Category Archives: Mount Kisco

The Foreclosure Iceberg is Slowly Melting | North Salem NY Real Estate

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The shadow and visible inventories of foreclosures accumulated during the processing slowdown in the wake of the Robogate scandal are slowing shrinking, absorbed by healthy demand so health that distress sales are actually rising faster on a national basis that full-priced homes.

CoreLogic reported Monday that October prices that exclude distress sales rose only 5.8 percent while prices that include 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.

In a separate report, CoreLogic said that despite the demand only 58,000 foreclosures were completed in October, a year-over-year decrease of 17 percent and a decrease of 25 percent from September.

There are still 1.3 million foreclosures in the visible inventory, a decline of only 13 percent from a year ago, when there were 1.5 million backlogged in the final months before the AG settlement was reached. Some 3.9 million foreclosures that have been completed since the housing crisis began in September 2008.

With demand strong and new standards in place, the pace of foreclosure completions could pick up next year. Where this will happen is very import to investors. As time passes, the differences between markets in judicial and non-judicial states continue to increase, and a handful of markets, largely in the Midwest and Northeast, today are the hotbeds of foreclosure activity

Here’s how CoreLogic sees the geography of foreclosure completions:

  • The five states with the highest number of completed foreclosures for the 12 months ending in October 2012 were: California (105,000), Florida (95,000), Michigan (68,000), Texas (59,000) and Georgia (54,000).These five states account for 49.0 percent of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures for the 12 months ending in October 2012 were: South Dakota (19), District of Columbia (64), Hawaii (452), North Dakota (511) and Maine (643).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (11.1 percent), New Jersey (7.7 percent), New York (5.3 percent), Illinois (5.0 percent) and Nevada (4.8 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.5 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0 percent).
via realestateeconomywatch.com

Immigrants, An Emerging Base of Clients: The Virginia Story | Mt Kisco Real Estate

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The United States attracts about 1 million immigrants (permanent residents) every year. Over time, they achieve the American dream of having higher incomes and homeownership.

Did you know that India is the top origination country of immigrants entering Virginia in 2011? Virginia accounted for about 3% of immigrants entering the United States in 2011; studies show that the majority of immigrants will ultimately buy a home. India, El Salvador, Ethiopia, the People’s Republic of China, and the Philippines rounded out the top 5 countries.

What this Means for REALTORS®: Immigrants have a huge potential to become future homeowners. REALTORS® can seize the opportunity by initiating and expanding interaction with the immigrant community, possibly learning about customs, requirements, and interests of foreign-born clients. You can find information on foreign-buyers and international programs and services at http://www.realtor.org/reports/profile-of-international-home-buying-activity, http://www.realtor.org/global, and http://www.realtor.org/reports/state-by-state-international-business-reports.

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via economistsoutlook.blogs.realtor.org

Buyer recourse for returning termites? | North Salem Real Estate

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DEAR BARRY: When I bought my home 12 years ago, the seller disclosed that she had no knowledge of any termites. Last week, I discovered evidence of termites, so I called a pest inspector and he found plugged holes in the slab floor where termicide was injected years ago. This means that the former owner lied on her disclosure statement. What can I do to hold her liable for the cost of exterminating the termites that are now in my home? –Julianna

DEAR JULIANNA: There is no way to have recourse after 12 years, even if the disclosure statement was less than honest. The seller, in fact, may have been totally honest in her disclosures, believing that the termites at that time had been eliminated by the termicide that was injected through the slab.

If termites are common in your area, a termite inspection should have been performed when you were buying the property. If there were live termites in the home at that time, that should have been reported by the inspector. If none were reported, the seller’s disclosure was probably correct. If termites have reappeared in the intervening years, that is not surprising or unusual.

Again, 12 years is too late for recourse. If you have a new batch of termites, simply have them treated. Once every 12 years isn’t bad.

DEAR BARRY: We bought our home, an old ranch house, about 10 years ago. Recently, while remodeling the interior, we discovered that the well and holding tank are hidden in the wall between the kitchen and bathroom. The building inspector says this is not to code and has put a hold on the project. We hired a home inspector before buying the property, but he never reported this condition. How could this have passed the home inspection? –Joyce

DEAR JOYCE: The most likely reason the well and holding tank were missed by the home inspector is that they were concealed between the walls. Unless there was some visible evidence, there may have been no way for the inspector to make that discovery. On the other hand, a competent home inspector would have attempted to verify the water source, if only by checking for a shutoff valve on the outside of the building.

However, the unusual placement of the well and tank indicates that this is a very old home. If that is the case, their location should be “grandfathered” and should not become an issue with the building authority. If the building inspector will not relent, you should discuss the matter with an attorney.

DEAR BARRY: We just converted our hall closet to a laundry, but we’re not sure where to vent the dryer. Can the exhaust duct from a gas dryer be connected to a sewer vent? –Roy

DEAR ROY: Connecting a clothes dryer to a sewer vent is not safe or legal because sewer gases contain methane, the same gas as in your stove, furnace and water heater. If sewer gas vents into your dryer duct and is ignited, you might not like the way your laundry comes out.

via inman.com