I am getting frequent calls for stated income loans. Problem is, they are not available, and the future of this type of loan is bleak. The second best is a hard money loan, hardly an alternative. I recommend self-employed people consult their financial advisor to consider organizing themselves to show annual W-2 income. Even when stated loans were available this would have resulted in lower cost of borrowing!  Read more. Well, rates are down, refi's are up, and I see some sales volume too! Have a good week folks! - Paul   Analysis: Limited future for loan modifcations The Treasury may set rates at 4.50% to boost sales. The plan would seek to revitalize the financial market without bailing out homeowners and lenders. Read more.  I believe that ultimately the government will go for a pr... 12/06/2008

Rate spikes appear to be a thing of the past for now and rates have come down to around 6%. Contrary to news reports, loans are available for all mortgage programs. // The loan modifications landscape is changing daily. Politicians are considering it, Fannie/Freddie are trying to develop LM policies, and lenders are doing them. The focus is mostly on (above) market interest rate reductions, but on the most painful issue of foregiving part of the loan balance we still have a long way to go. // Starting this week I will include a market analysis piece to help us project the inevitable RE turnaround :)) - Paul   Market analysis: The Case-Shiller Index vs other indicators There has been much ado about which home price index is a best indicator of the health of the U.S. housing market. There... 11/08/2008

  The government is expected to announce up to $50 billion to directly address bad mortgages and millions of homeowners at risk of foreclosure. Roughly 10% of mortgages are in arrears, about 4 million loans, and roughly 7.5 million homeowners are under water. Let's say 10 million distress situations in total. The real number could be as high as 20 million. With $50 Bil that amounts to about as little as $2,500 per. Something tells me this is not going to cut it. But, it's a move in the right direction. - Paul   Lender options: Loan modification, short sale, or foreclosure This is (should be) the order of preference to lenders for the purpose of minimizing losses. Sadly, the common experience is exactly the opposite: Lenders are slow and too demanding in responding to short sale requests... 10/31/2008

Nobody likes bad news, but it just keep coming it seems. This week billionaire investor Warren Buffet predicted the economy could be worse in 5 months and Atlanta Fed President Dennis Lockhart said home prices in could fall another 10-15%. Ok then - well what goes up comes down, and vice versa. Even now I see solid cash-on-cash investments, and we don't know where the bottom is. Time to prepare for the inevitable turnaround. Have a good long weekend folks! ... Paul  Fixed rates lower, ARMs up "Interest rates for fixed-rate mortgages continue to drift down as reports of economic weakness persist. ARM rates, on the other hand, rose slightly after the Federal Reserve's Open Market Committee hinted it might increase the overnight bank lending rate" said Frank Nothaft, Freddie Mac vice pres... 08/28/2008

Conditions Reports Just wanted to let you all know that you can now follow my reporting on the market conditions for two of my major markets here on the Hudson River Gold Coast in New Jersey.  Just click the Realty Times MARKET Conditions Reports LOGO above to check out the latest in Jersey City and Hoboken real estate.   08/28/2008

Renter, paying $3000/mo.   OR Purchaser of a $500,000 condo with $8000/yr. in taxes and $500/mo. Maintenance.  (assuming a $450,000 mortgage w/ a 30-year fixed rate mortgage @6.5%, which comes out to a monthly payment of $4,011)  Okay, this was probably a no-brainer.  (I'm a real estate agent...) The purchaser spends less.  But how much less? Less than $1000 $1000-2000 $2000-3000 Over $3000?  The answer is over $3000.  ($3,328.09)  The difference is due to your Federal income tax payment.   If you earn over $78,850 (single) you are in AT LEAST the 28% tax bracket.  (A dollar earned puts 72 cents  in your wallet.)   The purchaser can take a tax deduction of $37,250.  The monthly income tax reduction is $869 and the principal on the mortgage is paid down by $419, so the purchaser pays $27... 06/19/2008

Downtown Jersey City / Hamilton ParkLocation: Hamilton ParkStarting at $295,000! Located in Historic Hamilton Park, short walk to PATH. Beautifully Renovated 1 Bedrooms w/ Granite counters, Stainless Steel Appliances, Hardwood floors, New cabinetry, New bathroom with black/white tile, washer/dryer room in building, private basement storage for each unit. Only 1 unit left on 2nd floor. Check out our virtual tour at: http://www.realestateshows.com/133960 Patina Realty is a NJ Lic RE Broker, office # 201.222.9955 InformationContact Information Krista Stancati201-615-6018Contact Reply FormForward to a FriendView Other FlyersPricingAsking Price: $295,000Additional Pricing Information: Prices starting at just $295,000 with tax abatement!Property Location208 Sixth StreetJersey City, NJ 07307Vi... 05/12/2008

Mountain Way Condos, 161 18th St (at Mountain Rd), Union CityLocation: Union City, NJNewly renovated condos on the Union City and Weehawken border. Hardwood floors, new kitchens and baths include black granite, subway tile and stainless steel appliances. Common laundry room. Garage parking available for purchase! (only 3 left!) Located on a quiet street between 18th St and Mountain Road, on the east side of Palisade Avenue. 2 blocks from NYC bus stop. Get to Manhattan in 20 minutes! Many units to choose from, stop renting and BUY today! (directions - 14th St viaduct, turn right at Manhattan Ave, bear right on Mountain Rd OR Palisade Ave to 16th Street, stay straight, turns into Mountain Rd) Check out virtual tour at http://www.realestateshows.com/186364 or our website at http://www.moun... 05/12/2008

Newly Renovated Condos in a Prewar buildingLocation: Journal Square131 Kensington Ave, Jersey City -- in the thriving Journal Square / Lincoln Park areaOur furnished model is open for viewing and available for purchase! These units are all spacious, boast great floorplans, and are within close proximity to the Journal Square PATH, Saint Peters College and Lincoln Park. Beautiful 1, 2, and 3 bedrooms are available! All units are newly renovated and features include hardwood floors, granite counters, new cabinetry, stainless steel appliances, on-site laundry, and an elevator. Some units include formal dining rooms and eat-in kitchens. 1 BD's from just $174K, 2 BD's from just $249K ... completely renovated!! Stop by and see us today!We also have 1 and 2 bedrooms available at 340 Fairmount ... 05/12/2008

Ok...now, subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in the US and around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year. This means that, for any Americans looking to buy, sell, or refinance a home, they are confronting a very different market from the one that existed just 6-12 months ago. How did this happen? The recen... 03/25/2008

Discover Port Liberté Discover what it means to live in a suburban community that goes beyond the ordinary. Port Liberté is a luxurious waterfront golfing community on the banks of the Hudson River, complete with sweeping views of the Statue of Liberty and the New York City skyline. The Venetian-inspired canal and marina allow residents to escape from the rigors of the urban metropolis and return home to an oasis only minutes from New York City . Port Liberté promises to excite your senses in every way, appealing to professionals, couples and families. The neighborhood is designed specifically to bring elegance, serenity, and prestige reminiscent of early Europe . Port Liberté offers a wide range of living spaces from apartment style studios to four bedroom townhouse condominiums appoin... 11/17/2007

All renovated 2fam in the ever growing Jersey City NJ.  First floor consists of a full finished basement great for entertaining, 2br's, Kitchen, DR and LR.  2nd fl consists of 3brs, LR, DR and Ktch.  Conveniently located on the westside and walking distance to lightrail and all major transporation and highways.  Invest in the future Listed $415K  http://www.cityofjerseycity.com/http://www.jcboe.org/http://www.greatschools.net/schools.page?city=Jersey+City&state=NJ 09/15/2007

If you have any questions about mortgage please let me know.   Please use this blog to ask any questions you may have. ThanksJustin 04/10/2007

Mandalay Condos on the Hudson Email this seller Property Information Address: 20 Second Street Jersey City, NJ 07302 Sales Center Information Stephanie Posnak 20 Second Street Jersey City , NJ  07302 Development Details - Occupancy: Contact Development Price Range: Contact Development Neighborhood: Jersey City Stories: 25 Units: 269 Development Description This limited collection at Mandalay Condos on the Hudson of 269 condominium homes designed across 25 stories represents a new level of refined city living. With sweeping waterfront and Manhattan skyline views, residents can enjoy quiet contemplation and entertain family and friends in style with each floorplans inviting and calm living spaces. Here, simple elegance has never been so easy to achieve. Professionally designed by Perkins... 04/04/2007

TRENTON, N.J. (AP)--New Jersey lawmakers Tuesday approved a sweeping measure to give homeowners relief from the highest property taxes in the U.S. The measure gives most homeowners a 20% tax break. New Jersey homeowners pay an average of $6,000 a year in property taxes, twice the national average. The bill, which also limits future property tax increases, now goes to Democratic Gov. Jon S. Corzine. "Relief is on its way to overburdened property taxpayers in New Jersey, and I think we have reached a turning point with regard to reform," Corzine said. Homeowners earning up to $100,000 will get a 20% tax break, with lesser relief going to households earning up to $250,000. About 1.9 million of the state's 2 million homeowners would get help. The Democrats are calling it the biggest proper... 02/26/2007

Hi all, my name is Nilda but most call me Nel. I am a broker working mostly the Hudson county "gold Coast " area--one cannot get closer to NYC without living there or on the other side of the Hudson in Brooklyn heights. I am a specialist in redidential dwellings throughout the county but am also quite familiar with the southern area of bergen county. Be Glad to discuss the communities with you and do my best to assist you with your inquiries.   01/12/2007