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Bank of America returning to mortgage lending | Bedford NY Real Estate

Brian Moynihan, CEO of Bank of America, is among the top banks in the country asking Congress to avoid a default in the debt crisis.

Bank of America Corp. is getting ready for a new run in the mortgage lending business after pulling back nearly two years ago, the Wall Street Journal reports.

Bank of America (NYSE: BAC) retreated from home lending in 2010 and 2011 as it worked to raise capital.

But at the time, declining interest rates and federal housing programs were causing a surge in refinancing, helping rival such as Wells Fargo & Co. (NYSE: WFC).

Read more at the Wall Street Journal.

US Home Prices Surge Despite Distress | Bedford Real Estate

For nine straight months, national home prices have been in the positive, and the gains are only getting larger. The latest reading for November shows a 7.4 percent jump from a year ago, according to CoreLogic. That includes sale prices of distressed properties, bank-owned homes and short sales. This is the largest year-over-year jump since 2006 when we were at the height of the housing boom.

Debt Ceiling Debate & Taxes

Brian Wesbury, First Trust Advisors chief economist, discusses how the debt ceiling and taxes are impacting the U.S. economy and consumers.

“As we close out 2012 the pending index suggests prices will remain strong,” wrote Mark Fleming, chief economist for CoreLogic in a release. “Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013.”

Some had predicted price gains of between three and five percent in 2013, but these numbers seem to indicate the market could outpace expectations.

While competition among investors for distressed properties drove home price gains in much of 2012, the non-distressed market appears to be catching up. Excluding distressed sales, home prices still saw a healthy 6.7 percent annual gain in November, and analysts at CoreLogic are predicting an even larger 8.4 percent jump in December.

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”

Homes for sale in San Marcos, California

Just six states, Delaware, Illinois, Connecticut, New Jersey, Rhode Island and Alabama saw annual price depreciation. New Jersey still has a huge backlog of distressed properties, as does Illinois. Arizona, Nevada and California are seeing big home price gains, as investors there continue to inhale properties to take advantage of the very lucrative rental market. Still, even excluding distressed sales, Nevada saw a 12 percent jump in home prices.

There are, however, still looming headwinds to home prices, as banks ramp up foreclosures especially in states that require these cases to go before a judge. That new inventory could slow price gains in those states. Inventory, or lack thereof, is the primary driver of much of these gains. There were just 2.03 million homes for sale in November, according to the National Association of Realtors, a 23 percent drop from November of 2011 and the lowest supply since September of 2005.

Some are concerned that low inventory and not increased demand is juicing prices faster than is healthy for the housing recovery. If prices start to outpace earnings and employment growth, and then more properties hit the market this Spring, these gains could take a U-turn.

The Importance of Facebook’s Graph Search | Bedford NY Realtor

I have not exactly been a Facebook fanboy over the years. That may well have changed yesterday with the announcement of Facebook’s Graph Search, which seems to address two of my fundamental concerns with the world’s most popular online site.

First, until yesterday, I saw no compelling reason why people needed to stay at Facebook. We are there because our friends are there. We are there because we can get deals by liking a brand. We are there because it is the state of social networking today. These are not such compelling, defensible and sustainable features that they ensure we will not wander off.

Second, Facebook is a walled garden. It is a closed social network in a universe designed to be open. History has not been kind to closed systems and I have felt Facebook needed to open up or eventually people would just wander away as other amusements, innovations and marketing platforms popped up elsewhere.

The social graph has existed for some time, and it has made Facebook more knowledgeable about who we talk to and what we like than any other organization in history. But until yesterday, the social graph seemed more beneficial to marketers than to people.

Graph Search certainly benefits organizations, but it also has unique, valuable and sustainable advantage to the hundreds of millions of people using Facebook. Unlike what we do at Google, we can find people, places, photos and interests based on who we talk to on Facebook. This seems to me to be a better way to search for many things than the way Google does it.

More than that, Facebook knows more about our relationships today than anyone, while Google knows more about what we are looking for. The latter is valuable, but it seems to me less so than the former.

In yesterday’s announcement, Zuckerburg insisted Graph Search was inwardly focused; that it would not be competing with Google. I think in the short term that is the case, but over time Graph Search will show itself as a competitive threat to Google, LinkedIn, Match.com, Expedia, Amazon.com and anywhere else we go looking for people, leisure activities or information.

If I understand Graph Search right, then it really has no other way to go.

That would explain the partnership with Microsoft Bing.  Bing is often overlooked because it has garnered less than 10 percent of the existing search market. Small as it may seem, it’s enough to redirect more than a billion advertising dollars a year, according to multiple sources, from Google’s cash register into Microsoft’s.

Bing may also be the road out of the Facebook walled garden. Bing, of course, crawls the entire web. Most users find search results to be as good as what they get from Google, but the photos are superb. In mobile apps, Bing is a visually wonderful search platform.

But if Graph Search is just about crawling Facebook, why does it need Bing? My guess is Facebook’s strategy will be to remove the walls of its garden slowly over time and give users results from all the sources on the worldwide web. As the biggest node of all the nodes in the Internet universe, Graph Search is at once extremely useful and valuable; as an open system using Bing to crawl the rest of the web, it will compete with just about everything and everywhere you search today, from Google and LinkedIn to Match.com, to books at Amazon.com and just about everywhere else.

This may not happen soon. It’s only my speculation, but it feels to me the door has finally been left open a crack.

As for me, I’m like just about everyone else that has been talking about this significant slice of news. I just can’t wait to start playing with my Graph Search. I expect I will be using Facebook more, not less, in the coming weeks, months and years.

Average 2012 selling price for the Bedford New York Area | Bedford NY Homes

Average 2012 selling price for the Bedford New York Area | Bedford NY Homes

2012 Ave. Sales Price2012
$781,510.00Mt Kisco
$1,083,327.00Bedford Hills
$1,356,741.00Bedford
$639,674.00North Salem
$652,715.00South Salem
$892,754.00Pound Ridge
$1,030,634.00Chappaqua
$1,264,648.00Armonk

2012 Bedford NY sales down 1.5% – Prices down 12.35% | RobReportBlog

2012 Bedford NY sales down 1.5% – Prices down 12.35% | RobReportBlog

Bedford NY Sales
2012 2011
67Sales681.50%DOWN
$986,000.00Median Price$1,125,000.0012.35%DOWN
$418,500.00Low Price$305,000.00
$4,750,000.00High Price$4,250,000.00
4081Ave. Size3995
$322.00Ave. Price/foot$332.00
198Ave. DOM208
93.42%Ave. Sold/Ask93.52%
$1,356,741.00Ave. Sold Price$1,377,163.00