Have a great week! Rob Robert Rauf Mortgage Banker NMLS ID# 248937 www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf (732)223-1630 x102 Since 1987 I have been helping my clients fulfill their dream of home ownership! Real Estate Mortgage Network Inc.        NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey 06/30/2010

  Last week was another good week for rates with Fannies gaining 13/32nds by the end of the week. There was a bit of mixed news but overall numbers came in a bit weaker than anticipated, and the FED said that they anticipate keeping rates low "for an extended period". All together that is textbook good news for long term interest rates and we still SOLIDLY have rates available in the 4's on a 30 year fixed rate mortgage (for HIGHLY qualified buyers) This week Has its mix of data to chew on and it is the beginningof a new month with some fresh stats that the market will be watching closely Here is this weeks calendar: Monday, June 28: May Personal Income expected +0.5%, Spending +0.1% and PCEindex +0.1%. The numbers came in pretty much as expected withincome up 0.4%, spending up 0.2% the... 06/28/2010

  You read that correctly, The bill that would have allowed closings to take place after June 30, 2010 did NOT pass last night.  It wasn't just the tax credit that our politicians said "no" to, it was lumped into a bunch of Fluff that had Retroactive tax increase and more bad than good. This was the third time the bill was shot down, and probably will be the last. In the same bill was the extension of the National Flood Insurance Program. So we still have NO Flood insurance available for buyers making it next to impossible for some one to buy a home in a flood zone. There is very little insurance available for Flood outside of the Federal Government. Here is an article from Dow Jones that has a lot of details: Senate Votes Down Tax Extension, Benefits Bill For Third Time By Corey Boles ... 06/25/2010

   Last week in rates ended up being a good one with Fannies adding 13/32nds by the end of the week, keeping rates firmly at some of the lowest levels I have ever seen. This week has a laundry list of items for the markets to chew on this week, I anticipate that we will see a pretty flat week as the market looks at this weeks data. On this weeks Calendar: MondayJune 21: Today is a no news day and in the absence of any news the market opened slightly negative and as I type we have seen things flatten out to just about even for the day. Tuesday, June 22: Time For the FED: The Federal Open Market Committee begins today at 9am. Tuesday: May Existing Home sales expected up 6.7%. This "improvement" will likely be ignored for the next two months as the first time buyer credit deals close. It w... 06/21/2010

 Tax Credit Closing Extension: Not a done deal..... yet   As you may have heard or seen in the news, it is LIKELY that the tax credit closing deadline will be extended from 6/30 to 9/30.     However, since the House must still approve this, it is not a "done deal".    I will keep you informed as information becomes available.   PLEASE NOTE:  this extension is for the closing deadline only.  The contract of sale still needed to be drawn on or before 4/30/10.  WASHINGTON - An estimated 180,000 consumers eligible for the government's homebuyer tax credit could lose that benefit because a huge backlog could make them miss the June 30 deadline to complete the transaction, but the Senate voted Wednesday to give consumers three more months to seal their deals. The House of Representatives stil... 06/17/2010

06/16/2010

Subject: Homebuyers could get more time for tax credit    Homebuyers could get more time for tax credit Source: money.cnn.com   First-time homebuyers looking to land an $8,000 federal tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law. 06/16/2010

1. Short sale dept receives completed package with photos 2. Short sale dept orders Authorization to release information and title work, takes 3 to 5 days. 3. Receive a reasonable offer from a prospective buyer 4. submit package to bank, 3- 5 days. 5.Wait for a BPO appointment from the Bank, 2 weeks to 2 months. 6. After receiving BPO, negotiations with the bank 2 weeks to 2 months (depending on the bank.) 7. Closing   ****This is just a basic Guideline for the Process of the short sale. Every situation is different and all time frames are subject to cooperation of all parties involved. Please do not consider this a quick easy way to get a deal. Unless you have lots of time & Cash you may find this transaction nerve racking. Consult a professional before attempting to get involved in th... 06/16/2010

 this flower is called the Ginger torch and is particular to Tropical climates. if anyone is looking to impress with Lanscaping in an area that can suppurt these plants; I highly suggest them   These flowers are incredible when they are in Bloom, the seeds look like nuts that contain smaller seeds, just great looking stuff 06/16/2010

Total # of Listings 220 Lowest Price Listing $75,000 Highest Price Listing $2,105,260 Average Price $369,927 Avg. Price/SqFt $171.95 Avg. Days on Market 101   Summary Graph/Analysis   Cumulative Analysis Listing Category Lowest Price Highest Price Average Price Avg Price/Sqft Sold $75,000 $2,105,260 $369,927 $172 Totals $75,000 $2,105,260 $369,927 $171.95 06/16/2010

  Last week was a bumpy ride that ended the week with a loss of 6/32nds by the end of the week, That doesn't sound bad, but we had a blood bath of a loss on Thursday that ate up a few "ok" days and added to the indigestion.  At the forefront of the swings we had stocks rebounding and sucking cash from the credit markets, much of that flow shut off by the close of business on Friday when Retail sales came in much weaker than expected, Surprisingly there was not a bigger comeback Friday with such a week number, as stocks stabilized. This week has a bunch of Macro data to chew on, we are starting the week off slow since most of the data is due out mid week. Monday, June 14: Happy Flag Day.  In the absence of any reports the market spent most of the day slightly negative and has since turne... 06/14/2010

06/08/2010

  Last week we saw a pretty stagnant couple of days with a little bit of up on Tuesday and a little bit of Down on Wednesday and Thursday, leaving us pretty much unchanged by time Friday morning came along. The markets seemed to be waiting on the Employment report to sink their teeth into for some direction. Friday's Employment report came in looking pretty darn strong with oodles of new jobs, the rate dropping to 9.7%... but if you dug just a little you could see that over 400k of the new jobs created were census workers (temps basically) and there was almost NO hiring in the private sector. So the good news number was actually bad news, and if you read my blogs at all you will know that bad news is good news for interest rates and we ended the week with a gain of 21/32nds for Fannies ... 06/07/2010

  Boat + Kayaks + Family + Dog + a trip to Cattus Island = a great way to start off the summer Have a great week.   Rob Robert Rauf Mortgage Banker NMLS ID# 248937 www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf (732)223-1630 x102 Since 1987 I have been helping my clients fulfill their dream of home ownership! Real Estate Mortgage Network Inc.        NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey 06/02/2010

   Dont you hate when Tuesday is a Monday? Screws up the entire week, Sorry for the late post here. Last week was our first negative week for mortgage rates in about a month. Fannies lost 4/32nds by the end of the week mostly do to a pretty big sell off on Thursday. Over all that is not much of a loss and interest rates are holding at some of the lowest levels any of us have seen in our life times. This week starts off a new month with a laundry list of new data to chew on. With the emphasis probably on Friday's Employment report. Leading up to that we still have issues in Europe that can toss things around a bit in some choppy trading. here is this weeks Calendar: Monday May 31: Market close for Memorial Day Tuesday, June 1: May institute of supply mgt (manufacturing) was anticipated t... 06/02/2010

BR Bth YrBlt WF WV LPrice OrgPrice DOM/CDOM 20927994 TOM CLS 2/5/2010 DET 1533 WINDSOR AVE Bi-level 1,717 3 1/1 1965 N N $249,900 $264,900 169/169   SP: $230,000 SD: 02/05/2010 $/Sqft: $134 20933181 TOM CLS 2/10/2010 DET 987 WESTMINSTER DR Bi-level 1,502 3 2/0 1964 N N $250,000 $259,900 99/99   SP: $250,000 SD: 02/10/2010 $/Sqft: $166 20941717 TOM CLS 2/11/2010 DET 1149 WAKE FOREST DR Cape 1,740 4 2/0 1965 N N $319,000 $319,000 67/67   SP: $295,000 SD: 02/11/2010 $/Sqft: $170 20931356 TOM CLS 2/19/2010 DET 3113 VICTOR AVE Ranch 1,104 3 2/0 2009 N N $229,900 $239,000 153/153   SP: $229,000 SD: 02/19/2010 $/Sqft: $207 20932388 TOM CLS 2/22/2010 DET 4 N TUNESBROOK DR Colonial 2,572 5 3/0 1976 N N $299,900 $291,000 89/89   SP: $299,900 SD: 02/22/2010 $/Sqft: $117 20940574 TOM CLS 2/26/2010... 05/30/2010

    I have still not seen any evidence that Congress has re-authorized the issuance of flood insurance policies after 5/31/10.   While it is certainly possible that they will reauthorize before the deadline, if you have any files closing in early June that require flood insurance, the closings may be at risk. You should strongly encourage your buyers to contact their insurance agent to see what options are available to them I guess both the NFIP and the USDA have become Political Footballs in DC, It is unfortunate for our buyers and our business, but I guess we will have to deal with it for now.   Have a great week and a Happy Memorial Day Weekend!  Rob Robert Rauf Mortgage Banker NMLS ID# 248937 www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf (732)223-1630 x... 05/25/2010

  Last week was another solid week for mortgages bringing rates down yet again to levels we may never see again in our life times.  Fannies closed the week with a gain of 17/32nds which currently allows us to lend to highly qualified buyers at rates below 5% for a 30 year fixed rate with no points. This may be even lower than the last dip we saw over a year ago, I am sure we will look back at this year as the opportunity that got away, Lowest rates in a generation, low priced homes and an improving economy... It certainly doesn'tget any better.  I would love to be hanging out with friends in a few years and say "I have 4.75 or 4.875% on my loan"  It is likely you will be the winner in that conversation! This week will be another one driven more by the flight to quality we have seen in t... 05/24/2010

    Have a great week! Rob Robert Rauf Mortgage Banker NMLS ID# 248937 www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf (732)223-1630 x102 Since 1987 I have been helping my clients fulfill their dream of home ownership! Real Estate Mortgage Network Inc.        NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey   05/19/2010

  Last week was a mix of ups and downs with a rally at the end of the week that took us into positive territory by weeks end with just slight improvements over the previous week.  At this point we are at a low for the year and that probably will not last long since most of the drop in rates can be attributed to a flight to quality, NOT because of economic data.  European issues are still causing money to flow into our credit markets causing our rates to drop as that happens, once they decide to pull their money out (and they eventually will) we will see interest rates climb This week has a few biggies to look at in addition to the Flight to Quality issues. here is this weeks calendar: Monday May 17: In the absence of any real news the flight to quality continued today with a bouncy ride... 05/17/2010