Existing-Home Sales Decline in Economic Uncertainty
(reprinted from my newsletter)Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, expected a decline. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.09 percent in November from 6.20 percent in October; the rate was 6.21 percent in November 2007. Last week, Freddie Mac reported the 30-year rate fell to 5.19 percent – the lowest on record since the series began in 1971.

Despite an overall softening in sales, there has been a solid trend of rising activity in California, Nevada, Arizona and Florida markets. “Sales are rising only in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices,” Yun said.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s crucial to enact sufficient housing stimulus to spark an economic recovery. “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices – that, in turn, would help the economy to recover,” he said.

The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.

Source: The National Association of Realtors®

OUR PICK OF THE WEEK:

$499,900 A DIAMOND IN THE ROUGH!

Almost 1 Acre . . . This home offers lots of potential with its over-sized rooms, additional detached 3-car garage with studio & rough plumbing, fantastic property, neighborhood & location!  Roof 2007; interior/exterior video-camera security system.

Hurry!

The data relating to real estate for sale on this web site comes in part from the REDX^SM Program of the Greater Hudson Valley Multiple Listing Service. Real estate listings held by brokerage firms other than Rockland County Real Estate are marked with the REDX^SM logo.

Copyright 2008 Greater Hudson Valley Multiple Listing Service. All Rights Reserved.

OUR PICK OF THE WEEK:

PRIDE OF OWNERSHIP.   MINT CONDITION.

ABOUNDS IN THIS 3 BEDRM, 2BA SUNNY RANCH LOCATED OFF A DEAD END ST.  LARGE LIVING ROOM WITH FIREPLACE.  OVERSIZED EAT-IN KITCHEN WITH ABUNDANT CABINETRY.  DINING ROOM WITH DOOR LEADING TO DECK OVERLOOKING LEVEL FENCED IN PROPERTY.  CEDAR CLOSET, SKYLITE, RECESSED LIGHTING, ALL ANDERSEN WINDOWS.  CENTRAL AIR.  LARGE HEATED BASEMENT WAITING TO BE FINISHED.  PLENTY OF STORAGE.   HOME BUILT IN 1990 ON A 1961 FOUNDATION.

© 2008 Greater Hudson Valley Multiple Listing Service.  All rights reserved. The data relating to real estate for sale on this website comes in part from the REDX Program of the Greater Hudson Valley Multiple Listing Service. (MLS) Real Estate listings held by brokerage firms other than Rockland County Real Estate, LLC are marked with the REDX logo.

Search For Any Property Listed with the MLS

W E L C O M E to “one click” browsing

Listed Below Are the Most Searches Areas from our Visitors in the Past

Location	Property Type
Blauvelt	Condos/Townhouses & Single Family Houses
Congers	Condos/Townhouses & Single Family Houses
Nanuet	Condos/Townhouses & Single Family Houses
New City	Condos/Townhouses & Single Family Houses
Orangeburg	Condos/Townhouses & Single Family Houses
Pearl River	Condos/Townhouses & Single Family Houses

 

 

 

 

$529,900

Our Pick of the Week is this very pretty 4 bedroom 1.5 bath colonial with a “rocking chair porch” sitting pretty on an almost 1/2 acre cul-de-sac. This home features eat-in-kitchen w/new stainless steel appliances, counters & oversized window with views to a very private backyard. New carpeting, wood & parquet floors, french doors & antique wood beams are just some the things that make this truly a special home. Close to shopping & transportation. This is a great location! Clarkstown Schools.

Low Taxes at $8,641.00

© 2008 Greater Hudson Valley Multiple Listing Service. All rights reserved. The data relating to real estate for sale on this website comes in part from the REDX Program of the Greater Hudson Valley Multiple Listing Service. Real Estate listings held by brokerage firms other than Rockland County Real Estate, LLC are marked with the REDX logo.

NANUET NEW YORK RENTAL PROPERTY IN AMBER FIELDS : Coach Bus to NY City Steps From YOUR FRONT DOOR - 2BR.2.5 Baths - Fireplace - Granite Countertops. Hardwood Floors - Whirpool Bath - Immediate Occupancy. Click on Image For More.

$2295.00

Immed. occupancy.Terrific commute to NY City.Express Bus to NY City steps away from your front door. Mint Tri-level. Largest Center Unit. 9Ft Ceilings. Wood Flrs,W-W Carp,Updated Kitn (Appliances,Cabs,Granite Counter&Sink), Sep.Dining Area.W/Dyr & Wtr Cond Syst.Sliders 2 Deck/Paved Patio.Bright/Spacious Bedrms. Jacuzzi/Master bt.FR Down xcellent 4 Offc, Xtra BR,xercise area, or Home Theatre.Outstanding
Gas Fireplace withcustom wall units. Security
System. Storage Galore. 2 Zone Gase Heat
Tennis/Playground/Clubhouse.

FICO Scores vs. Credit Scores

fico scores vs credit scores

When you apply for a loan, the interest rate that the lender charges you on that loan is determined by something known as a fico score.

Per Suze Orman: Every single person alive (once they have a credit card or apply for any type of credit) has a credit report AND a FICO score. You should be aware that there are three credit reporting bureaus. They are:

1. EQUIFAX
2. EXPERIAN
3. TRANSUNIONEach one of these bueaus has a FICO score attached to it. Therefore you can have as many as 3 FICO scores.

EVERY MOVE YOU MAKE when you pay a creditor, gets reported to one of this bureaus. It’s up to the creditor which bureau they report to. Therefore, its possible that your credit card payment history would be on one bureau, your car loan on another and your mortgage on still another (or any combination of the above).

Remember: (excerpted from: myFico.com) Lenders use a number of facts to make credit decisions, including your FICO® score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their perception of this information, as well as their specific underwriting policies, lenders may extend credit to you although your score is low, or decline your request for credit although your score is high.

Here’s what you need to know: Since rate follows risk, if your FICO score is high the interest rate charged on the loan is lower - if you FICO score is low the interest rate the lender charges you is higher. Read the rest of this entry »

What is the difference between pre-qualifying and pre-approval?

Given the current state of mortgage lender, knowing where you stand credit wise is even more important now than ever.

A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. No credit checks are done, no employment history taken, nothing is submitted to an underwriter. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. In times past, before houses were selling very quickly (between 1997-2005) we used pre-qualification letters. However during the peak seller’s market pre-approvals (explained in the next paragraph) became the standard in the Greater Hudson Valley Region.

It is important to note that in truth anyone can be “pre-qualified”. Your realtor can do it for you, they simply have to know the lending guidelines. Read the rest of this entry »

First Time Homebuyer Tax Credit

Attention First Time Home Buyers:

President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, congress has created a new, temporary tax credit to provide an incentive for first-time home buyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

What does this mean to you?

Well, if you purchase a principal residence in the next 11 months, or in the past 4 months you become eligible to borrow up to $7500 from the Federal Government. You will have 15 years to pay back this interest free incentive. To apply for the tax credit, simply claim the credit on your next tax return.They haven’t worked out the details of “How” the money will be paid back yet. But if you take advantage of the full $7500 credit, the payment would be around $500 per year. If you sell your house before the 15 year period expires, any amount of the credit that has not been repaid will become due.

If you have been sitting on the fence, watching the market, waiting for the right time to buy…………..
This is it.

Buying your first home is a very stressful experience. Most first time home buyers, have to skimp and save every possible penny they can to get into their First Home. Things are normally very tight the first couple of years. This Tax Incentive could be put to some good use.

Unlike a home equity loan, this credit is not based on your income to debt ratio or the amount of equity left in your home.

Please consult your tax advisor with questions about using this new Tax Credit.

HAVERSTRAW INVESTMENT PROPERTIES.

Three Terrific listings in Haverstraw:

As of November 2008, these properties are still available.

Mike Truiano | Rockland County Real Estate | 845-480-2366 51 Broad Street, Haverstraw, NY see also MLS #448155,448163,448164. Three multi-family properties for sale. 47 and 51 Broad St. are multi-family properties. 49 Broad is a semi-att 5BR/3BA Multi-Family, 2 units offered at $438,900 Year Built 2005 Sq Footage 3,070 Bedrooms 5 Bathrooms 3 full, 0 partial Floors 3 Parking Unspecified Lot Size .140 acres HOA/Maint $0 per month see additional photos below OTHER SPECIAL FEATURES Hudson River Views ADDITIONAL PHOTOS Seller contact info: Mike Truiano Rockland County Real Estate 845-480-2366 For sale by agent/broker Equal Opportunity Housing Posted: Jun 24, 2008, 6:28pm PDT

HAVERSTRAW HOMES RICH IN HISTORY. TWO AFFORDABLE MULTI-FAMILY PROPERTIES and ONE SEMI-ATTACHED PROPERTY. ALL NEAR WATERFRONT REDEVELOPMENT AREA WITH BEAUTIFUL HUDSON VIEWS. LIVE IN ONE AS YOUR TENNATS PAY YOUR MORTGAGE. POSITIVE INCOME CASH FLOW. CLOSE TO MARINA AND TRANSPORTATION TO CITY.PLENTY OF PARKING AT REAR AND OFF STREET PARKING TOO. CAN BE A GREAT INVESTMENT FOR YEARS TO COME. PRICED FOR QUICK SALE.HURRY TO MAKE YOUR OFFERS BEFORE ITS TOO LATE…………

cALL Mike Truiano At (845) 480-2366 for FURTHER details.