Tag Archives: Bedford Hills Real Estate

Bedford Hills Real Estate

Back to the Future: The cost of mortgage rates | Bedford Hills Real Estate

Mortgage rates have never been lower, but they most certainly have been higher.

The latest infographic provided by Loans.org takes loan rates back in time from the last decade, to the ’90s and even back to hte ’80s — these efforts that would make the Doc and Marty McFly proud.

For instance in 2013, a homeowner pays $1,347.13 a month for a four bedroom and three bathroom home.

But if you take the same home and go back to 2008 when the Great Recession begins, the average interest rate is 6.03% and your monthly payment would’ve been $1,503.70.

Click here to view the informative infographic.

 

Back to the Future: The cost of mortgage rates | HousingWire.

Tips, Tricks for Keeping Groundcover Under Control | Bedford Hills Real Estate

Groundcovers done right can help protect the soil from the sun’s heat, reduce evaporation, replace turf grass in shady locations, prevent wind and water erosion, and help control weeds. The wide variety of low-growing groundcover plants available can add interest to your landscape thanks to unexpected texture, color or form.

Groundcovers are a great addition to a garden, when done right.

Groundcovers are a great addition to a garden, when done right.

But groundcovers gone wrong can smother out other garden plants, jump fences and invade natural habitats. In fact, the very traits that make some plants popular ground covers – the ability to spread quickly and grow anywhere – are the same ones that have earned them reputations as menaces,
Even worse, once groundcovers reach the problematic stage, many are incredibly difficult to get rid of. Groundcovers such as lippia, and English ivy can be pulled out, but any bit of root or stem that you leave behind will sprout again, meaning eradication must be an ongoing process.

Because established groundcover is so tough to remove permanently, you don’t want to think of it as a temporary landscape decoration. These tips should help you maintain a healthy relationship with your groundcover – allowing it to grow where it should, do what it should, and not stray from its intended spot.

ground cover- digs 2

Groundcover is a great addition to this walkway.

1. Research, then plant. Read gardening books specific to your region and talk with the pros at your local nursery. Plants that are labeled “spreads rapidly” and “grows anywhere” may be clues that the plant could become a problem.

2. Anticipate the spread. When buying a groundcover, read the label – specifically the section concerning mature height and width. Plant according to these guidelines, understanding that your plants’ growth could exceed prescribed dimensions.

3. Consider your site. If you just have some gaps in an already-prepared garden bed, use annuals and tender perennials to fill in. Save ground covers for tough sites where you have trouble getting other plants to grow, such as spaces under trees or on steep slopes.  Select groundcovers, according to your yard’s conditions: Sun or shade? Clay soil or sand? Moist or dry? Select groundcovers that will thrive under your conditions rather than require heroic measures to keep them alive.

4. Steer clear of invasive ground covers. Invasive plants out-compete other species for water, nutrients, sunlight, and space. As a result, invasive species can displace native species, reduce plant diversity, alter ecosystem processes, and hybridize with native plants. Most state agriculture departments and county extension offices work to educate people about local invasive plants. Talk to them and ask if there are groundcover plants you should avoid altogether. The lists will vary from region to region. In the Portland, Oregon, area, for instance, Lesser celandine, Italian arum, Yellow archangel, Lamium, Creeping Jenny and Vinca are all considered invasive groundcovers. In the San Francisco Bay area invasive groundcovers include Iceplant or Hottentot fig, Licorice plant, Vinca and English ivy or Algerian ivy.

5. Be prepared. Once you select your groundcover, control existing weeds and test the soil for pH and fertilizer recommendations before planting. Till the soil to a depth of 8 to 12 inches incorporating any fertilizer and lime needed, as well as, a 2- to 4-inch layer of organic matter such as pine bark mulch or compost. If the site is on a steep slope, you may need to apply netting to help reduce soil erosion. Groundcovers are capable of providing long-lasting beauty and function, but their performance is only as good as the effort one puts into soil preparation.

 

Tips, Tricks for Keeping Groundcover Under Control | Zillow Blog.

Best loan prospects may desert FHA | Bedford Hills Real Estate

It’s a catchy marketing pitch: “720 and above, don’t go gov.”

And it has potentially far-reaching significance not only for large numbers of first-time and moderate-income home buyers this year, but for the dominant source of low down payment mortgages many buyers depended on during the past several years: FHA.

The new “720″ jingle, used in advertisements by Radian Guaranty Inc, one of the highest-volume players in the industry, refers to FICO scores and spotlights the steadily rising cost of FHA insurance premiums compared with private competitors.

As the result of those fee increases — the most recent hike in premiums took effect April 1 — and the impending revocation of the right to cancel premiums for most new FHA borrowers starting June 3, private mortgage insurers can now offer much more attractive deals to the most creditworthy homebuyers than FHA.

That has long-time advocates of FHA — and privately, some federal officials — concerned about adverse selection. Private insurers appear likely to start “creaming” the best of FHA’s current customer base — the low credit-risk, 700+ credit score borrowers who have provided the bedrock for FHA’s vaunted, high quality 2010-12 books of new business, which Commissioner Carol J. Galante calls “the strongest in agency history.”

This, in turn, could leave FHA with a preponderance of borrowers who have the lowest scores and present the highest risk of future default and foreclosure — a trend that could put new strains on the agency’s insurance funds and eventually increase the odds that it may need to either seek a Treasury bailout or raise fees again to pay for the losses.

 

 

Best loan prospects may desert FHA | Inman News.

Twin Cities housing prices rise again | Bedford Hills NY Real Estate

 

ST. PAUL, Minn. — A number of indicators point to continued improvements in the Twin Cities housing market.
The median home sale price rose to about $182,000 in April, according to a new report from the Minneapolis Area Association of Realtors. That marked an annual price gain of 12 percent. And it was the highest median sale price since September 2008.
Signed purchase agreements and completed sales also rose over the year ending in April.
But the market is still very tight.
“The demand has been nothing short of crazy — crazy high — the last six months or so,” said Andy Fazendin, president of the Minneapolis Area Association of Realtors. “And the listing activity is up about 7 percent over last year. However, it still is not even close to enough to absorb the demand.”
Fazendin says the tight supply of homes for sale is likely to continue for a while.

 

Twin Cities housing prices rise again | Bedford Hills NY Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Why is the man who bet against U.S. housing so worried about Canada? | Bedford Hills Real Estate

A hedge fund manager who made a killing betting against the U.S. housing market is now publicly fretting about Canadian real estate.
Steven Eisman’s comments on Canada are arguably more important than those of other observers given that he put his money where his mouth was in the run-up to the U.S. meltdown, gaining renown and, eventually, becoming one of the players noted in The Big Short, the book by Michael Lewis.
Most observers believe that Canada’s housing market, while cooling rapidly, is in a soft landing, with the exception of Vancouver. Canada’s finance minister has moved several times to prevent a burst bubble and tame the mortgage market amid record levels of consumer debt.
At a conference in New York yesterday, Mr. Eisman, who founded Emrys Partners, noted the exceptional run-up in prices for Canada homes, deemed by the Economist as the most overvalued in the world.
He pointed specifically to Canada Mortgage and Housing Corp., according to published reports, warning that it’s closing in on a $600-billion ceiling for its portfolio.
“When something gets that big, even governments get nervous,” Mr. Eisman said, according to The New York Times, which covered yesterday’s annual Sohn Investment Conference.
The nation’s banks, he added, aren’t protected enough should housing collapse.
The hedge fund chief also cited Home Capital Group, which, among other things, is a non-prime lender, as a possible trouble spot.
Just yesterday, Toronto-listed Home Capital posted a jump in quarterly profit to $59.7-million, or $1.72 a share, from $52.5-million, or $1.50, a year earlier, and said it believes Canada’s housing markets are “in balanced territory” and still healthy.
“While the company experienced overall originations below the last quarter of 2012, the activity was within management’s expectations given seasonality and the slower start to the spring housing market this year,” it said.
“The company continues to observe good demand for its traditional mortgage products from customers with strong credit profiles and originations in this product were up over the same period last year. The company anticipates that demand for its traditional products to continue to be robust, but recognizes that over all markets have softened and demand could be reduced in future quarters. Management is prepared to adjust its strategy in such a situation.”
While the housing market has cooled, most, though not all, economists say there’s no crash in the offing.
“Tougher mortgage rules, high household debt and reduced affordability in some regions have taken the wind out of the housing market’s sales, though most signs point to a soft rather than hard landing,” BMO Nesbitt Burns says in a new forecast, citing the 15-per-cent in drop in existing home sales in March from a year earlier, but “milder declines” in some regions last month.

 

Why is the man who bet against U.S. housing so worried about Canada? | Bedford Hills Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

BANKS TO BERNANKE: Farmland Looks Bubbly | Bedford Hills NY Real Estate

Ben Bernanke

REUTERS/Larry Downing

Fed Chairman Ben Bernanke

In February, Bloomberg reported that members of the Treasury Borrowing Advisory Committee (TBAC) – made up of high-level executives at Wall Street’s biggest investment banks and asset managers – warned in a quarterly TBAC meeting with Federal Reserve Chairman Ben Bernanke that farmland, junk bonds, and mortgage real estate investment trusts were looking bubbly

Via a Freedom of Information Act request, Bloomberg obtained the minutes to that meeting and has revealed some more information about what was said at the meeting in a new report.

According to the minutes, Bloomberg reporters Craig Torres and Joshua Zumbrun write that the TBAC opposed the Fed’s third round of quantitative easing – this time open-ended, unlike the previous two iterations – when it was announced in September:

The advisory council opposed continued Fed accommodation on Sept. 14, a day after the conclusion of the FOMC’s two-day meeting Sept. 12-13. The Fed after that gathering announced a third round of bond buying with purchases of $40 billion per month of mortgage-backed securities.

Read more: http://www.businessinsider.com/wall-streets-biggest-banks-opposed-qe3-2013-5#ixzz2SnR5xmHD

Cicadas set to overrun Hudson Valley | Bedford Hills NY Homes

Billions of cicadas lurking underground in the Hudson Valley and along the East Coast are awaiting their cue: when ground temperature reaches exactly 64 degrees.

Only then will the inch-long creatures crawl out of the burrows they have lived in for 17 years, climb trees and begin several weeks of riotous mating calls, sex, parenthood and finally death. Then the insects’ offspring will crawl underground to begin the cycle over again.

In the Hudson Valley, showtime could come within days as the air temperature climbs and the earth warms.

Scientists say the cicadas with bulging red eyes will outnumber people from North Carolina to Connecticut by about 600-to-1 and that the males’ mating calls will be as loud as a rock concert.

In 2004, Gene Kritsky, an entomologist at the College of Mount St. Joseph in Cincinnati, measured cicadas at 94 decibels, saying it was so loud “you don’t hear planes flying overhead.”

Cicadas come out every year in different regions around the world, but the variety about to make their entrance along the East Coast are different. They’re called magicicadas — as in magic — and are red-eyed. Magicicadas are found exclusively in the eastern half of the United States.

There are 15 U.S. broods that emerge every 13 or 17 years, so that nearly every year some place is overrun. Last year it was a small area, mostly around the Blue Ridge Mountains of VirginiaWest Virginia and Tennessee. Next year, two places get hit: Iowa into Illinois and Missouri; and Louisiana and Mississippi. Still, it’s possible to live in these locations and actually never see them.

This year’s invasion is one of the bigger ones. Several experts say that they really don’t have a handle on how many cicadas are lurking underground but that 30 billion seems like a good estimate. At the Smithsonian Institution, researcher Gary Hevel thinks it may be more like 1 trillion.

Even if it’s merely 30 billion, if they were lined up head to tail, they’d reach the moon and back.

This year’s invasion, dubbed Brood II by scientists, is expected to cover large swaths of the Hudson Valley, according to Daniel Gilrein, an entomologist with Cornell Cooperative Extension of Suffolk County. Nature lovers, he said, should plan expeditions in late May and early June to see the insects at work.

 

http://newyork.newsday.com/news

 

HUD homes add to inventory-starved market | Bedford Hills Real Estate

Any homebuyer on the market right now will tell you the crowd of buyers and multiple offers are creating a challenge.

Those in search of distressed homes owned by the U.S. Department of Housing and Urban Development are not immune to this supply-and-demand situation. In fact, recently one HUD home in San Diego attracted 100 offers within 10 days. 

“In this market, because it’s so competitive we’re seeing buyers just happy to get a house. They are being less selective on location and condition,” said Whissel, broker/owner of Whissel Realty. 

But in its latest news report, RealtyTrac reported that an uptick in homes owned by HUD may create opportunities for patient buyers.

Experts project that over the next two years, as lenders steadily work through a backlog of foreclosures delayed by foreclosure-processing reviews, the supply of these HUD homes will increase significantly. 

Nearly Half of Homeowners Don’t Know Their Flood Risk | Bedford Hills Real Estate

Despite extensive media coverage of the widespread, multistate flooding caused by Superstorm Sandy last fall and Hurricane Irene in the summer of 2011, 1 in 5 homeowners is still surprised to learn that home insurance does not cover flooding, according to a Bankrate nationwide survey as part of the April Financial Security Index.

The survey found that 18 percent of consumers didn’t know that a standard homeowners policy specifically excludes flood-related damage, while 81 percent were aware of the need to purchase a separate flood insurance policy from the federal National Flood Insurance Program, or NFIP, to guard against flood loss.

The Federal Emergency Management Agency, or FEMA, which administers the NFIP, generally classifies properties as either at high risk or moderate-to-low risk of flooding. When consumers were asked if they knew for sure which category applies to their home, just more than half, or 51 percent, said “yes,” while 43 percent said “no.”

Bankrate’s survey was conducted by Princeton Survey Research Associates International and involved landline and cellphone interviews from April 4-7 with a nationally representative sample of 1,003 adults in the continental United States. The margin of error is plus or minus 3.7 percentage points.

“I was very happy that 4 out of 5 survey respondents understood that standard homeowners insurance does not cover flood,” he says. “This number is a much higher awareness level than we’ve seen in the past.”

Survey shows Realtors more upbeat in March | Bedford Hills Real Estate

Realtors are increasingly confident about current market conditions and the outlook for the next six months,  although expectations for condos are still less than “moderate,” according to survey data gathered in March. Source: National Association of Realtors.