December Family Activities in Suffolk County, Long Island (NY Metro Parents Magazine)
Cynthia RodriguezLicensed Sales Associatewww.cynthiarodriguezonline.comwww.cynthiarodriguez.listingbook.comhttp://cynthiarodriguezrealtor@gmail.com
My number one goal is to provide my clients with the highest level of Quality Service. I bring to my clients a quality company that's innovative and ahead of the curve in technology as well as marketing. I don't just sell homes...I help move families to the next level in their lives. Quality Service, Dedication & Determination are the building blocks of my Reputation!
- Cynthia Rodriguez
- Patchogue, New York, United States
- Licensed Sales Associate of Coldwell Banker M&D Good Life Real Estate "Service, Dedication & Determination are The Building Blocks of My Reputation"
Sunday, December 12, 2010
Friday, December 10, 2010
Trinity Transformations
Trinity Transformations
Cynthia RodriguezLicensed Sales Associatewww.cynthiarodriguezonline.comwww.cynthiarodriguez.listingbook.comhttp://cynthiarodriguezrealtor@gmail.com
Cynthia RodriguezLicensed Sales Associatewww.cynthiarodriguezonline.comwww.cynthiarodriguez.listingbook.comhttp://cynthiarodriguezrealtor@gmail.com
Friday, October 15, 2010
REALTOR® Magazine-Daily News-Foreclosure Logjam Threatens Fannie, Freddie
REALTOR® Magazine-Daily News-Foreclosure Logjam Threatens Fannie, Freddie: "Foreclosure Logjam Threatens Fannie, Freddie
Fannie Mae and Freddie Mae will force lenders to pay for any losses that the GSEs incur due to a breakdown in the foreclosure process.
Interim FHFA director Ed DeMarco said the firms want to take a 'tailored approach' to the foreclosure logjam that is fair to delinquent householders, servicers, and mortgage investors and is beneficial to taxpayers and the housing market.
The mortgage giants could lose billions of dollars in a prolonged delay because they would be unable to sell properties that have slipped into foreclosure, explains George Mason University real estate professor Anthony Sanders.
Source: Washington Post, Zachary Goldfarb, Dina ElBoghdady, and Ariana Cha (10/12/2010)"
Cynthia RodriguezLicensed Sales Associate
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
http://cynthiarodriguezrealtor@gmail.com
Fannie Mae and Freddie Mae will force lenders to pay for any losses that the GSEs incur due to a breakdown in the foreclosure process.
Interim FHFA director Ed DeMarco said the firms want to take a 'tailored approach' to the foreclosure logjam that is fair to delinquent householders, servicers, and mortgage investors and is beneficial to taxpayers and the housing market.
The mortgage giants could lose billions of dollars in a prolonged delay because they would be unable to sell properties that have slipped into foreclosure, explains George Mason University real estate professor Anthony Sanders.
Source: Washington Post, Zachary Goldfarb, Dina ElBoghdady, and Ariana Cha (10/12/2010)"
Cynthia RodriguezLicensed Sales Associate
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
http://cynthiarodriguezrealtor@gmail.com
Monday, June 21, 2010
Single Buyers Choosing Suburbia Over Cities
Some 52 percent of single home buyers in April chose suburban locations over urban and rural areas, according to a survey by Coldwell Banker of 1,000 single buyers.
· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.
· Some 55 percent have less than a 30-minute commute to their office or work from home.
· Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.
· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.
· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.
Source: Coldwell Banker Real Estate (06/18/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
· More than 53 percent of single home owners reported that they purchased a home because it was more cost effective than renting in their area, while 68 percent of single home owners purchased a home that was less expensive than they believed they could have afforded to pay.
· Some 55 percent have less than a 30-minute commute to their office or work from home.
· Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed/short sale home, compared to 29 percent of single women.
· Of the 13 percent of single home owners who own their home jointly with another person, 49 percent made the purchase with their parents. Forty percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. An additional 12 percent live with at least one family member.
· Number of bedrooms is important to 27 percent of single women, while only 18 percent of men were concerned.
Source: Coldwell Banker Real Estate (06/18/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Wednesday, June 16, 2010
Mortgage Applications Rise
For the first time in more than a month, the number of mortgage applications to purchase homes rose last week.
On an adjusted basis, the Mortgage Bankers Association purchase index increased 7.3 percent compared to the previous week. On an unadjusted basis it was up 17.4 percent. Compared to the same week last year, applications declined 31.3 percent.
Michael Fratantoni, MBA’s vice president of research and economics, was reluctant to declare this a trend. “While it is clear that purchase applications in May dropped sharply as a result of the tax credit induced increase in applications in April, it is unclear whether we are seeing the beginnings of a rebound now,” he said.
Mortgage rates were up slightly last week:
30-year fixed-rate mortgages increased to 4.82 percent from 4.81 percent.
15-year fixed-rate mortgages decreased to 4.23 percent from 4.26 percent.
1-year ARMs increased to 7.07 percent from 6.94 percent.
Source: Mortgage Bankers Association 06/16/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
On an adjusted basis, the Mortgage Bankers Association purchase index increased 7.3 percent compared to the previous week. On an unadjusted basis it was up 17.4 percent. Compared to the same week last year, applications declined 31.3 percent.
Michael Fratantoni, MBA’s vice president of research and economics, was reluctant to declare this a trend. “While it is clear that purchase applications in May dropped sharply as a result of the tax credit induced increase in applications in April, it is unclear whether we are seeing the beginnings of a rebound now,” he said.
Mortgage rates were up slightly last week:
30-year fixed-rate mortgages increased to 4.82 percent from 4.81 percent.
15-year fixed-rate mortgages decreased to 4.23 percent from 4.26 percent.
1-year ARMs increased to 7.07 percent from 6.94 percent.
Source: Mortgage Bankers Association 06/16/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Friday, June 11, 2010
Nine Ways to Improve a Home's Curb Appeal
HGTV’s real estate site, FrontDoor.com, offers some ways to make a home more appealing.
• Restore the roof. Improve its appearance and keep it from leaking.
• Clean up the driveway and walkways. They set the tone for the rest of the home.
• Maintain the gutters. Clean out leaves and debris. Eliminate signs of water damage.
• Pay attention to details. Install attractive street numbers, door hardware and a new mailbox.
• Make the front door welcoming. Paint an old but solid one; replace one that is past its prime.
• Light it up. Decorate with attractive outdoor lighting.
• Paint offers big payoff for a low price. Just doing the shutters, trim and railings can help.
• Spruce up the lawn. Mow, pull weeds and fertilize.
• Add a WOW factor. Some beautiful plants will impress buyers.
Source: FrontDoor.com (06/09/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
• Restore the roof. Improve its appearance and keep it from leaking.
• Clean up the driveway and walkways. They set the tone for the rest of the home.
• Maintain the gutters. Clean out leaves and debris. Eliminate signs of water damage.
• Pay attention to details. Install attractive street numbers, door hardware and a new mailbox.
• Make the front door welcoming. Paint an old but solid one; replace one that is past its prime.
• Light it up. Decorate with attractive outdoor lighting.
• Paint offers big payoff for a low price. Just doing the shutters, trim and railings can help.
• Spruce up the lawn. Mow, pull weeds and fertilize.
• Add a WOW factor. Some beautiful plants will impress buyers.
Source: FrontDoor.com (06/09/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Tuesday, June 1, 2010
Days numbered on FHA concessions
One of the key attractions of the Federal Housing Administration home mortgage financing is going, going -- but not quite gone. Sellers and buyers who move fast can still make the most of it.
Sometime this summer, FHA plans to slash maximum "seller concessions" from 6 percent of the home price to 3 percent. Seller concession rules allow buyers to look to the property seller to pay for a variety of services and taxes connected with the transaction -- loan origination and local transfer fees, appraisals, inspections, closing and escrow costs among others -- though not the down payment.
Say you're buying a $200,000 house. If you are using FHA financing under current rules, you can structure the contract so that the seller agrees to pay all closing costs and even some repairs the house needs at settlement, up to 6 percent of the price or $12,000. On a $400,000 house, allowable concessions go to $24,000. That's huge, especially if you have to struggle to come up with a 3.5 percent down payment and you're not sure where you'll find the closing and repair money.
Contrast that with using Fannie Mae or Freddie Mac conventional financing, where seller concessions generally are limited to 3 percent. For many buyers, the extra negotiating flexibility built into the FHA program makes the choice between programs a no-brainer.
When FHA officials announced the policy change earlier this year, they said the long-standing 6 percent maximum "exposes the FHA to excess risk by creating incentives to inflate appraised value." That would occur when sellers agree to pay buyers' closing and other expenses but merely tack those costs onto the final sale price of the house. Rather than agreeing to a $200,000 price as in the example above with $12,000 worth of concessions, the final contract price of the house would instead be $212,000.
If an appraiser did not detect and report the price boost, FHA would effectively be insuring a mortgage on a house worth less than the sale price. In fact, since the rules allowed a 6 percent seller concession and the down payment was just 3.5 percent, FHA would be insuring an underwater loan from the start.
To limit further possible losses, FHA decided to cut the concessions limit in half. In its announcement, the agency said the change would occur in "early summer" after publication of a Federal Register notice and a public comment period. But Lemar Wooley, an FHA spokesperson, confirmed May 19 that there has been no Federal Register announcement.
Since public comment periods frequently run for 60 days followed by a review period, it appears that any start date for the concessions change has slipped to late summer at the earliest. Wooley said in an e-mail that "early summer may be stretching it, but I'm told that we do still expect it this summer."
Why does the timing matter? Whatever you might think of FHA's existing seller concession rules, the fact remains: Concessions of 6 percent are still allowed, and will be until FHA announces they're not. Buyers and sellers who have a legitimate need to build concessions into their contracts can still do so, but they need to know that the clock is ticking.
Smart real estate agents and mortgage loan officers already are putting out the word: If a home sale deal needs the 6 percent FHA feature, get the contract put together as fast as possible. Abbie Higashi, national designated broker for ZipRealty of Emeryville, Calif., said she fully understands and supports the FHA move but until the change takes effect, agents should "do the deals now" if concessions of more than 3 percent would help the sale go through.
Paul Skeens, president of Colonial Mortgage Group in Waldorf, Md., said he is advising loan applicants to request a "good faith estimate" upfront that provides for the seller to pay 100 percent of closing costs and prepaid fees "so that in cases where the buyer doesn't have much more than the down payment, that's the only cash they'll need to close" on an FHA loan prior to the policy change.
Skeens said he'd prefer that FHA adopt a "sliding scale" approach to concessions, with higher concessions allowed on lower priced homes, and the lowest concessions allowed on high-priced properties. Since closing and loan expenses generally represent a larger percentage of the total transaction on lower-priced houses, he believes the new 3 percent rule across the board "will have a much heavier impact on the people FHA traditionally has served," which are buying modest priced houses and have limited cash resources.
Ken Harney is a real estate columnist with the Washington Post.
Source: The Real Deal Online
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Sometime this summer, FHA plans to slash maximum "seller concessions" from 6 percent of the home price to 3 percent. Seller concession rules allow buyers to look to the property seller to pay for a variety of services and taxes connected with the transaction -- loan origination and local transfer fees, appraisals, inspections, closing and escrow costs among others -- though not the down payment.
Say you're buying a $200,000 house. If you are using FHA financing under current rules, you can structure the contract so that the seller agrees to pay all closing costs and even some repairs the house needs at settlement, up to 6 percent of the price or $12,000. On a $400,000 house, allowable concessions go to $24,000. That's huge, especially if you have to struggle to come up with a 3.5 percent down payment and you're not sure where you'll find the closing and repair money.
Contrast that with using Fannie Mae or Freddie Mac conventional financing, where seller concessions generally are limited to 3 percent. For many buyers, the extra negotiating flexibility built into the FHA program makes the choice between programs a no-brainer.
When FHA officials announced the policy change earlier this year, they said the long-standing 6 percent maximum "exposes the FHA to excess risk by creating incentives to inflate appraised value." That would occur when sellers agree to pay buyers' closing and other expenses but merely tack those costs onto the final sale price of the house. Rather than agreeing to a $200,000 price as in the example above with $12,000 worth of concessions, the final contract price of the house would instead be $212,000.
If an appraiser did not detect and report the price boost, FHA would effectively be insuring a mortgage on a house worth less than the sale price. In fact, since the rules allowed a 6 percent seller concession and the down payment was just 3.5 percent, FHA would be insuring an underwater loan from the start.
To limit further possible losses, FHA decided to cut the concessions limit in half. In its announcement, the agency said the change would occur in "early summer" after publication of a Federal Register notice and a public comment period. But Lemar Wooley, an FHA spokesperson, confirmed May 19 that there has been no Federal Register announcement.
Since public comment periods frequently run for 60 days followed by a review period, it appears that any start date for the concessions change has slipped to late summer at the earliest. Wooley said in an e-mail that "early summer may be stretching it, but I'm told that we do still expect it this summer."
Why does the timing matter? Whatever you might think of FHA's existing seller concession rules, the fact remains: Concessions of 6 percent are still allowed, and will be until FHA announces they're not. Buyers and sellers who have a legitimate need to build concessions into their contracts can still do so, but they need to know that the clock is ticking.
Smart real estate agents and mortgage loan officers already are putting out the word: If a home sale deal needs the 6 percent FHA feature, get the contract put together as fast as possible. Abbie Higashi, national designated broker for ZipRealty of Emeryville, Calif., said she fully understands and supports the FHA move but until the change takes effect, agents should "do the deals now" if concessions of more than 3 percent would help the sale go through.
Paul Skeens, president of Colonial Mortgage Group in Waldorf, Md., said he is advising loan applicants to request a "good faith estimate" upfront that provides for the seller to pay 100 percent of closing costs and prepaid fees "so that in cases where the buyer doesn't have much more than the down payment, that's the only cash they'll need to close" on an FHA loan prior to the policy change.
Skeens said he'd prefer that FHA adopt a "sliding scale" approach to concessions, with higher concessions allowed on lower priced homes, and the lowest concessions allowed on high-priced properties. Since closing and loan expenses generally represent a larger percentage of the total transaction on lower-priced houses, he believes the new 3 percent rule across the board "will have a much heavier impact on the people FHA traditionally has served," which are buying modest priced houses and have limited cash resources.
Ken Harney is a real estate columnist with the Washington Post.
Source: The Real Deal Online
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
May Means Moving Time
More people move in May than any other month, according to the U.S. Census Bureau.
One in eight people change their address in the course of a year, down slightly this decade compared to the previous decade. Two-thirds of moves are within in the same county. Renters are more likely to move than home owners.
The Better Business Bureau and American Moving & Storage Association offer this advice to those who are moving:
Check out the moving company. All interstate movers must be licensed by the Federal Motor Carrier Safety Administration and are assigned a motor carrier number you can verify at www.protectyourmove.gov. Also, check out the mover’s number with the Better Business Bureau.
Get estimates. Only deal with movers who are willing to come to your home and offer a thorough estimate. Over-the-phone estimates are likely to be wildly wrong.
Know your rights as a consumer. Moving-related laws vary by state. Local law enforcement or the BBB can help consumers when moving companies fail to deliver on their promises.
Source: U.S. Census Bureau (05/29/2010) and The Miami Herald (05/29/2010
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
One in eight people change their address in the course of a year, down slightly this decade compared to the previous decade. Two-thirds of moves are within in the same county. Renters are more likely to move than home owners.
The Better Business Bureau and American Moving & Storage Association offer this advice to those who are moving:
Check out the moving company. All interstate movers must be licensed by the Federal Motor Carrier Safety Administration and are assigned a motor carrier number you can verify at www.protectyourmove.gov. Also, check out the mover’s number with the Better Business Bureau.
Get estimates. Only deal with movers who are willing to come to your home and offer a thorough estimate. Over-the-phone estimates are likely to be wildly wrong.
Know your rights as a consumer. Moving-related laws vary by state. Local law enforcement or the BBB can help consumers when moving companies fail to deliver on their promises.
Source: U.S. Census Bureau (05/29/2010) and The Miami Herald (05/29/2010
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Thursday, May 27, 2010
SMITH POINT TRIATHLON - AUGUST 8th, 2010
Starting at the immaculate Smith Point County Park right next to the NEW fishing pier. We'll begin with a 500 meter Narrow Bay swim. Quick change through transition and you are off on the flat 12 mile bike ride over the Smith Point Bridge to Wertheim National Refuge and back. Finishing this beautiful race with a scenic 3.1 mile run over the bridge ending just in time for a beautiful beach day at the Atlantic Ocean.
We anticipate the Smith Point Triathlon to have 600 participants and over 400+ spectators. With ample parking, a race-day-expo, and the allure of a post-race ocean beach day — this race is a must-do for racers of all abilities!
Race Directive
Focusing on goal-setting, health, fitness and well-being, we want to promote and grow the competitive sport of triathlon through the safe and fair conduct of races, while fighting poor health through a culture of care on Long Island.
Our Goals
We are committed to creating a culture of care on Long Island.
We are looking to educate and generate funds for research and local community outreach.
To make a positive impact on the fight against poor health that involves citizens, employees and consumers in this shared goal of a Healthy Long Island.
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
9th Annual 5K Run/Walk- Saturday June 19th, 2010
All proceeds will benefit the Moriches Community Center Building Fund & future programs
DATE: Saturday, June 19, 2010
TIME: Check-in from 7:15am - 8:30am
Kids Fun Run at 8:15am
9:00am Start
ENTRY FEES: $20 Runners: pre-registered by June 18th
$25 Runners: day of the event
$10 Walkers
AWARDS
Overall male and female winners
Top 3 finishers (M & F) in the following age groups:
12 & under, 13-18, 19-29, 30-39, 40-49, 50-59, 60+
T-shirts to all entrants & refreshments after the race
SAFETY
In-line skates, scooters, skateboards and pets prohibited
Baby joggers and strollers only allowed in Walker category
LOCATION & DIRECTIONS
Neville Park on Canal St., south of Main St., Center Moriches.
Take the LIE to exit 69S or Sunrise Hwy. to exit 59S (Wading River Rd.);
go south on Wading River Rd. to end; right on Railroad Ave. to Main St.;
right on Main St., three blocks and turn left on Canal St. to Neville Park.
Register online using the form below or download a registration form now.
Please mail checks payable to:
Moriches Community Center, Inc.
P.O. Box 22, Center Moriches, New York 11934
For more information or to volunteer please call 878-3267
or email info@morichescommunitycenter.org
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Tuesday, May 25, 2010
European Crisis Drives Down Mortgage Rates
Europe’s financial problems are pushing U.S. mortgage rates lower and lower.
Because international investors see the U.S. as in much better shape than Europe, investors are putting their money into U.S. government securities, driving mortgage rates down near record lows.
Some in the industry predict that rates could be as low as 4.5 percent this summer, although some warn that this may come with lots of volatility as investors jump in and out of the market.
Not long ago, many experts were predicting that rates were likely to rise to at least 6 percent by this fall since the Federal Reserve stopped buying mortgage securities.
Source: The Wall Street Journal, Nick Timiraos (05/24/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Because international investors see the U.S. as in much better shape than Europe, investors are putting their money into U.S. government securities, driving mortgage rates down near record lows.
Some in the industry predict that rates could be as low as 4.5 percent this summer, although some warn that this may come with lots of volatility as investors jump in and out of the market.
Not long ago, many experts were predicting that rates were likely to rise to at least 6 percent by this fall since the Federal Reserve stopped buying mortgage securities.
Source: The Wall Street Journal, Nick Timiraos (05/24/2010)
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Friday, May 21, 2010
Long Island shows first job growth in 22 months
For the first time in nearly two years, Long Island had more jobs - 6,700 of them - than it did a year earlier, the state's Labor Department said.
The strong growth, ending 22 consecutive months of year-over-year job losses on Long Island, helped cut the unemployment rate to 6.6 percent from 7.2 percent in March. In February the number was 7.9 percent, an 18-year high.
"What's so surprising is that we could go so dramatically within a four-month period of time from being down 33,000 jobs to up 6,700 jobs," said Gary Huth, the Labor Department's principal economist for Long Island. "It's pretty striking."
FIND JOBS: Search thousands of job openings on LI and in NYC
PHOTOS: LIers who have been promoted | Green jobs | Fastest-growing jobs
For several months, some local economists had said the recent steady decline in private sector job losses meant the market was poised for a net increase in jobs.
The leisure and hospitality sector was the biggest engine of growth in the April report, adding 5,500 jobs, the most of any sector. Some economists cautioned that these additions were in lower-paying jobs and that state budget woes could result in job losses.
R. Moke McGowan, president of the Long Island Convention & Visitors Bureau, said that he saw an uptick in business activity and tourism in the first quarter in part because four hotels with a total of 500 rooms opened and more will be opening. That has also meant more hiring.
And reduced rates are drawing people from New York City who want to vacation closer to home. "Almost across the board all lodging has reduced rates," McGowan said."That has allowed folks who wanted to get away to book a room in a three-, four-star hotel at reasonable rates."
The educational and health-services category, which has added jobs throughout the recession, added the second-highest number of jobs in the 12 months ended in April - 5,100 - while trade, transportation and utilities, which includes retail stores, added 3,300 jobs.
Pearl Kamer, chief economist for the Long Island Association, said she expects the leisure and hospitality sector to show even better numbers next month because recent hiring wasn't included in the April numbers. She also expects job growth to continue in other healthy sectors.
Manufacturing, which has lost jobs consistently, lost the most jobs - 3,900 - in the April-to-April comparison. Long Island now has 1.021 million private sector jobs, compared with 1.014 million in April 2009.
New York City's unemployment rate dipped to 9.8 percent in April from 9.9 percent in March.
The last time the Island had overall job growth was in May 2008, a month before the recession started here.
As if almost on cue, the Long Island economy expanded six months after the national economy began adding jobs in November. The two economies also entered the recession six months apart. The nation's began in December 2007 and Long Island followed suit the following year.
Long Island typically enters a recession after the nation and comes out later.
As positive as the job reports is, Kamer worries about the growing number of lower-wage jobs being added, while higher-wage jobs are still being lost. Leisure and hospitality, which includes restaurants, tends to have the lower-paying jobs. Categories with higher-paying jobs, such as manufacturing, and business and professional services, continue to lose jobs. "I am still concerned that the job losses are still occurring in the higher-paying industries and the job gains have been confined to lower-paying industries," she said.
In addition, Huth said that the economy still faced some uncertainties, such as local and state government deficits, which could lead to more layoffs.
Cynthia Rodriguez
Licensed Sales Associate
www.cynthiarodriguez.realpartner.com
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
cynthiarodriguezrealtor@gmail.com
Long Island shows first job growth in 22 months
The strong growth, ending 22 consecutive months of year-over-year job losses on Long Island, helped cut the unemployment rate to 6.6 percent from 7.2 percent in March. In February the number was 7.9 percent, an 18-year high.
"What's so surprising is that we could go so dramatically within a four-month period of time from being down 33,000 jobs to up 6,700 jobs," said Gary Huth, the Labor Department's principal economist for Long Island. "It's pretty striking."
FIND JOBS: Search thousands of job openings on LI and in NYC
PHOTOS: LIers who have been promoted | Green jobs | Fastest-growing jobs
For several months, some local economists had said the recent steady decline in private sector job losses meant the market was poised for a net increase in jobs.
The leisure and hospitality sector was the biggest engine of growth in the April report, adding 5,500 jobs, the most of any sector. Some economists cautioned that these additions were in lower-paying jobs and that state budget woes could result in job losses.
R. Moke McGowan, president of the Long Island Convention & Visitors Bureau, said that he saw an uptick in business activity and tourism in the first quarter in part because four hotels with a total of 500 rooms opened and more will be opening. That has also meant more hiring.
And reduced rates are drawing people from New York City who want to vacation closer to home. "Almost across the board all lodging has reduced rates," McGowan said."That has allowed folks who wanted to get away to book a room in a three-, four-star hotel at reasonable rates."
The educational and health-services category, which has added jobs throughout the recession, added the second-highest number of jobs in the 12 months ended in April - 5,100 - while trade, transportation and utilities, which includes retail stores, added 3,300 jobs.
Pearl Kamer, chief economist for the Long Island Association, said she expects the leisure and hospitality sector to show even better numbers next month because recent hiring wasn't included in the April numbers. She also expects job growth to continue in other healthy sectors.
Manufacturing, which has lost jobs consistently, lost the most jobs - 3,900 - in the April-to-April comparison. Long Island now has 1.021 million private sector jobs, compared with 1.014 million in April 2009.
New York City's unemployment rate dipped to 9.8 percent in April from 9.9 percent in March.
The last time the Island had overall job growth was in May 2008, a month before the recession started here.
As if almost on cue, the Long Island economy expanded six months after the national economy began adding jobs in November. The two economies also entered the recession six months apart. The nation's began in December 2007 and Long Island followed suit the following year.
Long Island typically enters a recession after the nation and comes out later.
As positive as the job reports is, Kamer worries about the growing number of lower-wage jobs being added, while higher-wage jobs are still being lost. Leisure and hospitality, which includes restaurants, tends to have the lower-paying jobs. Categories with higher-paying jobs, such as manufacturing, and business and professional services, continue to lose jobs. "I am still concerned that the job losses are still occurring in the higher-paying industries and the job gains have been confined to lower-paying industries," she said.
In addition, Huth said that the economy still faced some uncertainties, such as local and state government deficits, which could lead to more layoffs.
Cynthia Rodriguez
Licensed Sales Associate
www.cynthiarodriguez.realpartner.com
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
cynthiarodriguezrealtor@gmail.com
Long Island shows first job growth in 22 months
Wednesday, May 19, 2010
Home Demand Wanes After Federal Tax Incentives Expire
Mortgage Purchase Applications plunged to a 13-year low last week, despite near-record low mortgage rates, according to a report from the Mortgage Bankers Association this morning. The average 30-year fixed mortgage rate fell to 4.83 percent last week.
Total mortgage applications dropped by 1.5 percent last week, with purchase applications declining 27 percent, to the lowest levels since 1997. Refinance applications increased by 14.5 percent and accounted for nearly 70 percent of all applications last week.
The first-time home buyer and repeat tax credits, which expired at the end of April, appear to have accelerated sales into the spring at the expense of the summer months.
Mortgage rates have been held low in part because of the debt crisis in Europe, which is causing investors to flee to the safety of U.S. Treasury bonds. This is causing Treasury yields to decrease, and treasury yields are the basis for most interest rates in this country.
Borrowing costs are extremely low, and so are home prices, but continued high unemployment and a large supply of distressed properties ensure that the recovery will be slow and prolonged compared to past recoveries.
With what we are seeing happen in markets now, what do you think of the federal tax credits? Did they make sense, or were they robbing Peter to pay Paul?
Source: TotalMortgage.com
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Saturday, May 8, 2010
Bank Of America- Reducing Principal On 'Underwater' Mortgages
Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure.
The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to 30 percent of some customers' total mortgage balances. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth.
The plan is the newest provision of an agreement the Charlotte, N.C.-based bank reached 18 months ago with state attorneys general to settle charges over high-risk loans made by Countrywide Financial Corp.
The loans were made before Bank of America acquired the mortgage lender in mid-2008. The bank has since stopped making those loans.
Although the motivation for Bank of America's announcement was to resolve legal problems, it has the potential of putting pressure on other banks to also forgive principal on loans that are in danger of failing. Bank of America is the nation's largest bank, and it's among the first to take a systematic approach to reducing mortgage principal when home values drop well below the amount owed.
The Treasury Department, which already has a mortgage modification program, is developing similar plans for principal reductions at other mortgage servicers, according to industry officials speaking on condition of anonymity because they were not authorized to discuss the conversations. They said an announcement could come in the next few months.
"They're talking about doing something and talking seriously about it," Julia Gordon, senior policy counsel at the Center for Responsible Lending, a consumer group, said of Treasury officials. "I think the concern now is fairness and making sure that the public understands the importance of principal reductions toward stabilizing the housing market and helping everybody."
Bank of America estimates that about 45,000 customers will qualify for its plan. The offer will cut total reduced principal by about $3 billion.
Some banks said they have already reduced principal on some mortgages. Wells Fargo & Co. said Wednesday it has modified more than 52,000 adjustable-rate mortgages that it inherited through its acquisition of Wachovia Corp. in late 2008. As of the fourth quarter, the bank also had reduced the principal on those mortgages by more than $2.6 billion.
Story continues below
Citigroup Inc. would not say whether it planned a similar program, but it did issue a statement that said in part, "Citi does reduce principal for borrowers on a case-by-case basis after other options to address affordability are exhausted."
A spokeswoman from JPMorgan Chase & Co. declined to comment on whether it planned a similar program.
Bank of America's announcement came as another report pointed to continuing problems in the housing market. The government said new home sales dropped to a record low last month, a day after the National Association of Realtors said sales previously occupied homes also fell in February, the third straight monthly decline.
Millions of homes have gone into foreclosure since the housing market collapsed in late 2007. The loans affected by Bank of America's announcement include certain subprime and option adjustable rate mortgages. Option ARMs allow borrowers to start with minimal monthly payments that actually increase the loan's balance.
The borrowers who can take advantage of the Bank of America program must also qualify for the Obama administration's $75 billion mortgage loan modification program.
The program announced Wednesday could lower the bank's earnings, which have already been hurt by consumers' continuing defaults on mortgage and credit card loans. Bank of America was among the hardest hit by the credit crisis and recession.
It's not clear how big a financial hit Bank of America will take by reducing mortgages. But the move will likely be less costly than having homeowners walk out on their mortgages or opt to do a short sale, banking analyst Bert Ely said. A short sale happens when a seller owes more than the house is worth, and the lender is willing to accept less than the mortgage balance.
"This is about loss minimization," Ely said. "There's going to be losses (for Bank of America). The question is what's the easiest way out."
The plan does carry risks. For starters, borrowers who aren't 60 days behind on their mortgages may stop making payments so they can qualify. The more borrowers who try to qualify, the bigger the potential loss for Bank of America. The bank will also have to absorb the costs of renegotiating the loans.
Even so, "the move helps create the best prospect of avoiding a further downward home price spiral, which would result in even deeper losses" for the bank, said Howard Glaser, a mortgage industry consultant, in an e-mail.
Investors appeared pleased with the news, and sent Bank of America shares up 44 cents, or 2.6 percent, to close Wednesday at $17.57.
According to new plan, which begins in May, Bank of America will first offer to set aside a portion of the principal balance, interest free. That principal can be forgiven over five years, if homeowners don't miss any payments. The maximum decrease in principal will be 30 percent.
The forgiveness allows a homeowner to bring a mortgage balance back down to 100 percent of the home's value, the bank said.
Glaser said that if the Obama administration launches a similar effort for the entire industry, that would be a "major shift in loan modification efforts."
Lenders including Bank of America have been criticized for not helping enough borrowers to complete the Obama administration's $75 billion mortgage modification program, which is widely viewed as a disappointment. Only 170,000 homeowners have completed the program so far.
As of last month, Bank of America had completed modifications for about 22,000 homeowners, or about 8 percent of those signed up. That compares with about 12 percent for Wells Fargo and 11 percent for both JPMorgan Chase and Citigroup.
The mortgage modification program does not address the problems of borrowers who are considered underwater, or owing more than their homes are worth.
The Treasury Department estimates that 1.5 million to 2 million homeowners will complete the program by the end of 2012, about half of the original goal. A report issued late Tuesday by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, says numerous changes to government guidelines "caused confusion and delay" and said the government did not do enough to advertise the program.
___
AP Real Estate Writer Alan Zibel and AP Business Writer Daniel Wagner in Washington, D.C., and AP Business Writer Stevenson Jacobs in New York contributed to this report.
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to 30 percent of some customers' total mortgage balances. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth.
The plan is the newest provision of an agreement the Charlotte, N.C.-based bank reached 18 months ago with state attorneys general to settle charges over high-risk loans made by Countrywide Financial Corp.
The loans were made before Bank of America acquired the mortgage lender in mid-2008. The bank has since stopped making those loans.
Although the motivation for Bank of America's announcement was to resolve legal problems, it has the potential of putting pressure on other banks to also forgive principal on loans that are in danger of failing. Bank of America is the nation's largest bank, and it's among the first to take a systematic approach to reducing mortgage principal when home values drop well below the amount owed.
The Treasury Department, which already has a mortgage modification program, is developing similar plans for principal reductions at other mortgage servicers, according to industry officials speaking on condition of anonymity because they were not authorized to discuss the conversations. They said an announcement could come in the next few months.
"They're talking about doing something and talking seriously about it," Julia Gordon, senior policy counsel at the Center for Responsible Lending, a consumer group, said of Treasury officials. "I think the concern now is fairness and making sure that the public understands the importance of principal reductions toward stabilizing the housing market and helping everybody."
Bank of America estimates that about 45,000 customers will qualify for its plan. The offer will cut total reduced principal by about $3 billion.
Some banks said they have already reduced principal on some mortgages. Wells Fargo & Co. said Wednesday it has modified more than 52,000 adjustable-rate mortgages that it inherited through its acquisition of Wachovia Corp. in late 2008. As of the fourth quarter, the bank also had reduced the principal on those mortgages by more than $2.6 billion.
Story continues below
Citigroup Inc. would not say whether it planned a similar program, but it did issue a statement that said in part, "Citi does reduce principal for borrowers on a case-by-case basis after other options to address affordability are exhausted."
A spokeswoman from JPMorgan Chase & Co. declined to comment on whether it planned a similar program.
Bank of America's announcement came as another report pointed to continuing problems in the housing market. The government said new home sales dropped to a record low last month, a day after the National Association of Realtors said sales previously occupied homes also fell in February, the third straight monthly decline.
Millions of homes have gone into foreclosure since the housing market collapsed in late 2007. The loans affected by Bank of America's announcement include certain subprime and option adjustable rate mortgages. Option ARMs allow borrowers to start with minimal monthly payments that actually increase the loan's balance.
The borrowers who can take advantage of the Bank of America program must also qualify for the Obama administration's $75 billion mortgage loan modification program.
The program announced Wednesday could lower the bank's earnings, which have already been hurt by consumers' continuing defaults on mortgage and credit card loans. Bank of America was among the hardest hit by the credit crisis and recession.
It's not clear how big a financial hit Bank of America will take by reducing mortgages. But the move will likely be less costly than having homeowners walk out on their mortgages or opt to do a short sale, banking analyst Bert Ely said. A short sale happens when a seller owes more than the house is worth, and the lender is willing to accept less than the mortgage balance.
"This is about loss minimization," Ely said. "There's going to be losses (for Bank of America). The question is what's the easiest way out."
The plan does carry risks. For starters, borrowers who aren't 60 days behind on their mortgages may stop making payments so they can qualify. The more borrowers who try to qualify, the bigger the potential loss for Bank of America. The bank will also have to absorb the costs of renegotiating the loans.
Even so, "the move helps create the best prospect of avoiding a further downward home price spiral, which would result in even deeper losses" for the bank, said Howard Glaser, a mortgage industry consultant, in an e-mail.
Investors appeared pleased with the news, and sent Bank of America shares up 44 cents, or 2.6 percent, to close Wednesday at $17.57.
According to new plan, which begins in May, Bank of America will first offer to set aside a portion of the principal balance, interest free. That principal can be forgiven over five years, if homeowners don't miss any payments. The maximum decrease in principal will be 30 percent.
The forgiveness allows a homeowner to bring a mortgage balance back down to 100 percent of the home's value, the bank said.
Glaser said that if the Obama administration launches a similar effort for the entire industry, that would be a "major shift in loan modification efforts."
Lenders including Bank of America have been criticized for not helping enough borrowers to complete the Obama administration's $75 billion mortgage modification program, which is widely viewed as a disappointment. Only 170,000 homeowners have completed the program so far.
As of last month, Bank of America had completed modifications for about 22,000 homeowners, or about 8 percent of those signed up. That compares with about 12 percent for Wells Fargo and 11 percent for both JPMorgan Chase and Citigroup.
The mortgage modification program does not address the problems of borrowers who are considered underwater, or owing more than their homes are worth.
The Treasury Department estimates that 1.5 million to 2 million homeowners will complete the program by the end of 2012, about half of the original goal. A report issued late Tuesday by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, says numerous changes to government guidelines "caused confusion and delay" and said the government did not do enough to advertise the program.
___
AP Real Estate Writer Alan Zibel and AP Business Writer Daniel Wagner in Washington, D.C., and AP Business Writer Stevenson Jacobs in New York contributed to this report.
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Friday, April 30, 2010
"Life Is Like A Cup Of Coffee"
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Home Sales Rise on Tax Credit, Favorable Market
Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.
Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle-class housing wealth that may have been wiped out without the housing stimulus measure.”
Rise in Inventories, Prices
Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.
“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower-price ranges that are attractive to first-time home buyers.”
A parallel NAR practitioner survey shows first-time buyers purchased 44 percent of homes in March, up from 42 percent in February. Investors accounted for 19 percent of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27 percent in March, the same as in February.
The national median existing-home price for all housing types was $170,700 in March, up 0.4 percent from March 2009. Distressed homes, typically sold at a 15 percent discount, accounted for 35 percent of sales last month – unchanged from February.
“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.
A Great Time to Buy
NAR President Vicki Cox Golder said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.
“With the fast-approaching April 30 deadline to get a contract in place for the tax credit, REALTORS® are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97 percent in March from 4.99 percent in February; the rate was 5.00 percent in March 2009.
Single-family home sales rose 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3 percent above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6 percent from March 2009.
Regional, Metro Area Performances
Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis, and Boston.
Existing condominium and co-op sales increased 3.1 percent to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3 percent higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7 percent below a year ago.
Regionally, existing-home sales in the Northeast increased 6.0 percent to an annual level of 890,000 in March and are 25.4 percent higher than a year ago. The median price in the Northeast was $249,800, up 8.9 percent from March 2009.
Existing-home sales in the Midwest rose 7.2 percent in March to a pace of 1.19 million and are 15.5 percent above March 2009. The median price in the Midwest was $139,300, up 0.2 percent from a year ago.
In the South, existing-home sales increased 7.1 percent to an annual level of 1.97 million in March and are 13.9 percent higher than a year ago. The median price in the South was $154,800, up 5.2 percent from March 2009.
Existing-home sales in the West rose 6.6 percent to an annual rate of 1.30 million in March and are 14.0 percent above March 2009. The median price in the West was $209,400, down 7.9 percent from a year ago.
Source: NAR
Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com
Subscribe to:
Posts (Atom)