Iris Lurie's blog

This is Why we Need to Extend the Mortgage Forgiveness Debt Relief Act!

Did you know that the Mortgage Forgiveness Debt Relief Act expired?  Watch this video and learn more about what extending the Mortgage Forgiveness Debt Relief Act means for America’s neighborhoods and home values . . . brought to you by Home Ownership Matters.

Mortgages - Who is Borrowing What? And How Much?

Freddie Mac funded approximately 1 out of every 4 mortgages so far this year . . . over 350,000 of them.  So according to Freddie Mac, this is what the makeup of those loans looked like, on average.

  • 92% were detached homes, and 8% were condominiums
  • 89% were for a primary residence, 7% for investment properties, and 4% for second/vacation homes
  • The average loan size was $157,000
  • The average down payment was 22%
  • The Average FICO score was 751

These are averages, so it's important to note that many borrowers qualified for a mortgage with less than 20% down and/or a lower credit score.  More than 20% of the borrowers put less than 20% down . . . some as low as 5%, and 30% of the loans were made to borrowers with FICO scores between 660 and 739.

Real Estate Market Update

Many local housing markets are hot right now, with multiple offer situations and bidding wars in markets that have the strongest house price appreciation and job growth.

Builders are expected to bring more homes to the market this Spring and Summer for the first-time buyer.  Property values are rising, which will help millions of homeowners get out from underwater, emerge from negative equity and enter the “for sale” market. Also, with continued employment growth and an expected increase in family incomes, this could lead to a more active real estate market.

Century 21 at the Indy 500

Be sure to tune in and cheer for the Century 21 sponsored car and driver in the Indy 500!

 

Freehold's Best Italian Restaurants

Freehold . . . known for it's great schools and family-oriented community spirit . . . also may be known for having some pretty good restaurants.  Here are 4 of our favorite Italian restaurants in the downtown area.

La Cipollina Ristorante

For something special, try La Cipolilina.  Their well-dressed and attentive wait staff will spoil you.  So will the elegant cheeses and fresh vegetables.  Try their homemade mozzarella or their classic French chicken breast . . . both customer favorites.

Federici's Family Italian Restaurant

For a casual lunch or dinner try Federici's, which has been a family-owned Freehold staple for over 85 years.  The restaurant, which could double as a museum, serves delicious pizzas, pastas, sandwiches, soups and salads.