Real Estate Information

The River To Shore Group has just placed it's 17th home under contract for 2009 and we can definitely see real activity. Inventory levels are down due to sales of homes that have been priced for the market as well as those sellers whom have simply withdrawn from the market after many months of trying to fetch a price to cover their mortgages. This article I cam across from the NAR certainly is seeing a brighter picture nationally. Here's what they reported:

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. 

“Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he says. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

Region

• Northeast: The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago.
• Midwest : In the Midwest, the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008.
• South: The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago.
• West: In the West, the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.

The Effects of Appraisals
NAR President Charles McMillan says the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he says. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local expertise.”

McMillan says sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he adds.

“Also, if recent sales in the neighborhood were discounted, but not similar to your home in terms of quality or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. "

Affordability at a high
NAR’s Housing Affordability Index remains at historic highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions the typical family would devote only 14.6 percent of gross income to mortgage principal and interest, which is one of the lowest percentages on record,” Yun says.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates, and family income.

A median-income family, earning $60,800, could afford a home costing $296,700 in May with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing single-family home price in May, which was $172,900.

The Merchants of Chester proudly carry on their tradition of celebrating the arrival of summer with the 18th Annual Midsummer's Night Weekend Art Gallery and Shop Opening Reception Stroll on Friday evening, June 19, 2009, from 5:00 p.m. to 8:00 p.m.

"Every June we keep our doors open late on the Friday night closest to the summer solstice to celebrate summer and the longest day of the year. We have receptions in our galleries, shops, studios and restaurants", says Leif Nilsson, artist and owner of the Leif Nilsson Spring Street Studio and Gallery. "It is a festive evening, where townspeople and visitors are welcome to stroll the streets of an antique New England Village to see the latest paintings, photographs, sculptures and jewelry, to sample baked goods and fine food and drink, and to discover handcrafted decorative accessories and furnishings."
Chester, Connecticut is a unique town that holds the past, present, and future in delightful balance. A storybook New England village, Chester is located on the beautiful Connecticut River, about 10 miles north of Long Island Sound on the left (port) bank. The town is renowned for its quaint shops, artist galleries, award winning theatre and a variety of fantastic restaurants for everyone in the family to enjoy. Easy to reach by car, bicycle, rail, air, or boat, Chester is conveniently located just a two-hour drive from both New York City and Boston, Massachusetts at exit 6 on Route 9 off of I-95 or I-91. Free parking is available at the Maple Street and the Water Street lots.

The following Chester Merchants participating in the Midsummer's Night Reception on June 19, 2000, will be open that evening from 5:00 p.m. - 8:00 p.m. unless otherwise noted.

For general information about the event, contact Leif Nilsson at 860-526-2077. For specific information about particular merchants, call them directly, visit their websites, or consult http://www.VisitChesterct.com for an ongoing listing of weekend and special events.

Peekabooquet n. cupcake
4 Water Street  860 526-2225
www.peekabooquet.com
Visit our unique boutique for babies and kids - home of the original baby clothing bouquet for new arrivals.  Clothing, books and hats for twins, babies and kids of all ages.  We are forever evolving with new styles, new books, new stuff.  Store hours Tues/Wed 11-5  Thurs-Sat. 10-5  Sunday 12-5.  Come by  June 19 from 5-8 for a cupcake and enter our raffle for a clothing rose bouquet.

C&G
3 North Main Street 860.526.3284
Unparalleled Apparel. Seasonal and Timeless. Let us dazzle you with our eclectic collections.
Wednesday-Sunday 12-5  http://www.cummings-good.com

Caryn B. Davis Photography will showcase photographs from Italy, Portugal, the CT River Valley, Mexico, Martha'a Vineyard and Old San Juan. The photographs will be on display at the Leif Nilsson Spring Street Studio & Gallery. For more information contact Caryn B Davis at 860-526-5936, via email at caryn@cbdphotography.com, or visit her website at http://www.cbdphotography.com.

Leif Nilsson Spring Street Studio and Gallery
One Spring Street, Chester (860) 526-2077
Opening of the Midsummer exhibit of oil paintings and drawings of the Lower Connecticut River Valley, the village of Chester, CT, the artist's garden, interiors, figures, portraits and world travels by Leif Nilsson with a reception on Friday June 19th, 2009 from 5 - 8 pm. Gallery hours: Saturday & Sunday Noon - 6 pm. Other times by chance or appointment. Visit anytime on the internet at http://www.nilssonstudio.com

The Art Gallery at The Mill House
5 West Main St.  860 526-5575
http://www.ctriverartisans.com
Dianne Gorrick - of East Hampton and Jacqueline White - of Glastonbury are sharing an oil painting exhibit under the title of "Visions of The Beautiful and Sublime" June 1-28. Artist Reception is Saturday, June 6: 2-5pm.

The CT River Artisans
5 West Main St. 860 526-5575  Hours in June: Wed. thru Sun. 12 noon - 5pm
http://www.ctriverartisans.com
The CT River Artisans presents "Body Jazz" June 1-30. Bead and glass artist Marcia Moore exhibits new styles and techniques of wearable art and glass art for your home! Artist Reception is Saturday, June 6:
2-5pm


The Waterfall Room at CT River Artisans features paintings of: Chien Fei Chiang of Old Saybrook, Martin Trehub of Waterford, Susan Carden-Flicker of Shelton, and Phyllis Bevington of Chester.


CERAMICA 
http://www.ceramicadirect.com
Join CERAMICA and Lisa Tiezzi of Tutti Amici Imports Friday evening, June 19th from 6:00 to 8:00. Enjoy a sip of wine while you sample Lisa's 'Il Magnifico' olio di oliva...Close your eyes and imagine that you're strolling in a sun-drenched olive grove in Tuscany !


eo art lab
69 Main St 860.526.4833
Currently on display at eo “Syncopation”, the art of Thomas Stavovy. His latest work is latent with primordial energy.  Don’t miss it! Tue - Sun 10am – 6pm. http://www.www.eoartlab.com


The Colt House Gallery
43 Main Street 860 526 9375
Please come and visit one the newest Galleries in Chester. The Colt House Gallery will primarily be exhibiting works by Chester artist Bill Vollers, including his box constructions, wall reliefs, and digital imagery. Antiques including a collection of antique toys will be also be for sale. Enjoy a glass of wine and appetizers. For more information please contact Bill Vollers at 860 526 9375 via email vollers@connix.com. Gallery hours are by appointment or by chance. Thank you.


MYSTIC SISTERS of Chester
4 Water Street (860) 526-8022
Mystic Sisters of Chester Antiques and Artful Wares
Please join us Friday evening, June 20th, for light refreshments and to browse our diverse collections of antiques, original artwork and decorative 
accessories for your home. We also have a selection of vintage and antique jewelry along with original, handmade designs by CT artisans. You'll also LOVE our  goat milk soap. So come on in and refresh your home and your senses with  something special from Mystic Sisters. You can also get in touch with us through our web site http://www.mysticsistersct.com


Rachel Ryan Fitness
15 North Main St, Chester (860) 227-0348
Come join us for an open house Friday evening, June 19th from 5-8 pm to celebrate the grand opening of rachelryansfitness.  This unique, “semi-private” fitness center offers a limited number of memberships, personal training, group exercise, and nutritional classes for all ages.  Sample rachel’s   infamous appetizers and put your name in for a raffle to win a free personal training session. Become a member and you can enter rachel’s version of The Biggest Looser Contest which starts June 1st.  This is your chance to get the “fit” you want, through a guided weight loss and exercise program.  Weekly weigh-ins, fitness challenges and raffle drawings will keep you motivated to “go the distance”!
Interested in touring the center before June 19th?  Contact Rachel to schedule an appointment at (860) 227-0348 and visit us at 
http://www.rachelryansfitness.com  …. An updated version coming soon!


Dina Varano
27 Main Street 860.526.8866
This marks the 14th year anniversary of our store in Chester!! Come celebrate with us on Friday the19th, starting at 5p.m. We will be showing contemporary jewelry designed and hand-crafted by Dina along with a hand picked collection of beautiful objects from around the world. Open
Tuesday-Sat 10-5:30 and Sunday 12-5 or any time at
http://www.DINAVARANO.COM http://www.dinavarano.blogspot.com


CHESTER GALLERY
Stop by and celebrate the Coming of Summer with glass of wine on June 19th. from 5 to 7.  Enjoy the delightfully,whimsical work of Patrice Nelson guaranteed to make you smile, Richard Ziemann's etchings and engravings and Sosse Baker's baskets.  Tues. thru Sat. 10-5
76 Main St.  860-526-9822    chestergallery@att.net


Carolina Studios
16 Ridge Rd. Chester 860 526 1669 www.carolinatalksart.blogspot.com
is an inspirational, imaginative and motivational painters studio.  Carolina Marquez-Sterling owner and creative artist says
this is intentional.  Her studio is a multi-dimensional garage converted into a studio for four seasons. 
It is a place for me to create but it's is also designed to be gently provocative and to induce visitors into the concept that art can be playful. 
The studio is just an extension of my work. Paintings and assemblages are for sale as well as posters and postcards.
Summer hours W - F 10: am - 2: am and Saturday through Tuesday by appointment only.
Her discerning use of distortion, hue and bold lines reflect her experiences and remarkably connect to viewers
Don't miss this studio!

If you're anything like me, when it's time to buy something you want at the best possible price. Most start on the Internet and start googling the product name and model number and start drilling down into different sites that are offering the product to find out where the catches are especially on those sites offering the product you're looking for at a significantly lower price.

I am a semi-pro-photographer and was in the market to buy a Nikon D700 to complement my Nikon D300 that I have liked very much. The Nikon D700 is sold on a multitude of websites in the big hitters like B&H photo video, Adorama camera, and the like all offer this camera at its list price last an instant $300 rebate essentially selling the camera for $2700. So when you happen upon a website that offers a product at $2079 one wonders if it's legitimate and what the catch is. Many of the sites I researched and even tried to order from that offered a similar price were lowlife, bait and switch, foreign national merchants that exclude the included accessories where they then tried to sell you a $50 battery for $280. When I ordered a body from one site where it stated it was in stock at a great price it became out of stock when I refused to buy exorbitantly priced extended warranty or package of crap nobody wants.

I happened upon the legitimate online merchant who was selling my product at an unbelievable price quite legitimately. The first thing I do is pick up the phone and call the sales department to gauge their legitimacy. The site in question is softstream.biz. It's for real. When I spoke to one of the company representatives I asked him the obvious question: "how are you selling this product for so much less than others? What's the catch?" The response was simple: "I am simply making less of a profit margin."

While I had him on the phone I substantiated that the product I was seeking was in fact a genuine Nikon USA product with all of its components and accessories intact and came with a full warranty. He assured me that the product was not refurbished or gray goods. (Gray goods in the business are products intended and produced for other countries that are diverged from their intended delivery location in those countries and brought in illegally to the United States. These products, although manufactured by Nikon, have no warranty in this country.)

I took my research further and visited several sites were other online customers rate their experience with the various merchants that sell online. When I read that seven people had stated that this purchase was for real and in fact ship the product that they advertised at the price they advertised I felt confident to try to purchase my camera here.

If you're in a hurry to receive the product, move on to another site. I am happy to wait a little longer to receive the product I want for a substantial discount so this was not a problem for me. I placed my order, my credit card link through PayPal was debited, and in about a week the product was shipped. The merchant was extremely good at communicating with me in answering my questions any time I asked via e-mail. When I got the notification that my order was processed I e-mailed the individual who I spoke to on the phone and asked if I could upgrade my shipping from ground to overnight as I was quite anxious to get my hands on my new baby. The reply was fantastic in that he told me he upgraded my shipping at no additional cost to standard overnight. When I received the shipping e-mail he told me that he included an 8 GB CompactFlash card at no extra cost as a courtesy.

All this blew me away. He was a merchant that I found online who gave me a great price, great customer service, and kept his word. This merchant sold me my camera for $600 less than anywhere else I could find and threw in the extras to boot.

I have my new Nikon D700 in hand and am delighted. It's the best camera I have ever owned or worked with. It's FX CMOS image sensor in lowlight performance is a mind blowing. The idea of using a flash or tripod is now a distant memory. I highly recommend this camera to any serious photographer, like me, who was wishing for Nikon to drop the price of their flagship D3 or D3X Pro cameras. The 700 has the majority of what is offered in the D3 and 3X models for third the price. It's lighter as well.

In short, I am enthusiastically endorsing softstream.biz who offers other products besides cameras for those looking for a serious and legitimate discount online merchant for the products that they offer. In cameras they offer a good selection of both Canon and Nikon products, a short selection of flatscreen TVs from Sony, and the like. Their selection is not deep, but if they have which are looking for, rest assured they will beat the pants off any other merchants prices you'll find.

The housing market is looking healthier, but U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday that it is too early to tell if the recovery has taken hold.

"We do have some early signs, I think, that the market is stabilizing. Since January, what we've seen is both prices and sales volumes moving up and down around a relatively stable number," Donovan said

Donovan said he was optimistic that President Obama’s policies are bolstering the market.

"I think in particular when you get below the national level what you see is that in markets like California that were the hardest hit, that is where the signs (of recovery) are the strongest," he said.

Source: Reuters News (04/29/2009)

I would be remiss, if not stupid, for not giving a few lines to my wife's startup (now a year old) CT Farm Fresh Express, LLC. A year and half ago my bride, Deb Marsden, wanted to change careers from graphic design and production to something she felt more passionate about. She also wanted to do something to make a difference in the world...and more specifically here locally and in CT. Deb was thinking green long before if was fashionable. She promoted recycling, conservations of land, water, and other resources, and eating right. She detests industrialized farming and all that it stands for and what it delivers. There's a reason America is a collective big fat pig now. Processed food full of corn by-products like high fructose corn syrup, and CAFO raised beef, pork, and poultry are part of the problem. Industrialized farming also has one big fat carbon footprint which is part of our global warming issue. 

Deb started CT Farm Fresh Express, LLC helps all of what is near and dear to her. CTFFE is the link between CT farms and consumers and restaurants who share the same idea of eating local healthy foods. Deb and her team visit 30 farms across the state and picks up delicious produce, meat, poultry, honey, baked goods, maple syrup, and much more. Only CT grown and produced foods and products are allowed in the mix and must be certified organic or be naturally raised. She opens her on-line store each weekend and closes it on Wednesday morning when she starts her day. She started with 8 customers and 7 farms and now has many customers and has a growing list of farms. Each Friday she delivers to homes and in the beginning of the week she delivers to her restaurants. Food is sold a farmer's market prices plus a delivery charge based on the distance from source to you. (visit: CTFFE.com and CTFFEstore.com) 

Deb has had many editorial articles written about her in local newspapers all along the shoreline and Middletown and was on Faith Middleton Show on NPR and on NBC 30's Green is Universal segment this month. 

CLICK HERE TO LISTEN TO THE FAITH MIDDLETON SHOW ON SAVING CT FARMS AND EATING LOCAL. 

CLICK HERE TO SEE THE NBC 3O GREEN IS UNIVERSAL SEGMENT 

For me the bonus is eating fabulous, local food that tastes like the food I grew up with. I am pleased that the farms are planting more this year to supply the demand that CTFFE and my wife has brought them. I am also happy that this is a very green thing to do and helpful to the environment. 

Thanks to all for reading this. 

Carl Bulgini from Fenwick Mortgage just sent me a quote sheet on some great rates for those looking to buy or refinance a jumbo mortgage here on the CT Shoreline. The 30 year fixed rate is 6% from 417,100 to 1 million. Loans from 1 million to 1.5 million are 6.125% and loans 1.5 to 3 million are 6.25%. For interest only add .25% to any of the programs.

Call or write me if you need our help in any way. 

I received this information from a CATIC email blast and thought it was worth sharing with my clients and new visitors. The Obama Administration recently announced a number of measures to help homeowners avoid foreclosure. The following summarizes those programs.

INTRODUCTION

On March 4, 2009, the Obama Administration unveiled two new plans to help up to 9 million borrowers stay in their homes with refinanced mortgages that are modified to lower monthly payments. This blast e-mail will summarize the two new programs and provide you with links to U.S. Department of the Treasury guidelines for the programs.

HOME AFFORDABLE REFINANCE PROGRAM

The first of these programs is The Home Affordable Refinance Program. It is estimated by the government that this program will be available to help 4 to 5 million homeowners. Participation in the program will be limited to those borrowers who have been making payments on an existing mortgage owned by Fannie Mae or Freddie Mac. Borrowers who have been more than 30 days late on a payment in the last 12 months will not qualify. To finance this effort, the Treasury is providing Fannie Mae and Freddie Mac with up to $200 billion in additional capital, on top of $200 billion that it had already pledged to them. Key features include:

Additional Flexibilities: Most borrowers refinancing an existing Fannie Mae or Freddie Mac loan will not be required to buy new or additional mortgage insurance if the loan at the time of the refinance is more than 80 percent of a home's value. Any existing mortgage insurance may be carried forward to the new loan. In addition, Fannie Mae and Freddie Mac can refinance loans up to 105 percent of a home's value with this new flexibility, so even borrowers who are "underwater" -- who owe more than their home is worth -- may be able to refinance. This will expand the number of borrowers able to take advantage of lower interest rates that reduce monthly payments, or refinance into a more sustainable mortgage.

Eligible borrowers can use this program to improve their position for long term homeownership success by reducing their current mortgage interest rate or shortening the amortization term. Similarly, the Relief Refinance Mortgage can be used to replace an adjustable rate mortgage, with a 15, 20 or 30-year fixed-rate mortgage. Existing liens must continue to be subordinate to the Relief Refinance Mortgages.

Lenders will not have to re-underwrite a borrower if the Relief Refinance Mortgage raises their monthly principal and interest payment by 20 percent or less. But, in cases where the change in monthly principal and interest payment is more than 20 percent, borrowers will be underwritten through a simplified process. Borrowers will need to prove the ability to afford the new mortgage debt.

The program will only be available for a limited time. Applications can only be made on or after April 1, 2009 and the mortgages must be originated by June 10, 2010.

HOME AFFORDABLE MODIFICATION PROGRAM

The second of these programs is the Home Affordable Modification Program. It is estimated by the government that this program will be available to 3 to 4 million at-risk homeowners to avoid foreclosure by reducing monthly mortgage payments. The cost for this program is $75 billion.

Eligibility: Anyone with a high combined mortgage debt compared to income (mortgage payments, including taxes, insurance and homeowners association or condominium fees, have to be more than 31% of pretax monthly income) or who is "underwater" may be eligible for loan modification if the loan was entered into on January 1, 2009 or earlier. Delinquency will not be a requirement for eligibility. Only owner-occupied homes qualify and mortgages for single family properties that are worth more than $729,750 are excluded. Finally, borrowers with high total debt (which includes not only housing debt but other debt) equal to 55%, or more, of their income qualify, but only if they agree to enter HUD-certified consumer debt counseling program. All borrowers must fully document income by signing an IRS 4506-T Form, submitting their most recent tax return, two most recent pay stubs and must complete an affidavit of financial hardship. Modifications can start on March 4, 2009 until December 31, 2012 and the loans can only be modified once. Borrowers cannot be charged any modification fees. Lenders will have to bear the administrative cost of this program.

The key to determining whether a person receives help will be a so-called net present value calculation by the lender. The lender will first have to calculate how much it would cost to reduce a person’s monthly payments to an "affordable" range, 31 to 38 percent of the borrower’s gross monthly income. If the calculation shows that the lender’s cost in modifying the loan, after receiving the taxpayer subsidy, would be lower than the cost of foreclosing, the lender would have an incentive to take part in the program.

Loan Modification Terms and Procedures: The U.S Treasury Department is planning to partner with financial institutions to reduce borrower’s monthly payments. Under the program, the lender will first have to agree to lower the interest rate on mortgages so that the borrower’s monthly mortgage payment is no greater than 38% of his or her income. The lender can do this by lowering the interest rate (but not lower than 2%) first. If that does not reduce the mortgage payment to no greater than 38% of income, the lender can extend the term of the loan up to a maximum of 40 years, and then, if necessary, forgive principal.

The program will match further reductions in interest payments dollar-for-dollar with the lender, down to a 31% debt-to-income ratio for the borrower. Lenders will be required to keep the modified payments in place for 5 years. After that point, the interest rate can be gradually increased by 1% per year to the conforming loan survey rate in place at the time of the modification.

Servicers will receive an up-front fee of $1,000 for each eligible modification. Servicers will also receive "pay for success" fees awarded monthly, as long as the borrower stays current on the loan, of up to $1,000 each year for three years. Mortgage holders will be eligible for an incentive payment of $1,500 and $500 for servicers for modifications made while a borrower at risk of imminent default is still current.

To provide an extra incentive for borrowers to keep paying on time under the modified loan, the initiative will provide a monthly balance reduction payment of up to $1,000 each year for five years. This sum will be used to reduce the principal balance on the mortgage loan.

To encourage lenders to modify more mortgages, the Administration, with the FDIC, has developed an innovative partial guarantee program (at a cost of up to $10 billion). These dollars provide a measure of security to lenders by assuring that if home price declines are worse than expected they have access to reserves. Holders of modified mortgages under the program would be provided with an additional insurance payment on each modified loan, linked to declines in the home price index.

CONCLUSION

Experts estimate that when a lender forecloses on a property it loses up to one-half of the value of the loan. In this economic climate, with house prices falling rapidly the loss could be greater than that. Because of this, there is certainly an incentive for lenders to enter into the Home Affordability Modification program.

Another incentive for lenders to embrace this program is that Chapter 13 "cram down" legislation is currently pending in Congress and appears to be gaining momentum. This legislation would allow bankruptcy judges under a Chapter 13 filing to reduce the principal owed on a mortgage loan as part of the bankruptcy. The House passed this legislation on March 5th.

Please click on the links found below for more information:

Borrower Information: Making Home Affordable 
Fact Sheet 
Summary of Guidelines 
Modification Program Guidelines 
Counselor Q&A

The maternal side of my family came Fano, Italy. My mother's father Silvio came to this country along with brothers Leebrow, Guido, Raymond, and their sister Laura Bartolucci. Last week the next to last of this generation died at age 92. My great uncle Raymond was a kind and generous person who lived a rich and full life which included being a state police auxiliary officer, a ballplayer for the Cardinals, an electrician at electric boat, and working other jobs along the way such as security at the casino, the funeral home which held his funeral, and was the grand exalted ruler of the London Elks among other things. He will be missed.

Below is his obituary.

Groton - Raymond Bartolucci, 92, of Hillside Road, Groton, died on Feb. 12, 2009, at his home.

He was born on Sept. 30, 1916, in New London, the son of Alfred and Louisa (Ciavaglia) Bartolucci.

During his high school years, Ray was an outstanding varsity athlete in baseball, football and basketball. He was a key player in the historic football game between Chapman Technical High School and the Bulkeley School. The historic win gave Chapman Tech an undefeated season in 1933.

After graduating from Chapman Tech, he was drafted by the St. Louis Cardinals baseball organization and played for farm teams in the Midwest and later in the Penn League for four years.

He was united in marriage to Bernice “Bee” (Koch) Bartolucci on Dec. 28, 1971, in St. Mary Church, Stonington; Mrs. Bartolucci died Jan. 4, 2003.

Ray served in the Army in World War II. Upon returning from Germany, he served as a supernumerary in the Connecticut State Police.

He was employed at Electric Boat for many years as an electrician. He played football and baseball for the Electric Boat Athletic Club and the former Morgan Park baseball league. Later he managed the baseball teams in both leagues. 

Mr. Bartolucci was currently serving as president for the Electric Boat Athletic Club retirees. He was a life member in the New London Elks # 360, was past exalted ruler, and served in many other official capacities. He was a member of the Italian Dramatic Club in New London.

He enjoyed playing golf and was a charter member of the New London Country Club in Waterford and a member of Shennecosset Golf Club in Groton, were he worked as a starter for many years.

He worked part-time for the late Anthony Impellitteri at the Impellitteri Memorial Home and continued with Impellitteri-Malia Funeral Home. Mr. Bartolucci worked for the Mohegan Sun Casino as a security officer until his illness.

He is survived by a sister, Laura Lanzoni of Waterford; two stepsons, Dean Christie of Griswold and Tom Christie of Stonington; a cousin, Alma Verbillo of New London; three grandchildren, Michael, Danielle, and Jenna Christie; and a great-grandchild, Noelle.

He was predeceased by three brothers, Lebro, Silvio, and Guido Bartolucci.

His family will receive relatives and friends from 6 to 8 p.m. Monday at the Impellitteri-Malia Funeral Home, 84 Montauk Ave., New London. Funeral services will be held at 1 p.m. Tuesday at the funeral home followed by interment in Jordan Cemetery, Waterford.

In lieu of flowers, donations in his memory may be made to Hospice Southeastern Connecticut, 227 Dunham St., Norwich CT 06360

Senate OKs $15,000 Bonus for Home Buyers 
Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.

Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers. 

"It is time to fix housing first," said Sen. Johnny Isakson, R-G.

Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion.

In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill.

"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."

Source: The Associated Press, David Espo (02/05/09)

If you're a buyer in this current market you have a lot of things going for you. For starters, you have incredible selection, pricing we haven't seen for years, and historically low interest rates. Add to this list, a selection of foreclosure homes which are also known in the business as REO (Real Estate Owned) Homes.

So what should you know about buying a bank owned home? Quite a bit. Let's start with how they became a bank owned home. The easy answer is the homeowner didn't make their payments. The home owner may have been a victim of the subprime market, credit over extension, job loss and the like. The foreclosure process is often a lengthy one. If a family is not unable to make their mortgage payments, they most likely haven't been able to maintain the home or make repairs except for the bare minimum. When the homeowner sees foreclosure on the horizon, a last-place they will put money is in the house. That said, one can expect a home with deferred maintenance and sometimes many surprises. During the wintertime, these homes are cold and winterized making it more difficult to assess what the extent of the problems are.

So let's say you find a house that's right for you and it's bank owned. In many cases you're a first-time home buyer and may be unfamiliar with the process of buying a home from a regular homeowner. For the first time in a long time these attractive asking prices are putting homeownership in the reach of many that could not do so in the heated markets of the recent years.

Emotion plays a big part in many real estate transactions, and normally on both sides of the transaction. Our job as realtors is to stay unemotional and help our clients make sound decisions that are not emotionally driven. Sometimes this is easier said than done. But the fact of the matter is that buyers more often than not make an emotional connection with the home they want to buy. But here's one thing for sure, the asset manager for the bank handling the liquidation of the bank owned property is never ever emotional about the property.

Because today's daily news is rampant with negative stories about the housing market, lending market, and the number of foreclosed homes in the United States, everyone thinks that banks simply want to dump all of their homes in their inventory for any price. This couldn't be further from the truth. The tendency for most buyers is to lowball the bank. This is a mistake. My experience has shown that most banks will only give a modest discount from their asking price as they tend to price them aggressively. Their asking price for these bank owned homes is often below market value to begin with, yet despite advice against lowball offers I am asked to tender them anyway. In some cases my buyer loses the home to a more competitive bid. In other cases there were upset with a counter offer of only a $5000 price reduction from the asking price. They have difficulty getting their head around a price other than the unrealistic expectation they had in mind.

If one is able to come to terms with the lender on their bank owned home, there are other caveats at play. To begin with, there is a lengthy and legal bank addendum that is written in favor of the bank in just about every regard you can think of. They ask for a second deposit to be tendered upon acceptance instead of the customary 10 days post acceptance. They dictate a time is of the essence closing date, some with $100 a day penalties to the buyer for each day that passes after the possession date on the contract. Some lenders even try to insist that you use their attorneys to close, which I never allow to happen as every buyer is entitled to counsel that represents their interests alone.

If a lender requires certain repairs to a home before closing, it is more often than not the responsibility of the buyer to pay for and correct and not the seller. Many times inspections are for the education and information of the buyer and will have no impact for repairs paid for by the bank. The bank in most cases will only bear responsibility for mechanical structural failures is discovered during the inspection process. A buyer of a bank owned home can extricate himself from the contract and receive his earnest monies back in full in the event he is dissatisfied with the inspection, so you're not at risk there if the contract is properly constructed.

My advice to buyers is to tender their best and highest offer on bank owned homes because there are often other offers on the table that one is not aware of. FHA bank owned homes will actually disclose this to a prospective buyer in the form of a written notice an addendum, but it is not the case with other banks. They will at that time allow you to change the original offer to your best and highest in that case. Price, contingencies, credit rating, and amount of time needed to close are all considered in the decision making process.

A buyer must assess the projected selling price of the home and add in what costs will be incurred to make the necessary improvements one wants. At the end of the day does the net total makes sense when compared to a home on the market is being sold by regular homeowner? Only you can decide whether it's worth it or not.

Response times to offers can take an agonizingly long time. The listing agent for the bank has little control over when the asset manager will respond in any way shape or form. Some banks are faster than others. So you need to be patient.

I will end this blog entry with this statement: proceed with caution, remain as unemotional as you can, do your due diligence, and carefully weigh the cost benefit of buying a bank owned home. Make sure you choose a REALTOR® who understands how to navigate the bank owned home buying process as there's little room to make mistakes. Your hard earned deposit dollars could be at risk.