Dirt Road Realty News

Rhinebeck Real Estate News and the Mortgage Market

Wed, 09 May 2012 09:00:00 EST

Mortgage Market Still Hampers Housing Recovery

Published May 9, 2012

By Diana Olick CNBC Real Estate Reporter

The Realtors say it, the home builders say it, and now the chairman of the Federal Reserve is saying it: "Some creditworthy borrowers are still having trouble getting a mortgage."

Loose mortgage underwriting is largely blamed for the housing crash, and as a result the credit markets have swung in the opposite direction, some say too far.

"You'll see fewer willing lenders at 660 than you do at the top end of the scale," notes Bankrate.com's Greg McBride, referring to FICO scores (Fair Isaac Corporation).

Twenty five percent of Americans today have a FICO credit score lower than 650, and twelve percent more are below 700. While the Federal Housing Administration (FHA), the government's mortgage insurer, is supposed to be serving borrowers with lower credit scores, the average FICO for an FHA loan in March was 701.

"It's often the lender regarding the higher score," says Rick Sharga of Carrington Mortgage Holdings. Despite the FHA insurance, lenders just won't take the chance.

Many borrowers who lost big during the housing crash are now fighting to regain their credit, but the time it takes to do that depends largely on how high their credit score was to begin with. According to FIC, a borrower with a credit score above 780 who lost a home to foreclosure will need 7 years of unblemished credit to regain their standing. A borrower who started at 680 will need just three years. Just being late on mortgage payments, up to ninety days, will drop your credit score 80 points if you started at 680 but 130 points if you were at 780. The higher you start, the harder you fall.

And it is not just credit standing in the way of a home loan. In order to get today's record low interest rates, you need to put 20 percent down on the home. For a $300,000 home, that's $60,000. On top of that you often have a 6 percent brokers fee and then closing costs, which averaged just over $4000 last year, according to Bankrate.com. If you do have lower credit, or a lower down payment, you will have to pay private mortgage insurance.

If you don't have much money to put down, and you do have lower credit, the FHA is your only option now, but fees and premiums are going up there as well. 27 percent of home purchase financing in March of this year came from FHA loans, according to Campbell/Inside Mortgage Finance, but that was just before fees went up. The FHA share of mortgage originations has been dropping precipitously since then.

As the housing market recovers, and home prices stabilize, one might assume the credit markets would loosen as well. That has not been the case so far, according to a recent Federal Reserve survey of bankers. In fact, mortgages will likely get more expensive, as federal regulators move closer to new rules concerning risk retention in mortgage lending.

In addition to fees, credit and down payment, just less than a quarter of homeowners with a mortgage owe more on that loan than their home is currently worth. These so–called "underwater" borrowers are therefore trapped, unless they have enough cash to put out and are willing to eat their losses. There are also many more who are in a near–negative equity position, which means they do not have enough equity in their homes to cover a new down payment, closing costs and brokers fees. That knocks a lot of potential buyers out of today's market.

There is no question that we must not return to the lax lending of the past, where borrowers were asked no questions and offered whatever they wished. There is a question of how tight the mortgage market needs to be, when housing is still the chief impediment to overall economic recovery.

For complete article –Click

Rhinebeck Real Estate Now Might Be the Best Opportunity for a Vacation Home

Fri, 04 May 2012 09:00:00 EST

Vacation Homes Beckon

Published May 4,2012

By JOE LIGHT WSJ Real Estate Reporter

If you're thinking of buying a second home in the next five years, this might be your best opportunity.

This compound on the Pamet Rive in Cape Cod, Mass., has 3 bedrooms and 3.5 bathrooms.

After being battered during the housing bust, the vacation–home market is showing signs of life. Reports of bidding wars are trickling out of some of the locales that bore the brunt of the housing bust, and brokers in other markets, while not sounding the "all clear," at least say conditions aren't getting much worse.

Vacation–home sales are perking up as low prices pull more buyers off the fence. Yet many are looking for properties close to home instead of in far–off destinations.

Near–record–low mortgage rates, bargain prices and dwindling home inventories are bringing some once–untouchable markets within reach for the first time in a decade, say housing–market experts.

Those factors are "creating a sense of urgency," says Pam O'Connor, president of Leading Real Estate Companies of the World, a broker network. "People feel like they might miss this window."

Salt Lake City resident Donna Peeters says that is one of the reasons she wants to step up her search for a second home in Santa Barbara, Calif. She and her husband started thinking about buying a vacation home a couple of years ago, she says, and have seen prices fall as they waited. They are looking for a place close to the beach, and expect to spend about $2 million cash.

"It definitely feels like a good time to jump in," she says.

Signs of a Bottom

Sales of vacation properties fell 56% between 2006 and 2010, but climbed 7% in 2011 to 502,000, according to the most recent survey by the National Association of Realtors, a trade association. Yet prices remain soft; according to the NAR, the median price on vacation homes dropped more than 19% in 2011 to $121,300.

Realtors say some buyers—those who plan to keep a home in the family for generations—are snapping up homes now, even though prices might have further to drop, to take advantage of low mortgage rates. The average rate on a 30–year fixed–rate loan stood at 3.97% for the week ending May 1, according to Keith Gumbinger, vice president at mortgage tracker HSH.com. Buyers with strong credit who can put down more than 25% should be able to find rates near 4%, he says.

The bottom for vacation–home prices will be clear only in retrospect, but there are signs one might be forming, says Mark Zandi, chief economist at Moody's Analytics. Some markets in California already are seeing price increases, while hard–hit markets like Phoenix and Scottsdale, Ariz., have seen slowing declines, he says.

"From a long–term investment horizon, vacation homes will do very well," Mr. Zandi says, citing low interest rates and expected price appreciation in many markets.

The shorter–term outlook for vacation homes is murkier. Moody's Analytics forecasts overall U.S. home prices will drop next year—by a scant 0.8%—but the nationwide figures mask sharp geographical divides in popular second–home markets.

Realtors say they are even seeing such dichotomies within markets, with sales in more–desirable locations starting to perk up. In New York's Hamptons, for example, homes positioned north of the Montauk Highway are languishing on the market for months, while well–maintained homes south of the highway, which are closer to the ocean, are sometimes getting multiple offers within days, says Nicholas J. Planamento, president of the Hamptons and North Fork Realtors

Association.

There are a number of factors to consider when deciding whether or not to buy a vacation home. The first: momentum.

If you considered an investment in the stock market, looking at how prices moved over the past year would be a poor way to estimate future performance. On the other hand, research by Yale University Professor Robert Shiller, widely credited with predicting both the stock market crash of 2000 and the housing bust, has shown that momentum in home prices has staying power.

Then again, prices have been dropping in many markets for five years already, and most experts believe the steepest drops already have taken place. And some stronger vacation–home markets, such as Burlington, Vt. (up 1.3% in the past year), have momentum on their side.

A second point to consider: financing. Even though rates are low, lenders' standards for making loans are tight. And real–estate agents say deals are falling apart even after buyers obtain initial mortgage commitments.

That means buyers who can offer all cash have a leg up over those who make offers contingent on financing. Buyers who don't want to tie up that cash forever might consider purchasing the house with cash and then taking out a mortgage later.

All–cash sales dominate in some of the most beaten–down markets. One member of the broker network Leading Real Estate Companies of the World in Sarasota, Fla.—where overall home prices have dropped 43% in the past five years, to a median $174,900—reported that 70% of her home sales were cash–only, says Ms. O'Connor.

Here are some vacation–home spots that look primed for a breakout, according to five–year price forecasts by Moody's Analytics, along with some that are still bouncing along the bottom.

For complete article –Click

Rhinebeck Real Estate News Vacation Homes Closer to Home

Wed, 02 May 2012 09:00:00 EST

Getting Away but Not Too Far

As Vacation-Home Sales Gain Momentum, Travel Costs Keep Buyers Closer to Home

Published May 2, 2012

By ROBBIE WHELAN WSJ Real Estate Reporter

Sales of vacation homes are picking up as low prices pull buyers off the fence. But with travel costs rising and consumers still uncertain about the economy, many buyers are snapping up properties closer to home.

That is a change from the past decade when people often headed out of state to buy vacation homes near resorts and areas that were tourist destinations, including Orlando near Florida's Walt Disney World and the gambling Mecca of Las Vegas.

But these days, many vacation–home buyers are turning back the clock and looking for properties in the more traditional—and less glitzy—vacation–home communities near where they live.

Jed Kolko, chief economist at Trulia Inc., a real–estate information website, said that increasingly "people choose second homes that are a shorter drive rather than a plane flight away."

A survey by the National Association of Realtors found that the median distance between a buyer's primary residence and his vacation home declined 19% to 305 miles in 2011 from 2010. It was the first decline since the group began keeping data in 2006.

To be sure, vacation–home sales also are picking up in parts of Florida, Nevada and other states that have long catered to vacationers, although real estate agents say more of those buyers tend to be from nearby states and fewer are from far away. And plenty of retirees still want to vacation in climates that are warm year–round.

The shift in buying habits partly reflects the changing portrait of the typical vacation–home buyer. In the recent past, the vacation–home market was led by families looking for places with attractions for children as well as adults. But a growing number of buyers are older and seeking vacation homes that transition into retirement homes.

"People want to stay within driving distance because they're more able to maintain the homes, they have better networks in place and friends and family nearby to use and sustain the homes," said Jon Gray, vice president of HomeAway.com, a website that lists vacation rentals. A survey in March by site operator HomeAway Inc. found that the most popular markets among vacationers this year are those that can be reached in a drive of four hours or less from home. That makes those markets good investment opportunities for the 91% of vacation–home buyers who plan to rent their properties when they aren't using them.

Today's vacation–home buyers also are less affluent than in past years and more cost–sensitive. According to the NAR study, the average annual income of vacation–home buyers declined to $88,600 in 2011 from $99,500 in 2010. "If you have more typical vacation buyers coming into the marketplace, they're looking at the whole package, including the expense of getting there, as well," says Stan Humphries, chief economist with real–estate information company Zillow Inc.

Meanwhile, the values of vacation homes continue to fall, with the median sales price declining 19%, to $121,300 between 2010 and 2011, according to NAR. The trend is benefiting vacation communities near cities, including beach towns in the Northeast, from Massachusetts to the Carolinas, as well as lakefront enclaves in the Midwest and desert locales in California such as the Coachella Valley, according to real–estate agents.

Vickie Leese, a 53–year–old financial adviser in Westminster, Md., closed in April on a two–bedroom home in an Ocean City, Md., condominium complex that has a swimming pool and is three blocks from the beach. Over the past year and a half, Ms. Leese visited and considered buying homes in a number of places, including Fort Myers, Fla., and Myrtle Beach, S.C. But in the end, she decided to stay in Maryland.

"Florida would require a flight or a 24–hour drive for me, and the Carolinas are eight hours away," Ms. Leese said. "Even though the real estate in Ocean City is more expensive, in a way it's more affordable. Even with gas prices skyrocketing, it made more economic sense to buy there."

The rising cost of gas and airfares is a huge factor for many buyers. The average cost of a gallon of gasoline was $3.83 this week. While down from the two–year peak of $3.97 reached in May 2011, gas prices have been rising steadily since mid–December, when they fell to a 10–month low of $3.23 a gallon. Airfares, meanwhile, jumped 14% between March 2010 and March 2011, according to the U.S. Department of Labor.

Susan Ivey, a customer–service and accounts director for a health–insurance company in St. Louis, recently signed a contract to buy a three–bedroom house with a boat dock and a swimming platform on the shore of Lake of the Ozarks, a Missouri vacation spot.

She said the two main considerations in her decision to buy were price and proximity. She is paying $236,000 for the home, which was advertised as a "short sale"—or a home selling for less than the amount of the mortgage debt on the property. In 2007, the house was listed at about $350,000. Ms. Ivey can drive there on weekends in roughly three and a half hours.

Florida remains popular with vacation–home buyers around the world, but these days an increasing number of American buyers are from neighboring states. Among them is Morris Bart, a lawyer in New Orleans, who also owns a vacation home in Aspen, Colo. He recently closed on a $1.3 million waterfront penthouse condo—which had an asking price of nearly $3 million several years ago—near the beach in Destin, Fla. Mr. Bart said he plans to make the four–hour drive from New Orleans to Destin once a month.

"The minute I get in my car in New Orleans and head out there, that's when I feel like my vacation has begun," Mr. Bart said.

For complete article –Click

Rhinebeck Real Estate Housing Demand Has Risen Modestly

Wed, 25 Apr 2012 09:00:00 EST

Housing Notches Tiny Gains

Published April 24,2012

By NICK TIMIRAOS WSJ Real Estate Reporter

Fresh economic benchmarks painted a mixed picture of the nation's housing market, reflecting a sector that is inching forward amid fits and starts.

The most closely watched indicator Tuesday was the Standard & Poor's/Case–Shiller index, which tracks home prices in 20 cities. The index hit a new low in February, falling 3.5% below its year–earlier mark to a level not seen since late 2002. But the decline represented an improvement from a corresponding 3.9% year–over–year drop recorded in January or the 4.1% drop in December.

After adjusting for seasonal factors—to take into account the slower winter selling season—the Case–Shiller index showed that home prices in February were actually up from January by 0.2%. And prices are rising in a larger number of metropolitan areas. The Case–Shiller index showed that five cities—Phoenix, Miami, Minneapolis, Denver and Detroit—saw home prices above year–earlier levels in February. In nine others, including Atlanta, Chicago, Las Vegas and Seattle, prices fell to new lows.

The monthly new–home sales report also was better than it appeared on the surface. Overall, sales fell in March from February, but ran ahead of last year's pace by 7.5%, according to the Commerce Department. The decline in March was less disappointing than it initially appeared because of a sharp upward revision to February's sales tally.

"It's all a matter of perspective. The first quarter was materially better than last year, but it remains very weak by historical standards," said Thomas Lawler, an independent housing economist in Leesburg, Va.

Sales figures for January and December also were revised up, pushing new–home sales during the first quarter to 17% above the same period last year. The median price of a new home jumped 6.3% in March.

"If you're looking at year–over–year numbers, it shows a clearer trend that we're doing much better than we were last year," said Stan Humphries, chief economist at Zillow Inc. The real–estate firm is set to release its own index Wednesday showing that home prices in March posted their largest monthly increase since 2006, before the housing market peaked.

Economists aren't predicting that home prices will rise much, if at all, on a national basis this year because a large "shadow" supply of potential foreclosures has yet to work through the market. Even if prices do rise, it will be years before many borrowers who owe more than their homes are worth will have equity in their homes again.

In a sign that the still–slow economic recovery is wearing on consumer psyches, the Conference Board said Tuesday that its Consumer Confidence Index fell slightly in April, the second consecutive month of decline, and remains at recessionary levels. Consumers were feeling more upbeat about the job market, but continue tofeel uneasy about the state of the finances and the economy's overall direction.

"We're still in a slow period.... We're still in a funk," said Robert Shiller, the Yale University economist who co–founded the index that bears his name.

Tough credit standards and negative sentiment about homeownership also stand in the way of a full–fledged housing recovery.

But housing demand has risen modestly from a year ago, lifted by low mortgage rates and an improving jobs market. "It certainly is a reasonable thing, if you want to own a home, to buy right now," Mr. Shiller said.

For complete article –Click

Homes in Rhinebeck Township Sold between 2007 and 2011

Wed, 25 Apr 2012 09:00:00 EST

The Source for homes sold in in the Rhinebeck Township is the Mid–Hudson Multiple Listing Service Inc (MHMLS). These figures for single family detached homes sold in the Rhinebeck Township do not represent the total Rhinebeck NY real estate sales in Dutchess County. These figures for homes sold in Rhinebeck NY reflect the sales activity of the MHMLS, which comprises the largest sales volume sampling. The homes sold in the Rhinebeck Township that are privately or For Sale by Owner are not included in the sales volume sampling.

I would like to briefly explain the MHMLS.

The real estate brokers in the MHMLS have agreed to share their listings– information on properties features. All the homes on the MHMLS are pooled together in one listing.

What does that mean to the home buyer? A Buyer’s agency as Dirt Road Realty, a real estate agency committed exclusively to the home buyer, the home buyer can search for their home in one Rhinebeck Real Estate listing –in one place not searching multiple agencies for the same home.

Rhinebeck Township Homes Sold between 2007 and 2011

Year Sold	Number of Homes Sold	Average Price	Median Price
2007	37	$580,774	$389,800
2008	25	$645,260	$555,000
2009	23	$432,838	$320,000
2010	47	$468,151	$330,000
2011	35	$336,047	$307,950

Please note:

1. In the year 2007,there was the greatest percentage difference between Average and Median Price for the homes sold in the Rhinebeck Township. It was 33% for the year 2007 and 08% for the year 2011. (See note C below)

2. Between the years 2007 and 2011,there was a 42% decrease in the Average Price for the Rhinebeck Township homes sold.

3. Between the years 2007 and 2011,there was a 21% decrease in the Median Price for the Rhinebeck Township homes sold.

4. In the years 2007 and 2008,the Average Price for homes sold in the Rhinebeck Township was above $500,000. The subsequent years the Average Price dropped.

5. The year 2008 was the only year that the Median Price was above $500,000. Years 2007,2009,2010 and 2011 the Median Price was in the $300,000 range. The Median Sales Price is often used as an indicator of the strength and the direction of the real estate market. Median home sales numbers usually provide a better gauge of home prices than average sale price.

A. I’d prefer to see the raw data yet some insist on presenting them to support their point of view. Here’s an example of statistical manipulation of the following raw data: 10, 15, 20, 25, 1,000, 2,000 5,000. The median is 25, the average is 1153. Depending how one wants to spin the story, the median or the average could be selected.

B. Real estate pricing deals with the valuation of real estate and all the standard methods of determining the price of fixed assets apply. The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.

C. Median Sales Price: The midpoint between the most expensive house and the least expensive house sold in an area during a specific time. The midpoint of the price of homes – equal number of properties sold above the median price as the number of properties sold below the median price. The Median Sales Price is often used as an indicator of the strength and the direction of the real estate market. Median home sales numbers usually provide a better gauge of home prices than average sale price.

D. Average Sales Price: This is more plain and simple. You take the number of properties you are looking at and you add up their total. Once you have that number you divide by the number of properties and you have the average sales price for that particular search.

Rhinebeck Real Estate News What Do the Housing Numbers Mean?

Wed, 25 Apr 2012 09:00:00 EST

Housing: Bottom, Reversal or Just Noisy Numbers

Published Wednesday April 25, 2012

By Diana Olick CNBC Real Estate Reporter

The spring housing numbers aren't coming in along expectations.

That can't be, right?

Unemployment has been easing, mortgage delinquencies falling, and affordability is off the charts. That means housing should be bouncing back with verve and vigor this Spring, except it's not.

It's not crashing again, it's just bouncing along a bottom, which means the recovery, as we've been warning all along, becomes increasingly local.

Let's look at some data out this week:

Sales of new homes dropped, but only after a large upward revision in February. That of course leads everyone to blame the weather.

S&P/Case–Shiller's home price index reached new lows, but the amount of the annual drop was smaller than the previous month, so that's an improvement, sort of.

Mortgage applications fell, even as the rate on the thirty year fixed hit a new low on the Mortgage Bankers Association's weekly survey. Refis fell hard and purchase applications rose a little, although the four week moving average is down.

Zillow.com reports that home values rose from February to March (0.5 percent), marking the largest monthly increase since May 2006, before home values peaked. That led analysts there to exclaim the headline: "Majority of Markets Covered by Zillow Home Value Forecast to Hit Bottom by Late 2012"

Trulia.com released a report which mixes three indicators, construction starts, existing home sales and delinquency and foreclosure rates in order to gauge the housing recovery. Apparently it slipped backward in March "after a few strides forward."

Then Federal Reserve Chairman Ben Bernanke said, "The ongoing weakness in the housing market still represents a headwind to economic recovery."

No wonder economists at Freddie Mac concluded in its April forecast that the data are, "noisy." Then they too blamed it all on the weather.

So what are we to think, and how are we to play housing, here at the almost, sort of, bottom in some markets but not in others?

"Investor demand will drive many markets this spring and summer," says David Stiff, chief economist at Fiserv. "This means that, at the moment, the MBA purchase application index is a less reliable predictor of sales activity."

Stiff says he thinks the housing market has bottomed out, but that won't be obvious until next year. He also makes clear that the recovery will be driven by investors, and investors largely buy in the lower cost markets.

The one truth I heard in all the heated talk of housing today came from CNBC's Jim Cramer, with whom I often disagree. He said, "aggregate numbers make you no money." He was talking specifically about housing.

For complete article –Click

How We Can Seize The Enormous Opportunity To Reduce Health Care's Economic Burden

Wed, 25 Apr 2012 09:00:00 EST

We're having the wrong debate about rising health care costs

Published April 25, 2012

By Geoff Colvin, senior editor-at-large CNN Money

If we made just a few lifestyle changes, Americans could drastically reduce how much we spend on health care. So why don't we?

FORTUNE –– The central mystery in America's health care crisis is a simple question: Why don't people take better care of themselves? Like many simple questions, it leads into deep waters. It demands that we confront a profound new reality about health. Most important, it requires us to reframe the debate over paying for health care.

That debate will rage when the Supreme Court issues its ruling on Obamacare in June. But that case isn't really about health care; it's about the limits of federal power. Regardless of the ruling, we'll still have to stop America's unsustainable health care cost trends. And most of the debating will be over the wrong question.

Our thinking on health care policy is premised largely on a reality that prevailed for nearly all of human history: that ill health is a curse that can be visited upon any of us at any time. It is that, of course. But that notion is no longer the right premise for thinking about health care costs in developed economies. At the beginning of the 20th century, the top causes of death in the U.S. were communicable diseases –– flu, tuberculosis, curses that could strike any of us. Today the top causes of death are noncommunicable diseases that result mostly from the way we live –– coronary artery disease, hypertension, diabetes, some cancers. Medical researchers call them lifestyle diseases.

What's important from a policy perspective is not just that these diseases cause the most deaths, but also that they cause the most spending. The great majority of America's staggering $2.6 trillion health care tab (as of 2010) was spent treating lifestyle diseases. While we rightly worry about health care costs rising 8% or 9% a year, we spend well over 50% of our costs on diseases caused mostly by the way we choose to behave.

More: 5 ways to healthier employees

If Americans behaved just a little differently, our health care costs could settle down to a sustainable growth rate that matches the economy's growth, or could even fall further. We don't need a nation of triathletes. If we would smoke and drink a little less, walk a little more, eat a few more vegetables and fruits, and lose some weight, the effect would be far more dramatic than most people suspect. "More than 90% of type 2 diabetes, 80% of coronary artery disease, 70% of stroke, and 70% of colon cancer are potentially preventable" by that combination of moderate behavior changes, reports Harvard epidemiologist Walter C. Willett. In other words, by making realistic changes that are entirely within our own control, we could end the crisis of unsustainably rising U.S. health care costs. Which brings us to that simple question: Why don't we?

The answer isn't so simple. Partly it's economic –– we bear ever less of the costs of our unhealthy behavior. In 1960 we paid 56% of our personal health costs out of our own pockets; in 2010 we paid 14%. Yet that can't be the whole explanation; we know from the findings of behavioral finance that we aren't purely economic beings.

Social acceptability plays a role. "I got pilloried in the New York Times three years ago when I talked about not hiring obese people," says Dr. Delos Cosgrove, CEO of the Cleveland Clinic. "Now it's okay to talk about it." For legal reasons he can't refuse to hire the obese, but if he could, it would send a message: Being obese isn't okay.

The most distressing answer to the question is that many of our bad behaviors are addictive. Smoking is highly addictive. Alcohol is addictive for many people. Some researchers now go much further, suggesting that today's processed, calorie–dense foods –– "hyperpalatable," the researchers call them –– may be addictive for some people. Researchers at Yale, using functional MRI scans, find that some people's brains respond to a chocolate milkshake like drug addicts' brains respond to drugs.

What's the best policy response to those facts? Unfortunately, instead of talking about it, we're focused on how to apportion our rising health care costs. That's a tragic missed opportunity. We need to reframe the debate: not how to share health care's economic burden, but how to seize the enormous opportunity to reduce it.

For complete article –Click

Rhinebeck Real Estate News is the Bidding War Back?

Wed, 25 Apr 2012 09:00:00 EST

Stunned Home Buyers Find the Bidding Wars Are Back

Published April 25, 2012

By NICK TIMIRAOS,WSJ

A new development is catching home buyers off guard as the spring sales season gets under way: Bidding wars are back.

Pending–home sales in March hit their highest level since April 2010, spurring the return of real–estate bidding wars.

Nick Timiraos reports on The News Hub. Photo: Peter Earl McCollough for The Wall Street Journal.

From California to Florida, many buyers are increasingly competing for the same house. Unlike the bidding wars that typified the go–go years and largely reflected surging sales, today's are a result of supply shortages.

"It's a little surprising because we thought bidding wars were done with," said Andy Aley, who is looking to buy his first home in Seattle's Beacon Hill neighborhood. The 31–year–old attorney was outbid this year when he offered up to $23,000 above the $357,000 listing price and agreed to waive inspections and other closing conditions.

Competitive bidding in the current environment isn't producing huge price increases or leaving sellers with hefty profits, as occurred during the housing boom. Still, the bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six–year–long slump.

"We very much believe we've hit bottom," said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home–price forecast for the year, calling for a 1% annual gain, up from a 1% decline.

The Wall Street Journal's quarterly survey found that the inventory of homes listed for sale declined sharply in all 28 markets tracked. Real–estate agents consider a market balanced when there is a six–month supply of homes for sale. At the height of the housing crisis, in 2008, there was an 11.1–months' supply. In March, there was a 6.3–months' supply.

Inventory levels in many markets were at the lowest level in years. At the current pace of sales, it would take just 1.5 months to sell all the homes listed in Sacramento, Calif., and 2.4 months to sell all the homes listed in Phoenix. San Francisco and Washington, D.C., each have 3.4 months of supply, while Miami has 4.1 months of supply.

Increased competition is frustrating buyers and their agents. "We're writing a record number of offers, but we're not seeing a record number of closings and that's because it's so competitive," said Glenn Kelman, chief executive of real–estate brokerage Redfin Corp. in Seattle with offices in 14 states.

Nearly 83% of offers that Redfin agents have made on behalf of clients in the San Francisco Bay area this year and 71% in Southern California have had competing bids. Redfin represented a buyer that made the winning bid on a Gaithersburg, Md., home earlier this month after agreeing to adopt the dog of the seller, who was relocating and looking to find a new home for "Buddy," a white toy poodle.

Inventories are declining for a number of reasons. Some sellers, unwilling to accept prices that are still down from their peak by one–third, are taking their homes off the market in anticipation of higher prices down the road. Meanwhile, investors have been outmaneuvering consumers for the best properties, often making cash offers that are quickly accepted by sellers.

In addition, some economists say that inventory levels are being held artificially low because Fannie Mae, Freddie Mac and the nation's biggest banks have been slow to list for sale hundreds of thousands of foreclosed homes they currently own. The lenders slowed down foreclosure sales and repossessions after record–keeping abuses surfaced 18 months ago.

Banks and other mortgage investors owned nearly 450,000 foreclosed properties at the end of March, and another two million mortgages were in some stage of foreclosure.

Inventories could rise, putting more pressure on prices, if the banks and other lenders step up their efforts to sell their properties. Real–estate agents say they aren't concerned. "There's an enormous appetite for foreclosures. Release the inventory. It will sell," said Richard Smith, chief executive of Realogy Corp., which owns the Coldwell Banker and Century 21 real–estate brands.

The declining inventory of older homes is spurring sales of new homes. New home sales are up 16% so far this year, compared with a year ago, while inventories of new homes fell in March to their lowest level since record keeping began in 1963.

Even though bidding wars are pushing prices higher, many homes are still selling for prices far lower than a few years ago. Increased demand is "entirely affordability driven, which tells me there will be strong resistance to price increases" by buyers, says Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm.

Rents are rising at a time when mortgage rates have fallen to very low levels. The result is that the monthly mortgage payment on a median–priced home is lower than any time since the 1990s. Freddie Mac reported on Thursday that mortgage rates fell to 3.88% for the average 30–year fixed rate mortgage, near its lowest recorded level.

Rates are "so low that we can afford a house that was out of our price range before," said Aarthi Srinivasan, who is looking with her husband for a home around Palo Alto, Calif., one of the country's hottest real–estate markets.

Ms. Srinivasan says she fears that prices are being bid up too quickly. She says she had her "aha moment" earlier this year while touring a 50–year–old house that needed extensive remodeling. The home, listed at $1.1 million, received nearly 10 offers and eventually went under contract for more than $1.3 million to a buyer who hadn't even viewed the property.

"There are only so many buyers who are going to be in such a hurry, so we're hoping it'll top off soon," she says. On Monday, they offered to pay more than the $1.2 million list price for a four–bedroom, bank–owned foreclosure. They haven't found out if they made the top bid.

On the other side of those transactions are sellers like Debbie and Bill Wetherell, who had 17 offers in four days for their four–bedroom home in Danville, Calif. "I was floored. It was so fast, it was surreal," says Ms. Wetherell. The home sold on Wednesday for $796,000, more than $50,000 above the asking price.

Still, the sale is for nearly $180,000 less than what they paid for the house in 2005. Ms. Wetherell's husband has commuted to Reno, Nev., for five years and they have decided to relocate.

Housing markets face other headwinds. More than 11 million homeowners owe more than their home is worth. It is a big reason that the "trade–up" market has been stalled. These homeowners can't sell their current homes, let alone come up with the down payment for their next home.

Mortgage–lending standards remain tough. Real–estate agents say an unusually high share of deals are falling apart because homes won't appraise at the price that buyers have agreed to pay sellers.

Still, borrowers with stable jobs are looking to make deals. Kelly Pajela–Fu and her husband offered to pay the asking price of $600,000 for a four–bedroom home in Marblehead, Mass., within a day of the property hitting the market.

"We just knew this house would go quickly," says Ms. Pajela–Fu, a 31–year–old doctor who had lost out on an earlier offer. Their strategy to avoid a bidding war paid off: The sellers accepted their offer before having an open house.

For complete article –Click

Rhinebeck Village Homes Sold between 2007 and 2011 by Average and Median Price

Tue, 24 Apr 2012 09:00:00 EST

The Source for the Rhinebeck Village Homes sold between 2007 and 2011 is the Mid–Hudson Multiple Listing Service Inc (MHMLS). These figures for single family detached homes sold in the Village of Rhinebeck NY do not represent the total Village of Rhinebeck NY real estate sales in Dutchess County. These figures for homes sold in the Village of Rhinebeck NY reflect the sales activity of the MHMLS, which comprises the largest sales volume sampling. The homes sold in the Village of Rhinebeck NY that are privately or For Sale by Owner are not included in the sales volume sampling.

I would like to briefly explain the MHMLS.

The real estate brokers in the MHMLS have agreed to share their listings– information on properties features. All the homes on the MHMLS are pooled together in one listing.

Rhinebeck Village Homes Sold between 2007 and 2011

Year Sold	Number of Homes Sold	Average Price	Median Price
2007	22	$487,977	$390,000
2008	15	$365,720	$352,500
2009	22	$378,390	$331,250
2010	29	$340,791	$315,800
2011	16	$325,500	$274,750

Please note:

1. In the year 2007,there was the greatest percentage difference between Average and Median Price for the homes sold in the Village of Rhinebeck. It was 22% for the year 2007 and 16% for the year 2011. (See note C below)

2. Between the years 2007 and 2011,there was a 34% decrease in the Average Price for the Village of Rhinebeck homes sold.

3. Between the years 2007 and 2011,there was a 30% decrease in the Median Price for the Village of Rhinebeck homes sold.

4. Between the years 2007 and 2011, NONE of the Average or Median Price for homes sold in the Village of Rhinebeck was above $500,000.

The Jukebox Is A Real Treasure

Wed, 11 Apr 2012 09:00:00 EST

I would like to share this Media Property, a real find!

Fantastic Value and Priceless!

Click & Listen!!

The Jukebox!

This is neat! It's sort of a time machine of music from 1940 to 1999.
Each of the years below connect to the best 20 hits
of that year.

Pick a year, wait a few seconds, and

the Juke Box will show you the 20 hits to select
from.

You can play all 20 hits, or just those that

you like.

Scroll down after clicking on a year, to

where you see the Jukebox and then you can choose
your songs from the menu.

A Real Keeper!! Enjoy!!! Click & Listen!!!!

Rhinebeck Real Estate News Mortgage Applications and Mortgage Credit

Wed, 11 Apr 2012 09:00:00 EST

Mortgage Applications Point to Higher Priced Homes

Published April 11, 2012

By Diana Olick CNBC Real Estate Reporter

A response to a recent RealtyCheck blog on home prices included the following:

"Someone needs to explain to Ms. Olick what these "price declines" really represent because they most assuredly do not measure how much home values have changed. They simply measure the statistical midpoint for all home sales. So in an economy where people are buying smaller homes that number moves down. That doesn't mean that every house lost that % value."

Thanks, but no explanation necessary, as I believe I covered that a while back (Home Sales Split by Price). But I would like to elaborate a bit on this theme, as we're starting to see some changes mortgage applications; specifically the average loan amount is rising, which might suggest a turnaround in pricing, due to a change in the type of homes being bought.

The average size of a mortgage purchase application increased 9 percent from December to the end of March, from $214,500 to $233,300 in March, according to the Mortgage Bankers Association. "That points to underlying improvement in borrowers' appetite for mortgage credit," notes Paul Diggle of Capital Economics.

Just yesterday analysts at Goldman Sachs said both Toll Brothers and Pulte Homes should benefit from more positive sentiment among high end buyers. Their survey showed 63 percent of respondents expect home prices to be either stable or rise, but 83 percent of respondents with an annual income above $120,000 expect home prices to be either stable or rise. That's up from 75 percent six months ago.

If in fact the higher end buyers start getting back into the market, or at least the move-up buyers, that will shift the volume to a higher price range and consequently the median price, which gets all that national attention. 72 percent of home sales in February were of homes priced less than $250,000, according to the National Association of Realtors.

Of course, as I always say, all real estate is local, as are all home prices, and let us not forget that.

For complete article –Click

Rhinebeck Real Estate News Owing your Own Home Regains Its Appeal

Wed, 04 Apr 2012 09:00:00 EST

As Home Rents Head Higher, Owning Regains Its Appeal

Published April 4, 2012

By DAWN WOTAPKA and NICK TIMIRAOS. WSJ Real Estate

Climbing rents for apartments are combining with a continued decline in home prices to push once–reluctant home buyers into finally taking the plunge, say economists and real–estate agents, helping what appears to be a good start to the housing industry's all–important spring selling season.

WSJ's Dawn Wotapka examines an increase in rent costs nationwide and how it has resulted in would–be homebuyers being encouraged to take the plunge.

Although increased buying activity from investors and second–home purchasers are also factors behind the recent pickup in home sales, real–estate agents say they are fielding more calls from anxious tenants complaining about rising rents.

"The rental market has been incredibly hot," said Ronald Peltier, chief executive of HomeServices of America Inc., which owns real–estate brokerages in 21 states. He says rising rents, coupled with slumping home prices and interest rates near record lows, are boosting demand for homes at entry–level prices.

Average apartment rents rose by 2.7% last year while the national vacancy rate dropped below 5% for the first time since 2001, according to a quarterly survey to be released Wednesday by Reis Inc., REIS +0.34% a real–estate research firm.

The broad and sustained growth of the apartment market contrasts sharply with an uneven and tentative housing recovery. During the first quarter, average apartment rents rose and vacancy rates fell in all 82 metropolitan areas tracked by Reis, when compared with a year ago.

The largest rent increases came in San Francisco and San Jose, Calif., which saw increases of 5.9% and 4.9%, respectively. Even boom–to–bust Las Vegas, which has struggled with falling rents in previous quarters, saw average rent rise 1.8% from a year earlier.

Such increases are one reason why analysts at Zelman & Associates believe 2012 will be the first year since 2005 when the share of apartment renters that moves out to buy a house increases from the previous year. "The equation of renting versus owning is becoming much more favorable for owning," said Ivy Zelman, the firm's chief executive.

Unless the economy worsens, there is little sign that rent growth will slow until hundreds of thousands of new apartment units currently under construction hit the market over the next few years.

Nishu Sood, a housing analyst with Deutsche Bank DBK.XE –3.52% who tracks housing costs, says that, historically, the cost to rent an apartment has been about 10% lower than the after–tax cost of owning a home. That rental discount began to fall in 2010 and disappeared entirely last year. By the end of 2011, Mr. Sood's research found that the cost to rent an apartment was about 15% higher than the cost to own a home. Conditions are "overwhelming in the favor of buying now. It is unequivocal," he said.

In San Jose and the Silicon Valley, where home prices have tumbled 36% from the mid–2007 peak, home affordability has more than doubled in the last five years, Mr. Sood said. Affordability has also improved in Long Island and northern New Jersey, where during the boom, renting was half as expensive as buying. Now, it is almost equal.

To be sure, not all markets have seen the same development. In Orange County, Calif., and New York City, where home prices are extremely high, renting is still cheaper. But even in New York, real–estate agents say sales of small studio and one–bedroom apartments are brisk because renters don't want to pay such high amounts to rent.

"The entry–level market is back," said Dottie Herman, president of Prudential Douglas Elliman.

Jennifer Regan and her husband went under contract to buy a three–bedroom home in Martinez, Calif., last month. With a 4.25% rate on a 30–year fixed mortgage, their monthly payments, including taxes and insurance, will be around $600 less than what it costs to rent a comparable house. "I couldn't believe it had gotten so expensive" to rent, said Ms. Regan, 36 years old, who is moving before her oldest son starts school this fall.

It isn't always easy for individual home buyers to make it to the closing table, however. Lending and appraisal standards remain tight, keeping many would–be buyers out of the market. And aspiring buyers are competing with savvy investors who have turned buying and reselling foreclosed homes into a business. Last week, the National Association of Realtors trade group said the number of homes purchased by investors rose 65% during 2011 to 1.2 million, representing 27% of all sales.

And for some renters, the housing crisis has shaken their desire to become owners. "If I was going to buy, I feel like I would be just in the same problem that other homeowners are having with the market," said Laurel Slutsky, 24, who just renewed the one–year lease on her Chicago two–bedroom.

"Right now, all my friends and I are hopping around neighborhoods, and I don't see the benefit in buying and staying in one place."

For complete article –Click

Rhinebeck Real Estate News Low Ball Appraisals

Fri, 30 Mar 2012 09:00:00 EST

Low – ball appraisal: Mortgage denied

Published March 30, 2012

By Les Christie @CNNMoney

NEW YORK (CNNMoney) –– You find the home of your dreams. You're pre–approved for a mortgage. You've scheduled the closing. Then ... the appraisal comes in too low and the deal blows up.

Even as some mortgage standards have eased, hitting a needed appraisal value is proving a frustrating blocker for buyers and sellers and those looking to refinance.

If a buyer commits to a $200,000 home, but the appraisal comes in at just $180,000, the bank will finance only on the lower value –– and the buyer must come up with the difference.

Leslie Sellers, a real estate broker in Clinton, Tenn., has a client who recently went to contract on a Norris, Tenn., home. The appraisal came in 10% short.

"I explained to the appraiser that houses in Norris are older and sell for higher prices than other parts of the county," said Sellers, past president of the Appraisal Institute, a trade group. "(The appraiser) told me he was going with his value. We lost the sale."

The banks are one reason appraisals are coming in low. If they have to repossess a home, they don't want to get stuck with one worth far less than the mortgage.

"It's not like the lenders say, 'We want you to come in low,'" Sellers said. "It's more like, 'We want you to account for everything.' Some appraisers hear that and overcompensate."

It's particularly tricky if the home is in a falling market. There's even a box to check on standard appraisal forms saying "declining value," according to Gloria Shulman, the founder of Centek Capital Group, a Beverly Hills mortgage broker. That indicates falling home prices and banks will slash another 5% off the loan.

Foreclosures complicate appraisals too. These homes sell for about 30% less than similar non–foreclosure homes but appraisers often use them for comps.

In Alabama, Stephanie Young recently went to buy a three–bedroom, two–bath in Chunchula, outside Mobile. She was approved for an FHA loan and the sale price was $180,000.

Her agent, Josh Tanner of Better Homes and Gardens Real Estate Generations, said the appraiser told him there were no good comps.

"The appraiser had used a foreclosure sale that was right on a busy road," said Tanner. "That pulled the whole value down."

Young was stuck, needing $10,000 to make up the shortfall. The sellers couldn't come down. They were nearly underwater on their mortgage and lowering the price would push it into short sale territory. That requires bank approval, which could take months.

Young ultimately won an adjustment from the appraiser and the deal is scheduled to close this week.

Another path buyers can take after a bad appraisal is to renegotiate the home's sale price. Katie and Dave Dowling found a townhouse in Roxbury, N.J. The pair, who are teachers, liked the place better than other units in the complex.

"It came with a lot of upgrades," said Katie. "It was just nicer."

Unfortunately, the appraiser didn't take notice of better cabinets and appliances or other features. He appraised the home 3% lower than they needed.

Their solution was to ask the sellers to come down. They consented to a 2% haircut and the Dowlings came up with the other 1% themselves.

They expect they'll get the house, but they might not have if they didn't have extra cash to bring to the closing –– and a willing seller.

For complete article –Click

Rhinebeck Real Estate News Homes Sold To Investors Doubled

Thu, 29 Mar 2012 09:00:00 EST

Investors Swarm Housing, Raising Concerns

Published March 29, 2012

By Diana Olick CNBC Real Estate Reporter

The number of homes sold to investors more than doubled last year, as rising rents and low–priced distressed properties fueled demand. Investors, half of them using no mortgage, bought 1.23 million homes in 2011, a 65 percent jump from 2010, according to the National Association of Realtors. Half of the homes purchased were distressed properties, that is, foreclosures or short sales (when the bank allows the home to be sold for less than the value of the mortgage).

Half of all investment home purchases in 2011 were distressed homes, as were 39 percent of vacation homes, according to the NAR.

"Rising rental income easily beat cash sitting in banks as an added inducement," says NAR’s chief economist Lawrence Yun. "In addition, 41 percent of investment buyers purchased more than one property."

Half of investment buyers said they purchased primarily to generate rental income, according to the Realtors’ report. 34 percent wanted to diversify their investments, as 2011 saw a volatile stock market due to the debt crisis at home and overseas.

While nearly half of investment buyers said they were likely to purchase another property within two years, housing and mortgage analyst Mark Hanson calls them a "thin cohort" and worries that they add ever more volatility to the current housing recovery.

"They are fickle and volatile. They will go away on the slightest of conditions changes. They also won't chase prices higher or buy new homes from builders. Lastly, without the heavy flow of distressed supply, there is no U.S. housing market recovery. Distressed sales ARE the market," says Hanson.

"Investment–home buyers in 2011 had a median age of 50, earned $86,100 and bought a home that was relatively close to their primary residence — a median distance of 25 miles, although 30 percent were more than 100 miles away."
National Association of Realtors
2012 Investment and Vacation Home Buyers Survey

Foreclosure supply is still running high, with 65,000 completed foreclosures in February of this year, according to a just–released report from CoreLogic. 862,000 foreclosures were completed in the twelve months ending in February. While there are still 1.4 million homes in the foreclosures process, all of these numbers are coming down, albeit very slowly, and sales of bank–owned properties (REO) are speeding up.

Even the Realtors are concerned, like Hanson, that new programs by the government and banks to sell foreclosed properties in bulk discounts to large–scale investors, will cut off a robust individual sales market for smaller investors.

"Small–time investors are helping the market heal, since REO inventory is not lingering for an extended period," says Yun, clearly looking out for his Realtor constituents. "Any government program to sell REO inventory in bulk to large institutional companies should be limited to small geographic areas."

For complete article –Click

Rhinebeck Real Estate News Investors and Vacationers Snap Up Homes

Thu, 29 Mar 2012 09:00:00 EST

More Investors, Vacationers Snap Up Homes

Published March 29, 2012

By DAWN WOTAPKA WSJ
Nick Timiraos contributed to this article.

Sales of investment and vacation homes surged last year, the latest evidence that investors and higher–income households are taking advantage of low home prices to scoop up bargains.

In its annual survey of investment– and vacation–home sales, the National Association of Realtors found that the number of homes purchased by investors rose 65% during 2011 to 1.2 million, accounting for 27% of all home sales. In 2010, investment properties accounted for 17% of all sales.

Sales of investment and vacation homes surged in 2011, the latest evidence that investors and higher income households are taking advantage of low home prices to scoop up bargains. Dawn Wotapka has details on The News Hub.

The number of homes purchased as second or vacation homes jumped 7% last year to 502,000 — accounting for 11% of all transactions, up from 10% of all sales in 2010.

While the majority of homes sold last year went to traditional buyers who plan to use the home as a primary residence, their presence in the market declined to 61% from 73% in 2010.

During the housing boom, speculators were blamed for helping to inflate the bubble by snapping up homes, especially new homes, and then quickly reselling them as prices rose higher. That led to overbuilding. Some economists now believe that investors are helping to stabilize the market by buying up excess inventory.

While their activities could help to stabilize prices, they also are creating problems for some buyers. Real–estate agents say investors, and to a smaller extent vacation–home buyers, are outmaneuvering traditional buyers, who are less likely to have the financial means to pay cash for a home and may not devote as much time to searching for properties. The NAR survey found that nearly half of all investors and 42% of vacation–home buyers purchased their homes using cash. Traditional buyers, meanwhile, are seeing deals derailed because they can't qualify for a mortgage or because appraisals for the homes they are trying to buy or sell come in too low.

"The last two to three years has been a battle between the first–time home buyer and the investor," said Budge S. Huskey, president of Coldwell Banker Real Estate LLC, a national franchiser based in Parsippany, N.J. "Investors have won."

In some of the hardest–hit housing markets, investors are the largest category of buyers. But unlike during the boom years, when many investors were buying properties to "flip" quickly for a profit, many of today's investors buy the homes with plans to rent them out and sell them when the market improves.

"Obviously, it's a great rental market, and it's going to be a great rental market for a while," said Geoffrey Jacobs, principal at Empire Group, a developer that has amassed a portfolio of nearly 1,000 single–family homes in Phoenix since 2009. Because the typical home that he buys is only about 10 years old, "it'll compete well with a new home down the road when we go to sell the houses," Mr. Jacobs said.

Amid increased demand from investors, real–estate agents say there aren't enough foreclosed homes in good condition available in some markets, including parts of California and Florida. Buyers are "begging for properties," Mr. Huskey said. "There is an insatiable demand."

Thirty percent of vacation–home buyers said they plan to use the property as a primary residence in the future, indicating that buyers who can afford to take advantage of low prices and low interest rates to buy their future retirement homes are doing so.

In December, Sarah Donovan, who owns a home in Littleton, Mass., purchased a roughly $300,000 vacation home on Cape Cod. "My husband has wanted a house on the Cape for about 20 years," said Ms. Donovan, a stay–at–home mother who made an offer near the asking price the day she saw the three–bedroom home with a guesthouse. "The Cape market is coming back with decent housing prices, and we didn't want to miss out," she said.

For complete article –Click

Dutchess County Under Red Flag Fire Warning

Tue, 27 Mar 2012 09:00:00 EST

Date: March 27, 2012

For Further Information Contact:
Dana Smith, Emergency Response Coordinator
(845) 486-2080

Dutchess County Under Red Flag Fire Warning
14 Brush Fires Reported Yesterday
Poughkeepsie… Dutchess County Emergency Response Coordinator Dana Smith reminds all Dutchess County residents that all outdoor burning including burn barrels and outdoor fireplaces is currently banned in New York State. Dutchess County is currently under a “RED FLAG FIRE WARNING” from the National Weather Service, due to heightened fire danger from strong winds and low humidity as well as recent dry conditions.
Dutchess County 9-1-1 Communications Center dispatched fourteen brush fires reports yesterday, with locations spread throughout the county.
“The combination of dry weather and wind has provided the optimal conditions for brush fire and people need to realize the danger is significant. It is very important for all residents to avoid all outdoor burning in order to prevent serious fire situations,” said Emergency Response Coordinator Dana Smith.

According to the National Weather Service (Albany office), a FIRE WEATHER WARNING is in effect for Dutchess County from 10am this morning (Tuesday) through 7pm this evening. A RED FLAG warning means that critical fire weather conditions are occurring. A combination of strong winds and low relative humidity will create explosive fire growth potential.

Dutchess County Emergency Response officials have been in contact with local fire departments to be on heightened alert as a result of the Red Flag Fire Weather Warning. The Department of Emergency Response will continue to closely monitor weather conditions.
Residents can log on http://www.erh.noaa.gov/aly/for the most up-to-date weather information and advisories from the Albany office of the National Weather Service.

Hudson Valley Restaurant Week March 18-24,2012 Experience

Tue, 27 Mar 2012 09:00:00 EST

Hudson Valley Restaurant Week March 18-24,2012 was a week of a gastronomic dining experience for us. My wife and I dined at 3 different restaurants for dinner during this first week of the Hudson Valley Restaurant Week 2012. We returned for this year's Hudson Valley Restaurant Week 2012 to two restaurants which we enjoyed in the past years sharing scrumptious meals and good times with friends. We tried a new restaurant ourselves which is now on the list for the next Hudson Valley Restaurant to be shared with friends too.
We heard that there is talk among the restaurant community that there might be a Fall Hudson Valley Restaurant Week. Wouldn't that be truly a year of bountiful farm to table food experience! Hudson Valley Restaurant Week happening twice in one year. The down side of Hudson Valley Restaurant Week has been the increase in the revs on my elliptical, exercise bike and walking speed on the Rhinebeck High School track which I must do to deflect the increase of calories that I consume. The desserts have been fantastic finish to a meal while my wife on the other hand takes her dessert home. No cereal or toast for breakfast,the Raspberry White Chocolate Bread-pudding and Melting Valrhona Chocolate Cake with Pistachio Foam become morning desserts for several days.
The food and dining highlights of the first week of Hudson Valley Restaurant Week are exemplary!
The American Bounty is the classic example of sustainability local growers farm to table. The farm to table is a celebration which comes full circle from ingredients to a bounty of regional specialties. A recipient of the prestigious Restaurants & Institutions Ivy Award, the Bounty features regional specialties prepared with ingredients selected from the riches of the Hudson River Valley and beyond. American Bounty offers a dining ambiance fostering friendly conversation and social connection while enjoying food and drink.

Listen to an interview for Hudson Valley Restaurant Week with Stephen Hengst from the CIA
INTERVIEW WITH STEPHEN HENGST FROM THE CIA WKZE.com; March 23, 2012

After our first visit to The Artist's Palate this first week of Hudson Valley Restaurant Week, we know that it will definitely not be our last. Our dining experience was outstanding. Matter of fact, we are deciding how soon until we return. My wife called a week before the start of Hudson Valley Restaurant Week to ask for the menu. She was told they would email the menu to us after the chef,Charles Fells had completed it on Friday and sure enough they did. We do not eat certain foods and again my wife called to ask if they would substitute chicken for sausage in a pasta dish -the answer yes. Janet Crawshaw, Hudson Valley Restaurant Week organizer and publisher of The Valley Table magazine popped in during the evening and we learned in our conversation with her that Hudson Valley Restaurant Week was one of the largest restaurant weeks in the country - 200 participating restaurants. Hooray!
Listen to an interview for Hudson Valley Restaurant Week with Megan Fells from The Artist's Palate.
INTERVIEW WITH MEGAN FELLS FROM THE ARTIST'S PALATE
WKZE.com; March 16, 2012

X2O Xaviars on the Hudson can only be describes as scrumptious and lovely. We returned this year for our third year of Hudson Valley Restaurant Week with friends whom it has become an annual celebration of good eating and good times.
Chat live: Discuss Hudson Valley Restaurant Week with chef Peter X. Kelly
This year we tried taking the train and it worked too! I made reservations for 7PM and the train arrived 7:05 PM at Yonkers, I called X20 to ask if we could be a few minutes late- the reply no problem.

Metro North Train Schedules and Fares Just click here, after you have made your reservations for Hudson Valley Restaurant Week.
"Take the Train to Dinner" During Hudson Valley Restaurant Week March 18-31
"The Hudson Valley food scene is home to some of the best chefs in America," says Janet Crawshaw, Hudson Valley Restaurant Week organizer and publisher of The Valley Table magazine, the recognized authority on all things food related in the Hudson Valley. "We are delighted to partner with MTA Metro-North in inviting people from throughout the New York Metro area to discover the culinary pleasures of the Hudson Valley."
"It’s easy to take Metro North up from the city or down from points north to enjoy many of the restaurants participating in Hudson Valley Restaurant Week," says Donna Haynes, manager of promotional partnerships at Metro North. "Commuters can enhance their evening commute by hopping off the train for a great dinner and back on to continue their travel home."

Rhinebeck Real Estate Mortgage Rates Rise

Tue, 20 Mar 2012 09:00:00 EST

Rising Mortgage Rates May Not Hurt Housing

Published March 20, 2012
By Diana Olick CNBC Real Estate Reporter

It was barely a few weeks ago that mortgage rates were sitting at record lows.

The idea of rates over 4 percent on the 30–year fixed seemed a distant memory.

And here they are now at 4.05 percent on the Bankrate.com overnight, thanks to the recent rise in Treasury yields.

The housing market, it seems, just can't catch a break. Or can it?

As the economy improves, the job market improves, and that is a key driver for housing. But on the flip side, as the economy improves, investors finally crawl out of the Treasury bunkers, driving yields higher, and mortgage rates generally follow the 10–year Treasury.

"We will definitely see a freeze up in refi’s immediately but the decision on a purchase still won’t be impacted until rates get at least to 4.5 percent I believe," says Peter Boockvar at Miller Tabak. "Assuming a $200k mortgage, going from 4 to 4.5 percent in mortgage rate adds about $60 per month to one’s payments, and while an extra $700 per year matters, I’m not sure if it’s a deal breaker."

While rates have moved a good quarter of a percent in the past few weeks, most analysts don't think they'll go much higher.

"Mortgage rates were too high anyway ,relative to the 10–year Treasury, so I don't think you will see a parallel shift," says FBR's Paul Miller, who spoke to several bankers today. They told him mortgage volume is good, which helps keep rates competitive. "But it does take time for this stuff to flow through the markets," he adds.

And then there could be one other phenomenon, as described by Freddie Mac's chief economist Frank Nothaft: "When rates tick up, you may see some potential home buyers who have been sitting on the sidelines, suddenly they may get up, as they are concerned that maybe this is the beginning of a trend, and they don't want to miss out on these 60–year low mortgage rates. In the near term it can encourage buyers."

For complete article –Click

Hudson Valley Restaurant Week 2012 the Latest News!

Mon, 19 Mar 2012 09:00:00 EST

Hudson Valley Restaurant Week 2012 is happening now. Hudson Valley Restaurant Week really runs for 2 weeks. The Hudson Valley Restaurant Week 2012 has grown from 70 restaurants which participated 6 years ago to 200 this year.

The national farm-to-table movement is a big part of Hudson Valley Restaurant Week says Crawshaw. "Hudson Valley chefs find inspiration and amazing ingredients in the surrounding farms, and they go all out to use local products on their menus, from venison, duck and heritage pork to artisanal cheeses and fine wines."

Hudson Valley Restaurant Week Update

Hudson Valley Kick Off Party 2012 You Tube

Hudson Valley Restaurant Week Offers 200 Great Places To Eat

Eat Local: It’s Hudson Valley Restaurant Week! March 14, 2012

By Kathryn Matthews Celebrating local bounty is a delicious way to welcome spring. Now, you have your chance: Hudson Valley Restaurant Week (HVRW) is here!

Hundreds of venues opening their menus for Hudson Valley Restaurant Week

Hudson Valley Restaurant Week symbolizes region's food growth.

Hudson Valley Restaurant Week (two weeks, really) runs March 18 to 31

Will We See You at Hudson Valley Restaurant Week 2012?

The Rhinebeck Dining Guide can assist your Rhinebeck dining experience through out the year!
Rhinebeck Dining and the Rhinebeck NY vicinity offers a menu for everyone's palate- Cedar Planked Wild King Salmon, Duck Confit Risotto, Hamburger or Cheeseburger with Fries, Sushi Assortment, Veggie Delight Wrap, Apple Martini, Millbrook Vineyards Reserve Chardonnay or the best ice cream around. Rhinebeck at a Glance provides a profile of each restaurant - make a selection- make your reservation. Bon Appétit!

Rhinebeck Real Estate Housing Market

Sun, 18 Mar 2012 09:00:00 EST

Housing Bulls Aren't So Far Out on a Limb

Published March 18, 2012
By SPENCER JAKAB WSJ Real Estate Reporter

Proclaiming a recovery in the housing market isn't for the faint of heart.

Plenty of economists and executives have fallen on their faces doing so in the past five years. But while the jury is still very much out for the overall market, there is reason to feel hopeful about new construction.

On the back of improving fundamentals and a rally in risky assets of every stripe, an index of home builders tracked by Standard & Poor's is up more than 25% year–to–date. High–end home builder Toll Brothers Inc. TOL –1.56% is up 21% while mass–market builder KB Home KBH –2.02% has nearly doubled. Monday's Housing Market Index from the National Association of Home Builders may underscore this rally. It could top 30 for the first time since May 2007, having risen from a trough three years ago of nine, and as low as 14 just six months ago.

While builders continue to compete with a glut of foreclosed homes and an even larger stock of shadow inventory, there are spreading pockets of strength. The Housing Market Index measures sentiment. But another measure by the same group, the Improving Markets Index, gauges trends in economic data important to housing health. It is up sharply in recent months and showed improvement in 99 metropolitan areas in 33 states in the latest reading.

One caveat: With the home–selling season about to begin, a new headwind — higher mortgage rates — has emerged. In the past week, the average 30–year mortgage tracked by Bankrate.com is 0.15 percentage point higher, adding nearly 1.8% to a typical monthly payment. Government–sponsored mortgage giants Fannie Mae and Freddie Mac are also raising their charges to guarantee mortgages, adding to costs. Higher rates will have come too recently to be reflected in Wednesday's mortgage applications data or Friday's new–home sales. But they could pressure prices and sales.

A home under construction at a Toll Brothers development in Clayton, Calif.

Happily, the basic supply–and–demand picture for builders is good — and getting better. In the six years through 2006, single–family housing starts averaged 1.49 million. They have averaged only one–third as much since 2008 and were most recently at 470,000 annualized, stoking pent–up demand.

Barring a sharp drop in affordability or incomes, predicting those houses will find buyers is no longer a surefire way to look foolish.

For complete article –Click