medford: Data shows Long Island home loan numbers plummet since 2005
- 01/10/13 09:29 PM
The number of Long Islanders getting home loans has fallen by nearly two-thirds since 2005 -- when the housing market was heating up -- according to federal housing data. Low-income and minority communities were especially affected, with fewer than a dozen home loans approved in some neighborhoods in 2011, compared with the hundreds each year that were originated just six years before. Mortgage market experts attribute the lending downturn to far tougher loan standards, combined with higher unemployment rates, lower incomes and lower credit scores in pockets of the region, as well as home value declines. What's more, Long Islanders have become far less likely … (0 comments)
Inventory for homes available for sale is way down! The rule of economics, Supply and Demand. Low prices, low interest rates combined with low inventory shows that Supply is low while demand is high! Congress didn’t allow us to fall off the fiscal cliff, the home mortgage deduction is still with us, so 2013 is a great year to buy a home! Owning a home is still the American Dream that is achievable! Did you know FHA mortgages still only require a 3.5% down payment? Conventional loans usually want a 10% down payment. Bankrate.com … (0 comments)
medford: DOUGLAS ELLIMAN, a new name, same great service!
- 11/15/12 10:02 PM
Douglas Elliman (formerly known as Prudential Douglas Elliman) has over a 100 year history as a premier real estate company in New York. With over 60 offices in New York, from Westchester, NYC, Long Island and the Hamptons, we are ready to serve you! The Spouses Selling Houses team of Toby & John T. Williams are a Top Producing Team in the Central Suffolk Office. We have relocated from Route 112 in Medford to the TFCU Building, now the Heron Building at 2410 North Ocean Avenue, Farmingville, NY 11738 With over 20 years full time experience listing and selling real … (0 comments)
medford: Would You Buy on the Waterfront?
- 11/15/12 03:57 AM
November 2, 2012 NY Times Would You Buy on the Waterfront? By MICHELLE HIGGINS IF tropical storm Irene last year was an eye-opener, Hurricane Sandy was a reality check. Waterfront property in the New York area is some of the most coveted in the nation, but after back-to-back years of supposedly once-in-a-generation storms, public officials, developers, brokers and homeowners are being forced to re-evaluate. Although real estate experts say property values are unlikely to suffer in the long term, it is possible that new zoning and planning regulations — and buyers’ expectations — could reshape how residential housing along the water is built, … (2 comments)
medford: Should I Rent My House If I Can’t Sell It?
- 08/06/12 03:15 AM
There has been a lot written about how buying a home is less expensive than renting one in many parts of the country. Rents are skyrocketing and homes are at bargain prices. These two situations are also causing some sellers to consider renting their home instead of selling it. After all, they can get great rental income now and perhaps wait until house values increase in the future before selling. This logic makes sense in some cases. We at KCM believe strongly that residential real estate is a great investment right now. However, there is a huge difference between deciding you … (0 comments)
medford: Short Sales vs Foreclosures: the Seller
- 07/26/12 10:05 PM
Short Sales vs Foreclosures: the Seller Real estate professionals are handling an increasing number of distressed properties. Which is a better alternative for the seller – short sale or foreclosure? Here are the advantages of doing a short sale: It allows a more dignified exit from the home. In a foreclosure, an official eventually comes to the home and tells the occupants to leave – immediately. In a short sale, the seller knows the closing date and can prepare in advance for the move. In many cases, their neighbors, friends and family needn’t even know of their financial difficulties. The … (4 comments)
medford: 3 Questions to Answer if you are Buying a Home
- 04/17/12 12:48 AM
If you are thinking about purchasing a home right now, you are surely getting a lot of advice. And some of that advice is probably negative. Why buy now with prices still falling? Don’t you realize real estate is no longer a good investment? Don’t you know that people who bought six years ago lost their shirt? We understand the concern your friends and family have. However, let’s look at whether or not now is actually the perfect time to buy a home. 3 Questions You Must Answer When Buying a Home If you are thinking about purchasing a home … (0 comments)
medford: Home prices close to bottoming, to rise in 2013
- 04/12/12 02:38 AM
WASHINGTON (Reuters) - The relentless decline in home prices is nearing an end and prices should rise for the first time in seven years in 2013, but a possible new wave of foreclosures could threaten the recovery, according a Reuters poll of economists. The median forecast of 24 economists polled by Reuters was for the S&P/Case-Shiller 20-city home price index to end the year unchanged. That was the same finding back in January for this house price gauge, which covers 20 cities. "We are expecting a gradual improvement, but if we get a big wave of new foreclosures coming to the … (2 comments)
medford: Foreclosure activity declines on LI
- 02/16/12 12:35 AM
February 16, 2012 by TOM INCANTALUPO / tom.incantalupo@newsday.com Foreclosure activity on Long Island fell last month from December and from a year earlier, but once again experts termed the declines temporary due to legal and paperwork logjams. A total of 423 foreclosure-related documents -- including default notices, auction schedulings and notices of bank repossessions -- were filed in January in Nassau and Suffolk counties, a drop of about 20 percent from December and about 50 percent from a year earlier, according to the California data company RealtyTrac. Nationally, filings in January rose by almost 3 percent from December, to 210,941, said … (0 comments)
medford: States Negotiate $26 Billion Deal for Homeowners
- 02/09/12 12:10 AM
By NELSON D. SCHWARTZ and SHAILA DEWAN After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses. The attorney general of California, Kamala Harris, left, and New York's attorney general, Eric Schneiderman. Help for Some Homeowners Despite the billions earmarked … (5 comments)
medford: Is It Time for Young Families to Buy a Home?
- 02/06/12 04:41 AM
We have reported that almost six million adults between the ages of 25 to 34 are currently living with their parents. That number reflects an almost 50% increase since 2003. These young adults are now being advised to jump into homeownership. Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage. Middle age parents who have owned a home understand … (0 comments)
medford: What Does Warren Buffet Think About Buying A Home?
- 01/30/12 01:01 AM
Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how he privately advises those closest to him. Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home in Surprise, Arizona. In an article in the Omaha World Herald, Mrs. Bosanek discussed her reasons for purchasing a second … (2 comments)
medford: LI foreclosure sales fall 32% in 3Q
- 01/27/12 12:43 AM
The number of foreclosure sales dropped by nearly a third in the third quarter in Nassau and Suffolk counties from a year earlier.. The decline reflects a less aggressive stance by banks, due largely to the "robosigning" scandal over foreclosure record-keeping, and could delay an eventual recovery in housing prices as foreclosure sales continue to weigh on the market. A smaller factor may be a growing willingness by banks to modify mortgages, some real estate observers said. Long Island's 580 foreclosure sales from July through September mark a 32 percent drop compared to the same period a year ago, according to … (0 comments)
medford: 6 Worst Home Fixes for the Money
- 10/24/11 02:25 AM
By Dana Dratch • Bankrate.com It's the magic phrase uttered by almost anyone who's ever considered the cost of home remodeling: "We'll get it back when we sell." Unless you keep those projects practical, though, you might just be kidding yourself. For example: Steel front door: Good. Master suite addition costing more than the average American home: Bad. Every year, Remodeling magazine looks at the hottest home upgrades and renovations and calculates just how much owners get back with they sell. Upkeep is more popular than upgrades these days, says Sal Alfano, editorial director for Remodeling. These are the projects that … (3 comments)
medford: Wall Street Journal & Forbes: It’s Time to Buy A Home
- 10/17/11 03:40 AM
Wall Street Journal & Forbes: It’s Time to Buy A Home by THE KCM CREW on OCTOBER 17, 2011 We believe very strongly that now is the time to buy a home. Some will say we are just saying this to create real estate transactions and commissions. Because of that, today we will quote what those outside the real estate profession are saying to the people who look to them for financial advice. The Wall Street Journal Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers: “It’s an excellent time to buy a house, either to live in for the long … (2 comments)
medford: FSBO A NO GO! A tale of what happened when the owner of FSBO tried to sell his own property!
- 08/22/11 02:49 AM
FSBO a No Go! by THE KCM CREW on AUGUST 9, 2011 · This blog prides itself on the quality of real estate information we deliver each and every day. We try to gather empirical evidence to validate the positions we take. We do not use just an anecdotal story to make a point. We also do not get caught up in the sensationalism of the moment. However, today will be different. We can’t resist commenting on the story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father and lifelong evangelist of the concept of … (0 comments)
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