Last week was the 6th straight week of modest gains we have seen in Mortgage backed securities. Unfortunately we had a bit of a sell off Friday Afternoon that wiped out a really nice gain for the day, but overall the week still ended up with Fannie Prices UP 8/32nds. That is enough for rates to be down a little making homes more affordable. This week is a mix of data with Infation reports and some Fed speak to mix things up a bit: Monday September 14: Its a no major news day. The market started the day off enough to wipe out last week's gain, but has since flattened out and is only off 2/32nds as I type. Tuesday September 15: Happy Birthday to... Well You know who you are!  Tuesday: August Producer Price Index expected +.8% with a core of +.1%. The core level is the key here, showing ... 09/14/2009

 Mortgage Rates Are Back Near Historic Lows!  I have been tracking the ups and downs as Fannies are trading for quite some time now, and since the initial uptick this spring we have had a flat market. Don't get me wrong, there have been some crazy days with big swings and entire weeks that were nail biters.... BUT: if you tracked the ups and downs there were so many weeks that ended up unchanged by the closing of the market on Friday this summer that rates would look pretty flat if you were to graph them. For almost 5 weeks we have seen Fannies trading slightly higher each week. With all this improvement in the price of Mortgage backed securities we have seen the yields on thirty year mortgages drop near levels we have not seen since the bottom we saw earlier this year. With Wednesday's... 09/10/2009

For those of you who may not know, I am 100% Greek.  I was born and raised in NJ, but Greek is my first language.  (Don't let my last name fool you, I married a German guy).... ST. BARBARA Greek Festival 2009 Thursday September 10, 2009 - Sunday September 13, 2009 St Barbara Greek Orthodox Church - Annual Festival2200 Church RDToms River, New Jersey 08753 Starting today, September 10, 2009 through September 13, 2009 St. Barbara Greek Orthodox Church of Toms River, NJ will host their 34th annual Greek Festival. This year's will be biggest and best ever with new Greek menu items, new amusement rides for young and old, skill games, dancing, music, our famous Greek Pastries and "must see" performances by the award winning GOYA Dance troop. The opening and closing times are as follows:Thursd... 09/10/2009

                                                                                                       Media Inquiries: Call Jim Flanagan at 732-270-6100   Act Now! - Federal Tax credit for FIRST-TIME homebuyers   COLDWELL BANKER FLANAGAN REALTY Urges Potential First-Time Buyers to Allow Enough Time for Closing to Secure Tax Credit of up to $8,000   Toms River, NJ, September 8th, 2009  - The $8,000 federal tax credit for first-time homebuyers is scheduled to expire on December 1, 2009.  However, in order to qualify, the transaction must be closed on or before November 30th, essentially leaving first-time buyers with less than three months to complete the process. This assumes approximately 45 days to search for a home and another 45 days to obtain mortgage financing and complete all the... 09/08/2009

  Where will Mortgage Rates be this week?  I cant believe that summer is over. Where did this year go?  Well The kids are back in school, and we still have work to do!  Last week ended up slightly positive. We had a bit of a sell off towards the end of the week as I had expected with the long weekend, The last week of the summer is always a thinly traded week, but over all it was a positive one, and the past month has bee a very positive one for rates. Moving forward this week, Here is what we have on the calendar: Monday: No business on Labor day! TuesdaySeptember 8: Treasury auction of $13 Billion in 3 year notes. The near term inflation numbers have been weak, and this being a short term security it should be fairly well bid, The auction starts at 1pm, and as I type this it appears t... 09/08/2009

Short Sales- What a Buyer needs to know If you're thinking about purchasing a home, you may be seeing a lot of listings with the notation " short sale".  There are many bargains to be had in the current market. Before you make an offer, it pays to know a little about the seller's situation. If you are able to successfully purchase a short sale property, you will often find yourself with some instant equity, because many of these homes are sold under current market value. If a home is being sold for less than what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive... 09/06/2009

Photo Credit Monthly Real Estate Market Report for Toms River, NJ - August 2009 August by the numbers:  •·        88  The number of Single Family Homes CLOSED during the month  •·        $399,009  Average LIST price for August*  •·        $330,822  Average SALES price for the month*  •·        101  Average DAYS ON the MARKET for August  •·        95.44%  The SALES price to LIST price RATIO for the month  •·        784  Number of Single Family Homes ACTIVE on the market in August  •·        8.90 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!  August 2009, saw 88 Single Family Homes CLOSE in Toms River, as compared with 67 in August of 2008 (an increase of 24%)!   THIS MARKS THE SECON... 09/02/2009

 This weeks Mortgage Rate Movers Lets re-cap last week before we dig into this week: Mostly because it was a great one for interest rates. Even with some mixed signals we squeaked out a 15/32nd gain on Fannies last week which translates into a nice improvement on a rate sheet. This came together even with better than expected home sales numbers and a 2 yr auction that had higher yields than anticipated. So Score one for the credit markets! That's enough of the old, How about the new: Well this weeks numbers start a new month of data (hard to believe that tomorrow is September all ready!) With a new month brings a basket of new data. Here is this weeks calendar: MondayAugust 31: No major news day, but in the absence of the news we have a pretty happy market and as we approach the close w... 08/31/2009

   International rock star at Toms River library  TOMS RIVER -   Alternative rock star Sarah Bettens will perform a free concert at the Toms River branch of the Ocean County Library (101 Washington Street) Saturday Sept. 12 at 2 p.m. Bettens first earned recognition as the lead singer of K's Choice.  The group, originally from Belgium, earned gold and platinum records in Europe.  Their international hits include "Not An Addict," "Believe," and "Almost Happy."  She breaks new ground with her latest CD, "Never Say Goodbye," the first international release from her own label, Cocoon Records.  What:International rock star Sarah Bettens to perform When: Saturday, Sept. 12 at 2 p.m Where:  Toms River branch, 101 Washington Street CONTACT:  Scott Rodas, 732-349-6200, ext. 5912  srodas@theocean... 08/27/2009

 Library services available for the homebound TOMS RIVER - Homebound Ocean County residents can borrow from the rich collection of the Ocean County Library and have those materials delivered to their home free of charge through the library's Home Borrowers Service. The service is available to Ocean County residents who are permanently or temporarily disabled or who lack transportation. A medical note is not required. To enroll in the service the homebound person simply calls his or her local branch or the Homebound & Volunteer Services Department (732) 349-6200, ext. 5530.  The staff will make note of the customer's reading preferences including formats such as large print, regular print, audio books or music CDs; and the person's favorite authors and genres.  The library will then matc... 08/26/2009

   There is something about an old car... The Art, The Nostalgia, The Dreams... I have a 40+ year old convertible sitting in pieces in my garage... Next good market I promise I will get it on the road! This Wednesday you have the opportunity to see some oldies: WHAT: The Ocean County Mall Cruise Night WHEN: Wednesday August 26 from 6-9pm WHERE: The Ocean County Mall at the corner or Hooper and Bay Ave Toms River, NJ SPONSOR: Vintage Auto Museum of NJ, Vintage Auto Club of Ocean County and the Mall INFO: www.vintageautomuseum.org ADDITIONAL: DJ Entertainment and Mall Discounts for food and drinks. No adult beverages allowed. Both Domestic and foreign vehicles are welcome provided they are at least 25 years old and you have proof of Insurance Have a great week. Rob Robert Rauf Mortgage Ba... 08/25/2009

Mortgage Interest Rates, and the events on the calendar that may move them This week has a little bit of everything to keep the markets entertained: From Auctions to they typical monthly data keeping things moving. Last week ended up a mixed bag with some nice UP days and some not so nice DOWN days, by the end of the week we only lost 1/32nd in the price of Fannies close enough to "Unchanged" that from Friday to Friday there was not much to worry about. This week is a tough one to call, but I expect more of the same ups and downs to upset our stomachs.  Here is this weeks Economic Calendar: MondayAugust 24: Today is a no news day, and in the absenceof any data the market is trading comfortably up, with Fannies trading up 9/32nds at Noon. This surprised me a bit, especially since we have... 08/24/2009

Help buyers understand what their lender needs I really enjoy working with first time buyers.  By & large, they are the ones who tend to appreciate the help & guidance we give them, & let's face it, it feels good to help someone purchase their first home.  I find the majority of our first time buyers via an agent referral, a resource we simply could not do without. More than other buyers, first timers often need a helping hand from their agent so they can get started in the right direction. Sometimes, things don't get started off the way they should, which can happen with any client, but seems to happen a bit more often with the first time buyer.  Let me give you an example: Mary Realtor refers us a client via an email, saying " I gave my buyers - Jane & Bob your card, & I told them th... 08/23/2009

  I just received a news flash from NJAR with a reminder that there are only 101 days left to take advantage of the first time buyer Tax Credit. Here is what it said: The Clock Is Ticking - Encourage First-Time Buyers to Act Now As of today, there are only 101 days left for first-time buyers to qualify for the $8,000 federal first-time home buyer tax credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009. The Get the REAL Story® public education campaign is encouraging prospective buyers to maximize their purchasing power in this unique market, while also being aware of the amount of time needed to complete a purchase before the tax credit expires. Prospective buyers should note that all transactions vary, and there are different circumstances for... 08/21/2009

 Cattus Island Park  Looking for something to do this weekend? Take A hike Walk the Dog Get your feet wet in the Barnegat bay Visit the nature Center See a Butterfly Garden See some wild life have a picnic ? Cattus Island is just the Ticket. I have been visiting Cattus Island off and on for years now, it is a great spot all times of the year to take the dog for a walk, get the kids out in the fresh air and see some wild life. The last two weekends I took my Dog for a walk and a Quick Swim... They do want your dog on a Leash, so don't forget to bring one. The Main Trail in to the beach from the parking lot is a little over a mile with a nice beach at the end that faces Silver bay Here is a photo from a few weeks ago on an overcast day There are miles of Trails to choose from, here is a L... 08/21/2009

Photo by Eric Goldstein (www.olivestudio.com) July by the numbers:  •·        96  The number of Single Family Homes CLOSED during the month  •·        $384,189  Average LIST price for July*  •·        $361,420  Average SALES price for the month*  •·        96  Average DAYS ON the MARKET for July  •·        94.07%  The SALES price to LIST price RATIO for the month  •·        779  Number of Single Family Homes ACTIVE on the market in July  •·        8.11 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!  July of  2009, saw 96 Single Family Homes CLOSE in Toms River, as compared with 79 in July of 2008.  THIS MARKS THE FIRST MONTH WE HAVE SEEN WHERE SALES HAVE SURPASSED THE SAME MONTH OF ... 08/21/2009

  Below are 2 charts showing a LONG history of interest rates.  The most recent history shows the past 20 years with an average interest rate on a 30 year fixed of 7.47%. The average over the past 40 years is 9.47%. The second chart is the 200 year history of Long-Term US Government securities,(prior to 40 years ago there was no consistent means of tracking Mortgage rates since there was no trading of MBS. The only true interest rate data available is from Uncle Sam.) These charts pretty clearly show how good we have it right now and what a great opportunity it is for buyers in today's market. Even with the bump up in rates in the past few months we are still in the low 5's for a highly qualified borrower. The combination of historically low rates and low prices have made buying a home ... 08/18/2009

What is the "Law of Unintended Consequences"? From Wikipedia:  Unintended consequences are outcomes that are not (or not limited to) the results originally intended in a particular situation. The unintended results may be foreseen or unforeseen, but they should be the logical or likely results of the action. For example, historians have speculated that if the Treaty of Versailles had not imposed such harsh conditions on Germany, World War II would not have occurred. From this perspective, one might consider the war an unintended consequence of the treaty. What does the "LoUC" have to do with real estate? Let's look at 2 current examples: The Home Valuation Code of Conduct (HVCC) The Economic Stimulus Plan How does this relate to real estate in Toms River, NJ? Click Here to SEE! 08/07/2009

  Well, if you read any of my Monday economic calendar updates you will know that I typically point out the biggies of the week. Well this week the biggies are gone and buried. The 5 year and 7 year auctions are over and the market is pretty happy about it. I had a concern that the excess supply in the markets this week would put a strain on Mortgage Rates. Today's 7 year auction was my biggest fear. Well The auctions are done!  While the 7 year auction saw a slight increase in the yield, there was strong bidding and a lot of foreign investors stepping in and investing in our bonds.  That was a "good news" scenario for our credit markets. If you ask a bond trader they would probably call it a neutral event, but that is a heck of a lot better than a sell off in my book! If this keeps up ... 07/30/2009

   If you took a look at last Friday's postyou will see an example of an Unchanged week that was all over the map on a daily basis. We had some bright spots and some dark scary spots last week but literally ended up absolutely even on Fannies from Close of Business Friday to Friday.  This is a fairly busy week with a busy calendar, but Treasury activity is likely to be the biggest influence. Here is what we have in store for this week: MondayJuly 27: June New home sales was expected up 2.9%. The reality of the number, it was UP 11%... MUCH higher than expected which you would have thought would be bad news for interest rates, but NOPE. The market took it in stride, was off most of the morning, but only slightly. Why? Well Because 11% of crap is still Crap!  OK, that's too technical, her... 07/27/2009