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WPCNR SCHOOL DAYS. By John F. Bailey. October 9, 2012 UPDATED OCTOBER 10, 2012 11:15 A.M.: 

Dr. Christopher Clouet, Superintendent of Schools, did not provide any further information on the possibility of an immediate settlement in a new contract with the teachers union this morning. He issued this statement when asked if the Board of Education had arrived at any position on the contract:

“Regarding executive session last night – there is nothing to report, but we remain hopeful.” 

The President of the White Plains Teachers Association, Kerry Broderick, told WPCNR Tuesday night that her teachers union negotiators and the school district have reached a Memorandum of Agreement on a new contract for 2012-13, pending ratification by the teacher union membership.

As the meeting closed, Board President Rosemarie Eller asked for a vote to go into Executive Session, without explaining the purpose of the Session, a practice long in effect. Carl Albanese politely confronted Superintendent of  Schools Dr. Christopher Clouet, pointing out to him by law the district could not do that without explaining the purpose of the executive session. Clouet said, to discuss the White Plains Teachers Association.

Ms. Broderick told WPCNR she would release the MOA tomorrow after she had distributed the tentative agreement to her membership.

Previously the teachers union had rejected a mediator-suggested settlement, by a 52%-48% margin. Broderick at that time, said the next step would be fact-finding with a mediator, which would require extensive disclosure of financial positions of both sides.

It is unclear whether the MOA the School Board is considering in executive session is an improvement in the offer to the teachers.

WPCNR HOUSING NEWS. From Mary Prenon, the Hudson Gateway Multiple Listing Service. October 9, 2012:

Westchester and Putnam Counties enjoyed a second round of increased residential real estate sales during the third quarter, July 1 to September 30, of this year. 

Realtor firms participating in the Westchester-Putnam Division of the Hudson Gateway Multiple Listing Service (HGMLS) reported 2,243 closed residential transactions in Westchester, a 15% increase over the same period last year; in Putnam County the increase was 29%.  During the second quarter, the year-over-year increases were 13% and 24% respectively.  For Westchester, the third quarter volume was the highest since 2007, and for Putnam, since 2008.

Taking into account the comparatively lackluster market performance of the first three months of 2012, the year-to-date sales rate in Westchester thus far is 10.6% above that of 2011.  If the current sales rate continues, Westchester will close the year with approximately 7,000 sales in all residential categories – single family houses, condominiums, cooperatives, and 2-4 family houses – resetting sales volume convincingly above the 6,639 unit level when our local market entered into real estate recession in 2008.  Putnam County will follow a similar pattern. 

The end-of-quarter inventory of properties listed for sale through HGMLS decreased by 10% in Westchester, to 6,398 units, and by 11% in Putnam, to 945 units.  The strong sales volumes of the past two quarters have braked the growth of inventory, but it is also true that inventory remains low on account of the continuing reluctance of potential sellers to test the waters. 

Consumer confidence in the general economy just isn’t strong enough yet to propel the real estate market to its pre-recession vigor, even with the attractive forces of historically low prices (for this region) as well as mortgage interest rates that are as low as 3.5% or less for conventional 30-year loans.  However, the beneficial effect of low rates is being offset in part by the increasingly demanding criteria by lenders with respect to the credit worthiness of borrowers. 

The closings posted with HGMLS in the third quarter largely reflected real estate sales and marketing activity that took place during the late spring and summer months of 2012.  Other than low mortgage interest rates in that period there was not much supportive energy from other components of the economy that affect consumer confidence. 

For example, the local unemployment rate has remained stuck in the high (for here) range of 7.5-7.6% range; and most consumers probably believe it is more than 8% due to the focus on that persistent national rate in the presidential election campaigns.  The equity markets, which many consumers regard as an index of economic well-being, performed well over the course of this year, but with a pattern of volatility along the way that would intimidate all but sophisticated investors.

Still, posting two consecutive quarters of increased real estate sales in our region is encouraging because it occurred in the face of lackluster or even adverse economic circumstances.  We are probably close to the point where buyers and sellers see eye to eye on the bottom line for prices, and where an increasingly active market generates its own energy for renewed health.

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