Category Archives: North Salem

Bernanke: Fed worries about tight lending standards | Pound Ridge Real Estate

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The Federal Reserve worries the tightening of mortgage credit has gone too far and is now working on policies to ease lending fears, Fed Chairman Ben Bernanke said Wednesday. 

After the Federal Open Market Committee verified its continued commitment to acquiring mortgage-backed securities and Treasuries at the same pace, Bernanke told reporters the Fed is seeing “much higher credit-quality requirements” from potential borrowers.

Yet, he worries any concerns over “put-backs that banks may have — and uncertainties about regulation — have tightened the mortgage credit box more than desirable.”

Still, the Fed Chair said one of the key tools in combating tight lending is the lowering of mortgage rates by keeping the Fed’s federal funds rate near zero.

“I would say one thing is that as the housing industry has strengthened and home prices have gone up, that has brought some people into the credit box,” Bernanke said.

As people build more equity or pull themselves above water, they become more creditworthy and increase their options, Bernanke suggested.

kpanchuk@housingwire.com

via housingwire.com

Report: Ex-Dolphin Joey Porter faces Southwest Ranches foreclosure | North Salem Real Estate

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The South Florida Business Journal is reporting that former Miami Dolphins linebacker Joey Porter is facing foreclosure of a property in Southwest Ranches.

Porter bought his home there for $4 million in 2007 – the same year he joined the Dolphins in a five-year, $32 million deal. His contract included a $12 million signing bonus and another $8 million guaranteed.

via articles.sun-sentinel.com

Early Bird Buyers Try to Beat Tight Inventories | Mt Kisco NY Real Estate

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Realtor.com listing data for February suggest buyers are getting an early start to the 2013 home buying season despite the bad weather in many parts of the country and inventories that are still at record lows.   Sellers are finally responding to the positive market by replenishing depleted inventories.

On a national basis, the average time homes spend for sale is declining even as inventories of homes listed for sale are growing.  The average home now spends less than 100 days on Realtor.com.  That’s the fastest average time in for a listing to spend in our inventory since October.  The average age of inventory fell nearly ten percent from January to February, a sign that homes are selling faster before the spring season begins in earnest-or that recent listings are a greater share of listings inventories.

While the median age of the inventory is highly seasonal, the year-over-year age of inventory fell to 11.71% below the median age one year ago (February 2011).  This decline is consistent with a gradual, but persistent downward trend that has been occurring for the past two years.

The decline in the median time listings are on Realtor.com is widespread.  Age of inventory fell in all but one of the 146 markets Realtor.com tracks, even in Midwestern and Northeastern markets that experienced heavy snowstorms and cold temperatures in February.

The Realtor.com data showing an early surge of demand confirms reports from Realtors that foot traffic was higher than normal in January.  Both signs suggest that sales this spring are likely to be even stronger than they were last year, when early spring sales were atypically strong.

The national median list price also reversed its recent downward trend, rising by 1.55 percent over the month and 1.01 percent on an annual basis.  And while list prices continue to decline in many smaller industrialized markets in the Midwest and North East, the number of markets experiencing a decline is beginning to turn around, spelling more good news for the housing market and the US economy at large.

via realestateeconomywatch.com

Homes.com offers online reputation ‘playbook’ | Pound Ridge Homes

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A new white paper from Homes.com takes a look at best practices for using online directories, review sites and social media platforms to manage a brand’s “online reputation” and keep tabs on competitors.

“Maximizing Your Online Reputation: A Playbook for Engaging Consumers and Winning their Business” is also a plug for Homes.com’s social media marketing service, Social Impact, which is offered at a 30 percent discount.

Before diving into best practices, the 23-page report calls attention to the importance of maintaining a polished image on directory, review and social media websites.  

Citing marketing software developer HubSpot Inc., the white paper said 72 percent of consumers trust online reviews as much as personal recommendations. Information technology research and advisory firm Gartner Inc. has found 74 percent of consumers rely on social networks to make purchasing decisions, the paper said.

Given that so many consumers use online chatter to learn about brands, those that cultivate an attractive online image may reap significant rewards, the Homes.com report said. The white paper pointed to a Media Post News report that said that brands with the highest “social media activity” boosted revenue by as much as 18 percent.

Developing the infrastructure for building an attractive online reputation, first and foremost, means creating an online footprint that spans the most popular directories, review sites and social media platforms, the report said. Those include Yelp, Twitter, Facebook, Instagram and business directories on major search engines, it said.

via inman.com