Kevin OBrien

The UK's independent recently put out is Complete Guide to New Jersey. Some familiar towns received some good recognition by the publication. It is definitely worth reading even for those familiar with everything at the Jersey Shore. I have to admit I did not realize the reason why Ocean City NJ was dry was because of who settled it. Ocean City Ocean City, for example, was settled by Methodists and it has remained a town where sales of alcohol are prohibited (although the official spin is that it is a "family resort"). Cape May New Jersey's oldest seaside resort is one of the most delightful spots on the eastern seaboard. It's a charming Victorian town with a historic district full of beautifully restored houses built in the 19th century, when this was the place to spend the summer. Atlantic City Another year-round resort, Atlantic City, is different from everywhere else on the Jersey shore. Like Cape May, it started out as a seaside resort. Read the rest of the Article

Definitely a growing sign on the times is the number of foreclosures and short sales hitting real estate markets throughout the country. For those who have cash available, now can be a great time to buy a foreclosed home or home looking for a short sale. Personally, I have noticed a number of people beginning to take interest in Ocean City NJ foreclosures.

While Ocean City may not have as many foreclosures as some neighboring towns, there are definitely deals to be found. The keys are having money available and qualifying for a mortgage. If you can pass both these obstacles this is a great time to start searching for a shore home. If you would like more information visit my website or email me.

In soon to be announced news, the federal administration is set to unveil a new program to help at-risk mortgages. The new goal of the government is to streamline the process to help those who are at risk of defaulting on their mortgage. The new program is set to make is more efficient for Fannie Mae and Freddie Mac and other banks to change the terms of home owners that meet certain criteria.

It is believed that the new program, would establish standards for loan modifications and provide guarantees for loans meeting those standards so that "unaffordable loans could be converted into loans that are sustainable over the long term." CNNMoney.com. From the Washington Post, The goal of the new program would be for borrowers' annual mortgage payment to equal 38 percent of annual income, the model used successfully by the government with IndyMac in California. The companies would do that by extending the loan term, reducing the interest rate and, if necessary, delaying payment on a part of the principal of the loan. If a borrower is able to meet payments for three months, the change becomes permanent.

It seems we will have to wait until the scheduled 2 pm press conference to find out exactly what actions will be taken. Whatever the outcome it appears it will be positive for the housing market.