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Snow Blankets Bedford, Delays Schools – Bedford Patch | Bedford Real Estate for Sale

Residents are waking up to chilly temperatures and over six inches of snow from a Nor’easter that snarled last night’s commute, causing accidents and rendering many local roads a parking lot.

Katonah-Lewisboro and Bedford Central schools announced they would be operating on a two-hour delay on Thursday. The delay also affects Rippowam-Cisqua Schools, which will open at 10:30 a.m. and The Harvey School, which is closed, due to a power outage, according to their websites.

Bedford police said as of 5 a.m. Thursday highway crews were plowing local roads but all were clear except for a downed tree blocking Maple Ave in Katonah.

Drivers should use caution on local highways as some snow and ice conditions are reported on I-684 between exits 10 and 4, according to the Hudson Valey Traveler.

In addition, accidents are being cleared on the Sprain Brook Parkway in Mt. Pleasant and the Taconic Parkway north of 134.

Police said last night several accidents were cleared off local roads; locals reported treacherous commutes on Bedford-Katonah Patch’s Facebook page, citing two-hour drives from Armonk to Katonah and a car fire on Route 35 that slowed east-bound traffic to a stop.

“It took over three hours to get from I-287 up I-684 to exit 4,” said Jessica Welt-Betensky. “Roads seem completely unplowed and some people are trying to drive on the shoulder.”

The National Weather Service forecasts a wintry mix of rain, snow, and sleet  before 9 a.m. this morning, with some snow blowing and a possible accumulation of up to another half-inch today. Tonight’s temperatures dip into the high 20s with Friday likely bringing some meltoff when temperatures rise into the low 50s.

NYSEG said it had prepared for additional outages from the winter storm but as of Thursday morning, outages were down to 1,292 in Westchester County, from a reported 2,700 at 6:30 p.m. Wednesday night.

If you experienced a power outage during the snow storm, call NYSEG at 800-572-1131 or Con Edison at 800-752-6633.

No signs of pressure on home loan rates | Bedford NY Real Estate

Mortgage rates stayed in the basement this week, as mortgage-backed securities that fund the vast majority of home loans continued to look like a safe bet to investors.

Rates on 30-year fixed-rate mortgages averaged 3.39 percent with an average 0.7 point for the week ending Nov. 1, down from 3.41 percent last week and 4.00 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates for 30-year fixed-rate loans hit an all-time low in Freddie Mac records dating to 1971 of 3.36 percent during the week ending Oct. 4.

For 15-year fixed-rate loans, rates averaged 2.70 percent with an average 0.7 point, down from 2.72 percent last week and 3.31 percent a year ago. Rates for 15-year fixed-rate loans reached an all-time low in Freddie Mac records dating to 1991 of 2.66 percent during the week ending Oct. 18.

Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.74 percent with an average 0.6 point, down from 2.75 percent last week and 2.96 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending July 19.

For 1-year Treasury-indexed ARMs, rates averaged 2.58 percent with an average 0.4 point, down from 2.59 percent last week and 2.88 percent a year ago. Rates on one-year ARM loans hit an all-time low in records dating to 1984 of 2.57 percent during the week ending Oct. 4.

A weekly survey by the Mortgage Bankers Association showed demand for purchase mortgages was up a seasonally adjusted 1 percent during the week ending Oct. 26 when compared to the week before, and up 6 percent from the same week a year ago.

Members of the Federal Reserve’s Open Market Committee said last week they expect to keep their target for short-term interest rates at “exceptionally low levels” at least through mid-2015.

The Fed is also keeping mortgage rates low, by boosting purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac by $40 billion a month. Economists at Fannie Mae think the open-ended program may continue through next year and into 2014.

Bounce Rates High? Why? | Bedford NY Real Estate

Most bloggers I know want to reduce their bounce rates. Sometimes it can seem as if it doesn’t matter what the bounce rate for a page actually is, we want it to be lower!

Bounce

Image courtesy stock.xchng user ColinBroug

While it’s a stretch to expect we’ll hit a zero bounce rate, for most bloggers, it is worth looking at your bounce rates regularly, and trying to find ways to reduce them where appropriate.

While blogging’s about people—not just numbers—bounce rates can give you hints about the ways individuals are using your blog, and where you can help them out. In this post, I’d like to explain that in a bit more detail.

What is a bounce?

You undoubtedly know what a bounce is—a user who lands on our page from an external source, then leaves our blog without looking at any other pages. It’s a “single pageview” usage of our site.

But what does a bounce mean?

  • Did the reader get what they came for, and leave?
  • Were they disappointed by what they saw on your blog page?
  • Did they arrive at the page expecting to see something else?
  • Is the content current and compelling—and clearly so?
  • Is it clear from a single glance at the page what your blog is, does, and delivers?
  • Are there clear paths from that page to other actions or information that are likely to meet the needs of target users?
  • Are the bouncers regular readers who check out all your posts, so each time they just come to the latest one, read it, and go again>

Understanding the possible reasons for the bounce is an important step in doing something to reduce the bounce rate itself. Let’s look at a case study from ProBlogger to see exactly how the diagnosis of reasons for a high bounce rate can go.

The bounces, and the page

On a usual trawl through the site’s stats one month, I spotted this:

Bounce rate stats

These stats were for a single month. As you can see, this page attracted some good views, and almost 95% of them were from new visitors! But the bounce rate was really high, the time on site low, and the average visit duration? Terrible!

My first thought was to visit the page itself. It didn’t take me long to find a few issues—let’s step through some of the main ones I found (note that I’ve updated the post since, so these items have been addressed on the live page):

  • The opening dated the article. This piece has a publication date of 2008, but even if the new visitors didn’t see that, the opening, which would have been fine at that time, was written when I was a Twitter newbie—not ideal these days!
  • This problem was amplified by the outdated Twitter follower number I’d quoted. I mentioned in the post that I had 5500 followers; now that number’s over 160,000.
  • I’d included a link to Twitip in the opening. This immediately pulled readers through to one of my other sites, which doesn’t generate any income. While the content had been valuable, that site’s a bit dated now, due to a lack of regular updates. It certainly seemed smarter to try to keep these new visitors on problogger.com a bit longer, rather than syphon them off to Twitip.
  • Much of the content in the article itself was dated.
  • The post didn’t provide many links to other great articles we have on topics like Twitter, Facebook, Pinterest, and other social networks, and social network engagement strategies, here at ProBlogger—simply because that information wasn’t available back in 2008 when I’d written the post.

Yep, this page was pretty outdated! But I bet most sites that have been around for a while will probably have a page or two that are in a similar state.

Sources of bouncing traffic

Okay, so I knew I had a problem with the content of the page—and there were plenty of opportunities to improve it. But in order to make the right improvements—improvements that would give me the best chance of reducing that bounce rate by actually meeting individuals’ expectations—I wanted to know what the users were expecting to see when they came to the page. What needs did they have?

So I took a look at the traffic sources for the page:

Traffic sources

This was interesting. For any blog that gets a lot of its new traffic from search engines, you might expect the main traffic source to be Google. And when I first looked at the page in question, I’d imagined that most of the traffic to this page was coming from search and being pulled to Twitip. In fact, the traffic was coming from Twitip.

Understanding how the page is being used

Now I was getting a pretty clear idea of how this page was being used, and why the bounce rate was so high.

Twitip users were following a link from that site to this article. The second paragraph of the post was directing them right back to Twitip. In that case, would they feel that ProBlogger was more of an authority on Twitter than Twitip? Not likely. No wonder the bounce rate was so high!

But, as expected, Google was also among the top three referrers, and that traffic had a bounce rate of more than 90%.

Beyond content

Knowing that this page was being visited mainly by new users, it was worth looking beyond the content itself, to the page’s layout, branding, and design.

This page is laid out in the same way as the others on my blog, many of which—even if they mainly attract new users—don’t have such high bounce rates. This suggests that the layout probably isn’t the problem.

Now, the major call to action—the main point of engagement and interaction—on my blog’s content pages is to comment. Comments had long since closed on this post, so users may have struggled to find their way to other relevant content on the site at the post’s end. I’d included a Further Reading list there, but the articles were no longer current.

Yet, given how outdated the post was, and the tiny average visit duration, I guessed the visitors I was getting probably weren’t making it that far through the post anyway.

Understanding your bounces

As you can see, a little sleuthing can go a long way in helping you to understand the reasons for high bounce rates.

I try not to be thrown into a panic by the numbers alone. When I look a little deeper, I usually hit on more information that can help you take action on the bounces—if indeed that’s what you want.

In the case of this page, we made some tweaks to bring the content up to date an try to draw search traffic more deeply into the site.

But the reality for the high bounce rate from Twitip users is this: Twitip targets a different audience from ProBlogger. While it’s not unlikely that bloggers will read Twitip, that site is at once far more focused (Twitter tips only!) than this one, and more broad (it targets anyone who wants to use Twitter better—which could include casual, social users of the network, right through to online marketers in corporate environments).

So while ProBlogger contains Twitter tips, to try to convert traffic from Twitip into readers of this blog is probably a bit of a challenge. The two audiences want different things. While it was definitely worthwhile updating the ProBlogger post, the Twitip audience, on the whole, probably isn’t going to be interested in what we’re doing over here.

And that’s an important thing to realise: not all bounces are bad, and not all need addressing. Many do and will, and they’re the ones you’re better to spend your time trying to fix. But you won’t be able to work out which ones they are unless you take a few minutes to dig into the facts behind the bounces in the first place—to think about the individual users behind the numbers.

What do you do about your blog’s bounce rates? Have you been able to lower bounce rates through any specific tactics? I’d love to hear your tips in the comments.

Fannie and Freddie becoming ‘wards of the state’? | Bedford NY Realtor

The government’s failure to overhaul mortgage giants Fannie Mae and Freddie Mac is pushing the U.S. toward nationalization of the mortgage market, and would-be homeowners will be the losers if competition between private companies isn’t restored.

That’s according to Jim Millstein, the former Treasury Department official who oversaw the reorganization of American International Group Inc., who thinks the government will have to get into the business of reinsuring mortgages if it wants to restore the private sector’s role in mortgage securitization, and reduce taxpayer exposure to Fannie and Freddie.

Millstein, the Treasury Department’s chief restructuring officer from 2009 to 2011, says neither the Obama administration nor Congress has put forward a workable plan to lift mortgage giants Fannie Mae and Freddie Mac out of conservatorship.

Increasing the fees charged by the companies and taking all of their earnings threatens to make Fannie and Freddie “permanent wards of the state,” Millstein argues in an editorial he co-wrote with Phillip Swagel, a professor at the University of Maryland School of Public Policy.

Millstein and Swagel have proposed legislation that would create a new government reinsurance program, and turn Fannie and Freddie into one of many private “first loss” insurers that would pay into it.

Four years after the takeover of Fannie and Freddie, they say, “the government now backstops 90 percent of all new mortgages and has no plan to reduce its market share, no plan to protect taxpayers against future losses on the trillions of dollars of mortgage credit underwritten since the firms were placed under government control.”

The Treasury Department’s decision to claim Fannie and Freddie’s earnings as dividends is intended to make sure that taxpayers recoup the $141 billion they’re still owed from bailing the companies out (Treasury has invested $187 billion in the companies and received in $46 billion in dividends). But the government’s “cash sweep” prevents Fannie and Freddie from building up capital reserves that would protect taxpayers against potential losses on $4.5 trillion in mortgage guarantees, Millstein and Swagel argue.

In a similar fashion, recent increases in Fannie and Freddie’s guarantee fees mandated by the Federal Housing Finance Agency would seem “sensible and long-overdue,” the two maintain. Fannie and Freddie, they say, “had grossly underpriced the insurance they provided on mortgages before the crisis, putting taxpayers at risk for the bailout that inevitably came and making it difficult for other private companies to compete with them.”

But the fees are still “significantly below” what private companies would charge, and the increases are all going to the government, rather than helping Fannie and Freddie build up capital and reserves.

“With Washington hungry for revenue, there will be inexorable pressure to milk Fannie and Freddie’s guarantee fees to support other government spending,” Millstein and Swagel warn. “The losers will be potential homeowners, as mortgage availability will be determined by government regulators rather than by private firms competing for their business.”

Ironically, they say, the quickest way to get Fannie and Freddie out of conservatorship and restore competition among private firms is for the government to get into the mortgage reinsurance business. Millstein and Swagel envision a system in which private mortgage insurers would take on a growing proportion of the first loss on bad mortgages before government reinsurance would kick in.

Fannie and Freddie would themselves be transformed into private, “first loss” insurers, and forced to compete with other private companies willing to pay the government for reinsurance.

With “strict regulation to ensure that community banks can originate and securitize mortgages on an even playing field with the giant banks,” competition would breed new entrants in mortgage finance. Any of them, including Fannie and Freddie, could fail without the threat of a housing market collapse, Millstein and Swagel maintain.

A government reinsurance program will be a tough sell to conservatives, they acknowledge. But the government, having placed Fannie and Freddie in conservatorship, is already “creeping” toward nationalization of the mortgage market.

A government reinsurance program with private insurers ahead of the government is perhaps the only way, they say, to shrink Fannie and Freddie’s portfolios, reduce taxpayer exposure, and jump start a competitive private market.

“Today, we’re doing massive guarantees through the conservatorships of Fannie and Freddie,” Millstein tells the Wall Street Journal’s Nick Timiraos. “But it’s a ham-fisted, convoluted way of delivering the guarantee. Taxpayers aren’t being protected at all. There’s no capital ahead of us.”

Fannie Mae, Freddie Mac take finger off automatic repurchase trigger | Bedford NY Real Estate

Fannie Mae and Freddie Mac said the government-sponsored enterprises won’t require lenders to automatically repurchase loans with early payment defaults, reversing course on a key provision in the government-sponsored enterprise’s new representation and warranty framework.

Early payment defaults occur when a borrower misses a payment during the first three months of the loan.

The GSEs had previously said that under their new guidelines, early payment defaults would automatically trigger a repurchase request from the agencies — no matter how well documented the loan was. In letters released to lenders Friday, both Fannie Mae and Freddie Mac said that “upon further review, it has determined that the automatic repurchase trigger will not be implemented.”

The new representation and warranty guidelines, announced by the Federal Housing Finance Agency in September, are scheduled to go into effect for loans originated on or after Jan. 1, 2013.

Under the reps and warrants clause of the mortgage contract, GSEs have the option to force a lender to buy back a loan that breaches certain representations made about the loan upfront. The changes being pushed through for 2013 are positioned as an effort to relieve at least some of that pressure for lenders, although some have questioned whether the changes will help or hurt the mortgage market.

So-called buyback risk has been routinely cited by lenders as a key reason certain loans aren’t being made, at numerous industry conferences during 2012. This risk has already materialized in the form of reducing bank earnings, with Fifth Third Bancorp ($15.02 -0.1001%) reporting earlier this week that the bank’s third-quarter earnings were affected by a reserve holding against future rep and warranty claims.

Both letters issued by the GSEs also spelled out for the first time key repurchase alternatives either Fannie or Freddie may choose to offer lenders, incuding indemnification and loss sharing, among other alternatives.

The GSEs also warned lenders to expect more loan reviews, saying its sampling of performing loans for rep and warranty review “will likely increase in aggregate across all loans and lenders,” as both mortgage giants expand their discretionary review process on loans they guarantee.

Local Market Job Situations | Bedford NY Real Estate

  • Fresh data on employment conditions at the metro level was released this morning. This data has some lag time so the latest information is as of March.
  • Jobs are one of the important factors affecting home sales. Among the areas where the housing market crash was brutal, Phoenix and Miami look poised for a sustainable recovery. Phoenix added 40,300 jobs in the past 12 months, while Miami-Ft. Lauderdale added 32,200. Job gains were light in Orlando and Ft. Myers. Las Vegas and the non-coastal California markets were also a step slow in jobs recovery. Turning to the Midwest, Detroit is coming back with 26,600 net new jobs, but Cleveland is showing no traction.
  • As for small towns, Ft. Wayne (IN) and all the small towns across North Dakota did very well. The fastest flyers were Lafayette (LA) and Odessa (TX) where they have added 10% or more jobs from just 12 months ago.
  • Job performance for every market is shown here.