Manchester by the Sea, MA

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Newsletter-July 11th, 2011 Provided by Dana Bain Dana Bain Premiere Mortgage Services 11 Malvern Hill Road Sterling, MA 01564 Phone: (978) 422-2311 Fax: (978) 422-2313 E-Mail: dana@bainmortgage.com Market Comment Mortgage bond prices rebounded last week, which helped mortgage interest rates improve. Weaker than expected data resulted in positive rate movements. Factory orders and the employment report both failed to meet expectations. Factory orders rose 0.8% in contrast to the expected 1.0% increase. Unemployment came in at 9.2%, higher than the expected 9.1% mark. Payrolls increased 18k, considerably weaker than the expected 110k increase. Mortgage bonds ended the week better by about 5/8 of a discount point. The Treasury will auction 3Y notes on Tuesday, 10Y notes on Wednesday, and 30Y bonds on Thursday. If foreign demand falters rates may come under pressure. LOOKING AHEAD Economic Indicator Release Date & Time Consensus Estimate Analysis Trade Data Tuesday, July 12, 8:30 am, et $43b deficit Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates. Fed Minutes Wednesday, July 13, 2:00 pm, et None Important. Details of the last Fed meeting will be thoroughly analyzed. Weekly Jobless Claims Thursday, July 14, 8:30 am, et 420k Important. An indication of employment. Higher claims may result in lower rates. Retail Sales Thursday, July 14, 8:30 am, et Down 0.1% Important. A measure of consumer demand. Weakness may lead to lower mortgage rates. Producer Price Index Thursday, July 14, 8:30 am, et Up 0.2%, Core up 0.2% Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates. Consumer Price Index Friday, July 15, 8:30 am, et Up 0.2%, Core up 0.3% Important. A measure of inflation at the consumer level. Lower than expected increases may lead to lower rates. Industrial Production Friday, July 15, 9:15 am, et Up 0.2% Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates. Capacity Utilization Friday, July 15, 9:15 am, et 76.8% Important. A figure above 85% is viewed as inflationary. Weakness may lead to lower rates. U of Michigan Consumer Sentiment Friday, July 15, 10:00 am, et 71.8 Important. An indication of consumers' willingness to spend. Weakness may lead to lower rates. Jobs and the Economy Our economy in the US is driven by consumer spending, which accounts for almost 70% of Gross Domestic Product (GDP). Three driving forces, high unemployment, high commodity costs, and a depressed housing market are currently hampering consumer spending and thus keeping the recession intact. It is simple; a person without a job can't spend money because they don't have any. High food and energy costs, items that must be purchased to keep a household running, saps money that could be used for other "luxury" items like TV's and cars. Lastly, many households relied on home equity to enhance lifestyles, pay for college, or make major improvements to the house. The only way for the US to reduce our budget deficits and grow GDP is to get people back to work. We have a long way to go as the employment report showed last week. MORTGAGE MARKET IN REVIEW Newsletter-July 11th, 2011

Dana Bain

Premiere Mortgage Services Inc.

978-422-2311 www.BainMortgage.com

Manchester by the Sea Real Estate Homes Activity Report

There were 40 Manchester MA Real Estate homes sold YTD in 2009 with an average sales price of $1,020,564 with an average days on market (DOM) of 227. The selling range was a low of $189,000 and a high of $6,232,500. As of November 30, there were 41 homes on the market with an average list price of $1,664,529, and an average DOM of 159. There is only one home under contract with an asking prive of $845,000.

Additional resources for Manchester by the Sea real estate :

Manchester MA Real Estate - Community, relocation and school information with town demographics.

Manchester MA Foreclosures - Obtain a list of foreclosed and bank owned real estate and short sales

Manchester MA MLS Search - View all listings in the statewide MLS. For a condo search, visit Manchester MA Condo.

Manchester MA Homes for Sale - Map Search - Search by location, neighborhood and commuting.

Virtual Homes Real Estate provides search tools to assist you in learning about the community, listing and market conditions. Click on the following links for your choice of services.

Visit NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information, go to New Hampshire real estate, Massachusetts real estate, Connecticut real estate, Maine real estate and Rhode Island real estate. For information regarding foreclosures, visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

The Manchester MA Real Estate homes sold report is based on activity reported from the MLSPin MA MLS system and is not guaranteed to be accurate. It does not represent all of the listings that have sold during the specified time frame.

Houses are filled with memories, the reason why Mrs. Closson lived in her mansion until the day that she died. Mrs. Closson was our landlord when my husband and I first married. She owned an estate in Manchester-By-Sea, Massachusetts near Singing Beach in the exclusive section of exclusive Manchester known as Smith's Point. On her grounds was a guest house. Long ago, the house was probably the servant's quarters. When I met Mrs. Closson, she was in her 80's. My husband had known her from just living in Manchester. When he told her of his upcoming marriage, she asked him if we would like to rent her guest house. The couple that was living there had put a deposit on a house in Beverly. Lloyd brought me to see the house and to meet Mrs. Closson. We had tea in the main mansion. Mrs. Closson was an old-fashioned type lady, but yet she was extremely vibrant. She drove to Rockport to paint most days. As for moving into the guest house, I was excited. It was a two story, two bedroom home with views of the beautiful gardens and fields and it was a short walk to Singing Beach. I remember a girlfriend visiting me and commenting that I must feel like a princess living there.

We stayed there about a year, until we left for Florida, and eventually ended up on Fort Myers Beach. While there, we met Mrs. Closson's son, who lived in Essex, another charming New England town, the next town over, and her daughter, who lived in New York. They both tried to convince their Mom to sell the mansion and and purchase a smaller home in town. But, she was stubborn to the end, Isabel Closson. She protected her home and memories until the end.

When Realtors are showing homes to clients who intend to live there, as opposed to an investors, they should remember that the client's are thinking of making future memories and that is an unspoken factor in their decision to buy or not buy a certain property.

As for Mrs. Closson, she died a few years ago, well into her 90's. We heard that her kids sold the Estate soon after she died. Not only did Mrs. Closson's Estate provide beautiful memories for her, but also for me.

I recently heard about an unfortunate situation on Boston’s north shore, in Manchester. You can find more about it at the site of WCVB-tv.

Here’s what happened: some unfortunate homeowners purchased a house that was most likely built on an old landfill. They tried to sell their house and potential buyers balked at the last minute. After learning why, the owners had their soil tested. Chemicals galore were lurking in their back yard. Lead, arsenic, mercury. Not exactly healthy. The worst part? Mom was weeks away from giving birth.

Who’s responsible? Surely the builders knew what type of land they were building on, right? Maybe they had no idea - could have just been fulfilling a contract. Surely the town knew the history of the land that was to be built upon, right? It turns out they did, and sent lent a letter to the builder ordering them to stop construction. No one followed up, the house was built, and the rest is history.

The family moved out right after learning about what was present in their yard, and hopefully they will raise a healthy baby. What about the person that sold them the house? If they had done their due diligence about the property, they would have found out this information.

Maybe, maybe not, but if the buyers had used an exclusive buyer’s agent, they could have avoided this unfortunate situation. I can’t express enough how important it is to have someone working on your behalf, not someone just trying to sell you a house. Most consumers are still not aware that they could hire someone, for no extra money other than what they will spend on buying a home anyway, that would work in their best interest. Something to think about if you plan on ever buying a house.