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Author: barthorowitz

Belief In Homeownership Is Alive and Kicking

There have been a growing number of reports announcing the death of American homeownership over the last two years. Some have said we are evolving into a rental society and even challenge the long standing belief that homeownership should be a part of the American Dream. They look at the falling rate of homeownership as proof of their point. Others say that the younger generations no longer see the value in owning over renting. However, this past week, two news items might refute these points. First, DSNews reported the homeownership rate actually increased in the last quarter; the first quarterly increase in two years. “After falling to a 13-year low during the second quarter, the homeownership rate posted a highly unexpected rise in the third quarter, according to a Census Bureau report.” Then, Fannie Mae released their 2011 3rd Quarter National Housing Survey. We will cover this report in more detail on Wednesday. But we do want to mention a few findings the report highlighted. Both Generation Y (birth date mid-1970s to mid 1990s) and Generation X (birth date mid 1960s to mid 1970s) have stronger beliefs in the importance of homeownership than those of the general population. Here are the numbers for the three major reasons to buy (as per the survey) with the percentage who believe in each reason: 1. It is a good place to raise...

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SIBOR Thanks NY Senators Schumer and Gillibrand, Congressman Michael Grimm For Supporting Initiative

STATEN ISLAND, N.Y. — The Staten Island Board of Realtors (SIBOR)  wishes to thank New York Senators Schumer and Gillibrand,  Congressman Michael Grimm and  other members of the House and Senate who are supporting the return of  loan limits for mortgages, ensuring a steady housing recovery. About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y. SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property. Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.  SIBOR is the provider of the Staten Island Multiple Listing Service (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year. All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR). SIBOR may be reached at 718-928-3220 and visited online at http://www.siborrealtors.com Media Inquiries: Relevant Public Relations, LLC Headquarters: 718‑682‑1509 Mobile: 917‑715‑8761 Email: info@RelevantPR.com...

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Protect Your Family And Assets With Proper Insurance

I am often asked about the different types of insurances that surround real estate. And while I am no expert on the topic, I do feel qualified to give an overview and some insight to assist you in asking intelligent questions to true insurance professionals. So, here it goes: Homeowner’s Insurance covers the replacement cost of the home and is required by lenders to ensure that their collateral (the home) will be replaced in case of damage. The amount of the policy need not include the value of the land. There are variables in cost by company and by the amount of the deductible.  Many people include riders to their homeowner’s policy for personal property (like jewelry) or get discounts because they tie it to their auto policies, etc. Recognize also that policies vary for owner occupied homes to second homes to vacation homes to investment properties.    Flood Insurance is mandated by the Federal Government if your property is located in a Flood Zone. Flood Insurance Premiums are used to assist FEMA in rebuilding areas affected by flooding (like from a hurricane). Traditionally, “acts of God” have been excluded from many insurance policies. That was what forced the Flood Maps and mandatory coverages. (I imagine there is Tornado and Earthquake Insurance Policies as well, in areas where they are more likely.) Title Insurance is usually split into two policies...

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Is It Really Time to Buy a Home?

On Monday, we gave you the links to four different articles that came to the same conclusion: it’s time to buy a home.  Today, we want to take a closer look at one of the sources, the JP Morgan’s Market Insights report. Right from the beginning, the paper identifies the greatest challenge in today’s housing market: consumer emotion. They attempt to overcome that emotion with logical reasons why now is the time to buy a home. They break it down to the following: Price-to-Income Ratio One measure of housing values is the ratio of personal income to home prices. The report explains where we are today: “Since 1966, the median price of an existing single family home in the U.S. has varied between 150% and 251% of personal income per household. However, roughly three-quarters of the time it has been in a relatively narrow band between 185% and 230%. In September 2011, the ratio was just 153%, implying that to get back to an average price to income ratio, home prices would have to rise by about 27%.” Current Mortgage Interest Rates  With current 30 year mortgage rates, housing payments are at historic lows as compared to personal income. “During the week of October 7, Freddie Mac reported that mortgage rates had fallen to an average annual level of 3.94%. Assuming the use of a fixed rate mortgage with 20% down,...

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It’s Simple: Now Is the Time to Buy a Home

“The millionaire says to a thousand people, ‘I read this book and it started me on the road to wealth.’  Guess how many go out and get the book? Very few. Isn’t that incredible? Why wouldn’t everyone get the book? A mystery of life.”  – Jim Rohn Mr. Rohn explains that if we want to make the right financial decisions in our lives, we should depend on the same sources the wealthy read. This past month four different iconic financial resources said the same thing: IT’S TIME TO BUY A HOME! Here are all four resources. Forbes Magazine: The Next Mortgage Crisis Wall Street Journal: It’s Time to Buy That House MarketWatch.com: Now Might Be the Best Time Ever to Buy a Home JP Morgan Market Insights: Housing: A Time To Buy Enjoy reading them!! — Reposted with permission of Keeping Current Matters About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y. SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property. Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.  SIBOR is the provider of the Staten...

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