Tag Archives: South Salem Luxury Real Estate

What’s Happening to the Most Important Homes in Real Estate? | South Salem Real Estate

What’s really happening with homes in the bottom price tiers?

These are the most important homes in the entire real estate economy.  They are where the housing ladder begins: they are then entry point for new buyers, the starter homes that MUST be available and affordable for Millennials if the housing economy is to ever function again as it was meant to.  Until families ready to move up lists their starter homes, nothing is available to buy.

Reams have been written about tight credit stopping first time buyers but almost nothing about an equally serious problem. Homes on the lowest tier haven’t appreciated sufficiently for owners to sell—or even to make it possible for them to sell.

Despite the progress that has made since the housing crash, some 5.1 million homes, or 10.3 percent of all residential properties with a mortgage, were still in negative equity as of Q3 2014, according to CoreLogic.  Another 9.4 million had less than 20-percent equity (referred to as “under-equitied”), making it virtually impossible for them to sell or refinance.  That totals some 14.3 million homes or about 28 percent of homes with a mortgage are frozen in place.

A disproportionate number of lower cost homes are among this total, according to a new analysis from Black Knight Financial Services released this week. Black Knight’s latest Mortgage Monitor Report, based on data through the end of November 2014, found that home price recovery varies significantly for properties within different tiers of home values.  .A decade after the housing crash, some 85 percent of homes valued at less than $200,000 of no equity while 94 percent of homes valued at greater than $200,000 have equity.  Home price recovery for the lowest 20 percent of property values has lagged behind those it the top price tiers.

“We looked at HPI appreciation from pre-crisis peaks to today in the 10 states currently trailing the furthest behind their pre-crisis housing maximums,” said Barnes. “The data showed a clear difference in the levels of recovery among home price tiers. The Black Knight HPI separates home values for every geographical division into five equal tiers; those in the lowest 20 percent of home values have been lagging behind their higher-valued counterparts in recovery to pre-crisis peaks, sometimes considerably.

 

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http://www.realestateeconomywatch.com/2015/02/whats-happening-to-the-most-important-homes-in-real-estate/

Icy Concrete Cottage in Slovenia is Surprisingly Ethereal Inside | South Salem Real Estate

 

k1.jpgPhoto by Janez Marolt via Dezeen

Though inspired by traditional Slovenian cottages, this stony abode near the Slovenian-Italian border is distinctly contemporary. Designed by Ljubljana-based firm Dekleva Gregorič Architects and completed earlier this year, the building dons a six-inch-thick concrete façade that’s been rendered extra rugged with irregular chunks of stone packed in. It’s also blessed with three large windows, surely an upgrade from the “almost windowless” stony houses typical of the region.

Inside, the 990-square-foot looks polished and lightweight, with the interior palette skews towards pale wood and white. Meanwhile, circulation across the second floor, which was created from inserting two wooden bedroom volumes near the gabled roof, is enclosed by breezy ropes and nets. Take a closer look.

 

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http://curbed.com/archives/2014/12/16/dekleva-gregoric-slovenia-karst-house.php

Insurance Tips for First-Time Home Buyers | South Salem Real Estate

Nothing can seem as exciting — and overwhelming — as buying your first home. Which do you do you first: look for the perfect property or chase the right mortgage? Where does a real-estate agent fit into the picture?

There’s so much to consider that many first-time buyers don’t think about home insurance — a factor that will be important when it comes to closing on their house.

You should factor the ongoing cost of home insurance into your home-buying budget, because it will probably show up in your monthly mortgage payment along with payments on your loan principal and interest and your property taxes. That means you should go into your search knowing the basics about insuring your house and what can drive up the cost of coverage.

Once you choose the house and negotiate an offer, it will be time to find an insurer. There are a few issues to take into consideration before settling on a provider — all policies are not created equal. Using these tips can help you save money and ensure that you have quality coverage to protect your largest investment.

Give yourself credit

You know credit matters when it comes to getting a favorable interest rate on your mortgage. But did you know it also matters for home insurance? That’s because home insurance providers use your credit report as part of the formula for assessing the risk you pose as a policyholder. Their models show that consumers with good credit are much less likely to file claims.

So before you get too far into the buying process, assess your credit and take steps to improve your score. At the very least, make sure to correct any errors. Improving your credit score can result in big savings on your mortgage and your home insurance premiums.

Shop around

The price of home insurance varies widely from carrier to carrier. That’s because each provider has a different algorithm for determining customer premiums. This is one reason why it’s a good idea to comparison shop. You could end up saving yourself hundreds of dollars simply by getting a few different quotes.

Don’t skimp on coverage

While you want to save money on home insurance, it’s important not to skimp on coverage. Standard home insurance policies typically offer protection from a variety of potential risks, ranging from liability to damage from weather-related perils. However, you may want to adjust or add coverage depending on your needs.

 

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http://www.zillow.com/blog/insurance-tips-first-time-buyers-165791/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29

Pending Sales Trend Down | South Salem Real Estate

Although pending home sales decreased 1.1% in October, the index was up from the previous year. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased to 104.1 in October, down from an upwardly revised 105.3 in September. The October index was up 2.2% from the same month a year ago, and pending sales were up year-over-year for the second consecutive month.

Pending Home Sales October 2014

The October PHSI increased modestly in the Northeast, but decreased in the other three regions, ranging from a 0.6% decrease in the Midwest to a 3.2% decrease in the West. Year-over-year, the West, South and Northeast increased 4.1%, 3.9% and 3.4% respectively, while the Midwest declined 3.0%.

Last week NAR reported a 1.5% increase in October existing home sales, following an increase in September. Firming job and economic growth suggests that the existing home market will demonstrate steady growth through the end of the year. The housing recovery has moved towards higher ground reflected by the 0.7% increase in October new homes sales also reported today.

 

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http://eyeonhousing.org/2014/11/pending-sales-trend-down/

Easier mortgage rules, stable rates bring back U.S. home buyers | South Salem Real Estate

Many U.S. home buyers are returning to the market after almost a year as interest rates stabilize and regulators propose more relaxed rules on mortgage lending.

U.S. homebuilders D.R. Horton Inc and Toll Brothers Inc reported jumps in orders this week at rates not seen since last year.

“We’re definitely seeing a lot more purchase business than we have in the past,” said Matt Hackett, underwriting manager at Equity Now, a New York-based mortgage lender.

Interest rates fell in October to their lowest since June 2013 after rising steadily for the past year. Although up slightly since, they are still at historic lows.

New rules proposed will allow Americans to buy homes with down payments as low as 3 percent.

“The buyers realize that they’re never going to get this kind of low interest rate environment,” said David Crowe, chief economist at the National Association of Home Builders.

Wayne Wellington, a 47-year old inspector at the Broward County housing authority in Florida, said he wanted to upgrade his current house for a larger property before rates spiked.

“Interest rates look like they’re on the verge of moving up a little bit and I’ve got to capitalize now on these wonderful rates,” he told Reuters.

The improvement in buyer sentiment is bringing much needed relief to homebuilders, which reported an underwhelming spring selling season this year. Spring selling is to homebuilders what the holiday season is to retailers.

“First-time home buyers are the ones missing from the marketplace (and) part of the reason we’ve had a relatively slow recovery in housing. Some relaxation in the overly restrictive lending standards will bring the first-time home buyer back,” Crowe said.

The Dow Jones U.S. home construction index rose about 4 percent this year to Monday’s close, after doubling between January 2012 and January 2014.

Five of the largest U.S. homebuilders – D.R. Horton, Toll Brothers, Lennar Corp, PulteGroup Inc and KB Home – trade below their intrinsic values, according to StarMine.

The StarMine model measures how much a stock should be worth when considering expected growth rates over the next 15 years.

 

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http://finance.yahoo.com/news/easier-mortgage-rules-stable-rates-182541447.html

Should you rent or buy? | South Salem Real Estate

Analysts may huff and they puff, but is the market blowing another housing bubble?

Earlier this month Trulia, the online real estate marketplace, released a report detailing its research into the wisdom of buying versus renting. Which option should you choose? As it turns out, buying makes more sense than renting in all 100 of the markets studied, but the devil is in the details.

Using a 30-year, fixed-rate mortgage with a 20 percent down payment as the baseline, Trulia found that on average buying is 38 percent cheaper than renting. However, the advantage dissipates rather dramatically as the size of the down payment and the number of years buyers plan to remain in the dwelling grow smaller. An interactive map compares different scenarios.

Does this mean you should start putting open houses on your calendar? Not necessarily. As this Reuters graphic shows, August prices for the Standard & Poor’s/Case-Shiller 20-city index grew at a 5.6 percent year-over-year average. All 20 markets showed price increases, although the rate of  increase slowed for the eighth straight month, which Jed Kolko, Trulia’s chief economist, sees as evidence that we aren’t on the verge of a bubble. As price increases decelerate, speculation shrinks as well.

Taken together, the evidence suggests that buying is advantageous, but not so urgent that one needs to pounce now in order to avoid being left out in the cold.

U.S. home prices, August 2014

America’s housing policy: The definition of insanity | South Salem Real Estate

If the definition of insanity is “doing the same thing over and over again and expecting a different result,” then clearly Albert Einstein is not responsible for America’s housing policies.

Federal Housing Finance Agency director Mel Watt on Tuesday unveiled new regulations that would make it easier for Americans to buy a house with little or no money down. The rules are aimed at private lenders who opposed a proposal that borrowers make a 20% down payment.

“Finalizing this rule represents a major step forward to providing greater certainty to the housing finance market and paves the way for increased participation by the private sector,” Watt said Tuesday at the Mortgage Bankers Association’s annual conference held at the Mandalay Bay in Las Vegas (A casino? Really? The optics couldn’t be worse.)

In 2013, less than 2% of the $1.6 trillion of MBS issued were so-called private-label securities, meaning they did not have government backing.

In separate but related news, Watt earlier this week announced that Fannie and Freddie are planning to guarantee loans with down payments as little as 3%, down from 5% previously and back to pre-crisis levels.

Insanity number one is the government bending to industry lobbying against proposed rules designed to tighten lending standards and force borrowers to have more “skin in the game” vs. less. The FHFA also loosened proposals to ensure banks have some “skin in the game” by forcing them to hold a small portion of the loans rather than bundling them together and selling them as mortgage-backed securities (MBS). The 5% “risk-retention rule” requires banks to hold onto 5% of loans they sell but exemptions “may enable the banks to hold less or nothing,” The NYT reports.

Insanity number two is the federal government saying they want to encourage private lending but at the same time “shifting course on Fannie Mae and Freddie Mac, announcing plans to use the mortgage giants to expand credit rather than reducing their outsize role in the housing market,” as The WSJ put it.

Fannie and Freddie already back 60% of all mortgages originated in the private market and guarantee 90% of all new mortgages underwritten, according to Investors Business Daily.

The root of all this insanity is a housing market that not only needs the Fed to keep rates at zero “for a considerable time” but also massive government-sponsored subsidies to maintain altitude. After two years of strength, the housing market has clearly cooled in recent months. From August 2013 to February 2014, the year-over-year increase in the Case Shiller national home price index exceeded 10%. The pace of increase has declined every month so far in 2014 and was at 5.6% in July, the most recent available, the slowest pace since November 2012.

The Obama administration, the Fed and the private lenders all share the same concern: That the housing market rebound is running out of steam and will start to rollover without additional incentives for banks to lend — and Americans to borrow. The MBA expects total lending for home purchases to fall 13.5% in 2014, The WSJ reports.

 

 

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http://finance.yahoo.com/news/america-s-housing-policy–the-definition-of-insanity-145304611.html

Foreclosure inventory down 32.8% | South Salem Real Estate

There were 45,000 completed foreclosures nationally, down from 58,000 in August 2013, a year-over-year decrease of 22.2%, according to the latest data from CoreLogic.

On a month-over-month basis, completed foreclosures were up slightly by 1.1% from the 44,000 reported in July 2014.

Before the housing crash, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

“Clearly there has been a large improvement in the market the last few years, but five years into the economic expansion the foreclosure inventory remains at nearly three times the normal level,” said Sam Khater, deputy chief economist at CoreLogic. “Since homeownership rates peaked in the second quarter of 2004, there have been 7 million completed foreclosures, which account for 15% of all mortgages.”

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 5.2 million completed foreclosures across the country.

As of August 2014, approximately 629,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 936,000 in August 2013, a year-over-year decrease of 32.8%. The foreclosure inventory as of August 2014 made up 1.6% of all homes with a mortgage, compared to 2.4% in August 2013. The foreclosure inventory was down 2.6% from July 2014, representing 34 months of consecutive year-over-year declines.

“The number of foreclosures completed during the last 12 months is at the lowest level since November of 2007,” said Anand Nallathambi, president and CEO of CoreLogic. “At current foreclosure rates, the shadow inventory could fall below 500,000 units by year-end which could provide a solid boost to the recovery in housing in 2015.”

 

 

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http://www.housingwire.com/articles/31575-foreclosure-inventory-down-328-from-august-2013

 

Down to Earth Farmers Market | South Salem Real Estate

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Croton-on-Hudson Market Adds THREE Day Vendors on Sunday;
2nd Annual Piermont Apple Pie Contest on 9/28 at the Market;
Ossining: T-Shirt to Tote Workshop Creates Alternative to Plastic Bags + MORE

September 25th – October 1st, 2014
DowntoEarthMarkets.com
CauliflowerandCarrots_VeronicaLPhoto_1408
What’s New, In Season, and On Sale This Week
Apple Cider Donuts
Migliorelli Farm

Eccles Cakes
Baked by popular demand
Robinson & Co Catering

Frozen Kofta, Rajma,
Roti Roll, Saag, & Samosa

Bombay Emerald Chutney Co.

Hake Fish – SALE!
Now $11.99/lb

American Pride Seafood

Lavender Tea Biscuits
Robinson & Co. Catering

Pear Cider
Migliorelli Farm

Pumpkin Galore: Butter,
Cookies, Pies, Tarts – Even Pumpkin Explosions
!
Regular and gluten-free
Meredith’s Bread

Sweet Potato Pie
Meredith’s Bread

Wensleydale Apple Pie
As they say in Yorkshire…
“Apple pie without cheese is like a kiss without a squeeze.”

Robinson & Co. Catering

Winter Squash Varieties
Acorn, Butternut, Spaghetti, and Sweet Dumpling
Wright’s Farm


Click on a Market to see all vendor and event details…                  

Westchester
County

Rockland
County

Ossining

Saturdays
8:30 am-1:00 pm


Larchmont

Saturdays
8:30 am-1:00 pm

Piermont

Sundays
9:30 am-3:00 pm

Croton-on-Hudson

Sundays
9:00 am-2:00 pm


Rye

Sundays
8:30 am-2:00 pm

Spring Valley

Wednesdays
8:30 am-3:00 pm


Tarrytown/Sleepy Hollow

Saturdays
8:30 am-1:00 pm

New Rochelle

Fridays
8:30 am-2:30 pm


Headed to the city soon?

Visit a Down to Earth
Farmers Market in NYC!

Announcements
Ossining: Music, Cornell Master Gardeners, Free Yoga & T-Shirt to Tote!

What a market we have planned for you this Saturday, September 27th:
Join us as the acoustic duo, Deuces Child, serenades the market from 10 am to noon. Then all are invited to join the free yoga class with Dragon Fly Yoga in Market Square from noon to 1 pm. All market day, Cornell Master Gardeners will be on hand to answer your garden queries. Also, Green Ossining volunteers will demonstrate how to create reusable tote bags from t-shirts. Their fun and easy bags are a great way to join the effort to eliminate plastic shopping bags from the market. Let’s go green together.

Croton-on-Hudson

From 11 am to 1 pm this Sunday, Susan Chasen from the Organic Teaching Kitchen will host a cooking demonstration be at the Croton-on-Hudson market. She’ll create a fresh and easy seasonal recipe to taste and try at home. Stop by and learn about organic eating and pick up ideas for your own kitchen.

Piermont

It’s finally here: This Sunday, September 27th, is 2nd Annual Piermont Apple Pie Contest.
Starting at 11 am at Piermont’s Down to Earth Farmers Market, the judges – renowned Chef Peter X. Kelly, Mark Tasker, Head Pastry Chef of Balthazar, and esteemed Piermont community member, Sylvia Welch – will savor each entry to the determine the winners. The categories are Best Tasting, Best Looking, Most Creative, and Most Traditional. Then they will turn the judging over to the public to taste each entry and vote on Best Overall. Can’t wait to see you there!

For additional events, visit our Down to Earth Markets Event Calendar.

Stay tuned to all market happenings via our Down to Earth Markets Facebook page
and follow us on Instagram and on Twitter @DowntoEarthMkts.

Wave Hill Breads Recommends: Panzanella (Tuscan Bread Salad)
Made with Fresh Market Ingredients
TomatoSlice_VeronicaLPhoto_CPK_1407

Tomatoes, thank you for a lovely season!
Photo by Veronica L Photography

Margaret Sapir of Wave Hill Breads recently shared a recipe that underlines two longstanding truths about Down to Earth vendors: 1) They sure know good food and 2) Every week at the farmers market, they inspire one another. When great culinary minds unpack next to overflowing tables of fruits and vegetables, they get to thinking. For Margaret, the tomato bounty churned her creativity. She searched for recipes to bring together her award-winning breads with the local harvest. Here she suggests Panzanella a.k.a. Tuscan Bread Salad.

Local tomatoes are soon to recede into background, as cauliflower, winter squash, and other fall favorites begin to bear. We join in Margaret’s suggestion to savor the last of this year’s tomatoes, together with the amazing breads that Wave Hill Bread brings to market every week.

Note from Margaret: I’ve adapted this recipe from Divina Cucina.This Mediterranean salad is an example of the green, white, and red colors of the Italian flag. In the 1500’s, a poem by the famous artist Bronzino describes the salad. At that time, the tomato had not been introduced into Italy yet. The ingredients were limited to cucumber, onion, basil, arugula, and bread. The Italian bread is salt-free, so they add salt to the salad recipe. According to the recipe, it is important to use bread without preservatives and let it go stale. You can cut the Wave Hill Bread thickly and let it dry. The traditional recipe aims for a crumbed bread texture.

Panzanella (Tuscan Bread Salad)

Ingredients

• 1 pound stale bread (Wave Hill Breads’ Batard)
• 3 tomatoes, cut into eighths • 2 red onions, thinly sliced
• 1 cucumber, peeled and sliced
• Basil, olive oil, vinegar, and salt (if desired)

Directions

Soak the stale bread in cold water for 10 minutes. Squeeze out the water and crumble the bread into a serving bowl. Add tomatoes, cucumber, onions, and basil. Season with olive oil and salt, if desired. Mix well and let sit. Before serving, add vinegar and mix again. Serve with olive oil, vinegar, and salt on the side. Have fun adding ingredients if you desire.

Rotating* Vendors This Week
*Vendors who rotate through various markets during the season.
They enjoy getting to know many communities, and here’s where to find them this week:

Larchmont – Saturday, Sept. 27th

Flourish Baking Company
The Peanut Principle
Pie Lady & Son
The RAD Soap Company
Robinson & Co. Catering (Locally sourced, British-inspired prepared foods)
Trotta Foods

Ossining – Saturday, Sept. 27th

Hudson River Apiaries

Croton-on-Hudson – Sunday, Sept. 28th

Bombay Emerald Chutney Co.
**NEW TO MARKET!** – Taiim Falafel Shack
Tuthilltown Spirits Farm Distillery

Piermont – Sunday, Sept. 28th

e-Desserts
Kontoulis Family Olive Oil
Penny Lick Ice Cream Company

Rye – Sunday, Sept. 28th

Christiane’s Backstube (German-inspired baked specialties)
The Peanut Principle

Down to Earth Markets 173 Main Street Ossining, NY 10562 Phone: 914-923-4837
DowntoEarthMarkets.com

New home sales power higher in August, soar by 18 percent | #SouthSalem #RealEstate

Sales of new U.S. single-family homes surged in August and hit their highest level in more than six years, offering confirmation that the housing recovery remains on course.

The Commerce Department said on Wednesday sales jumped 18.0 percent to a seasonally adjusted annual rate of 504,000 units. That was the highest level since May 2008 and marked the second straight month of gains.

July’s sales were revised to show a 1.9 percent gain instead of the previously reported 2.4 percent drop.

Economists polled by Reuters had forecast new home sales rising to only a 430,000-unit pace last month.

While the new home sales segment accounts for only 9.1 percent of the housing market, the increase last month should allay fears of renewed housing weakness after a surprise decline in home resales last month.

A survey last week showed homebuilder sentiment hit its highest level in nearly nine years in September, with builders reporting a sharp pick-up in buyer traffic.

In August, new home sales soared 50 percent in the West to their highest level since January 2008.

Sales in the populous South increased 7.8 percent to their highest level in 10 months. In the Northeast, sales rose 29.2 percent, but were flat in the Midwest.

 

 

 

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http://www.cnbc.com/id/102028719