Special offer

Toms River, NJ Real Estate News

 What moved rates? Why did they move? and, How did we end up where we are today? From time to time we have bouncy weeks that will have big swings in rates on a daily to almost hourly basis, This week was one of them. It was entirely possible to call me in the morning and in the afternoon and be quoted to entirely different rates in a given day, but if I quoted rates last Friday and again this Friday it would look like NO CHANGE. Yet from Friday of last week to Tuesday it looked like a home run. That is the Fun of the mortgage business, and all the more reason you need a trusted mortgage adviser helping you in the biggest investment of your lives. Here is a quick synopsis of this week:  This has been a bumpy ride for Mortgage rates this week with some mixed signals that have the market c...
Comments 7
   I AM BACK!  I spent last week in a tent with my Boy Scout Uniform on. I am back to the world of Flush Toilets, AC, Electricity, Starched shirts and WORK.... Well, it is a pretty busy week of data, but the past few weeks have been good ones, there has been quite a bit of improvement in mortgage rates in the past 14 days or so... How much better?  well from the highs we saw we are probably about 1/2-3/4% lower now than we were just a month or two ago as we saw interest rates spike up on us. That cant be bad news?   Here is what we have in store for this week: Monday: No News day. So far the day has been a mixed bag of ups and downs. The market is actually off slightly as I type this, but I wouldn't doubt it goes back to even by time I am done, that's just the way today has been. Tuesda...
Comments 4
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
Monthly Real Estate Market Report for Toms River, NJ - June 2009 Photo Credit June by the numbers:  •·         69  The number of Single Family Homes CLOSED during the month  •·         $363,448  Average LIST price for June*  •·         $346,680  Average SALES price for the month*  •·         84  Average DAYS ON the MARKET for June  •·         95.38%  The SALES price to LIST price RATIO for the month  •·         794  Number of Single Family Homes ACTIVE on the market in June  •·         11.50 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!  *These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.    June, 2009, saw 69 Single Family Home...
Comments 0
FAMILY FUN Family Fun day is an indoor outdoor event sponsored by the Police Department Foundation and the Municipal Alliance and is open to all township Preschool and elementary school age children and their families. WHEN: June 26, 2009 from 11am to 3 pm WHERE: Department of Youth Services 1505 N. Bay Ave, Toms River, NJ Rain date: Monday. WHAT: Multiple displays, Crafts, Games, Face Painting and music Additional parking by By Castle park Cost: FREE, Nada... You just need to register at the entrance. INFO: Call Helen McGovern at (732) 341-1000 x 8490 Sounds like a great day, and a great way to entertain the kids!   Have a great week!!!  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 ...
Comments 0
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
I returned from vacation on Monday to find a "Violation Notice" from the Township of Toms River, NJ, taped to my office door. The "Violation Notice" read:REMOVE ALL PORTABLE OR SNIPE SIGNS, BANNERS, PENNANTS & TENTS. You are only allowed to have signs which have been approved by the Toms River Planning Board.The potential fine for failing to comply; $300.00 to $1,000!What did these "offending" signs say? Here's one at the beginning of my latest video: The $8,000 Tax Credit and YOU!Now, I understand the Code Enforcer is just doing their job but, in the midst of the GREAT RECESSION, one may want to take a minute, READ the signs and act accordingly. OR, we could just keep putting out all those ELECTION signs...we know how effective they are...they got us HERE!YOU be the judge.
Comments 1
  Last week certainly had its ups and downs, we lost a little bit of ground last week, mostly in a sell off on Thursday, but we are still lower than the highs we had just a week or two ago.  So far the absence of any data this Monday has shaped up to be a pretty decent day in the Mortgage world, and between Friday and today we have gained back about 2/3 of the loss we had on Thursday. This week is a big mix of data that will probably play out fairly well, but between the Fed meeting and the excess supply (in the form of $104 billion in treasuries being auctioned) there is room for a hic-up or two along the way. Here is this week's Calender: Monday June 22, A no News day. Tuesday, June 23: First day of the two day Fed meeting. The first day of a meeting is typically a non event as the ma...
Comments 7
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
Photo Credit May by the numbers: · 46 The number of Single Family Homes CLOSED during the month · $356,467 Average LIST price for May* · $332,528 Average SALES price for the month* · 86 Average DAYS ON the MARKET for May · 93.28% The SALES price to LIST price RATIO for the month · 796 Number of Single Family Homes ACTIVE on the market in May · 17.30 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! *These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc. May, 2009, saw 46 Single Family Homes CLOSE in Toms River, as compared with 73 in May of 2008. Of those 46 homes, 11 were in the price range of $200,000 to $250,000 (22%). Combined with...
Comments 0
   It is rare that we see good news reported in the media, so here is some REAL information you can share with your clients.  May foreclosure filings were down 6% from April. This was the first month-on-month decline since January. On top of that, the drop would have been larger except for increases in just a few states.Keep in mind that the bulk of foreclosures are concentrated in a few areas: If you take out the four states with the highest number of foreclosures, the remaining 46 states had only 1% of mortgages in foreclosure, according to the Mortgage Bankers Association. Also remember that not all homes with foreclosure-related filings wind up owned by the lenders. Many homeowners are able to refinance their loans or negotiate a loan modification or short sale. Bottom line: not eve...
Comments 6
   In keeping with my Monday theme, below is the economic calendar for the week and the educated guesses for what we may see happen as the data is released. This year has been a difficult one to call, there are so many variables that can move interest rates and it is hard to predict what the market will move on. For example, I posted a blog on the global economy last week explaining on a few things that move the market that you just cant predict, you can click on the blue link to see what happened last week for today's blog we are moving forward and talking about THIS week! Here is this weeks Calendar: Monday: No News Day. As of Monday afternoon we have a happy mortgage market continuing last weeks rally, slowly chipping away at the losses we saw in the past few weeks. Tuesday June 16: ...
Comments 4
  This is a bit of old news that most are NOT aware of is new insurance requirements for condo projects The end of 2008 FNMA came out with Announcement 2008-34. which touched on many condo issues. The one that will potentially affect ALL of us that sell or finance condominiums is: (straight from the announcement) Hazard Insurance for Units in Attached Condominium Projects Including 2-4 Unit Projects The Selling Guide, Part XII, Chapter 5, Insurance Requirements require that lenders verify that hazard insurance for all condominium projects with attached units, including two- to four- unit projects, covers fixtures, equipment, and other personal property inside individual units if they will be financed by the mortgage. The updated policy now requires that the borrower obtain a "walls-in" ...
Comments 5
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
I originally recorded this video last week, after reading Matthew Ferrara's post Points of Perception.  In his post, Matthew proposes that the reason today's home-buyers are still sitting on the proverbial fence, despite; abundant inventory, lower home prices and historically low mortgage rates; may be because the "process" of buying a home today is not fun! This got me to thinking: What could I, as a local real estate broker, do to get the message out; buying a home today, in Toms River, NJ, can be alot of fun!  So, here's what I came up with.  Please let me know what you think: Click here to watch the video, "Who wants to have some fun?"
Comments 4
   Wasn't Last week's move in Rates fun???  Tuesday and Wednesday (especially Wednesday) last week were just HORRIBLE days for the mortgage market.  Rumors and speculation sparked a sell off on Wednesday that was just plain painful.  Fortunately on Friday we gained back a big piece of what was lost on Wednesday.... Unfortunately the market is getting ugly now with a significant rally in the stock market today we have lost more than we gained on Friday in the credit markets. If this keeps up we will solidly see rates about 1% higher than the lows of this year. Over the weekend there were rumors of a leak from an anonymous source in the Fed or Treasury that said they would step back and take a "wait and see" attitude rather than stepping in, the market did not like that. So: What happened...
Comments 6
  Well, it was a hellish week for Mortgage Rates, with most of the "Pain" being Wednesday.  I tried to post a blog Wednesday on the subject but the AR bugs wouldn't allow me to post or comment for a few days. But things seem to be humming along now. So, What happened?  Well Wednesday was one of the Worst blood Baths I have seen in the MBS markets in quite a few years.  I am a little "old School" when it comes to mortgages, so I view it all in 32nds.  From early on on Wednesday, we saw a sell off that built on itself like a snow ball all day.  Every few minutes I was receiving "OH-Sh--" updates on my Blackberry.  By the end of the day we saw Fannies down 51/32 and Ginnies down 50/32. That's a HUGE move when you consider it usually only takes 5-7/32's to move rates on a rate sheet. The fi...
Comments 7
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
Riddle me this Batman; if the lowest home prices and mortgage rates in years, combined with an abundance of homes to choose from, make this the BEST time in recent history to purchase a home, why are so many buyers still sitting on the fence? Well, while I can't speak for the rest of the country, I can certainly voice my opinion about the real estate market in Toms River, NJ! Click here to see my weekly TRRET (pronounced treat), which is my acronym for Toms River Real Estate Trends! Please feel free to comment, criticize or voice your own opinion on your specific market...
Comments 0
  I hope everyone had A Great Memorial Day weekend, and took some time to recharge your batteries and are back to the daily grind, refreshed and full of energy!  As I thought last week, the shortened trading week had a bit of a sell off in the abbreviated trading session. Today we have had a mixed bag of ups and downs. It is hard to say where we will be by time the closing bell rings at the Credit Markets. There is a mixed bag of Uncle Sam buying and Selling at the same time this week along with typical end of the month data etc...  Here is what is in store for us this week: Tuesday May 26: No reports, just the Fed buying Treasuries with maturities between 2010-2032. This is not likely to cause any ripples in the mortgage market Tuesday: Consumer Confidence expected at 42.3. Well the an...
Comments 4
By Robert Rauf
(CMG Home Loans)
   Remember, Memorial day is not about a 3 day weekend and BBQ's, it is to honor our troops, past and present!   Here are a few of the events taking place in Toms River, NJ this weekend: Saturday May 23rd, 13th Annual Veterans Wreath Laying Ceremony an Memorial Service Where: Ocean County Library, 101 Washington st When: 11am Luncheon immediately following Info: (732) 736-1339 Sunday May 24: VFW Post 10185 Memorial Day Ceremony Holiday City South Club house, 139 Santiago Drive open to all residents and Veterans Info (732) 736-1339 Monday, Memorial Day: Parade in Down Town Toms River Not sure of the official start, my son's Scout troop needs to be there by 10:30am.  The parade starts at the corner of Rt 37 and Rt 166 and heads into town Monday: Greenbriar Woodlands on New Hampshire Ave h...
Comments 1
   There was an absence of any real news or reports today other than the third day of Treasuries being purchased by the FED and the release of the Fed Minutes from their April meeting. Ahead of the news we saw some nervous trading and actually lost a few 32nds.  After the release of the Fed Minutes we have had a small Rally that has us firmly in positive territory. Price UP is a good thing in the credit markets... because Price Up means Yield Down. The Fed Minutes did not have any real surprises. They still think that we will recover late in the year, and that the worst may well be behind us. But the drop in US output is now thought to be significantly higher than the previous forecast.  They also predict unemployment to be in the range of 9.2-9.6% which are pretty scary high numbers in...
Comments 3
 This Weeks Economic Calendar, and Rate Forecast:  The Economic Calendar is a pretty light one this week.... But that doesn't mean it will not be a bumpy ride. This will be a holiday shortened week which always throws a wrench into the works... More on that below. As far as the calendar goes, we have a few numbers, Some Fed Buying and Some Fed News, here is the week ahead: Monday May 18: The first of three days where the Fed will be buying Treasury obligations. It is always better for a market to have an extra buyer tossing money into the mix, so we should see some positive reaction in the markets today, But this afternoon we had somewhat of a sell off. We still have an hour left to see what happens. TuesdayMay 19: April Housing starts and Building permits expected up 1.9% and up 2.7%. ...
Comments 7
 Remember: Bad News is Good News for Interest Rates.  When I wrote this weeks economic forecast  I mentioned that the Biggie of the week would be Today's retail sales figures.  Well they were reported and they were considerably weaker than expected. The Forecast for Retail sales: Flat... 0.0% for the headline number with a +0.2% when you pul out Autos. The actual numbers: down 0.4% -- excluding autos down 0.5%.  In my eyes this should have been a surprise for the markets since it was SO much weaker than anticipated.  Overall the news was weak enough to spark a small rally in the credit markets, and as we near the end of the day we are holding onto modest gains on Fannies.  So in English: Rates improved slightly on the news!   That's this weeks Mid Week update and The Biggie of the week ...
Comments 6
By Jim Flanagan
(Coldwell Banker Flanagan Realty)
Photo Credit Monthly Real Estate Market Report for Toms River, NJ - April 2009April by the numbers: · 41 The number of Single Family Homes CLOSED during the month  · $373,465 Average LIST price for April*  · $344,655 Average SALES price for the month*  · 95 Average DAYS ON the MARKET for April  · 92.24% The SALES price to LIST price RATIO for the month  · 755 Number of Single Family Homes ACTIVE on the market in April  · 18.41 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! *These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc. April, 2009, saw 41 Single Family Homes CLOSE in Toms River, as compared with 64 in April of 2008. Of thos...
Comments 0