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Mortgage Rates Seen Staying Below Four Percent | Bedford Hills NY Homes

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Though a number of critical questions face the US economy, from the unfinished business in Washington like the debt limit and spending cuts to lackluster growth, the outlook for mortgage rates is relatively predictable and not very exciting.

Rates will stay low, below 4 percent on a thirty-year fixed mortgage, predicts Bankrate.com senior financial analyst Greg McBride.  Even the prospect that Congress might finally act on reforming the GSEs does not deter him from his view that the Fed will not abandon QE3 in light of the fragility of both the national economy and housing economies.

With Fannie and Freddie originating 90 percent of new mortgages, removing the government guarantee that helps make these loans possible would ruin the recovery.  “Say what they want about ending the GSEs, it’s not going to happen,” said McBride.

Nor does he see significant changes in lending standards that many claim are making it too difficult for first-time buyers to get financing.  “Today’s median FICO of 750 and other financial qualifications are not insurmountable to young buyers with low debt and good jobs.” he said.

“Lukewarm jobs reports of 155,000 to 160,000 new jobs are not enough.  We need to see job growth twice that size before the Fed should even think about changing its policies,” he said.

This week on Bankrate.com’s  Rate Trend Index, 55 percent of the panelists believe mortgage rates will rise over the next week or so, 27 percent think rates will fall, and 18 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).

Bankrate.com surveys experts in the mortgage field to see if they believe mortgage rates will rise, fall or remain relatively unchanged. The panel is comprised of mortgage bankers, mortgage brokers and other industry experts who provide residential first mortgages to consumers.

via realestateeconomywatch.com

Foreclosure Supply Plummeted in November | Bedford Hills NY Real Estate

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Completed foreclosures fell 23 percent in November compared to a year ago and the national foreclosure inventory declined 18 percent from November 2011, from 1.5 to 1.2 million properties as demand from investors kept local inventories low.

According to CoreLogic, there were 55,000 completed foreclosures in the U.S. in November 2012, down from 72,000 in November 2011, a year-over-year decrease of 23 percent. On a month-over-month basis, completed foreclosures fell from 59,000* in October 2012 to the current 55,000, a decrease of 6 percent.

Approximately 1.2 million homes, or 3.0 percent of all homes with a mortgage, were in the national foreclosure inventory as of November 2012 compared to 1.5 million, or 3.5 percent, in November 2011. Month-over-month, the national foreclosure inventory was down 3.5 percent from October 2012 to November 2012. Year-over-year, the foreclosure inventory was down 18 percent. The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process.

(See National Foreclosure and Shadow Inventories fell by a Total 500K in 2012).

“The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to historic norms, but this trend is firmly in the right direction.”

Historically, foreclosures averaged 21,000 per month between 2000 and 2006. Since the financial crisis began in September 2008, there have been approximately 4.0 million completed foreclosures .

“The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method. Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures,” said Mark Fleming, chief economist for CoreLogic.

Highlights as of November 2012:

  • The five states with the highest number of completed foreclosures for the 12 months ending in November 2012 were: California (102,000), Florida (94,000), Michigan (75,000), Texas (58,000) and Georgia (52,000).These five states account for 50 percent of all completed foreclosures nationally.
  • The five states with the lowest number of completed foreclosures for the 12 months ending in November 2012 were: South Dakota (10), District of Columbia (62), Hawaii (415), North Dakota (491) and Maine (597).
  • The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: Florida (10.4 percent), New Jersey (7.3 percent), New York (5.1 percent), Nevada (4.7 percent) and Illinois (4.7 percent).
  • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Wyoming (0.4 percent), Alaska (0.7 percent), North Dakota (0.7 percent), Nebraska (0.8 percent) and South Dakota (1.0 percent).

*October data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results.

via realestateeconomywatch.com

Online Video Weekly News Round Up – New Year’s 2013 Edition | Bedford Hills Realtor

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Happy 2013! If 2012 was any indication on where online video is going, then 2013 is set to be a major year again for several parts of the industry. As we watch it unfold it’s always nice to see what’s going on in areas that we don’t quite cover here at ReelSEO, including, daily news.

It was both a short week and a fairly quiet one with the holiday and the tech industry practically holding its breath waiting for CES next week. So hang in there for now. Next week we’ll see what the TV makers will be pushing this year. I have to believe it will be a lot of connected TV and multi-device options.

Washington Post Political Video Channel In Works

The Washington Post is set to offer around 30 hours of online video for a dedicated political channel by summer 2013.

Source: Washington Post

Sony Looking to Become Virtual MSO Provider?

Variety reports that Sony is set to create its own multichannel TV service, which would most likely send content to its line of Bravia TVs and Playstation consoles most likely.

“The Japanese conglomerate is in active negotiations with at least two major content companies about licensing their channels for a package that could roll out in the U.S. later this year, according to sources.”

YouTube Expanding Content Beaming to More Devices and Players

We all know Google and Apple have been going at it on a variety of fronts with the latest being remote playback of content, or beaming content from one device to another.

YouTube’s take on AirPlay allows users to browse videos with the YouTube Android app for phones and tablets, and then initiate playback on the TV screen with the click of a single button. Device discovery is facilitated automatically as long as the devices are in the same network. Previous iterations of YouTube second-screen control functionality required users to first manually pair their devices.

Source: GigaOm

Rovi Selling VOD Venture

Rovi has announced that it will sell its CinemaNow, which powers Best Buy, but will retain the rights to the DivX codec.

In announcing the decision, Rovi president and CEO Tom Carson said the company is aligning “primarily around delivering enabling solutions for our service provider customers and using those efforts to also generate growth with our consumer electronics and other customers.”

Source: Multichannel News

Samsung Upgrading Smart TVs

A new year, a new CES, an upgraded Smart TV from Samsung. It makes sense.

The company’s Evolution Kit, announced a year ago, attaches into the back of select 2012 Samsung Smart TV models. The module provides additional processing and memory to provide faster Internet browsing speeds, enhanced voice and motion controls, and app multitasking while watching TV, according to Samsung.

Source: Multichannel News

Intel Stumbles on its Virtual MSO Service

With so many trying to get into the game, is it any surprise they’re having content licensing issues as well as hardware?

One person familiar with Intel’s thinking on Monday predicted the company would launch its offering by mid-2013. Another person said a service might not arrive until as late as the fourth quarter, citing delays in reaching content-licensing agreements with entertainment companies that own major TV channels.

Source: WSJ

via reelseo.com

Online Video Weekly News Round Up – New Year’s 2013 Edition | Bedford Hills Realtor

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Happy 2013! If 2012 was any indication on where online video is going, then 2013 is set to be a major year again for several parts of the industry. As we watch it unfold it’s always nice to see what’s going on in areas that we don’t quite cover here at ReelSEO, including, daily news.

It was both a short week and a fairly quiet one with the holiday and the tech industry practically holding its breath waiting for CES next week. So hang in there for now. Next week we’ll see what the TV makers will be pushing this year. I have to believe it will be a lot of connected TV and multi-device options.

Washington Post Political Video Channel In Works

The Washington Post is set to offer around 30 hours of online video for a dedicated political channel by summer 2013.

Source: Washington Post

Sony Looking to Become Virtual MSO Provider?

Variety reports that Sony is set to create its own multichannel TV service, which would most likely send content to its line of Bravia TVs and Playstation consoles most likely.

“The Japanese conglomerate is in active negotiations with at least two major content companies about licensing their channels for a package that could roll out in the U.S. later this year, according to sources.”

YouTube Expanding Content Beaming to More Devices and Players

We all know Google and Apple have been going at it on a variety of fronts with the latest being remote playback of content, or beaming content from one device to another.

YouTube’s take on AirPlay allows users to browse videos with the YouTube Android app for phones and tablets, and then initiate playback on the TV screen with the click of a single button. Device discovery is facilitated automatically as long as the devices are in the same network. Previous iterations of YouTube second-screen control functionality required users to first manually pair their devices.

Source: GigaOm

Rovi Selling VOD Venture

Rovi has announced that it will sell its CinemaNow, which powers Best Buy, but will retain the rights to the DivX codec.

In announcing the decision, Rovi president and CEO Tom Carson said the company is aligning “primarily around delivering enabling solutions for our service provider customers and using those efforts to also generate growth with our consumer electronics and other customers.”

Source: Multichannel News

Samsung Upgrading Smart TVs

A new year, a new CES, an upgraded Smart TV from Samsung. It makes sense.

The company’s Evolution Kit, announced a year ago, attaches into the back of select 2012 Samsung Smart TV models. The module provides additional processing and memory to provide faster Internet browsing speeds, enhanced voice and motion controls, and app multitasking while watching TV, according to Samsung.

Source: Multichannel News

Intel Stumbles on its Virtual MSO Service

With so many trying to get into the game, is it any surprise they’re having content licensing issues as well as hardware?

One person familiar with Intel’s thinking on Monday predicted the company would launch its offering by mid-2013. Another person said a service might not arrive until as late as the fourth quarter, citing delays in reaching content-licensing agreements with entertainment companies that own major TV channels.

Source: WSJ

via reelseo.com

‘Fiscal cliff’ bill addresses some key housing issues | Bedford Hills Real Estate

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When the monthlong congressional game of chicken known as the “fiscal cliff” ended late last night in the House of Representatives, housing and real estate emerged as winners on most key issues.

The Senate bill that finally passed the House by a 259-167 vote extended a number of federal tax code provisions that are important to homebuyers, sellers, builders and real estate professionals.

The bill also made permanent the Bush-era reduced tax brackets for all but the highest income earners in the country, along with a permanent “patch” to the increasingly troublesome alternative minimum tax (AMT) that threatened millions of middle-income homeowners with higher taxes.

Here’s a quick overview of what the legislation means for housing:

Mortgage Forgiveness Debt Relief extended through 2013

For huge numbers of financially distressed owners of homes with underwater mortgages, this was the biggest issue in the entire fiscal cliff debate. The mortgage debt relief provisions in the tax code, first enacted in 2007, expired at midnight Dec. 31.

Had Congress not acted, the tax code would have reverted to its pre-2007 treatment of mortgage principal reductions or cancellations by lenders, whether through loan modifications, short sales, deeds-in-lieu or foreclosures: All principal balances written off would be treated as ordinary income to the homeowners who received them.

For illustration, if a lender wrote off $100,000 of debt to facilitate a short sale, the seller would be taxed on that $100,000 at regular marginal rates, just as if he or she had earned it as salary.

A return to taxation of principal reductions would have disrupted short sales — a growing segment of the home real estate market — in 2013, and almost certainly would have encouraged more distressed owners to opt for foreclosure and bankruptcy.

Deduction of mortgage insurance premiums

The bill retroactively extended this benefit to cover all of 2012, plus continues it through 2013. Qualified borrowers who pay private mortgage insurance premiums or guarantee fees on conventional, low down payment home loans, FHA, VA and Rural Housing mortgages will be able to write off those premiums along with their mortgage interest on federal tax returns. The retroactive feature is crucial because Congress had allowed this deduction to lapse at the end of 2011. There are limitations, however: The write-off is available only to borrowers who have an adjusted gross income below $110,000.

Tax credits for energy-efficiency home improvements

This benefit provides modest tax credits of $200 to $500 for owners who install energy-efficient windows, insulation and other upgrades designed to cut energy consumption. The bill covers improvements made during 2012 and 2013.

Tax credits for new energy-efficient new houses

This allows builders and contractors to claim a $2,000 tax credit on new homes constructed in 2012 and 2013 that meet federally specified energy-conservation standards. The bill also extends credits for U.S.-based manufacturers of energy-efficient refrigerators, clothes washers and dishwashers. As with other energy-related tax provisions, this had expired last year and will now be continued through 2013.

So what’s negative in the fiscal cliff compromise bill for real estate?

Not a whole lot for homeowners who aren’t in the highest income brackets. But for those who are, there are provisions that likely will inflict some pain.

Start with marginal tax rates and capital gains. If you earn $400,000 or more as a single filer or $450,000 as a joint filer, your new marginal federal tax rate is 39.6 percent.

You also get hit with a 20 percent rate on long-term capital gains, such as those from investment real estate and home sales that rack up gains beyond the $250,000/$500,000 thresholds.

Also, the new “Obamacare” 3.8 percent surcharge on certain investment income, which went into effect Jan. 1, could raise effective rates on capital gains for upper bracket households to 23.8 percent. As a result, some investors in rental property and commercial real estate may begin looking again to Section 1031 tax-deferred exchanges to hang onto their profits.

For taxpayers in the 33 percent, 28 percent and lower marginal tax brackets, capital gains will continue to be taxed at 15 percent.

Perhaps the crucial question to ask about the new legislation is: What could have been in the fiscal cliff compromise package affecting real estate but wasn’t included? That’s easy: There are none of the “grand bargain” deduction limitations on mortgage interest and property taxes that had been proposed by tax system reform proponents.

But don’t assume those proposals are moribund. Quite to the contrary, they are likely to arise again this spring and summer, when broader scale debates over the shape of the tax code get under way. Once that process starts, watch out: Home real estate tax preferences like the “MID” will be front and center on the chopping block.

via inman.com

Fiscal cliff deadline only hours away | Bedford Hills NY Realtor

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President Barack Obama says it appears that an agreement to avoid the fiscal cliff is “in sight,” but says it’s not yet complete and work continues.

Obama says this has been a “pressing issue on people’s minds,” and tells an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans “who are still out there looking for a job.”

He voiced regret that the work of the administration and lawmakers on Capitol Hill won’t produce a “grand bargain” on tax-and-spend issues, but said that “with this Congress, it couldn’t happen at that time.”

Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate.

Any overall deal was also likely to include a provision to prevent a spike in milk prices with the new year, extend unemployment benefits due to expire and protect doctors who treat Medicare patients from a 27 percent cut in fees.

Both the House and Senate were on track to meet on the final day of the year, although there was no expectation that a compromise could be approved by both houses by midnight, even if one were agreed to.

Instead, the hope of the White House and lawmakers was to seal an agreement, enact it and send it to Obama for his signature before taxpayers felt the impact of higher income taxes or federal agencies began issuing furloughs or taking other steps required by spending cuts.

Regardless of the fate of the negotiations, it appeared all workers would experience a cut in their-home pay with the expiration of a two-year cut in payroll taxes.

Officials who described the negotiations did so on condition of anonymity, citing the confidential nature of the discussions.

A spokesman for McConnell, Don Stewart, said the Kentucky lawmaker and Biden “continued their discussion late into the evening and will continue to work toward a solution.” Underscoring the flurry of activity, another GOP aide said the two men had conversations at 12:45 a.m. and 6:30 a.m. Monday.

Unless an agreement is reached and approved by Congress by the start of New Year’s Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs

Though the tax hikes and budget cuts would be felt gradually, economists warn that if allowed to fully take hold, their combined impact — the so-called fiscal cliff — would rekindle a recession.

“This whole thing is a national embarrassment,” Sen. Bob Corker, R-Tenn., said Monday on MSNBC, adding that any solution Congress would swallow at this late stage would be inconsequential. “We still haven’t moved any closer to solving our nation’s problems.”

In a move that was sure to irritate Republicans, Reid was planning — absent a deal — to force a Senate vote Monday on Obama’s campaign-season proposal to continue expiring tax cuts for all but those with income exceeding $200,000 for individuals and $250,000 for couples.

In one sign of movement on Sunday, Republicans dropped a demand to slow the growth of Social Security and other benefits by changing how those payments are increased each year to allow for inflation.

Obama had offered to include that change, despite opposition by many Democrats, as part of earlier, failed bargaining with House Speaker John Boehner, R-Ohio, over a larger deficit reduction agreement. But Democrats said they would never include the new inflation formula in the smaller deal now being sought to forestall wide-ranging tax boosts and budget cuts, and Republicans relented.

“It’s just acknowledging the reality,” Sen. Susan Collins, R-Maine, said of the GOP decision to drop the idea.

There was still no final agreement on the income level above which decade-old income tax cuts would be allowed to expire. While Obama has long insisted on letting the top 35 percent tax rate rise to 39.6 percent on earnings over $250,000, he’d agreed to boost that level to $400,000 in his talks with Boehner. GOP senators said they wanted the figure hoisted to at least that level.

Senators said disagreements remained over taxing large inherited estates. Republicans want the tax left at its current 35 percent, with the first $5.1 million excluded, while Democrats want the rate increased to 45 percent with a smaller exclusion.

The two sides were also apart on how to keep the alternative minimum tax from raising the tax bills of nearly 30 million middle-income families and how to extend tax breaks for research by business and other activities.

via chicagotribune.com

Can Stainless Be Dethroned as King of the Kitchen? | Bedford Hills NY Real Estate

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The kitchen in a Phoenix home for sale.

Not so long ago, a repairman could tell the age of an appliance by the color of its finish. If it was avocado or harvest gold, it had to be from the 1970s or early ’80s. Poppy red meant the appliance was made in the 1970s, and harvest wheat, coffee or almond meant your oven or fridge was new in the early 1980s.

Stainless appliances first burst onto the scene in the late 1980s, and they’ve had a remarkable run. But there are those in the industry who sense “stainless fatigue” among homeowners.

It should come as no surprise, then, that major manufacturers have their own ideas about the next hot appliance finishes:

Slate could be great

In September, GE introduced a new finish called “Slate” across its line of appliances.

The company’s news release about the launch details how its industrial designers spent countless hours conducting consumer research and reviewing design trends in the kitchen, home furnishings, home entertainment products, and automotive interiors and exteriors.

The result was Slate, a warm, gray metallic with a low-gloss finish that is a natural complement to the wide spectrum of wall colors, countertop materials and floor/cabinetry finishes found in today’s homes.

“As people transition their kitchen appliances over time, it was important to us to find a finish from a palette that is timeless and harmonious, yet distinctive,” said Lou Lenzi, whose team of designers created the new finish. “Slate is a universal, neutral finish that will suit consumers who want a premium finish that can complement or even replace stainless steel.”

Ice may be nice

Whirlpool Corp. introduced its “Ice Collection” of appliances in July, including a glossy white finish for dishwashers, microwave ovens, ranges and refrigerators.

“White is the new stainless,” the company’s news release said. The collection also includes a sleek Black Ice finish.

Patrick Schiavone, Whirlpool’s vice president of global consumer design, has said he “is over” stainless steel and set out to update the style and appearance of black and white appliances. The collection is defined by silver accents, elegant lines, sleek handles and streamlined controls.

Is black back?

When high-end cooking appliances manufacturer Wolf introduced its newest model in early 2012, its news release boldly proclaimed: “Black is the New Stainless Steel.”

The company’s Black Glass model comes adorned with a black glass tubular handle and cobalt blue interior. In addition to the oven, Wolf is also offering black glass trim kits for its warming drawers and convection and standard microwaves.

“Our commitment to design has always been on par with Wolf’s dedication to innovation and quality,” Michele Bedard, vice president of marketing for Sub-Zero and Wolf, said in a news release. “Introducing a new finish elevates the line and opens a whole new realm of design possibilities for designers and consumers alike.”

Can color triumph?

Viking Range Corp. offers 23 color alternatives to stainless steel in its high-end open-burner range; the company most recently expanded its palette of finishes to include Cinnamon, Dijon, Kettle Black and Wasabi.

All those choices, yet stainless steel reigns supreme.

“I’d say 80 percent of our sales are still stainless steel,” says Brent Bailey, design director at Viking Range. “I could add another 100 colors, and the percentage wouldn’t change much.”

via zillow.com