By now we are probably well aware that the past few years has been a whirlwind of a ride for Mortgage Guidelines, both for Conventional and FHA loans. One of the recent changes in FHA is coming up soon. While this is a bit of old news it is important to note the date.  The Up Front Mortgage Insurance Premium (UFMIP or MIP) is increasing.  Over all this is not horrible news for the home buying public, but for your buyers that are getting close to finding a home it may be a good idea to remind them that there is only about 1 month left to take advantage of the lower MIP premium. On Case Numbers issued after April 5, 2010 the new premium goes into effect. That basically means you need a contract and need to apply for your mortgage prior to the deadline to take advantage of the less expe... 03/02/2010

  2010 Toms River Area School's Art Show March is student art month at the Toms River branch of the Ocean County Library. This annual month-long display features more than 500 works by art of students, grades K-12 in the Toms River area schools. A reception for teachers, student artists, friends and families will be held on Tuesday, March 4th at 6 p.m.  Artwork will be displayed in the McConnell gallery, first floor lobby and Children's Department, and the second floor gallery area for the entire month. What:  2010 Toms River area school Art Show and reception When: Reception March 4 - Art show 3/1- 3/31 Where: 101 Washington Street CONTACT:       Scott Walker, 732-349-6200, ext. 5914  swalker@theoceancountylibrary.org   Last year over 1,800 people attended the artist's reception. Peopl... 03/01/2010

   Last week was a good one for rates. We gained back 28/32nds on Fannies after a few bad weeks in a row. That is a big move for 1 week. Last week had mixed results with the auctions running both hot and cold. The biggies were the housing reports that both came in much weaker than expected and the continuing issues in Greece that have caused a bit of a concern and a flight to quality with money flowing into our credit markets. This week is a busy one with the start of a new month and new data. The one thing we do not have this week is an any excess supply in the form of Treasury Auctions. On the Calendar for this week: MondayMarch 1: January Personal Income, Spending and Core PCE index expected +0.4%, +0.4% and PCE +0.0. The Personal Consumption number is a favorite of the Fed since it ... 03/01/2010

As I was getting ready to study for the State SAFE test I thought I would take a quick break and Give everyone an idea of what the mortgage world is experiencing now.  In 2008 Part of the Housing and Economic Recovery Act gave us the NMLS and SAFE Act. The Government Alphabetical soup:  NMLS: Nationwide Mortgage Licensing System SAFE: Secure and Fair Enforcement for Mortgage Licensing Act What does this entail? Well, for 2010 all MortgageLoan Originators, except those working for banks, need to be licensed by both Uncle Sam and the States that they work in, all in all that is not a bad idea. (more on that below) To be licensed I needed 20 hours Class time for the Federal license and then have to pass a Test. I took my test on Tuesday and ended up getting a 94, I guess my 20+ years in th... 02/25/2010

 Ocean County Library Raises $1000 for Relief efforts in Haiti I am always surprised at the depth of activities offered by our local library, they are much more than the Dewy Decimal system and Card Catalogs that I remember as a kid! Library and local bands raise funds for Red Cross' Haiti relief   TOMS RIVER -   The Ocean County Library teamed up with four local bands and the American Red Cross Friday evening and hosted a benefit concert for the Haitian earthquake relief fund. The concert raised more than $1,000.  All the proceeds were donated to the Red Cross for their relief efforts in Haiti. Members of Rock and Roll bands The Roustabouts, The Angeltones, and Strictly 60s, along with Celtic folk-rockers The Snakes sang during the three-hour concert. The members of the groups donated... 02/24/2010

During a speech in Henderson, Nevada, President Obama today announced $1.5 billion in funding to help struglling homeowners in states hit hardest by decling home values and unemployment. The effort is expected to help state agencies in California, Nevada, Arizona, Florida and Michigan, according to reports. The money will come from the Troubled Asset Relief Fund (TARP). Here are several accounts of the announcement:   · DS News: Obama Pledges $1.5B for Unemployed and Underwater Homeowners · Real Estate Economy Watch: Obama Aids Big Bust States · White House.gov: Helping the Hardest Hit Housing Markets · USA Today: Obama unveils $1.5 billion plan for homeowners · MarketWatch: Obama targeting homeowners with $1.5 billion in assistance • BusinessWeek: Obama Announces $1.5 Billion in Aid fo... 02/22/2010

  Last week was another ugly one for rates with Fannies losing 21/32ndsover the week. The surprise move by the Fed was meant to go unnoticed yet ended up shocking the market.  Keep in mind that they only raised the overnight lending rate (Discount rate) and the Fed Funds Rate was not moved. Basically banks were able to borrow money from the fed at 0% and make money on it, not exactly fair for the banks to make money at the tax payers expense.  That was the big shocker of the week. Other than that we had a boat load of mixed signals in the data, with the weekly employment report being worse than expected, but a Philly Manufacturing index showing a 6thstraight month of expansion. PPI Was also stronger than expected, yet CPI showed benign inflation.  All together it was a recipe for the ma... 02/22/2010

   It's official, look what came in the mail: Via my Son's Cell.  Yes I know it isn't Wednesday, I couldn't wait, and wont be able to post tomorrow since I am stuck in Licensing classes for the next 2 days! Rob Robert Rauf Mortgage Banker 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        NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey 02/16/2010

  Last week wasn't a good one for the mortgage market. After almost 7 weeks of improvement we saw a loss of 16/32nds in Fannies by the close of the market on Friday. Some of this was due to profit taking, some was the comments out of the fed, and some was due to weak Auction participation. By the end of the week we gaineda little bit of ground as investors stepped in and the 30 year Treasury auction went of a bit better than expected. This weeks calendar is a mixed bag in a holiday shortened week with many global issues that are not officially on the economic calendar. Here is what we have for the week: Monday, February 15: Finance Ministers from the European Union meet to discuss debt issues in Europe, especially Greece.  Our markets are closed for Presidents day, so this will not move... 02/15/2010

Toms River Closed Townhomes January 1, 2010 Through January 31, 2010         Street Num Street Name Status Date Sold Price Sold Date DOM 1314 WATERS EDGE DR 1/22/2010 160000 1/22/2010 23 4510 NORMA PL 1/15/2010 205000 1/15/2010 177 1401 ARTHUR ST 1/29/2010 210000 1/29/2010 113 1402 PEGASUS CT 1/7/2010 246000 1/7/2010 28 1008 ENGLISH LN 1/15/2010 280000 1/15/2010 36 352 MIMOSA CT 1/14/2010 285000 1/14/2010 95 3071 ROUTE 35 S 1/22/2010 530000 1/22/2010 101 Dawn Marie White Broker-Manager e-pro Sales & Marketing Professional Crossroads Realty Inc 732-581-9414 Cell 732-657-1300 Office www.njwaterfront.com www.njvacantland.com www.newhomefinder.com We sell more homes in Ocean County than any other Realtor "10 Years and Counting" From the Water to the Woods we Know Real Estate www.crossroads... 02/14/2010

Toms River Township Closed Single Family January 1, 2010 Through January 31, 2010 Street Num Street Name Sold Date Sold Price DOM 50 CHADWICK AVE 1/20/2010 132500 191 536 ALFRED LN 1/20/2010 148000 179 558 GEORGE RD 1/14/2010 158500 84 70 GLADNEY AVE 1/20/2010 180000 53 1043 DOVE ST 1/14/2010 180000 20 1236 BEWICK ST 1/5/2010 217500 108 512 MORRIS BLVD 1/29/2010 219000 65 1087 DOVE ST 1/27/2010 220000 48 78 MOUNT LN 1/5/2010 222000 93 1299 BAY AVE 1/29/2010 225000 28 519 COOLIDGE AVE 1/13/2010 255000 48 75 ALMOND DR 1/8/2010 265000 66 42 PATRICIAN DR 1/15/2010 285000 148 117 MESSENGER ST 1/14/2010 287000 120 951 ALDEN DR 1/15/2010 292500 34 1187 FISCHER BLVD 1/15/2010 310000 249 1584 SEA ISLAND DR 1/26/2010 310000 13 111 PINE NEEDLE DR 1/28/2010 319000 66 13 MORNINGSIDE DR 1/28/2010 32... 02/14/2010

    On Thursday, February 4th, over 100 Ocean County Realtors were treated to a great breakfast followed by a lively discussion about the state of the local and national economy. A lively discussion about economics? Absolutely!  The subject of economics does not have to be filled with boring statistics especially when presented by Dr. Joel Naroff.   Dr. Naroff began his presentation by proclaiming that the recession is over.  He went on to say that it isn't official yet, but that in the months to come the official announcement would be made.  Joel compared the beginning of this economic fun to the Dot Com boom we saw in the 90's where we saw crazy growth in any company that had ".com" at the end of its name.  It was very similar in the real estate market across the country with ridiculo... 02/09/2010

   Last week was a bit of a bouncy one, but we ended up with a pretty nice gain of 12/32nds by the end of the week.  Overall Thursday was the good day of the week with a bit of a flight to quality into the credit markets.  Friday's employment report had the market confused most of the day with a mixed bag of good and bad data, and ultimately the report became somewhat of a non-event for the market. This week There is a mixed of data and auctions to look forward too, and a bit of confusion in the European markets that may ultimately be good news for our auctions Here is this week's Economic Calendar: Monday February 8: No news day with a bouncy market, at mid day we are on the negative side, negative enough for a small tic up in rates. TuesdayFebruary 9: December wholesale inventories ex... 02/08/2010

   This Weeks Economic Calendar Last week ended up slightly positive with Fannie's ending the week up 3/32nds over a bumpy week of data. The real surprise last week was the strength in GDP that was easily shrugged off on Friday. Overall last weeks auctions had "OK" receptions, but the 5 year went off better than expected. The biggest take away of the week was from the FED when they said they will continue to support the Mortgage Backed Security Markets, Which is big and good news for mortgage rates. Eventually they will stop buying MBS's and that will certainly drive long term rates up. This weeks calendar is a busy one, but the true smoking gun for the week is not reported until Friday. MondayFebruary 1: December Personal income, Spending and PCE expected +0.3% +0.3% and +0.1%. The act... 02/01/2010

 Library to host Haitian benefit concert   What: Benefit concert for Haitian relief When: Friday Feb. 19, 7 p.m. Where: Toms River branch, 101 Washington St.    CONTACT:  Larry Meegan, 732-349-6200, ext. 5906                        lmeegan@theoceancountylibrary.org    TOMS RIVER -   The Toms River branch of the Ocean County Library, 101 Washington St., will team up with four local bands and present a benefit concert to raise donations for the relief of Haitians who were injured and dispossessed during the January 12th earthquake. It is estimated more than 3 million Haitians are in need of assistance. The concert will begin at 7 p.m. in Mancini Hall at the Toms River branch Friday Feb. 19.  Tickets will be sold at the door for a suggested donation of $15. All funds raised at the concert ... 02/01/2010

  Well, when I was drinking my 2nd cup of coffee this morning I let the dog in, and glanced at the temperature... YIKES 17 degrees.  It must have been really cold last night. Well guess what I am doing this weekend? Well I will be camping tonight and tomorrow night with my sons Scout troop. The picture above is from a year ago when I woke up to 18 degree temps and ice crystals in my tent.  The things we do for our kids! (My son just had his Eagle Board of Review- typed the Proud father of an Eagle Scout) So when you are snug in bed, you can laugh at me headed north where it will be even colder to camp for the weekend. Have a great weekend 01/29/2010

Economic Calendar  Last week marked 4 in a row of improving rates, just slightly improved: By the close on Friday we had a gain of 6/32nds in Fannies for the week. There is still a mixed bag of economic data out there and much of it is showing weakness still. This will be a fairly busy week of data, insecurity, meetings and auctions. Monday January 25: December existing home sales were expected to be down 9.8%, the real number actually ended up reporting that existing home sales down 16.7%. This should have the market improving, but we are trading off a bit as I type this. TuesdayJanuary 26: Day one of the FOMC meeting Tuesday: Treasury auctions off $44 Billion in 2 year notes. The shorter term auctions have been pretty well bid and this one should not influence mortgage rates. Wednesda... 01/25/2010

Ocean County Mortgage Loans and Lenders If you are planning to buy your dream home or refinance in Ocean County, then please allow an Ocean County Lender such as Dream Home Financing the opportunity to help you to get the best combination of low mortgage rates and fees in Ocean County. We have access to some unique programs to satisfy everyone. Self employed borrowers in Ocean County can benefit from stated income loans.  Borrowers with low credit scores can get an FHA mortgage loan in Ocean County with scores as low as 500! Your first step is to contact us either by phone or by completing a FREE QUOTE form so we can fully assess your needs and call you with some options. If you are planning to shop for a home, we can then provide you with a pre-qualification letter which is absolutely... 01/24/2010

   For 2010 we see a reduction in the mileage rate that can be written off for business, moving and Charitable mileage driven in 2010. This will not effect your 2009 tax return, but you can use it for planning 2010's taxes. Just be sure to keep a ledger of your mileage, No proof, no write off! As always, make sure to consult your tax professional whenever dealing with income tax issues.   WASHINGTON - The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile driv... 01/22/2010

  As Chairman of the Ocean County Board of Realtors Education Committee I am Proud to announce our Breakfast Seminar for February 4th 2010. Joel Naroff is a Nationally Recognized economist who will be giving his forecast for NJ Real Estate for 2010. He is one of the few that predicted the market that we are currently in, I for one do not want to miss his opinion for 2010! When: February 4, 2010 Time: Registration and Breakfast begins 8:30am Where: Quality Inn 815 Route 37 West Toms River NJ 08755 Cost: $20 Includes FULL Breakfast and speaker Who: Joel Naroff; find out how 2010 will be VERY different from 2009, and what that means to the NJ Real Estate Market. You MUST Register by January 29th, No tickets at the door. More Info at: www.oceancountyrealtors.org We expect this event to sell... 01/19/2010