Category Archives: North Salem

Patch on Astorino: Westchester Preparing for the Worst | Pound Ridge Homes

Time is running out for people in low-lying parts of Westchester County who have been asked to evacuate their homes as Hurricane Sandy bears down on the East Coast.

Westchester County Executive Robert Astorino warned those residents Monday to leave their homes now, before conditions worsen this afternoon and evening.

“We’re not doing it just for the sake of doing it,” Astorino said of the local evacuations in flood prone areas of the county. “We are doing it because people and property are at risk.”

Speaking to reporters from the county’s emergency operations center in Hawthorne, Astorino said early this afternoon could be the last chance for these residents to leave areas that face the most dangerous flooding.

“Those who have not evacuated, if there are problems later, we may not be able to get to you,” Astorino said. “This is the perfect time still to evacuate.”

During a tour in the City of Rye and Mamaroneck earlier in the day, Astorino said he noticed several people out taking pictures; a practice he said will become increasingly dangerous throughout the day.

“It’s very important right now that people start heeding the warnings, stay inside, don’t go out and about,” Astorino said. “This is a serious storm.”

Although there were no incidents to report as of early Monday afternoon, Astorino said the county is prepared to help local communities if things worsen Monday evening. The National Guard has 100 drivers and 50 pieces of emergency equipment on standby at nearby Camp Smith. County workers will also be on call through the evening.

Mandatory evacuations to this point have been limited to localized and smaller areas. Astorino said it is unlikely more evacuations will be ordered Monday, as most residents will be urged to ride out the storm in the safety of their homes.

Hurricane Sandy has already caused significant flooding in parts of northern New Jersey and in some Sound Shore communities in New York. Heavy winds are expected Monday afternoon and evening and power outages could be a problem.

Astorino said county officials have been in contact with utility companies and that power will be restored as quickly as possible once conditions allow workers to operate in the area.

Bee Line Bus service has been cancelled as of Sunday night. Astorino said the service will likely not return until sometime Wednesday. The Bronx River Parkway will also remain closed Monday and probably Tuesday, Astorino said. Although Westchester County Airport remains open, Astorino said it is unlikely any flights will be coming in or out Monday or Tuesday.

It is likely the worse of the storm will hit the region Monday afternoon into early Tuesday morning, according to National Weather Service predictions. Astorino urged residents to keep in mind that the worst of the storm is still ahead.

“This is not an ordinary storm,” Astorino said. “This is a dangerous storm.”

Canada’s Hot Housing Market Chills in September as Prices Drop | Pound Ridge Realtor

Canadian home prices in September fell the most in nearly two years, suggesting that recent changes to the country’s mortgage rules have reined in Canada’s once-hot housing market.

Canadian home prices cooled in September, according to the Teranet-National Bank Composite House Price Index.

The Teranet-National Bank Composite House Price Index, or HPI,  fell 0.35% in September from August, with price drops observed in six of the 11 major Canadian cities watched by the index, including British Columbia’s Vancouver and Victoria markets, as well as Montreal.

That’s the largest price decline seen by the HPI since November 2010, when the  index fell 0.39%. Since then, the HPI has only seen four monthly declines, as historically low interest rates have spurred spending in Canada’s housing sector.

On an annualized basis, the HPI gained 3.6% in September, a slight drop from the previous month.

The federal government’s new rules that reduced the maximum amortization period of new government-insured mortgages from 30 to 25 years has “undoubtedly” contributed to cool the market, said National Bank Financial senior economist Marc Pinsonneault.

Still, existing home sales in Canada jumped 2.5% in September from August, according to the Canadian Real Estate Association, igniting worries that the sector may be headed for a crash landing.

Those concerns should be tempered as prices are likely to steadily drop up to 5% by the end of next year, said Mr. Pinsonneault.

“It doesn’t mean a catastrophe, but it’s consistent with a soft landing in the sector,” he said.

The sector will continued to be closely monitored by the Bank of Canada, which is concerned that the state of household debt in Canada is worse than originially perceived, said Mazen Issa, Canada macro strategist at TD Securities. The ratio of household credit-market debt to disposable income hit a record high of 163.4% in the second quarter of 2012.

Mount Kisco NY Real Estate | New home sales shoot up 5.7% in September

New single-family home sales rose 5.7% from August to September, with 389,000 homes sold last month, according to the  U.S. Census Bureau.

That is up from 368,000 sales in August and 27.1% above year ago levels when only 306,000 units were sold.

The median sales price of a home in September hit $242,400 while the average price hovered at $292,400.

“September’s rise in new home sales is another sign that homebuyers are becoming more willing and more able to splash out on a new home,” research firm Capital Economics said in response to the report.

The number of new homes for sale at the end of September reached 145,000, which reflects a 4.5-month supply of homes at today’s sales pace.

Econoday called the jump in home sales the best annual rate increase since mid-2010 when the market was still benefitting from homebuyer tax credits.

“September’s gain is convincing and is led, with a 16.8% jump, by the South which is far larger than all other regions combined,” Econoday said. “Supply, at 4.5 months for the lowest reading since 2005, is very tight and is limiting sales.”