Tag Archives: Bedford NY Horse Properties

HSBC to pay $249 million to end foreclosure probes | Bedford NY Real Estate

International bank HSBC signed onto an agreement that effectively ends the companies’ review of questionable foreclosure practices.

Rather than using an independent review process already in place, the bank will address the issue through a one-time settlement with impacted homeowners.

The mega bank is joining 12 other servicers that already ended independent foreclosure reviews by opting to solve legacy foreclosure processing claims through a cash settlement.

HSBC alone will pay $249 million in both direct cash payments and foreclosure assistance to borrowers harmed by sloppy or questionable foreclosure practices, the Office of the Comptroller of the Currency said Friday.

Of those funds, $96 million will go to eligible borrowers, while $153 million will cover loan modifications and deficiency judgments.

The Federal Reserve and OCC released similar deals with other major servicers, including Aurora, Bank of America ($11.14 -0.14%), Citibank ($41.66 0.42%), Goldman Sachs ($144.45 3.44%), JPMorgan Chase ($46.46 0.02%), MetLife Bank ($36.31 -0.05%), Morgan Stanley ($22.38 1.63%), PNC ($61.84 -0.17%), Sovereign, SunTrust ($29.14 -0.43%), U.S. Bank ($32.87 0.11%) and Wells Fargo ($34.93 -0.1%).

With HSBC added to the pile of settling firms, 4.2 million borrowers will receive about $3.6 billion in cash to be distributed among them. Another $5.7 billion will be used to offer mortgage assistance.

Federal regulators moved to the one-time settlement approach after finding the foreclosure review process too costly and inefficient.

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.

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

Zillow allows rental agents to post personal webpages | Bedford Real Estate

Zillow is adding a suite of free tools and productivity solutions to allow property managers and rental agents to quickly and easily create a custom website to brand themselves or their business at no cost.

Real estate search is transitioning to a more virtual experience with an estimated 90% of home shoppers — and renters — starting their search online.

“At Zillow we’re focused on giving rental professionals the tools they need to attract and collaborate with prospective tenants,” said David Vivero, vice president of Zillow Rentals.

The target users for the new suite of tools are rental professionals who do not own a website or are looking to improve their current website.

Users can choose a personalized domain, optimize their site for search engines, integrate rentals listing and engage surfers using Zillow.

Bedford NY area luxury market down 14% | RobReportBlog

Bedford NY area luxury market down 14%  |   RobReportBlog

Homes selling for more than $2,000,000  –  last six months

2012

23  homes sold

2011

27  homes sold

There are currently 135 homes for sale asking over $2,000,000.  At the current rate it will take 35.22 months to sell these homes.  There is a great inventory of un sold homes to choose from.

U.S. Solar Industry on Pace for Record Growth in 2012 | Bedford NY Real Estate

solar installs 2012

With only weeks left in 2012, it appears that the U.S. solar installs will surpass 2011 levels in dramatic fashion. A new report from GTM Research and the Solar Energy Industries Association® (SEIA®) released today shows 684 megawatts added in the third quarter (Q3) of 2012, representing 44-percent growth over the same period last year. Already, 1,992 megawatts have been added to the grid – surpassing 2011′s total of 1,885 megawatts. And we’ve still got reporting on the fourth quarter of 2012 to go!

According to the report, there are more than 6.4 gigawatts of solar electric capacity installed in the U.S., enough to power more than one million average American households.

“While Q3 2012 was remarkable for the U.S. PV market, it is just the opening act for what we expect to see in Q4,” said Shayle Kann, vice president of research at GTM. “We forecast more than 1.2 gigawatts of PV to be installed next quarter on the back of developers who are pushing to meet year-end deadlines in both the utility and commercial segments. We also expect to see the residential PV market post another record number in Q4, as third-party residential installers gain more traction in mature, cost-effective markets.”

Ok – so what’s all this mean? Greener energy, more acceptance, and cheaper prices. Average residential system prices dropped $5.45 per watt to $5.21 per watt nationally. In the utility sector, the savings were even greater – dropping to $2.40 per watt – a 30% decrease from last year.

Check out the full report here.

Photo credit: Shutterstock.com

Why you should never cut corners on finishes | Bedford Realtor

A friend of mine is an expert plaster and drywall finisher with almost 50 years in the trade. Not long ago, he knocked himself out on a very labor-intensive plastering job. Instead of kudos, though, he got a complaint from the owner, who said:

“Jimmy, they painted the walls, but I’m really unhappy with the way they came out.”

“Who did the painting?” my friend asked.

“A couple of college students,” replied the owner, apparently without irony.

Tradespeople tell these kinds of horror stories all the time. Besides being entertaining, they can give remodelers an object lesson in the things that really matter: You can scrimp a little here and there, but don’t ever cut corners on the finishes that meet the eye — be they on the floor, the walls, the ceiling or the roof.

As it happens, my plasterer friend went back to see what the owner was complaining about, and his heart sank: The college kids — who probably had four hours of painting experience between them — had ruined all his painstaking plasterwork in one gloppy coat. Although my friend did manage to undo all this damage, it cost the owner a lot more than he’d “saved” by hiring cheapo painters. Next time, my friend advised him, he’d do better to hire a pro and not a couple of yahoos on summer break.

Sound advice, of course. The trouble is, for most remodelers, those final, all-important finish phases happen late in the job, at just about the same time their money is running out. This makes it excruciatingly tempting to hire low-bid, quick-and-dirty practitioners who could wreck all the hard work done before them.

Don’t fall into this trap. Instead, set aside an ironclad, untouchable reserve for the very best professional finish work you can reasonably afford. This is especially critical if you tend to be an impulsive buyer, and are always tempted to spend “just a little bit more” on unplanned extras along the way. It’s this kind of “feature creep” that exhausts budgets at just the time the finish work comes around.

Your reserve for finishes should ensure that you can afford decent-quality stucco, roofing, hardwood flooring and carpet, but above all, it should provide for top-quality painting. Why? Because, of all the aforementioned trades, painting is the only one that homeowners wrongly assume any fool can do. Well, any fool can paint, all right, but the results will speak for themselves.

It’s perfectly reasonable to shop for bargains on materials such as lumber, pipe, electrical wire, and so on. You may even be able to cut costs by using salvaged material or providing sweat equity on framing, plumbing or what have you. As long as these invisible portions of the job are safe and adequate, no one will ever know or care that you didn’t pay top dollar for them.

Not so with finishes. Slapdash work will be right there, staring you in the face every morning. Save where you will, but don’t save on the surfaces that meet the eye.