Montauk has a few treasured landmarks and Salivars Restaurant and Bar has always been considered one of them.  This business has thrived as a family owned and operated establishment for over 54 years as a community hub for locals and tourists combined.  It is located in the heart of the Montauk docks and has been a fixture there since the mid 1940’s.  Known well as the only place in Montauk where you can get a drink and food 24 hours a day, this spot is a breakfast, lunch and dinner favorite for all.  A Montauk institution, this is a one-of-a kind offering with ample on-site parking, 53 seat indoor dining, 85 seat patio overlooking the water and six dock slips that can accommodate up to a 65 foot size boat.  Endless potential for a future business owner who wants to be a part of the fabric and history of Montauk.  

For the week of Jul 05, 2010 // Vol. 8, Issue 27
In This Issue

Independence Day

I hope you and your family enjoyed the Independence Day holiday weekend. And, I sincerely hope you have been enjoying your complimentary subscription to the MORTGAGE MARKET GUIDE WEEKLY.

Due to the July 4th holiday, the next full issue will arrive on Monday, July 12. In the meantime, check out the article below about protecting yourself and your family from the sun as you celebrate the summer.

The Mortgage Market Guide View…

Protecting Yourself from the Sun

Walk along a beach or spend a day at the pool and it will quickly become evident that a “golden tan” is often considered an outward indicator of one’s overall health or fitness. Medically speaking, though, these are very dangerous sentiments – especially when you consider the potential ramifications of unprotected exposure to the sun.

THE FACTS?

According to the CDC, exposure to ultraviolet (UV) rays is the biggest factor in developing skin cancer. And, cases of skin cancer have increased at a rate of roughly 3% every year, making it the most common type of cancer in the United States.

Malignant melanoma, the most serious form of skin cancer, is also the most common type of cancer for women between the ages of 25 and 29. Even though it is curable if caught early, when left unattended it can spread to other organs, most commonly the lungs and the liver.

THE FIX?

The very best thing you can do to protect yourself from the sun is to avoid intentional sunbathing altogether. However, for those who work in the sun, enjoy outdoor sports, or insist on obtaining a tan, there are a few things you can do to help your cause.

First, invest in a quality sunscreen. The best brands contain a UVA blocking ingredient known as avobenzone or Parsol 1789. Look for products with an SPF of at least 15 for the body, and 30 for the face. The bottom line is the more SPF the better, especially for fairer-skinned people. Apply sunscreen 20-30 minutes before any activity in the sun – allowing time for absorption – and reapply it every two hours or more frequently if you are swimming or partaking in strenuous activities.

Make sure you wear sunglasses with UV protection, since the rays have been linked to everything from cataracts to skin cancer of the eyelids. Hats and protective summer-weight clothing are also a must. For headwear, a wide-brimmed hat works much better than a baseball hat.

Also, make sure you take breaks (especially during mid-day) out of the sun. Seeking refuge in the shade for 5 to 10 minutes every hour helps maintain skin temperature.

Finally, do NOT bring an infant into the sun. Infants under six months are NOT supposed to wear sunscreen at all, which means they are even more susceptible to sun damage.

FINAL THOUGHTS ON SKIN?

It is believed that roughly 80% of skin change associated with aging is actually due to sun exposure. To help protect your skin, practice the tips above. In addition, perform regular self-checks for abnormal moles and freckles – and see a doctor at least once a year so he or she can do the same.

For more information, visit www.skincancer.org or www.cdc.gov/cancer/skin.

——————————————————————————–

Economic Calendar for the Week of July 05 – July 09
Date ET Economic Report For Estimate Actual Prior Impact
Tue. July 06 10:00 ISM Services Index Jun 55.5 55.4 Moderate
Wed. July 07 10:30 Crude Inventories 7/3 NA -1.90M Moderate
Thu. July 08 08:30 Jobless Claims (Initial) 7/3 NA 472K Moderate

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.

As your trusted advisor, I am sending you the Manhattan Mortgage Company Mortgage Weekly Update because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: ejarrett@manhattanmortgage.com

If you prefer to send your removal request by mail the address is:

Eve Robin Jarrett
Manhattan Mortgage
75 Main Street, 2nd Floor
East Hampton, NY 11937
The Manhattan Mortgage Company is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Manhattan Mortgage Company does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

But our experience also shows in the press quotes of our associates: Cathleen Doldon was interviewed by Long Island Business News , I was quoted in the Suffolk Times last week on local RE conditions. Many of our listings were featured in articles in Newsday and other newspapers and magazines.

Local papers have covered lots of events our brokers participate in or orgainzed, such as Newsday’s article on the Art Openings for Hamptons Artists in the Southold Office of Town and Country!

So don’t just take it from us how good our associates are: Take it from the press!

You don’t need to be a genius to know that in a fragile economy such as this incentives are like bandaids, and if you rip them off too soon you bleed! Sometimes the injury is even worse due to this action… From day 1 I questioned why they didn’t ‘phase out’ all incentive programs.

BIG MISTAKE!  I wonder what the next move is?

Fortunately, our little microsm of a market here in the East End is somewhat insulated and is not experiencing what other markets are but the over all buyer confidence in the old American Dream of ‘Home Ownership” is taking quite a beating here.

Will someone up there on that hill use their head please.. don’t rip off bandaids in this environment,, rather,, change the dressings wisely until we are out of the woods and the wound is healed.

For the week of Jun 28, 2010 // Vol. 8, Issue 26
In This Issue

Last Week in Review: Washington was at it again, with big news from both Congress and the Fed. Learn what this means for you…and for home loan rates!

Forecast for the Week: Two juicy economic reports bookend the week, bringing highly anticipated news on inflation and the labor market.

View: Hitting the road for July 4th? Want to avoid a speeding ticket? Read on below.

Last Week in Review

What happens in Washington doesn’t stay in Washington! And there was a lot happening in Washington this past week, between the Fed’s two-day meeting and actions in Congress. So how will all of these happenings impact you…and home loan rates, which are near all-time lows? Read on for details.

Last week, the Fed decided to keep the Fed Funds Rate at 0.25%, and also reiterated in its Policy Statement that economic conditions warrant keeping the Fed Funds Rate low for an “extended period”. First, what is the Fed Funds Rate? It is the lending rate banks charge each other for the use of overnight funds, and it is used as a base rate that many other lending rates are based on, for consumer and business loans.

And second, why is the “extended period” language significant? The Fed has to time very carefully any action – or even hints of action – on raising the Fed Funds Rate, which they have held at the lowest levels in history for the last year and a half. If the Fed raises the Fed Funds Rate too soon, it could slow economic activity and cause a “double dip” recession. However, if the Fed waits too long to raise the Fed Funds Rate, inflation could result. Remember, inflation is the arch enemy of Bonds and home loan rates…and signs of inflation could definitely cause home loan rates to worsen from their current low levels.

Even though there have been more concerns expressed by various Fed members about inflation and the long term effects of keeping the Fed Funds Rate too low for too long, the economic data recently reported (such as the weak Jobs Report and other reports showing inflation is tame at present) as well as the ongoing issues in Europe helped the “extended period” language to survive through another Fed meeting. This is an important issue to keep watch on.

Congress was just as busy as the Fed last week. On Thursday, the Financial Reform Bill was finally reconciled between the House and Senate. The final draft includes a Consumer Financial Protection Agency, which will have the authority to police banks for mortgage lending and credit-card abuses. The bill will move to the President for his signature once both houses of Congress approve the final version.

However, Congress did not pass the extension of the Home Buyer Tax Credit. Note: This extension was only going to be for people who were under contract by the initial April 30th deadline, extending their June 30th closing deadline to September 30th. The extension was part of the larger Jobs Bill, which included State aid and an extension of unemployment benefits for people out of work more than six months – and would have added $33B to the deficit. Meanwhile, the National Association of Realtors is saying that up to 30% of homes that went under contract by the April 30th deadline of the Homebuyer Tax Credit will likely not close by the current June 30th deadline.

There was other housing news last week, as both New Home Sales and Existing Home Sales were well below expectations. While a decline in sales was expected after people were racing to qualify for the April 30th Tax Credit deadline, the numbers are still a bit of a disappointment.

However – home prices remain affordable, and home loan rates are far from disappointing at the moment…last week they reached all time low levels! If you or anyone you know would like to learn more about this exceptional opportunity, please don’t hesitate to call or email. Or forward this newsletter on to anyone you think may benefit and I’d be happy to consult with them free of charge.

The FASTEST WAY TO TAKE THE FUN OUT OF ANY ROADTRIP IS TO COME HOME WITH A SPEEDING TICKET. CHECK OUT THE MORTGAGE MARKET GUIDE VIEW BELOW TO LEARN MORE ABOUT AVOIDING SPEED TRAPS.

Forecast for the Week

There will be plenty happening this week, ahead of the Independence Day holiday. The week may start with a bang, as Monday’s Personal Income and Personal Spending Reports arrive, giving us a look at the Core Personal Consumption Expenditure (PCE) Index as well…which just happens to be the Fed’s favorite gauge of inflation. Rest assured the Fed will be watching this report very closely. Any hint that inflation is heating up could definitely impact the Fed’s decision on rates and the “extended period” language at future Fed meetings.

Thursday brings another Initial Jobless Claims Report. Initial Jobless Claims came in at 457,000 last week and Continuing Claims at 4.55 Million. In addition, an additional 4.73M people are claiming EUC (Emergency Unemployment Compensation) benefits. The continuing high level of unemployment claims is disturbing, but things will improve. Remember, job losses come in the thousands as companies endure sweeping layoffs, but individuals are hired back one at a time. And remember – since the Jobs Bill has not been passed, more people will start to drop off extended unemployment benefits – and rejoin the workforce as formally unemployed.

And there could be some real fireworks on Friday, as the Labor Department releases the Jobs Report for June. Last month’s Jobs Report showed 431,000 jobs created in May. While on the surface this seems positive, the number was below expectations and also was primarily made up of temporary census workers…who will once again join the ranks of the unemployed when the 2010 Census has been completed. The Unemployment Rate did drop from 9.9% to 9.7%, but overall May’s Jobs Report was disappointing.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

As you can see in the chart below, home loan rates hit record low levels last week. I’ll be watching closely to see if this trend continues.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday, June 25, 2010)

The Mortgage Market Guide View…

A Safe and Ticket-Free Fourth!

In just a few short days, drivers across the country will hit the road to celebrate the Fourth of July with friends and family. If you’re heading down the road this coming weekend, remember that it’s never a good idea to speed – both for safety and financial reasons. After all, an accident or ticket can ruin your holiday weekend.

So make sure you have plenty of time and that you plan the most effective route. And…you may even want to take a minute to find out if there are any speed traps on your route that you should know about. Thanks to the website speedtrap.org, you can easily read about speed traps in communities across the country.

Simply visit speedtrap.org and click on the state and then the cities that you’ll be driving through. You can even add a speed trap you know about, so others can benefit from your knowledge.

Whether you’re traveling a few miles or a few hundred, have a safe and ticket-free Fourth of July!

——————————————————————————–

Economic Calendar for the Week of June 28 – July 02
Date ET Economic Report For Estimate Actual Prior Impact
Mon. June 28 08:30 Personal Income May 0.5% 0.4% Moderate
Mon. June 28 08:30 Personal Spending May 0.1% 0.0% Moderate
Mon. June 28 08:30 Personal Consumption Expenditures and Core PCE May 0.1% 0.1% HIGH
Mon. June 28 08:30 Personal Consumption Expenditures and Core PCE YOY NA 1.2% HIGH
Tue. June 29 10:00 Consumer Confidence Jun 62.0 63.3 Moderate
Wed. June 30 10:30 Crude Inventories 6/26 NA 2.02M Moderate
Wed. June 30 09:45 Chicago PMI Jun 59.5 59.7 HIGH
Wed. June 30 08:15 ADP National Employment Report Jun 61K 55K HIGH
Thu. July 01 08:30 Jobless Claims (Initial) 6/26 458K 457K Moderate
Thu. July 01 10:00 ISM Index Jun 59.0 59.7 HIGH
Thu. July 01 10:00 Pending Home Sales May -10.5% 6.0% Moderate
Fri. July 02 01:00 Non-farm Payrolls Jun -100K 431K HIGH
Fri. July 02 01:00 Unemployment Rate Jun 9.8% 9.7% HIGH
Fri. July 02 01:00 Hourly Earnings Jun 0.1% 0.3% HIGH
Fri. July 02 01:00 Average Work Week Jun 34.2 34.2 HIGH

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.

As your trusted advisor, I am sending you the Manhattan Mortgage Company Mortgage Weekly Update because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: ejarrett@manhattanmortgage.com

If you prefer to send your removal request by mail the address is:

Eve Robin Jarrett
Manhattan Mortgage
75 Main Street, 2nd Floor
East Hampton, NY 11937
The Manhattan Mortgage Company is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Manhattan Mortgage Company does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

you can’t see the newsletter, or would like to view it online, use this link If you have received this newsletter indirectly and would like to be added to our weekly distribution list, use this link
Eve Robin Jarrett
MANAGING DIRECTOR
Senior Mortgage Consultant
Manhattan Mortgage
Office: 631-324-1555 x 25
Blackberry: 631-697-3366
e-Fax: 631-514-3654
Email: EJarrett@manhattanmortgage.com

For the week of Jun 28, 2010 // Vol. 8, Issue 26
In This Issue

Last Week in Review: Washington was at it again, with big news from both Congress and the Fed. Learn what this means for you…and for home loan rates!

Forecast for the Week: Two juicy economic reports bookend the week, bringing highly anticipated news on inflation and the labor market.

View: Hitting the road for July 4th? Want to avoid a speeding ticket? Read on below.

Last Week in Review

What happens in Washington doesn’t stay in Washington! And there was a lot happening in Washington this past week, between the Fed’s two-day meeting and actions in Congress. So how will all of these happenings impact you…and home loan rates, which are near all-time lows? Read on for details.

Last week, the Fed decided to keep the Fed Funds Rate at 0.25%, and also reiterated in its Policy Statement that economic conditions warrant keeping the Fed Funds Rate low for an “extended period”. First, what is the Fed Funds Rate? It is the lending rate banks charge each other for the use of overnight funds, and it is used as a base rate that many other lending rates are based on, for consumer and business loans.

And second, why is the “extended period” language significant? The Fed has to time very carefully any action – or even hints of action – on raising the Fed Funds Rate, which they have held at the lowest levels in history for the last year and a half. If the Fed raises the Fed Funds Rate too soon, it could slow economic activity and cause a “double dip” recession. However, if the Fed waits too long to raise the Fed Funds Rate, inflation could result. Remember, inflation is the arch enemy of Bonds and home loan rates…and signs of inflation could definitely cause home loan rates to worsen from their current low levels.

Even though there have been more concerns expressed by various Fed members about inflation and the long term effects of keeping the Fed Funds Rate too low for too long, the economic data recently reported (such as the weak Jobs Report and other reports showing inflation is tame at present) as well as the ongoing issues in Europe helped the “extended period” language to survive through another Fed meeting. This is an important issue to keep watch on.

Congress was just as busy as the Fed last week. On Thursday, the Financial Reform Bill was finally reconciled between the House and Senate. The final draft includes a Consumer Financial Protection Agency, which will have the authority to police banks for mortgage lending and credit-card abuses. The bill will move to the President for his signature once both houses of Congress approve the final version.

However, Congress did not pass the extension of the Home Buyer Tax Credit. Note: This extension was only going to be for people who were under contract by the initial April 30th deadline, extending their June 30th closing deadline to September 30th. The extension was part of the larger Jobs Bill, which included State aid and an extension of unemployment benefits for people out of work more than six months – and would have added $33B to the deficit. Meanwhile, the National Association of Realtors is saying that up to 30% of homes that went under contract by the April 30th deadline of the Homebuyer Tax Credit will likely not close by the current June 30th deadline.

There was other housing news last week, as both New Home Sales and Existing Home Sales were well below expectations. While a decline in sales was expected after people were racing to qualify for the April 30th Tax Credit deadline, the numbers are still a bit of a disappointment.

However – home prices remain affordable, and home loan rates are far from disappointing at the moment…last week they reached all time low levels! If you or anyone you know would like to learn more about this exceptional opportunity, please don’t hesitate to call or email. Or forward this newsletter on to anyone you think may benefit and I’d be happy to consult with them free of charge.

The FASTEST WAY TO TAKE THE FUN OUT OF ANY ROADTRIP IS TO COME HOME WITH A SPEEDING TICKET. CHECK OUT THE MORTGAGE MARKET GUIDE VIEW BELOW TO LEARN MORE ABOUT AVOIDING SPEED TRAPS.

Forecast for the Week

There will be plenty happening this week, ahead of the Independence Day holiday. The week may start with a bang, as Monday’s Personal Income and Personal Spending Reports arrive, giving us a look at the Core Personal Consumption Expenditure (PCE) Index as well…which just happens to be the Fed’s favorite gauge of inflation. Rest assured the Fed will be watching this report very closely. Any hint that inflation is heating up could definitely impact the Fed’s decision on rates and the “extended period” language at future Fed meetings.

Thursday brings another Initial Jobless Claims Report. Initial Jobless Claims came in at 457,000 last week and Continuing Claims at 4.55 Million. In addition, an additional 4.73M people are claiming EUC (Emergency Unemployment Compensation) benefits. The continuing high level of unemployment claims is disturbing, but things will improve. Remember, job losses come in the thousands as companies endure sweeping layoffs, but individuals are hired back one at a time. And remember – since the Jobs Bill has not been passed, more people will start to drop off extended unemployment benefits – and rejoin the workforce as formally unemployed.

And there could be some real fireworks on Friday, as the Labor Department releases the Jobs Report for June. Last month’s Jobs Report showed 431,000 jobs created in May. While on the surface this seems positive, the number was below expectations and also was primarily made up of temporary census workers…who will once again join the ranks of the unemployed when the 2010 Census has been completed. The Unemployment Rate did drop from 9.9% to 9.7%, but overall May’s Jobs Report was disappointing.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

As you can see in the chart below, home loan rates hit record low levels last week. I’ll be watching closely to see if this trend continues.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday, June 25, 2010)

The Mortgage Market Guide View…

A Safe and Ticket-Free Fourth!

In just a few short days, drivers across the country will hit the road to celebrate the Fourth of July with friends and family. If you’re heading down the road this coming weekend, remember that it’s never a good idea to speed – both for safety and financial reasons. After all, an accident or ticket can ruin your holiday weekend.

So make sure you have plenty of time and that you plan the most effective route. And…you may even want to take a minute to find out if there are any speed traps on your route that you should know about. Thanks to the website speedtrap.org, you can easily read about speed traps in communities across the country.

Simply visit speedtrap.org and click on the state and then the cities that you’ll be driving through. You can even add a speed trap you know about, so others can benefit from your knowledge.

Whether you’re traveling a few miles or a few hundred, have a safe and ticket-free Fourth of July!

——————————————————————————–

Economic Calendar for the Week of June 28 – July 02
Date ET Economic Report For Estimate Actual Prior Impact
Mon. June 28 08:30 Personal Income May 0.5% 0.4% Moderate
Mon. June 28 08:30 Personal Spending May 0.1% 0.0% Moderate
Mon. June 28 08:30 Personal Consumption Expenditures and Core PCE May 0.1% 0.1% HIGH
Mon. June 28 08:30 Personal Consumption Expenditures and Core PCE YOY NA 1.2% HIGH
Tue. June 29 10:00 Consumer Confidence Jun 62.0 63.3 Moderate
Wed. June 30 10:30 Crude Inventories 6/26 NA 2.02M Moderate
Wed. June 30 09:45 Chicago PMI Jun 59.5 59.7 HIGH
Wed. June 30 08:15 ADP National Employment Report Jun 61K 55K HIGH
Thu. July 01 08:30 Jobless Claims (Initial) 6/26 458K 457K Moderate
Thu. July 01 10:00 ISM Index Jun 59.0 59.7 HIGH
Thu. July 01 10:00 Pending Home Sales May -10.5% 6.0% Moderate
Fri. July 02 01:00 Non-farm Payrolls Jun -100K 431K HIGH
Fri. July 02 01:00 Unemployment Rate Jun 9.8% 9.7% HIGH
Fri. July 02 01:00 Hourly Earnings Jun 0.1% 0.3% HIGH
Fri. July 02 01:00 Average Work Week Jun 34.2 34.2 HIGH

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.

As your trusted advisor, I am sending you the Manhattan Mortgage Company Mortgage Weekly Update because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: ejarrett@manhattanmortgage.com

If you prefer to send your removal request by mail the address is:

Eve Robin Jarrett
Manhattan Mortgage
75 Main Street, 2nd Floor
East Hampton, NY 11937
The Manhattan Mortgage Company is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Manhattan Mortgage Company does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

McCall, member of the President’s Council of  the Peconic Land Trust was instrumental in establishing the gift  to the Town of Southold of Fort Corchaug Preserve  , helping preserve one most precious ecologies in the Eastern US around Downs Creek in Mattituck. Anyone who has ever witnessed the Autumn and Spring Bird Migration along Downs Creek will agree. In 1999 McCall further helped the conservation of  the North Fork farming tradition by planting 20 acres of Pinot Noir and Merlot, starting McCall Vineyards.

McCall recently opened his winery – in a beautifully restored barn  "with woodworking skills as if the barn was a piece of furniture" in presence of a North Fork who’se who of friends and acquaintances who had been a part of Russ McCall’s entrepreneurial activities on the North Fork.

 Towering above the vineyard is another example of McCall’s forward thinking mindset-  a windmill, churning and producing green electricity for his farm – a project he started with Green Logic and LIPA. And along the way helping the Town of Southold set standards for windmills on the North Fork.

The "North Fork Sound Stage" where Russ and his son John did a jam session and thanked the crowd before digging into a Gaucho Style "Parrila" style barbeque – sorry if the image seems blurry – after a few glasses of Russ’s delicious Pinot Noir Rose.

McCall’s wines can be savoured at Adam Lovett and Tom Chaudel’s  "A MANO RESTAURANT"  one of my favourite spots in Mattituck to taste local wines and eat local foods and hang out or get to know some local North Forkers or visting Manhattanites alike – a really great crowd.. Don’t forget to try the individual pizza’s, Truffles and Mushrooms is my favorite.

Some vineyards and farms are still for sale on the North Fork – with current interest rates at historical lows an interesting investment opportunity. Call Town and Country Real Estate to discuss the possibilities of investing in the North Fork and learn about the sale of development rights to help make a farm purchase feasible for buyers and save farmland for the North Fork in perpetuity.

Of the top 10  best beaches in America for 2010,  East Hampton’s Main Beach and Southampton’s Coopers Beach take two of the ten positions.  Main Beach in East Hampton took the #5 spot for the top beaches in America to visit.   Coopers Beach in Southampton landed in the most coveted position on this list… #1 as THE BEST beach to visit for 2010!!

Congrats to East Hampton & Southampton for keeping our beaches safe, pristine & beautiful for locals and vistors to enjoy!! So grab your towels and chairs and head to your local beach.  You live in one of the most beautiful areas in the world so enjoy it!

That is more than twice the $7.85 Million collected for the same period last year! In fact the number of properties subject to this tax rose from 1,566 for the first 4 months in 2009 to 1,991 same period this year– just over 25% increase.

To date the Community Preservation Fund has collected a wopping $624 Million for land acquitions

For the week of May 24, 2010 // Vol. 8, Issue 21
In This Issue

Last Week in Review: Stock market teeters on the verge of becoming either a correction…or an “official” Bear market.

Forecast for the Week: A fully loaded plate of economic news is in store, including reads on housing and consumer attitudes.

View: How you can “insure” a smart and safe vacation this summer.

Last Week In Review

IT’S A SHOWDOWN…THE BULLS VS. THE BEARS. But we’re not talking about the Chicago Bulls who were recently knocked out of the NBA playoffs. We’re talking about the Bull Market that Stocks have enjoyed over the past months…that is now slipping back lower.

So why are these animal terms used to describe action in the Stock market anyways? The terms “Bull” and “Bear” are used because of the way those animals attack. Bulls attack using an upward thrusting motion with their horns, and Bears attack by moving their powerful claws in a downward motion. So an upward market is termed a Bull market, while a downward market is called a Bear market.

Last week, Stocks saw a sharp thrust downward, with prices down more than 10% from their peak. But that doesn’t mean it’s a Bear market just yet. Instead, the drop can be seen as a “correction”, if prices recover and resume their uptrend. A correction can be quite healthy, and help a Bull market sustain its strength. But here’s the trick: if the market drops 20% from its peak, it’s officially considered a Bear market. That means every Bear market was once potentially just a correction. And so the debate rages on. Is this a good time to buy – because you believe it’s a correction and prices will move much higher? Or is this a time to sell, before the correction turns into a Bear market? The answer should become clearer over the next few days, as the market’s direction takes hold.

Waiting in the wings are Bond prices and home loan rates… A Bear market could help Bond prices and home loan rates improve a bit more, as some of the money from Stock sales finds its way into the Bond market, including Mortgage Bonds. On the other hand, a correction back to a Bull market will be at the expense of some of the recent improvements that Bonds and home loan rates have enjoyed.

The reality is, Mortgage Bonds have looked a lot like a lottery winner recently, since Bond prices really should be much lower, and home loan rates much higher. But Mortgage Bonds are catching every lucky break – from the situation in Greece…to the declining Euro…to the correction in the Stock market. It’s all going in the favor of Mortgage Bonds…for now. But the Bond market’s good fortune may not last very long – so be sure to give me a call if I can help explain the current rate situation, and how it might benefit you.

———————–
BULL MARKETS THRUST UPWARD…WHILE BEAR MARKETS SWIPE DOWNWARD

Despite the sharp sell-off in Stocks, the markets did receive some good news last week on the inflation front. The Producer Price Index (PPI) was reported lower than expectations for the month of April, and the more closely followed Consumer Price Index (CPI) fell to report the first month-over-month decline since March of 2009. And when volatile food and energy prices were removed from the equation, the annual Core index came in at its lowest level since January 1966. Those numbers appear to show that inflation is subdued – and with oil prices significantly lower from where they were a few weeks ago, there will even be more downward pressure on headline inflation in the next report.

But the reality is that inflation will eventually begin to rear its ugly head – and once that happens, inflation can accelerate rather quickly. China recently reported a spike in inflation – and last week, the UK saw surprisingly higher inflation numbers being reported as well. So the Fed – and the markets – will have to continue to keep close tabs on inflation in the US.

WHILE YOU CAN’T CONTROL IF THE BULLS OR BEARS WILL WIN THE NEXT ROUND IN THE MARKETS…THERE ARE SOME THINGS YOU CAN CONTROL. FOR EXAMPLE, CHECK OUT THE MORTGAGE MARKET GUIDE VIEW BELOW FOR TIPS ON “INSURING” A SMART AND SAFE VACATION THIS COMING SUMMER.

Forecast for the Week

There’s a very full load of economic reports on tap this week, including fresh news on the health of the housing industry. After last week’s reports on Housing Starts and Building Permits in April, we’ll see reports on Existing Home Sales right away Monday morning and New Home Sales on Wednesday.

We’ll also discover how consumers feel about the economy with a report on Consumer Confidence on Tuesday, followed by the Consumer Sentiment Index on Friday. Both reports have risen lately, indicating that consumers feel better about the present and future economic conditions. The markets will be watching to see if that trend continues in this week’s reports.

The manufacturing sector of the economy will also be in the spotlight this week. Wednesday brings the Durable Goods Orders report, which measures new orders placed and is considered a leading indicator of manufacturing activity. That report will be followed by the Chicago PMI on Friday. This report surveys more than 200 Chicago purchasing managers about the manufacturing industry and is a good indicator of overall economic activity.

And if that wasn’t enough, we’ll also see more inflation news this week. First, the Gross Domestic Product (GDP) and GDP Chain Deflator for the first quarter will be released on Thursday. The Chain Deflator is a key inflation measure included in the GDP Report. And since inflation is the archenemy of Bonds and home loan rates, this report could be a market mover. Unlike the Consumer Price Index that was released last week, the Chain Deflator has the advantage of not being a fixed basket of goods and services, so changes in consumption patterns or the introduction of new goods and services will be reflected in the Chain Deflator. Then, one day after the Chain Deflator comes out, we’ll see the Personal Consumption Expenditures report on Friday. This report measures price changes in consumer goods and services, and is considered the Fed’s favorite gauge on inflation. After last week’s better-than-expected inflation news, the markets will definitely be watching these reports.

Rounding out the week, we’ll also see reports on Personal Income and Personal Spending this Friday.

But that’s not all…in addition to all those reports, the government will auction off $42 Billion of 2-years on Tuesday, $40 Billion of 5-years on Wednesday, and $31 Billion of 7-years on Thursday. These auctions may move the markets depending on how they are received.

Oh, not to mention that the news coming out of Europe may once again add to the market’s volatility here at home.

That’s a very full helping of potentially market moving activity. But you can count on me to be here and watching very closely. And remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.