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December 31, 2009
December 26, 2009
Letter: Proposed Service Cuts to Port Washington Line
From the Manhasset Press, December 25th, 2009...
Both of us are disappointed and troubled by the proposed service cuts to Port Washington line. We supported the MTA plan because we were promised that enhanced funding would curtail the proposed service cuts, which would directly affect commuters in our districts. We voted in good faith. Imagine our shock when we were told those service cuts are back in full. Frankly we feel betrayed by the MTA board.
We urge you to reconsider the service cuts to the Port Washington line. Did you even bother to base your schedule reductions on actual ridership? Each of us knows that there are many times of the day that off-peak trains are full. I am sure your surveys show that. Why would you risk eliminating trains as a means to boost revenue?
We do not understand why you seem to only consider three options in times of crisis–service cuts, fare increases or coming to Albany to bail you out. Perhaps some outside the box thinking is in order? There is $50 million in stimulus dollars available to you. You can achieve $50 million in savings through staff and salary reductions and much more through reduction in overtime. You can cut every outside consultant that is not currently working on a safety or maintenance project which would result in savings of untold millions. You can re-examine your real estate procedures and finally sell off unused property for even more millions. You can issue short-term debt for the remaining gap and use the mobility tax revenue in 2011 to repay the issuance when the economy may show signs of progress; if operating revenue is up, this would result in an insignificant reduction in funding to the capital plan all the while maintaining service levels.
We supported you because we realized mass transportation is the underpinning of a full-bodied economy as well as being the environmentally sound approach. By cutting bus lines you are denying people their ability to go to school and work. Were these cuts to bus lines done carefully or expeditiously?
We urge you to go back to the drawing board. Both of us demand from you a big boost in confidence and when it comes to the MTA. You can save money immediately by cutting back your promotional campaign department; there will be no trains or buses to spare anyway.
Should you have any questions, please feel free to contact us. Thank you.
Craig M. Johnson, Senator, 7th District
Michelle Schimel, Assemblywoman, 16th District
Editors Note: This letter was sent to Mr. Jay Walder, MTA chairman and Ms. Helena Williams, LIRR president, and to the Manhasset Press for publication.)
Please feel free to comment on this post, or send me an e-mail.
Both of us are disappointed and troubled by the proposed service cuts to Port Washington line. We supported the MTA plan because we were promised that enhanced funding would curtail the proposed service cuts, which would directly affect commuters in our districts. We voted in good faith. Imagine our shock when we were told those service cuts are back in full. Frankly we feel betrayed by the MTA board.
We urge you to reconsider the service cuts to the Port Washington line. Did you even bother to base your schedule reductions on actual ridership? Each of us knows that there are many times of the day that off-peak trains are full. I am sure your surveys show that. Why would you risk eliminating trains as a means to boost revenue?
We do not understand why you seem to only consider three options in times of crisis–service cuts, fare increases or coming to Albany to bail you out. Perhaps some outside the box thinking is in order? There is $50 million in stimulus dollars available to you. You can achieve $50 million in savings through staff and salary reductions and much more through reduction in overtime. You can cut every outside consultant that is not currently working on a safety or maintenance project which would result in savings of untold millions. You can re-examine your real estate procedures and finally sell off unused property for even more millions. You can issue short-term debt for the remaining gap and use the mobility tax revenue in 2011 to repay the issuance when the economy may show signs of progress; if operating revenue is up, this would result in an insignificant reduction in funding to the capital plan all the while maintaining service levels.
We supported you because we realized mass transportation is the underpinning of a full-bodied economy as well as being the environmentally sound approach. By cutting bus lines you are denying people their ability to go to school and work. Were these cuts to bus lines done carefully or expeditiously?
We urge you to go back to the drawing board. Both of us demand from you a big boost in confidence and when it comes to the MTA. You can save money immediately by cutting back your promotional campaign department; there will be no trains or buses to spare anyway.
Should you have any questions, please feel free to contact us. Thank you.
Craig M. Johnson, Senator, 7th District
Michelle Schimel, Assemblywoman, 16th District
Editors Note: This letter was sent to Mr. Jay Walder, MTA chairman and Ms. Helena Williams, LIRR president, and to the Manhasset Press for publication.)
Please feel free to comment on this post, or send me an e-mail.
December 13, 2009
Why Didn’t I Buy in 2010?
If you are thinking of buying a house, now is the time to get serious. If you don't act soon, you will someday find yourself asking: “Why didn’t I buy in 2010?” If you are a first-time buyer, or a current homeowner who meets certain requirements, there are generous tax credits available until the end of June 2010, but that’s not the most important reason to buy now. The most important reason is: historically low interest rates - the lowest they have been in almost 40 years!
In 1970, interest rates were approximately 7.25%. Rates were near 10% in late 1973, and ranged from 8.5% to 10% by 1977. There was a drastic rise to a whopping 18% by 1981, and it took 5 years to recede to previous levels. From 1986 until the early 1990s, rates hovered at from 9% to 11%, and after that ranged from 7% to 9%. Until very recently, rates were about 6%-7%.
Consider These Facts
1. For more than 30 years, 7% was the low and 18% the high, and 6% only over the last few years.
2. After the last long-term trend from low to high, it took more than 20 years for the rates to get back to where they were, and 30 years to actually start trending below the 1970 low.
3. Many experts believe, and historical trends show us, that as the economy stabilizes, it is likely that we will see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is back on track.
What Does this Mean to You?
Many potential home buyers are sitting on the sidelines, thinking that home prices have not stopped declining. That may be true depending on the area of the country you live in, but price is only part of the equation. Interest rates impact (1) the total cost of the house, (2) how much house you are able to purchase, and (3) your monthly payment.
1. Total Cost of a House: Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed loan. Assume for example that a buyer is borrowing $400,000. Over the life of the loan, each quarter-point increase in interest rates will cost that buyer $24,000.
2. As the economy stabilizes, it would be reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and settle at a range of 7% to 8%. In other words, at 5%, you may be qualified to borrow $400,000, but at 6%, you may be qualified to borrow significantly less. The rule of thumb is that as the interest rate increases a quarter of a percent, the amount you can borrow decreases by about $10,000.
3. Assuming that points 1 and 2 don’t impress you, let’s talk about something more tangible - your monthly payment. Many buyers think that prices have not reached bottom (even though prices have been trending up slightly in many areas). Going back to our $400,000 loan, at 5%, your payment (without taxes, insurance, etc.) would be about $2,150. Imagine that prices drop 15%. Your loan is now $340,000, but interest rates have gone to 7%. Your payment is now about about $2260!
The Market of a Lifetime
Of course it’s not the right time to buy for everyone. People are worried about their jobs and the stability of the housing market in general. But over time, real estate has always been a good investment. If you have a good stable job, good credit, and the down payment, and are planning on being a homeowner now and/or in the foreseeable future, then pay more attention to interest rates than price. Don’t find yourself several years from now saying “Why didn’t I buy in 2010?”
You can confirm all of these numbers and assess your own situation with a mortgage consultant. Visit this website for more information.
Please feel free to comment on this post, or send me an e-mail.
In 1970, interest rates were approximately 7.25%. Rates were near 10% in late 1973, and ranged from 8.5% to 10% by 1977. There was a drastic rise to a whopping 18% by 1981, and it took 5 years to recede to previous levels. From 1986 until the early 1990s, rates hovered at from 9% to 11%, and after that ranged from 7% to 9%. Until very recently, rates were about 6%-7%.
Consider These Facts
1. For more than 30 years, 7% was the low and 18% the high, and 6% only over the last few years.
2. After the last long-term trend from low to high, it took more than 20 years for the rates to get back to where they were, and 30 years to actually start trending below the 1970 low.
3. Many experts believe, and historical trends show us, that as the economy stabilizes, it is likely that we will see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is back on track.
What Does this Mean to You?
Many potential home buyers are sitting on the sidelines, thinking that home prices have not stopped declining. That may be true depending on the area of the country you live in, but price is only part of the equation. Interest rates impact (1) the total cost of the house, (2) how much house you are able to purchase, and (3) your monthly payment.
1. Total Cost of a House: Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed loan. Assume for example that a buyer is borrowing $400,000. Over the life of the loan, each quarter-point increase in interest rates will cost that buyer $24,000.
2. As the economy stabilizes, it would be reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and settle at a range of 7% to 8%. In other words, at 5%, you may be qualified to borrow $400,000, but at 6%, you may be qualified to borrow significantly less. The rule of thumb is that as the interest rate increases a quarter of a percent, the amount you can borrow decreases by about $10,000.
3. Assuming that points 1 and 2 don’t impress you, let’s talk about something more tangible - your monthly payment. Many buyers think that prices have not reached bottom (even though prices have been trending up slightly in many areas). Going back to our $400,000 loan, at 5%, your payment (without taxes, insurance, etc.) would be about $2,150. Imagine that prices drop 15%. Your loan is now $340,000, but interest rates have gone to 7%. Your payment is now about about $2260!
The Market of a Lifetime
Of course it’s not the right time to buy for everyone. People are worried about their jobs and the stability of the housing market in general. But over time, real estate has always been a good investment. If you have a good stable job, good credit, and the down payment, and are planning on being a homeowner now and/or in the foreseeable future, then pay more attention to interest rates than price. Don’t find yourself several years from now saying “Why didn’t I buy in 2010?”
You can confirm all of these numbers and assess your own situation with a mortgage consultant. Visit this website for more information.
Please feel free to comment on this post, or send me an e-mail.
December 2, 2009
Holiday Events Around Port Washington
The holiday season has begun. It seems to start a little earlier each year! There are many great things to do around town and here are just a few:Christmas Tree Lighting - At Blumenfeld Family Park on Main Street, Sunday December 6th at 4:30 pm. There is no cost to enjoy this event with a live nativity, sing-along, refreshments, and a visit from Santa!
Christmas Mini-Fair - At St. Stephen's Episcopal Church, Sunday December 6th at 11:15 am.
The Klezmatics - At Landmark on Main Street, Saturday December 12th at 8 pm. The Grammy-winning Klezmatics celebrate the beginning of Chanukah's Festival of Lights with a variety of music: gospel, punk, African and more. Prices and details are on the Landmark website.
The Klezmatics - At Landmark on Main Street, Saturday December 12th at 8 pm. The Grammy-winning Klezmatics celebrate the beginning of Chanukah's Festival of Lights with a variety of music: gospel, punk, African and more. Prices and details are on the Landmark website.
Menorah Lighting - At the LIRR station, Sunday December 13th at 4:30 pm. No cost for live music, gifts, donuts, latkes, and coffee. The same day from 12 - 2 pm at 80 Shore Road, there will be a free performance by Bubblemania, bubble menorah, and other bubble-themed things!
In nearby Clark Botanic Garden in Albertson (193 IU Willets Road), all are invited to celebrate the season with cookie decorating, train displays, and sing-alongs at Winter Wonderland 2009 - December 12th starting at 11:00 am.
Please feel free to comment on this post, or send me an e-mail.
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