Weather Alert  

TROPICAL STORM WARNING IN EFFECT A Tropical Storm Warning means tropical storm-force winds are expected somewhere within this area within the next 36 hours * LOCATIONS AFFECTED - Huntington - Smithtown - Port Jefferson * WIND - LATEST LOCAL FORECAST: Equivalent Tropical Storm force wind - Peak Wind Forecast: 40-50 mph with gusts to 70 mph - Window for Tropical Storm force winds: Tuesday afternoon until Tuesday evening - THREAT TO LIFE AND PROPERTY THAT INCLUDES TYPICAL FORECAST UNCERTAINTY IN TRACK, SIZE AND INTENSITY: Potential for wind 58 to 73 mph - The wind threat has remained nearly steady from the previous assessment. - PLAN: Plan for dangerous wind of equivalent strong tropical storm force. - PREPARE: Remaining efforts to protect life and property should be completed as soon as possible. Prepare for significant wind damage. - ACT: Move to safe shelter before the wind becomes hazardous. - POTENTIAL IMPACTS: Significant - Some damage to roofing and siding materials, along with damage to porches, awnings, carports, and sheds. A few buildings experiencing window, door, and garage door failures. Mobile homes damaged, especially if unanchored. Unsecured lightweight objects become dangerous projectiles. - Several large trees snapped or uprooted, but with greater numbers in places where trees are shallow rooted. Several fences and roadway signs blown over. - Some roads impassable from large debris, and more within urban or heavily wooded places. A few bridges, causeways, and access routes impassable. - Scattered power and communications outages, but more prevalent in areas with above ground lines. * STORM SURGE - LATEST LOCAL FORECAST: Localized storm surge possible - Peak Storm Surge Inundation: The potential for up to 2 feet above ground somewhere within surge prone areas - Window of concern: Tuesday afternoon until early Wednesday morning - THREAT TO LIFE AND PROPERTY THAT INCLUDES TYPICAL FORECAST UNCERTAINTY IN TRACK, SIZE AND INTENSITY: Potential for storm surge flooding greater than 1 foot above ground - The storm surge threat has remained nearly steady from the previous assessment. - PLAN: Plan for storm surge flooding greater than 1 foot above ground. - PREPARE: Complete preparations for storm surge flooding, especially in low-lying vulnerable areas, before conditions become unsafe. - ACT: Leave immediately if evacuation orders are given for your area. - POTENTIAL IMPACTS: Limited - Localized inundation with storm surge flooding mainly along immediate shorelines and in low lying spots, or in areas farther inland near where higher surge waters move ashore. - Sections of near shore roads and parking lots become overspread with surge water. Driving conditions dangerous in places where surge water covers the road. - Moderate beach erosion. Heavy surf also breaching dunes, mainly in usually vulnerable locations. Strong and frequent rip currents. - Minor to locally moderate damage to marinas, docks, boardwalks, and piers. A few small craft broken away from moorings. * FLOODING RAIN - LATEST LOCAL FORECAST: - Peak Rainfall Amounts: Additional 1-3 inches, with locally higher amounts - THREAT TO LIFE AND PROPERTY THAT INCLUDES TYPICAL FORECAST UNCERTAINTY IN TRACK, SIZE AND INTENSITY: Potential for moderate flooding rain - The flooding rain threat has remained nearly steady from the previous assessment. - PLAN: Emergency plans should include the potential for moderate flooding from heavy rain. Evacuations and rescues are possible. - PREPARE: Consider protective actions if you are in an area vulnerable to flooding. - ACT: Heed any flood watches and warnings. Failure to take action may result in serious injury or loss of life. - POTENTIAL IMPACTS: Significant - Moderate rainfall flooding may prompt several evacuations and rescues. - Rivers and streams may quickly become swollen with swifter currents and may overspill their banks in a few places, especially in usually vulnerable spots. Small streams, creeks, canals, and ditches may overflow. - Flood waters can enter some structures or weaken foundations. Several places may experience expanded areas of rapid inundation at underpasses, low lying spots, and poor drainage areas. Some streets and parking lots take on moving water as storm drains and retention ponds overflow. Driving conditions become hazardous. Some road and bridge closures. * TORNADO - LATEST LOCAL FORECAST: - Situation is somewhat favorable for tornadoes - THREAT TO LIFE AND PROPERTY THAT INCLUDES TYPICAL FORECAST UNCERTAINTY IN TRACK, SIZE AND INTENSITY: Potential for a few tornadoes - The tornado threat has remained nearly steady from the previous assessment. - PLAN: Emergency plans should include the potential for a few tornadoes. - PREPARE: If your shelter is particularly vulnerable to tornadoes, prepare to relocate to safe shelter before hazardous weather arrives. - ACT: If a tornado warning is issued, be ready to shelter quickly. - POTENTIAL IMPACTS: Limited - The occurrence of isolated tornadoes can hinder the execution of emergency plans during tropical events. - A few places may experience tornado damage, along with power and communications disruptions. - Locations could realize roofs peeled off buildings, chimneys toppled, mobile homes pushed off foundations or overturned, large tree tops and branches snapped off, shallow rooted trees knocked over, moving vehicles blown off roads, and small boats pulled from moorings. * FOR MORE INFORMATION: - http://scoem.suffolkcountyny.gov - https://weather.gov/nyc - https://ready.gov/hurricanes

Charles Rutenberg Realty Broker/Owner Joe Moshe Comments on the Rise in Existing Home Sales in Oct.

LongIsland.com

Joe Moshe, Broker/Owner, Charles Rutenberg Realty, says the unexpected rise in existing home sales during the month of October is the result of more jobs being created and more home affordability as rents continue to ...

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Joe Moshe, Broker/Owner, Charles Rutenberg Realty, says the unexpected rise in existing home sales during the month of October is the result of more jobs being created and more home affordability as rents continue to increase.

The National Association of REALTORS recently reported that existing home sales in October rose by 1.4% from the previous month. The NAR reported a seasonally adjusted rate of 4.97 million units in October, compared to September's downwardly adjusted figure of 4.90 million units. Surprisingly, last month's figure was 13.5% higher than the October 2010 pace of 4.38 million units. (Existing-home sales are completed transactions that include single-family homes, townhouses, condominiums and co-ops.)

As existing home sales increased, fewer homes were on the market. The NAR said the total housing inventory at the end of October was 3.33 million existing homes, down 2.2% from the previous month. The number represents an 8.0-month supply, which is lower than September's supply of 8.3 months. Inventories have been on a downtrend since July 2008, when the inventory was at a record 4.58 million homes.

"These figures show signs of a robust housing market," Mr. Moshe said. "What the inventory figures do not take into account is the 'shadow inventory' that is being held back by the banks. These houses are still waiting to be on the market but cannot because of the vast number of homes still waiting to be sold."

The job market may have played a hand in the increase in existing home sales as well. The Commerce Department reported that 80,000 jobs were added in October. While that figure was below economists' expectations, the unemployment rate dipped from 9.1% in September to 9% last month.

"The job market is always a good indicator on how the Real Estate market will fare," Mr. Moshe said. "With more people finding work, they will be able to collect an income and purchase a house. Fewer people out of work means that more houses can be purchased. This shows that the housing market may recover, albeit slowly. It may take a while until the Real Estate market makes a full recovery."

The national median existing home sale price was $162,500 in October, down 4.7% from October 2010, according to the NAR. Interest rates fell as well, with the 30-year rate falling from 4.11% in September to 4.07% in October. Meanwhile, rental rates have gone up as the result of higher demand for apartments. According to the Real Estate data firm Reis Inc., the average rent in the U.S. rose 2.4% during the past 12 months to $1,004 a month. In the previous 12 months, rents increased by 1%.

"Those who are looking for a house see that, compared to renting, buying a home makes more financial sense," Mr. Moshe said. "Those who are currently renting may not be able to afford a home right now due to their income, their ability to pay or their credit score. But homeowners do not see the logic of renting a home or an apartment if they can take advantage of the low prices and interest rates. To them, renting is like throwing money away - which is not a good thing to do in this economy."

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

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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.