Monmouth County Real Estate

So much to offer for 409k 3 beds 3 baths 1 bath on each level 2 car garage w/workshop off the back brand new kitchen complete w/high end appliances granite tops, new windows throughout. 

The 11^th annual Mudslingers Pottery Art Show & Sale open house will take place Sunday, November 9^th from 1-6 pm. Unique wheel thrown and hand built functional and decorative stoneware pottery by Red Bank artist Lauren Bellero, and captivating are photography by Jersey shore photographer David L. Brown will be featured.  This even is located at 39 Leroy Place, Red Bank (between Broad and Maple) For more information visit www.mudslingerspottery.net or call 732-747-4853

Renegade Sportfishing – Point Pleasant will be hosting open boat for Stripers this Friday 31st, Saturday 1st, Sunday 2nd, 6:30am – 1:00pm, all tackle and poles included, $200 per person OR $1100 FOR THE BOAT, call now to reserve a spot, 908-565-0457. They will be jigging, popping and trolling.There is mixed availability on open boat striper trips so call now if you want to reserve a spot

Sunday, Nov. 2^nd: Daylight Savings Time ends – set clocks back an hour. Also
Bob Egan’s Piano Bar – Moonstruck Asbury Park 6:30 PM.

A quarterly survey of housing inventories in 28 metropolitan housing markets by the Wall Street Journal shows inventories falling in all but five cities from a year ago. But housing analysts cautioned that inventories still face pressure from pending foreclosures and homes taken off the market by owners who are waiting for buyer demand to return.

Areas with the biggest inventory declines were Sacramento (-32.1 percent), Orange County, Calif. (-27.1 percent), Los Angeles (-21.6 percent), Boston (-21.5 percent), Denver (-21.1 percent), and San Diego (-20.6 percent).

Markets where inventory was up were Manhattan (34.6 percent), Charlotte, N.C. (7.4 percent), Portland, Ore. (6.1 percent), Raleigh-Durham N.C. (3.8 percent), and Seattle (0.1 percent).

Cities with the biggest backlog of available homes were Orlando (20.8 months), Detroit (19.9 months), Tampa (16.5 months), and Chicago (15.8 months). The survey did not attempt to estimate months of supply in Los Angeles or San Diego.

Rates for 30-year fixed-rate mortgages hit at an eight-week high, averaging 6.46 percent with an average 0.6 point for the week ending Oct. 16, Freddie Mac said in its weekly Primary Mortgage Market Survey.

That compares with 5.94 percent a week ago and 6.4 percent a year ago. The 52-basis-point increase in the average rate for a 30-year fixed-rate mortgage was the largest weekly increase since April 1987, when it rose 84 basis points, Freddie Mac said.

The 15-year fixed-rate mortgage jumped 51 basis points from a week ago, averaging 6.14 percent with an average 0.6 point, up from 5.63 percent last week and 6.08 percent a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) also jumped back above 6 percent, averaging 6.14 percent with an average 0.6 point. That’s up from 5.9 percent last week and 6.11 percent a year ago.

Only one-year Treasury-indexed ARMs were relatively immune from the market turmoil, averaging 5.16 percent with an average 0.6 point. That compares with 5.15 percent last week and 5.76 percent a year ago.

ARM rates tend to be based on shorter-term benchmarks and showed smaller gains in part because of the Federal Reserve’s emergency cut in the overnight lending rate on Oct. 8, said Frank Nothaft, Freddie Mac chief economist.

Some experts say mortgage rates are tracking rising yields on Treasurys, which could be headed up because of the government’s plans to issue up to $700 billion in new debt to recapitlize banks and buy up toxic assets like mortgage-backed securities. When the supply of Treasurys is greater than demand, the price of purchasing them goes down and their yields go up.

The government conducted an unplanned sale of $40 billion 10-year Treasury notes last week and plans to sell $60 billion of short-term bills this week, the Wall Street Journal reported.

But the exaggerated spread between Treasury yields and the interest rate on bonds that finance mortgages and the debt of Fannie Mae and Freddie Mac also continues to grow — perhaps as an unintended consequence of the government’s rescue plan.

Thanks to new government gaurantees of bank debt, Fannie and Freddie now face more competition when they sell their securities, which have traditionally been seen as a safe haven by investors, CNNMoney reports.

The Bush administration this week ordered the Federal Deposit Insurance Corp. to begin insuring loans between banks, and to provide full coverage of non-interest-bearing accounts such as business payroll accounts above the current $250,000 limit. The Treasury Department on Sept. 19 created a program to guarantee existing money market deposits for one year, and the Federal Reserve will begin buying commercial paper — short-term debt issued by businesses — beginning Oct. 27 (see Inman News story).

In the long term, some observers think that while Treasury yields will inevitably rise as the government issues more debt, mortgage rates will stabilize if confidence in credit markets is restored and the spread between Treasurys and mortgage rates shrinks back closer to historical norms.

The recently enacted Emergency Economic Stabilization Act includes extensions of a variety of energy efficiency incentives for home and business owners. It extends for 8 years 30% investment tax credits for solar and fuel-cell installations while eliminating the credit cap on residential solar electric projects. In addition to solar panels and fuel cells, small wind property would be added as a category of qualifying commercial investment. Also, the law extends energy efficiency incentives for new and improved homes as well as for commercial buildings.

McLEAN, VA — Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.94 percent with an average 0.6 point for the week ending October 9, 2008, down from last week when it averaged 6.10 percent. Last year at this time, the 30-year FRM averaged 6.40 percent.

The 15-year FRM this week averaged 5.63 percent with an average 0.6 point, down from last week when it averaged 5.78 percent. A year ago at this time, the 15-year FRM averaged 6.06 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.90 percent this week, with an average 0.6 point, down from last week when it averaged 6.00 percent. A year ago, the 5-year ARM averaged 6.12 percent.

One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.6 point, up from last week when it averaged 5.12 percent. At this time last year, the 1-year ARM averaged 5.73 percent.

“Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Meanwhile, the latest housing market data showed some pickup in home purchase activity in August. Pending existing home sales in August rose 7.4 percent, reflecting the largest monthly increase since October 2001, and July’s figures had an upward revision, according to the National Association of Realtors.”

“More recently mortgage applications for both home purchases and refinancing grew slightly over the week ending October 3rd, reversing a two-week decline, based on figures from the Mortgage Bankers Association.”