Category Archives: Armonk

China’s Real Estate Mirage | Armonk Real Estate

BEIJING — When the Chinese government privatized housing in the 1990s, enriching a vast swath of the urban population, it was hailed as a remarkable achievement of the reform economy. Since then, the housing industry has ballooned into a juggernaut that accounts for 70 percent of the country’s household wealth.

More than just a place to live, private housing in the past two decades came to underpin the aspirations of urban Chinese. Homeownership, especially in cities, proved to be a reliable investment outlet. The skyrocketing values of housing have been providing money for sickness and old age in a country where the state has largely dismantled the welfare system. Real estate profits have allowed parents to finance their children’s education abroad.

But the impressive size and wealth of the propertied class belies the growing strains plaguing new home buyers. The country now has some of the least affordable housing markets in the world. The ratio of median home price to median income, a common measure of affordability, in most first-tier cities has soared to higher than that of London.

To cool the markets, local governments have issued myriad purchasing restrictions, like requiring high down payments and banning the purchase of multiple apartments. The proliferation of red tape, together with the increasingly unaffordable real estate, has become a potent symbol of the thwarted economic hopes and the dwindling social mobility that characterize today’s urban China.

In newspapers and dinner table conversations, stories abound of husbands and wives filing fake divorces to get around stringent real estate purchasing restrictions for families. There are also tales of acrimonious disputes between the parents of divorcing couples when both sets claim ownership of the couple’s apartment because they contributed to the purchase. Recently, more than 10,000 home buyers in Beijing found themselves stuck in financial limbo when the government suddenly increased down payment requirements after they had agreements to buy, leaving them short overnight.

In some cases, the housing challenges affect decisions about having children. After the one-child policy was scrapped in 2015, several mothers with single sons confessed to me their reservation about giving birth again: Adding another son would wreck the family’s finances in the future, they explained, because parents are still expected to provide sons with apartments when they reach marriage age to make them eligible bachelors for potential mates.

Nowhere are home buyers’ struggles better reflected than in the saga surrounding “school-district apartments.” Home ownership guarantees owners access to public schools, and the fierce competition among parents for apartments near highly valued schools has long been considered a culprit of the exorbitant housing prices in prosperous metropolises. In certain areas in Beijing, families are now asked to own homes for at least three years before they can qualify for local schools.

House votes to abolish Dodd-Frank | Armonk Real Estate

The U.S. House of Representatives voted on Thursday to pass the Republican-led Financial CHOICE Act, H.R. 10, which would abolish the Dodd-Frank Wall Street Reform and Consumer Protection Act.

From here, the Financial CHOICE Act moves to the Senate for a vote, where it will likely struggle to succeed without more bipartisan support. A bill of this magnitude would need a filibuster-proof vote in the Senate, which is 60 votes or more, meaning Senate Democrats will need to flip sides and vote to support the act.

Of the 100 seats in the Senate, Republicans make up 52 seats, Democrats make up 46 seats and Independents make up 2 seats (both caucus with the Democrats).

And so far, the act has mainly garnered partisan support, passing through the Financial Services Committee in May in a completely partisan vote (34-26).

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, first introduced the act last year in an attempt to replace the Dodd-Frank Act. He released an updated version of the act this year on April 19. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.

“The Financial CHOICE Act offers economic opportunity for all and bank bailouts for none. The era of ‘too big to fail’ will end and we will replace Dodd-Frank’s growth-strangling regulations on community banks and credit unions with reforms that expand access to capital so small businesses can create jobs and consumers have more choices and options when it comes to credit,” Hensarling said.

Some of the biggest changes in the bill affect the Consumer Financial Protection Bureau. The CFPB would be changed to the Consumer Financial Opportunity Agency, an executive agency with a sole director removable at will. The deputy director would also be appointed and removed by the president.

The only hearing on the bill was met with a lot of opposition from committee Democrats, who ended up using a political work-around to schedule a follow-up hearing in order to voice their disproval of what they’ve dubbed the “Wrong Choice Act.”

In light of the act passing through the House, House Financial Services Committee Ranking Member Maxine Waters, D-Calif., said, “It’s shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy. They are setting the stage for Wall Street to run amok and cause another financial crisis. I urge my colleagues in the Senate not to move on this deeply harmful bill.”

House votes to abolish Dodd-Frank

#Delinquency Rates Point to Continued Healing | Armonk Real Estate

Following a surprising, but small, increase in the percent of 1-4 family first-lien mortgages that were either 90 or more days delinquent or were in the process of foreclosure over the fourth quarter of 2016, the Mortgage Bankers Association reported that the measure continued its descent in the first quarter of 2017. This measure of delinquency, at least for conforming loans, is declining for both borrowers with a credit score below 660 and borrowers at or above it. Moreover, the gap in rate of delinquency for the two categories of borrowers is shrinking.

After rising by 10 basis points to 1.8 percent over the fourth quarter of 2016, the proportion of all mortgages either 90 or more days delinquent or in the foreclosure process fell by 10 basis points over the first quarter of 2017, currently sitting at 1.7 percent. The proportion of mortgages either 90 or more days past due or in the foreclosure process is highest for FHA-insured mortgages, 2.6 percent, and lower for both VA and Conventional loans.

However, at 2.6 percent, this measure of delinquency is below its 2005-2008 average of 4.1 percent. Similarly the current level of 90 or more day delinquency or entering the foreclosure process for VA loans is also below its average in the three years prior to the most recent recession. However, despite a rate below the overall percentage, conventional loans either 90 or more days delinquent or starting the foreclosure process remains 20 basis points above its 2005-2007 average level, 1.3 percent.

The Federal Housing Finance Agency, which oversees the government-sponsored entities (GSEs), Fannie Mae and Freddie Mac, provides estimations of loans purchased by the GSEs that become 90 or more days delinquent or start the foreclosure process*. This information is also provided by credit score, scores under 660 and those above or equal to 660. However, the series does not begin until 2009.

Overall, the proportion of mortgages 90 or more days past due or starting the foreclosure process has declined since its 2010 peak level. The declines have taken place for both mortgages loans obtained by borrowers with a credit score below 660 and borrowers with a credit score above 660. Currently, 4.6 percent of borrowers with a credit score below 660, the proportion of mortgage loans either 90 or more days delinquent or in the process of foreclosure, 8.3 percentage points less than its peak. The 0.8 percent of borrowers with a credit score at or above 660 with this kind of delinquency rate is 2.7 percentage points below its peak level, 3.5 percent.

Although the 90 or more day delinquency and foreclosure started rate for borrowers in both credit score categories is declining, the rate of decrease for borrowers with less than a 660 credit score is falling faster. As a result, the gap between these delinquency rates is shrinking. The figure above shows that at its peak in 2009 and 2010, the percent of borrowers with less than a 660 had a 90 or more day delinquency and foreclosure started rate that was 8 percentage points above the rate for borrowers with a credit score at or above 660. This gap has now shrunk to 3.4 percentage points.

—

Specifically, the data for 90 or more days delinquent is calculated as the residual between the percent of loans 60 or more days delinquent and the portion 60-89 days past due.

The definitions for the FHFA components are as follows:

60-plus-days Delinquent – Loans that are two or more payments delinquent, including loans in relief, in the process of foreclosure, or in the process of bankruptcy, i.e., total servicing minus current and performing, and 30 to 59 days delinquent loans. Our calculation may exclude loans in bankruptcy process that are less than 60 days delinquent.

60-89 Days Delinquent – Includes loans that are only two payments delinquent.

Serious Delinquency – All loans in the process of foreclosure plus loans that are three or more payments delinquent (including loans in the process of bankruptcy).

The definition of serious delinquency in the FHFA data likely differs from the MBA definition of “seriously delinquent” provided below.

Armonk 2017 Fol-de-Rol and Country Fair | Armonk Real Estate

The Armonk Lions Club is proud to invite you to our

2017 Fol-de-Rol and Country Fair

Dear Neighbor,

The Armonk Lions Club is pleased to announce the 43rd Annual Fol-de-Rol, taking place June 8, 9, 10 and 11 at Wampus Brook Park, Armonk NY. Please join us and support the charitable work we do in our community and worldwide. June 8 and 9 – Rides only, 6-10 PM; Saturday June 10 11 AM-10 PM and Sunday June 11 Noon-5 PM. See www.armonklions.org for more information.

Armonk Lions support our local fire, police and NC4 first responders; summer camp programs for children with vision impairments and diabetes; community medical and emergency services; and disaster relief around the world through Lions Clubs International Foundation. This year our fund-raising effort will support Puppies Behind Bars (more details at https://usserviceanimals.org/blog/service-dog-for-anxiety), a program which trains inmates at the Bedford Women’s prison to raise and train service dogs, which are then paired with our returning military veterans who need support and companionship.

Admission to the Fol-de-Rol is free, and we depend on your support of these worthy projects by attending the Fair and by purchasing raffle tickets. All proceeds go to charity; the Lions are all volunteers. This year, rather than mailing paper tickets to you, we are initiating an online raffle. Please use this link: https://raffles.ticketprinting.com/raffle/5776-Armonk-Lions-2017-Fol-De-Rol-Raffle/

to visit our Raffle River site and purchase raffle tickets. This site is safe and secure and allows you to pay by credit card. If you would prefer to mail us a check and receive paper raffle tickets, please mail your donation to:

Armonk Lions Club Inc. – Raffle
PO Box 211
Armonk NY 10504

and we will send your raffle tickets. The drawing is held on Sunday June 11 at 5 PM, and the prizes are listed on the website.

If you have any questions, or if you would like to volunteer to help us at the Fol-de-Rol, please reply to this email address and we will contact you directly. Thank you very much for your ongoing support of this Armonk tradition!

Sincerely,
Armonk Lions Club
Doug Martino, President
Anthony Baratta, Fol-de-Rol Chairman
Michael Rosenman, Treasurer

Where: Wampus Brook Park, Armonk NY

Thursday June 8, Rides 6-10 PM
Friday June 9, Rides 6-10 PM
Saturday June 10, Vendors 10 AM-10 PM; Rides 11 AM-10 PM
Sunday June 11, Vendors 11 AM-5 PM; Rides Noon-5 PM

Zillow kickback problem | Armonk Real Estate

Earlier this month, Zillow Group Z, +0.39% , the popular online real estate data provider, reported blowout earnings. Revenue rose 32% compared to a year ago, and online visits were up 18%.

But there was a note of caution in its earnings release. In April, the company said, it had received a notice from the Consumer Financial Protection Bureau that questioned whether some of Zillow’s advertising revenues violated regulations against kickbacks.

At issue is the question of how a real estate service provider, like a real-estate agent or lender, gets business from a home buyer. Congress passed the Real Estate Settlement Procedures Act, also known as RESPA, in 1974 to make sure those providers weren’t funneling customers to each other in exchange for kickbacks or other inappropriate rewards.

Real estate market observers say that while Zillow’s broad footprint and accessible data have been a boon for customers, deciding whom to hire for the transaction is often a fraught process that could benefit from more transparency and less of the old handshake-deal approach that has often characterized real estate.

In Zillow’s case, what’s called “co-marketing” works by allowing a real estate agent to share the cost of an ad on the web site with a preferred lender.

This practice makes it seem as though those lenders or agents are receiving a seal of approval from each other or from Zillow itself. Many industry participants see the co-marketing process as little more than advertising that may appear like due diligence to a captive and uninformed customer.

There’s broad recognition among consumer advocates – and the CFPB itself – that would-be home buyers don’t shop for mortgages. It’s hard to spend the time required with more than one lender, and there are concerns about checking credit scores too frequently. And many lenders use confusing jargon that makes it hard for consumers to compare one offer to another.

“People do real estate transactions rarely, a couple times in their lifetime, so it’s not like people can gain experience, and it’s hard to shop around because you don’t know what you’re asking for,” said Andrew Pizor, a staff attorney at the National Consumer Law Center.

“It’s opaque and there’s very little competition,” Pizor continued. “It’s a horrible market. As a consumer advocate I have my doubts about the free market, but this is not a free market in terms of supply and demand and transparency. It just puts consumers even more at risk.”

As Pizor puts it, “you only want people to be making a referral for reasons based on the merits of the product or the service: they’re good and you trust them or they have a product you can’t get elsewhere, not because you’re getting referrals.”

The CFPB’s interest dates back to 2015. The agency has requested information several times since then, with the most recent request, a civil investigative demand, coming in April. “We are continuing to cooperate with the CFPB in connection with their most recent request for information,” Zillow’s earnings report noted. “We continue to believe that our acts and practices are lawful and that our co-marketing program allows lenders and agents to comply with RESPA.”

The next step, Zillow added, could be what’s known as an “enforcement action,” which could include “restitution, civil monetary penalties, injunctive relief or other corrective action. We cannot provide assurance that the CFPB will not ultimately commence a legal action against us in this matter, nor are we able to predict the likely outcome of the investigation into this matter.”

A Zillow spokeswoman declined to answer MarketWatch questions on the scale of the co-marketing program. Company management fielded four analyst questions on the CFPB review on its quarterly earnings call and said little except that “it’s a small portion of overall revenue.”

But the prepared remarks for the earnings release noted that customer leads rose 30% compared to a year ago in the first quarter, and “we continue to expect that growth in contacts sent to Premier Agent advertisers will outpace unique user growth.”

In an emailed statement, the spokeswoman wrote, “Zillow offers myriad ways for consumers to comparison shop for lenders and agents. Rather than offer a few service providers, consumers can browse more than a million reviews for agents and lenders, including published, up-to-the-minute mortgage rates being offered and skill sets of particular agents. Zillow Group’s mission is to give consumers lots of information so they can make good choices when choosing agents and lenders for one of the most important transactions of their lives.”

The CFPB also declined to discuss the matter with MarketWatch.

The agency usually only takes actions like the ones against Zillow when it believes its case is “pretty clear-cut,” Pizor told MarketWatch. “I think the CFPB is being generous. I think the law is pretty clear.”

Still, Pizor said, a ruling from the CFPB would help bring clarity to the market – a step many real estate professionals would welcome. The National Association of Realtors has released best practices materials recommendations and industry lawyers are watching carefully.

The CFPB earlier this year fined Prospect Mortgage, a lender, with failing to comply with RESPA. It also fined two real estate brokers and a mortgage servicer, all of whom it said took kickbacks from Prospect.

To many industry participants, it seems clear that the co-marketing arrangement must be very profitable for Zillow. Why else would a new-media company founded to, as it says in its mission statement, “empower” customers with new ways of shopping for and maintaining a home cling to an outdated way of doing business, rather than trying to disrupt it with a newer, better model?

“Nobody is doing referral fees any more. They were done away with. Marketing service agreements are the next wave of that,” said Brian Faux, CEO of Morty, an online mortgage brokerage.

Faux describes Zillow as a “great web site with a lot of data that’s good for consumers,” including data that helps them understand the cost of owning a home.

http://www.marketwatch.com/story/zillow-advertising-under-cfpb-fire-sets-real-estate-industry-on-edge-2017-05-18

U.S. Housing: Going From Good To Great | Armonk Real Estate

Activity levels and selling prices for the domestic real estate market last peaked in 2005, two years after the prior peak of the economic cycle (i.e., GDP) in 2003 (at 4.4%). Thus, by preceding the 2008-09 recession, this most recent national housing bust set a precedent as the first in recorded history in which housing helped lead the economy down.

And when economic activity bottomed in early-’09 (March GDP fell 4.9%), domestic housing remained at stubbornly low levels for a few more years.

Sources: US Dept. of Labor (BLS), National Association of Realtors (NAR), US Bureau of Census.

Note: sales of existing homes account for >90% of all homes sold in the US, up from ~85% pre-crisis.

Even today, more than a decade after the start of housing’s precipitous decline, total US sales volumes (including new homes) remain nearly 30% below peak levels, and over 15% below the 2000-’05 average.

It is a different world post-crisis / housing bust, and residential real estate’s demographic hurdles remain high. For example, baby boomers, many of whom live on fixed income payments, are only beginning to downsize or move into managed care facilities.

The more pervasive demographic challenge to home-ownership rates – now below 64%, vs. more than 69% in 2004 – is posed by ‘echo boomers’, in their 20’s and 30’s. Born in the 80’s and 90’s these younger demo’s that nevertheless still account for the bulk of entry-level home purchases, more often favor renting over buying, a contrast to their parents and grandparents.

Thus, Entry-level home-buying now represents only about one-third of housing activity, down solidly from pre-crisis historical levels averaging 40%. First-time buying has, however, slowly improved from cycle lows in the high 20%’s, and in my opinion has plenty of runway ahead.

Sources: US Dept. of Labor (BLS),

A couple quick observations. The tight relationship between labor force participation and home-ownership, both of which appear to be bottoming or at least steadying. And, more importantly, the nearly six percentage point drop in home-ownership since 2004, and the comparable decline in entry level home purchases from most past averages.

This paucity of first-time purchases, of relatively inexpensive homes, in fact overstates housing’s recent strength and helps underscore the housing industry’s lack of breadth. Case-Shiller, a commonly used barometer of domestic house prices (only), echoes later price charts, and indicates average selling prices (ASP’s) are still below levels more than 10 years ago.

Source: S&P Corelogic Case-Shiller.

It’s About Jobs (Mainly)

The most important driver for housing demand is job growth. Moreover, it’s the absolute number of jobs created, rather than the unemployment rate, that housing most depends.

The 2017 YTD figure is annualized, and based on latest figures: April’s jobs and March’s home sales.

Sources: US Dept. of Labor (BLS), NAR.

Indeed, existing home sales have tracked changes in jobs, but in direction – rather than in magnitude. Since housing peaked in late-2005, the US economy has added roughly 11 million new jobs, yet housing activity remains solidly below past levels, as we’ll talk more about. At some point new jobs will more accurately translate into similar increases in home sales.

Confidence Is Key

Consumer confidence is the next most important driver of home sales, after employment. Multiple cycles of empirical data bear this out.

Consumer sentiment based on annual averages of month-end figures

Sources: University of Michigan, US Dept. of Labor (BLS), NAR

Despite steady improvements in consumer confidence since its 2008 trough, the figure, though still steadily upward trending, remains below it base level (100) just as home sales volumes track below their ‘normalized’ levels.

To paraphrase Jamie Dimon, CEO of JP Morgan Chase, the country’s #2 mortgage originator (after Wells Fargo), consumer confidence is the ‘secret sauce’, to housing.

Interest Rates Matter, Though Less Than Is Assumed

Of course rates matter for housing: a single percentage point decline in mortgage rates buys a 15% more house (over 30 years, ceteris paribus). But, contrary to conventional beliefs, empirical evidence suggests interest rates rank behind consumer confidence in terms of importance for the industry.

Although it’s the third leg of the proverbial stool supporting home sales, (mortgage) rates are the factor that most directly benefit from a Federal Reserve Board that has been decidedly ‘dovish’, pursuing relatively easy monetary policy these past 35 years or so.

Source: NAR

Yet as investors (and borrowers) handicap a potential increase in short-term rates by the central bank in its next (NYSEARCA:JUNE) meeting, we tend to overstate the impact of mortgage rates on housing.

Favorable borrowing rates had a mitigating effect on the housing ‘bust’. The Fed’s move to zero short-term rates, which lasted a full seven-years (Dec. ’08 – Dec. ’15) has thus far had a similarly benign impact on the subsequent recovery.

Their impact (low rates) has been partly muted by a number of factors, mainly mortgage originators’ basic business decisions (i.e., risk / reward), stricter home-lending regulations, the disappearance of independent mortgage brokers (e.g., Washington Mutual, Countrywide, etc.) and the reduced activity among government sponsored mortgage securitizers (e.g, Fannie Mae).

Yet were it not for mortgage rates following 10-year Treasurys to just over 2% with the launch of quantitative easing (late-2008), financial history might have been much different: One can only speculate on the further damage to home prices, mortgages (especially adjustable), securitizations, etc. that would have occurred had the Federal Reserve not stepped in with zero rates and levered its balance sheet by $4 trillion.

https://seekingalpha.com/article/4070667-u-s-housing-going-good-great

New Home Sales Post Slight Increase | Armonk Real Estate

New home sales contracts expanded by 3.7% in January over a soft December reading, according to estimates from the joint data release of HUD and the Census Bureau. Despite the gain, which places the January pace of sales 5.5% higher than a year ago, the current seasonally adjusted annual rate of 555,000 is slightly below the positive growth trend that has been in place over the last few years.

Inventory growth continued in January. After hovering near 240,000 for most of 2016, inventory increased to 247,000 in October, 256,000 in December and 265,000 in January. The current months’ supply number stands at 5.7, higher than the existing market (3.6) estimate.

Solid builder confidence and ongoing tight inventory conditions suggest continued growth for single-family construction in the months ahead. An open question is pricing, given rising construction prices and increasing interest rates. New homes will need to be competitively priced, even as prices for existing homes continue to grow. For this reason, we continue to expect a broadening of the new home inventory base and slight declines in median new home size.

http://eyeonhousing.org/2017/02/new-home-sales-post-slight-increase/

The Aging Housing Stock | Armonk Real Estate

The American housing stock continues to age, especially since residential construction grew at a modest pace after the Great Recession. The median age of owner-occupied housing increased to 37 years in 2015 from 31 years a decade ago. This housing stock aging trend signals a growing market for remodelers, as older structures normally require additional remodeling and renovations. It also implies a rising demand for new construction over the long run.

As of 2015, more than half of the US owner-occupied housing stock was built before 1980, with around 38% built before 1970. Owner-occupied homes constructed after 2000 make up 19% of the owner-occupied housing stock, and homes built after 2010 account for only 3% of the owner-occupied housing stock.

The share of housing stock built 45 year ago or earlier increased significantly from 32% in 2005 to 38% in 2015. However, the share of new construction built within past 5 years declined to 3% in 2015, compared to 9% in 2005.

According to the 2015 ACS, homeowners with higher family incomes tend to live in the newer residential units. In 2015, the average household income for owner-occupied homes built after 2010 was $ 121,577, which was higher than $86,328 average family income for those living in homes built before 1969. Moreover, younger homeowners are more likely to live in newer homes. Homes built after 2010 are headed by homeowners with a median age of 44 years, compared to homes built prior to 1969 and owned by householders with a median age of 58. It implies a growing market for renovations allowing older homeowners to age in place.

http://eyeonhousing.org/2017/01/the-aging-housing-stock-3/

Fight Brewing Over the Mortgage-Interest Tax Deduction | Armonk Real Estate

A tax-reform proposal by House Republicans that would make the mortgage-interest deduction moot for most Americans is starting to set off alarm bells across the housing, lending and real estate industries.

The right to take a deduction for interest paid on your mortgage has always been a political third rail, and the reforms introduced last June would not directly eliminate the write-off.

Instead, the Better Way tax-reform “Blueprint” of Speaker Paul Ryan and his cohorts would make the deduction irrelevant for about 95 percent of homeowners. By “doubling the standard deduction that taxpayers receive…most people would have no need to take the mortgage interest deduction,” according to National Mortgage News.

The specific language in the Better Way says: “This Blueprint will preserve a mortgage interest deduction for homeowners. …For those taxpayers who continue to itemize deductions, no existing mortgage will be affected by any changes in the tax code. Similarly, no changes will affect re-financings of existing mortgages. But just as importantly, because of the other provisions included in the new tax system, far fewer taxpayers will choose to itemize deductions, with the vast majority of taxpayers finding they are better off by taking advantage of the larger, simpler standard deduction instead.”

Before the election, when it did not look as though Republicans would control both houses of Congress and the White House, the future of the Blueprint seemed far from certain, and even given the GOP sweep in Washington, it is nowhere near a done deal.

But National Mortgage News says the National Association of Homebuilders, the Mortgage Bankers Association and the National Association of Realtors (NAR) have all woken up to what they see as an “indirect threat” to the mortgage-interest deduction.

National Mortgage News quoted Lawrence Yun, chief NAR economist, as a warning against any moves that might derail the housing recovery. “Even a discussion of mortgage interest deduction is counterproductive right now,” he said.

A spokesperson for the NAR said Yun was unavailable to expand on that view given that under the Blueprint, most homeowners would still get the same break on their taxes.

But homebuilders, lenders and realtors may have more to worry about than House Republican attempts to neuter the mortgage-interest deduction.

In a CNBC interview on Nov. 30, Steve Mnuchin, Trump’s nominee for Treasury Secretary said in the context of a discussion on tax reform: “…We’ll cap mortgage interest but allow some deductibility.”

CNBC real estate reporter Diana Olick explained later that “The mortgage interest deduction is already capped at loans up to $1 million if you’re married and filing jointly and at $500,000 if you file separately. That said, the median price of a home in the United States is just more than $200,000, so not a lot of people make it to that cap.”

But, she added, the mortgage-interest deduction is seen as a key selling point for the housing industry and therefore is “a hot potato that lawmakers really don’t want to touch.”

http://www.thefiscaltimes.com/2016/12/16/There-s-Big-Fight-Brewing-Over-Mortgage-Interest-Tax-Deduction

Construction Job Openings Continue to Rise | Armonk Real Estate

http://eyeonhousing.org/2016/11/construction-job-openings-continue-to-rise/

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Category Archives: Armonk

China’s Real Estate Mirage | Armonk Real Estate

House votes to abolish Dodd-Frank | Armonk Real Estate

#Delinquency Rates Point to Continued Healing | Armonk Real Estate

Armonk 2017 Fol-de-Rol and Country Fair | Armonk Real Estate

The Armonk Lions Club is proud to invite you to our

2017 Fol-de-Rol and Country Fair

Zillow kickback problem | Armonk Real Estate

U.S. Housing: Going From Good To Great | Armonk Real Estate

New Home Sales Post Slight Increase | Armonk Real Estate

The Aging Housing Stock | Armonk Real Estate

Fight Brewing Over the Mortgage-Interest Tax Deduction | Armonk Real Estate

Construction Job Openings Continue to Rise | Armonk Real Estate