Tag Archives: Westchester Luxury Real Estate

Analysts prep for extended foreclosure timelines, fewer loan modifications | North Salem Homes

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The January launch of the ability-to-repay rule and the associated qualified-mortgage definition will raise the overall cost of originating home loans, with borrowers taking the brunt of the financial hit, Standard & Poor’s Rating Services said Tuesday.

A few things won’t change, credit analyst Jack Kahan with S&P noted, but the new rules will increase expenses, extend foreclosure timelines and prompt servicers to select the foreclosure option over loan modifications and deeds-in-lieu of foreclosure in future circumstances.
S&P, which looked deeply into how the January launch of the rules will impact mortgage finance, warned that more borrowers are going to have a hard time accessing mortgage credit. And when they do, it will take longer and cost more in some cases.

While originators and aggregators are expected to continue in their origination of non-agency loans using existing credit standards, some originators are going to insist on limiting their risk to only loans that meet the qualified mortgage’s ‘safe-harbor standard’, to ensure the underlying underwriting standards shield the company from litigation risk.
So who will be most impacted by the rules?

S&P says borrowers wanting interest-only products are likely to experience a slowdown in the borrowing process. And, under new underwriting standards, a very specific class of borrowers — those with high net-worth and non-wage incomes — may find it takes a bit more work to get through the originations process in 2014.

The end result will be a market where some lenders have no choice but to originate a few non-QM loans.

Raj Date, a former Consumer Financial Protection Bureau official, recognized room in the non-QM space earlier this year and launched Fenway Summer, a firm that hopes to offer lending solutions to borrowers who fall outside QM.

But no matter how firms respond, the January shift is going to have some impact.

Any expenses related to the changes will be passed onto borrowers, nullifying the basic principal of protecting homeowners from unexpected losses, S&P said when analyzing the slew of new rules.

Prices are expected to go up to cover new processes completed by originators in the underwriting process, the ratings firm said.

 

 

http://www.housingwire.com/articles/28140-new-lending-rules-set-to-raise-the-cost-of-borrowing-sp

Residential home sales continue to climb: RealtyTrac | Mt Kisco Homes

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Properties and residential homes for sale, including single-family homes, condominiums and townhomes, continue to rise, increasing to an estimated annualized pace of 5.649 million in October, a 2% hike from a month ago and an increase of 13% from October 2012, the latest RealtyTrac Residential and Foreclosure Sales Report revealed.

But despite the national trend, three top indicator states still posted decreases for the third consecutive month: California, Arizona and Nevada, which are down 15%, 13% and 5%, respectively, from a year ago.

Meanwhile, the national median sales price of all residential properties—including both distressed and non-distressed—sat at $170,000, unchanged from September, but 6% higher than October 2012. This is also the 18th consecutive month median home sales have increased on an annualized basis.

The median price of a distressed residential property, in foreclosure or bank owned, hit $110,000 in October, 41% lower than the median price of $185,000 for a non-distressed property.

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist, vice president of RealtyTrac.

“The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders,” Blomquist added.

As a result, short sales made up 5.3% of all sales, a 6.3% drop from the previous month and down from 11.2% in October 2012.

Nevada, Florida, Maryland, Michigan and Illinois ranked as the states with the highest percentage of short sales last month.

http://www.housingwire.com/articles/28121

Furnace check-up or tune-up is much like a visit to the doctor | Pound Ridge Real Estate

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Heating & Cooling

Nobody wants to think about a  heating system when it’s still warm and sunny outside, but winter is never that  far away, and servicing a heating system now will ensure that the heat  will click on when you want it to.

Furnace Check-up A furnace check-up or furnace repair is much like a visit  to the doctor or taking your car to a mechanic. However, specifically in the  case of your home, a furnace check-up consists of the following steps:

  • Inspect thermostat for proper operation.
  • Inspect filter and change or clean as needed.
  • Check all electrical components and controls.
  • Oil motors as needed.
  • Inspect heat exchanger for possible cracks. A crack in the heat exchanger  will introduce carbon monoxide into the living space.
  • Check air flow. If diminished, it may be necessary to clean the evaporator  coil.
  • Check air fuel mixture, where appropriate.Furnace Maintenance While having your furnace tuned and checked  each year before the cold weather is wise practice, there are also a few things  you can do to assure that your furnace is operating properly, safely, and to its  fullest capacity.
  • The very first thing to check before turning on your unit is to make sure  nothing flammable has been stored next to the furnace over the summer. Many people have set their weed eaters, lawnmowers, and gas cans against their furnace in the garage. This is just asking for a fire or an explosion.
  • Run your heater for a few minutes before you actually need it. Waiting  until the first cold morning to discover it isn’t working will land you at the bottom of a waiting list before a heating and air specialist can come to fix it. If that does happen, call a furnace repair service.
  • Change the filters regularly. Dirty filters restrict air flow, reducing  efficiency and worst case, can cause the heat exchanger to overheat. Disposable  fiberglass filters should be replaced.
  • Electrostatic or electronic filters need to be washed regularly.
  • Be sure all access panels are secure, with all the screws in place.
  • Be sure the thermostat is set in the heating mode. Just setting the dial  above room temperature will not activate the heat if still set in the air  conditioning mode to discard any furnace maintenance is need.Things You Should Know About Your Furnace Many homeowners find that  when they turn their furnace on for the first time that it emits a noxious  smell. This is not Carbon Monoxide. Carbon Monoxide is odorless, so you wouldn’t  be able to smell it even if it was. What is happening here is that dust has  settled on the heat exchanger over the summer and turning on the unit for the  first time is just burning off the dust. Be sure to open some windows to dispel  the odor quickly.

Coastal Walter Gropius Design With Ocean Views Asks $2.2M | Bedford NY Real Estate

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15 images

Location: Brooklin, Maine Price: $2,200,000 The Skinny: Three years after Bauhaus founder Walter Gropius formed his American firm The Architect’s Collaborative in 1945, he designed this handsome, low-slung residence on the far southern tip of Maine’s Naskeag Point. While it’s a far cry from the radical modernism of the architect’s more famous designs, it does hew closely to the Bauhaus ideals of simplicity and efficiency. The long, narrow floor plan and large windows allow light to fill the home, while the butterfly roof creates high indoor ceilings and allows for taller windows on the seaward side of the house. The parallel siting of the house with the shore maximizes the views of Naskeag Harbor and a pair of private islands across the narrow strait, and the living room opens out onto a partially covered deck that juts out towards the water. For getting out onto the water instead of just gazing at it, the three-bedroom, three-bathroom home also comes with access to a common dock. The house, which has been on and off the market since August 2012, is asking $2.2M.

 

 

 

Bedford Corners Real Estate Weekly Report | #RobReportBlog

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Bedford   Corners NY Weekly Real Estate Report11/25/2013
Homes for sale39
Median Ask Price$1,465,000.00
Low Price$495,000.00
High Price$12,000,000.00
Average Size5059
Average Price/foot$467.00
Average DOM194
Average Ask Price$2,614,154.00

Good news for California homeowners facing short sales | Mount Kisco Real Estate

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Under regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower.

A homeowner who has $100,000 in mortgage debt forgiven through a short sale, for example, would have to pay income tax on the $100,000.

This “cancellation of indebtedness” rule could have caused enormous financial hardship to the millions of homeowners whose homes were “underwater” during the home foreclosure crisis that began in 2007. To prevent this, Congress enacted the Mortgage Forgiveness Debt Relief Act of 2007.

This law allowed homeowners to exclude from their taxable income up to $2 million of debt forgiven on their principal residence by a lender in a short sale, mortgage restructuring, or forgiven in a foreclosure. This law was never intended to be permanent. It was originally scheduled to expire at the end of 2009.

However, it was extended for an additional four years. It will now expire at the end of 2013. The law could be extended again, but there appears to be little urgency in Congress to do so. That means starting on Jan. 1, 2014, there is a good chance that the old rules on forgiveness of home loan debt will come back into force.

 

 

See more at: http://www.inman.com/2013/11/25/good-news-for-california-homeowners-facing-short-sales/#sthash.WbCTNyDm.dpuf

Guards Raise Indian Point Security Concern | Chappaqua Real Estate

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Several former and current security guards raised concerns about the state of security at Buchanan’s Indian Point Nuclear Facility in a recent Fox 5 report.

Guards falling asleep on the clock, failed drills and faulty computer systems are just some of the problems the five current and former security guards spoke about with Fox 5.

 

 

http://chappaqua.dailyvoice.com/news/guards-raise-indian-point-security-concern-fox-5-report

Top 20 Most Shared Video Ads of 2013 | Chappaqua Realtor

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The Top 20 Most Shared Video Ads of 2013

As we near the end of 2013 the stats are rolling in regarding the videos we  have watched, loved and shared over the past year. Unruly has  just announced the most socially shared video ads of this year, that’s branded  content that was shared by engaged fans across Facebook, Twitter and the  blogosphere, and in many cases continues to be posted and tweeted and written  about. Dove, GEICO, Kmart, GoPro and Evian all made the chart of the most shared  video commercials of this year with the Jean-Claude Van Damme Volvo ad claiming  the #10 spot with 1.82 million shares only 8 days after its release. Let’s take  a look at the results.

The Top 20 Most Shared Video Ads Of The Year

Topping the chart is the ground breaking ad campaign by Dove that aimed to  prove that women are their own worst enemies when it comes to perceptions of  female beauty. Since its release in April, it has attracted 4.24 million  shares along with 58,797,435 views. It’s also the most viewed  video ad of all time

 

 

Source:  The Top 20 Most Shared Video Ads of 2013 http://www.reelseo.com/top-20-most-shared-video-ads-2013/#ixzz2lJ8WaeYM

7 Niche Social Networks for Strategic Networking | South Salem NY Homes

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Do you find it hard to connect with your ideal audience using the larger social networks?

Have you considered a smaller social network?

In this article, you’ll find 7 niche social networks built to serve specialized markets.

Why Niche Social Networks?

Ask almost anyone what to include in your social media strategy and you’re likely to hear Facebook, Twitter or Google+ in the response.

But you may find it useful to tap into a specialized network.

Use a niche social network to reach a narrowly targeted audience where strategic networking can help you connect with potential customers and business partners of all kinds.

A niche social network within your industry can work wonders to reach people of interest there.

You can also look for niche sites where people come together around one of the core values or interests of your business. It’s an easy way to find and connect with like-minded people for more strategic networking.

The easiest and fastest way to find these niche sites is likely to be a good old Google search. For example, see below:

Use a Google search to find niche social sites relevant to your business.

Use the examples below to inspire you to connect with niche social networks for more targeted networking.

#1: Build Sustainable Relationships on Wiser—The Social Network for Sustainability

Is your business actively involved in sustainability and environmental topics? This is something that’s becoming very important to many businesses and Wiser is a network built specifically to encourage dialogue about all things environmental.

If your company is green, you can use Wiser to add partner organizations, promote events and share resources that raise your company’s profile where it counts.

Adding an organization in Wiser.

Much like with LinkedIn, you can also add groups where you can discuss issues close to your heart and propose solutions.

Create a profile on Wiser today and start to network with people whose values align with yours.

 

 

http://www.socialmediaexaminer.com/niche-social-networks/