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Katonah NY Real Estate

Katonah NY Leads Area With Low Inventory | RobReportBlog

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Katonah NY Leads Area With Low Inventory |  RobReportBlog

Katonah  93  homes for sale –   13.61 months of inventory

South Salem  70  homes for sale  –  15.55 months of inventory

North Salem  53  homes for sale  –  16.74 months of inventory

source:  Hgar mls

via trulia.com

Zillow Agrees: Inventory Crunch Easing | Katonah Homes

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Two days after rival web site Trulia announced it had detected signs that the year-long decline in inventories was slowing, Zillow said that the crunch could be beginning to ease somewhat.

Trulia’s chief economist Jeff Kolko said Monday that Trulia’s seasonally adjusted quarter-over-quarter change in inventory is negative, but no longer falling as sharply as it did a few months ago.  The quarter-over-quarter decline in inventory has been at a 14-21 percent annualized rate since October 2012, compared with a 23-29 percent annualized rate from March 2012 to September 2012.

Zillow’s Stan Humphries said that the overall number of homes listed for sale nationwide on Zillow was down 16.6 percent year-over-year in late February. Zillow looked at all homes available for sale on Zillow on Feb. 24, 2013, and compared it to the number of homes available on Feb. 24, 2012. The analysis covers homes nationally and in the 99 largest metro areas covered by Zillow, and across bottom, middle and top price tiers.

Nationwide, the greatest year-over-year decreases in inventory were among more expensive homes, with the availability of top-tier properties falling 20.5 percent year-over-year. That was followed by middle-tier homes (-17.2 percent year-over-year) and bottom-tier homes (-9.1 percent year-over-year). Only five metro areas showed more homes for sale overall last month than in February 2012: El Paso, TX (+18.5 percent); Albuquerque, NM (+8.1 percent); Little Rock, AR (+7.7 percent); Fort Myers, FL (+1.5 percent); and Youngstown, OH (+0.2 percent).

“The supply of for-sale listings continues to dry up, driven in part by potential sellers trapped in negative equity and homeowners who won’t sell out of fear they won’t be able to find a suitable home to buy later,” said Humphries. “But the impact of constrained inventory will create the solution to the problem. Over the past year, inventory tightness has contributed to increases in home values in many markets. As home values rise, some homeowners will be freed from negative equity and able to list their homes, which will contribute to an easing of the inventory crunch. While this inventory is coming, it may still be a frustrating spring for buyers vying for what inventory is available. It’s important to be patient and not commit to paying beyond one’s comfort level in the heat of negotiations.”

Large California metros experienced the biggest decrease in homes for sale over the past year. Among the 30 largest metros covered by Zillow, four of the top five in inventory contraction are located in California: Sacramento (-48 percent); Los Angeles (-45.7 percent); San Francisco (-40.9 percent); and San Diego (-39.4 percent). Minneapolis-St. Paul (-36.7 percent) rounded out the top five.

But while the overall number of homes listed for sale in February was down significantly year-over-year almost across the board, the national drop was actually less severe than in January. In January, the number of for-sale listings was down 17.5 percent year-over-year, which could indicate an easing of the inventory crunch. Almost two-thirds (63) of the areas surveyed showed a smaller year-over-year decline in for-sale homes in February than in January.

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Year-over-year % Change In Homes For Sale Listed On Zillow, Feb. 24, 2013 vs. Feb. 24, 2012
Metro AreaBottom-Tier HomesMiddle-Tier HomesTop-Tier HomesAll Homes
UNITED STATES-9.1%-17.2%-20.5%-16.6%
New York-13.3%-23.2%-19.3%-18.9%
Los Angeles-56.8%-42.4%-38.2%-45.7%
Chicago-11.5%-15.2%-19.8%-16.2%
Dallas-Fort Worth-9.8%-20.6%-24.6%-20.7%
Philadelphia-8.2%-18.3%-25.2%-18.1%
Houston-16.6%-26.5%-25.5%-23.7%
Washington, DC-26.0%-21.4%-22.7%-23.3%
Miami-Fort Lauderdale18.1%3.5%-20.9%-6.9%
Atlanta-44.3%-33.9%-23.2%-32.1%
Boston-19.1%-28.2%-24.4%-24.2%
San Francisco-51.0%-40.0%-34.9%-40.9%
Detroit-18.3%-23.0%-24.4%-21.9%
Riverside, CA-38.2%-43.7%-29.6%-36.2%
Phoenix-42.2%-22.5%-20.7%-26.4%
Seattle-31.7%-13.2%-19.5%-21.2%
Minneapolis-St Paul-44.6%-31.2%-34.7%-36.7%
San Diego-43.0%-43.8%-32.1%-39.4%
Tampa, FL-15.0%-21.6%-22.1%-20.1%
St. Louis-7.0%-10.4%-19.9%-13.2%
Baltimore-16.4%-18.1%-16.3%-16.9%
Denver-27.0%-30.7%-35.6%-32.1%
Pittsburgh-2.5%-5.4%-4.0%-4.0%
Portland, OR-24.5%-15.1%-21.7%-20.5%
Sacramento, CA-61.5%-53.2%-33.4%-48.0%
Orlando, FL-28.6%-35.6%-21.5%-27.1%
Cincinnati6.2%0.9%-7.0%-0.5%
San Antonio-16.1%-21.3%-18.7%-18.7%
Cleveland-4.6%-7.4%-18.0%-10.5%
Kansas City-23.0%-32.4%-37.9%-32.4%
Las Vegas-30.3%-34.2%-31.2%-32.1%
via realestateeconomywatch.com

Foreclosure timelines now measured in years | Katonah NY Real Estate

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<a href="<a href=Boarded-up home image via Shutterstock.

The number of mortgages that are delinquent or in foreclosure is declining, but those in the pipeline are years away from clearing, according to a report from Lender Processing Services Inc. released today.

Of all the loans in the foreclosure process in January 2012, 42 percent were still in the foreclosure process a year later, the report said. Only 22 percent had become real estate-owned (REOs) and 11 percent had been liquidated through short sales or deeds-in-lieu.

In states where the foreclosure process is handled by the courts, 58 percent of loans in foreclosure are more than two years past due. In judicial foreclosure states, that figure is 33 percent. Judicial foreclosure states have three times as much foreclosure inventory as judicial foreclosure states.

In judicial foreclosure states, it takes an average of 62 months (more than five years) for a foreclosure to clear, almost twice as long as in a non-judicial foreclosure state: 34 months, or nearly three years.

Broken down by state, judicial states New York and New Jersey had the longest timelines: 607 months (more than 50 years) and 483 months (more than 40 years), respectively. By comparison, in non-judicial Texas and Virginia, the averages were 40 and 39 months, respectively.

But the difference between judicial and non-judicial states is decreasing due to recently enacted “judicial-like” legislation in some non-judicial states, the report said. In Nevada, legislation has resulted in a jump from a 27-month timeline in June 2012 to 57 months at the end of January, and in Massachusetts, the average timeline has risen from 75 to 171 months since last January, the report said.

via inman.com