Gary`s Blog in South Jersey

Happy holidays to everyone! A time of heartfelt thanks...

Wish to thank all my clients, friends, my super co-workers, you are all so awesome!-Everyone rocks! My heartfelt thanks for helping me accomplish my 34th year in the real estate business. I am not that old now ! :) --Remember I have been licensed to sell real estate since 18 years young, and a broker since 23 years old, I have worked through 4 recessions now, our office is still leading the way, with the super help from my co workers and good client cooperation, we found ways to make people happy and get the job done right. -THANK YOU- I appreciate your business and timely thoughtful buyer and seller referrals.

Just have to mention, super time to be a Philadelphia sports fan now--The Eagles, Flyers playing in top form and how bout those Fabulous Phillies getting pitcher Cliff Lee back!-Awesome early holiday gift for us Phillies fans.  Heck- even the 76ers tonight, almost just beat the NBA leading Boston Celtics with their new improved defense of late. They may not make the playoffs like the other Philly teams but they are quickly getting more respectable each week.

Hope everyone`s holiday season is filled with alot of love and happiness that bring alot of fond memories for you and your family. May you have a super 2011, The south Jersey shore area, Atlantic and Cape May counties should show improvement in sales, with an overall slow improving economy. Be safe and keep warm--it`s cold out there!--But remember it`s usually the best time- right now-to get that timely great bargain--smart investment you always wanted. Low bargain interest rates and low prices can`t last like this perfect buying storm forever now.  Here to help! In Appreciation--My Best  Gary Simmens

Fed leaves the rates alone for now.

Fed: Economy better, rates to stay low

By Chris Isidore, senior writerApril 28, 2010: 3:28 PM ET

NEW YORK (CNNMoney.com) -- The Federal Reserve said Wednesday it sees further signs of improvement in the U.S. economy, but not enough to start raising its key interest rate from near 0% anytime soon.

The Fed's statement Wednesday once again spoke of a U.S. economy now in recovery, stating that "economic activity has continued to strengthen and that the labor market is beginning to improve."

But the central bank made little change in its language used to describe the outlook for its policy, saying it expects that economic conditions will "warrant exceptionally low levels of the federal funds rate for an extended period," as it has at every meeting since June of last year.

The fed funds rate, the central bank's key overnight lending rate, is a benchmark used to set interest rates on a wide variety of consumer and business lending.

In December 2008, the Fed cut the rate to near 0% in an effort to spur economic activity, and has left it there ever since.

U.S. Government home buyers tax credit extended till April 30th 2010

The U.S. government's home buyer tax credit was extended to April 30, 2010 and it will not be extended again.

This tax credit can benefit first-time home buyers up to $8,000 and current homeowners up to $6,500, provided they meet certain guidelines. And because this program is a tax credit – it does not have to be repaid. (Occupancy limitations involved)

There has never been a better time to take advantage of this tax credit because hundreds of homes are priced below market value. Call Gary for mre details at 609-338-1339 today. Under contract of sale by the 4/30 date  must settle-close on the property by on or before June 30th 2010.

Economic Highlights for the Week Ending January 29, 2010

Volume 16, Number 3 Economic Highlights for the Week Ending January 29, 2010

MONDAY, January 25th Existing home sales plunged a record 16.7% in December to an annualized pace of 5.45 million. The large decline followed several months of strong sales gains that were primarily driven by the first time homebuyer tax credit which was originally slated to expire on November 30. The tax credit has since been extended and expanded but not before impacting sales immediately afterward in December. Despite the sharp decline in December, total sales are still 15.0% above their year ago level. For all of 2009, sales increased over 5% from 2008, their first annual gain since 2005.

TUESDAY, January 26th The S&P/Case-Shiller 20-city home price index increased 0.2% in November from October and gained 5.3% from November 2008. 14 of the 20 metro areas tracked gained on a monthly basis, seasonally adjusted, and 4 of the 20 areas posted annual gains. The rate of decline slowed in most all areas which is indicative of some price stabilization. Nationwide, home prices are akin to 2003 levels. Consumer confidence increased to 55.9% in January from a level of 53.6% in December. A solid gain in present situation ratings led the index higher although expectations scores rose slightly as well. Even with a better-than-expected reading this month, confidence levels remain depressed as weak labor and housing markets continue to weigh on consumers' attitudes about the economy.

WEDNESDAY, January 27th The MBA mortgage applications index fell 10.9% to 513.0% for the week ending January 22. The purchase index slipped 3.3% as the refinance index tumbled 15.1%. With this week's decline, mortgage application activity is 29.9% lower than its year ago level which suggests stagnation in what was a modest housing market recovery. New home sales declined by 7.6% in December to an annual pace of 342k after an upwardly revised, but still dismal annual rate of 370k in November. Substantial back-to-back monthly declines have left new home sales near their record low rate of 329k registered in January last year. New home sales are tanking again after many months of recovering at a modest pace. Hopefully, the housing market will rebound once again supported by the extended homebuyer tax credit, high affordability, looser mortgage credit and improving jobs picture. The FOMC voted to keep rates in an exceptionally low range of 0% to 0.25% in order to support ongoing recovery in the economy. The Committee acknowledging moderate economic expansion but with substantial resource slack which is likely to restrain inflation at this time. Policymakers maintained their commitment to buying up to $1.25 trillion of agency mortgage backed securities and up to $175 billion of agency debt. In addition the Fed anticipates that most of their special liquidity programs will expire on February 1, 2010 but are prepared to modify these plans if necessary. The Fed and fiscal and market forces have generated the beginnings of an economic recovery and resolved much of the distress in financial markets. With their mission largely being accomplished, details of the exit strategy are emerging.

THURSDAY, January 28th Jobless claims fell 8k to 470k for the week ending January 23. Expectations were centered on a bigger decline to a level of 450k. Consequently claims remain elevated which may indicate renewed weakness in labor market conditions. It may take several weeks for the data to settle down from the fluctuations caused by the holidays.

FRIDAY, January 29th The economy grew at a 5.7% pace in the fourth quarter according to the advance estimate for GDP. This was the strongest pace of economic growth in more than six years. This follows 2.2% growth in Q3. The Q4 expansion was driven by inventory investment which added 3.4 percentage points to growth. Final demand was positive last quarter but still fairly weak. With inventories being cyclical in nature it is questionable whether the current strong growth pace can be maintained in the near-term.

Stock Market Close for the Week

Index Latest A Week Ago Change DJIA 10067.35 10172.98 -105.65 or -1.04% NASDAQ 2147.35 2205.29 -57.94 or -2.63%

WEEK IN ADVANCE

Robust Q4 growth is not expected to continue in the current quarter. Data in the coming week will provide the first look at the economy's footing in the New Year. The employment report for January, due out on Friday, highlights on the economic calendar.

Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 3.25 3.25 3.25 Fed Discount 0.50 0.50 0.50 Fed Funds 0.13 0.15 0.19 11th District COF 2.094 1.832 3.155 10-Year Note 3.59 3.67 2.75 30-Year Treasury Bond 4.50 4.49 3.45 30-Yr Fixed (FHLMC) 4.98 5.25 5.10 15-Yr Fixed (FHLMC) 4.39 4.69 4.80 1-Yr Adj (FHLMC) 4.29 4.80 4.90 6-Mo Libor (FNMA) 0.42969 1.11125 1.7500 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco

Get Priceless Sunsets Like This One.....

 Enjoy beautiful peaceful sunsets like this one.. Click on this website www.GarySimmens.com to the Featured Properties link on the top left--See Catawba Road Listing in Mays Landing,NJ. Asking $875,000 -fabulous -unique custom home. See over 40 pictures there. Direct link for this fabulous home is :   http://www.garysimmens.com/MyHomeDtl.asp?lstPages=1&HomeID=883724
 

Seasonal Casino job cuts trim 1,000 in Atlantic County,NJ in September 2009

ATLANTIC CITY,NJ - Casinos slashed more than 1,000 jobs in September as pink slips flew as fast as dice on a craps table in the traditional post-Labor Day employment cutback.

New figures released by the New Jersey Casino Control Commission show that 1,067 jobs were lost industrywide in September, reducing the total number of workers at the 11 casino hotels to 37,337.

Casinos historically trim their payroll as business tapers off after Labor Day, but the weak economy and competition from Pennsylvania slot parlors have put additional pressure on Atlantic City's gaming industry to cut even deeper to reduce costs.

"I think they're in line with where the market has been headed," casino analyst Cory H. Morowitz, chairman of Morowitz Gaming Advisors LLC, said of the job losses. "I think this is related to the continuing softness in the Atlantic City market. As the revenue declines, the operators are responding by right-sizing their businesses."

Revenue has plummeted 15 percent for the first eight months this year. Casino customers have been cutting back on their spending in the soft economy or have been taking their business to the slot parlors in Pennsylvania.

Morowitz predicted the downward trend in employment would continue until the $2 billion Revel Entertainment Group casino opens in 2011. Revel will hire about 5,500 workers for its Las Vegas-style megaresort.

More than 3,700 jobs have been lost industrywide in the past 12 months, figures show. Employment is down to a level not seen since the late 1980s and well below the peak of 51,560 jobs in July 1997.

"We're all learning that casinos are not a recession-proof industry," Ellen Mutari, an economics professor at The Richard Stockton College of New Jersey, said at an Atlantic City gaming conference last month.

All of the gaming halls except for Trump Taj Mahal Casino Resort cut jobs in September. The Taj Mahal increased its payroll overall by only four workers. Every casino has a smaller payroll now than it did in September 2008.

Casinos usually make big job cuts in September, reflecting the transition from the peak summer tourism season to the fall and winter slowdown following Labor Day.

This year's round of cuts equals 2.8 percent of the total work force, about the same percentage as the job losses in September 2007 and 2008, figures show. In 2008, the casinos shed nearly 1,000 jobs in both October and November, suggesting that another large cut is on its way this year.