Obama signs bill assisting home buyers and Americans out of work.
President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective home buyers and additional jobless benefits to those idled by the business slump.
The White House said the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February to avert an economic meltdown.
Friday the government reported the jobless rate hit 10.2 percent last month, the highest since 1983.
Obama called it a "sobering number that underscores the economic challenges that lie ahead" and vowed that he will not rest until all Americans who want work can find work.
"The law provides another 14 weeks of benefits to all out-of-work people who have exhausted their benefits or will do so by the end of the year, estimated at nearly 2 million. Those in states where the jobless rate is 8.5 percent or above get an additional six weeks.
The Labor Department reported Friday that that employers shed another 190,000 jobs in October. Obama said job creation traditionally lags behind economic growth, but he acknowledged that is small comfort to those seeking work.
"So although it will take time and it will take patience, I am confident that our economy will recover," Obama said. "I'm confident that we're moving in the right direction. And I promise that I won't rest until America prospers once again."
The tax credits will be available through next June as long as the buyer signs a binding contract by the end of April.
The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.
Call a professional for additional details..
Dawn Marie White
Broker-Manager e-pro
Sales & Marketing Professional
Crossroads Realty Inc
732-581-9414 Cell 732-657-1300 Office
WE SELL MORE HOMES IN OUR MARKET PLACE THAN ANY OTHER REALTOR
Do you know someone who can afford this type of lifestyle? If you do now is the time to tell them to take a look. http://107lyndhurst.blogspot.com/ This Beachfront Haven is Located on a wonderful private lane in Brick's South Mantoloking area. The builders must sacrifice this beautiful Oceanfront home and want all reasonable offers known. Call Dawn Marie White for additional details or stop by the open house on Sunday and experience living on the Jersey Shore..
Originally, there was a lot of speculation that there would be no tax credit extension. That caused some uyers to stop looking (especially in regions where closings take longer).
If the housing bill is signed as proposed this is what we would be getting..
Income levels will be raised to $125,000 for a single and $225,000 for married couples.
These buyers did not qualify for the original tax credit and therefore will benefit more people.
This could be the answer for the second tier homes over 400,000 - 600,000 whose sales have remained stagnant.
The Move up buyer may also have 6,500$ good reasons to make the move as well.
Many of the sales over the last 6 months were foreclosed properties which did not create move-up buyers. Now, more non-distressed properties will sell.
The Future
1. Interest rates are at historic lows.
However, the Fed has announced it will pull back on the purchase of mortgage-backed-securities in March. Experts believe that will drive interest rates to over 6 percent.
2. Tax Credits if you buy now.
The tax credit will expire the first half of 2010. (the house must be in contract by April 30th.)
3. Selection is fabulous now.
Howeveer as more buyers take advantage of this tax credit opportunity the less homes there will be to choose from.
For additional information call me.
Best Regards,
Dawn Marie White Broker-Manager-e-pro
Marketing & Sales Professional
Crossroads Realty Inc
732-581-9414 Cell
732-657-1300 Office
"Your Best Source For Homes at the Jersey Shore"
The New Jersey Real Estate market is on it's way to recovery. Counties like Passic, Bergen, Morris, Somerset, Union, Middlesex and Mercer are currently recovering quicker than Monmouth. These counties have inventory of 5 and 6 months indicating a reduced supply which will stabilize prices. Experts are still predicting that New Jerseys housing prices will not reach 2004-05 levels again until 2016
Current unsold inventory in Monmouth County
Total Market 10 Months
400K and under 8 Months
400K to 599K 10 Months
600K to 1M 16 Months
1M to 2.5 M 20 Months
2.5 M 77 Months
A stable non declining real estate market is indicated by a 5 to 6 month inventory supply.
Statistics provoded through the Monmouth Ocean MLS
|
Township HIG HIGHLANDS |
Units Sold 145 |
Total $ Sales 16,542,339 |
Average Sales Price $114,085 |
Med Sale Price $16,800 |
|
HOL HOLMDEL |
143 |
$64,900,669 |
$453,850 |
$385,000 |
|
HOW HOWELL |
455 |
$109,835,509 |
$241,396 |
$243,500 |
|
INT INTERLAKEN |
11 |
$5,467,550 |
$497,050 |
$530,000 |
|
KEA KEANSBURG |
109 |
$9,604,780 |
$88,117 |
$60,000 |
|
KEY KEYPORT |
84 |
$11,847,406 |
$141,040 |
$152,500 |
|
LAK LAKE COMO |
42 |
$5,058,000 |
$120,428 |
$12,850 |
|
LIT LITTLE SILVER |
66 |
$27,016,728 |
$409,344 |
$435,000 |
|
LOC LOCH ARBOUR VILLAGE |
5 |
$2,859,000 |
$571,800 |
$327,000 |
|
LON LONG BRANCH |
323 |
$56,937,966 |
$176,278 |
$31,200 |
|
MAN MANALAPAN |
424 |
$123,624,289 |
$291,566 |
$293,500 |
|
MAQ MANASQUAN |
72 |
$30,038,457 |
$417,200 |
$408,500 |
|
MAR MARLBORO |
345 |
$134,662,146 |
$390,325 |
$385,000 |
|
MAT MATAWAN |
83 |
$17,519,654 |
$211,080 |
$250,000 |
|
MID MIDDLETOWN |
527 |
$153,370,847 |
$291,026 |
$293,900 |
|
MIL MILLSTONE(MON) |
57 |
$26,144,976 |
$458,683 |
$510,000 |
|
MON MONMOUTH BEACH |
109 |
$27,513,187 |
$252,414 |
$28,800 |
|
NEP NEPTUNE CITY |
35 |
$5,638,995 |
$161,114 |
$215,000 |
|
NPT NEPTUNE TWP |
231 |
$62,860,190 |
$272,122 |
$252,500 |
|
OCE OCEAN(MON) |
218 |
$56,367,506 |
$258,566 |
$280,450 |
|
OCP OCEANPORT |
42 |
$11,339,900 |
$269,997 |
$270,000 |
|
RED RED BANK |
179 |
$24,112,910 |
$134,708 |
$24,000 |
|
ROO ROOSEVELT |
6 |
$1,203,425 |
$200,570 |
$187,500 |
|
RUM RUMSON |
94 |
$60,547,800 |
$644,125 |
$487,500 |
|
SEA SEA BRIGHT |
95 |
$14,847,234 |
$156,286 |
$18,000 |
|
SEG SEA GIRT |
54 |
$28,467,582 |
$527,177 |
$33,750 |
|
SHB SHREWSBURY BORO |
41 |
$12,393,000 |
$302,268 |
$349,000 |
|
SHR SHREWSBURY TWP |
10 |
$855,900 |
$85,590 |
$99,500 |
|
SPH SPRING LK HEIGHTS |
65 |
$11,916,359 |
$183,328 |
$19,000 |
|
SPR SPRING LAKE |
103 |
$64,052,269 |
$621,866 |
$31,800 |
|
TIN TINTON FALLS |
212 |
$49,280,290 |
$232,454 |
$256,500 |
|
UNI UNION BEACH |
61 |
$12,435,585 |
$203,862 |
$230,000 |
|
UPF UPPER FREEHOLD |
31 |
$13,021,000 |
$420,032 |
$415,000 |
|
WAL WALL |
216 |
$65,915,449 |
$305,164 |
$319,750 |
|
WLB WEST LONG BRANCH |
68 |
$12,113,250 |
$178,136 |
$28,475 |

Broker-Regional Manager
Sales & Marketing Professional
732-657-1300 Office dawnmariewhite@gmail.com
732-581-9414 Cell www.njwaterfront.com
Ocean County closed sales 01/01/2009 through 09/30/2009

According to industry experts as of September 2009 the following months of inventory remain unsold.
Total Ocean County Market 10 months
400K or less 8 months
400K-599K 19 Months
600K to 1 Million 20 Months
1m to 2.5m 24 Months
2.5 Million 44 Months
A normal real estate market is reflected when we have a 5 to 6 month supply of inventory.
Monmouth Ocean MLS (Closed sales the first 3 quarters of 2009)
|
Township BAR BARNEGAT |
Transactions 177 |
Total Dollar Volume $37,128,205 |
Average Sale Price $209,763 |
Medium Sale Price $217,000 |
|
BAY BAY HEAD |
18 |
$8,730,100 |
$485,005 |
$161,400 |
|
BEA BEACH HAVEN |
4 |
$4,632,000 |
$1,158,000 |
$972,500 |
|
BER BERKELEY |
647 |
$96,893,758 |
$149,758 |
$125,000 |
|
BEW BEACHWOOD |
65 |
$14,328,350 |
$220,436 |
$230,000 |
|
BRK BRICK |
785 |
$178,593,378 |
$227,507 |
$200,000 |
|
EAG EAGLESWOOD |
7 |
$1,008,300 |
$144,042 |
$120,000 |
|
HAR HARVEY CEDARS |
1 |
$1,700,000 |
$1,700,000 |
$1,700,000 |
|
ISL ISLAND HEIGHTS |
10 |
$2,414,250 |
$241,425 |
$193,500 |
|
JAC JACKSON |
448 |
$114,240,144 |
$255,000 |
$260,000 |
|
LAC LACEY |
312 |
$68,615,945 |
$219,922 |
$225,000 |
|
LAV LAVALLETTE BORO |
30 |
$25,787,150 |
$859,571 |
$757,250 |
|
LEH LITTLE EGG HARBOR |
83 |
$15,730,535 |
$189,524 |
$195,000 |
|
LKH LAKEHURST |
15 |
$1,328,510 |
$88,567 |
$14,400 |
|
LKW LAKEWOOD |
440 |
$80,483,386 |
$182,916 |
$165,000 |
|
LNG LONG BEACH |
4 |
$2,703,000 |
$675,750 |
$711,500 |
|
MAC MANCHESTER |
565 |
$65,456,085 |
$115,851 |
$89,000 |
|
MAK MANTOLOKING |
13 |
$25,919,533 |
$1,993,810 |
$2,225,000 |
|
OCG OCEAN GATE |
31 |
$4,688,234 |
$151,233 |
$151,000 |
|
OCN OCEAN(OCN) |
92 |
$17,183,405 |
$186,776 |
$191,450 |
|
PIN PINE BEACH |
14 |
$4,083,700 |
$291,692 |
$247,450 |
|
PLU PLUMSTED |
43 |
$7,425,775 |
$172,692 |
$220,000 |
|
PPB POINT PLEASANT BEACH |
88 |
$30,241,302 |
$343,651 |
$350,000 |
|
PTP POINT PLEASANT |
196 |
$59,599,187 |
$304,077 |
$289,500 |
|
SEH SEASIDE HEIGHTS |
42 |
$11,172,160 |
$266,003 |
$231,500 |
|
SEP SEASIDE PARK |
20 |
$10,293,000 |
$514,650 |
$430,000 |
|
SHI SHIP BOTTOM |
5 |
$2,632,500 |
$526,500 |
$525,000 |
|
STA STAFFORD |
219 |
$55,632,727 |
$254,030 |
$254,900 |
|
STO SOUTH TOMS RIVER |
28 |
$4,202,350 |
$150,083 |
$181,000 |
|
SUR SURF CITY |
5 |
$1,552,550 |
$310,510 |
$450,000 |
|
TOM TOMS RIVER TWP |
899 |
$237,114,594 |
$263,753 |
$246,000 |
|
TUC TUCKERTON |
17 |
$2,526,425 |
$148,613 |
$150,000 |
|
TOTALS |
5323 |
$1,194,040,538 |
$224,317 |
$200,000 |
Broker-Manager Sales & Marketing Professional
Office 732-657-1300 dawnmariewhite@gmail.com
Cell 732-581-9414 www.njwaterfront.com
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