Category Archives: Lewisboro

Quicken Loans surpasses BofA in home lending | Cross River Real Estate

Quicken Loans surpassed Bank of America as the nation’s third-biggest mortgage lender during the last three months of 2012, according to rankings from Mortgage Daily.
Wells Fargo maintained its top spot with 23 percent market share and $125 billion in fourth-quarter origination volume, followed by Chase with 10 percent market share and $51.6 billion in volume.
Quicken Loans’ market share was 5 percent in the fourth quarter with $25.1 billion in originations, while Bank of America came in at 4 percent market share and $22.5 billion in mortgage production.
Overall originations rose 30 percent in 2012 to $1.89 trillion, with a 17 percent year-over-year increase in the fourth quarter to $537 billion. First-quarter originations are expected to fall 16 percent from the fourth quarter, the Mortgage Daily said.
Of all 2012 loan originations, some 93 percent were backed by the government — about 20 percent were either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, and about 73 percent were financed by Fannie Mae or Freddie Mac.

via inman.com

Foreclosure timelines now measured in years | Katonah NY Real Estate

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Boarded-up home image via Shutterstock.
The number of mortgages that are delinquent or in foreclosure is declining, but those in the pipeline are years away from clearing, according to a report from Lender Processing Services Inc. released today.
Of all the loans in the foreclosure process in January 2012, 42 percent were still in the foreclosure process a year later, the report said. Only 22 percent had become real estate-owned (REOs) and 11 percent had been liquidated through short sales or deeds-in-lieu.
In states where the foreclosure process is handled by the courts, 58 percent of loans in foreclosure are more than two years past due. In judicial foreclosure states, that figure is 33 percent. Judicial foreclosure states have three times as much foreclosure inventory as judicial foreclosure states.
In judicial foreclosure states, it takes an average of 62 months (more than five years) for a foreclosure to clear, almost twice as long as in a non-judicial foreclosure state: 34 months, or nearly three years.
Broken down by state, judicial states New York and New Jersey had the longest timelines: 607 months (more than 50 years) and 483 months (more than 40 years), respectively. By comparison, in non-judicial Texas and Virginia, the averages were 40 and 39 months, respectively.
But the difference between judicial and non-judicial states is decreasing due to recently enacted “judicial-like” legislation in some non-judicial states, the report said. In Nevada, legislation has resulted in a jump from a 27-month timeline in June 2012 to 57 months at the end of January, and in Massachusetts, the average timeline has risen from 75 to 171 months since last January, the report said.

via inman.com

Home prices finally returning to normal | Mt Kisco Real Estate

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via money.cnn.com

IRS keeping an eagle eye on payments to independent contractors | Cross River NY Real Estate

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If, like most real estate pros, you’re a sole proprietor, you must file Schedule C with your return to report your business income and expenses, and show whether you have a net profit or loss for the year.
Two new lines have been added to the beginning of Schedule C, labeled “I” and “J.” Line I asks whether you made any payments during the year that required you to file IRS Forms 1099. If you answer yes, you have to answer in Line J whether you have already filed, “or will you file,” the forms.
Similar questions have been added to IRS Form 1065, U.S. Return of Partnership Income; Form 1120, U.S. Corporation Income Tax Return; and Form 1120S, U.S. Income Tax Return for an S Corporation. The same question was added to Schedule E for IRS Form 1040 in 2011.
These new questions are an attempt by the IRS to persuade businesses to file all required 1099s, particularly Form 1099-MISC, the form used to report payments to independent contractors. This is part of the IRS’s ongoing effort to prevent businesses from failing to report all their income.

via inman.com

Capture international buyers as they pursue their real estate fantasies | South Salem NY Real Estate

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I have a thing for property in France, but Italy is pretty interesting, too. Love those dusty old villas, chateaus. It is probably no coincidence that both places have great wine … but I digress.
The point here is that I am referring to countries, because I have only broad-brush knowledge of their geography.
Just as I window-shop listings in Italy and France with little regard for the actual placement of regions and towns, international buyers are prone to that here, too. All of America can be more or less the same to them, at first.

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Water conservation efforts now targeting multifamily housing | Katonah NY Real Estate

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The 2011 and 2012 droughts across much of the United States may be a harbinger of things to come, and “evidence is showing that many parts of the country may continue to experience moderate to severe drought in 2013 and possibly for several additional years,” the Denver-based American Water Works Association reported.
If that wasn’t scary enough, in December some 61.9 percent of the contiguous U.S. was in moderate to exceptional drought conditions, up from 28.2 percent a year ago, according to the U.S. Drought Monitor, a daily survey produced by a group of academic and government organizations.
I would guess it’s time we all turned our attention to saving water at our places of residence, which I feel some of us — but not enough! — are already doing. However, the big flaw in trying to target the single-family homeowner is that so many of us live in multifamily dwellings, either apartments or condominiums.
When the U.S. Environmental Protection Agency unveiled its WaterSense program at the end of 2009 it focused on new single-family residences. After watching the program slowly taking root, on Jan. 1 the EPA launched a similar labeling guidance program for new multifamily buildings.

via inman.com