WASHINGTON - New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.

While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Data out last week showed home resales rose 3.6 percent in June, the third straight monthly increase.

Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent. But with home prices still falling, these companies won’t be making much money anytime soon.

Commerce Department said new home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

Buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.

“The window of opportunity is closing,” said Bernard Markstein, senior economist for the National Association of Home Builders

June’s results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.

Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.

But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Bergen County Foreclosure Trends

Bergen County Foreclosure Trends - April 2009

Posted by PAULA CLARK @ 6:29 am, May 31st, 2009

Bergen County foreclosure homes have remained relatively steady in 2009 after a spike in October 2008 with 398 new foreclosure filings in April compared to 925 filings last October, according to RealtyTrac.com.

Bergen County Foreclosure Activity and Home Price Index

Bergen County foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Bergen County Foreclosure Geographical Comparison

The Bergen County foreclosure rate is .03% below the state of New Jersey and .16% below national statistics.

Are you or someone you know behind on your mortgage payments and facing a Bergen County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Bergen County NJ, Creating Curb Appeal

In today’s housing market, home owners need to be more proactive than ever before when it comes to selling their homes.

Whereas the real estate boom at the turn of the century made things easy on sellers, the current real estate climate is not so seller-friendly.

To make their homes more attractive to prospective buyers, these are small and easy projects, but if neglected, they’ll give buyers the impression that other, bigger things might have been neglected as well.

If your home has a front porch or stoop, be sure to inspect it for cracks. An older porch or stoop should be replaced, and any chips or cracks in the steps should be fixed.

• Ready the roof. A new roof is very expensive, and buyers understandably often run from homes that need a new roof.

Sellers should hire their own home inspector to determine the condition of the roof before putting the home up for sale, it will likely take more time to sell the home, and buyers will wonder why the home was listed for so long.

Know the home’s ups and downs before putting it up for sale to minimize any potential concerns from buyers.

• Perfect the paint job.  For homes without siding, be sure that the paint job is up to snuff. Any areas with peeling or chipping paint should receive a fresh coat of paint, and this is another job that should be handled will before listing the home.

• Lavish the lawn with attencion. Buyers love a lush green lawn, and that lawn goes a long way to creating a solid first impression. The first thing buyers will see once they pull up curbside is the lawn. If the grass is dry with brown spots or appears neglected, many buyers will find that hard to over look.

Homeowners preparing to sell their home in the fall should lavish attention on their lawn throughout the summer, keeping it watered and possibly hiring a landscaping service to make it more appealing. Consider planting flowers or other decorative foliage.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Building Green Homes in New Jersey

There many never be a better time to get into green building than right now, particularly as a way to hedge your business against the slowing housing market.

“There is no slow down for my company,” says Matt Belcher of Belcher Homes in St. Louis. “Last year we did 15 green homes, and this next year we’ll do 25. I don’t build anything but green homes.”

Belcher says that a confluence of green products, how-to-build-green information, and customers easily sold on the concept have greatly reduced the obstacles builders used to face in getting started. By using the resources now readily available from nation and local home builders associations and other organizations, any builder can establish an individual plan to go green and execute it.

Emily English, director of the National Association of Home Builders’ Green Building Program, says the NAHB’s green Green Building Guidelines publication lays it all out in phased steps.

Step-By-Step Break Down

“There is a learning curve to switching to green practices,” says Emily. “So we have different thresholds of building green, starting with bronze, then silver and gold. The first part of the Guidelines is a checklist for what level of green you are building to. The second part of the Guidelines is how to do it, and a source of resources.”

The process of going green is broken into seven guiding principles (Resource Efficiency, Lot Design, Preparation, and Development, etc.) which each specific element in a principle section given a numerical value. By adopting elements from each of the seven sections into your building program, you move into green building step by step.

“Its easier to go green this year than it was last year,” says Belcher, who will chair the NAHB Green Building Conference March 25-27, 2007 in St. Louis. “There is so much more information out there. Our local HBA of Greater St. Louis and Easter Missouri just adopted the NAHB’s Guidelines. We tweak them for our area, but there isn’t much tweaking needed.

“On the product side, all the manufactures of building components saw the writing on the wall, Belcher adds. “Green products are about all they’re pushing.”

Selling the Green Bling

Belcher said the two largest potential stumbling blocks to going green have been selling the green concept to dubious customers and turning concepts into practice on the job site. Although these are the most crucial aspects a builder needs to get right when switching over to green practices, Belcher doesn’t view them as obstacles any longer.

“I sell the customers with what I call ‘green bling.’ I tell them about things like photovoltaic, structural insulated panels, and the fact that lenders are raising the value of green homes by as much as 18%,” says Belcher. “And when I tell them we are going to build a 3,500 square-foot home and their electric bill won’t be more than $125 a month, it gets them going pretty quick.”

English and Belcher offer a couple of tips for builders to keep in mind as they go green:

• Getting the trades on board was more of an issue in the past than it is today, as the green trend generates infomation, products, workshops and buzz. Still, English says, builders switching to green should plan on spending extra time training the trades and supervising crews on site.

• Belcher advises builders to tell their trade contractors from the very start exactly what they are doing -and why. “These guys pride themselves on being craftsmen, and they appreciate being involved in these advanced building techniques.”

“I can say that using the Green Building Guidelines has improved my bottom line dramatically. I am not wasting a thing,” says Belcher. “After my first few green houses, I was thinking. ‘Why haven’t I been doing this all along?’”

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Latest Real Estate Updates

As of last thursday the new home sales report did better then expected and existing homes sales came in lower then expected.  Overall spring time is in full bloom and buyers are looking for great real estate deals.  30Yr fixed rates open lower this week over last and expected to float around the 5% mark. 

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com

Paramus Schools Hands On Learning

 From the Paramus Post

Parkway Elementary School Students Visit The Paramus Municipal Complex

A treat was in store for Parkway students as they were given a tour of the Paramus Municipal facilities. This occurred on Tuesday, April 14th and involved three second grade classes. Lucky for them, their second grade teacher, Mrs. Bland, has a son named Keith Bland who is a Paramus Patrol Officer. Chief Richard J. Cary was on hand to welcome them.
These second graders learned about Police operations from DARE Officer and Juvenile Bureau Detective James Teehan and members of the Patrol and Operations Divisions. After touring Police Headquarters, the students visited the Borough Hall and the Municipal Court. This is the kind of education day these youngsters will not easily forget.

Pictured from left to right are DARE Officer and Juvenile Bureau Detective Jim Teehan, DARE and Patrol Officer Sal Cosentino, Chief Richard Cary, Juvenile Bureau Detective John Devine, and 2nd grade teacher Mrs. Bland, whose son Keith is a borough patrol officer.

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com

Paramus NJ Pool Fees Up for 2009

PARAMUS ­— Fees for the borough swimming pool will rise by as much as 70 percent when it opens this summer for the first time since dangerous levels of PCBs and other containments were found throughout the property almost two years ago.

Borough officials say the rate increases are necessary to offset the more than $2.5 million they spent cleaning the soil and updating the facility without passing too much of the expense on to taxpayers who don’t use it.

But the rate increases, passed by a 4-2 council majority on Tuesday, highlighted friction between the Democratic majority and Republicans Maureen O’Brien and Cathy Bentz, who voted against the measure. The pair said the fee structure puts too much of a burden on residents who are already struggling in the economic downturn.

“I don’t think we should increase the rates this year,” O’Brien said. “I think we should leave it so people could see what a beautiful pool we have this year, and next year maybe a lot of people will come, and if you’ve got to raise the prices then, you’ve got to raise the prices.”

Most of the money for the soil remediation and swimming pool upgrades — such as a new kiddie pool, new plumbing and a new slide — came from bonds the council approved last year, before Bentz and O’Brien broke a Democratic monopoly on the council in the November elections. The Republicans raised the pool-spending issue during their campaign.

They contend that the borough should have concentrated on the state mandate that contaminants be removed from the soil, and that the upgrades could have been made later.

Now, they said, the borough is attempting to bump the rates too quickly, a strategy that could backfire if too many people decide to continue with alternative arrangements they made last year, when the pool was closed.

They also said their council colleagues did not give them enough time or information to fully consider the decision after they had raised concerns about the price increases at a work session last week. They said they did not know they would be voting on new rates until the issue appeared on the meeting agenda, and they did not know what the proposal would be until an informal meeting about an hour before the vote.

Councilmen Fred Hayo — the swimming pool liaison — and Richard LaBarbiera shrugged off the criticism, saying the new rates were in line with what other towns were charging.

 “The fee is still extremely competitive and probably one of the best bargains around,” LaBarbiera said. “To not increase it would have been an unnecessary burden on the taxpayer, which at this time would have been inappropriate.”

They also said they addressed Bentz and O’Brien’s concerns about the first draft of the rate structure when they introduced the final proposal, scaling back the fees and adding one-month memberships.

“The rest of us were flabbergasted by the vote,” Hayo said. “I don’t know where this is coming from. It stinks of party politics.”

Borough manager Anthony Iacono said the swimming pool, which is supposed to operate on its own revenue, has a deficit of about $300,000, which the new rates are meant to reduce. He said the pool was not sustaining itself even before it closed in 2007, when it had about 5,500 members.

E-mail: akin@northjersey.com

Article from NorthJersey.com

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com

NJ Home Sellers, Taking Care Of Granite & Marble

The following care and maintenance tips will help keep your new kitchen and/or bathroom looking radiant for many years.

• It is recommended that you do not use your newly installed countertops or vanities for 48 hours. That includes any work to be done to your cabinets or plumbing fixtures.The silicone adhesive needs to set and if disturbed may cause seams and backsplashes to shift.
• Granites are made up of many different types of natural stones that may vary in color and grain. They are porous and require sealants or waxes to maintain their beauty.
• Granite is resistant to stains. Generally, any liquid spilled on agranite top, if wiped up within a few minutes, will not stain. However if left for a long period of time, even water can soak into a granite countertop and leave a dark colored spot; but this usually will evaporate. Liquids that do not evaporate, such as oils, will cause stains if left to soak into the stone; however, if the source of the stain is known then it is very likely that the stain can be removed. Most stains can be removed by a professional stone restorer. Even oil stains can usually be removed using a poultice or paste that will draw out the oil from the stone.
• Granite is heat resistant and can withstand the heat of hot pots and pans without damage. Impact from a heavy object may scratch, chip or break granite. We recommend that you do not use your countertop as a cutting board or place hot skillets or roasting pans directly onto the surface. We suggest using cutting boards and trivets/hot pads at all times.
• Granite will become damaged from use of harsh chemicals. Routine cleaning with mild soap and water is all that is required. Avoid using bleach, abrasive cleaners, strong chemicals and solvents, permanent markers and inks and oil soap products. They will remove any waxes and sealants, create stains and will expose your stone to damages that may or may not be repaired by a professional.
• Some granite is more porous than others. However, all of our granite countertops are sealed upon installation. The rule of thumb is that when the water no longer beads up, it’s time to re-seal. A re-application of a penetrating sealer should be performed either by the home owner or a professional, every year (longer or shorter depending on usage), which only takes about 15-30 minutes.

 To Learn More About This Topic visit  http://stoneplusdesignllc.com

NJ Loan Remodification Assistance____Learn More www.OurNJhouse.com

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?

Answer: It depends upon when the closing date occurred. For assets closed:

After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect,

On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or

On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.

Question 9: Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?

Answer: Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.OurNJhouse.com