Corinne Whitehead Realtor Jersey Shore Homes for Sale

According to an article from:

National Association of REALTORS® Government Affairs Division

500 New Jersey Avenue, NW, Washington DC, 20001

In October 2009, FHA announced that its capital reserve fund had fallen below the congressionally

mandated level of 2 percent. The drop in capital reserves has led Congress and the Administration to call

for changes to strengthen FHA.

On January 20, 2010, FHA announced major changes to ensure its long‐term financial soundness. FHA is

trying to balance three fundamental objectives: 1) financial soundness of the FHA insurance fund -ensuring that its capital ratio returns above 2 percent, 2) fulfilling its mission of serving borrowers not

adequately served by the private sector and 3) facilitating the recovery of the housing industry and the

over‐all economy.

NAR has met with the Commissioner on several occasions to discuss the state of the housing market and

to underscore FHA' invaluable role. By all accounts the new changes are a victory for home buyers. FHA

has carefully balanced the need to make financial reforms with the need to keep FHA available to a large

segment of consumers. This is evident by retaining the 3.5 percent minimum down payment

requirement and allowing the upfront mortgage insurance premium to be financed.

FHA announced changes in the following areas:

 The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75

percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP.

 Borrowers with a credit score below 580 will be required to have at least a 10 percent down

payment. The minimum down payment will remain at 3.5 percent for all other borrowers.

 FHA will seek legislative authority to increase the annual premium (currently capped at .55

percent). Over time, increasing the annual premium may allow FHA to reduce the upfront

premium.

 Seller concessions will be reduced to 3 percent from 6 percent.

FHA will make the following lender enforcement changes:

 FHA will implement credit watch terminations at lender underwriting.

 Public reporting of lender performance through scorecard system will be implemented.

 FHA will implement, through notice and comment, indemnification against lenders.

Indemnification will be expanded beyond fraud and misrepresentation.

 FHA will seek legislative authority to enforce indemnifications against direct endorsed (DE)

lenders.

 FHA will seek legislative authority to sanction lenders nationwide based on performance of local

branch.

FHA is an integral part to the continued recovery of the real estate industry and the overall economy. NAR will

continue to work with FHA, the Administration, and the Congress to ensure FHA can fulfill its mission while

providing for the safety and soundness of the insurance fund. NAR is committed to assisting FHA as they

balance risk management with creating homeownership opportunities across the country

Click here to see the article from Reuters

This will, without a doubt, have a strong impact on the buyers, as they search for mortgage solutions in

this every changing Real Estate world. Once again, another stumbling block for Realtors and buyers who

are searching for affordable home financing.

I am happy to provide my marketing report for the Tuckerton Beach area, showing trends and sales taking place over the past year. Please feel free to email or call me with any questions or comments you may have regarding this report.

According to my calculations, there were 20 properties that changed hands (SOLD) in Tuckerton Beach during 2009.

Following is a brief description and photo of each property.

81 Curlew, 3 Bedroom, 2 Bathroom Waterfront Home 50 x 100 lot, could be considered a tear down

SOLD for $150,000

73 Dolphin Rd, a 3 bedroom 1 Bathroom, non-waterfront on a 60 x 100 corner lot

SOLD for $181,500

86 Dolphin, a 3 Bedroom, 1 Bathroom Waterfront home on a 39 x 120 x 126 x 120 lot on the cul-de-sac with 126 feet on Tuckerton Creek

SOLD for $175,000

923 S Green Street, a 3 Bedroom, 1 Bathroom Waterfront home on a 50 x 130 lot, with 50 feet of water frontage. This house needs alot of work. It is 1000 square feet

SOLD for $188,000

64 Tarpon Rd, a 3 Bedroom, 1 Bathroom, Waterfront home on 50 x 100 lot, with a newer wood bulkhead, square footage is 832.

SOLD for $205,000

470 Anchor Drive, a 3 Bedroom, 1 Bathroom Waterfront Home on 35 x 108 lot, with 108 feet on the Waterfront. This home had some updated features in the past 5 years, including some new electrical, roofing and foundation work. Square footage is 1026

SOLD for $246,000

67 Tarpon, a 2 Bedroom, 1 Bathroom Waterfront home on a 50 x 100 lot, was completely remodeled including new kitchen, bath, vinyl siding, roof, etc. 50 feet of waterfront.

SOLD for $242,500

410 Kingfisher, a 3 Bedroom, 1 Bathroom Waterfront home, on a 108 x 127 lot, with 30 feet of water frontage, This home has new roofing, siding heating, tile floor & carpeting. Raised up on pilings, with storage underneath home. Square footage is 1000.

SOLD for $240,000

291 Heron Rd., a 2 Bedroom, 1 Bathroom Waterfront home on 50 x 100 lot, with 50 feet of water frontage, and 800 square feet of living space. This sale is not in the mls, although the property was listed before through the MLS.

SOLD for $245,000

323 Kingfisher Rd., a 2 Bedroom, 1 Bathroom Waterfront home on a 50 x 100 lot, with 1400 square feet, 10 year old bulkhead and dock, new kitchen, open floor plan, great views of the grasslands.

This is the most recent sale, taking place and closing on 12/28/09

SOLD for $255,000

25A Carroll, a 3 Bedroom, 2.5 Bathroom, Waterfront home on a 70 x 110 lot, with 30 feet of water frontage, This home was built in 2004, and offers 2300 square feet of living, two zoned heat and air, and possible fourth bedroom.

SOLD for $280,000

293 Heron Rd., a 3 Bedroom, 2 Bathroom Waterfront home with 1200 square feet, on a 50 x 100 lot has remodeled kitchen with oak cabinets, Corian counters, bulkhead in great shape, this home has 1200 square feet.

SOLD for $287,500

79 Little Egg Harbor Blvd., a 2 Bedroom, 1 Bathroom, Waterfront home with 1000 square feet, rebuilt in 2005, on a 64 x 72 x irregular lot with 35 feet on the waterfront, features include decking with spiral staircase to rooftop deck with views of AC and LBI

SOLD for $313,000

106 Curlew Rd, is a 2 Bedroom, 1 Bathroom Waterfront home on a 104 x 100 irregular lot, with 94 feet of water frontage, with newer vinyl bulkhead.

SOLD for $315,000

190 Flamingo Rd., is a 3 Bedroom, 2 Bathroom Waterfront home with 1300 square feet, this home was gem, with new kitchen, wood floors, granite counter tops, really nicely done, raised on pilings, this home sold in 25 days on the market!

SOLD for $320,000

338 Kingfisher Rd., a 4 Bedroom, 2 Bathroom, Waterfront home with 1800 square feet, with 50 feet of waterfront, this home has newer kitchen with stainless appliances, tongue and groove boards on the vaulted ceilings, new vinyl bulkhead and much more.

SOLD for $325,000

373 Kingfisher Rd, is a 3000 square foot, 4 Bedroom, 3.5 Bathroom Waterfront home built in 2005. This home features hardwood floors, beautiful kitchen, family room with fireplace, with great views of the grasslands and meadows.

SOLD for $600,000

In addition, there were 2 other residential sales that took place, privately, not in the mls system.

117 Curlew Road, SOLD for $225,500, 50 x 100 lot

1133 South Green Street, SOLD for $140,000, non waterfront

It's also worth noting that no properties were sold between the price range of $325,000 and $600,000.

Regarding Surrounding areas, there were 81 Waterfront homes in Little Egg Harbor that sold in 2009 (in the MLS) and there were 2 Sales that took place in Paradise Cove Section, one for $225K and one for $235K

Currently, there are 26 Active Waterfront Listings currently on the market in Tuckerton Beach ranging in price from $219,000 to $699,900. There are none under contract presently.

Please visit my website, where you can easily search for homes by areas, and for the most up to date real estate information.

www.CWhitehead.remax-nj.com

This information is deemed reliable but not guaranteed. I have gathered this information using the Jersey Shore MLS information as well as private property tax records of sales that have taken place in 2009. This information is subject to errors and corrections.

The U.S. Department of Housing and Urban Development announced in a press release on December 22, 2009, that FHA-insured families experiencing problems associated with problem drywall may be eligible for assistance to help them rehabilitate their properties. In addition, HUD's Community Development Block Grant (CDBG) Program may also be a resource to help local communities combat the problem.

FHA is reminding its approved lenders that they are to offer special forbearance for borrowers confronted with the sudden effects of damaging drywall products in their homes including the financial hardship associated with related home repairs.

According to the article, Special Forebearances can include a suspension or reduction of payments, and repayment periods of at least six months.

"We're instructing our FHA mortgage lenders nationwide to extend temporary relief to allow these families time to remove problem damaging drywall and repair their homes," said FHA Commissioner David Stevens. "We want to remove additional pressures for these families as they find solutions to allow them to return to a safe, decent and sanitary home."

Click Here to view the Press Release from HUD and for a link to the CSPC website for more information.

The Tuckerton Seaport, is located along the Tuckerton Creek. This one-of-a-kind attraction, in the heart of historic Tuckerton NJ, brings the Jersey Shore's maritime traditions of the past and present to life through people, exhibits and hands-on activities. Here you can discover the Jersey Shore's unique maritime heritage and the interaction between culture and nature on the Barnegat Bay. Experience the rich traditions of the Jersey Shore and its Baymen through the Seaport's recreated and historic buildings, demonstrations, interpretive exhibits, events, festivals, and more. Decoy carvers, boat builders, basket makers, and baymen entertain, educate and delight visitors of all ages. Stroll the 3/4 mile boardwalk and experience life on the Tuckerton "Crik". Identify birds and plants on the 1/4 mile nature trail. Tour the site and view garveys, sneakboxes, cruising yachts and party boats displayed on land and water.

On January 13, 2010 they will have a discussion about Pinelands Influence on Barnegat Bay.
Dr, Dennis Gray of the Rutgers Pineland Field Station will discuss how atmospheric deposition and Pine Barrens stream inputs influence the Barnegat Bay Ecosystem.

There is also an Exhibit called Holidays Through the Decades, which is open Through January 15, 10am to 5pm There will be a wonderful holiday display of trees, trains and treasures in Tucker's Island Lighthouse Gallery.

Here is a link to the website: www.TuckertonSeaport.org

This weekend on LBI is one of the most loved by locals and vacationers alike. On Saturday, we have the Merchant's Mart, where area shops bring their wares and offer great buys and bargains. It is a great event, and very popular on the Island. Every year I find wonderful buys on really great merchandise.

On Sunday, it's Chowderfest, where area chefs and restaurants enter their white and red chowder into the contest of all contests for this part of the country. It is an extremely popular event, and great fun.

Plan to take a trip to Beach Haven to enjoy these two great events.