The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 20 increased 4.9%. Refinancing applications rose 5.7%. Purchase volume rose 0.6%. Refinancing made up 82% of total applications.

Orders for durable goods — items expected to last three or more years — rose 0.3% in July after decreasing a revised 0.1% in June. The increase was largely due to improved demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.8%.

New home sales fell 12.4% in July to a seasonally adjusted annual rate of 276,000 units from a revised rate of 315,000 units in June. It was the lowest reading since recordkeeping began in 1963. Economists had expected a pace of 330,000 units.

In its second report, the Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 1.6% in the second quarter of 2010, rather than the 2.4% increase initially reported.

Initial claims for unemployment benefits fell by 31,000 to 473,000 for the week ending August 21. Economists had projected claims would fall to 490,000. Continuing claims for the week ending August 14 fell by 62,000 to 4.46 million.

Upcoming on the economic calendar are reports on the housing price index on August 31, construction spending on September 1 and pending home sales on September 2.

Atlantic City Intl Airport

By ERIK ORTIZ Press of A.C. Staff Writer | Tuesday, August 24, 2010

More passengers traveled through Atlantic City International Airport in the first half of this year than in any comparable period ever before, validating a need for the facility to expand its services and position itself as an airport of convenience in the region, transportation officials said.

Figures provided Tuesday by the South Jersey Transportation Authority, which operates the airport, show the scheduled passenger count was more than 688,000 from January through July, an increase of nearly 29 percent from 534,339 passengers in the first seven months of 2009. The airport began commercial service in 1985.

June saw a 12 percent rise: 71,933 scheduled passengers in 2009 versus 80,746 in 2010. Scheduled passengers are those booked on a commercial flight departing the airport, currently through either Spirit Airlines or AirTran Airways. Arriving passengers are not counted.

The increase came even though Spirit, Atlantic City International’s main carrier, canceled daily flights to and from the Egg Harbor Township-based airport for five days in June because its pilots walked off the job in a contract dispute. Hundreds of Spirit pilots eventually ratified a new five-year contract in July.

SJTA spokeswoman Sharon Gordon said Spirit canceled 161 flights at the airport in June, 156 of which were directly related to the strike. AirTran benefited from the cancellations, flying out of the airport with “100 percent” capacity, Gordon added.

Now, the airport is planning a new economic impact study following one conducted in 2007. That report said more than 360,000 visitors came to the region using the airport and spent $185 million at local businesses.

Airport use is expected to increase following a $25 million expansion of its terminal and the opening of a federal inspection station to be used for customs.

“Spirit has already indicated that when we include the federal inspection station, they are prepared to offer direct international service,” Gordon said.

While the airport has wanted to diversify its carriers, having two low-cost airlines does help attract travelers, SJTA officials said.

In the first quarter of 2010, Atlantic City International had the lowest fares of the top 100 U.S. airports by passenger count, with tickets costing an average $187.78, according to statistics from the U.S. Department of Transportation.

“The airport is easy to access, parking is just steps from the terminal, low-fare airlines make flying more affordable and the wait time from arrival to gate is minimal,” Bart Mueller, SJTA executive director, said in a statement.

But also helping its passenger numbers is that the airlines added more routes: Spirit began service to Boston last year and to Detroit in May, while AirTran began offering flights to Atlanta last year.

The airport did lose another carrier in May, WestJet, which ended service to Toronto because of low ticket sales.

Spirit, however, will add Chicago to its itinerary next spring.

While it is unclear how many passengers flying through Atlantic City International this year were local residents versus tourists, any surge in airport traffic will likely benefit the region, said Jeffrey Vasser, president of the Atlantic City Convention & Visitors Authority.

His authority is in charge of marketing the resort, and he recently went to Boston to lure travel writers and bloggers to Atlantic City. A vibrant airport is pivotal to ensure tourists have faster access here, he added.

“We want them to say what a great trip Atlantic City was and how convenient it was to get there,” Vasser said.

AVALON – The first major rehabilitation project in the history of the bridge that serves as the gateway to the shore borough is set to start immediately after the summer tourism season comes to a close.

Cape May County is planning to begin work on the Avalon Canal Bridge, which connects the borough to County Road 601, on Sept. 7, the day after Labor Day.

The project is funded through grants from the Federal Highway Administration and expected to cost $3.3 million.

County Engineer Dale Foster said it will be the first major rehabilitation for the bridge in its 43-year history.

“It’s held up pretty well,” Foster said.

Despite its proven track record, the bridge needs a lot of work done, Foster said.

The 158-foot-long concrete deck must be replaced after having been riddled with potholes over the years. The deterioration has caused spalls – areas of concrete that have popped up and broken free – to form along the bridge, Foster said.

In addition to fixing the bridge, the construction is intended to ease traffic patterns into the borough by next summer.

Mugrose Construction Inc. of West Caldwell, New Jersey is the general contractor for the project, and Gibson Associates of Ocean View in Dennis Township will serve as the project engineer.

Foster said the county plans to widen the bridge so there are two lanes leading into the borough and one leading out. The bridge now has just one lane in both directions.

Foster said new traffic signals will include a left-turn lane for drivers exiting the borough, something that’s currently not in place.

“It won’t take care of all the backups there, but it’s definitely going to help,” Foster said.

Foster said the construction will require lines run by Comcast, Verizon and Atlantic City Electric to be pulled above ground during the construction.

Work is expected to take place from 7 a.m. to 3:30 p.m., and normal traffic patterns are expected to resume in time for Memorial Day, Foster said.

A dolphin leaps over the wake of a boat near the shore Friday near Pittsburgh Avenue in Cape May. Photo by: Dale Gerhard

By MICHAEL MILLER Press of AC Staff Writer | Saturday, August 21, 2010

Dolphins can be seen from most beaches in southern New Jersey between June and September, but this summer they have been especially abundant along Cape May Point State Park, where they have been seen frolicking near the shore almost every day.

“We’ve noticed a trend that they’ve been down at Cape May Point State Park more this year than the Delaware Bay or Wildwood,” said Capt. Jeff Stewart Jr., who operates the Cape May Whale Watcher, a whale and dolphin tour boat based in Lower Township.

Stewart has been tracking dolphins aboard his tour boat since 1993. He said Cape May Point’s beaches form a natural cove that draws baitfish, which attract dolphins.

“Dolphins eat 40 to 50 pounds of fish every day,” he said. “Cape May Point is a natural fishing spot.”

The dolphins use the beach to corral their food. The beach at Cape May Point State Park has a steep incline at the water’s edge that allows the dolphins to swim remarkably close to land – in some cases mere yards away as they torpedo through the surf.

“When they’re feeding in the morning before the beaches get crowded, they’ll school the fish within a few feet of the shoreline,” said Peter Pietras, captain of the Cape May Point Beach Patrol.

Pietras said the dolphins seem to put on a regular show, especially on days when the water is choppy.

“They were doing it today,” Pietras said earlier this week. “They’re playing in the waves. That’s what it looks like.”

Pietras said the borough’s beaches attract large pods of dolphins every summer. When the lifeguards swim or row their boats out in the morning, they give the dolphins the right of way, he said.

“I think all the guards enjoy watching them. They’re beautiful animals,” he said.

Cape May Point State Park, much of which is in Lower Township, is a popular attraction among school and church groups. Park naturalist Matt Pellegrine said some children see their first dolphins there.

“It’s almost a magical experience for them,” he said. “We get a lot of comments about them.”

Pellegrine said he sometimes sees the dolphin’s aerial acrobatics. He is most impressed with one of their apparent feeding strategies in the shallows.

“I noticed it looks like they’re trying to do a headstand,” he said. “They’re probably trying to get flounder. Their tail is flapping on the surface.”

This beach, with its accommodating tides and ready source of food, serves as a calving ground, Stewart said.

“We’ve seen quite a few newborn calves there,” Stewart said.

These day-old dolphins are usually jet black with wrinkled sides and a dorsal fin that lolls over to one side, which facilitates birthing, Stewart said.

Jackie Toth, a researcher at Rutgers University’s marine field station in Tuckerton, has studied New Jersey’s dolphins for years.

“Not much is known about the New Jersey population that hangs out here,” she said.

Toth said she frequently sees dolphins leaping out of the water, splashing or smacking their tails on the surface. She said it is not always easy to determine why dolphins perform some of their stunts.

“We just don’t know. Maybe they’re happy about a whole bunch of food they just found. They’re very playful animals, and very active and social,” she said.

Stewart said dolphins are opportunistic hunters that adopt techniques to suit their environments. On some beaches in the Carolinas, dolphins have been known to nearly beach themselves to catch fish. In Florida, some dolphins create bubble nets, much like whales do to corral schools of fish.

“This is learned behavior,” she said.

But everywhere she goes, dolphins appeal to people, Toth said. Maybe it’s that grinning countenance or their natural grace, she said.

“We see dolphins the most. That’s the biggest draw,” she said. ” I think right whales are absolutely amazing animals. But how often do you see a right whale off Cape May?”

But Toth said their abundance is not the only reason for the dolphins’ charm.

“They’re playful, charismatic, beautiful animals,” she said.

Steel Pier amusement park has been owned and operated since 1992 by Anthony Catanoso, 55, of Cape May Court House, his brothers and Ed Olwell, who all co-own Atlantic Pier Amusements. Photo by: Edward Lea

By KEVIN POST, Business Editor | Posted: Sunday, August 15, 2010

ATLANTIC CITY — There is much that is unique about Steel Pier, starting with its crucial role as the Boardwalk’s only amusement park.

In a town full of entertainment for adults, Steel Pier stands almost alone as a place for kids.

On Sunday, three of them were sons of Stephanie Fisher, 38, of Frederick, Md.

Fisher said she and her husband, Robert, 35, have been coming to Atlantic City about every other weekend for the past two years.

When it’s open, Steel Pier is the daytime highlight.

“It’s the kids’ turn for fun during the day, then it’s our turn at night,” she said. “I would like to see more attractions like this in Atlantic City.”

While older (and taller) brothers Casey and Jordon got to drive the motorized carts, Dylan Fisher, 8, said he likes Steel Pier because it has “lots of kids stuff.”

“I especially like the Disko and the Rocket,” he said.

The Disko is another thing unique about Steel Pier.

The big spinning saucer on a half pipe is one of four rides whose first U.S. appearance was on Steel Pier, said Anthony Catanoso, 55, of Cape May Court House.

Catanoso, along with brothers Chuck, Bill and Joe, all of Cape May, and Ed Olwell, of North Wildwood, co-owns Atlantic Pier Amusements, which owns and operates the amusement park.

The pier’s slingshot Rocket ride was the first of its kind to use, instead of bungee cords, steel cables and springs for propulsion skyward, with an electromagnet holding the passenger ball in place until liftoff, Anthony Catanoso said.

The Crazy Mouse spinning roller coaster was a first when it was introduced in 1996, and this year’s national debut was the Steel Pier Monster Plunge.

“That’s a drop and spin tower, with a 50 foot tower,” Catanoso said. “No other tower in the country spins as it drops.”

At the ocean end of Steel Pier is another ride he said is unique to the Jersey Shore: helicopter tours.

Up to three passengers can choose one of three tours, starting at $39 each. “We also do packages with various hotels and bed and breakfasts in the area,” he said.

Atlantic Amusements started on Steel Pier in 1992 after Trump Entertainment found out the state wouldn’t approve plans for condo development across the Boardwalk from its flagship Trump Taj Mahal Casino Resort.

The amusement park has grown steadily since — this year adding two kids rides in addition to the spinning drop tower — and now has 25 rides, 22 games of chance, 11 food outlets and four retail outlets, Catanoso said. The Flores Family performs a free motorcycle show inside a big steel ball at the pier entrance four to six times a day.

The growth has been driven by an increase in families, he said, and on the Fourth of July this year more than 30,000 people went onto the pier.

The market niche the park has developed fits nicely into Gov. Christie’s plan to make Atlantic City, and especially its Boardwalk, more family friendly, he said.

“I feel good about the governor’s initiative. I think it’s going to help, concentrating on more noncasino, nongaming attractions, and also talking about public-private partnerships,” Catanoso said.

In particular, he thinks it’s time for Atlantic Pier Amusements to get public help — perhaps from the Casino Reinvestment Development Authority — with funding a major attraction such as a $4 million roller coaster.

“We’ve been here 19 years and we never took any public money,” he said, but now it could be time. “We’re the perfect candidate.”

A coaster would be a major draw and add to the pier’s strongest segment, thrill rides, he said. And bolstering the city’s best-performing tourist attractions makes sense.

“Even last year, in a bad economy, the four segments that increased were Steel Pier, The Walk, Gardner’s Basin and Atlantic City Cruises,” Catanoso said. “All are noncasino, all family entertainment, succeeding in a sluggish casino environment.”

Before it can add a coaster or other high-end attraction, Atlantic Pier also needs to get a longer lease than the two- and three-year increments Trump Entertainment has offered previously, he said.

“Hopefully we’ll enter into a longer lease. There are indications that we’ll get one,” he said.

Whatever the future of Steel Pier, it will always have its other unique attribute: A 20th century history as the Showplace of the Nation that helped launch the careers of Burns and Allen, Frank Sinatra and many others.

That keeps entertainers such as Kim Delaney and Pia Zadora, as well as sports stars Allen Iverson, Julius “Dr. J.” Erving and Shaquille O’Neal, coming to walk on the entertainment world’s sacred ground above the ocean

“We try to give them their space. We don’t bug them too much,” Catanoso said.

Owner: Atlantic Pier Amusements; principals Anthony Catanoso, of Cape May Court House, and brothers Chuck, Bill and Joe, all of Cape May, and Ed Olwell, of North Wildwood

Founded: 1992

Employees: 200

Revenue: Undisclosed

The pier is located at 1000 Boardwalk, Atlantic City, NJ, 08401.  The pier is open 3 p.m. to midnight Monday through Friday, noon to 1 a.m. Saturday and Sunday. Single tickets are $0.75, 35-ticket books are $25, 80-ticket books are $50, 200-ticket books are $100. For more information, call 866-386-6659, 609- 345-4893 or click here for a link to the park’s website.

A train from Cape May Seashore Lines carries passengers from Rio Grande to the the Cape May Station on Lafayette Street. The train crosses the swing bridge over the Cape May Canal.

By RICHARD DEGENER, Press of AC Staff Writer | Wednesday, August 18, 2010

Related Links

• Related: Cape May Seashore Lines schedules, fares and information

CAPE MAY — Passenger train service to the city resumed Tuesday for the first time in five years, and it happened without much fanfare.

City officials were not even aware Cape May Seashore Lines had brought back the service. It was announced to about 400 railroad buffs on the social networking site Facebook, and about 40 passengers were on the first run from Rio Grande.

Cape May Seashore Lines President Tony Macrie was on the first train Tuesday morning.

“We are back, Jack,” said Macrie shortly after the two railroad cars pulled into the station here off Lafayette Street.

Macrie said bystanders were excited seeing the train steam down the track.

“Kids were running to the train. People were waving. People in swimming pools were jumping up,” Macrie said.

The city had train service from 1863 to 1983, mostly during an era when trains were used to bring tourists to the resort. The rise of the automobile and paved highways to the shore after World War II led to the demise of train service, but Cape May Seashore Lines returned as a tourist attraction in 1999.

Macrie said it was going pretty good until 2005, when a series of problems arose. The setbacks included mechanical issues with the swinging railroad bridge across the Cape May Canal. They were fixed in 2006, and Macrie was planning to restart in 2007, when an April Northeast storm damaged the tracks and stranded his locomotives in Tuckahoe.

Macrie also had a well-publicized battle with Middle Township over storing some cars in Rio Grande but said those problems have since been ironed out.

“We just got a letter of support from Middle Township. The timing is right to get things running,” Macrie said.

Local officials were not aware trains were returning, but Cape May Point Mayor Carl Schupp was excited about the development, partly because he believes trains could be useful for hurricane evacuations.

“That’s great. It may be useful to emergency management if we ever needed to evacuate,” said Schupp.

Macrie said he has promoted the idea for years. He said he could run 10 cars at a time with 80 people per car. The track is currently clear from Cape May to Cape May Court House and eventually could go to Tuckahoe or even further north and west.

“There’s probably no better way to get people out of here,” Macrie said.

For now, he’s just looking for paying customers. The plan is to operate three runs a day between Rio Grande and Cape May from Tuesday through Friday into Labor Day weekend.

“We have ample parking in Rio Grande. It’s $10 per round trip for adults and $5 for kids age 2 to 12. We want to keep it reasonable and get people to ride,” Macrie said.

Passengers exit the train after arriving in Cape May.

Marc Noel, right, and his son Pierre Charles 14, of Quebec City, Canada, look at the names on the replica Vietnam War Memorial in Wildwood. Photo by: Dale Gerhard

By TRUDI GILFILLIAN Press of A.C. Staff Writer | Wednesday August 11, 2010

With photo gallery

WILDWOOD — Strains of “Wildwood Days” play in the background as a loudspeaker at the Wildwoods Convention Center announces the city’s upcoming events. But across the street, a replica of the Vietnam Veterans Memorial remains silent.

Visitors come here only when they are ready.

Since Wildwood’s version of the Washington war memorial was dedicated May 29, visitors have come at all hours, some leaving behind mementos to remember their friends and loved ones, some just wanting to pay their respects.

They leave behind American flags, flowers – both real and silk – crosses, candles, military insignia and photographs.

The items will remain until they become too worn or faded, at which point they will become part of a permanent collection of keepsakes maintained by the Vietnam Veterans of America Chapter 955 of the Wildwoods, the group that led the effort to raise the more than $120,000 needed to erect the wall.

The setting is very unlike that of Washington, D.C. The wall, at 240 feet long, is half the size of the Vietnam Veterans Memorial in the nation’s capital. Here, families in brightly colored bathing suits hurry past hauling beach chairs, coolers and boogie boards. A reflection of the Great White roller coaster stands out in the wall’s dark panels.

But the memorial lists as many names – 58,913, with room for more – as the larger one. And the visitors come here to pay tribute to those they knew.

“A guy in my brother’s class died in ‘Nam,” Paul Miley said as he stopped to see the wall. Miley, of Lancaster County, Pa., and his neighbors, Michael and Anne Killen, are visiting Wildwood for the week.

Miley still recalled the young man’s name, Timothy Shober, who was killed, he believes, in 1968.

“A lot of my friends were in the Vietnam War,” Miley said.

The three were riding their bikes Tuesday when they came upon the monument. Anne Killen’s brother served in the army in Vietnam.

“It wakes you up,” she said of the wall, “to realize that people are fighting for our country.”

Earl and Patti Goodhart, of New Cumberland, Pa., active with American Legion Post No. 143 at home, had stopped to visit American Legion Post 184 in Wildwood when they noticed some of its members wearing T-shirts that featured the Wildwood monument.

“We bought two shirts and wanted to see it,” said Earl Goodhart, a veteran who served in the Air Force during the Korean War.

They parked their bikes Tuesday morning just before 10 and walked beside the wall, glancing at the thousands of names etched in black granite.

“It’s real emotional to see that they actually did this,” Patti Goodhart said.

A cousin and an uncle had served in Vietnam, Patti Goodhart said, as she told the story of the dog her uncle and his fellow soldiers adopted while they were there.

“It’s very impressive – just an amazing number of people that lost their lives. It’s tough fighting a war like that when you don’t know who you’re fighting,” Earl Goodhart said.

The pair forgot to bring a camera this morning, but agreed they would be back before their stay in the Wildwoods was over.

“I’m just amazed at how many lost their lives …,” Earl said. Patti finished the sentence, “… for us.”

This day, a black and white image of Bernard J. Moran Jr. sat below the wall marked with these words: “Son, Husband, Father, Grandfather, Great Grandfather Be All That You Can Be. The Marines, His Love, His Life.”

Farther down, an American flag sat in honor of Frank Amos Hennis: Nov. 23, 1941, to Sept. 7, 1965.

Not all the visitors come on bicycles or on foot. Some slow their cars and point to the wall, even pulling off the road briefly to look. Then they drive away.

As they were visiting the wall, Marc Noel and his 14-year-old son, Pierre Charles Noel, of Quebec City, Canada, took a few minutes to leave their bicycles.

Marc Noel said he was here in July 2008 when a traveling version of the Vietnam Veterans Memorial, known as The Wall That Heals, was placed in Fox Park, not far from the home of the permanent replica in Columbus Park.

During his travels to the United States, Marc Noel said, he noticed that remembering veterans was an important part of this nation’s culture, whether it was on car license plates or military caps or the placement of American flags.

The replica wall impressed him as another example of the country’s desire to remember.

“It’s very respectful of those souls,” he said.

CAPE MAY

1520 New Jersey Ave. Unit 125, Judy Boesch and Robert Boesch to Phyllis Magaletto and Steven Makai; 6/18/2010. $317,900

1341B Virginia Ave., Charlene Pitt and Charles Pitt to Ingrid Filannino and Nicholas Filannino; 6/18/2010. $325,000

1405 Delaware Ave., Cynthia McCausland and Marinda Fox to Dawn Burke; 6/15/2010. $300,000

1021 Cape May Ave., Joseph Steady and Mary Steady to John Brogan; 6/18/2010. $635,000;

CAPE MAY POINT

703 Cape Ave., Phyllis Muilenburg and Robert Muilenburg to Elvia Carbo and Sergio Carbo; 6/16/2010. $387,500

NORTH WILDWOOD

315 E. Second Ave., Al Vacca and Maryann Vacca to Cynthia Buonopane and Michael Buonopane; 6/18/2010. $637,500

421 E. 18th Ave. Unit 4, Scott Kirscher to Janice Yaworski and Joseph Yaworski; 6/18/2010. $405,000

320 E. Seventh Ave., Florence Miniscalco and Henry Miniscalco to Mary Clemens and Thomas Clemens; 6/15/2010. $385,000

415 E. 10th Ave. Unit 2, Demetrios Malanos and Joanna Malanos to Cheryl Kulpa and John Perpiglia; 6/16/2010. $517,000

1900 Boardwalk Unit 201, Henry Mullen and Rita Mullen to Kimberly Kirk; 6/17/2010. $162,000

413 E. 24th Ave. Unit 15, Thunderbird Development LLC to Lisa Capobianco and Michael Capobianco; 6/18/2010. $530,000

OCEAN CITY

500 Bay Ave., Lewis Mawson and Marie Mawson to Irene Varallo and Louis Varallo; 6/12/2010. $145,900

816-818 Pennlyn Place, Charles Hensler to Beams LLC; 6/18/2010. $850,000

2712-14 West Ave. Unit B, Katherine Mangiaracina and Leonard Mangiaracina to Colleen Niles and Russell Niles; 6/15/2010. $343,000

1352 Simpson Ave., Jacqueline Stone to Bruce Kempf and Theresa Kempf; 6/14/2010. $300,000

5508 Asbury Ave., Christopher Marrone and Maria Marrone to LLC Duncan Real Estate Investments; 6/18/2010. $585,000

125 Wesley Ave., Natalie Reed and Thomas Gates to Kathleen Murphy and Kevin Murphy; 6/14/2010. $425,000

3313-15 Bay Ave. Unit 6, Kimarie Knox and William Petty to Derrell Pustizzi and Jennifer Pustizzi; 6/16/2010. $110,000

325 E. Surf Road, Lenora Fazzio and Michael Fazzio to Larry Berman and Ronda Berman; 6/15/2010. $1,900,000

900 Park Place Unit 5, Barbara Hart and Eric Hart to Mary Harper; 6/14/2010. $250,000

1008 Wesley Ave. Unit 510, Anita Hoyas and Joseph Hoyas to Judith Livote and Robert Livote; 6/18/2010. $200,000

42 Bayonne Place, Todd Wagner to Dorothy Aitken and John Aitken; 6/15/2010. $440,000

37 W. 16th St., Dorothy Aitken and John Aitken to Katherine Mangiaracina and Leonard Mangiaracina; 6/15/2010. $385,000

5423 Asbury Ave. Unit 5423, Alice Veitz and Henry Veitz to David Martin and Laura Martin; 6/18/2010. $425,000

916 Ocean Ave. Second Floor, Iso Capital LLC to Steven Churchill; 6/18/2010. $700,000

2136 Central Ave. First Floor, Dennis Aristone Development LLC to Cathy Van Buren and Sameh Majid; 6/17/2010. $630,000

SEA ISLE CITY

126 77th St. Unit West, Paula Krall and Timothy Krall to Albert De Stefano and Donna De Stefano; 6/16/2010. $615,000

301 47th Place Unit East, T Desiderio and Tracy Desiderio to Alicia Robinson and Lawrence Robinson; 6/18/2010. $1,075,000

4601 Landis Ave. Unit G, JF Builders Inc to Andrew Ronsvalle and Sara Landrum; 6/14/2010. $432,000

5111 Landis Ave., Diane Lansberry and Errol Lansberry to Edward Leonard and Susan Leonard; 6/17/2010. $520,000

131 32nd St. Unit B, James Hilferty and Patricia Hilferty to Edward Boone and Ritamarie Boone; 6/16/2010. $425,000

4601 Landis Ave. Unit D, JF Builders Inc to John McGurrin and Nancy McGurrin; 6/14/2010. $450,000

122 87th St. West, Ocean Drive Holdings LLC to Christopher Costello and Danielle Costello; 6/14/2010. $825,000

3400 Landis Ave. Unit 411, Albert De Stefano and Donna De Stefano to Mary Heffner and Raymond Heffner; 6/16/2010. $390,000

WILDWOOD

4911 Susquehanna Ave. Unit 105, Rio Marina LLC to Edward Mitchell and Regina Mitchell; 6/16/2010. $160,600

4911 Susquehanna Ave. Unit 405, Rio Marina LLC to Regina Mitchell; 6/16/2010. $205,700

4911 Susqhehanna Ave. Unit 308, Rio Marina LLC to Felicia Damato; 6/16/2010. $206,250

4911 Susquehanna Ave. Unit 207, Rio Marina LLC to Michael Enz and Sarah Enz; 6/16/2010. $181,500

4911 Susquehanna Ave. Unit 309, Rio Marina LLC to Valerie Rushmere; 6/16/2010. $206,250

WILDWOOD CREST

202 E. Preston Ave., Debra White and Joseph White to Alan Meeh and Yong Meeh; 6/18/2010. $412,500

ATLANTIC CITY

1612 N. Ohio Ave., Unipro Property Group LLC & Michael Burns to Joanne Lyons; 6/14/2010. $176,000

3817 Ventnor Ave. Apt 1403, Mae Fannie & Federal National Mortgage Association & McCabe Weisberg & Conway PC to Samir Ibrahim & Nashaat N Ibrahim; 6/14/2010. $50,000

21 S Bellevue Ave., Gloria Guzman & Ismael Guzman to Rupan Mazumder & Rina Rani Paul; 6/15/2010. $150,000

101 S. Plaza Unit 1503-04, A Jerome Grossman & Ellen J Grossman to Myrna K Goodman; 6/15/2010. $999,000

446 N. Harrisburg Ave., W Smith Properties LLC to Mohammed Iqbal & Hosne Ara Begum; 6/18/2010. $142,500

6 N New Hampshire Ave. Unit 2A, MCT Real Estate LLC & Michael C Trivers to Anthony Miranda & Julie Miranda; 6/18/2010. $224,000

BRIGANTINE

229 Hagen Road, Craig Palko & Michelle Palko to Chris J Vecchiarelli & Eileen Tarcelli; 6/18/2010. $327,700

513 W. Brigantine Ave., Hope Doria & Anthony Doria to Gregory Merlino & Theresa Merlino; 6/16/2010. $500,000

601 Georgia Place, Stanley Hunt & Stanley P Hunt & Kathleen R Zimmerman & Theresa Hunt to Jorge D Garcia & Angelita C Garcia; 6/16/2010. $250,100

519 W. Brigantine Ave., Hope Doria & Anthony Doria to Gregory Merlino & Theresa Merlino; 6/16/2010. $270,000

LINWOOD

224 W. Wilson Ave., John C Bruin & Debra Bruin to Eric J Goldberg & Claudia Goldberg; 6/17/2010. $783,000

LONGPORT

111 S. 16th Ave. Unit 507, Judith A Lavecchia to Camilo Raful & Patricia Robalino; 6/14/2010. $380,000

MARGATE

8101 Bayshore Drive, Samanda Properties II of NJ LLC & Michael Pouls to Stacie Kirsch & Lori Kirsch; 6/14/2010. $2,700,000

9010 Atlantic Ave. Unit 237, Warren Pasternack & Beverly Pasternack to Stephen W Stankiewicz & Donna J Stankiewicz; 6/17/2010. $165,000

316 N. Mansfield Ave., William L Rushton to Christopher P Cottone & Sylvana J Cottone; 6/15/2010. $355,000

5 S. Clermont Ave., Sheila S Yakatan to Spring Hollow N1 LLC; 6/15/2010. $624,000

100 S. Coolidge Ave., John Dangelo & Rosemary Dangelo to Louis J Magazzu & Lisa Magazzu; 6/15/2010. $210,000

11 S. Hanover Ave., Georgia Beit to Donna Danella; 6/15/2010. $750,000

9315 Atlantic Ave., Gloria Klinman to Allen Raevsky; 6/16/2010. $170,000

10 S. Mansfield Ave., Alexander Rogachevsky & Eileen Rogachevsky to Limited Ptnrsh Conwell; 6/16/2010. $895,000

SOMERS POINT

27 Broadway, Deutsche Bank National Tr Co & Harborview Mortgage Loan Trust & American Home Mortgage Service Inc to James McHugh & Toni Ann Esposito; 6/15/2010. $402,000

VENTNOR

25 N. Newport Ave., Celebon Charles Tarragano & Lisette L Tarragano to Wesley Long & Gladys Serra; 6/15/2010. $255,000

5000 Boardwalk Unit 1106, Jerold Elkins & Roslyn Elkins to Alan Feingold & Geraldine Feingold; 6/14/2010. $275,000

This home on East Mill Road has been repossessed by a bank and is on the market. While the estimated market value is $334,862, its estimated market range begins at $281,284. Photo by: Edward Lea

By LYNDA COHEN Press of A.C. Staff Writer | Sunday, August 8, 2010

Lost jobs and predatory loans have caused for-sale and foreclosure signs to pop up all over.

But if buyers have the right bank — and a good dose of patience — distress sales can be a good thing for those looking to get a home for a lower price, experts say.

“It’s a great opportunity the majority of the time,” said Mary Lou Ferry, owner of Farley and Ferry Realty in Margate. “But it can be time-consuming.”

Beware, though. “Short sale” doesn’t reflect how long such a purchase takes. Ferry advises clients to be prepared for about 90 days, although it can take much longer.

“There are certain banks out there that there’s such bureaucracy, it can be 12 months into a sale and you still don’t have an answer,” said JoAnn Torcasio, of Marketplace Realty in Margate.

She said she’s worked with both buyers and sellers who have had problems.

“The difficulty is usually on the bank side,” said real estate attorney Duane Phillips, who works in the Galloway Township-Absecon area. “It’s sometimes hard to get a decision because they don’t want to let a property go for too little.”

“Most of the agents out there are more than happy to follow the procedure and work as expeditiously as they can,” Torcasio said. “Sometimes, you just hit a brick wall.”

“Those type of situations are generally more complicated and more difficult to structure, particularly for the buyer,” said Daniel Young, an Ocean City-based real estate lawyer.

The key for buyers, he advises, is making sure to deal with someone who can enter into the transaction.

“Often you’re dealing with middle men working off a check list that don’t have any real authority,” Young said.

They also may not know details about the property.

“There are issues that an ordinary seller would know that a bank who took back the property may not,” Young said. “So the buyer may not be able to get representations they normally get.”

No matter how rough or smooth such sales go, Torcasio said, the lower selling prices these homes are getting needs to be recognized by the towns they’re in.

In certain neighborhoods, there are so many distressed-sale homes, it brings down the value of others — but not when it comes to tax assessments.

“When you go to get a tax appeal, they won’t take short sales and foreclosures,” Torcasio said. “That’s affecting people still in their homes.”