Take a Peek Inside the Newly Renovated Hollyhock House | Armonk Real Estate
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Fed Provides Deeper Look at Lending Standards on Residential Mortgages | Armonk Real Estate
The Federal Reserve Board recently released its survey of senior bank loan officers. The January 2015 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the fourth quarter of 2014.
The January 2015 iteration of the survey featured revised and expanded categories of residential real estate loans to reflect the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) rules and provide more detailed information on the mortgage market. According to the survey lending standards over the fourth quarter of 2014 declined, on net, across most CFPB-defined residential mortgage categories*.
The figure below depicts the net percentage of senior bank officers reporting that lending standards at their bank had eased over the fourth quarter of 2014. The net change is calculated by subtracting the share of banks reporting tighter lending standards from the proportion reporting easier standards. According to the figure lending standards for GSE-eligible residential mortgages eased the most, 12.5%, on net.
While not to the degree of GSE-eligible residential mortgages, lending standards on those residential mortgages that are considered a qualifying mortgage eased more than similar residential mortgages that do not qualify. For example, lending standards on qualifying jumbo residential mortgages eased more, on net, 7.7%, then lending standards for non-qualifying jumbo residential mortgages, 3.5%. Similarly, lending standards on qualifying non-jumbo, but non-GSE eligible, residential mortgages eased more, on net, 3.4%, than lending standards on non-qualifying, non-jumbo residential mortgages. Moreover, lending standards on non-qualifying, non-jumbo residential mortgages were unchanged over the fourth quarter of 2014, similar to the lending standards on subprime residential mortgages.
In addition, lending standards on jumbo mortgages eased more, on net, than similarly-situated non-jumbo mortgages. For example, lending standards on qualifying jumbo mortgages eased more, on net, 7.7%, than lending standards on qualifying non-jumbo and non-GSE-eligible residential mortgages, 3.4%. Similarly, net lending standards on non-qualifying jumbo residential mortgages eased more, 3.5% than non-qualifying non-jumbo residential mortgages, 0.0%. Despite the greater change toward easier lending standards amongst jumbo residential mortgages relative to similarly situated non-jumbo mortgages over the fourth quarter of 2014, a previous post illustrated that lending standards on “non-conforming” residential mortgages are considered tighter, on net relative to the midpoint of the range of standards between 2005 and the second quarter of 2014, than “conforming” residential mortgages.
read more…
http://eyeonhousing.org/2015/02/fed-provides-deeper-look-at-lending-standards-on-residential-mortgages/
North Castle Town Supervisor Note | Armonk Homes
Dear Residents:
I have enjoyed serving as your Supervisor this year, and look forward to an exciting 2015, as it is a privilege to serve on this Board, for the residents of this great community. I want to take a few minutes to offer a final update for the year 2014.
2015 Budget and AAA Bond Rating: The Town Board adopted the 2015 Budget at the December 10th Town Board Meeting. The budget is approximately $250,000 below the NYS tax cap and reflects a 2.4% tax rate increase. Budget highlights include but not limited to: increased funding for road maintenance (see below) and equipment, and two new Police officers. In addition, Moody’s restored North Castle’s Aaa (Triple A) bond rating, joining only 12 other municipalities in NYS with that distinction.
November 13, 2014 Special Election: The Special Election for the Ward vote held on November 13 was executed flawlessly by our Town Clerk’s office led by Town Clerk Anne Curran, as well as many other departments and individuals that contributed. Much time and effort was expended by the Town establishing procedures to assure that no registered voters were disenfranchised. It was a monumental effort over a very short time period, and we thank Anne and all the staff for their hard work and dedication.
2015 Waste and Single Stream Recycling Calendar: You should have received the new 2015 Calendar by mail, but you can click hereor visit the Town website if needed.
2015 Road Maintenance: Road maintenance and repair continue to be a high priority. The 2013 Pavement Management Study provided the Town with a comprehensive analysis from routine maintenance to complete road rehabilitation. Looking ahead to 2015, the adopted budget allocates $1.15 million for road maintenance (a 15% increase). In addition, the Town Board is working with the Budget and Finance Committee to evaluate the report and establish a multiyear plan to continue to improve our roads.
New Senior Bus: The Town board approved the purchase of a new bus for our Recreation Department. The bus will have multi-recreational uses but will mainly accommodate our senior program. Included in the various safety features is a wheelchair lift. Delivery is expected in March.
Storm Preparation: The Town has added three vehicles to the Highway fleet and one to Parks in preparation for winter storms. Additionally more staff has been added across the foreman, mechanic and laborer classifications. The brine has been prepared so both silos are filled to capacity. (Brine is applied to the roads before certain storms – depending on temperature – which makes the roads safer.) In addition, we have a full supply of salt and sand. The following are some reminders of the Emergency Procedures, Town and State Ordinances, and Emergency Contact Information:
- In the event of a power outage please call Con-Edison directly: (800)752-6633
- In case of emergency: North Castle Police Department: 273-9500 or 911
- For emergency storm updates please sign up for Nixle atwww.nixle.com and register your email, phone or both for free updates. This is an EXCELLENT way to receive emergency information from the Town.
- Be Prepared. Our own NC4 always reminds us to be prepared.Click here to learn how to build your own preparedness kit. It’s easy and fun to do with your kids!
- Reminder of several safety issues:
- Reminder of overnight parking restrictions: No parking on public roads from Nov 15 – Apr 1, 1:00am to 6:00am.
- Deposit of Snow, Water, and Ice on Town, County, and NYS Roads is prohibited.
North Castle Holiday Festivities: North Castle residents began the Holiday season with two very special events, the “North White Plains Tree Lighting” and the “Frosty the Snowman Day/Parade”. Both events were very well attended and big thanks goes out to all of those volunteers who made it all a reality, in addition to our Parks staff that completed the decorations. Also, please don’t forget to shop local and visit one or all of the great eateries that our Town has to offer.
I hope you and your family have a wonderful Holiday Season and all the best in the New Year.
Sincerely,
Michael Schiliro
Supervisor – Town of North Castle
Symmetry Can Rescue Your Room | Armonk Real Estate
Human faces, snowflakes, violins, the Eiffel Tower — so much of our world is symmetrical, it’s no wonder the eye is drawn to things with a mirror-image quality, including interiors. No matter your decor style, embracing symmetry can help your space look its best. Whether you’re bringing grandeur to a small space or doing more with your art collection, here are 10 reasons to work symmetry into your rooms.
1. Symmetry can make your dining room feel fancier. Formal symmetry (where two sides of a room are close to mirror images of each other) dresses up a space. In the dining room, try hanging framed artworks on either side of a large mirror for a classic, elegant look. Or place matching lamps, sculptures or vases at either end of a buffet table — the more objects repeated on each side of the room, the more formal the space will feel.
2. Symmetry makes mixing up the dining set easier. Mixing and matching dining chairs is simple when you stick with a symmetrical arrangement — a pair of slipcovered armchairs at the ends and wood chairs along the sides, for instance. Even though the chairs at the heads of table are completely different from the others, the look feels well balanced.
read more…
http://www.houzz.com/ideabooks/34253957?utm_source=Houzz&utm_campaign=u845&utm_medium=email&utm_content=gallery11
Mortgage Apps down | Armonk Real Estate
Mortgage applications decreased 4.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 21, 2014.
The previous week’s results had included an adjustment for the Veterans Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5% compared with the previous week. The Refinance Index decreased 4% from the previous week. The seasonally adjusted Purchase Index decreased 5% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 10% lower than the same week one year ago.
The refinance share of mortgage activity increased to 63% of total applications from 61% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.0% of total applications.
The FHA share of total applications decreased to 9.4% this week from 9.9% last week. The VA share of total applications decreased to 10.3% this week from 11.5% last week. The USDA share of total applications remained unchanged at 0.8% this week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.15% from 4.18%, with points increasing to 0.25 from 0.24 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.10%, with points increasing to 0.25 from 0.16 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
read more….
http://www.housingwire.com/articles/32180-mortgage-apps-fall-43-despite-low-mortgage-rates
Skeletons in the Closet: Buying and Selling a Home with a Notorious Past | Armonk Homes
U.S. existing home sales hit one-year high in October | Armonk Real Estate
U.S. home resales jumped to their highest level in more than a year in October and outpaced the sales level a year ago for the first time in 2014, further evidence the housing market is on a recovery path.
The National Association of Realtors (NAR) on Thursday said existing home sales rose 1.5 percent to an annual rate of 5.26 million units, the highest rate since September of last year. Sales rose 2.5 percent compared to a year ago, the first time since October 2013 that nesales have risen above the prior-year levels.
Economists polled by Reuters had forecast sales falling to a 5.16 million-unit pace, from an upwardly revised rate of 5.18 million units in September.
“This is the first time in the year where we have seen a year over year annual gain, which means that existing home sales have made that successful U-turn,” Lawrence Yun, NAR’s chief economist, told reporters.
Housing is slowly regaining its footing after activity stalled in the second half of 2013 following a run-up in mortgage rates. While the sector continues to be hobbled by sluggish wage growth, a recent decline in mortgage rates should help support sales.
A separate report this week from the Mortgage Bankers Association showed applications for loans to purchase homes surged last week as low rates lured potential buyers.
read more….
http://www.reuters.com/article/2014/11/20/us-usa-economy-housing-idUSKCN0J41P620141120
Farmers Markets | Armonk Real Estate
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Local Representation for North Castle | Armonk Real Estate
Local Representation for North Castle Neighborhoods
Understanding the Ward System – Frequently Asked Questions
Neighborhood Representation on the North Castle Town Board will make Town Government more accessible and accountable. |
A special election considering Neighborhood Representation on the Town Board will be held on Thursday, November 13, 2014.
Propositions to convert Town Council elections to the Ward System and to increase Councilpersons to six from four will provide a more representative system for North Castle citizens.
What is the Ward System Proposal?
Quite simply, it is changing the way we elect Board Members from town wide elections, to elections based on districts built around neighborhoods. It is also proposed to increase the number of Councilpersons from four to six to allow more direct representation of the many neighborhoods in the town. No other aspect of Town government changes.
Why do we need a change?
The current system allows one area of Town to dominate the election process leaving other parts of town underrepresented.
There is no geographic diversity on the Town Board. In recent memory, there has not been a council member from North White Plains, the Middle Patent or Banksville areas. Other neighborhoods such as Windmill and Whippoorwill have had to rely on Neighborhood Associations to be heard.
Currently the all Town Board Members live, on average, one mile from the Town Hall and this has been the case for decades. The Armonk centric Board does not understand the needs of the many neighborhoods in the Town. The ward system will provide elected neighborhood representation and will assure your neighborhood has representation on the Board.
Why is this a problem? Our town spans a large area with highly diverse communities. Different geographies – urban, suburban and rural; different age and economic profiles – middle class, professional, new families, retirees; different school districts – Byram Hills, Valhalla, Bedford, Harrison, Mt. Pleasant.
Almost 10% of active voters in North Castle signed the Petitions calling for the referendum. They and many more believe that the Town Board structurally “didn’t get it” and would not until there was a reform in the system.
How will this benefit Your Neighborhood?
Your neighborhood will have someone on the Board who understands your needs; will be from your neighborhood; and is accountable to you.
The change to the Ward System will also bring the Town Board back to standard two year terms instead of the current four year. This will increase the accountability of councilpersons.
Will we lose influence by voting for our own Councilperson?
You will gain influence. The current political environment in North Castle is dominated by factions and parties, not by neighborhoods where the need for services reside.
Current Councilpersons are accountable only to the biggest blocs of votes, not to every neighborhood. A dedicated councilperson will be your representative and and will have a seat at the table.
Without a representative system 51% gets 100% control and 0% for the rest. That is why we need representative government.
In North Castle you will gain representative government. You will vote for your councilperson, the Supervisor, the Town Clerk and Tax Receiver.
Why increase the number of Board members?
North Castle is spread over a large and diverse geography with numerous distinct neighborhoods. Six councilpersons are necessary to create districts built around key neighborhoods
Will there be enough candidates?
More than enough. The Ward System dramatically lowers the barriers to running for office. Candidates will no longer have to rely on The Democrat or Republican Political Parties to effectively launch a campaign.
THAT IS WHY THE PARTY COMMITTEES ARE OPPOSING IT!
Candidates need only compete in their neighborhood rather than Town wide, making campaigns closer the the voters, lower cost and easier to conduct.
We currently have four Councilpersons in an area which would be the equivalent size of one ward. Those councilpersons are arguing that we could not get one “qualified” candidate from each of the other proposed 6 areas.
Will this Cost the Town More?
It should cost less, not more. A change in the Board system is an opportunity to adjust Board compensation from $18,000 per year plus benefits to perhaps $10,000 like New Castle or $0 like Scarsdale. The cost is totally up to the Board and can be reduced substantially.
Will the Ward System create divisiveness on the Board?
Current Board members are arguing that it is now peaceful on the Board and that the Ward System would create divisiveness.
They are somehow assuming that the current set of councilpersons, who live on average just a mile from Town Hall, can work together responsibly, but representatives from other parts of Town cannot. A Board from all parts of town is not divisive. It is representative. The implication that a representative from currently unrepresentative neighborhoods could not work constructively on the Board is insulting.
We can be sure that Town Board members will have the wisdom to work together for the benefit of the whole town. Having geographic diversity on the Board will help them to make better decisions. Some disagreements on the Board may be a good thing.
How will districts be drawn?
Under the law, districts must be made up of approximately the same population. The petitioners are proposing six districts built around major neighborhoods in Town. The exact boundaries will be established by the Westchester Board of Elections. The Town and the public will have input into the final boundaries.
Who Supports Neighborhood Representations? Some councilpersons contend that the ward system is a “solution in search of a problem”. Almost 10% of North Castle active voters signed the petition supporting neighborhood representation via the ward system. They think there is a problem. These petitioners came heavily from neighborhoods which do not feel represented by the current system.
PLEASE JOIN US TO FIGHT FOR NEIGHBORHOOD REPRESENTATION – FORWARD THIS TO A FRIEND.
VOTE ON NOVEMBER 13 FOR BOTH OF THE WARD SYSTEM PROPOSALS.
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| Informed Citizens | tony@armonk.email | Informed Citizens 2014 | Box 59 | Valhalla, NY 10595 |
Mianus River Gorge To Buy 73-Acre North Castle Site For $2.8M | Armonk Real Estate
Mianus River Gorge will acquire a 73-acre parcel in North Castle for $2.8 million, according to Rod Christie, the preserve’s executive director. The purchase is expected to close in the coming months.
The property, which is located at 99 E. Middle Patent Road, is co-owned by Hope Levene and her relatives, according to Christie.
Levene, a 93-year-old Bedford resident who formerly lived in North Castle, has a long local history. In a July interview that focused on her decades of six decades of volunteerism at Northern Westchester Hospital (NWH), she discussed the various roles she had over her lifetime. They included serving as the only trustee of a small school district that included a 1-room schoolhouse, and later as a Bedford Central school board member. Levene has also been involved with Twigs, a thrift store that supports NWH.
Christie noted that Levene used to serve on his organization’s board. He appeared before the North Castle Town Board on Monday evening at a special meeting. The Town Board voted to authorize Supervisor Michael Schiliro to sign a conservation easement, which will cost $500,000
The easement, which will cover 68 of the site’s acres, will be paid for by using open-space funding. It was disclosed at the meeting that the funding stems from a 2004 voter referendum that authorized the town to bond up to $3 million for acquiring open space and for conservation easements.
The Town Board voted on Monday because town’s ability to utilize the bond expired after 10 years, according to Schiliro. Monday was the expiration date because it was the next business day,
read more…
http://armonk.dailyvoice.com/news/mianus-river-gorge-buy-73-acre-north-castle-site-28m