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According to boston.com, it is imminent that Attorney General Martha Coakley will join CA and FL in signing a deal that will pay reparations to MA residents who have lost their homes to foreclosure illegally, and also bring relief to MA homeowners who are currently upside down with their loan to value.  I have mixed feelings about this program because it is inevitable that people who made bad investments or committed mortgage fraud will be rewarded for their questionable decisions and/or criminal acts. I agree that there are many people who fell victim to the predatory practices of the mortgage companies over the last 10 years and deserve relief, however, what about the people who made good decisions and paid their mortgages on time each month? Shouldn't they be rewarded for their good behavior? Unfortunately, this is another example of the mess this country is in where our government has no choice but to throw good money after bad money to avert disaster. When does it end?    

The Multiple Listing Service (MLS) has reported that GKR Residential was again the #1 real estate company in South Boston, MA, in 2011 with $41 Million in sales. Broker/Owner of GKR, Jay Rooney, attributes his company's success to "hard work, local expertise, and above all . . . to our loyal customers." 

MLS also reported that Jay Rooney was the #1 sales agent in South Boston, MA, in 2011 with $26 Million in sales. 

Be sure to check out Chronicle on Channel 5 on Wednesday, March 17th, when Jay Rooney, Dom Lange and Lindsay Smith will be featured as part of a show about "the new South Boston."  The crew from www.CaughtinSouthie.com who will also be featured during this show will actually be at Gloria's Kitchen at the Boston Athletic Club for a "Chronicle party" if you want to stop by. 

Posted by Jay Rooney on January 16, 2010 - For the 2nd consecutive year, our loyal clients and customers have made GKR Residential the #1 Independent Real Estate Firm in Milton in 2010. Kevin Keating, Matt Freeman and company continue to set the standard for service and professionalism in the Milton real estate market and you have recognized their efforts.

If you are considering selling or buying a Milton home in 2010, call one of our qualified professionals at 617-698-3300.

PS: Don't forget to ask for a complimentary Milton calendar when you call!

Posted by Jay Rooney on January 16, 2010 - 43 Baxter Street #2, South Boston, Asking Price $249,000. I am calling this South Boston property "The Hottest Spot North of Havana" because of its beautiful private outdoor space that consists of a fenced in gunite pool and stone patio. The unit itself was renovated in 2005 and was very nicely done. One bedroom, 1 full marble bathroom with a steam shower, gas fireplace, and a granite and stainless steel kitchen with maple cabinetry. Other details include oak flooring throughout, private laundry, security, and private storage. Less than a block from public transportation to Downtown Boston and 1/4 mile from the West Broadway shops, this unit is a steal at $249K!    

January 12, 2010. All signs point to the Fed raising interest rates in the next 90 days but some experts believe they may opt to pull money out of circulation instead to combat inflation. From my perspective, raising rates while they are trying to stimulate the economy by offering a tax credit to home-buyers and home-sellers doesn't make sense. The tax credit program has helped to keep the local real estate industry afloat for the past year, but "the rate" is what gets buyers out of their seats no matter what incentives are available to them.    

I checked with a couple of mortgage brokers yesterday to see what they are offering for a 30 year fixed and the consensus seemed to be 5%. Last year at this time the 30 year rate was about 5.25%. If we can keep the 30 year at or below 5.25% for the first half of 2010, buyers and sellers will be out in force.          

If you are considering buying or selling a home in South Boston, MA, or Milton, MA, this report will give you a very good understanding of the financial advantages of buying . . . and selling now.

RISMEDIA, December 15, 2009—(MCT)—Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low recently, giving consumers another reason to consider purchasing a home or refinancing their current one.

Freddie Mac recently stated the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest rate since the agency began its weekly tracking of long-term interest rates in 1971. A point is equal to 1% of the loan amount, payable as a lump sum at closing. While the decline wasn’t overly dramatic, the dip is likely to get people wondering whether it’s time to sign on the dotted line.

The 5 following questions may help you decide if now is the time to go ahead and purchase a home or refinance your current home.

Q: Why are rates so low?
A: Since early January, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Are rates expected stay this low?
A: It’s hard to tell, but don’t count on it because the lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried.

In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It depends on which lenders are in their sample, when the survey was taken and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate.

But regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see.

Q: What else does a consumer need to know?
A: The lowest rates are offered to the most credit-worthy customers who can make sizable down payments. Shop not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another.

If you’re refinancing, remember the bigger the loan, the greater the payoff for finding a lower interest rate. Savvy customers put in their paperwork with a lender and set a “strike” interest rate at which to lock in the loan, a good move considering rate volatility.

Several refinancing calculators are available online that let borrowers plug in all the required numbers and determine the monthly savings and how long it will take to recoup the expense of a refinancing.

Q: So is now the best time to buy a home?
A: It depends on personal situations. Homebuyers certainly have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

On the flip side, there’s growing sentiment among analysts that housing prices, which are showing ever-so-minor improvement, may fall further. The reason? Lenders are expected to get better at determining which borrowers will qualify for loan modifications. That means lenders also will get faster at moving homes through the foreclosure process.

Mark Zandi, chief economist at Moody’s Economy.com, recently predicted that housing prices nationally will hit bottom in 2010’s third quarter. That means anyone buying a house now could see the value of their investment initially depreciate.

(c) 2009, Chicago Tribune.

Reported by Associated Press on Tuesday, November 24th - Sales of single-family homes in Massachusetts shot up by about 17 percent in October when compared to the same month last year, but the median price continued to slide down.

The Massachusetts Association of Realtors and The Warren Group in reports released Tuesday attributed the fourth consecutive month of increased home sales when compared year to year to the federal first-time homebuyer tax credit that was set to expire at the end of this month, but has since been extended and expanded.

Officials with both organizations say the increased sales, coupled with extension of the credit, is evidence that the housing market is recovering.

Ben Affleck is in South Boston, MA, today filming scenes for his upcoming movie The Town, starring John Hamm, Blake Lively, and Ben Affleck himself. Our own MaryBeth Poblocki saw "Boston Ben" standing in front of Schubert's yesterday and woke up her son Connor when she got star-struck and screamed "Oh My God  . . . that's Ben Affleck" while driving up Broadway with her husband Kevin. 

Facebook reports say that Affleck is shooting a scene at Thornton's Florist today on Dorchester Street, and will be back to Charlestown for the next couple of days. The movie is an adaptation of the book Prince of Thieves by Chuck Hogan, which tells the real life story of a group of bank robbers and armored car thieves from Charlestown, MA. Apparently Affleck, the Director of the film and a Boston native, was intrigued by Hogan's claim that Charlestown, MA, had, at one time, more armed robbers per capita than any other place in the world. Affleck attempts to see how and why these guys from Charlestown were robbing banks and heisting armored trucks and put it on the big screen.

Though this movie is not focused on South Boston, MA, like Good Will Hunting, "Southie" is quickly becoming one of the East Coast hot-spots for Hollywood Directors and big-time actors.