Residential

U.S. Existing-Home Sales Fall Nearly 17% in April

May 2020

WASHINGTON—Existing-home sales dropped in April, continuing what is now a two-month skid in sales brought on by the Coronavirus pandemic, according to the National Association of Realtors. Each of the four major regions experienced a decline in month-over-month and year-over-year sales, with the West seeing the greatest dip in both categories. Total existing-home sales, completed…

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BREAKING NEWS: Gov. Cuomo Says Mid-Hudson Economy to Reopen on Tuesday

May 2020

ALBANY—Gov. Andrew Cuomo announced today that pending the required training of contact tracers over the Memorial Day weekend, the Mid-Hudson regional economy will begin phase one of its economy’s reopening on Tuesday, May 26. The governor in his daily COVID-19 briefing on Saturday said the Mid-Hudson region had met the metric in terms of COVID…

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EXCLUSIVE: County Executives Believe Mid-Hudson Economy on Cusp of Reopening

May 2020

WHITE PLAINS—It appears the reopening of the Mid-Hudson economy, which was all but shut down back on March 22 when Gov. Andrew Cuomo put “New York on Pause” to prevent the spread of the Novel Coronavirus, is finally at hand. After a setback earlier this week, Westchester County Executive George Latimer and Orange County Executive…

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Metro Home Prices Rise in 96% of Metro Areas in First Quarter of 2020

May 2020

WASHINGTON—Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors. The Northeast saw an increase of just under 10% in single-family home prices in the region. Median single-family home prices increased year-over-year…

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How to Deal with Stress in the COVID Climate

May 2020

While most Realtors are still dealing with the frustration that the COVID-19 has placed on their industry, some are starting to discover different ways to conduct business and deal with their daily stress. Virtual cocktail parties and drive-by visits to relatives are now part of the new norm, but Irene Guanill has taken that to…

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SPOTLIGHT ON: Betsy Estrella-Mejia

May 2020

Kicking COVID to the Curb While the Coronavirus continues to wreak havoc on people’s lives and careers, one New City agent not only managed to overcome the virus herself, but actually received offers on two homes, sight unseen, during these incredibly challenging times! Some may consider Betsy Estrella-Mejia a real estate “newbie,” earning her license…

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Majority of Realtors Report Sellers Haven’t Lowered Listing Prices

May 2020

WASHINGTON—More than three in four Realtors (76%) currently working with sellers this week reported their clients haven’t reduced listing prices to attract buyers, according to a survey released recently by he National Association of Realtors. That’s up from 74% who said the same a week ago. “Nearly 70% of Americans have secure employment and those…

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BCW’s Economic Recovery Task Force Looks To Create Action Plan to Help Re-open Economy

May 2020

RYE BROOK—As New York State prepares to begin reopening its economy in the wake of the COVID-19 pandemic, the newly formed Business Council of Westchester’s Economic Recovery Task Force is forging ahead with developing a comprehensive plan to provide specific recovery measures and recommendations keyed to assisting Westchester’s diverse business and not-for-profit sectors. The Task…

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Orange Bank & Trust Provides More Than $100M in PPP Loans

May 2020

MIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million. The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees…

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Rand Executives Say COVID-19 Will Not Cause a Crash of the Real Estate Markets

May 2020

Executives with Better Homes and Gardens Rand Realty and affiliate Rand Commercial say that business is continuing during the health crisis caused by the Novel Coronavirus and that the social and economic impacts, while severe, will not cause a crash in the residential or commercial real estate markets in the Hudson Valley. Rand executives appeared…

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As Pending Sales Fall Sharply, NAR Says Housing Market Slump will be Temporary

April 2020

WASHINGTON—Pending home sales fell in March as a result of the Coronavirus outbreak, according to the National Association of Realtors. Each of the four major regions saw drops in month-over-month contract activity and year-over-year pending home sales transactions, NAR reported on April 29. The Pending Home Sales Index in the month of March in the…

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HGAR Seeks Future Leaders Through Accelerator Program

April 2020

WHITE PLAINS—The current leadership of the Hudson Gateway Association of Realtors recently held a virtual information session on its new initiative for 2020—the Leadership Accelerator Program. As a result of the association’s recently developed Strategic Plan, the goal of this program is identifying and developing new leaders for HGAR’s future. The current leadership of the…

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Recovery from COVID-19 Downturn in NY Will Take Longer than ‘Great Recession’

April 2020

ALBANY—The New York State Division of the Budget released a report on Saturday that estimates a $13.3-billion shortfall, or 14%, in revenue from the Fiscal Year 2021 Executive Budget Forecast released in January. The report estimates a $61-billion state revenue decline through Fiscal Year 2024 as a direct consequence of the COVID-19 pandemic. The 463-page…

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Gov. Cuomo Could Begin Restart of Economy After May 15

April 2020

ALBANY, NY—It appears New York State could allow the reopening of some business operations in the construction and manufacturing sectors in the upstate region beginning as early as after May 15. New York Gov. Andrew Cuomo in his daily COVID-19 update on Sunday April 26 announced the state may begin a phased restart of the…

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US Home Sales Increased Year-Over-Year Despite March Sales Decline Due to COVID-19 Impacts

April 2020

WASHINGTON—Existing-home sales fell in March following a February that saw significant nationwide gains, according to the National Association of Realtors. Each of the four major regions reported a dip in sales, with the West suffering the largest decrease. Sales in the Northeast dipped more than 7%, NAR reported. Total existing-home sales, (https://www.nar.realtor/existing-home-sales), completed transactions that…

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Multifamily Market Conditions Weakened in First Quarter Due to COVID-19

April 2020

WASHINGTON, DC—The National Multifamily Housing Council reported today that apartment market conditions weakened in the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions for April 2020, as the industry confronts the ongoing COVID-19 pandemic. The Market Tightness (12), Sales Volume (6), Equity Financing (13), and Debt Financing (20) indexes all came in…

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NYS Department of Labor Launches New COVID-19 Unemployment Application

April 2020

ALBANY—The New York State Department of Labor reported the launch of a new application on April 20 for New Yorkers to apply for traditional Unemployment Insurance or the new COVID-19 Pandemic Unemployment Assistance. This one-stop-shop for unemployment benefits will connect New Yorkers with the benefits they deserve faster, without requiring them to call the Department…

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