Thursday, March 15, 2007

A Community Loss

What is going on in Princeton Township? First the Princeton planning board approved a project that would get rid of 900 trees and now there is another project that will get rid of another 804 trees. Granted the developers will replant 586 trees between the two projects but still an 1118 tree loss seems a bit excessive.
A friend said to me recently that New Jersey was going to have to change its name from the “Garden State” but cause it in not in the least rural anymore. While I agree we are not as rural as we were, we do have a lot of mature trees around with plenty of greenery left to see.
I guess the board got the idea about so many trees being lost might be a problem because they attached a provision to their approval that the developer minimize the number of tree lost.
The advisory panel also recommended that the developer be required to plant or pay for enough replacement trees on and off the site to ensure that the project does not lead to a net loss of trees for the community. Article here

Both developers will have to make financial contributions to the township's tree plantings. Whether that will replace the mature trees lost remains to be seen. It would be nice though, if the Garden State continued to have mature trees around.
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Wednesday, March 14, 2007

ARM's Worries Affect Stock Market

It has been a bit of concern to everybody including the Fed, but until yesterday it had not really showed in a way that would get the working man’s attention. Yesterday it did. What was it: the concern over sub-prime loan defaults, i.e, foreclosures.
Investors withdrew from the sub-prime mortgage sector yesterday and caused a drop in Dow Jones Industrials of more that 240 points. In fact, all the US stock indexes were down about two percent.
Granted there were other contributing factors like retail sale profit figures being relatively small (0.1 percent) and the Mortgage Bankers Association saying that foreclosures increased 28 basis points from the third quarter which is up 25 basis points from last year.
While there forecast for sub-prime loans continues to look dour the number of houses on the market continues to increase. Prime mortgages continues to rise and buyers have plenty of variety from which to choose their future home.

Read the MBAA press release
Read The Times of Trenton article


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Monday, March 12, 2007

Capital Beat: No Citizen’s Convention on Tax Reform

What a difference's three months makes! Now just last year there was much talk of convening a citizen’s tax convention to deal with the property tax problem. There did not seem to be any other way to manage the problem and then New Jersey gubernatorial candidate Jon Corzine said he would push for just such a convention. Well here it is almost Spring and according to George Amick we should “stick a fork in the idea” because “It’s done”. For at least another year, New Jersey homeowners will continue to pay the highest amount in property taxes in the country.
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