Real Estate Outlook Looks Good for Central New Jersey
By Lorraine & Gilbert Marchany, The Marchany Home Selling Team
(Prudential Fox & Roach, Realtors)
Recent indicators are showing good things in the Central New Jersey real estate market. Home sales are on the rise, mortgage applications have increased, and foreclosures have decreased. The Mortgage Bankers Association (MBA) has reported that mortgage applications are at the highest level in months, rising by 17.3 percent. Michael Fratantoni, vice president of MBA's research and economics, points to an upswing in the job market as one reason that the housing market is showing signs of improvement. Additionally, mortgage rates have remained below 5 percent, making home loans affordable. Refinance applications are also increasing because of attractive interest rates. In fact, since April 2009, record low mortgage rates have helped more than 9.5 million home owners refinance, at a savin...
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