The Anton Real Estate Guide, January 16, 2012 by Anton Community Newspapers

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ANTON REAL ESTATE

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GUIDE Fixed-Rate Vs. Adjustable-Rate Mortgages; Which is Best for You? By Ronald Scaglia ne major consideration for most homebuyers is deciding between a fixedrate and an adjustable-rate mortgage. Simply put, on a fixed-rate mortgage, the interest rate remains unchanged throughout the term of the mortgage, meaning that a borrower will have the same monthly payment throughout the loan (for interest and principal but excluding property taxes, insurance and other such expenses). Conversely, on an adjustable-rate mortgage, the interest rate can vary with market conditions, so the monthly payment amount will fluctuate accordingly. With that in mind, homebuyers must consider what is best for them. As with most things, it all depends on each indi-

Adjustable-rate mortgages have lower interest rates, but fixed-rate mortgages offer the security of a constant rate that will not increase.

vidual situation. “(The) Long Island market is a little bit different than the rest of the country,” said Michele Dean, senior vice-president of Lending with Bethpage Federal Credit Union. “(For) our clientele, the majority of what we do is fixed rate.” According to Dean, the advantage of a fixed rate loan is stability. By locking in an interest rate, the borrower knows exactly what the payment will be each month and there are no concerns about the interest rate increasing to a level that may not be affordable. And with interest rates at or near historic lows, homebuyers who take a fixed mortgage can secure these low rates for the duration of the loan without anxiety that interest rates will decline significantly

and they would therefore be forced into a higher interest rate. “We’re at historic lows and if it goes lower you’re talking an eighth, a quarter – not anything where you’re talking 100 basis points or 150 basis points,” said Dean. “That’s usually the trigger when it starts to make sense for somebody to start to look at a refinance.” The biggest advantage to an adjustable-rate mortgage is a lower interest rate. The interest rates on adjustable-rate mortgages are usually lower than those on a fixed-rate mortgage, so borrowers will incur lower interest charges and have a lower monthly interest payment, at least initially. The risk is that intercontinued on page 43R

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Should Homeowners Consider Reverse Mortgages? ith the proliferation of television advertisements extolling the benefits of a reverse mortgage, some homeowners might consider a reverse mortgage on their homes. For those who are interested in reverse mortgages, the New York State Department of Financial Services has the following on reverse mortgages.

What Is a Reverse Mortgage? A reverse mortgage is a home equity loan that permits you to convert some of the equity in your home into cash while you retain ownership. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor”, but it is not right for everyone. Please read this fact sheet carefully and consult a lawyer before you make any decision. Equity is the difference between the appraised value of your home and your outstanding mortgage balance. The equity in your home rises as the size of your mortgage shrinks and/or your property value grows. In a reverse mortgage, you are borrowing money against the amount of equity in your home. As the name says, reverse mortgage works like a traditional mortgage, only in reverse. Instead of a borrower making payments to a lender, the lender makes payments to the borrower. Unlike conventional home equity loans, most reverse mortgages do not require payment of principal, interest and certain fees as long as you live in your home. The money can be used for anything, including living expenses, home repairs and renovations, medical expenses, credit card debt, education, or travel. If you have an existing mortgage, the lender will require that part of the reverse mortgage be used to pay off the balance of the existing mortgage. In a regular mortgage, your monthly payments reduce your total debt until it is paid off. In a reverse mortgage, your total debt increases as the lender gives you more money. Reverse mortgages are rising-debt loans; meaning that the interest is added to the principal loan balance each month. Since the interest is not paid on a current basis, the total amount of interest you owe increases significantly with time as the interest compounds. With a re-

verse mortgage, you retain title to your home, so you remain responsible for payment of the taxes, repairs and maintenance. With a reverse mortgage you can never owe more than the value of the home at the time the loan is repaid. Reverse mortgages are “non-recourse” loans, which means that if you default on the loan or it cannot otherwise be repaid, the lender cannot look to your other assets to meet the outstanding balance on your loan.

How Much Can a Reverse Mortgage Be For? The amount of the mortgage will depend on the age of the borrower, the value of the home and the current interest rates. In general, the loan amount will be bigger if the homeowner is older, value of the house higher and the interest rates lower. Usually, the loan should not be more than 80 percent of what the anticipated value of the property at loan maturity (or loan-to-value ratio) will be. Use the calculator at www.aarp.org/revmort/ to estimate how much cash you might get from a reverse mortgage.

Is a Reverse Mortgage Right for You? When considering whether to apply for a reverse mortgage, you need to determine two important things: first, are you healthy enough to remain in your home and second, do you wish to remain in your home? Are alternatives, such as selling your home and purchasing a smaller, less expensive home, better for you? Will your children, or other heirs, want to inherit the home? Will you get enough money from the reverse mortgage to enable you to live in your home?

Who Can Get a Reverse Mortgage? • You must own your home. • For some reverse mortgage loans you must be at least 60 years old and for others you must be at least 70 years of age and have a low income. • Your home must be your primary residence; you must live in it for more than half of the year. • For most reverse mortgages, your home must be a single-family home, a 1-to-4 unit building, or a federally-approved condominium or planned unit development (PUD). • If you already have a debt or existing mortgage against your home, you must pay it off or use a cash advance from the reverse mortgage to pay it off. If you don’t pay off the debt beforehand and do not qualify for a large enough cash advance to pay it off, you can’t get a reverse mortgage. • If your home needs physical repairs to qualify for a reverse mortgage, money from the reverse mortgage must be set aside for this purpose.

How Can a Reverse Mortgage Be Paid? • Immediate cash advance - A lump sum of cash paid to you on the first day of the loan. • Credit line account - An account that lets you take out cash whenever you want during the life of the loan until you use it up. The amount you get will depend on whether the credit line is “flat” or “growing”. With a flat credit line, your remaining credit decreases with each cash advance you take. With a growing credit line, your remaining credit grows larger by a yearly rate. • Monthly cash advance - The total amount of cash you get will depend on whether you get payments for a set number of years, or get payments for as long as you live in your home. • A combination of lump sum payment and monthly payments. • For the rest of your life - If you use the reverse mortgage to buy an annuity, the amount of cash you get will depend on how long you live no matter where you end up living.

What Does It Cost to Apply for a Reverse Mortgage? Before closing on a loan, the only charge a lender may collect from a borrower is an application fee. That application fee must be designated as such and may not be a percentage of the principal amount of the reverse mortgage or of the amount financed. Any other fees associated with the reverse mortgage may be financed as part of the loan. continued on page 46R

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Glossary of Mortgage Terms o you need help understanding the vast array of mortgage terminology? If so, here is a glossary of words and expressions as provided by the U.S. Department of Housing and Urban Development. Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly known as Farmers Home Administration, or FmHA). Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions. Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a homebuyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that

gives the lender a right to take possession of the property if the borrower fails to pay off on the loan. Overages are the difference between the lowest available price and any higher price that the homebuyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Points are fees paid to the lender for the loan. One point equals one percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Thrift institution is a general term for savings banks and savings and loan associations. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.

Fixed-Rate Vs. Adjustable-Rate Mortgages continued from page 38R est rates will rise causing the monthly payment and the interest expense to increase over the course of the loan. Dean said that Long Island tends to be less transient than other areas such as Florida or Las Vegas. Consequentially, homeowners here tend to stay in their homes for a longer period of time than in other areas and therefore Bethpage Federal Credit Union has more customers seeking fixed rate mortgages. However, Dean said there are some situations where a borrower might want to consider the risks of an adjustable rate mortgage in order to secure a lower interest rate, particularly those buyers who don’t plan on staying in their new home for an extended period of years. “Say you’re a first time homebuyer and you’re getting married and you don’t have kids and you’re just looking to own a home and it might be a three bedroom home,” said Dean. “You figure in 5-10 years you’re maybe going to start a family and you’ll move up to a bigger home. If you’re thinking that you’re only going to be in your home for a (short) period of time, an adjustable mortgage may make more sense because it’s cheaper. The interest rate is significantly lower and you’re saving that much in interest for that period of time.” Dean also said that those borrowers with credit issues might have to take an adjustable-rate mortgage because of the lower monthly payment. According to Dean, one indicator that credit analysts use when determining approval for a mortgage is a debt-to-income ratio. The ratio is calculated

using two methods, one referred to as the front-end ratio and the other as the backend ratio. To calculate a front-end debt-toincome ratio, the monthly housing payment including taxes is divided by the borrower(s)’ monthly gross income while a backend debt-to-income ratio is determined by dividing the borrower(s)’ entire monthly debt payments by the gross monthly income. Therefore, a lower monthly payment on an adjustable-rate mortgage will result in a lower debt-to-equity ratio and could be the difference between qualifying or not qualifying for a mortgage. “A lot of times it could come down to qualifying, which is sometimes how people have gotten into trouble in the past,” said Dean. “They wouldn’t qualify for a fixed rate mortgage so they would say okay, I’ll go with a 3/1 because the interest rate is lower and I can meet the guidelines to qualify for the monthly payment.” Another consideration for borrowers is their career path and employment stability. Those who have stable careers and anticipate an increase in their annual income should factor that into consideration, when considering between a fixed-rate and an adjustable rate mortgage. Some borrowers who feel that their income will rise in the future might consider taking an adjustablemortgage with the lower payments, which they can more easily afford now, thinking that if interest rates do increase, their higher income will offset that. Conversely, those who are not sure about their future income levels might not be willing to take a chance on a higher interest rate in the future.

Send Us Your Real Estate Questions Do you have a real estate question you’d like answered? Send it to realestate@antonnews.com. Local attorneys, real estate brokers and other professionals with expert knowledge of real estate issues will be answering questions from readers regarding real estate. Look for questions and answers in an upcoming edition of Anton’s new Real Estate section.

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Homeowners Consider Reverse Mortgages? continued from page 42R

Fees, Costs and Payments at Origination Origination occurs when the lender qualifies the borrower to get the loan, appraises the home, processes all the necessary documents and advances the money to the borrower. The fees, costs and payments which a lender may charge when the loan is originated are: • Loan origination fee • Document preparation and ‘recording’ the loan • Appraisal or survey of the property • Title and tax search • Attorney’s fees charged to the lender in connection with the closing of the loan • Credit report • Flood zone search • Inspection fee • Annuity purchase payment • Repairs contracted for, at or before the loan closing • Tax reporting service (a one time fee) • Mortgage insurance • Real estate taxes and property insurance • Mortgage brokerage services (not to exceed three points based on the value of the property)

Fees, Costs and Payments During the Life of the Loan While the reverse mortgage is outstanding there are a few, limited additional fees and costs that the lender can charge you. The lender can ask that you pay these directly or add them to your loan balance. The only fees, costs and payments which a lender may charge during the loan are: • The cost of additional mortgage insurance • The cost to maintain the structural integrity of the home • The cost of any appraisal for the refinancing or extension of the loan • The cost of real estate taxes and property insurance • A monthly servicing fee of not more than $30.00

At the end of the loan At the end of the loan, there may be additional fees, costs or payments. The lender may charge a termination or maturity fee. This fee would be the actual cost of arranging for the sale or foreclosure of the real property securing the loan. It may include broker’s fees, advertising costs, moving and/or storage costs and legal and other fees incurred by the lender. It may not be a flat percentage fee.

Shared Appreciation and Equity Participation In exchange for a lower interest rate the lender and the borrower may agree to “shared appreciation” or “equity participation.” Participation mortgages are so named because the lender “participates,” or has the right to a share in any increase in the value of your home as well as the interest on the loan. A Shared Appreciation Mortgage (SAM) takes into account the appreciation in value of the house between the time the loan is signed and the end of the loan term. The lender receives an agreedto percentage of the appreciated value of the loan when the loan is terminated.

When Will the Loan Need to Be Repaid? • The loan may be for a certain number of years which is known as a “term” loan, or for an undetermined length of time which is known as a “tenure” loan. A tenure loan matures upon an event such as when the last surviving borrower dies, sells the home or fails to live in the home

for 12 months in a row. • If you fail to pay your property taxes or insurance, or let your home fall into disrepair. Lenders can opt to pay for these expenses by reducing your loan advances (if you haven’t used up all your funds). • You may have to pay the loan back if the lender determines that a change has been made that could affect the security of the loan like renting out part or all of your home, adding a new owner to the title, changing your zoning classification or taking out new debt against your home.

How Is a Reverse Mortgage Repaid? The total amount you will owe at the end of the loan (“loan balance”) will include the total amount borrowed (including any amounts used to pay fees or costs) and all of the interest that money has accrued. If you sell the house, you can pay back the loan from the money you get from the sale. If the balance of the loan is less than the value of the home at the end of the loan period or the money you get from the selling the home at any time, then the lender gets paid the amount owed, and you or your heirs keep the rest. Any heirs to the home can pay back the loan. The homeowner or the heirs can take out a new forward mortgage on the home.

The Lender’s Responsibilities The lender must give you a statement prepared by the local or county office for the aging on available independent counseling and information services. The lender must also give you a description of the relevant features of the reverse mortgage being offered. This should include the following information: • The interest rate to be charged and whether it is fixed, variable or both; • Interest accrues from the time monies are advanced to you and the interest is compounded; • All fees, costs and payments that must be paid by you; • A description of any refinancing features that you have discussed; • Any events that could terminate the reverse mortgage such as death or moving from the residence; • A description of any shared appreciation or equity participation features; and • A toll-free telephone number and the name of a person who can answer any questions, comments or complaints that you may have. If there is no toll-free telephone number, they must accept collect calls. The lender can only charge interest on advances of funds actually made from the reserve account and not on the entire balance in the reserve account and if the lender fails to make any payment required under the loan agreement within fifteen (15) days of the due date, the lender must forfeit twice the interest that would have been earned on the outstanding loan principal for the entire period during which payments were suspended, ceased or made late.

Your Rights and Responsibilities • IF YOU DO NOT ADHERE TO CERTAIN REQUIREMENTS, THE LENDER MAY HAVE THE RIGHT TO FORECLOSE ON YOUR PROPERTY AND TAKE IT FROM YOU. It is extremely important to have a complete understanding of all aspects of a reverse mortgage loan. • Take good care of the house. It should be in the same condition as it was in at the time of closing. continued on page 48R

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The Long and Short on Short Sales; Know the Details By Ronald Scaglia ecently, the term “short sale” has appeared more frequently in real estate listings which has led to some confusion among buyers as to what a short sale actually is. A short sale occurs when the debt on a home is greater than the present market value of the home, a situation that has arisen frequently over the past five years as home values have declined significantly because of the weak economy. When the borrower decides that the financial obligation of the mortgage is overbearing and decides to stop making the mortgage payments, the borrower and the lender may agree upon a short sale. In this situation, which usually arises before the borrower has missed enough payments so that the financial institution would initiate a foreclosure proceeding, the bank agrees to sell the property in order to recoup as much of the loan as possible. The lender will not receive enough from the sale to make up for the amount of the loan, hence the term “short sale” as the proceeds will be “short” of the loan amount. “It’s beneficial for the homeowner because at the end of the day the bank is not going to have a deficiency judgment against them,” said Susan Higgins, director of sales and an associate broker at Prudential Douglas Elliman of Manhasset. She added that in order for a borrower to qualify for a short sale, they must owe more than what the home is worth and have no means of paying it back. Higgins also said a short sale can have no financial benefit whatsoever to the homeowner. So, while a short sale can benefit a homeowner by staving off a foreclosure, there is also an opportunity for buyers who could perhaps capitalize on someone else’s misfortune and purchase an undervalued home. However, before diving in to a short sale, buyers should be forewarned about the process, as the possibility of being hugely disappointed is also present. One factor that buyers should consider when considering purchasing a home that is being offered as a short sale is time. Because it is called a short sale, some may mistakenly think such a deal is completed more quickly than a conventional real estate sale. In actuality, short sales generally take longer. According to Higgins, a short sale could take between six months and a year to complete, and in some instances could be longer. “It’s short on the proceeds but they do take a long time

because you have to get bank approval,” said Higgins. “Many times a short sale can take about six months, so right there it’s not going to be wise for everybody.” According to Higgins, the logistics of the process is part of the problem. As she explained, instead of negotiating with a homeowner who is right in the home and accessible, negotiations are done with the lender, which could have representatives handling the transaction who are located far away from the location of the property. This can complicate the procedure because if officials from the lien holder are indeed far away, they would then need to be in contact with local personnel, such as appraisers and attorneys, in order to make a determination on the offer. Additionally, Higgins said that some lenders are often more stringent about the financial credentials of buyers who are pursuing the purchase of a short sale. She stated that a bank that is already losing money on the house would not want to lose any more money by completing a deal with someone who will not be able to get the required funding. “They generally look for someone strong financially,” said Higgins. “Their preference would be low mortgage contingency but if it is a mortgage contingency they clearly have to be pre-qualified (and) have enough funds because they bank wants to take the home off their hands. They are going to look for the most qualified buyer, not necessarily the one who is going to offer the most but is financially strongest to take over the house.” Another issue that comes up with short sales is actually completing the deal. John Russo, associate broker and manager with Coach Realtors of Manhasset explained that, unlike a conventional sale, the bank or lending institution that is selling the home could decide to cancel the deal at any time up until closing if a better offer is received or if there is something in the original deal that they find unsatisfactory. Russo said that even though a buyer has a contract and also has given a down payment, the lender could still return that down payment and turn away from the deal, leaving the buyer disappointed and once again searching for a home. “The problem is, even though in the contract period on a short sale, you can be bumped if somebody comes in with a higher offering,” said Russo. “The bank could go to them even though you’re in contract. Until it closes, you’re in contract but you don’t truly have a first right to that house.” A third issue that the real estate professional explained

could cause complications is the current mortgagees living in the home. While they may have sought out a short sale, they will not reap any of the proceeds from it, and therefore do not have significant incentive for maintaining the house properly. They also have no incentive to vacate the property once the deal is completed. “These houses tend to need a little work because what’s happening is the people are not maintaining it any more,” said Ed Termini, a real estate agent with Century 21 Catapano Homes in Bethpage. “They’re walking away from it anyway. They’re not making a dime on the house.” “It’s very difficult to get them out because the law is always in benefit of the tenant,” said Higgins. “Nobody wants to throw someone out on the street.” Higgins also advises that buyers be cautious about homes being sold in an area where there is a cluster of short sales. She said that economic circumstances could cause financial difficulty and cause the need for short sales. However, if there is a group of short sales clustered in a narrow area such as on one block, buyers should be cautious as there may be another underlying reason causing the home values to fall and create this proliferation of short sales in that one area. However, if buyers are patient enough to wait through the entire short sale process and if they are willing to accept the potential for disappointment, the real estate professionals all concurred that short sales may offer the potential to purchase a home at less than it should be sold for. Higgins explained that buyers know an owner is in trouble because the house is being offered as a short sale and therefore bid less aggressively. This situation leads to a bargain. Higgins said that certain situations are best for those interested in a short sale. She stated that those who have no urgency to move, such as those currently leasing are possible candidates. “It’s really a specialty buyer that’s in a position to buy a short sale,” said Higgins. “If you’re in a position where you don’t need to close right away, if you’re a month to month tenant, or you have your cash proceedings from whatever and you’re living somewhere else, there definitely is an advantage because you generally get a home that’s under market value. If it’s in a good neighborhood where let’s say the comps are $600,000 - $700,000 and you have a chance to buy it under 5, then that’s a very good investment, but you have to be prepared to wait a very long time before you close.”

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Homeowners Consider Reverse Mortgages? in your home. • You will have a guaranteed monthly income, or a guaranteed credit line. • Borrowers can pay off a previous home debt with an advance from their reverse mortgage. You may not have to pay off other debt against your home if a prior lender agrees to be repaid after the reverse mortgage is repaid. Generally only state or local government lending agencies are willing to consider “subordinating” their loans in this way. • The debt is limited to the value of your home.

continued from page 46R • If there is no escrow account established by the lender, you must pay the real estate taxes and insurance premiums on the property directly. • You and the lender may agree to set up a reserve account that may be used by either party to keep the house in good condition, or to pay taxes, insurance premiums or personal expenses. • You may choose a property insurer but the lender must approve that choice. If you don’t choose an insurer on time or the insurer is not acceptable to the lender, they may choose the insurer.

Remember: Do your homework. You should be as well informed as possible, assess the potential rates on a loan, and decide if the benefits outweigh the risks. For a complete guide to understanding reverse mortgages visit Fannie Mae at www.fanniemae.com or call 1-800-7FANNIE (1-800-732-6643) to order a copy in the mail. After closing on a reverse mortgage, you have three business days to reconsider and cancel the agreement. Business days include Saturdays, but not Sundays or legal public holidays. If you decide to cancel, you must do it in writing, using a form provided by the lender or by letter, fax, or telegram that must be hand delivered, mailed, faxed, or sent before midnight of the third business day. You cannot cancel by telephone or in person. Have an attorney, an accountant, a Housing and Urban Development certified counselor, or other counseling service review the reverse mortgage with you before you make any decisions or sign anything. Written complaints about mortgage lenders or brokers can be submitted to the Department of Financial Services online at www.dfs.ny.gov/consumer/fileacomplaint. htm

What are the Potential Risks? • The interest on a reverse mortgage loan is compounded. This means that you are paying interest on both the principal and the interest which has already accrued each month. Compounded interest causes the outstanding amount to grow at an increasingly fast rate. This means that a large part of the equity in your home will be used to pay the interest on the amount that the lender pays to you. • Don’t borrow more than you need. Figure out exactly how much you need to supplement your income in advance so that you don’t end up paying interest on money that you didn’t need.

What Are the Potential Benefits? Reverse mortgages can be of benefit to those senior citizens who are reasonably healthy, want to remain in their homes and find that they are “house-rich” but “cash-poor”. • There is no financial penalty if you choose to prepay the loan. • You will not have to make any payments on the loan for as long as you live

Sold Property Counts For Nassau County (Last 24 Months - All Property Types) 2,000 ---

1,600 ---

1,200 ---

800 ---

400 ---

0 ---

11/2009

1/2010

3/2010

5/2010

7/2010

9/2010

11/2010

1/2011

3/2011

5/2011

7/2011

9/2011

11/2011

Information displayed in the data table is compiled by the Multiple Listing Service of Long Island, Inc. and represents a combined total of all residential, condo and co-op sales for the selected time frame.

Sold Property Counts For Nassau Divided By Property Type- 3 Year Range

Current Available Nassau Inventory - 8,827 Current Median Nassau List Price - $435,000

DATE RANGE

ALL PROPERTY TYPES

NOV 2009

NOV 2010

RESIDENTIAL SINGLE / MULTI-FAMILY 1000 --800 ---

CONDO

876

200 --0 ---

80 --60 ---

40 ---

552 553

30 ---

MONTH

CO-OP

60 ---

600 --400 ---

NOV 2011

38 40 ---

20 ---

0 ---

63 55

These graphs represent data compiled by the Multiple Listing Service of Long Island, Inc. and provide a year-to-year comparision for a specific month, over a three year period.

Nov. 2011 Oct. 2011 Sept. 2011 Aug. 2011 July 2011 June 2011

CURRENT PRIOR % YEAR YEAR CHANGE

638 644 703 632 869 793 941 819 862 702 894 1,507

-0.9 11.2 9.6 14.9 22.8 -40.7

MONTH

May 2011 April 2011 Mar. 2011 Feb. 2011 Jan 2011 Dec. 2010

CURRENT PRIOR % YEAR YEAR CHANGE

654 602 650 630 610 780

719 -9.0 750 -19.7 698 -6.9 566 11.3 695 -12.2 908 -14.1

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ATTENTION ALL REAL ESTATE AGENTS!!! In today’s economy when so many are not ready to buy a home yet, but they still need a place to live, our readers will look to you for apartments/homes, condos or co-ops to rent. Why not place your ads in our classified real estate section, where over 150,000 readers will receive the paper each week and see what you have to offer.

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