Tame inflation data, strong demand for the Treasury auctions, and a lack of surprises from the Fed were all positive for mortgage markets, and Mortgage rates end the week lower.
As expected, the Fed held the fed funds rate steady on Wednesday, and its statement contained few changes. The Fed suggested that economic activity is "leveling out", rather than continuing to decline, and the Fed expects that inflation will remain subdued due to unused capacity in the economy. Of note, the Fed decided not to increase its $300 billion Treasury purchase program, which will end in October. No changes were announced for the $1.25 billion mortgage-backed securities (MBS) purchase program, which is set to conclude at the end of the year. Mortgage rates are largely determined by MBS prices, and the added Fed demand for MBS has helped keep mortgage rates low. Investors will soon need to hear what the Fed plans to do with the MBS purchase program. The direction the Fed chooses could have a significant impact on mortgage rates later in the year.
The economic data released during the week was favorable for mortgage rates. The July Consumer Price Index (CPI) inflation data was unchanged from June, and Core CPI, which excludes food and energy, rose at a tame 1.5% annual rate. Current inflation levels are not a cause of concern for investors. July Retail Sales dropped slightly from June. Excluding autos, the results fell well short of expectations.
The above and the continuous decline in home prices have caused an uptick in home sales. The question is will home prices continue to drop and will interest rates stay low. Only time will tell. To see home prices in the USA courtesy of Paul R Hauke, Realtor Associate and PRUDENTIAL ZACK SHORE PROPERTIES go to www.mlsprh.com
2009 FIRST TIME HOMEBUYER TAX CREDIT
FEATURE DESCRIPTION
Amount Of Credit $8,000.
Eligible Property Any single family residence used as
principal residence.
Income Limit Yes. Full amount of credit availabel for
individuals with adjusted gross income
of no more that $75,000. ($150,000.00 on
a joint return). Phases out above those
caps ($95,000.00 and $170,000.00)
First Time Homebuyer Only Yes. Purchaser and spouse may not have
owned a principal residence in
3 years previous to purchase.
Revenue Bond Financing Purchasers who utilize revenue bond financing can use
credit. In NJ, State Program is First Time Buyer Program.
Repayment No repayment for purchase after January 1, 2009 and
before December 1, 2009.
Recapture If home is sold within three years of purchase, entire
amount of credit is recaptured on sale.
Applies only to homes purchased in 2009.
Termination December 1, 2009
Effective Date Effective as of January 1, 2009
For more information about buying a real estate please contact:
"Col" Paul R Hauke BA MBA Realtor Associate
PRUDENTIAL ZACK SHORE PROPERTIES
401 Spier Ave
Allenhurst, NJ 07711
Office 732-988-4499 ext. 123
cell 732-899-8952
web: www.mlsprh.com
"Col" Paul R Hauke & PRUDENTIAL ZACK SHORE POROPERTIES Real Estate Auction Services
With all the financial bad news, foreclosures and short sales there is hope at the end of the tunnel.
Just when you think there is no light to be seen, good news comes along.
"Col" Paul R Hauke, BA MBA Raltor Associate, and PRUDENTIAL ZACK SHORE PROPERTIES have
finalized plans to Auction Real Estate, both residential and commercial.
Some benefits of the Real Estate Auction Process are as follows:
This Real Auction Service is fast and efficient for all types of Real Estate, if it's a home or
commercial property or leases, prices from $100,000 to 10,000,000.
For free information please contact:
"Col" Paul R Hauke BA MBA Realtor Associate
PRUDENTIAL ZACK SHORE PROPERTIES
401 Spier Ave
Allenhurst, NJ 07711
Office 732-988-4499 ext. 123
cell 732-899-8952
email: haukerealty@iffpf.com
FREE MLS SEARCH : www.mlsprh.com
The official language of the final version of the Stimulus Conference Package. Home Buyer Tax Credit: $8,000 Refundable tax credit (and no repayment provision) for first-time home buyers who purchase a principle residence between January 1 and December 1, 2009. Credit can be used in conjunction with mortgage revenue bond-financed mortgages issued by housing finance agencies. - The credit begins to phase out for taxpayers with adjusted gross incomes in excess of $75,000 for individuals and $150,000 in case of a joint return. -The credit is up to 10 percent of the purchase price, with a maximum of $8,000. -The credit must be repaid if the house is sold within three years of purchase. -Eligibility for the credit is for first-time home buyers who buy after December 31, 2008. If the home was purchased in 2008, you are not eligible Final Note: At the end of the day, all decisions of what to include and what to leave out of the final conference report came down to “cost.” The cost of the House version of the credit ($7,500; first time homebuyers; through June of this year) was estimated between $3-5 billion. The cost of the Senate provision ($15,000; all homebuyers; eligibility for one year after the date of enactment) was about $40 billion. The final version of the tax credit is estimated at $6.6 billion. Information Courtesy Of: Paul R Hauke Ba MBA Realtor Associate PRUDENTIAL ZACK SHORE PROPERTIES 401 Spier Ave Allenhurst, NJ 07711 Office 732-988-4499 ext. 123 cell 732-899-8952 email : haukerealty@iffpf.com FREE MLS REAL ESTATE SEARCH : www.mlsprh.com
As the real estate market weakens Auctions are becoming more and more popular. Seeing this opportunity to sell real estate quickly and at the best price, Paul R Hauke , BA MBA Auctioneer, Associate Realtor with Pruzack has developed a quality real estate auction program.
Paul R Hauke has over thirty (30) years professional auction experience and has sold not only commercial & residental real estate, but also cattle, horses, home contents, business property, cars, trucks, excess inventory, etc.
Paul R Hauke, started in the Auction business while attending Monmouth University in West Long Branch, NJ, with his first job with BG Coats Auction Company in Rumson, NJ doing home contents sales and antique sales. This was great training as Mr Coats was the founder of the National Auctioneers Association (NAA). Paul also worked for O Rundell Gilbert of Garrison On The Hudson , NY an antiquities dealer and auctioneer known around the world. Mr. Gilbert at one time owned the entire collection of all the first working models of all great american inventions that were once housed by the US patent office from when such working models had to be submitted with the patent application. Mr. Gilbert's auctions were always great estates with sales in the millions.
Paul graduated from Monmouth University with both a BA degree and a MBA degree. He attended Missouri Auction School in Kansas City, Missouri, where he did numerous and various auctions. Paul keeps up on all the new developments in the Auction business, especially real estate. Paul has been in the real estate business for thirty (30) years.
For more information on the conducting or sponsoring an auction sale pleae contact Paul .
Paul R Hauke BA MBA Auctioneer Realtor Associate l PRUDENTIAL ZACK SHORE PROPERTIES 401 Spier Ave., Allenhurst, NJ Office 732-988-4499 ext 123 cell 732-899-8952
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Homes,Condos,Estates,Waterfront Properties, Apartment Complexes,Shopping Malls wanted for Auction by Paul R Hauke, BA MBA Realtor Associate -Auctioneer, Pruzack, 401 Spier Ave., Allenhurst, NJ. Referrals OK.
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