Robert Paul's blog | Bedford NY Real Estate

Jobs, housing data show economy has some muscle | Pound Ridge Real Estate

The number of Americans filing new claims for unemployment benefits fell last week, pointing to resilience in the labor market despite belt-tightening by Washington.

The improving employment picture is helping to prop up housing, with rising home prices keeping domestic consumption supported, limiting the drag from tighter fiscal policy that is dampening factory activity.

"All the eggs are in housing and the consumers' baskets this quarter. Outside that, there is going to be little support to growth," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.

Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000 last week, the Labor Department said on Thursday. Economists had expected claims to fall to 345,000.

The drop unwound most of the prior week's jump and suggested employers were not laying off workers in response to fiscal austerity, especially the $85 billion in across-the-board government spending cuts.

The labor market is being closely watched by the Federal Reserve as debate heats up over the future of its expansive monetary stimulus.

Fed Chairman Ben Bernanke told lawmakers that a decision to scale back the $85 billion in bondsthe U.S. central bank is buying each month could come at one of its "next few meetings" if theeconomy appeared set to maintain momentum.

Economists believe that decision could come as early as the September meeting. Many say any pulling back will be gradual as both employment and inflation will likely remain below the central bank's mandate.

A separate report from the Commerce Department showed new single family home sales rose 2.3 percent last month to a 454,000-unit pace. The median sales price for a new home jumped 14.9 percent from a year ago to a record $271,600.

"We have seen some momentum in the housing market. The improving sales are a very broad and powerful positive effect for the U.S. economy," said Robert Dye, chief economist at Comerica in Dallas.

Jobs, housing data show economy has some muscle | Reuters.

Existing-home sales remain below underlying demand | Bedford Hills Real Estate

After falling in March, existing-home sales increased in April, although they were still not enough to meet underlying demand due to limited inventory and tight credit, reports the National Association of Realtors. All regions recorded year-over-year price gains.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Existing-home sales remain below underlying demand | Bedford Hills Real Estate.

Analyst shorts Canada on housing market slowdown | Chappaqua Real Estate

Another analyst has come out with a "short Canada" message for investors.

Ben Rabidoux, Hanson Advisor analyst, says that while Canada's housing market surged in the wake of the financial crisis – when real estate markets in other developed economies, particularly the U.S., suffered double digit sales and price declines – that strength is not sustainable. And when the housing market slows down, which it has in recent months, it will have serious implications for the overall economy.

"If you look at how levered our economy and our labour market is to this current housing boom, my position has been that it will be very difficult for policymakers to unwind this boom without significant collateral damage," he says. "If we look at housing-related industries as a percentage of GDP, we're well above where the U.S. peaked."

Rabidoux believes that it will be "very difficult for this to unwind painlessly."

And while Rabidoux admits that there are distinct differences between the U.S. and Canadian housing markets – making it premature to call for a U.S.-style crash in Canada – those differences have been "dramatically overstated."

He says that at the heart of the U.S. housing bust was "misplaced incentives" and that some of those factors are at play in Canada.

"I work very closely with a number of front-line lenders and mortgages brokers and the consensus across the industry…is mortgage fraud is 'widespread and under-reported,'" he says. "It's difficult to make the case that we have run-up our debt levels here in Canada to comparable levels in the U.S., but we've only ever done it lending to rock solid borrowers and they did it by lending it to anyone ..."

Rabidoux's remarks come after recent reports that short-seller Vijai Mohan, the founder and portfolio manager at the San Francisco-based Hyphen Fund Management, laid bare his wager against Canada, admitting that nearly his entire portfolio is set up to profit on a downturn in both the housing market and the more than decade-long run up in commodity prices.

Mohan's investment is based largely on similar themes as Rabidoux -- a pullback in soaring Canadian home values and a decline in oil, gas and precious metals prices.

Mohan also said that the mortgage default insurance bought by many banks may not hold once regulators take a close look at underwriting practices. Mohan called this a "put-back," something that became common in the U.S. in the wake of the housing boom after many financial institutions were alleged to have pursued unethical or fraudulent lending practices.

"The problem with the thinking about the transference of risk here is it all depends upon whether or not mortgage debt was initiated in a proper and complete fashion and our research has uncovered that could be put-back risk in fact for Canadian financial institutions as a result of missteps in the underwriting process," he said.

Canada's housing market has shown signs of weakness in recent months.

Analyst shorts Canada on housing market slowdown - BNN News.

Top housing markets for the next five years | Bedford Hills Real Estate

Business Insider drew on the latest data to identify the best housing markets for the next five years. The top 15 cities are ranked by the projected annualized change in home prices between Q4 2012 and Q4 2017.

Business Insider also included the median home price, median household income, unemployment rate, and the change in home prices since their peak, to offer a broader view of the local economy and housing market.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Top housing markets for the next five years | Bedford Hills Real Estate.

Update your marketing, or get left behind | Mt Kisco Realtor

You update your clothing and your technology, but have you updated your marketing? If you’re still using the same old outdated tactics from five, 10 or even 20 years ago, it’s time to freshen up those old approaches with a new look for 2013.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Update your marketing, or get left behind | Mt Kisco Realtor.

Foreclosures: It’s all Downhill From Here | Pound Ridge NY Real Estate

Are the final days of the Foreclosure Era upon us?

Columnist George Yacik wrote in National Mortgage News last week that If you’re looking to buy a distressed or real estate owned property at a cheap price, you better move quickly-and be prepared to pay a lot more than you did a year or so ago

“The REO property numbers in the marketplace are definitely shrinking. For banks and the GSEs, REO properties probably peaked in the first part of 2012 and have been steadily declining,” says Chuck Newcomb, chief operating officer of BestAssets, an REO asset management company in Sugar Land, Texas, told Yacik.

“We’re continuing to see lower and lower inventories of REO,” agrees Rick Sharga, executive vice president at Carrington Mortgage Holdings in Santa Ana, Calif. “We’re seeing fewer homes going delinquent, which makes the pipeline smaller. We’re seeing more short sales and loan modifications, which essentially stop REOs from happening. And when the REOs do hit the market, there’s such a demand for them they’re basically moving as fast as they hit the market.”

“The banks are still sitting on a lot of inventory, but not as much as they had been,” he adds.

According to RealtyTrac, foreclosure activity in April dropped 23 percent from a year earlier to its lowest level in more than six years, before the housing bubble burst and the Great Recession began, wrote Yacik.

Recent statistics from CoreLogic tell a similar story. There were 55,000 completed foreclosures in March 2013, the company says, down 17 percent from 66,000 in the year earlier period. Foreclosures have dropped by more than half since 2010.

Randy Wussler, vice president of product management and marketing at San Diego-based DataQuick, agrees that the “bull” market in distressed real estate has probably peaked. However, he says, “We do have to be realistic about how fast we can work through what is still a sizable inventory of distressed properties.”

In its most recent analysis, DataQuick found year-over-year declines in the number of new foreclosures in 29 of the 42 largest counties in the country. But the flip side of that means that there were increases in 13 counties, or more than 30% of the total.

 

 

Foreclosures: It’s all Downhill From Here | RealEstateEconomyWatch.com.

‘Click It Or Ticket’ Law Enforcement Begins Monday In Bedford | Bedford Corners Real Estate

Beginning May 20, officers will be out in full force as part of the 2013 national “Click It or Ticket” seat belt enforcement mobilization.

The program makes a priority of cracking down on drivers and passengers who are not wearing a seat belt.

“As we kick-off the busy summer driving season, it’s important that everyone buckles up every time they go out, both day and night—no excuses,” said Bedford Police Lieutenant Melvin Padilla.

“Our officers are prepared to ticket anyone who is not wearing their seat belt.”

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » ‘Click It Or Ticket’ Law Enforcement Begins Monday In Bedford | Bedford Corners Real Estate.

3 Things That Make the Best Real Estate Investment | Cross River Real Estate

In general you probably want to earn wealth on real estate based on risk you are taking, while minimizing the amount of time you need to spend attending to the property. In order to accomplish this, you need to make some smart choices upfront when buying investment property. Your goal should be to strive to get as close as possible on as many of these optimal scenarios as possible:

Pays a Fair Cash-on-Cash Return

When you buy property you are taking money out of your liquid financial assets – stocks, bonds, CDs – and investing it into a very illiquid asset – real estate. You were earning a rate of return on your financial assets, such as 4 percent or 6 percent, and you should strive to earn a fair cash-on-cash rate of return on your real estate. To do this, you need to pro forma your deals and buy cash flow-positive properties that earn you decent returns – not those prize properties that are negative, negative, negative. For more guidance on this, see Smart Investing – A Tale of Two Townhomes.

Isn’t Too Risky an Investment

All real estate is extremely high risk. Development of real estate, land, Tenant-In-Common (TIC) investments, private real estate funds, fixer uppers, etc., all have much higher risk profiles than just simply buying a nice established cash flow investment property. In many of those investments, you will never see a dime of your money again because there are just so many things that can go wrong! So if you want to own real estate, consider simply taking fee simple title in your own name – or an entity you wholly own – to the properties you purchase. In addition, you must do the proper due diligence, analyze, test, review reports, etc., to make a lower risk real estate decision.

Doesn’t Require a Lot of Time or Managing

Some properties just require way too much time and management to make them smart investments. Examples include vacation rentals, low quality properties in bad areas, college rentals, etc. Nice boring properties rented for as long as possible to decent credit profile tenants seem to take the least time to manage. In addition, treating your tenants fairly and with respect goes a long way towards keeping good relations with them; and reducing your hassles when there is an issue you need to address. And believe me — there will be issues!

It’s the nice, boring, wholly owned, in good shape, cash flow-positive properties that are the best investments. They are out there for your picking, but it’s not as simple as finding a property on the MLS and buying it.

3 Things That Make the Best Real Estate Investment | Zillow Blog.

Housing Bubble Unlikely, Home Price Appreciation Should Slow | Katonah Real Estate

CoreLogic said today that home prices are projected toincrease 3.9 percent on an annualized basis between the fourth quarter of 2012 and the same quarter in 2017.  However, a new housing bubble is not likely as market dynamics shift for both supply and demand.  Prices rose 7.3 percent in 2012.

The CoreLogic Case-Shiller Index report notes that the increase in 2012 was the strongest rate of appreciation in nearly seven years and projected that prices will continue to improve in 2013 and beyond in the more than 380 U.S. markets it tracks.  The company’s current analysis says that, “Cities at epicenter of housing bubble/crash are clocking highest rate of appreciation, largely driven by investor demand.”

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Housing Bubble Unlikely, Home Price Appreciation Should Slow | Katonah Real Estate.

How smart photos will change real estate | Mount Kisco Real Estate

Everything around us is getting smarter.  Phones, cars, televisions, refrigerators, books, thermostats…and maybe even humans.  I find most of these advancements to be very interesting, and quite useful in the daily lives of most people around me.

Photographs, however, are something that I’m particularly interested in watching (and helping) become smarter.

Photos are everywhere; and are certainly at the crux of online real estate, which, in 2012, included 93% of people who sold a home, and 96% of people (under age 44) who bought a home.  Oh, and don’t forget the hundreds of millions of people who visit real estate websites each month.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » How smart photos will change real estate | Mount Kisco Real Estate.

Here’s Why These 6 Videos Went Viral | Bedford Corners Realtor

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Here’s Why These 6 Videos Went Viral | Bedford Corners Realtor.

Bedford NY Weekly Real Estate Report | RobReportBlog

Bedford NY Weekly Real Estate Report	5/16/2013
Homes for sale	90
Median Ask Price	$1,392,000.00
Low Price	$419,000.00
High Price	$14,500,000.00
Average Size	4806
Average Price/foot	$397.00
Average DOM	96
Average Ask Price	$1,998,283.00

Bedford NY Weekly Real Estate Report | RobReportBlog.

Weekend Planner: St. Pat’s Carnival, Bedford Hills Parade, Carriage Barn Party | Katonah Homes

Whether you’re in search of something fun to do with the kids or you have a babysitter and are planning a night out, look no further because Patch editors have picked a variety of events taking place to help you make the most of your weekend. Click on the headline for more information of each event that’s listed alphabetically by town.

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Bedford: St. Patrick’s School Carnival

When: Through Sunday May 19

Where: St. Patrick’s School, Bedford 

Cost: Admission and parking are free. Wrist bands and tickets may be purchased for rides. 

Description: The St. Patrick’s Carnival is a spring time tradition in Bedford and has rides, games, food and a raffle for a Mercedes Benz.

Bedford Hills: Fire Department Parade

Where: The parade starts on Babbitt Road and North Street in Bedford Hills and ends in the train station commuter lots.

When: Saturday, May 18 at 4 p.m.

Cost: Free

Description: The Bedford Hills Fire Department hosts its 110th anniversary parade and invites the community and neighboring towns to watch and celebrate.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Weekend Planner: St. Pat’s Carnival, Bedford Hills Parade, Carriage Barn Party | Katonah Homes.

Organic Pest Control Series: Beneficial Insects | Cross River NY Homes

.Day and night, pesticide-free organic gardens are abuzz with activity, much of it a life-and-death struggle between predators and prey. We seldom see much of this natural pest control, in which tiny assassins patrol their surroundings in pursuit of their next meal. Assassin bugs aren’t picky: They will stab, poison and devour a wide range of garden pests, including caterpillars, leafhoppers and bean beetles. Soldier and ground beetles work the night shift, emerging after dark from beneath rocks, mulch and other daytime hiding places to feast upon soft-bodied insects and the eggs of Colorado potato beetles. Aphid lions (the larvae of the lacewing) have a hooked jaw that helps them dispatch huge numbers of aphids, caterpillars, mites and other pests.

Learning about the beneficial insects in your garden will make it a more fascinating place, and help you tweak it in ways that intensify the work done by wild garden allies. This is often a simple matter of avoiding the use of pesticides (including organic ones) and growing plenty of flowers to provide beneficial insects with pollen and nectar. In greenhouses or other special situations, you may even decide to purchase and release certain lab-raised beneficial insects. This will not be necessary with the beneficial insects described here, because all will naturally gravitate toward a diversified organic garden.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Organic Pest Control Series: Beneficial Insects | Cross River NY Homes.

Polo-Playing Prince Harry Takes Greenwich By Storm | Chappaqua Real Estate

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Polo-Playing Prince Harry Takes Greenwich By Storm | Chappaqua Real Estate.

18 Photos of FiDi When the Twin Towers Were the New WTC | North Salem NY Realtor

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » 18 Photos of FiDi When the Twin Towers Were the New WTC | North Salem NY Realtor.

Goldman Sachs’ DIY Outlook Hinges on Housing Recovery | Cross River Real Estate

Rising home prices stand to benefit home-improvement retailers, especially Lowe’s, although investors may have to wait until second-quarter results are out before they see meaningful acceleration, Goldman Sachs said in a new research report.

For now, first-quarter strength will likely be shrouded by unfavorable weather comparisons after a much colder-than-normal period following a more-mild-than-usual first quarter of 2012.

Recent economic data point to a sharp uptick in prices with the median price for a home resale rising the most since 2005 and the S&P/Case-Shiller indexshowing the best annual increase for single-family home prices since May 2006

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Goldman Sachs’ DIY Outlook Hinges on Housing Recovery | Cross River Real Estate.

Pound Ridge NY Unsold Inventory Report | Pound Ridge Homes | RobReportBlog

Pound Ridge NY Unsold Inventory Report  |  Pound Ridge Homes | RobReportBlog



80  unsold homes


21 sold last six months

22.85 months of unsold inventory


34 sold/pending/conditional contract

14.13 months of inventory

Pound Ridge NY Unsold Inventory Report | Pound Ridge Homes | RobReportBlog.

Is Canada’s Housing Market Falling Apart? | Cross River Real Estate

Last summer, a Vancouver real estate agent named Keith Roy sold his house. About a month later, he wrote a blog post about it — and set off a firestorm of criticism from fellow real estate agents. “I’m a Realtor and I sold my own home 4 weeks ago. It wasn’t too big or too small. It’s only 6 years old and still feels new. I sold because in 6 months my home will be worth less than it is today. I think it’s time to cash out,” Roy said.

His argument was really simple: the supply of homes on the market was outstripping demand from buyers. Excessive supply and falling demand would lead prices downward. But his fellow brokers felt betrayed. Some even complained that Roy had been disrespectful to the profession. Selling his home was, however, a prescient move.

Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Is Canada’s Housing Market Falling Apart? | Cross River Real Estate.