So Excited!

PRESS RELEASE THAT MY OFFICE IS SENDING OUT.....


Sue Adler Receives National Recognition at Keller Williams Realty International Award's Ceremony

Summit, NJ. At Keller Williams International’s annual Awards Ceremony this past week, Sue Adler was called to the stage at the Atlanta Convention Center to receive a “Top Performing Individual” Award for the 5th highest dollar volume production out of 75,000 Realtors in Keller Williams International for 2007.

Sue also was one of the few Realtors in the area to receive the highest level NJ Circle of Excellence Platinum Award for 2007, and Esourceagent.com ranked her #35 in the top 100 real estate internet marketers nationwide for internet web visibility. She is the only New Jersey realtor to appear on this list.

“In 2002 Sue remarried and moved with her daughters Daryl & Abby Seitchik to Short Hills from Blue Bell, PA, a Philadelphia suburb, where she had been the #2 Remax Agent in Pennsylvania. In 2004, she was “Sue who?” helping to open a company called “Keller who?” and in only 3 1/2 years has become a household name in real estate as one of the top agents in the Garden State MLS, as well as the # 1 Keller Williams Agent in our 100+ agent office, the entire New York Region, and now #5 internationally.” says Deborah Meckbach, Managing Broker of Keller Williams Realty. “Sue's tremendous success can be directly attributed to the type of person she is - ethical, professional and enthusiastic. Sue always seeks innovative ways to grow her business and provide outstanding service to her clients. Her optimism and "can do" attitude make her stand out from the crowd. She is a true asset to our company and her clients.”

Temporary Increase in Conforming Loan Limits- How will this affect your purchase in our Midtown Direct Train Line towns.....

Hi Everyone,

Hold onto your hats! I'm getting flooded with emails from mortgage companies with this great news. See below.

Temporary Increase in Conforming Loan Limits

The stimulus package will provide for a temporary increase for the GSEs conforming loan limits to match the new levels established for the FHA. Currently Fannie Mae and Freddie Mac are only able to purchase loans under $417,000. Loans with balances above that limit have fewer buyers and are significantly more expensive and difficult to finance.

Even when financial institutions are willing to make these loans, because there is no secondary market for them, they cannot sell the loans and fund new ones. By permitting the GSEs to buy these loans, this change would provide vital liquidity to mortgage markets where funds are currently unavailable or limited.

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The President has not yet signed the bill, but that seems likely from everything we’re hearing. The loan limits are being increased to 125% of the area’s median home price (but not to exceed $729,750). Restrictions, regional limits and actual implementation has yet to be resolved.

How does this affect buyers for Maplewood, South Orange, Millburn, Short Hills, Summit, Chatham, Madison, Livingston, Montclair and surrounding New Jersey towns????

Assuming Excellent Credit and 80 LTV the spread on a 30 year fixed conforming to non conforming can range from .625% to a 1.00%. difference. The spread is less on the ARM’s. a 10/1 conforming to non conforming . The range is a .375% - .500% difference.

Rates are fantastic right now.

Most JUMBO ARMS are priced in the low to mid 5%
A rate that exists one day may be different the next.
Mortgage Rates vs. Federal Reserve Cuts

When the Fed cuts the discount rate or fed funds rates these are vehicles banks use for overnight lending. In general banks follow suit to also lower the Prime Rate (currently 6%).
Mortgage rates tend to follow the 10yr Treasury Bond, not fed funds or discount rate or prime.
The lower the bond yield the lower mortgage rates.
PRE rate cuts the bond was 4.33. NOW it is 3.65%.
Mortgage markets price in a fed move in advance.
Current bond environment is highly volatile intra day---each earning report/bond auction/ etc can move the market
Conforming loan limit increase

1) FNMA and FHLMC will be allowed to buy loans worth as much as $729,750 for loans made between July 31, 2007 and Dec. 31, 2008. The FHA will also be allowed to insure loans up to $729,750 in high cost markets.

2) Details on restrictions, regional limits, and the actual implementation have yet to be resolved and the President needs to SIGN the bill! (729k is the MAX based on 125% of median sales price in area)

3) I will alert you when the bill is signed in to law and when all details and pricing are available.

Yours to count on,

Sue Adler
www.SueAdler.com