Last week was another bad one for mortgage rates. But let's face it: That is GOOD news.  Signs of an improving economy, The first real job growth we have seen in about 2 years are all great things, and good news equates to bad news for interest rates. By the end of the week we saw Fannies lose 28/32nds and of course rates are up because of it.  Along with the good news reports we have the Treasury out of the mortgage business. How much of last weeks up-tick in mortgage rates that is due to Uncle Sam's exit from buying mortgages is difficult to tell, but it may be a small piece of the equation. This week will have a hand full of data and auction activity to chew on to determine the direction of interest rates. Here is this weeks Calendar:expected MondayApril 5: March Institute of suppl... 04/05/2010

30 Days and Counting; Don't Be An April Fool! April Fool's Day is the perfect opportunity to take a little liberty and express an opinion in a manner which may appear a little unorthodox on other days. So, here goes home-buyers and home-sellers in Toms River, NJ: Happy April Fool's Day! And the rest of the day to you... 04/01/2010

    This is pretty crazy: Congress left town for their spring recess without completing work on two critical programs essential to recovering real estate markets - the National Flood Insurance program (NFIP) and the Section 502 Rural Housing program (USDA Program). I have seen many Blogs about the USDA program, and that is an important one. But the Flood insurance program potentially is even more important. Most people do not realize that the majority of insurance issued for Flood comes from FEMA and Uncle Sam.   The NFIP is vitally important to the recovering real estate market. Its authority was allowed to expire on March 28th. Until Congress extends NFIP, no new or renewal flood policies can be issued.  Thousands of property buyers will not be able to purchase a home or commercial pr... 04/01/2010

   Last week got a little ugly mid week when we saw one of the bigger 1 day sell offs in a quite some time. this sell off stemmed off of a poorly bid 5 year auction that filtered it's way through the credit markets. Luckily we saw things flatten out on Thursday and gain a bit of ground back on Friday. Over all we lost 14/32nds on Fannies for the week, much better than the 28/32nds we lost on Wednesday alone! There continues to be fears in Europe with a close watch on both Greece and Portugal. Problems there will certainly filter their way through the global economy. This week has it's share of data to contend with, here is this week's Calendar: MondayMarch 29: February Personal Income, Spending and PCE index. The estimate was for +.2, +.3 and +.1. The actually report came in a bit weake... 03/29/2010

ISLAND HEIGHTS - For my newest piece (and first official non-report column), I chose to focus on the response to last week's reports, which made clear an interest by our area residents to understand the real estate industry better by picking up on its terminology. Being in the industry, we as agents get comfortable with using such terms, sometimes forgetting that the everyday reader may be unclear as to the exact meaning or importance of these terms. Here we go! What is the Multiple Listing Service (MLS)? The MLS is a paid professional site that licensed real estates agents use to market their homes both to the public and other agents. The individual MLS are independent from each other and cover a specific region, though there is a slight overlap in coverage. This means that an agent f... 03/27/2010

   Keep in mind that the Up Front Mortgage Insurance Premium changes on April 5th.  The change will not keep anyone from being able to get a loan, it will only increase a payment by less than $6 on a $200,000 loan.. But if we can save a client a few bucks, we should! It is important to get any deals together quickly so that a case number can be assigned prior to April 5, 2010. Here is a snippet straight from HUD: Lenders should make every effort to order case numbers early in the week of March 29, 2010, since it is possible that case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium. The MIP climbs from 1.75% to 2.25% and it sounds like HUD is anticipating heavy activity next week, so do not wait until the... 03/26/2010

5 Reasons to buy that home in Toms River, NJ, NOW! In his excellent post, 5 Good Reasons to Buy that Home NOW!, Steve Harney details exactly why this may be the best time to buy a home.  We've taken Steve's 5 reasons and specifically applied them to buying a home in Toms River, NJ. 1) The Homebuyers Tax Credit As of this post, there are 37 days left for prospective homebuyers to take advantage of the Tax Credit (up to $8,000 for "First Time Buyers" and up to $6,500 for "Move Up Buyers").  More good news; current home prices in Toms River, NJ, literally ensure the maximum Tax Credit!  Even more good news; homebuyers ONLY need to be "under contract" by April 30th, 2010 and "closed" by June 30th, 2010!  To see if you may qualify, please visit http://www.realstorynj.com/Home-Buyer-Tax-Cred... 03/25/2010

      Seventh Python to perform at Toms River library branch   TOMS RIVER -   English writer and singer of comedic songs Neil Innes will perform at the Toms River branch of the Ocean County Library, 101 Washington Street, Sunday April 11 at 2 p.m. He has performed internationally on stage and television. Innes has collaborated with Monty Python alums Terry Jones and Eric Idle on various projects, including the project for which he is probably best known, the loving but dead-on Beatles parody, "The Rutles." Innes has often been referred to as the seventh Python and is the subject of the 2008 musical documentary film "The Seventh Python."  The film, which won several awards, examines the career, music and philosophy of Innes.  Probably the most important figure in British musical comedy s... 03/23/2010

 Economic Calendar  Last week ended up pretty much as expected... Just about unchanged with Fannies only losing 1/32nd by the end of the week. Last wee had no surprises with PPI and CPI both being a touch on the week side helping to keep rates steady, that along with the Fed keeping their language the same in their post meeting statement is a relief for the market and a touch more stability in the near term. This week has its share of data and auctions to contend with as we move forward, Here is the Calendar: Monday March 22: it is a no news day, but in the absence of any data to chew on the market has been trading in positive territory for the majority of the day. Tuesday March 23: Existing Home Sales for February expected -1%. Much of this down is weather related, and is expected to b... 03/22/2010

East Dover | Toms River | Homes for Sale | Jersey Shore Overview Maps Photos Description Market Stats $269,900 Single Family HomeFor Sale Main Features 4 Bedrooms1 Bathroom1 Partial BathroomInterior: 1874 sqft Location 1540 Chatham DriveToms River, NJ 08753 Mike A Gaynor RE/MAX at Barnegat Bay(732) 232-9414mgaynor8@comcast.nethttp://mikegaynorcoach.com Listed by: RE/MAX At Barnegat Bay Our recent listings East Dover | Toms River | Homes for Sale | Jersey ShoreSnug Harbor | Toms River | Homes for Sale | Jersey ShoreWatersedge | Toms River | Homes for Sale | Jersey ShoreToms River | Homes for Sale | Jersey ShoreEast Dover | Toms River | Homes for Sale | Jersey Shore Subscribe to our listing feed See more Toms River, NJ real estate for sale 03/21/2010

         Veltri Realtors combines both traditional and Internet sales capabilities including residential sales and rentals, commercial, adult community, new homes, luxury homes and estates, vacation homes and rentals as well as worldwide relocation. The company features an array of flexible money-saving listing fee plans as well as a broad range of compensation opportunities for its sales associates. Our broad experience, personable agents and unparalleled real estate expertise combine to bring buyers and sellers together, meeting their unique needs with the highest level of service through a variety of choices and incomparable convenience. We believe all of our clients should be served honestly, respectfully and resourcefully in order to produce the best possible results in the most de... 03/20/2010

  The development of a 51-acre parcel of land was discussed at the Town Council meeting on Tuesday night. Officials were being asked to amend an existing land use and development ordinance for the site. The property, located on Route 9 between Hickory Street and Maple Avenue, has been the home of Sambol Corporation, a heavy construction company, since 1964. The Sambol corporation originally  submitted a plan for the construction of 369 townhouse units there, but was back before the council with a revised plan after officials and neighbors expressed density concerns. His new proposal calls for reducing the number of townhouse units to 173, and keeping the construction company on part of the property. Sambol's revised proposal also added plans for a 30,000 square feet of retail space, fac... 03/20/2010

   Comedy Night  Back by popular demand!  Featuring Jeff Norris and Renee DeLorenzo Thursday, March 25, 2010  Doors open at 6; show at 7:30  Jimmy C's Comedy Club 17 Washington St., Toms River    Join the OCBR Affiliate Committee one more time. This is truly a well spent night-out. (Must be 21 to attend.)  $30 per person includes food and one Adult Beverage. Door prizes awarded throughout the evening.   Click here to Register for this great event! or call the board office at (732) 244-8111 www.oceancountyrealtors.org   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 ... 03/18/2010

  Last week was a fairly quiet week with a market that continued to be confused and looking for direction as it continually traded in quick little ups and downs each day. By week's end we ended up losing 10/32nds on Fannies which equates to a slight upward move in rates.  The biggest surprise number of the week was a much stronger than expected Retail sales number... Keep in mind that good news equates to bad news for interest rates. This week has its share of Economic fun and even tosses in a Fed Meeting Here is this week's Calendar: Monday March 15: Beware the Ides of March! And February's Industrial Production and Capacity Utilization numbers forecast to be +0.1% and 72.6%. There were no surprises here. So far the market has spent most of the day in negative territory and currently m... 03/15/2010

  Ocean County Library to host 3rd annual FlowerFest   TOMS RIVER -   Ocean County's only flower festival will be held Saturday March 27 at the Toms River branch of the Ocean County Library, 101 Washington Street.   What: 3rd annual flower festival When: Saturday Mar. 27 @ 11 a.m. Where: TR branch, 101 Washington St. CONTACT:   Larry Meegan, 732-349-6200, ext. 5906 lmeegan@theoceancountylibrary.org   Exhibitors from the Master Gardeners of Ocean County, Barnegat Bay Estuary Project, The Butterfly Charities, Deep Cut Bonsai Society, Jersey Shore Rose Society, Master Composters and various garden clubs will be on hand to discuss their specialties. Sanford Skolnick from Skip's Florist will demonstrate how to create floral displays like the pros in "The Art of Floral Arranging and the Care ... 03/12/2010

There is an upcoming change to FHA loans.  FHA has decided to slightly increase the amount of the ‘up-front' mortgage insurance premium charged to buyers.  The old fee was 1.75% of the loan amount. Then new fee will be 2.25%, beginning with Case #'s assigned after Monday April 5th.  This fee is typically financed into the new loan.  The reason FHA has taken this step is due to the large amount of losses incurred by the insurance fund for delinquent & foreclosed loans.  FHA insurance is not a taxpayer funded program, rather it is self financed by charging both an upfront fee ( UFMIP ) and an annual premium paid monthly with the mortgage payments.  MIP is similar to PMI ( Private Mortgage Insurance ) except that MIP is part of the government FHA loan program.  FHA mortgage insurance is us... 03/10/2010

Sold properties Total # of Listings 92 Lowest Price Listing $105,000 Highest Price Listing $915,000 Average Price $339,818 Avg. Price/SqFt $181.82 Avg. Days on Market 94   Summary Graph/Analysis   Cumulative Analysis Listing Category Lowest Price Highest Price Average Price Avg Price/Sqft Sold $105,000 $915,000 $339,818 $182 Totals $105,000 $915,000 $339,818 $181.82 Sold Property Analysis Address List Price Sold Price DOM % Chg SP/Sqft 112 FOSTER RD $99,900 $105,000 23 -5.1% $160.31 50 CHADWICK AVE $139,900 $132,500 191 5.3% $191.47 2139 ROBIN LN $149,900 $123,100 102 17.9% $139.89 114 MORRIS BLVD $150,000 $127,500 37 15.0% $123.07 1051 OLD FREEHOLD RD $154,500 $142,500 88 7.8% $87.75 536 ALFRED LN $164,900 $148,000 179 10.2% $164.44 558 GEORGE RD $179,900 $158,500 84 11.9% 0 1043 DOVE... 03/08/2010

  As we thought, last week was pretty quiet going into Friday's employment report. Just prior to Friday's report we saw a little bit of improvement which was quickly wiped away by a stronger than expected employment report.  It was still weak with a 9.7% jobless rate and 36k jobs lost, but it was not as bad as analysts had projected. By the end of the week we had Fannies trading 3/32nds higher than the previous weeks close. The employment report left traders thinking that the Fed will move rates up, but that will still be months away. This week has an assortment of Auctions and data to chew on with a few potential "biggies" Here is the weeks Economic Calendar: Monday March 8: A no news day with the market trading slightly negatively Tuesday March 9: Auction # 1 for the week with the Tre... 03/08/2010

Many home shoppers are taking advantage of short sales in Ocean County and so should you. There are some questions to answer though...   Where do you begin? How can you find Ocean County short sales? What is the process? How long does it take? Is there a specialist for short sales in Ocean County? Is there such thing as a short sale list?   Regardless as to whether you are buying a short sale in Ocean County or buying a home anywhere, you absolutely need to have a discussion with a loan professional before looking for that home. Initial discussions do not require you to give too much personal data or your SS#. However, the initial discussion is critical in identifying any issues which can be the difference in your loan getting approved and/or saving thousands over the life of your loan... 03/04/2010

Toms River Township Closed Sales February 2010 Single Family Homes Street Num Street Name Sold Date Sold Price DOM 112 FOSTER RD 3/2/2010 105000 23 114 MORRIS BLVD 2/18/2010 127500 37 1051 OLD FREEHOLD RD 2/19/2010 142500 88 1411 SUMMIT AVE 2/11/2010 185000 146 2135 EISENHOWER RD 2/9/2010 185000 39 689 HILL RD 2/18/2010 190000 262 82 GRAND AVE 2/19/2010 191000 14 533 OXFORD ST 2/12/2010 203000 181 820 DEMONT ST 2/22/2010 208000 6 206 ELIZABETH AVE 2/24/2010 215000 38 2207 1ST AVE 2/1/2010 218000 46 3113 VICTOR AVE 2/19/2010 229000 153 1533 WINDSOR AVE 2/5/2010 230000 169 409 EDKEN AVE 2/2/2010 230000 21 606 MCKINLEY AVE 2/25/2010 230000 161 249 HAMILTON DR 2/26/2010 232000 147 820 TUDOR CT 2/26/2010 250000 80 143 CARDINAL DR 2/4/2010 250000 51 987 WESTMINSTER DR 2/10/2010 250000 99 30 B... 03/03/2010