Gary`s Blog in South Jersey

Happy 2011

We thank you for continued referals and the earned repeat business.  WIthout you, our loyal clients, we would not be where we are with 34 years in the business.  From my family to yours, we wish you a happy and healthy New Year in 2011.  May 2011 bring you fulfilled dreams and memories that last!

Happy New Year!

Committed to Your Success, Gary D Simmens  Broker/Associate Balsley/Losco Real Estate

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

Open House This Saturday 07/31 & Sunday 08/01 11am to 1pm

DO YOU BELIEVE IT WILL BE AUGUST REAL SOON?

COME STOP BY THIS FABULOUS NEW HOME BUY. PRICE WAY BELOW ALL THE RESALE COMPETITION!

105 SNOWDROP ROAD IN BEAUTIFUL (Village Grande at English Mill) 55 plus living community

in Egg Harbor Township,NJ 08234. This stunning Eden Grande model is loaded for bear!

Come see this stunning brand new DR Horton quality built custom home bargained priced at $328,120.00

Premium lot location close walking distance to the club house and tennis courts! Call Gary Simmens

at 609-338-1339 for more details of this true bargain.

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.

NJ Senate passes $300 Million tax increment deal for Revel casino in AC

In a move that caught opponents by surprise, New Jersey senators voted Monday to ensure that hundreds of millions of dollars in tax breaks for the Revel Entertainment Group’s Atlantic City casino project cannot be overturned by public petition.

State Sen. Raymond Lesniak, D-Union, brought an emergency resolution to Monday’s Senate session to ask members to bring the bill up for final reading and passage, after a contentious committee hearing on the idea earlier this month divided union members from southern New Jersey.

The proposed law would affect any project funded through the Economic Stimulus Act and would prevent the public from filing a petition for a referendum on any project funded that way.

The change applies to Revel Entertainment Group’s project, which is in the middle of applying for a $300 million tax-increment financing deal with the state. The deal would allow Revel to pay just a quarter of its sales and room taxes over 20 years. The developers hope those breaks would make their property far more attractive to potential financiers of the $2.6 billion casino project.

Atlantic City Council, which has a say in the tax-deal application to the Economic Development Authority, signed off on the plan in mid-January. Opponents had tried to petition City Council to hold a public vote.

That opposition, led by Bob McDevitt, head of Local 54 of UNITE-HERE, led to angry exchanges before the Senate Economic Growth Committee on Feb. 1. McDevitt and others called the financing deal a bailout for Morgan Stanley, which owns Revel.

Leaders of other unions disagreed with McDevitt, saying the bill was vital for the survival of the Revel project and the jobs it would create.

But in an amendment Monday, Lesniak widened the scope of the bill prior to the vote, incorporating new rules that gave more leeway to a building project for a state university.

The schools, and not Revel, were the cause of the emergency floor maneuver, Lesniak said Monday. “Montclair State University needs the technical amendments in the bill to get shovels in the ground,” he said. The school is ready to build a new housing and dining center for students.

Sen. Jim Whelan, D-Atlantic, applauded Lesniak's decision to combine the contentious bill with a less-divisive one.

“Obviously, some people had a few problems with the original bill,” Whelan said. “But they didn’t want to oppose higher education.”

The move received bipartisan support Monday, as senators approved the measure 36-0. A matching Assembly bill has been introduced by Republican assemblymen from Atlantic County, John Amodeo and Vincent Polistina.

McDevitt did not attend Monday’s vote, but not out of disinterest. He said he would have attended if he knew of the plan to vote.

“I always want to be in attendance when a body of politicians tells citizens that they don’t have the right to vote,” McDevitt said.

McDevitt and other union officials said they were unaware of the vote, having checked the legislative schedule on Friday and seeing no such plan.

“The one thing I’ll say about the Legislature is that they’re consistent,” McDevitt said. “Everything they do is out of the eye of the average public person. … I’m not angry. I’m just not surprised.”

As he did when the bill flew through Lesniak’s senate committee, McDevitt refused to look at the vote as a defeat. Instead, he announced plans to file a lawsuit this week against Atlantic City’s government for wrongfully rejecting the union’s petition.

“This is Soviet-style government. This is not American,” he said. “The same people that brought us an $8 billion deficit in New Jersey have voted and decided it’s not the right of the voters to decide.”

Lloyd D. Levenson, attorney for Revel Entertainment Group, said after the vote that lawmakers’ actions would make such a suit pointless.

“I don’t know what Local 54 would say in its lawsuit against the city,” he said. “But if the Assembly follows the same thought process as the Senate, and the governor signs this bill, that lawsuit that would be filed would be moot.”

Monday’s vote gives much-needed momentum to the plan for Revel’s tax-increment financing deal, which has yet to earn the approval of Gov. Chris Christie.

But Levenson said the Senate’s decision was a good sign.

“Nothing is ever expected when you’re dealing with a body of 40 different people,” he said. “We were certainly hoping that we would get significant support. We obviously received overwhelming support."

February 2010 Real Estate Update

Serving South Jersey. Gary Simmens Broker/Associate February 2010 WELCOME. TIME-SAVING PRESET PROPERTY SEARCH LINKS IN THE LEFT-GREEN COLOR AREA, NEED MORE DETAILS? CALL US. SEE HELPFUL LOCAL MARKET CONDTIONS ON THE LOWER RIGHT. Copyright 2010 Realty Times All Rights Reserved. Mortgage Rates Steady   In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 4.98 percent for the week ending January 28, 2009 - down from the previous week when it averaged 4.99 percent.   Last year at this time, the 30-year fixed-rate mortgage averaged 5.10 percent.   "Rates held steady this week ahead of the Federal Reserve's (Fed) policy committee meetings," Mortgage Rates Source: Realty Times U.S. averages as of January 28, 2010: 30 yr. fixed:   4.98% 15 yr. fixed:   4.39% 1 yr. adj: 4.29% said Frank Nothaft, Freddie Mac vice president. The Fed announced on January 27th that economic activity has continued to strengthen.

House Hunters Out Early

The springtime spurt in home buying may hit before the snow melts this year as buyers scramble to meet an April 30 tax credit deadline.
The spring buying season typically takes off in March and runs through May. But buyers who want to claim this year’s tax credit—up to $8,000 for first-time buyers and up to $6,500 for repeat buyers -- must have signed purchase contracts by April 30. And they have to complete the deal by June 30.
"I expect the buying season will be moved up," says Vicki Cox Golder, President of the National Association of Reatlors. Sales "are going to take off in February and March and really take off in April. My concern is that the move-up buyer hasn’t thought what they need to do. Their window is really short. They have to coordinate closing dates."

Nearly 11 Million People Now Working from Home

The number of people who worked at home increased by nearly 2 million, from about 9.5 million in 1999 to about 11.3 million in 2005, according to new data released by the U.S. Census Bureau. Nearly half of these home workers had college degrees and nearly half of them earned $75,000 a year or more.
It would seem that with all those people working from home, having a dedicated home office would be a smart move for a renovator. But that’s not the case. According to the 2010 Remodeling Magazine Cost vs. Value report, the average home office costs $28,375 to build and returns $13,648 at resale. That’s a cost vs. value of only 48.1%.
The median monthly earnings of workers who worked at home were about $2,400 in 2005.
Resolve to Take a Look at Refinancing
If you haven't looked into refinancing your mortgage under federal programs, you could be missing an opportunity to save money, keep your home and give the economy a little juice.
Federal mortgage refinance programs have given more than 2 million homeowners a better shot at holding on and the economy a much needed shot in the arm.
What's more, the year began with fixed interest rates hovering slightly below 5%, but still near record lows, according to Erate.com.
First American CoreLogic's "How the U.S. Consumer Has Benefited from Mortgage Finance Programs in 2009," reveals a group of 2.2 million homeowners have saved an average $120 a month on their mortgage payment -- a 10.5% reduction from the previous mortgage payment.
The study says the refinance activity will result in $2.3 billion in mortgage payment savings for borrowers who refinanced in the first six months of 2009. Over the next five years, the total benefit to homeowners who refinanced in 2009 will grow to $11.5 billion.
This summer, HARP gave a hand up to more homeowners suffering mortgages larger than the value of their home. Borrowers current on payments with Fannie Mae or Freddie Mac guaranteed loans could be eligible for refinancing into new loans even if they owe as much as 125% of the home's current value.

Gary Simmens Broker/Associate 609-645-0202 Gwhatshisname@aol.com http://www.GarySimmens.com

Gary Simmens Team at Balsley/Losco Real Estate 609-645-0202 PO BOX 892 Northfield, NJ 08225

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

FHA Clamps Down On Mortgage Requirements

FHA Clamps Down On Mortgage Requirements

"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," said FHA Commissioner David Stevens.

FHA Website     Wikipedia-FHA  Statement From David Stevens

FHA provides mortgage insurance on  loans made by FHA-approved lenders. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.

The New Rules:

FHA-insured mortgages are attractive to borrowers because down payments are only 3.5%. That won't change under the new policies the FHA announced  which are to take effect in spring or early summer. Among them:

•Borrowers will have to have a minimum credit score of 580 to qualify for a 3.5% down payment. Those with lower scores will have to make at least a 10% down payment. The average credit score of FHA-insured borrowers is 693.

•Allowable seller concessions will be reduced from 6% to 3% of the sale price. The change is intended to discourage inflated appraisals. On many home transactions the seller agrees to pay the closing costs of the buyer.

•Buyers will have to pay an upfront mortgage insurance premium of 2.25% of the total loan amount, up from 1.75% now. A $150,000 mortgage would require a payment of $3,375, or $750 more.


What It Means To Everyone! The general rule is: if someone cant' get financing to buy your home when you decide to sell, it's going to be difficult. To the extent that financing is available and markets function normally you have a better shot at selling. Even with these changes, FHA lending still will remain the largest source of home purchase financing.

 These changes are designed to improve FHA's financial position and will ensure its long-term ability to guarantee affordable mortgages for families.  In the end these changes are also designed to engage borrowers who can reasonably afford a mortgage. From what we have seen in the recent past, guidelines that were lowered to promote homeownership backfired. This scenario is well reflected in the foreclosure problems now sweeping the marketplace.

Part 2-- Of All Egg Harbor Twp. SOLDS thru MLS in the last 3 months

THE SIMMENS REPORT

EGG HARBOR TOWNSHIP SOLD FROM OCTOBER 1 TO DECEMBER 31, 2009

ADDRESS-ASKING PRICE- SOLD PRICE- BEDROOMS and BATHS

229 Lander $299,900 $275,000 3 3

8 Lenape $194,900 $177,000 3 2

116 Leo $315,000 $295,000 4 2.5

257 Lily $349,900 $332,000 3 2.5

210 Martn Luther $199,900 $182,000 3 2

6212 Mill $314,900 $290,000 3 2.5

6309 Mill $200,000 $186,000 3 1.5

237 Mystic $589,000 $535,000 4 4.5

201 Newark $169,000 $162,000 3 1

443 Oakland $249,900 $242,000 3 2.5

8 Oakview $219,000 $199,000 4 2

7 Oakview $259,900 $245,000 4 2.5

225 Ontoria $239,900 $226,000 3 2

29 Patriots Walk $215,000 $217,500 3 2.5

55 Pebble Beach $599,900 $570,000 3 3

131 Pine $199,000 $200,000 3 2.5

170 Pine $229,900 $222,000 3 2

243 Pine $189,900 $189,900 2 1.5

306 Pond $284,900 $275,000 3 2.5

2 Poplar $249,900 $220,000 3 2

106 Rainbow Trail $285,000 $273,000 3 2.5

2506 Ridge $219,000 $216,000 4 2

2580 Ridge $199,900 $199,900 3 2

127 Ruby $349,000 $335,000 4 2.5

21 Rushwood $219,000 $215,000 5 2.5

213 Sea Pine $284,900 $255,000 4 2.5

223 Sea Pine $225,720 $230,000 4 2.5

611 Seabreeze $60,000 $58,000 2 1

104 Seagull $154,900 $150,000 2 2

119 Snowdrop $284,990 $253,160 2 2

108 Spray $189,000 $189,000 3 1

204 Spray $212,000 $217,000 3 1

137 St. Andrews $829,9000 $765,000 4 4

142 St. Andrews $625,000 $625,000 4 3.5

126 Steelmanville $239,000 $238,000 4 2.5

178 Steelmanville $79,900 $81,998 1 1

303 Sterling $175,000 $160,000 3 1

223 Sun Valley $244,900 $245,000 4 3

305 Sunflower $259,000 $245,000 2 2

332 Sunflower $239,000 $230,000 2 2

334 Superior $259,900 $245,000 4 2.5

217 Tallowwood $299,900 $288,500 4 2.5

159 Thompson $490,000 $350,000 3 2.5

4 Tradition $246,490 $251,490 4 2.5

3 Truman $189,900 $213,620 2 1

6777 Washington $49,900 $30,000 3 2

15 Weeping willow $359,900 $350,000 4 3.5

118 Wharf $359,500 4350,000 4 2.5

137 Woodberry $279,000 $278,000 4 2.5

104 Woodside $204,900 $200,000 3 2

106 Woodside $229,900 $220,000 3 2

Highlighted properties are transactions that our company participated. The Realtor sponsoring

this community information service ad is not making any representation that they were involved in any other

particular transaction whatsoever as printed in this report except for the highlighted properties.

Last 3 months of all MLS-Egg Harbor Township SOLDS--first of two pages total

THE SIMMENS REPORT

EGG HARBOR TOWNSHIP, NJ- SOLD FROM OCTOBER 1 TO DECEMBER 31, 2009

ADDRESS -ASKING PRICE -SOLD PRICE -BEDROOMS -BATHS

37 Allison $229,000 $218,700 4 2.5

109 Amber $245,000 $245,000 4 2.5

415 Aurora $424,900 $405,000 4 2.5

23 Balsam $275,000 $275,000 3 2.5

3 Barrett $399,900 $385,500 4 2.5

12 Bayside $899,900 $725,000 4 4.5

6001 Black Horse $15,900 $13,500 2 1

186 Blackman $99,900 $76,000 3 2

117 Bonita $254,500 $242,000 4 2.5

115 Brettwood $419,900 $405,000 4 2.5

109 Bristol $269,900 $260,000 4 2.5

114 Bristol $279,900 $260,000 4 2.5

6 Camelot $159,900 $130,000 5 4

8 Camelot $229,000 $229,000 3 2

101 Cedar $100,000 $100,000 2 1

4 Charleston $219,900 $201,000 3 2.5

13 Coachman $299,000 $300,000 4 4

503 Cobblestone $419,900 $409,000 3 2.5

102 Colonial $189,000 $186,000 3 1

223 Coolidge $100,000 $95,000 2 1

4014 Cottonwood $229,900 $210,000 3 2

34 Daisy $319,000 $300,000 4 2.5

401 Delaware $219,900 $205,000 3 2

6215 Delilah $20,000 $20,000 2 1

301 Dorchester $334,900 $338,000 4 2.5

103 Douglas $159,900 $159,900 3 1

313 Drexel $184,900 $184,200 3 1

705 Dune $89,000 $85,000 2 2

204 East Plaza $169,500 $160,000 2 1

39 Evergreen $174,900 $172,500 3 1

100 Filmore $199,900 $190,000 3 3.5

4 Firethorn $98,900 $104,000 3 1

417 Franks $5,900 $5,500 2 1

108 Garnett $289,900 $272,000 3 3

10 Glen Aire $399,000 $380,000 4 3.5

306 Glenn $319,500 $292,500 4 2.5

524 Glenn $349,500 $321,000 4 2.5

118 Grange Cross $239,000 $237,000 3 2

207 Harbor $224,910 $220,000 4 3

31 Harley $199,000 $200,000 3 2

40 Hartford $549,900 $520,000 4 3.5

20 Holden $214,900 $218,000 4 2.5

113 Independence $179,500 $181,500 3 2

405 Island $450,000 $423,700 4 3

504 Jefferson $254,400 $217,500 3 2

205 Kennedy $289,900 $288,000 4 2.5

115 Kennedy $302,900 $242,970 4 2.5

5 Kingsley $199,000 $188,000 4 2

48 La Costa $285,000 $285,000 4 2.5

Highlighted properties are transactions that our company participated. The Realtor sponsoring

this community information service ad is not making any representation that they were involved in any other

particular transaction whatsoever as printed in this report except for the highlighted properties.