The massive program that is focused on purchasing of Mortgage backed securities is coming to a close.  What does this mean, well unfortunately it means that home loan rates are likely to be on the rise in the short term.

The program is set to end by March 1^st, but the amount of securities already being purchased has dwindled significantly already.  What’s left of the FED’s funds appear to be rationed.

Last week the Fed purchased Mortgage Backed Securities totaling $11 billion, leaving the remaining funds of $66 billion out of the original $1.25 trillion set aside for the program.  That means 95% of the original allotment has already been spent which represents around 3 out of every 4 loans from last year.

The fear is now with such a massive buyer leaving the market that the costs associated with home loans are going rise.

The Fed’s ability to buy these securities and keep rates low is now coming to an end. Those who are in a position and who are currently looking to purchase a home now should not wait unless of course, they don’t mind paying more in the future than they are now for a loan on a new home.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

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Besides being applauded at home for its innovative design and ability to capture the attention of new home buyers, Crystal Point Condos in Jersey City came away with the esteemed ‘Community of the Year’ award from the National Association of Home Builders Show in Las Vegas this January.

The award marks an iconic event for the Jersey City property, solidifying its place amongst the elite projects in US residential development. Even more impressive was Crystal Point’s ability to edge out the competition, many of which were buildings in Canada and communities with much lower per-square-foot costs. Higher construction costs and land prices are usually seen as a disadvantage in ruling a winner for the prestigious award. However, Crystal Point, which is located in the pricey Jersey City, NJ market, overcame the obstacles to come out on top.

In addition to winning the coveted ‘Community of the Year’ prize, Crystal Point condos was also honored as ‘Best Sales Center’ for the team’s successful work at filling the condos with residents at unprecedented levels, despite the surrounding  economic challenges. The units at Crystal Point Jersey City start at around $500,000, so the deservedly-recognized sales team had their work cut for them at the inception of sales.

Crystal Point was also presented with nine silver awards from the National Sales & Marketing Council in December 2009, including Sales Person of the Year, Sales Team of the Year, and Best Sales Center. The January awards in Las Vegas finalized the community’s awards season, and now the concentration will be shifted towards the building’s new home owners and ensuring that they receive the best possible customer service.

Crystal Point’s new residents have started the move-in process and are seemingly enjoying the beauty, luxury, and unparalleled ambiance that the 42-story glass tower has to offer. With the remainder of the amenities and social rooms beginning to open, Crystal Point Condos are poised to make an indelible impact on the residential community of Jersey City as well as all other buildings resting along the magnificent Hudson River.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

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Often fondly referred to as “Wall Street West” because of the many financial corporations occupying office space in the area, the Exchange Place neighborhood of Jersey City is comprised of a wonderful mix of both commercial and residential high rise buildings located on the water’s edge.

Starting as a transportation hub in the early 1800’s, Exchange Place continues that legacy today as a one of the main New Jersey PATH station stops, responsible for accommodating tens of thousands of people – both residents and commuters – that frequent the terminal each day.

Exchange Place offers great accessibility and unsurpassed convenience to all of its residents. In addition to being surrounded by a host of superb restaurants and cafes, many people choose to call Exchange Place home as many major Jersey City corporations are within the same vicinity as residential buildings, making the work commute virtually effortless. This is also one the reasons that many former New Yorkers are now living in the neighborhood.

With direct access to Christopher Columbus Drive and Grand Street, traveling in and out of Exchange Place and Jersey City is very easy. Exchange Place is perfect for families as excellent schools are close by, as is the area’s hotel – a gorgeous Hyatt Regency, and the Jersey City Medical Center. A small, but notable nightlife scene attracts many young couples and individuals; also noting that Manhattan is just a few minutes away on the train.

Most of the Jersey City real estate in Exchange Place is comprised of highrise condos and apartment homes. However, the range of home styles and services vary greatly, from simple buildings housing elegant units to towers featuring handsomely-outfitted lobbies and deluxe condominiums. People looking for a wide assortment of Jersey City apartments or condos will be satisfied with the variety that Exchange Place has to offer. Plus, with one of the key PATH train stations so close by, Exchange Place is one Jersey City neighborhood a prospective resident cannot afford to pass by looking at.

David Wrenn

Halliburton Homes

t. 201.420.7766

e. dwrenn@halliburtonhomes.com

w. www.crystalpointagent.com

w. www.thewrennreport.wordpress.com

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