Weather Alert  

Tropical Storm Fay Winding Down This product covers Southeast New York, Northeast New Jersey, and Southern Connecticut **Tropical Storm Fay Winding Down** NEW INFORMATION --------------- * CHANGES TO WATCHES AND WARNINGS: - Tropical Storm Warning cancelled for New York City boroughs, Eastern Essex, Eastern Union and Hudson Counties. * CURRENT WATCHES AND WARNINGS: - A Tropical Storm Warning is in effect for Northeastern Suffolk, Northern Nassau, Northwestern Suffolk, Southeastern Suffolk, Southern Fairfield, Southern Middlesex, Southern Nassau, Southern New Haven, Southern New London, Southern Westchester, and Southwestern Suffolk * STORM INFORMATION: - About 20 miles northwest of New York City NY or about 120 miles west of Montauk Point NY - 41.0N 74.2W - Storm Intensity 40 mph - Movement North or 5 degrees at 17 mph SITUATION OVERVIEW ------------------ Tropical Storm Fay, located west of NYC, will continue to weaken as it lifts north of the Tri-state overnight. The remaining threats are for gusty winds tonight and dangerous surf conditions into Saturday. POTENTIAL IMPACTS ----------------- * OTHER COASTAL HAZARDS: Life-threatening rip currents are expected for all people entering the surf zone. Beach flooding and localized dune erosion along the Atlantic Ocean beachfront are possible during the times of high tide tonight through Saturday. Localized minor flooding, inundation of 1 ft or less, along vulnerable coastal and shoreline locales of the Great South Bay of Long Island and Jamaica Bay, Lower NY/NJ Harbor, Coastal CT, Coastal Westchester, and Gardiners Bay during times of high tide tonight. * WIND: Potential impacts from the main wind event are now unfolding across. Remain well sheltered from hazardous wind having limited impacts. If realized, these impacts include: - Unsecured lightweight objects blown about. - A few large tree limbs broken off. A few trees shallow rooted trees uprooted. Some roadway signs blown over. - A few roads impassable from debris, particularly within urban or heavily wooded places. Hazardous driving conditions on bridges and other elevated roadways. - Scattered power and communications outages. Elsewhere across Southeast New York, Northeast New Jersey, and Southern Connecticut, little to no impact is anticipated.

Charles Rutenberg Realty Broker/Owner Joe Moshe Comments on the Pending Home Sales Index in May

LongIsland.com

Joe Moshe, Broker/Owner, Charles Rutenberg Realty, says the upward swing in the pending home sales index (PHSI) in May shows the housing market may be rebounding and, with the recent increase in home prices, this ...

Print Email

Joe Moshe, Broker/Owner, Charles Rutenberg Realty, says the upward swing in the pending home sales index (PHSI) in May shows the housing market may be rebounding and, with the recent increase in home prices, this trend may extend into the summer months.

The National Association of REALTORS reported that the PHSI during the month of May rose by 8.2% to 88.8, compared to an upwardly revised figure of 82.1 in April. It is also a 13.4% increase over the May 2010 figure of 78.3, marking the first time in eleven months that contract activity was above levels from 12 months ago. According to the NAR, this is the seventh time in 11 months that the PHSI has seen gains. (These figures do not reflect the number of closings.)

"Many homebuyers took advantage of the low sales prices and made the move to buy a house," Mr. Moshe said. "Many economists expected a recovery, but this exceeded their expectations. Almost half of the states reported drops in unemployment, which is a good sign for the housing market and is an indication that the housing market is bound to recover."

With the recent increase in home sale prices, Mr. Moshe says the housing market might have hit bottom and is finding its way back up. "There were concerns that the drop in home sale prices might result in a double-dip recession," he said. "I foresee a recovery happening, albeit slowly, this summer. However, some banks are still being tight with their credit, which is preventing deserving borrowers a chance to buy a house and the housing market from further improving. The black cloud that still looms over us is the phantom inventory of bank-owned properties which have still not yet been completely released."

Charles Rutenberg Realty is one of the nation's fastest-growing Agencies with more than 1,300 Agents on Long Island, Queens, Westchester, and the New York metro area. For more information, call (516) 575-7500, or visit www.crrli.com.

###

About Charles Rutenberg Realty

Founded in 2006, Charles Rutenberg Realty of New York is one of the nation's fastest-growing, most progressive Real Estate Agencies with over 1,300 Agents on Long Island, Queens and Westchester. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients' financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.