The average price of a single family residence home in Rockland County(stats for SOLD properties for the month of May 2007) is approx. $547.915 down ( by- 3.2% ) from last years month of May $565.980

For the  1st Quarter Tha Total Average Price /Rockland = $546,300

The average price of a single family residence (stats for sold properties for the month of March 2007) is approx. $511,157 down from last years $543,385

With Condo/Townhouses up from the average selling price this March 2007 of $330,414, compared to last years March selling price of $306,719
April stats coming soon.
THANKS !
Christine

5/01/0

Exerpt from The New York Times

Home Equity Theft Prevention Act, which took effect on Feb. 1, is meant to protect homeowners who have defaulted on their mortgages from predators intent on bilking them out of their property. But lawyers and title insurers say the law may have some unintended consequences.

The law applies to the owner of a one- to four-family home who is facing foreclosure or who is more than two months behind on mortgage payments. If he sells the house to avoid foreclosure, under some circumstances he can rescind the sale for up to two years.

The law was intended to curtail scams in which a buyer approaches an owner in financial distress, offers to buy the house for less than it is worth while allowing the owner to remain in it, and then promises to sell the house back if the owner makes payments to the buyer.

While the law does protect homeowners from such tactics, it will also make it difficult for owners facing foreclosure to find investors to help them out.

When a homeowner defaults on a mortgage and the property cannot be sold for enough to pay it off, there are only a couple of options available to avoid foreclosure. One is the lender's allowing the property to be sold for less than the amount due and accepting the sale amount as payment in full. The other is the lender's accepting a transfer of title from the owner in exchange for forgiving the loan.

Under the new law, if a homeowner in default sells to an "equity purchaser" — basically, someone who is not going to use the house as his principal residence — the owner has two years to rescind the sale if the buyer has not fully complied with the law.

There are a host of requirements to comply with. Homeowners and title insurers have concerns.This may make it difficult for investors to get mortgages and for homeowners in financial trouble to find buyers.

lenders sometimes accept a deed from a defaulting owner to avoid the time and expense of foreclosure, lenders will now be much less likely to consent to such deals. It seems that the safest thing for the lender to do now is go through with the foreclosure sale.

Anyone who buys from a seller in default and uses the house as a principal residence is exempt from the law; so are third parties who buy from "equity purchasers" who bought from the original owner, provided they did not know that the owner had been in default. Also exempt are immediate family members and purchasers in court-ordered sales.

Some real estate attorneys wonder how they can let their clients buy a property knowing that the seller can come back two years from now and demand the rescission of the sale.

5/01/0

Exerpt from The New York Times

Home Equity Theft Prevention Act, which took effect on Feb. 1, is meant to protect homeowners who have defaulted on their mortgages from predators intent on bilking them out of their property. But lawyers and title insurers say the law may have some unintended consequences.

The law applies to the owner of a one- to four-family home who is facing foreclosure or who is more than two months behind on mortgage payments. If he sells the house to avoid foreclosure, under some circumstances he can rescind the sale for up to two years.

The law was intended to curtail scams in which a buyer approaches an owner in financial distress, offers to buy the house for less than it is worth while allowing the owner to remain in it, and then promises to sell the house back if the owner makes payments to the buyer.

While the law does protect homeowners from such tactics, it will also make it difficult for owners facing foreclosure to find investors to help them out.

When a homeowner defaults on a mortgage and the property cannot be sold for enough to pay it off, there are only a couple of options available to avoid foreclosure. One is the lender's allowing the property to be sold for less than the amount due and accepting the sale amount as payment in full. The other is the lender's accepting a transfer of title from the owner in exchange for forgiving the loan.

Under the new law, if a homeowner in default sells to an "equity purchaser" — basically, someone who is not going to use the house as his principal residence — the owner has two years to rescind the sale if the buyer has not fully complied with the law.

There are a host of requirements to comply with. Homeowners and title insurers have concerns.This may make it difficult for investors to get mortgages and for homeowners in financial trouble to find buyers.

lenders sometimes accept a deed from a defaulting owner to avoid the time and expense of foreclosure, lenders will now be much less likely to consent to such deals. It seems that the safest thing for the lender to do now is go through with the foreclosure sale.

Anyone who buys from a seller in default and uses the house as a principal residence is exempt from the law; so are third parties who buy from "equity purchasers" who bought from the original owner, provided they did not know that the owner had been in default. Also exempt are immediate family members and purchasers in court-ordered sales.

Some real estate attorneys wonder how they can let their clients buy a property knowing that the seller can come back two years from now and demand the rescission of the sale.

In many parts of the New York area, subprime borrowers can qualify for government-sponsored mortgages with low interest rates and low down payments. Those who are members of minority groups, or who have incomes 20 percent below their area's median, may qualify. 

Foreclosure Threat ? Great Advice !

The Journal News April 8 2007

Homeowners who are slipping behind on payments need to take the initiative, experts say.
- Contact an attorney and ask what options might be available, though some homeowners might feel comfortable contacting the lender directly. The lender may be willing to agree to a modified payment plan.
- Explore selling the home. A homeowner's lawyer can contact the lender and ask for time to let the deal close. The lender, looking to avoid the costs of foreclosure, may agree to this.
- Contact a nonprofit housing or credit counseling agency for help in assessing your financial situation. It also can help you organize a budget to pay your mortgage and other monthly expenses - without your mortgage company's direct involvement

As a buyer or seller, I would like to know how your experiences with the real estate market have been?

All replies are greatly appreciated!

Please feel free to leave your comments to this Blog here or to send me a Myspace message.

Or, visit my website at:  www.rocklandcountyagent.com  Or, Email me there at: christine@rocklandcountyagent.com or to call me at:  845-634-0400, Ext. 211.

Remember that I am here to help you with all of your  buying or selling needs, "Every Step Of  The Way"!

Christine Celander, Coldwell Banker NYS Realtor

COLDWELL BANKER'S Slogan Is:  "Every Step Of The Way"

And in keeping with this motto, I focus strongly on current trends in the real estate market, utilizing the most efficient and "state of the art" technology in marketing and advertising, reaching out locally, nationally and globally.   Coldwell Banker and I will open up Seller's potential Buyer pool with qualified potential Buyers

Coldwell Bankers offers  me and prospective Buyers and Sellers emmence company support, living up to the highest in industry standards, and highest ethical committments.

Sellers will  receive a complete and "up to the day" structured "Free Market Analysis".

For Buyers, I will do the leg work, keeping you up to date with new listings previewing homes that beome available, and keeping you apprised of the market conditions as they evolve, and use my many connections and contacts to help facilitate mortgage financing, attorneys, home inspectors, etc.

I have years of experience successfully buying and selling homes in the Rockland County New York real estate market.  I know the neighborhoods, schools, market coniditions, zoning regulations and zoning economy.  I will guide you through the complexities of buying and/or selling a house, eliminating hassles and stress.   I am the Realtor you should choose for all of your real estate needs!

Please feel free to contact me for more information by email here or call met at:  845-634-0400, Ext. 211.  Or, visit my website at:  www.rocklandcountyagent.com  Or, Email me there at: christine@rocklandcountyagent.com

Christine

http://www.rocklandcountyagent.com