Sep 30, 2010

Congress Extends $729,750 Mortgage Limit

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Congress has extended the policy allowing homeowners in Manhattan and other expensive real estate markets to secure government backed mortgages up to $729,750.
Congress voted to keep the maximum size of loans guaranteed by Fannie Mae and Freddie Mac and the Federal Housing Administration at the current level through the end of 2011.

Without the extension, the loan limits would have been reduced to $625,000. The limit prior to 2008 was $417,000. $417,000 is the limit level in most of the U.S.

The average sale price in Manhattan is $1,523,085 (August 2010)

The median sale price in Manhattan is $1,172,500 (August 2010)

Manhattan Zip Codes: Forbes Most Expensive Zip Codes

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Several Manhattan neighborhood zip codes made the recent Forbes "Most Expensive Zip Codes" list.

#5  New York, NY 10014 - The West Village, Greenwich Village - Median Home price: $3,785,445 - Up 7% from 1 year go.

#7  New York, NY 10065 - Upper East Side, (East 60's) - Median home price: $3,626,001 - Up 14% from 1 year ago.

#9  New York, NY 10012 - Soho - Median home price: $3,221,371 - Up 22% from 1 year ago.

#12  New York, NY 10013 - Tribeca - Median home price: $3,101,8487 Up 7% from 1 year ago.

#22  New York, NY 10003 - The East Village - median home price: $2,825,587 Up 12% from 1 year ago.

#25  New York, NY 10021 - Upper East Side - median home price: $2,671,676. Up 6% from 1 year ago.

#26  New York, NY 10028 - Upper East Side - median home price: $2,601,550 Up 8% from 1 year ago.

#32  New York, NY 10024 - Upper West Side - median home: $2,486,757 Up 6% from 1 year ago

#40  New York, NY 10069 - Riverside South - median home price: $2,235,185 Up 55% from year ago.






























































#45  New York, NY  10007 - Park Row -  median home price: $2,147,184 Down 16% from year ago.




















 #50  New York, NY 10011 - Chelsea - median home price: $2,110,581. Up 7% from 1 year ago.










Sep 26, 2010

No "Sliver Building" for Upper West Side Townhouse

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330 West 86th Street - Upper West Side



Back in June, I wrote a blog post about the West 80s Neighborhood Association, the Coalition for a Livable West Side, the West End Preservation Society (WEPS), and LANDMARK WEST co-hosting a community meeting to save the townhouse building at 330 West 86th Street from being replaced by a "sliver building" The community was successful saving the townhouse.

It is currently listed with Halstead Property for sale for $6,350,000. The townhouse has 9 apartments, 5 floors and a full cellar.

It can be used as a single family home, live/work or an investment property with rental apartments.

West End Avenue Historic District

Sep 24, 2010

What is a Room in New York City Apartments?

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Legal definitions and requirements that govern the various types of rooms in New York City’s apartments compiled by REBNY (Real Estate Board of New York)
 
What is a “room”?
(Source: NYC Administrative Code §§ 27-750, -751, -2058)

•    Size requirements: Generally, a room must have minimum dimensions of 8 feet x 8 feet x 8 feet, and must have a minimum floor area of 80 square feet. A room which opens into an adjoining room may have a minimum floor area of seventy square feet and a minimum horizontal dimension of seven feet. Other exceptions apply to bedrooms and dining rooms (see those definitions).

•    Lighting requirements: Every room must have at least one window that opens onto a street, yard, or court on the same lot. The total area of the windows in the room must at least be one-tenth the floor area of the room. Every part of every room in non-fireproof buildings must be within 30 feet of either a court, or a window opening to a street or yard. Dwelling with three rooms or fewer in fireproof buildings must comply with this requirement as well.

•    Usage requirements: The following are rooms: bedrooms, living rooms, studies, recreation
rooms, kitchens. The following are not rooms: closets, halls, stairs, laundry rooms, bathrooms, foyers, dining spaces.

 What is a “bedroom”?
(Source: NYC Administrative Code § 27-2004, -2076, -2058; MDL § 1-4-18)

•    Definition: A bedroom is a living room used for sleeping purposes.

•    Size requirements: Generally, a bedroom must have minimum dimensions of 8 feet x 8 feet x 8 feet. A bedroom must also have a minimum floor space of 80 square feet, and must be six feet wide at its narrowest part. However, if the apartment contains three or more bedrooms, half of the bedrooms may have minimum dimensions of 7 feet x 7 feet x 7 feet.

•    Lighting Requirements: All bedrooms must have at least one window that opens to a street, yard, or court on the same lot.

The window may also open to a balcony that opens on a street, yard, or court. The total area of the windows in the room must at least be one-tenth the floor area of the room. All required windows must be at least twelve square feet in area.

•    Additional Points:  A room may not be counted as a bedroom if it is a: kitchen, foyer, bathroom,
water closet, dining room, dinette, dining bay, hall, corridor, or passageway. A room may not be counted as a bedroom if an occupant must pass through it to reach other parts of the apartment.

What is a “living room”?
(Source: NYC Administrative Code § 27-2074, -2058; MDL §§ 1-4, 3-31)

•    Definition: A living room is any room other than a dining space, kitchenette, bathroom, foyer, or hallway. A living room can be a bedroom, if it meets the criteria set forth above.

•    Size requirements: Every living room shall have minimum dimensions of 8 feet x 8 feet x 8 feet, must have a minimum floor space of 80 square feet, and must be six feet wide at its narrowest part.

•    Lighting requirements: A living room must have at least one window that opens onto a street, yard, or court on the same lot.

All windows in living rooms must comply with the size requirements for windows in bedrooms: The total area must be at least one-tenth of the floor area of the room. All required windows must be at least twelve square feet.

•    Usage requirements: If a living room is subdivided, each subdivision must comply with all of the above requirements.

What is a “dining space”?
(Source: NYC Administrative Code § 27-2004, -2058; MDL §3-31)

•    Definition: A dining space is an area used for eating that is located off a living room, foyer, or kitchen. A dining space is not a room.

•    Size requirements: A dining space has 55 square feet or less of floor space.

•    Lighting requirements: Dining spaces must comply with the lighting requirements for living rooms. Additionally, windows in dining spaces must have an area at least one-eighth the floor space of the dining space.

What are “kitchens” and “kitchenettes”?
(Source: NYC Administrative Code §§ 27-758, -2004, -2071; MDL §3-33)

•    Definition: Any space used for cooking is either a kitchen or a kitchenette. •    Size requirements: A kitchen is a type of living room and has 80 square feet or more
of floor area. A kitchenette has less than 80 square feet of floor area.

•    Lighting requirements: The lighting requirements for “living rooms” apply to kitchens and kitchenettes.

•    Ventilation requirements: Windows in kitchenettes must have a total area of at least three square feet and be at least ten percent of the kitchenette’s floor area. However, if the kitchenette does not have a window, it may have either a) mechanical ventilation or b) a skylight if the kitchenette is on the top floor.

What is a “foyer”?
(Source: NYC Administrative Code § 27-2004; MDL §3-31)

•    Definition: A foyer is an entry space within a dwelling unit that leads to the public hall. A foyer is not a room.

•    Size requirements: An entry space is a foyer when the floor area does not exceed either a) ten percent of the total floor space of the dwelling unit; or b) twenty percent of the floor area if every living room is larger than 96 square feet.

If the entry space has a floor area of at least 80 square feet, it may be a living room.

What are “basements” and “cellars,” and when may they be occupied as apartments?
(Source: NYC Administrative Code §§ 27-2004, -2082, -2083, -2086-87)

•    Definition: A basement is an enclosed space partly below curb level, but having more than one-half its height above curb level. A cellar is an enclosed space having more than one-half its height below curb level.

•    Occupancy requirements: Units in basements and cellars of multi-family dwellings have complicated requirements regarding their dimensions, lighting, and ventilation, and whether they may be occupied. In addition, no room in the cellar of a one- or two-family dwelling shall be rented and no member of the family or families occupying the dwelling shall use such room for sleeping.

New York City Building Terminology

Sep 20, 2010

NYC Jobs Recovery Stronger than State and U.S.

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According to figures released by the State Labor Department, the job market in New York City continues to recover more strongly than the rest of the state and nation.

NYC has accounted for all of the private-sector job growth in the state in the past year. The number of jobs in the private-sector in NYC has risen by 48,500, an increase of 1.6 percent. More than five times as fast as the nation's private-sector employment.

Much of the hiring is happenning in retail stores, restaurants, private schools, and health care facilities. Last month construction was a prime area of job growth. The financial services industry employed more people in the city last month than a year ago.

Over the past year, NYC and Long Island have added 60,000 private-sector jobs, while the rest of the state has lost several thousand jobs.

Sep 18, 2010

West End Avenue Proposed Historic District

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West End Avenue - Upper West Side - Manhattan
 

After years of campaigning to designate West End Avenue a historic district WEPS (West End Preservation Society) announced a newly proposed area designation as defined by the Landmarks Preservation Commission on September 15, 2010.



New Map Unveiled: Proposed Historic District Includes:
Download West End Avenue Historic District Map

West End Ave: 70th - 107th Sts

Riverside Drive: 70th - 109th Sts

Parts of Broadway (WS): 70th - 109th Sts

Much of the Cross Streets: 70th - 109th

from RSD to West Side of Broadway


This district is larger than previous proposals. Due to the enormity of the area proposed, a total of 790 buildings, the LPC will divide the district and the hearings into 3 geographical areas, extending the existing historic districts. The Upper West Side already boasts some 2,035 landmarked buildings.

By expanding the existing districts, the commission will also protect more buildings on the side streets.
The next step is for the LPC to place the proposal on a calander for a public hearing.















Sep 17, 2010

The Aldyn - 60 Riverside Boulevard

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Last night I attended the gala opening at The Aldyn, a new luxury residential 40 story building at 60 Riverside Boulevard on the Upper West Side of Manhattan. The Aldyn has rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor. 

The opening party last night “American Fashion: Designers at The Aldyn” took place the last night of New York Fashion Week.

The rooms in each apartment were designed by top designers including Diane von Furstenberg, Elie Tahari, Nicole Miller, Jeffrey Banks and Richard Lambertson and John Truex for Tiffany & Co.  who collaborated with interior designers to translate their newest collections for the home, often mixing in personal items. 
The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River. Sports lovers and athletes will love LA PALESTRA Athletic club & Spa designed by Roman and Williams:


  • Fitness Center with Yoga, Pilates, Personal Training, and Kinesis Rooms
  • 75' Swimming Pool and Hot ub
  • Rock Climbing Wall
  • Basketball Court
  • Squash Court
  • Bowling Alley, Game Room, and Club Lounge
  • Golf Simulator
  • Private Treatment Rooms
  • Men & Women's Locker Rooms, Suana and Steam Rooms
  • Private Landscaped Garden
The Residences include Brazilian Cherry Flooring, 9' ceilings, Bosch Washer and Dryer's. Choice of kitchens in teak or white cabinetry, Decorative Metal Pulls and Dishrack, Custom Lighting, Blizzard Quartz Countertops with Caldia Marble Chef Block, Blizzard Quartz backsplash with Integrated Teak Spice Shelf, Smeg Dual Fuel Range, Smeg Energy Star Rated dishwasher, Miele Refrigerator/Freezer Wine Refrigerator and Microwave Oven. The bathrooms feature Bianco Dolomite marble lors and Walls, Teak Accent Wall Panels, teak vanity and Mirrored Cabinetry, Marble Countertop and Backsplash, Zuma Tub, Waterworks Brushed Nickel Fixures and Toto Toilet.
Anticipated Estimated Starting Price Range as of September 16, 2010: 

One Bedrooms: 739 - 839  square feet starting at $775,000 - $1,195,000
Two Bedrooms: 1,071 - 1455 square feet starting at $1,425,000 -2,195,000
Three Bedrooms: 1,618 -2075 square feet starting at $2,600,000 - $3,350,000
Four bedroom: 2,505 - 2,755 square feet starting at $4,000,000- $4,950,000
Six Bedroom Duplexes and Penthouse Residences with terraces and pool 2,930 -5960 square feet range from $6,300,000 to $17,500,000. 



email me for more information

Sep 16, 2010

Corcoran Launches Real Estate App for Droid Phones

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Following on the success of Corcoran's iPhone app which launched last December, Corcoran's app is now available for Droid phones.

Corcoran real estate app for Android and all Droid smartphones.


Corcoran Smartphone App

 The Android app features properties available in all Corcoran markets: New York, The East End and South Florida, and can be accessed from anywhere in the world. Corcoran's app for Android is almost identical to its iPhone app, allowing users to browse and search for nearby listings, filter open houses, see full screen photos, contact agents directly and so much more.
You can find the Corcoran app for Android in the Android Market, available on any Droid smartphone, and learn more about this exciting new product here: www.corcoran.com/android

Sep 14, 2010

Manhattan Market Snapshot - August 2010

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Sep 13, 2010

Coming Soon! The Aldyn - 60 Riverside Boulevard

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The Aldyn, a new luxury residential 40 story building at 60 Riverside Boulevard on the Upper West Side of Manhattan will have rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor.

A gala opening will showcase fashionable designer interiors to benefit the Council of Fashion Designers of America on Thursday September 16th.

Extell, the developer teamed with eight CFDA members for a designer show house called “American Fashion: Designers at The Aldyn.” 

Diane von Furstenberg, Elie Tahari, Nicole Miller, Jeffrey Banks and Richard Lambertson and John Truex for Tiffany & Co. are among those who collaborated with interior designers to translate their newest collections for the home, often mixing in personal items.

The rooms will be unveiled at the Sept. 16 party and open to the public Sept. 21 to Dec. 10 with a $25 admission to benefit the CFDA Foundation.

Corcoran Sunshine Marketing Group is handling sales. Prices for apartments have not been announced.

Sep 10, 2010

Tribute in Light - 9/11 Memorial

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The ninth annual September 11 commemoration ceremony will take place on Saturday, September 11, 2010. The ceremony will pause at four moments, twice to commemorate the moments at which each building was hit and twice to recognize the moments when each tower fell. The first moment of silence will be at 8:46 a.m.

Zuccotti Park, on Liberty Street between Broadway and Trinity Place
Manhattan 10006

The 9/11 Memorial Preview Site located at 20 Vesey Street, will be open on Saturday, September 11, 2010 from 8:00 a.m. until 7:00 p.m. for family members, survivors and others closely impacted by the attacks

Tribute WTC Visitor Web site

The "Tribute in Light" will return for one night as a tribute to all those who were lost on September 11th. The lights are located at West and Morris Streets in Lower Manhattan. The lights will be on for one night on September 11, 2010, beginning at sunset and fading away at dawn on September 12th. The lights are best seen when it is completely dark; sunset is expected to occur at 7:11 pm that night and sunrise is expected to occur at 6:33 am on the morning of September 12th.

Tribute in Light

9/11/2010, 7:1 pm - 6:33 am

West and Morris Streets in Lower Manhattan, Manhattan

West Side Rolls Out Red Carpet for Fashion Week

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Fashion Week Debuts at Lincoln Center
No. 1 Subway Renamed “The Fashion Line” For the Week

One of the world’s most eye-catching events comes to one of the world’s greatest cultural institutions, Mercedes-Benz Fashion Week has moved to Lincoln Center between W. 62nd and W. 65th Streets and Columbus and Amsterdam Avenues.

Fashion Week draws people from all over the world to New York City, and the buzz is even greater this year with it debuting at its new home at Lincoln Center.

Every year, the events pump hundreds of millions of dollars into the City’s economy and support the 175,000 people who work in New York City’s fashion industry. 

The inaugural Mercedes-Benz Fashion Week at Lincoln Center will feature more than 90 of the world’s most established and up-and-coming designers presenting their collections for Spring 2011.

Each year, attendees at New York’s Fashion Weeks generate new economic activity for City businesses, accounting for more than $466 million in direct visitor spending and generating more than $770 million in economic activity in New York City.

Sep 8, 2010

Happy New Year! Rosh Hashanah 5771

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B'nai Jeshurun - 257 West 88th Street - between Broadway and West End Avenue - Upper West Side 



Shanah Tovah! May It Be A Sweet Year!
 
Wishing all my clients, colleagues, friends and family 

a happy, healthy and successful New Year!



ROSH HASHANAH
Wednesday, September 8, First Evening
Thursday, September 9, First Day
Friday, September 10, Second Day

YOM KIPPUR
Friday, September 17, Kol Nidre
Saturday, September 18, Yom Kippur

SUKKOT 
Wednesday, September 23, First Evening
Thursday, September 23, First Day
Friday, September 24, Second Day

SIMCHAT TORAH
Thursday, September 30, Evening
  Friday, October 1, Simchat Torah



iPhone photo courtesy of:


Sep 7, 2010

Fannie Mae Flip Tax Proposed Rule Change

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A draft rule has been issued by the Federal Housing Finance Agency for comment that would create serious problems for Co-op and Condo buyers. The rule would prohibit Fannie Mae from purchasing loans in buildings where there is a Transfer Tax/Flip Tax. 

Regulators have recommended such a rule and on August 12th a draft was issued for public comment. The link below will give you the details of the proposed rule. According to Fannie Mae, the primary intent of this proposed rule was not to have this apply to all Co-ops and Condos. 

Their primary intent is to stop developers from imposing 99 year covenants on new homes that require seller's to kick back a percentage of the sale price of the home to the developer when the home is sold. They are currently reviewing the concerns of REBNY (Real Estate Board of New York) and hopefully, will revise language that would correct this serious problem.

If their response does not assure REBNY that he rules will be corrected, REBNY will ask it's members to join them in reaching out to the New York congressional delegation. 

Link to proposed Rule Change:http://www.fhfa.gov/webfiles/1648/PrivTransFeeGuidance081210.pdf

Sep 6, 2010

The Laureate - Upper Broadway - UWS

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The Laureate -  2150 Broadway at 76th Street


New Construction

A new luxury condo nearly completed on Upper Broadway is Laureate, at 2150 Broadway at West 76th Street. The building designed by SLCE Architects and developed by Continental Ventures is 20 stories.

Its shape and contours blend well with the pre-war Upper West Side's neighboring buildings.  The building has limestone exterior, cast iron railing, 10' ceilings and an imposing Beaux Art awning at street-level, as well as the first two floors linked by giant-order pilasters.

Above the cornice, at the corner of the building, are corner apartments with Juliette balconies. On either side, the windows are arrayed with geometric regularity, but because they are punched-in, they look classic pre-war New York. The top four stories take the form of a set-back.


iPhone photo courtesy of Mitchel Hall

Sep 3, 2010

Happy Labor Day Weekend

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Manhattan Skyline -  iPhone photo courtesty of: Mitchell Hall 9/3/2010
A hurricane watch "Earl" is in affect for New York City and surrounding areas.  In the event of a hurricane the City will activate its Emergency Operations Center on a 24-hour basis.

If your apartment has a terrace or balcony, make sure nothing can become airbourne during a high wind condition. This Includes awnings, umbrellas, boxes, plants or trees, outdoor furniture, toys etc. At the same time, make sure the drains on your terrace are free from debris that can create a flooding condition.

Before, during or after a hurricane, NYC residents can call 311 for information.

Enjoy the Labor Day weekend in spite of the weather!

Upper East Side, Manhattan Neighborhood

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Park Avenue
The Upper East Side has been considered Manhattan's most prestigious residential neighborhood covering the East of Central Park to the East River, and from 59th Street at its southern boundary to 96th Street at its northern boundary.

While the most coveted, prewar homes on Fifth and Park Avenues are beyond the financial reach of all but the wealthiest New Yorkers, there are also surprisingly good values that abound nearby. There are exceptional values in all ranges of housing from post-war hi-rises to brownstones, and from rental to coop/ condominium ownership.

It is the perfect quiet, residential area to raise a family with proximity to Manhattan's best private and public schools. Central Park, itself, is the best "backyard" anyone could dream of with it's zoo, playing fields, tennis courts, parklands, rowing and world class natural charm.

The city's largest concentration of its toniest shops and cafes can be found on both sides of Madison Avenue. Yet elsewhere lurking on the eastside, you will find other famous, outrageously expensive stores such as Sotheby's and Christie's auction houses, Henri Bendel, Tiffany's, and Louis Vuitton.

Upward of 70th Street, Fifth Avenue, also known as Museum Mile, is home to some of the foremost art institutions in the world such as The Metropolitan Museum of Art, the Guggenheim, the Whitney Museum of American Art and the Frick Collection. Between 86th Street and 96th Street between 5th Avenue and Lexington is the Upper East Side neighborhood Carnegie Hill, named after the Carnegie mansion on 91st and Fifth.

Gracie Mansion



Even the official residence for the Mayor of the City of New York, Gracie Mansion overlooks the East River from East 88th Street. Although current Mayor Michael Bloomberg prefers to live in his own $40 million Upper East Side townhouse.

Sep 1, 2010

New York is Rebounding

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We are continuing to witness a major shift in thinking, with the Federal Reserve, economists and stock and bond investors all reducing their expectations for economic growth, which in turn has pushed mortgage rates back down to record low levels. Contributing to that mind shift was last week's 27. 2% drop in July for existing home sales, which was the lowest pace in 15 years.

However, keep in mind that real estate and economies are local. In fact, yesterdays New York Times  and the Wall Street Journal coincidentally both have bullish articles on New York City's economy and housing market

They go on to say that by almost all measures, Manhattan in particular and to a lesser extent the 4 boroughs, have experienced a milder recession, quicker recovery, lower unemployment and a stronger housing market than the rest of the country. No doubt Wall Street's resurgence this year has contributed greatly to NYC's recovery, which also trickles out (to a lesser extent) to the surrounding suburbs. NYC's housing market in particular has held up very well, with Manhattan's median prices for real estate rising 18.5% in the 3rd Quarter!

Another reason NYC may be doing better is because the NY Metro area's average and median home prices and mortgage amounts are higher than the national average, which benefits from lower jumbo mortgage rates. Recently, the National Association of Realtors (NAR) said, "Sales volume for homes worth more than $1mm across the country are up more than 35% from last year at this time." They go on to say "Homes priced between $700,000 and a million are also on the rise by some 29% over last year. There's no question that's because of the historic low jumbo rates."

Wells Fargo and other lenders have recently dropped their jumbo rates as they get more comfortable with jumbo borrowers, who have higher cash reserves and a higher employment rate. Jumbo underwriting guidelines are still conservative, but for the right borrower, jumbo mortgage rates are at record lows. Jumbo refinancings have also increased, as you don't need as big a drop in rates to break even with closing costs, as many of them are fixed, no matter the size of the mortgage.

The mortgage rate most often quoted in newspapers and on the news is a rate released weekly by Freddie Mac for conforming 30 year fixed rate mortgages. But keep in mind, this rate is with .70 points, so a 0 point rate is .125 to .25 higher. Conforming rates continue to drift down as we get multiple weaker economic releases and mild inflation.

The Federal Reserve's announcement that they plan on continued "quantitative" easing by reinvesting maturing mortgage backed securities (MBS) into 2 - 10 year treasury notes also helped push rates down. The bond markets were hoping for the Fed to also announce they would purchase more MBS, but this would increase their balance sheet which would receive its share of criticism.

The Fed will likely wait till after the November elections before they revise downwards their economic forecast. By then, they will have a clearer picture of the housing market and economy and may institute more aggressive measures then. But Chairman Bernanke has told Congress that more fiscal stimulus would be welcome, but don't expect any progress on that front till after the elections.

All eyes will be on this Friday's employment number, with the consensus for non farm payroll to drop 105,000 which typically sets the market's tone for the following 4 weeks.

Have a safe and enjoyable Labor Day Weekend!
 

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