Posts Tagged ‘Morris Plains Swim Team’

First let’s congratulate the Morris Plains Marlins Swim Team for their third undefeated season.  The Marlins are 21 and 0 over the last three years.  Coach Tina Cecala and her staff should be congratulated for their tremendous effort.  The swim team is one of the best recreation programs in the county.  The coaches have succeeded   in combining personal achievement and solid team work to produce a great summer swim team.  Good luck in the County Championships

There are at least 11 million people in the US that owe more than their home is worth, and a ton more whose property is worth a bunch less than they paid for it.  If you fall in this category you may not be as trapped as you think. 

According to the Wall Street Journal, record low Mortgage rates and a new slump in home prices are presenting some unusual opportunities in the housing market.  Even underwater home owners may benefit.

Many home owners are intentionally taking a hit on their current house writing a check to retire the loan in order to buy a much larger house for not that much more money.  Some are throwing conservative financial advice to the dogs.  They are opting to cash in refinancing.   They are paying thousands out of their pocket to settle their loans and then taking out new mortgages with lower payments and shorter terms.

Essentially these people are doubling down on their homes and taking a chance that when the economy recovers they will have put themselves in a position where there new properties will appreciate faster than if they had waited for their older home to do so.  Economists are saying that this may not be such a bad idea.  Christopher Mayer from Columbia Business School says that “If you are trading up, what better time than now”  Interest rates are rock bottom and the cost of a larger home is much less then what it was 2,3 4 years ago. Someone who wants to refinance is home could plunk down cash to retire the  higher rate loan then refinance the new loan and might be able to reduce his monthly payments as well as shortening is loan term.  Look at the graphs below

For example, 2 years ago someone bought a home for 246,000. That same home has appraised for 228,000 today.  Our home owner has paid 29,000 in principle and closing costs to refinance his current 30 year loan at 5.87% into a 20 year loan at 4.5%.  This will save the home owner 95,000 in interest over the life of his loan and lowers his monthly payment by 148.00 dollars.  If you do the math our home owners not only saves the 95 grand over the course of his loan.  He also earns a return of about 10% a year for 5 years on his investment of 29,000.

It is not easy for many of us to accept the fact that we have lost tens of thousands of dollars on our homes.  However for scores of home owners summoning the courage to take a loss now could lead to large gains later. 

This is agreat time to be a buyer especially in Morris Plains.  There are a number of homes in town that are competively priced to the current market.  These homes will sell very quickly, I know of one that already has had alot of interest in it.  If you need any information about the town give me a call and I will be happy to assist you.

Thanks for reading my blog on Morris Plains Homes NJ and here is the Quote.”Go back a little to leap further.”  John Clarke

Let’s congratulate the class of 2010 from Morristown High School.  Their graduation was the other night.  The highlight of the ceremony was Dan Knapp’s Valedictorian speech.  It was a fantastic speech and brought the whole crowd to it’s feet.  to see it go to You Tube and type in Dan Knapp but here is the link .http://www.youtube.com/watch?v=EI2w-KhMlx4

Let’s give some props to the All Season Garden Club of Morris Plains. The flower boxes on Speedwell Avenue look great. It is just one more thing that makes the town look fantastic.

Summer has here and the recreation activity has started at the Morris Plains Community Park. The swim team at the town pool is gearing up for another great season. The team lost some of it senior swimmers last year but this year they still look good. The team could go 7 and 0 again this. This would be the third year in a row of an undefeated season.

Don’t forget that Morris Plain’s Family Day is this Saturday June 26; the rain date is June 27th. The action starts at 5:30 PM with rides, games, and activities. Please support the civic organizations that will be selling refreshments and food to raise money for their programs. Around 9:30 PM sit back and watch one of the largest fireworks displays in the area

There is some good news on the economic front. US diesel fuel demand is on the rise. According to the Energy Department said that demand for the fuel is up almost 10 percent from this time last year. Demand for diesel fuel is expected to continue to increase as the manufacturing sector of the US continues to recover. Diesel demand and economic growth are intertwined as the economy gains strength diesel fuel the main fuel for the American Trucking Industry increases. Most of American goods move by truck. Industrial output rose 1.2 percent in May.

Manufacturing in the central Atlantic region expanded for the forth straight month in May according to the Richmond Fed’s latest survey. The Bloomberg survey of 67 economists showed that the US economy has expanded this year at the fastest pace since 2004. Things are also picking up in the Midwest. Demand for diesel continues to grow even after the spring planting season comes to an end. Goods arriving in US ports of Los Angeles and San Francisco are up 18 percent for May.

World wide the demand for diesel demand has really picked up as economies in Europe and Asia continue to recover. More and more Diesel fuel is being exported to the Asian and European Markets to satisfy this demand.

Home sales for May were lower then expected but home sales overall with an increase of 19.2 percent over May of 2009.  “On Average we are looking at a moderate advancing trend in home sales” Stephen Stanly of Pierpont Secrurities in Stamford CT.  The time to move on a new home is now.

The proof is that buyers have moved back into the market and already some of the choicest properties have already been grabbed up. If you are looking to sell and moving up into a larger home or are just interested in the Real Estate market in Morris Plains Just give me a call.

Thanks You for reading My Blog Morris Plains Homes NJ.  Here is the quote: People that pay for things never complain.  It’s the guy you give something to that you can’t please.  ~Will Rogers

Mortgage rates hit new lows for the year.  Rates on a 30 year fixed rate mortgage have fallen to the lowest level of the year and are barely shy of an all time low.  30 year fixed rate mortgages have fallen to 4.72 percent.  The average for a 15 year is 4.17.  This is the lowest rate for a15 year mortgage since August 1991.  Rates on a 5 year adjustable mortgage are at 3.92.

Investors weary of the European dept crisis and the turbulent stock market have shifted money into the safety of US Treasury Bills.  Fixed rate mortgages tend to track that yield.  The unemployment picture shows that few private sector jobs have been created.  This has made the investors nervous of the stock market and pushed bond rates higher and interest rates lower.  When bond yields fell interest rates followed. 

It was expected that when the tax credit for home buyers program had ended that rates would move higher.  Fortunately for the home buyer just the opposite has happened.

Another good omen showing that the economy is improving.  Is that it appears that corporations do not appear to fear future restrictions on credit.  Many corporations have begun stock by back programs.  Instead of hoarding cash to use in the event of tighting credit, corporations are out buying their own stock back.  Over 122 billion has been spent buying stock back.  This is a boom to share holders.

Consider the performance of the Buyback Letter, edited by David Fried, an advisory service that recommends stocks based on buyback activity. Since the beginning of 1997, which is when the Hulbert Financial Digest began tracking this service, it has produced a 10.7% annualized gain, compared to 5.1% for the overall stock market (as measured by the Wilshire 5000 index). Among all the services the Hulbert Financial Digest has tracked since 1997, the Buyback Letter is in third place (second when ranked on a risk-adjusted basis).

Private equity is getting into the investment picture as well.  Just look what happened in Delaware last week.  A refinery that Valero Refining Company had shut down in November and affected the income of over 4,900 families was bought by a private investment company.  The new Delaware Refining Company has already called people back to work to begin startup procedures.

If you are thinking of buying or selling a home in Morris Plains NJ give me a call.  I can help you through the process.

Thanks for reading my Blog Morris Plains Homes NJ.  Here is the Quote: There are so many men who can figure costs, and so few who can measure values.  ~Author Unknown