Scotch Plains, NJ

Washington, DC - November 2, 2009 - (RealEstateRama) - The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution yesterday that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.

"NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

"Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets," McMillan said.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Contact:
Lucien Salvant 202/383-1176

Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)

NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069

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Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)

NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069

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Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)

NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069

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Scotch Plains The native people living in this area were the Raritans, of the Leni Lenape branch of the Delaware indians. They lived in a large village near what is now Shackamaxon Golf Course and in the Ashbrook golf course area. The land was first claimed by the Dutch in 1609 as a result of Henry Hudson's explorations. The heartland of Scotch Plains was first owned by a Dutchman, Peter Sonmans, until the English conquest in 1664. Capt. John Baker bought the region from the Indians before 1684 paying one cent for every ten acres. In 1684 and 1685 the village was settled by Scotch immigrants under the leadership of George Scot - thus, the name Scot's Plains. Early on Scot's Plains was part of West Fields (later Westfield) which in turn was part of Elizabethtown. At this time people traveled by horseback on Indian trails which were later adorned with wagon wheel tracks from stagecoaches and buggies. These paths became the present main streets: Front Street, Park Avenue, Martine Avenue, Raritan Road and Westfield Road. Scot's Plain, which included what is now Fanwood, grew slowly in population and was a farming community for 200 years. Today the Township of Scotch Plains retains its small town image. It has been moving forward in providing diversified services and activities to meet the needs of its residents. Surrounding the Borough of Fanwood where there is a Train Station sending commuters and pleasure seekers to New York City, Scotch Plains offers easy accessibility to major State Highways, including Routes 22, 78 and 287, the Garden State Parkway and the New Jersey Turnpike. Scotch Plains is family oriented featuring many parks for recreation as well as a park area in the Watchung Mountains. One Country Club, two golf courses and an amusement park add to the variety within the community. Many civic organizations are very active in providing assistance to youth and needy causes.

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The 15-year FRM this week averaged 4.36 percent with an average 0.6 point, down from last week when it averaged 4.46 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent. This is the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.

	NJ Estates Real Estate Group Paul Stillwaggon October 2009 LINKING THE LATEST TECHNOLOGY TO OLD FASHIONED SERVICE Copyright © 2009 Realty Times All Rights Reserved.

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.7 point for the week ending October 1, 2009, down from last week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.10 percent. The last time the 30-year FRM was below 5 percent was the week ending May 28, 2009, when it averaged 4.91 percent. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.42 percent this week, with an average 0.6 point, down from last week when it averaged 4.51 percent. A year ago, the 5-year ARM averaged 6.00 percent. The one-year Treasury-indexed ARM averaged 4.49 percent this week with an average 0.5 point, down from last week when it averaged 4.52 percent. At this time last year, the 1-year ARM averaged 5.12 percent. "Low mortgage rates are helping to stabilize home sales," said Frank Nothaft, Freddie Mac vice president and chief economist. "New home sales in August rose to the highest annualized pace since September 2008 and the inventory of unsold houses fell to the lowest level since February 1983." Although existing home sales fell somewhat in august, it was still the second strongest showin in 23 months. Furthermore, house prices increased for the second month in a row in July, after adjusting for seasonality, based on the 20-city composite S&P/Case-Shiller Home Price index. Moreover, the increases were more broad-based in July with house prices rising in 17 of these metropolitan areas, compared to 16 in June. October 2, 2009 Linking the latest technology to old fashion service. Our realtor's commitment, pride and extensive specialized knowledge has earned us a strong position in the market and we invite you to call NJ Estates Real Estate Group when buying or selling a home, @ (908) 561-5492. -- Contact Us - Back -

Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell) NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069 Equal Housing Opportunity

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