Pocono Real Estate News
Read news stories and information about the Pocono Real Estate market, Pocono Vacation Rentals and local happenings.
Pocono Resorts Realty the areas leader in Sales and Rentals of Vacation
and Investment properties is expanding its business with the opening of
the Rte. 903 Albrightsville office.
Robert P. Ludgate, President/CEO of Pocono Resorts Realty says that the
expansion into the Albrightsville area will better serve sellers and buyers
in the Towamensing Trails, Holiday Pocono, Indian Mountain Lakes, Bear
Creek Lakes and all of the surrounding communities in the area.
Pocono Resorts Realty has been selling and renting vacation and investment
properties through out the Pocono’s since 1984, and has been the leader
in the industry with the most advanced website and software available.
When many local agencies were only concentrating on sales, Pocono Resorts
Realty focused on all aspects of the secondary market, allowing its
customers and clients that purchased their homes from another agency
the opportunity to turn that purchase into an investment.
Our agents are the most experienced in finding the perfect home for
vacation /holiday tenants. The vast inventory of quality vacation homes
in many communities through out the Pocono’s allows our tenants to choose
the perfect home to suit their needs.
For our Owners/Landlords, we offer the finest in rental management.
We have cleaning and maintenance companies and contractors to accomplish
every task needed to keep the rental property up to date. We have linen
services available to tenants that don’t wish to bring their own linens,
and multiple check-in areas, convenient to their rental homes. The
keys are not merely left at a drop station for tenants to pick up; but
rather our experienced rental agents are here to answer questions in
person at check-in.
With more than 25 years of service in the sales and rentals of vacation
and investment properties our agents can provide the expert help and
assistance to clients wishing to purchase a vacation or investment home.
Now is not the time to gamble with an agency that is either just starting
a rental department, or does vacation rentals as a hobby. Trust your
investment to Pocono Resorts Realty the area renowned leader in the
sales and rentals of vacation and investment properties.
Another Professional Joins Pocono Resorts Realty
Ellyn V. McGinnis, Broker/Owner of Town & Country Homes, LLC has joined
Pocono Resorts Realty as an Associate Broker, Ellyn and her husband Steve
reside in Lake Harmony. Ellyn brings with her over 23 years of expreience
as a Broker/Owner in the Bucks and Montgomery County area.
Ellyn experience includes listing, selling and land development,
and new construction where most recently she assisted C&M Home Builders
in the sale of over 500 homes in the Blue Mountain Lake Estates.
Rates on 30-year mortgages set new record low
Average rates on 30-year mortgages drop to 4.71 percent, setting new all-time low
The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.
READ MORE...
Rates on 30-year mortgages sink, match record low
Average rates for 30-year fixed mortgages fell this week, matching a
record low set last spring and more than a full percentage point below
what they were a year ago, Freddie Mac said Wednesday.
Rates for 30-year mortgages averaged 4.78 percent this week, down from
4.83 percent last week and equaling the record low reached the week of
READ MORE...
October sales gains lift hopes for housing market
First-time buyers seized on a tax credit, combined with low mortgage rates
and falling prices, to boost home sales in October to their highest level
in 2 1/2 years.
Home sales are now nearly 37 percent above their bottom in January, though
still 16 percent below their peak in 2005. At the current sales pace,
there's a modest seven-month supply for sale. Bidding wars are occurring in...
READ MORE...
News Flash!
Pocono Resorts Realty Rental Department announces that they now have
Linen Service available anyone interested should contact their Rental Agent for details
News Flash!
Robert P. Ludgate, President/CEO of Pocono Resorts Realty announces that
the company will be opening an office on Route 903 in Albrightsville.
Ludgate says that opening this office in the Twin Builders Building allows
Pocono Resorts Realty to better serve the people living in the Towamensing
Trails, Holiday Pocono, Indian Mountain Lakes, Bear Creek Lakes, Penn Forest
Streams and surrounding areas and communities in the Albrightsville,
Carbon and Monroe Counties. The Rte 903 Office will be a full service
office offering the following services, Sales, Rentals and New Construction.
Ludgate is please to be able to offer Lot/Home Packages, with quality Homes
built by one of areas finest Builders, Twin Builders has been in business
for more than 20 years with many styles in every price range.
Pocono Resorts Realty has offices on Rte 940, Lake Harmony, at Big Boulder
Ski Area, at Jack Frost Ski Area, and the new office on Rte 903 which will be
opening soon.
Another Professional joins Pocono Resorts Realty, Robert P. Ludgate,
President/CEO is pleased to announce that Christine Byrd of Bear Creek
Lakes, in Carbon County has joined the 940 offices of Pocono Resorts Realty.
Mortgage rates remain below 5 percent
The average rate on a 30-year fixed mortgage was 4.87 percent, down from
4.94 percent last week, Freddie Mac said. The last time rates for 30-year
home loans were lower was the week ending May 21, when they averaged 4.82
percent.
This week's average rate for 30-year mortgages remained above the record
low of 4.78 percent established in the spring. Last year at this time,
the 30-year fixed-rate mortgage
READ MORE...
Mortgage applications surge to 4-month high
U.S. mortgage applications surged last week to their highest since
mid-May as consumers sought to take advantage of the lowest interest rates
in months, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said rates on 30-year fixed-rate
mortgages, the most widely used loan, were below 5 percent for a third
straight week, reaching a four-month low. Demand for
READ MORE...
U.S. pending home sales jump 6.4 percent in August: NAR
Pending sales of existing U.S. homes rose sharply in August, for a seventh
consecutive month of gains, reaching the highest since March 2007, data
from a real estate trade group showed on Thursday.
The National Association of Realtors Pending Home Sales Index, based on
contracts signed, was up 6.4 percent to 103.8, the longest consecutive
month-on-month gain
READ MORE...
U.S. pending home sales jump 6.4 percent in August
NEW YORK (Reuters) - Pending sales of existing U.S. homes rose sharply
in August, for a seventh consecutive month of gains, reaching the
highest since March 2007, data from a real estate trade group showed on
Thursday.
The National Association of Realtors Pending Home Sales Index, based on
contracts signed, was up 6.4 percent to 103.8, the longest consecutive
month-on-month gain in the history of the series, which began in...
READ MORE...
Pocono Resorts Realty announces that it's web site, www.prr1.com now
has video of many of the communities in the Pocono's. Robert P. Ludgate,
President/CEO says by adding video tours to our web site both buyers and
renters can view all of the amenities of the communities prior to starting
their search for a home to purchase or rent. Simply by clicking on the
"Community Tour" button you will be taken on a virtual tour of many of
the Pocono's finest communities, Ludgate says that we are adding new
communities weekly.
Two more professionals join Pocono Resorts Realty, Robert P. Ludgate,
President/CEO is pleased to announce that Lorraine G. Amato of Lake
Harmony and Mary DiGioia Bogin of Effort have joined the 940 Offices of
Pocono Resorts Realty. Lorraine Amato is a newly licensed Sales Associate
and Mary Bogin was formerly with Weichert, Realtors Acclaim
Pocono Resorts Realty is please to announce the opening of our new branch
office at Jack Frost Ski Area. Robert P. Ludgate, President/CEO says by
opening this branch office at the ski area allows us to better market the
homes and condos in Snow Ridge Village Community for Sales and Rentals.
Pocono Resorts Realty now has offices in Big Boulder Ski Area, Jack Frost
Ski Area and it's main office of Rte. 940.
Pace of U.S. existing home sales fastest in 2 years
Sales of previously owned U.S. homes jumped 7.2 percent in July to mark
the fastest pace in nearly two years, a survey showed on Friday, in a
strong sign that housing is pulling out of a three-year slump.
Sales in July rose for the fourth straight month to hit an annual rate of
5.24 million units, the highest since August 2007, the National
Association of Realtors said...
READ MORE...
Existing Home Sales Up for Fourth Straight Month in July
Existing home sales rose 7.2% in July as buyers took advantage of
historically low prices as first-time buyers took advantage of a
tax credit, the National Association of Realtors said on Friday.
The annual rate was 5.24 million units, versus an estimate of 5 million
and up from 4.89 million units in...
READ MORE...
Pending home sales surge in April
Make it three for three for pending home sales. Sales of pending homes --
sales contracts people have signed for existing homes -- unexpectedly
surged 6.7 percent in April to a 4.68-million-unit annual pace, the
National Association of Realtors announced Tuesday.
The pending home sales index has risen 3.2 percent since April 2008, with
the NAR's pending home sales index now at 90.3. Economists...
READ MORE...
Pending home sales rise 6.7 percent in April
Pending US home sales rise more than expected in April, biggest monthly
jump in nearly 8 years
The number of U.S. homebuyers who agreed to buy a previously occupied home
took the largest monthly jump in nearly eight years in April, but there are
still plenty of danger signs for the U.S. housing market.
Home sales appear likely to head upward this summer, potentially to levels
not seen since the stock market collapsed last autumn, but prices are expected
to keep falling well into next year. Layoffs, which are causing foreclosures
to soar, coupled with rising mortgage rates could dampen any real estate...
READ MORE...
5 New Agents at Pocono Resorts Realty
Pocono Resorts Realty is please to announce that five agents have joined the
Pocono Resorts Realty team, all five agents were formally with Jack Frost/
Big Boulder Real Estate, the agents are Teresa A. Benz, Associate Broker,
Richard P. Shiner, Anthony Pace, Cosma S. Cunningham, Jacqueline McDonnell Albrecht.
Robert P. Ludgate, President/CEO of Pocono Resorts Realty is please to
have all five agents join the company and bring many years of selling
Vacation and Investment properties in the Lake Harmony area.
News Alert
Lake Harmony Real Estate Companies Merge
Robert P. Ludgate, President/CEO of Pocono Resorts Realty announced the
merger of Pocono Resorts Realty and Jack Frost/ Big Boulder Real Estate.
The merged companies will retain the name of Pocono Resorts Realty, a name
well known for over 25 years in the Pocono’s for Sales and Rentals of
vacation and investment properties. The merger of these two powerhouse
companies will create the largest independent Real Estate Company in Carbon County.
Pocono Resorts Realty will also be marketing the new construction projects
at Boulder Lake Village Condominiums on Big Boulder Lake, Laurelwoods II
Single Family Homes, and Laurelwoods II Cedar Duplex Townhomes. All three
new construction projects are located at Big Boulder Lake and Ski Area,
Kidder Township, Carbon County, Pennsylvania with two model homes available
and one more model coming online in the near future
Ludgate says that Pocono Resorts Realty will also be opening an office on
Big Boulder Drive and at Jack Frost Mountain Summit Lodge in the near future,
and operating inside both Jack Frost Mountain and Big Boulder Ski Area Lodges.
Information regarding the new projects can be viewed on our website:
www.prr1.com or call us at 800-444-3721
U.S. mortgage rates nudge closer to record low
U.S. mortgage rates fell in the latest week, nudging closer to a recent
record low, helped by government efforts to bring rates down to levels
that will spur demand and help the hard-hit housing market begin to recover.
Interest rates on U.S. 30-year fixed-rate mortgages fell to 4.80 percent
for the week ending April 23, down from the previous week's 4.82 percent,
according to a survey released on Thursday by...
READ MORE...
Mortgage rates sink again in most recent week
Home mortgage rates continued to march lower, according to two separate
reports released on Thursday.
The average 30-year fixed mortgage rate sank to 5.13%, down from 5.19%
the week prior, according to Bankrate.com's weekly national ...
READ MORE...
Pending home sales up in sign of life for housing
Tentative signs of life are appearing in the long-battered U.S. housing market.
Thanks to historically low mortgage rates and deeply discounted prices, homes
in much of the country are now the most affordable in decades. First-time
homebuyers are now able to take advantage of a new $8,000 tax credit that
runs until ...
READ MORE...
Mortgage rates drop to record low
Rates on 30-year mortgages fell this week to the lowest level on record
after the Federal Reserve launched a new effort to assist the staggering
U.S. housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on
30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98
percent last week. It was the lowest in the history of Freddie Mac's survey,
which dates back to 1971 and...
READ MORE...
Home prices post 6.3 pct annual decline in January
A government report says U.S. home prices fell 6.3 percent in January from
the same month last year.
The Federal Housing Finance Agency says prices, on a seasonally adjusted
basis, rose 1.7 percent from December to January.
Changes in the geographic mix of sales explained the unexpected monthly
increase. Home sales included in January's data were...
READ MORE...
February home sales rise as prices sink
One month does not a recovery make. But a surprising leap in existing home
sales in February was a welcome if tentative sign of hope that the real
estate market may be stabilizing.
While sales of existing homes remain at lows not seen in more than a decade,
economists were encouraged by the news, saying it reflected buyers who were
taking advantage of deep discounts on foreclosures and other distressed properties.
That's essential if home prices are to find their long-awaited...
READ MORE...
Mortgage rates sink to new record low
Rates on 30-year mortgages plunged to a record low Thursday after the
Federal Reserve launched a new effort to prop up the flailing housing market.
The national average rate on 30-year, fixed mortgages was 4.94 percent on
Thursday, according to financial publisher HSH Associates, down nearly a
quarter point from a day earlier. That's the lowest on HSH's records, which...
READ MORE...
Home mortgages soared last week.
Applications for U.S. home mortgages soared last week, nearing the levels last seen as rates dropped in early January, the Mortgage Bankers Association said on Wednesday. The 30-year rate as measured by the MBA fell to 4.99 percent in the week ending February 13.
Mortgage rates averaged the lowest in the northeastern U.S., at 4.92 percent, according to Freddie Mac's survey. Rates averaged the highest in the southwest, at 5.14 percent, it said.
All rates in the survey are based on up-front payments of about 0.7 percentage point of loan principal to the lenders.
Now is the time to BUY
As home prices continue to moderate, and interest rates hit historic lows,
homeownership becomes increasingly accessible to more people, and more
affordable to others.
An article in a recent edition of the New York Times gave many reasons for
why this might be the "golden age" for buying a home. But above all,
author Ron Leiber stressed that, "unfortunately, we do not know when this
"golden age" will begin, because we will be able to identify a bottom to
the housing market only with the benefit of hindsight."
Robert P. Ludgate, President/CEO of Pocono Resorts Realty says, "If you wait
for the bottom of the market, prices will have already started going up."
Ludgate advises his clients not to wait, and has been pointing out lately the
factors in the market are creating a wonderful opportunity to buy now.
First time homebuyers are in a particularly advantageous position, because they
have nothing to sell. Combine the low interest rates and reasonable prices with
tax credit the U.S. Government is offering as an incentive to First Time Homebuyers,
and the deals look even sweeter.
Part of the government’s $300 Billion Dollar Housing and Economic Recovery
Act of 2008 includes a $7,500. tax credit for any person who purchases a
first home before July1, 2009. The definition of a first time buyer is
someone who hasn’t owned a home in the last 3 years.
One worry among buyers is the continuing moderation of prices, but most
people buying a home should look at it as a long-term investment. A recent
survey from the National Association of Realtors (NAR) backs that statement
up. The survey found typical first time homebuyers plan to stay in their home
up to 10 years, up from seven years, in a similar survey one year ago.
Ludgate also points out that the vacation and investment home buyers are in a
partially advantageous position, with the vast fluctuations in the stock market,
clients are looking for a more stable environment to invest their funds in.
Ludgate’s company, Pocono Resorts Realty, is the area’s leader in sales and
rentals of vacation and investment properties, many of the clients purchase
a vacation/investment property thru Pocono Resorts Realty and then have the
agency manage the property for the client.
Ludgate says that rentals of vacation homes have increased every year,
“we have never had a down year in rentals” thus our clients are receiving higher
rental income on their vacation home.
All of this points to the timing being right to buy now.
“Our sales force is highly trained to handle all of transactions,
either for a first time home buyer, sales of vacation or investment
properties, short sales or foreclosures”
Call or email us today and get started on the path to homeownership,
we can be reached at 800-444-3721, or email us at prr1@ptd.net or
view us on line at www.prr1.com
Mortgages: What You Need to Know in 2009
With all the doom and gloom over housing, you might be surprised to know
that this is a fantastic time to get a mortgage. Not if you have poor
credit, to be sure. But you can get a great deal on a 30-year, fixed-rate,
conforming loan these days if you have a solid FICO score, a manageable debt
burden, and proof positive of a reliable income.
You have to go back to around 1961 to find a time when 30-year
mortgages had rates this low, according...
READ MORE...
Leading indicators, home sales rise
A private research group's monthly forecast of economic activity rose
unexpectedly in December, mostly because the flood of federal bailouts
increased the money supply.
Separately, existing home sales rose 6.5 percent in December to an annual
rate of 4.74 million units, as the median home sales price plunged to $175,400,
down 15.3 percent from $207,000 a year ago. The decline is the largest
year-over-year drop on records going back to...
READ MORE...
Nobody’s perfect, but they can still get credit
Rumors and misperceptions abound in today’s mortgage marketplace, and one
of the most crippling is the notion that borrowers need perfect credit in
order to get a mortgage. This is simply not true. Not at Sovereign Bank.
Sure, the country is facing serious financial problems and credit is
tighter than it used to be. But Sovereign still offers a host of affordable
mortgage options for qualified borrowers with credit scores as low as 580.
Because nobody is perfect - especially in this economy...
READ MORE...
Rental Homes at Camelback and Shawnee
Pocono Resorts Realty announces that coming soon they will be offering
Vacation Rental Homes at Camelback and Shawnee. Mary Ludgate, Vice President
and Rental Coordinator, says that due to increased demand for vacation rental
properties in these locations. Pocono Resorts Realty is actively looking for
quality vacation rental homes in both locations to add to the more than 700
homes and townhouses Pocono Resorts Realty currently rents. Pocono Resorts
Realty has been in the Vacation Rental business continuously since 1984,
the Pocono’s largest vacation rental agency.
30-Year Mortgage Under 5 Percent
Weak Economy Keeps Pushing Interest Rates Lower
The benchmark 30-year mortgage fell below 5% for the first time ever in
Freddie Mac's weekly rate survey as economic weakness continued to push
interest rates lower, the mortgage agency said Thursday.
The national average rate on the 30-year loan fell to 4.96% in the week
ending Jan. 15, down from 5.01% a week ago. That is the lowest on record.
Freddie Mac began its rate survey in 1971. A year ago the loan averaged 5.69%.
Adjustable-rate loans also fell. The 5-year, Treasury-indexed hybrid mortgage
averaged ...
READ MORE...
Pocono Resorts Realty celebrates its 25th year in business.
Robert P. Ludgate, President/CEO announces that Pocono Resorts Realty
celebrates its 25th year in business. Pocono Resorts Realty of Lake Harmony
has been the leader in Sales and Rentals of Vacation and Investment
properties since 1984. Ludgate would like to thank his agents
and loyal clients for the continued business.
Hope you haven’t forgotten about US!!
**30 yr Fixed @ 4.99% 0 points**
***95% First Time Homebuyer @ 4.75%***
****FHA 30 yr FX 5.5%****
Call Me For More Details
ROSS CRAWFORD
Office 215-345-8438
610-349-2546 Cell
as of 12/17/2008
Rates Could Be as Low as 4.5% for Newly Issued Loans
The Treasury Department is considering a plan to revitalize the U.S.
housing market by reducing mortgage rates for new home loans, according
to people familiar with the matter.
The plan, which is in the development stages, would use mortgage giants
Fannie Mae and Freddie Mac to bring loan rates down as low as 4.5%, a full
percentage point lower than the prevailing rates for 30-year fixed ...
READ MORE...
Mortgage applications post largest gain ever
Mortgage applications surged by the largest amount on record last week as
a new Federal Reserve program pushed interest rates down to their lowest
level in more than 3 years, data from an industry group showed on
Wednesday.
The U.S. housing market is suffering the worst downturn since the Great
Depression as a huge supply of unsold homes, tighter lending standards and
record foreclosures push down home prices.
But, the latest weekly data from the Mortgage Bankers Association showed
potential borrowers were lured by enticing mortgage rates, which dropped
dramatically after the Federal Reserve unveiled a plan last week to buy up
to $500 billion of mortgage securities backed by...
READ MORE...
Mortgage Rates Tumble on Fed Debt Purchasing Plan
Nov. 26 (Bloomberg) -- U.S. mortgage rates plunged by the most in at least
seven years yesterday as a Federal Reserve pledge to buy $600 billion
of debt succeeded where seven cuts in the central bank’s benchmark rate
had failed.
The average rate for a 30-year fixed...
READ MORE...
Pending home sales up 7.4 percent in August
Pending home sales rose 7.4 percent from July to August, an unexpected piece
of positive news for the battered U.S. housing market.
The National Association of Realtors said Wednesday its seasonally adjusted index
of pending sales for existing homes rose to 93.4 from an upwardly revised July reading
of 87. The reading
Home sales are considered...
READ MORE...
Sovereign Bank, Great Mortgage Rates
Sovereign Bank, Senior Loan Officer, Ross O. Crawford announced to the agents
of Pocono Resorts Realty on Tuesday September 9, 2008 that rates on 30 year
fixed, 0 points mortgage have dropped to 5.875%.
Now is a perfect time for buyers with good credit to purchase a home, with
interest rates at these low rates, and home prices low, buyers can afford
more home, and at Pocono Resorts Realty our inventory of quality
vacation/investment homes is excellent.
Sovereign is among the top five Most Admired Companies in mortgage service
for 2008. To find out what Sovereign's award-winning mortgage services
can do for you contact Ross today to get pre-approved, 1-215-345-8438
View Website
What rescue means for mortgage rates
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate
into lower mortgage rates and greater availability of credit, experts said.
Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a
30-year fixed... READ MORE...
Government takes on role in mortgage market
WASHINGTON (AP) -- Uncle Sam has just become the 800 pound gorilla in the
U.S. mortgage market. The Bush administration is seizing troubled mortgage
giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged
housing and credit crisis.... READ MORE...
How to find good investment property
The idea of owning rental real estate seems to be gaining popularity as
investors tire of the swoops and swoons of the stock market. As I pointed
out in a separate column, not everyone has what it takes to be a landlord.
But those who do may find rentals to be a good way to build wealth.
Once you've made the decision to buy rental... READ MORE...
Golf Play & Stay Packages
Pocono Resorts Realty announces the introduction of a new service for golfers
looking to stay in the Pocono's and play a variety of local golf courses. Golfers
can log on to our website, www.prr1.com and pick a course and choose a home and
our Agents will customize a Play and Stay package. Pocono Resorts Realty, the
Pocono's Largest Vacation Rental Agency, currently has more than 700 homes,
townhouses and condo's to choose from and 5 golf courses, with others golf
courses joining the Play and Stay package group shortly.
With the introduction of this new service Pocono Resorts Realty is responding to
owners of rental properties that have been seeking a way to increase their occupancy rate.
With the large number of golfers coming to the Pocono’s during the spring, summer and fall
this makes perfect dollars and sense.
Top 5 Places to Own a Summer home
Looking for a destination for all seasons? The Pocono Mountains offer
skiing (winter), horseback riding (spring), sailing (summer), and hiking
(fall). (There's even a Fall Foliage Hotline to point you to the most
spectacular views and scenic driving routes.) Single-family homes range
from $175,000 to $300,000, with lakeside and mountainside properties
available... READ MORE...
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