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WESTCHESTER COUNTY, N.Y. – The Westchester real estate market is improving, and its momentum might have some staying power, according to Westchester County’s Hudson Gateway Multiple Listing Service, which just released its second quarter analysis for 2012.

Realtors reported 1,788 closed residential sales in Westchester County during the second quarter, which is an increase of 13.0 percent over the same period last year.
IRVINGTON, N.Y. – Former Irvington resident Alison Strachan says she visits the Old Croton Aqueduct park as often as she can.

I "grew up on the OCA," she wrote on The Tarrytown Daily Voice

Strachan is not alone. The Old Croton Aqueduct Historic State Park has seen a more than 20 percent increase in visitors so far in 2012. The park has had 708,402 visitors this year, nearly 145,000 more than the same time period last year. The Aqueduct park was created in 1968 and spans the Western edge of Westchester County from Yonkers to the Croton Dam.

The Rockefeller State Park and Preserve in Pocantico Hills also saw attendance jump more than 20 percent. It recorded 236,732 visitors this year, nearly 49,000 more visitors than the same time last year.

The two parks are following a trend. The New York State Office of Parks, Recreation and Historic Preservation has announced that overall attendance within the system has increased by 2.3 million since last year — a 5.6 percent increase. New York State has seen nearly 43.7 million visitors at its 178 state parks and 35 historic sites this year.


"It is gratifying that so many people continue to enjoy and appreciate the New York state park system year after year," State Parks Commissioner Rose Harvey said. "New Yorkers are fortunate to have such high-quality and inviting state parks and historic sites across the state."

The statewide increase can be attributed to great weather and well-attended events such as Nik Wallenda's tightrope walk across Niagara Falls in June, Harvey says.

Lesley Walter, a Friends of the Old Croton Aqueduct board member, believes the historic park is popular because it is dog-friendly.

"For that reason alone the OCA Trail is very well-used," she said.

Rockefeller State Park Preserve has become so popular that it doesn't have a down season anymore, park Manager Alix Schnee said. Fall is the park's busiest time, Schnee said.

"It used to be that the summers were very slow, that's no longer the case," she said. "We also had tremendous attendance during the peony season this year; we were literally jammed in the courtyard; and people came all day long."

Although summer is winding down, Harvey said the park system is expecting even more visitors.

"We've had a tremendous season so far, and we hope that our visitors enjoyed their time swimming, camping, golfing, hiking and sightseeing at our parks and historic sites," Harvey said. "But the year is far from over, and fall is one of the best times to get outside in New York."
The last phase of the Westchester NY, home buying process is crucial. You have already taken care of the inspection and the like, but now you have to wrap it all up. Then, your entire home shopping process will finally pay off on closing day. As they say, “It’s time to bring it on home!”

Whether it be Scarsdale, New Rochelle or Bedford, hopefully, your settlement process has moved forward without hitting any major snags. But at this point you need to review these ten last-minute tips for a smooth closing to make sure that you have covered all the bases.

Ten Last-Minute Tips for a Smooth Closing 
  1. You reviewed your estimated closing twice already and are about to review the document a third and final time right before closing. Don’t wait until the last few days or hours.
  2. Check with the closing company to make sure the seller has stayed on schedule.
  3. If you have negotiated for repairs to be made by the seller, chances are he will wait until the last minute to do them. He will want to make sure all of your contingencies have been met and removed and you are locked into the deal before he spends a single cent on your requested repairs. Make sure you and your Realtor keep tabs on the seller to get them done in time.
  4. Hopefully you have been staying on top of your mortgage broker or bank. Have all of your newest bank statements, pay stubs, and records ready just in case there is an eleventh-hour request for yet another document. Make sure your loan is approved and ready to fund in time for the closing.
  5. Confirm that the appraisal came in at the appropriate amount and that the official report has been sent to your mortgage company for approval of your loan. Without it, you won’t get your loan finalized.
  6. Review every document sent to you and return it immediately. Time is of the essence, and you need to be ahead of schedule at all times.
  7. If you have had an attorney work with you on this purchase deal, ask him to come to the closing. He will be able to do any last-minute troubleshooting on your behalf. If the escrow officer or closing agent knows your lawyer will be attending, all those little details will probably be taken care of before you arrive.
  8. Have your funds ready and transferred to escrow. You handed over your deposit money way back at the start of escrow. But where is the remainder of your funds for your down payment coming from? Are you pulling money out of a money market account, mutual fund, or savings account? Plan ahead by getting the money ready to be transferred or wired into the closing account. Banks, for instance, can often take a day or two when you request a wire transfer of a large sum. If you plan ahead you’ll also avoid paying penalties for withdrawing funds from other investment accounts. This could save you big bucks. The money must be in the escrow account prior to the closing day.
  9. Never close on a Friday. Always schedule a closing on a Wednesday or Thursday. Last-minute items often get delayed. Closing on a Wednesday allows for an extra day or two, just in case.
  10. Don’t plan to take possession of the property on the day of closing. In fact, be flexible for at least two days after the preferred closing date. Things always go wrong, and closings are often delayed.
Mirroring national trends, for the first six months of 2012, the Westchester County residential real estate market has continuedto strengthen, laying a firm foundation for a sustained housing recovery in our area. Pending sales have been exceptionallystrong in each of the first six months of this year, higher by double digits versus 2011. Closed sales for the second quarter of 2012are 15% higher than 2011 in Southern Westchester County, and are 22% higher in Northern Westchester County. The housingmarket began to improve in the first quarter of the year and has continued to sharply advance in the second quarter as consumerconfidence in the housing market has risen.
If we, in Westchester County go back to 2002, everyone wanted to buy a home, and we wanted everyone to be able to get a mortgage in order to buy a home. Unfortunately, we went too far in that direction and people who were not ready for homeownership entered into it. But there are times when we go too far in the other direction – when qualified people aren’t entering into homeownership. It’s up to us as Realtors to give good advice so our buyers don’t get caught in either situation (wanting a home they can’t afford or thinking they can’t achieve homeownership). We are counselors – we must educate with the heart of a teacher. Explaining that if prices are going up, they should buy before prices go up even more and if prices are falling, they shouldn’t necessarily run away from the idea of owning a home.
Here is a sampling of Scarsdale area homes that recently sold.
  • 18 Rural Drive, Scarsdale: Sold for $1,511,000 on June 13. This four bed, three bath, 3,309 square foot home sits on a .49 acre lot.
  • 47 Woodruff Avenue, Scarsdale: Sold for $625,000 on June 12. This three bed, two bath, 1,800 square foot home sits on a 4,922 square foot lot.
  • 14 Virginia Place, Larchmont: Sold for $980,000 on June 11. This four bed, four bath, 2,179 square foot home sits a 0.26 acre lot.
  • 61 Bon Air Ave, New Rochelle: Sold for $650,000 on June 11. This four bed, four bath, 2,978 square foot home sits on a 0.27 acre lot.
  • 7 Harcourt Road, Scarsdale: Sold for $1,425,000 on June 8. This five bed, four bath, 3,157 square foot home sits on a 0.29 acre lot.
  • 13 Harvard Road Scarsdale: Sold for $627,500 on June 8. This three bed, three bath, 1,901 square foot home sits on a 9,714 square foot lot.
  • 205 Rogers Drive, Scarsdale: Sold for $381,500 on June 8. This is a 9,583 square foot lot.
The information is provided by AOL Real Estate
WESTCHESTER COUNTY, N.Y. – The Westchester real estate market is improving, and its momentum might have some staying power, according to Westchester County’s Hudson Gateway Multiple Listing Service, which just released its second quarter analysis for 2012.

Realtors reported 1,788 closed residential sales in Westchester County during the second quarter, which is an increase of 13.0 percent over the same period last year.

The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing, according to David Wessel on The News Hub. (Photo: Bloomberg News) Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now.

 

Page 4 of 7

Mortgage News Daily

  • Buyers Not Holding Their Breath for Short Term Market Relief

    Posted To: MND NewsWire

    It ain't going to get any easier... The National Association of Home Builders (NAHB) tells us these cheery words encapsulate the attitude of respondents to its survey regarding home purchasing. The company's Housing Trends Report for the third quarter of the year found that seven out of 10 of prospective homeowners think that shopping for a house is either going to get harder or stay about the same. The report focuses on the 13 percent of survey respondents defined as prospective homebuyers, that is persons planning on purchasing within the next year. This percentage was 24 percent in the fourth quarter of 2017 and has declined steadily since. Among Millennials surveyed, 19 percent had short term purchase plans as did 13 percent of Gen Xers. Only 7 percent of Baby Boomers and 3 percent of seniors...(read more)

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  • MBS Day Ahead: Brexit Strikes Back

    Posted To: MBS Commentary

    Ah Brexit... You thought you'd heard the last of it back in 2016? No such luck. Actually, it is a bit lucky to be hearing about it, at least as far as domestic rates are concerned. Both in 2016 and in the past week, Brexit-related developments helped rates move lower. The current iteration of Brexit drama is not anywhere near that of 2016 and neither is the market reaction. That said, there certainly has been a market reaction. Yesterday afternoon, that reaction was noticeable, but barely. The overnight session brought an even bigger move in British currency (Pounds Sterling), and a more direct response in US bond markets. Much like bonds' relationship with stocks, it will take quite a bit of drama in Sterling to motivate additional gains (at least if we're talking about gains that...(read more)

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  • Accounting, Subservicing, Warehouse Products; Freddie and Fannie Changes Roll On

    Posted To: Pipeline Press

    With only week until Thanksgiving there’s a lot going on – every one of these stats impacts lenders. CoreLogic tells us that there are 48,390 homes at risk from the current California wildfires. Believe in climate change or not, or in science or not, one study shows 386,000 homes are said to be at risk in the coming decades due to rising sea levels and coastal flooding. And according to the RV Industry Association, there are now a million Americans living in RVs full time . (Try counting them in the census, figuring out where they vote, where/if they pay taxes, or if 500 KOA Kampgrounds are enough.) Lender Products and Services As of October 2018, 100 mortgage lenders have signed with Loan Vision to utilize its financial management and accounting solution. Martin Kerr, President...(read more)

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  • MBS RECAP: More Stock Losses Bring More Bond Bounces

    Posted To: MBS Commentary

    The narrative has grown (remained?) the same for bonds lately. If stocks are losing ground, then it's time to rally . If stocks are stabilizing or recovering, it's time to sell . Today was more of the same in that regard. For the first few hours of the day, yields moved gradually higher despite the inability of core inflation to even meet forecast levels (in its defense, it was really really close!). But when stocks began losing ground in a fairly convincing way, bonds began to improve. Stock losses were compounded by headlines surrounding the Brexit process, where there was apparently some drama today regarding Theresa May's cabinet and its ability to agree on the current draft proposal. After a few conflicting reports, it finally came out that there was sufficient agreement. British...(read more)

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  • Afternoon Mortgage Rate Improvements For Most Lenders

    Posted To: Mortgage Rate Watch

    Mortgage rates began the day in roughly unchanged territory. Some lenders were microscopically stronger or weaker compared to yesterday, but not enough to impact the average mortgage borrower. For the first few hours of the day, it looked as if rates would stay unchanged or possibly move slightly higher. That all changed when stocks began losing ground. It's always worth remembering (and this will be especially true when the next time it's proven) that there's no magic rule that says stock prices and interest rates must move in the same direction. It is true that there are frequent examples of such correlation, but there are plenty of other examples where the correlation complete breaks down. All that to say that stock losses helped rates today, but will not always necessarily help rates in...(read more)

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  • Millennials Could be Foregoing Equity Wealth

    Posted To: MND NewsWire

    While reams of research have been done on why members of the Millennial generation are less likely to own a home compared to their baby boomer and Gen X elders at the same age, the Urban Institute (UI) notes that knowing the reasons doesn't necessarily shed much light on the potential long-term implications of this behavior. Delaying homeownership , according to UI analysts Jung Hyun Choi and Laurie Goodman, may reduce the wealth the generations' members will acquire over their lifetime. Goodman and Choi used a dataset called the Panel Study of Income Dynamics (PSID) which has tracked individuals since 1968 to identify individuals who reached age 60 between 2003 and 2015 and gather information on their histories, including the age at which they bought their first homes. Half of the older adults...(read more)

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  • MBS Day Ahead: CPI Gets First At-Bat, Then Back to Stocks

    Posted To: MBS Commentary

    Bonds are actively trying to decide who they are and what they want to do with their lives. Will they be barometers of economic growth and inflation? Or will they be gauges of Fed bond buying and US government bond selling (supply and demand)? The answer is "yes" on both accounts, but as is often the case--especially when yields have been holding at lofty levels--there's a bit of uncertainty as to how much of the future is already priced-in. Put another way, in a rising rate environment where the reasons for the weakness are well known and well anticipated, bonds increasingly ask "are we there yet?" Today brings a fresh update on one of those "reasons for weakness" in the form of October's CPI data. Inflation has also been holding near post-crisis highs...(read more)

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  • Mortgage Applications: Refis at Lowest Levels Since 2000

    Posted To: MND NewsWire

    Mortgage application activity continued to shrink during the week ended November 9. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume dropped by 3.2 percent on a seasonally adjusted basis when compared to its level on November 2. The index has declined by an aggregate of 9.7 percent since it posted its last increase back on October 19. On an unadjusted basis the index was down 5 percent. The Purchase Index also continued its downhill trend, decreasing 2.3 percent on an adjusted basis to its lowest level since February 2017. The unadjusted Purchase Index fell 5 percent week-over-week and was 3.0 percent lower than the same week in 2017. The Refinance Index decreased 4.3 percent from the previous week to an 18 year low (December 2000)....(read more)

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  • MBS RECAP: Best Levels in More Than a Week Ahead of CPI

    Posted To: MBS Commentary

    CPI (the Consumer Price Index) has been the most relevant economic report on the horizon since the balmy NFP report from 2 weeks back. Reason being: NFP contained a strong wage growth component, and that always generates some fear among bond traders that higher wages will translate to higher inflation. Economists aren't exactly expecting a big uptick in tomorrow's CPI data, but that's precisely why it's been something of a risk. In other words, if CPI were to come in much stronger than expected tomorrow morning, it could dampen spirits in the bond market. Of course CPI could always come in weaker too--which would cast even more doubt on the ability of wages to translate to inflation in the current economic cycle. It's not that it hasn't been happening, just that it hasn't...(read more)

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  • Token Improvement For Mortgage Rates

    Posted To: Mortgage Rate Watch

    Mortgage rates improved by what could only be described as a token amount today. In other words, we're not talking about any major changes. In fact, mortgage rates themselves will be unchanged from Friday for almost any scenario. As is so often the case, we can only measure the change in terms of "effective rates" (which take upfront costs into consideration). In general, changes in mortgage rates are reserved for big market moves whereas upfront costs and effective rates allow for smaller changes in the overall cost of financing. The bond markets that underlie mortgage rates were closed yesterday for the Veterans Day holiday. In the meantime, the stock market lost ground rather abruptly . At times, bonds (rates) will take cues from stocks--especially when the latter is making a big move lower...(read more)

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Bonnie Koff  |  Licensed Associate Real Estate Broker  |  William Raveis Legends Realty Group  | Tarrytown Office 
914-332-6300  |  37 Main Street, Tarrytown, New York 10591  |  Email