $200 million “Jerome L. Greene Science Center”—is merely the tip of Colubmia’s iceberg. Twelve more buildings totaling 6.8 million square feet are destined for the blocks between 125th and 133rd Streets, and though Columbia claims the campus will be “pedestrian” in scale and widely accessible to the public, the renderings do look intimidating. (Maybe that’s why they keep them small?)
609 West 125th Street, New York, NY 10027
40.8162413-73.95858340000001
Manhattanville Campus
Columbia’s new Manhattanville campus is already underway and drastically larger than any other project currently in development on 125th Street. Yet the most visible sign of progress—a $200 million “Jerome L. Greene Science Center”—is merely the tip of Colubmia’s iceberg. Twelve more buildings totaling 6.8 million square feet are destined for the blocks between 125th and 133rd Streets, and though Columbia claims the campus will be “pedestrian” in scale and widely accessible to the public, the renderings do look intimidating. (Maybe that’s why they keep them small?)
609 West 125th Street, New York, NY 10027
40.8162413-73.95858340000001
Create @ Harlem Green
The 126th Street entrance to the former Tastee Bakery factory—a mere calculator toss from the Manhattanville campus—reveals a building still in significant need of repair and improvements. Developers Janus Partners and Monadnock Construction won the project from the NYCEDC after it was re-zoned in 2011 and have since planned to create nearly 250,000 square feet of manufacturing, office, and other commercial space, including tech-friendly areas. So far, however, the most notable tenant expected to move in will be the Harlem Brewing Company. Local residents are skeptical that the project will happen altogether: apparently a few “big ass” trees are growing inside.
439 West 126th Street, New York, NY 10027
40.813203-73.95469300000002
301 W 125th St Shopping Complex
The Adjimis and Aurora Capital are wrapping up a 100,000 square foot retail project at the corner of 125th Street and Frederick Douglass Boulevard. Joe’s Crab Shack and Party City are already up-and-running, and DSW Shoes and Blink Fitness are bound to open their doors any day now. If those sound like good neighbors, a sizeable chunk of ground floor space still looks to be available.
301 West 125th Street, New York, NY 10027
40.8105464-73.95143300000001
Red Lobster (And More)
No longer will Times Square wield an iron claw when it comes to Manhattan’s chain-scale seafood fans: theater-goers might now be tempted to 125th Street, where Red Lobster is about to open directly next to the Apollo Theater, along with a couple retailers or another, smaller restaurant (to be determined). The project is being developed by Gotham and Grid Properties, the same groups responsible for the nearby Harlem USA center.
269 West 125th Street, New York, NY 10027
40.8100025-73.9507226
Mart 125
Mart 125, a former “indoor market place for African vendors,” lies directly across the street from the Apollo and Victoria Theaters, which might explain why the NYCEDC has been trying to re-vitalize the property since the late 1990’s. Although the space was apparently decrepit even while still in use as a market, Mart 125 remains dark and closed. The EDC is seeking a community-minded developer to fix everything and incorporate a 15,000 square foot National Jazz Museum and visitor center.
260 West 125th Street, New York, NY 10027
40.80943800000001-73.95056399999998
Victoria Theater
If it happens, the Victoria Theater project could shake-up central Harlem big-time. Danforth Development Partners and Exact Capital are planning a pretty sizeable mixed-use project: a cultural arts center, a 210-room Cambria Suites hotel, and 230 apartments (although we’ve heard as many as 299 units). The two-towered project will cost $143 million, which is why the whole thing is a big “if”: most other recent projects on 125th Street have been limited to about $15 to $30 million in costs. That being said, there’s a big need for hotels in Harlem.
237 West 125th Street, New York, NY 10027
40.8096035-73.94976689999998
National Urban League HQ
Harlem’s other big project is just starting to get off the ground: a 400,000 square foot, $225 million office building, retail and conference center, parking garage, and affordable housing complex. The developer, Hudson Companies, generally specializes in residential-only projects but appears to have earned the city’s trust, as well as a strong relationship with the National Urban League, which will occupy most of the complex’s office space once everything is finished. Big-name architecture firm HOK is the designer.
121 West 125th Street, New York, NY 10027
40.8080202-73.94599920000001
Whole Foods Site
Despite DOB filing activity as recently as May, the Whole Foods / Burlington Coat Factory / American Eagle Outfitters project bound for the corner of 125th Street and Malcom X Boulevard remains an empty and lot. The lot is also sizeable, and yet Whole Foods itself is expected to occupy only 39,000 square feet, which means there’s likely to be room for even bigger ideas (Hotel? Rentals?). The developer is Jeff Sutton, who was once profiled in the Observer as the “King of New York Retail.” So maybe Whole Foods is the whole truth after all…
100 West 125th Street, New York, NY 10027
40.8078086-73.94557350000002
Hotel (or Retail) Project
The last time we heard anything about this site, it was… confusing. At one point, renderings from Curtis + Ginsberg Architects suggested a 200,000 square foot office building was on its way. In 2010 we learned of a new plan from The Real Deal, where the office building was ditched in favor of a luxury hotel, which was shortly therefater ditched in favor of a Hilton Garden Inn. The lot has since sold to RCG Longview, an affiliate of Estreich & Company, who appears to be partnering with the Feil Organization to build a 125,000 square foot retail and office complex. However, DOB filings show plans for a 14-story building, rather than the “five-story” building described by Feil. The confusion continues!
15 West 125th Street, New York, NY 10027
40.8068638-73.94325529999997
Corn Exchange Building
Work is moving ahead on a gut renovation of one of Harlem’s most distinct landmarks, the Corn Exchange Building. It was originally built in 1883 and served as headquarters for a couple major banks until bad times arrived in the form of a poor economy in the 1970’s and a fire in the 1990’s. After being partially demolished, a developer is spending $17 million to re-create 22,000 square feet of office space and 9,000 square feet of retail. It’s located right next to the Metro North stop at 125th Street and Park Avenue.
121 East 125th Street, New York, NY 10035
40.8047081-73.93814600000002
Harlem M/E/C Center
The Harlem Media / Entertainment / Cultural Center was a 1.6 million square foot mega-project expected to occupy almost all of the lots between 125th and 127th Streets, and Second and Third Avenues. Beyond its pretty impressive program—including an office, hotel, cultural center, and 840,000 square foot residential complex—

Late Summer Sales Keep September Prices Hot | Lewisboro NY Real Estate

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Home price gains in September rose over record August levels, evidence of residual summer buying activity, according to the first market report of the month to be released.

All regions saw small up-ticks in yearly price gains as Clear Capital’s Home Data Index (HDI) Market Report said September prices rose to 10.9% year-over-year.  In August, national yearly home price growth reached 10.2%, the last time Clear Capital reported double digit yearly price growth since the middle of 2006, the height of the bubble.

Clear Capital’s August prices remained 32.5% off their previous highs and only in line with 2002 prices.  Additionally, the low tier price segment of the housing market saw quarterly gains of 2.0%, the lowest since April 2012, indicating the sector that kick started the recovery is already on a path of moderation. From its peak rate of growth in April 2013, rates of growth for the low tier segment, or home sale values in the bottom 25th percentile, have fallen from 4.1% to 2.0%.

“While national and regional rates showed more of the same in September, an interesting dichotomy is unfolding beneath the surface,” said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “Strong performances in San Francisco and Detroit remind us that in a dynamic market, the only constant is change. For about a year and a half now, we’ve been focused on First-In, First-Out recoveries characterized by hard hit markets attracting investor interest, like Miami, Phoenix and Las Vegas. Now as the recovery matures, we see homebuyers re-engaging in markets that haven’t fit the typical investor profile.

“As demand calibrates to local economic environments, markets will start to find their natural equilibriums with moderating gains ahead. This should invite new markets, such as San Francisco and Detroit to share the spotlight as their recoveries continue to evolve,” he said.

Highest   Performing Major Metro Markets

Qtr/Qtr Rank

Metropolitan   Statistical Area

Qtr/Qtr % +/-

Yr/Yr

REO Saturation

1

San Francisco, CA –   Oakland, CA – Fremont, CA

4.4%

28.3%

6.3%

2

Detroit, MI – Warren,   MI – Livonia, MI

4.3%

23.3%

31.7%

3

Sacramento, CA –   Arden, CA – Roseville, CA

3.9%

27.7%

11.0%

4

Las Vegas, NV –   Paradise, NV

3.9%

32.2%

19.8%

5

San Jose, CA –   Sunnyvale, CA – Santa Clara, CA

3.9%

25.7%

2.8%

6

Atlanta, GA – Sandy   Springs, GA – Marietta, GA

3.6%

26.1%

21.2%

7

Birmingham, AL –   Hoover, AL

3.5%

10.4%

20.6%

8

Los Angeles, CA – Long   Beach, CA – Santa Ana, CA

3.4%

22.2%

9.2%

9

Chicago, IL –   Naperville, IL – Joliet, IL

3.4%

21.5%

20.2%

10

Riverside, CA – San   Bernardino, CA – Ontario, CA

3.2%

21.8%

15.9%

11

Miami, FL – Ft.   Lauderdale, FL – Miami Beach, FL

3.2%

20.4%

21.9%

12

Bakersfield, CA

3.0%

20.8%

16.7%

13

Columbus, OH

2.9%

6.7%

23.6%

14

San Diego, CA –   Carlsbad, CA – San Marcos, CA

2.8%

19.6%

7.9%

15

Oxnard, CA – Thousand   Oaks, CA – Ventura, CA

2.7%

18.2%

7.1%

Top

Lowest   Performing Major Metro Markets

Qtr/Qtr Rank

Metropolitan   Statistical Area

Qtr/Qtr % +/-

Yr/Yr

REO Saturation

1

Charlotte, NC-   Gastonia, NC – Concord, NC

-0.1%

-0.4%

17.1%

2

Louisville, KY

0.2%

1.0%

18.5%

3

Raleigh, NC – Cary, NC

0.2%

1.1%

11.3%

4

Hartford, CT – West   Hartford, CT – East Hartford, CT

0.3%

4.0%

4.0%

5

Rochester, NY

0.4%

3.7%

2.2%

6

St. Louis, MO

0.4%

-0.2%

23.3%

7

Dayton, OH

0.4%

4.8%

22.2%

8

New Orleans, LA –   Metairie, LA – Kenner, LA

0.4%

3.4%

12.3%

9

Virginia Beach, VA –   Norfolk, VA – Newport News, VA

0.7%

5.0%

9.8%

10

Dallas, TX – Fort   Worth, TX – Arlington, TX

1.0%

6.8%

12.4%

11

Baltimore, MD –   Towson, MD

1.0%

5.5%

7.2%

12

Pittsburgh, PA

1.0%

5.2%

4.5%

13

Richmond, VA

1.2%

8.8%

11.1%

14

Philadelphia, PA –   Camden, NJ – Wilmington, DE

1.3%

5.2%

4.6%

15

Providence, RI – New   Bedford, MA – Fall River, MA

1.3%

11.7%

6.0%

The Clear Capital Home Data Index Market Report is built on information from recorder/assessor offices, enhanced by adding the company’s proprietary streaming market data. It reflects nationwide coverage of sales by aggregating this data at ten different geographic levels, including hundreds of metropolitan statistical areas (MSAs) and sub-ZIP code boundaries. It includes equally-weighted distressed bank owned sales (REOs) from around the country.

 

 

http://www.realestateeconomywatch.com/2013/10/late-summer-sales-keep-september-hot/

 

Mortgage applications shoot up 11.2% | Katonah NY Real Estate

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Mortgage applications shifted gears, increasing 11.2% from a week earlier, the Mortgage Bankers Association said this week.

Meanwhile, the refinance index grew 18% from the prior week, while the purchase index rose 3%.

As a whole, the refinance share of mortgage activity inched back up to 61% of total applications, up from 57% a week earlier.

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan limit dropped to 4.75% from 4.80%.

Furthermore, the 30-year, FRM jumbo edged down to 4.83% from 4.84%.

The average 30-year, FRM backed by the FHA fell to 4.50% from 4.56%, and the 15-year, FRM declined to 3.81% from 3.83%.

Meanwhile, the 5/1 ARM plummeted to 3.54% from 3.59% a week earlier.

 

 

http://www.housingwire.com/articles/26891-mortgage-applications-shoot-up-112

Westchester CSEA endorses all Democrats | South Salem Real Estate

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Here’s the statement of the union. All the candidates are Democrats:

WHITE PLAINS – Leaders of CSEA, the largest union representing public employees across Westchester County, today announced the union’s full list of endorsements for county-level races.

The endorsements were made by the CSEA Southern Region Political Action Committee.

“We are excited to endorse a strong slate of qualified individuals who have worked and will continue to work to preserve a strong middle class in Westchester County,” said CSEA Southern Region President Billy Riccaldo.

The endorsements are as follows:

• County Executive: Noam Bramson

• County Clerk: Tim Idoni

• Board of Legislators, District 1:Duane Jackson

• Board of Legislators, District 2: Peter Harckham

• Board of Legislators, District 5: Ben Boykin

• Board of Legislators, District 8: Alfreda Williams

• Board of Legislators, District 9: Catherine Borgia

• Board of Legislators, District 10: Mary Jo Jacobs

• Board of Legislators, District 11: Stavros Pantelis

• Board of Legislators, District 12: Mary Jane Shimsky

• Board of Legislators, District 13: Lyndon Williams

• Board of Legislators, District 14: Rachelle “Rocky” Richard

?• Board of Legislators, District 16: Ken Jenkins

CSEA is New York’s leading union, representing employees of the state and its counties, towns, villages, school districts, library systems, authorities and public benefit corporations. Together with a growing population of private sector members and retirees, CSEA is the largest affiliate of the American Federation of State, County and Municipal Employees (AFSCME), which is one of the largest affiliates of the AFL-CIO.

 

 

http://northernwestchester.lohudblogs.com/2013/09/25/westchester-elections-csea-announces-endorsements/

 

Short Sale Coding Correction on Credit Will Take Effect November 2013. | Katonah Real Estate

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SHORT SALE CODING CORRECTION ON CREDIT WILL TAKE EFFECT NOVEMBER 2013.

   

For some time now, many short sellers were treated the same as homeowners that foreclosed when applying for a mortgage.  Due to a credit coding issue that lumped short sellers into the same category as a foreclosure, the waiting period for loan approval was extended substantially.  This forced millions to put their dream of participating in homeownership again off to the distant future.  With interest rates climbing, and the real estate market improving, the increased future cost for purchasing would seem more of an obstacle down the road.

But new policy changes could bring more options starting in November.  After Sen. Bill Nelson focused on bringing this coding error to the FTC and the Consumer Financial Protection Board, things started to change.

“This is the nature of the evolution of this business,” says Fannie Mae spokeswoman Keosha Burns. The agency will input the new software into its computer system on Nov. 16. After that, if a short sale is marked as a foreclosure, the new code will allow the loan servicers to bypass it, correct it and move forward with the loan. Short sellers should speak with their bankers about the new options for homeownership, what the qualifications will be, and whether the state of their credit needs improvement.

PLEASE CALL TRACY BECKER:

North Shore Advisory, Inc. offers credit repair, restoration, credit log in site, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

 

We can help you with your business credit needs as well as any personal credit scores.

 

Contact Us:

Mortgage rates fall to 2-month low after Fed announcement | Cross River Real Estate

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Rates on 30-year fixed-rate mortgages dropped to a two-month low this week following a recent announcement from the Fed that it would not begin to wind down its bond-buying program.

Rates on 30-year fixed-rate loans averaged 4.32 percent with an average point of 0.7 percent for the week ending Sept. 26, down from 4.5 percent last week but up from 3.4 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

“Mortgage rates fell following the Federal Reserve announcement that it will maintain its bond-buying stimulus,” said Frank Nothaft, Freddie Mac’s vice president and chief economist, in a statement. “These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated.”

Rates on 15-year fixed-rate mortgages, five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans and one-year Treasury-indexed ARMs also fell.

 

Source: Freddie Mac

 

 

– See more at: http://www.inman.com/wire/mortgage-rates-fall-to-2-month-low-after-fed-announcement/#sthash.sZ0FPtml.dpuf

Mortgage relief fails to provide as much promised aid | South Salem NY Real Estate

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While the five giant mortgage firms signed a landmark $25 billion mortgage settlement last year, the real relief did not fulfill most borrowers expectations. Just 20% of the aid dished out under the settlement covered forgiveness of first-mortgage principal. Per the Los Angeles Times:

“We all wish there had been more principal reduction, which is what is most helpful in keeping people in homes,” said Kevin Stein, associate director of the California Reinvestment Coalition, a 300-member alliance that lobbies on behalf of low-income and minority neighborhoods.

Still, Stein said, the program set a good precedent, demonstrating that debt forgiveness can benefit lenders and borrowers alike without causing a wave of intentional defaults, as critics had warned.

                    Source: LA Times

Katonah Presbyterian Church to dedicate renovation-expansion | Katonah NY Homes

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On Sunday, the First Presbyterian Church will end the 10 a.m. morning worship service with a ceremony dedicating the renovation and expansion of the church building at 31 Bedford Road, Katonah.

After almost six years of planning, permissions and municipal approvals, and an extended year of site work and construction, the 330-member congregation will unveil its largest capital project since the sanctuary was renovated in the late 1980s, according to a press release from the church.

This time, the church concentrated on providing greater access to the disabled, additional class- and meeting rooms, music rehearsal space, a new kitchen and new above-ground Fellowship Hall. KG&D Architects and Engineers, PC of Mount Kisco and M.J.C. Construction of Yorktown Heights provided specifications, design and execution of the project.

“This is a long time in coming and it will indeed be a celebration,” interim Pastor Gavin Meek said in the statement. “I’m sure you will enjoy the day and the former pastors, staff and members who will return for the event.” The public is invited to morning worship and to a reception and extended celebration in the new facilities from 11:15 until 12:45 p.m.

For more information visit www.katonahpresbyterian.org or contact the church office at 914-232-4568.KPC Front Entry Rendering KG&D

 

 

 

http://northernwestchester.lohudblogs.com/2013/09/25/katonah-presbyterian-church-to-dedicate-renovation-expansion/