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Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » How to Integrate Social Media and Email Marketing | Chappaqua Real Estate

The much talked-about recovery of the housing market, which has buoyed home sales up from recession lows, has come about through intervention from the Federal Reserve, record low interest rates, and higher home prices that have helped borrowers across the nation improve their financial standing. Both low interest rates and higher home prices have played a role in the housing recovery changes, but as mortgage rates begin to tick upward, housing affordability will decrease, which in turn could cause a pause in the  recovery’s progression . Evidence of an upcoming bump in the road is not yet evident in the numbers. The most recent figures all pointed to a surging recovery: The Department of Commerce reported that sales of new homes rose in May to the highest annual rate since July 2008, while Standard & Poor’s Case-Shiller index of property values showed home prices posted the highest annual gain in more than seven years in April. But mortgage rates are now rising higher an...

A  new survey  of the oldest baby boomers–people born in 1946–finds this group even more likely than they were five years ago to keep living where they are rather than move as part of retirement. The poll in late 2012 of 1,003 of the so-called “oldest boomers,” including 447 who also were surveyed in 2007, found 82% aren’t planning any future moves. That’s up from 75% in the 2007 survey, conducted at about the time the housing market collapsed. Survey results have a margin of error of plus/minus 3.2 percentage points. “Of the oldest boomers who did move or are planning a move, more than half (53%) chose to downsize into a smaller home,” said Amy Goyer, who wrote the report on behalf of MetLife’s  Mature Market Institute . “Just 16% plan to or have moved to an active adult community, significantly up from 9% in 2008. The oldest boomers have most likely raised their families, as moving (or planning) to a larger home is down to just 4% in 2012 from 12% in 2008. Almost a...

NAHB Remodelers chairman Bill Shaw sent the following to REMODELING today regarding a  letter to the editor  from Wayne Baruch that we entitled: “Why NAHB, Inhofe Are Wrong About Lead-Paint Rule.” In response to Wayne Baruch’s letter published in this magazine on June 21, Mr. Baruch does not understand the reasonableness of the opt-out provision that the National Association of Home Builders (NAHB) supports and I  testified to Congress  about. Since the regulatory process began, NAHB has been involved in making this workable for remodelers but most importantly crafting a rule that protects children and pregnant women from lead hazards. The bills NAHB supports,  S. 484  and  H.R. 2093 , would reinstate the opt-out, permit emergency renovations to help families after disasters, and allow remodelers to correct paperwork errors. The removal of the opt-out provision dismantles everything that the EPA included in its original 2008  RRP rule ...

The inventory deficit that jump started the recovery is now filling up fast with new listings as home sellers get the message. But are just hastening the day prices slow down? The current January to April year-to-year to date increase in the supply of existing homes is the third highest in nearly 30 years writes CoreLogic Deputy Chief Economist Sam Khater in the current issue of CoreLogic’s Market Pulse newsletter. “How much further can the rapidly appreciating markets go?” he asked, noting that most states are currently close to their fundamental long-term price trends relative to long term inflation-adjusted trend. Khater suggested that the “invisible lid that has been on supply” is in the process of being removed. A key factor has been the fact that more homeowners not only are above water but also have reached or exceeded their “reservation price”-the price lowest price at which an owner is willing to sell. “For homeowners with positive equity, the reservation price conditio...

In recent months it’s become clear that the housing market has turned around, with prices this spring adding to the 7.3% gains of last year. But future gains are likely to be more modest — about 2.5% this year. That’s the latest estimate from CoreLogic(CLGX_), the housing-data firm. CoreLogic projects an average gain of 3.9% a year through 2017. While many homeowners would prefer faster appreciation, gains of 3% to 4% are probably healthier over the long run than larger ones. Too much appreciation produces bubbles, which do terrible damage when they collapse. If homeprices grow faster than incomes, fewer and fewer people can afford to buy, and prices eventually drop to reflect the lower demand that results. Also, home price gains are not really money in homeowners’ pockets, because the next home you buy is probably getting more expensive too. But why won’t homes appreciate faster? After all, in most parts of the country, homes are still worth far less than they at their peak i...

The Wall Street Journal writes that those expecting a quick return to the “virtuous cycle” by which rising prices, home sales, and housing construction feeds further consumer spending will have to wait until Americans feel more comfortable borrowing and until banks feel more comfortable extending credit, according to new commentary by  Pimco . The Pimco strategists outline four primary blockages that could restrain the housing sector’s ability to play the traditional role boosting the economy during a recovery. To see them, click  here Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Why housing is not boosting the economic recovery | Cross River Real Estate

Developer Renzo Renzi’s attempt to stop foreclosure auctions on two Miami condominium projects through Chapter 7 filings has failed. Renzi’s companies lost an $18.2 million foreclosure judgment in Miami-Dade County Circuit Court in December, and used the Chapter 7 filings in January to stall the auctions. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Bankruptcy judge rejects efforts to stop foreclosures on Miami condo projects | South Salem Real Estate

With prices rising every week, lenders as strict as ever, interest rates rising, inventories at decade-low levels and competition for homes breaking their hearts, more and more buyers are reaching their frustration limits. Two things most every buyer participating in the latest Redfin Real-Time Home-Buyer report agreed upon were prices are going to keep on rising and low inventories are a real pain. Forty-eight percent of buyers listed rising prices as a major concern, up from 40 percent last quarter. Sixty-five percent cited low inventory as a major concern in the first quarter, down slightly from 66 percent last quarter. Twenty-three percent of buyers expect home prices in their area to “rise a lot” over the next twelve months, up from 22% last quarter; 57% expect prices to “rise a little,” the same as last quarter. Thirteen percent expect prices to “stay the same,” 5 percent expect prices to “drop a little,” and less than 1 percent expects prices to “drop a lot.” When asked a...

Financial markets experienced a few tumultuous days of trading after Federal Reserve Chairman Ben Bernanke testified before Congress this week, the Wall Street Journal reports. Triple-digit gains in the Dow Jones Industrial Average turned negative at one point. Bernanke must be thinking: “Was it something I said?” In the midst of heightened concern over the hazards of overreaching government agencies, this may be a propitious moment to review the Fed’s outsize role in determining the price and availability of capital. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Markets remain shaken after Bernanke talk | Bedford Corners Real Estate

According to MarketWatch: Hovnanian Enterprises ($6.04 -0.06%) shares rose 2.7% after the Commerce Department said that sales of new homes rose 2.3% to 454,000 in April, the second highest post-recession level, on pent-up demand and low interest rates. Toll Brothers ($36.75 -0.85%) closed up 1.4%, Lennar Corp. ($42.79 -0.61%) gained 2.6%, KB Home ($23.11 -0.29%) added 1.6% and Ryland Group ($48.46 0.36%) advanced 1.1%. To see the full analysis by MarketWatch, click here. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Home builders buck market trend on Wall Street | Pound Ridge Real Estate

The housing recovery is now 54% back to normal in April, down from 56% in March due to the sharp drop in new home starts.  Trulia ‘s Jed Kolko writes that construction starts dropp to 853,000, down 16% from March. Existing home saled inched up slightly month-over-month, while non-distressed sales increased 25% year-over-year. The delinquency rates + foreclosure rates dropped sharply to the lowest level since September 2008. To read the full report from Trulia  ($29.47  0.2% ) , click  here . Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Housing recovery falls back to 54% back to normal | Bedford Real Estate

Early estimates suggest the tragic tornado outbreak in Oklahoma this week resulted in $2 to $5 billion in insured property losses, according to weather risk-monitoring firm EQECAT .  But calculating accurate property damage estimates in the wake of a tornado remains a challenge for analysts, insurers and the mortgage industry. CoreLogic Spatial Solutions  is currently working on a new modeling system that aims to expedite and more accurately assess tornado property damage in the days following a storm. But tornadoes remain a challenge for scientists on the property damage front. When compared to hurricanes and earthquakes, tornadoes are less predictable — and the damage is not equitable, making it hard to simply declare losses in an entire neighborhood without sending out ground troops to separate total losses from homes that were only partially damaged. There is no rhyme or reason to how a tornado hits; it hits one house and leaves another, creating an inconsisten...

One Montgomery County Realtor, Jane Fairweather, said homes in her market are selling in an average of 23 days because inventories are way down and demand is strong. The number of listings in Montgomery County were down 41% in April from 2011. In April of 2011, one third of the listings went under contract. In April of this year, 67% went under contract, according to CNBC. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Homes going as quickly as they did during boom | Katonah Real Estate

Don’t let the white picket fences fool you. Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to “Confronting Suburban Poverty in America,” a new book by the Brookings Institute. For the first time ever, the number of poor people in America’s largest suburbs outnumbers those in cities. It’s a nationwide trend that’s left pretty much no region untouched. Eighty-five of the nation’s 95 largest metro areas saw a rise in poor households between 2000 and 2011. “As jobs moved into suburbs—particularly lower-paying jobs in sectors like retail and hospitality—poverty did, too,” the authors write. “And job losses triggered by the Great Recession in industries like construction, manufacturing, and retail hit hardest in suburban communities and contributed to rising suburban unemployment and poverty.” The number of poor households in the suburbs of Dayton, Ohio increased 109% to 97,581 from 2000 to 2011. Be...

A year and a half into his first term as North Castle Town Supervisor and Howard Arden is already planning to run for re-election. He said he will run whether or not he is endorsed by the town’s Republican Committee—which is likely to endorse its candidates sometime soon. “Since taking office a year and a half ago, I have taken North Castle in a new direction,” Arden said in an interview with The Armonk Daily Voice. “As promised, I converted our town to a council-administrator form of government. I have used best business practices and technology to run our town more efficiently; carefully tracked expenses while taking every opportunity to increase revenue,” he added. Arden is confident, if re-elected, that his approach will continue to pay off for North Castle—literally. “My efforts have produced the lowest tax increase of any town in Westchester; and has allowed us to use our savings for significant town-wide upgrades in equipment, infrastructure, park facilities and resi...

Forty-one percent of buyers surveyed by  Redfin  said today’s low inventory has caused them to consider paying more for a home in the second quarter of 2013. This is up from 34% of survey respondents in the first quarter and 26% in the fourth quarter of 2012. As someone who was looking to buy a home in this crazy North Texas market where prices continue to appreciate, I can attest to feeling the need to offer over list price. In fact, on the second home my husband and I put an offer on, we offered nearly $4,000 more than the original listing price of $214,000. This was only to find out that the home ended up selling for $225,000… another $5,000 on top of our offer.   But what about the markets where prices are still depreciating? Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Offers remain high even in depreciating markets | Pound Ridge Real Estate

Injured Yankees third baseman Alex Rodriguez already rakes in more dough than any player in baseball, earning $30 million a year for playing — or, this year, not playing — like a shell of his former self. And as it turns out, A-Rod also has a pretty good real estate racket going, too. According to TMZ, the 37-year-old Rodriguez, who has been on the disabled list all season following January hip surgery, recently sold his nearly-20,000 square foot Miami mansion for a whopping $30 million, netting himself a profit of $15 million. Rodriguez reportedly purchased the sprawling estate for $7.4 million in 2010. Then after putting in $7.6 million into renovating it, Rodriguez listed the nine-bedroom, 11-bath palace for $38 million in August. (It’s a shame he had to settle for such a lowball offer.) Here are a few photos, via TMZ, of what you could have gotten for the equivalent of one year of A-Rod’s salary: Bedford New York Real Estate | Bedford NY Homes by Robert Pau...

Robert Shiller, Karl Case and David Blitzer — leading experts in the housing market — believe several headwinds will keep a lid on housing gains, such as a low level of new home starts, an unexpectedly slow migration of so-called shadow inventory onto the market, and difficulty for buyers to secure financing, writes NBC News. Yale University economist Shiller said: “You’ve got a lot of breathless commentary in the media. All this talk that we’re in this great recovery—we probably are in the short run, the longer run doesn’t look so terrific to me.” Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Some say housing may not lead the recovery | South Salem Real Estate

Several factors are contributing to the market’s need for speed these days, writes  Redfin . Demand is high and supply is low, which forces people to make decisions very quickly. Also, new technology is compressing the timeline from listing to tour and offer. Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » The pace of the housing market has picked up | North Salem Real Estate