We have move! In an effort to condense and conserve, I have begun a blog that is hosted on my website. You will still find news in and around New Jersey but the news is geared more to specific counties. The first county is Mercer County. I expect to add others shortly. For now please visit the new location to get your dose of news in New Jersey.
http://mercercountyblog.freddiemoorer.com
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Wednesday, September 26, 2007
Wednesday, September 12, 2007
Around Town: Washington Township Cocaine Bust
On a tip from California police Washington Township police followed a suspicious package to a home on Harriet Court in the Sharon Mews development. There authorities arrested Vincent Corddick and Christina Diaz after finding two loads of cocaine and marijuana valued at $106,000.Ontario California police called township police on Friday about a suspicious package headed to the Sharon Mews address. Township police watched as a UPS carrier delivered the package then raided the Harriet Court property. The package contained one kilogram of powder cocaine hidden inside a computer tower.
Vincent Croddick was charged possession of cocaine and marijuana and two counts of possession with intent to distribute drugs. He is held at Mercer County Corrections Center in lieu of $290,000 cash bail.
Christina Diaz was charged with possession of marijuana and released on her own recognizance.
Read the story here.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Thursday, September 06, 2007
Realty Transfer Revenue Woes
It only makes sense that with the housing market softening that dependent enterprises would have a bit of trouble also. Well here in New Jersey as in some other states we have a fee called the Realty Transfer Fee. The fee gets collected when a home is sold. In fact the fees generated 2.5 percent of the state's revenue in 2006. It is doubtful it will generate the same amount in 2007 which is why in all probability the state is going to have big trouble staying within its budget.
The article is well worth read.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
The article is well worth read.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Wednesday, September 05, 2007
Housing Sector Teaches Lesson in Economics
School is in session now and if nothing else the impact of the soft housing sector is a good lesson in the relationships sectors have on each other in a society's economy. While construction has softened along side the housing sector, exports seem to remain strong and that is helping the manufacturing sector. Even though exports is the bright spot experts are not sure it will be enough to counter the effect of the housing sector decline. The decline in consumer spending has also helped turn expert attention to debate over whether the economy is soft, very soft, or in recession. So if you didn't take economic in high school or college this is your chance to get a handle on how it all works together.
Read the article here.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Read the article here.
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For more information on Real Estate in New Jersey visit here.
Thursday, August 30, 2007
Tip of the Day: Late Summer Gardening
It is that time of year again folks: time to encourage those last tomatoes to ripen up before the first frost of late October. This article had some good advice for prompting tomato plants to spend their time on ripening rather than making more fruit -- it is funny too.
Of course most people know to pluck off any new shoots or blooms but picking the smaller fruit that will not mature in time is something else that helps the plant get on with the business of ripening the remaining tommies.
Well worth the time it takes to read it!
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Of course most people know to pluck off any new shoots or blooms but picking the smaller fruit that will not mature in time is something else that helps the plant get on with the business of ripening the remaining tommies.
Well worth the time it takes to read it!
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Tuesday, August 28, 2007
Northeast Region Sales Rise
Existing home sales continue to decline nationally according to the National Association of Realtors. The median price of a home sold in July was 228,900, which is down 0.6 percent from July 2006 (230,200). The decline in July the 12th month of downward movement set a new record.
In the Northeast, however, both the median price (290,900) and the number of units sold rose. The number of sales increased 1 percent from last month while the median price of homes increased 5.9 percent from a year ago.
While the things are looking up in the region New Jersey continues to have homes selling at reasonable prices.
For more housing information click here.
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In the Northeast, however, both the median price (290,900) and the number of units sold rose. The number of sales increased 1 percent from last month while the median price of homes increased 5.9 percent from a year ago.
Lawrence Yun, NAR senior economist said, "The rise in sales and prices in teh Northeast region on a fairly consistent basis in recent months is promising because this was the first region that underwent sales and price weakness after the boom. Now, it appears that it will be the first region to climb back, indicating that other regions could follow a similar path."
While the things are looking up in the region New Jersey continues to have homes selling at reasonable prices.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Tuesday, August 21, 2007
Resident of 3 Towns Unite to Stop Wal-mart
Residents of Lawrence, Ewing, and Trenton gathered at the Lawrence Muncipal Complex to protest the plan to bring Wal-mart to Spruce Street near Halo Farms. The residents are concerned about the disruption of the traffic pattern the store will cause and the fact that Wal-mart does not pay its employees a living wage. The plus side of the venture is that the store will be convenient to public transportation and contribute to the township's tax base.
Read the article here.
For more housing information click here.
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Read the article here.
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Thursday, August 09, 2007
Population Shifts in New Jersey Counties
It is happening across the country and New Jersey is no different. The minority population is increasing and minorities account for two thirds of the growth in many counties that had the lowest percent of minority residents in 2000. The population shift includes Asians, Hispanics, and Blacks moving into the counties while the white population is decreasing.
Read the article here
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Read the article here
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Wednesday, August 08, 2007
History vs Housing in Princeton
Well folks it looks like Princeton has joined the region's municipalities that has a history vs housing controversy. This time it is between the Institute for Advanced Study and the Princeton Battlefield Society. The Institute has 22 acres of land that is adjacent to the Battlefield and wants to use eight acres to build housing for faculty. Get this one, the Society does not dispute the Institute's claim to the land nor are they against the Institute building housing some place else.
The Battlefield Society is unable to purchase the land from the Institute but still wants to determine the legal owner's use of the land. The Society is unable the maintain the 85 acre battlefield for which it does have responsibilty, nor is it able to make improvements that would assist visitors in learning more about what occurred on the battlefield.
If the Institute prevails it will have its housing units and then plans to relinquish development rights to the land adjacent to the housing, which will increase by at least 10 acres the land around the battlefield to be conserved in perpetuity. Not a bad deal if the the Society does not get its way.
Read the story here.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Tuesday, August 07, 2007
National Night Out
It is time for the 24th National Night Out. It is something neighbors can do to show their solidarity in crime prevention. It comes too late to help the Delaware State students killed in Newark, NJ or other innocent victims of violence in the United States but if everybody just made plans to participate tonight then maybe we could save one innocent victim.
To participate you are asked to turn on your outside lights and sit outside and watch. Some neighbors have parties for planned for this night that included the entire block others will sit on steps or porch in silent unity with law-abiding folks across America.
Whether you party or sit in silence, it is time to be counted.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
To participate you are asked to turn on your outside lights and sit outside and watch. Some neighbors have parties for planned for this night that included the entire block others will sit on steps or porch in silent unity with law-abiding folks across America.
Whether you party or sit in silence, it is time to be counted.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Thursday, August 02, 2007
Hamilton and Mercer Get Affordable Homes Grants
Looks like Hamilton Township and Mercer County will receive HUD grants this year. Hamilton will receive $587,651 community development grant while Mercer County will receive $687,397, largely from the HOME Investment Partnerships Program.
Read the entire article here.
For more information about area housing click here.
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"This grant will help assist everyone from first-time home buyers in Mercer County to those who need rehabilitation projects on their homes to non-profit groups," said Brian M. Hughes, county executive.
Read the entire article here.
For more information about area housing click here.
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For more information on Real Estate in New Jersey visit here.
Monday, July 30, 2007
Work Savers: Pressure Washer
A pressure washer is a machine that can be used to wash many different types of surfaces. Using water supplied by a garden hose, a pressure washer is an effective tool that can be used to clean and remove oils, grease, mold, dirt, and stains from walls, decks, driveways, and many other house related objects.
It is all about pressure though, whether what you get is a cleaning or a peeling. Water pressure is measured in pounds per square inch (psi). When purchasing an electric machine one that has a range of 1300 to 2400 psi will be a good choice for most jobs around the house.
Remember to read the directions on the safe use of this device and use safety equipment to prevent injury. Then just have fun!
For more information click here.
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It is all about pressure though, whether what you get is a cleaning or a peeling. Water pressure is measured in pounds per square inch (psi). When purchasing an electric machine one that has a range of 1300 to 2400 psi will be a good choice for most jobs around the house.
Remember to read the directions on the safe use of this device and use safety equipment to prevent injury. Then just have fun!
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Wednesday, July 25, 2007
In the Know: Why Renters Should Own
Renters want the same thing homeowners have -- a good place to live, stability, security ... and money down the road when they sell their homes. Renters may have some of those things now, but even after years of renting, they'll stil have nothing to show for their housing payments except rent receipts.
In addition to the pride that comes with ownership, here are some major financial advantages that owners enjoy:
- House payments generally don't increase, but even small annual increases push rents much higher over time.
- Homeowners can deduct their interest on up to $1 million worth of their homes' acquisition indebtedness, and all their property taxes. Renters indirectly pay all their landlords' principal, interest, taxes, and other costs -- but the renter gest no such tax deductions.
- Rents don't profit form leverage. Owners gain appreciation on the entire value of their home, even when they have very little of their own cash invested in it.
One of the main reason renter give for not buying is that they lace enough savings for the downpayment on a home. If you are a renter, you should know there are programs available not to enable you to buy a home with a downpayment of just 4% or even less! Interest rates are not high by historical standards, so chances are you can own a fine home.
For Community information click here.
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For more information on Real Estate in New Jersey visit here.
Monday, July 23, 2007
Hedge Inflation, Gain Leverage
When youu buy your home, it should be because you'll enjoy living in it. But it's nice to know that your home is also an excellent hedge against inflation, and your mortgage enables you to leverage you financial investment in it.
The decade at the end of the century was a time of relatively low inflation -- especially during its last few years But in the decade between 1980 and 1990 cumulative inflation increased 64%. A few years before that, when oil prices soared, inflaction leaped up 104%.
The value of well-kept homes, however, often rises well in excess of the inflation rate, over time. Even in aread with less aggressive housing markets, the value of homes has increased along with inflation. So over a number of years, if you home is well-maintained and in a good neighborhood, you can almost certainly count on selling it for more than you paid for it.
Another thing that makes buying a home a great investment: your mortgage enableyou to buy a home with a relatively small outlay of cash, so your money is leveraged, and you obtain appreciation on the entire value of the house, even though comparatively little of your own money is in it.
For example, if you bought a $150,000 homem with a $10,000 downpayment and home's value increased only three percent in the first year, you home's value would then be $154,500. You would have earned a paper profit of $4500 on your $10,000 cash investment -- a 45% return. If you paid cash for the home you would have received no leverage and made only a 3% return.
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The decade at the end of the century was a time of relatively low inflation -- especially during its last few years But in the decade between 1980 and 1990 cumulative inflation increased 64%. A few years before that, when oil prices soared, inflaction leaped up 104%.
The value of well-kept homes, however, often rises well in excess of the inflation rate, over time. Even in aread with less aggressive housing markets, the value of homes has increased along with inflation. So over a number of years, if you home is well-maintained and in a good neighborhood, you can almost certainly count on selling it for more than you paid for it.
Another thing that makes buying a home a great investment: your mortgage enableyou to buy a home with a relatively small outlay of cash, so your money is leveraged, and you obtain appreciation on the entire value of the house, even though comparatively little of your own money is in it.
For example, if you bought a $150,000 homem with a $10,000 downpayment and home's value increased only three percent in the first year, you home's value would then be $154,500. You would have earned a paper profit of $4500 on your $10,000 cash investment -- a 45% return. If you paid cash for the home you would have received no leverage and made only a 3% return.
For community information click here.
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Thursday, July 19, 2007
Public Service: Blood Supply Low
Hey Folks, it is that time of year again when the area blood supply get low. If you are healthy why not get the area hospital or a blood bank lend a helping hand by donating a pint. Who know the life you safe might be somebody you know.
Read the article here.
Mercer County Blood Bank
New Jersey Blood Supply Centers
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Wednesday, July 18, 2007
Tips: Do-it-yourself Home Improvement Safety
Do-it-yourself home improvement and repair is just part of homeownership for many people today. With more non-professionals tackling home improvement projects, safety is the difference between having fond memories as you sit out on your new deck or viewing the thing as a vision from a nightmare. Came across this MarketWatch article that, though from June, is still relevant today. It discusses the seven tips for the do-it-yourself home improvement projects. Here are the seven tips:
I would switch the last one to the top of the list because you need to keep that in mind during the entire project. Accidents and level of tiredness have a direct relationship so being mindful of your level of tiredness makes sense.
Read the full article here.
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- Wear protective eyewear and gear
- Keep the work site organized to prevent tripping and falls
- Ask for training on tools when you rent or buy them
- Make sure ladders are anchored securely and replace any that appear damaged
- Equip nail guns with sequential-trip triggers
- Keep combustible, solvent-soaked rags away from heat sources
- Quit before you're exhausted.
I would switch the last one to the top of the list because you need to keep that in mind during the entire project. Accidents and level of tiredness have a direct relationship so being mindful of your level of tiredness makes sense.
Read the full article here.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Thursday, July 12, 2007
Buyers' Advantage in Housing Market
The National Association of Realtor's senior economist Lawrence Yun expects the new and existing home market to bounce back in 2008. This year however will see buyers with an "overwhelming advantage" in many markets.
Read the article.
For more information click here.
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Read the article.
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For more information on Real Estate in New Jersey visit here.
Wednesday, July 11, 2007
Housing Downtrend Effect Ripples On
We all know the housing market has been in a downtrend. We knew that related-industries from contractors to building manufacturers have all felt the pinch. Well, the effect is in the retail sector affecting such giants as Sears and Home Depot.
Read the article.
For more information click here.
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Monday, July 09, 2007
Improving Your Financial Health
We all know having a good FICO score is essential to a financial health, whether it has to do with points from your lender to even insurance. Found an article that offers some advice on how to improve your FICO or other credit score.
The author Marshal Loeb suggest five things to repair your credit. His advice ranges from "Get a secured credit card" to "Hang in there." The article is worth a look.
Check it out here.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
The author Marshal Loeb suggest five things to repair your credit. His advice ranges from "Get a secured credit card" to "Hang in there." The article is worth a look.
Check it out here.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Improve Your Financial Health
We all know having a good FICO score is essential to a financial health, whether it has to do with points from your lender to even insurance. Found an article that offers some advice on how to improve your FICO or other credit score.
The author Marshal Loeb suggest five things to repair your credit. His advice ranges from "Get a secured credit card" to "Hang in there." The article is worth a look.
Check it out here.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, FICO, Credit Score, Credit Repair
For more information on Real Estate in New Jersey visit here.
The author Marshal Loeb suggest five things to repair your credit. His advice ranges from "Get a secured credit card" to "Hang in there." The article is worth a look.
Check it out here.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, FICO, Credit Score, Credit Repair
For more information on Real Estate in New Jersey visit here.
Wednesday, May 23, 2007
Foreclosure Filings Up 62%
It has been a while but then I have been incredibly busy with my day job but I have finally carved out time to get back to these entries... Today's story comes from the Courier Post Online
A brief term definition.
Read the article here.
For more information click here.
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A brief term definition.
Foreclosure filings: In this case, it the umbrella term used to designate default notices, auction sale notices and bank repossessions.Foreclosure filings increase 62% over last April 2006 to 147,708. The top ten states with high foreclosure rates are:
- Nevada
- Colorado
- Connecticut
- California
- Ohio
- Georgia
- Florida
- Arizona
- Illinois
- Michigan
Read the article here.
For more information click here.
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Thursday, April 26, 2007
New-Home Sales Data Looks Good
The clearer skies in March lead to an increase in new-home sales according to the Commerce Department. Good news for the housing industry but it was not enough to offset the decline of January and February. The sale of single-family new-homes sold at a seasonally adjusted rate of 858,000. With durable goods big-ticket items rising also it is no wonder the Dow rose to record levels yesterday. Confidence seems high for the moment, though analysts say manufacturing remains under pressure from the slowing economy.
Read the article here.
Read the Commerce Departemnt report
For more information click here.
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Read the article here.
Read the Commerce Departemnt report
For more information click here.
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Wednesday, April 25, 2007
Foreclosure Numbers Out
Okay people, we have heard the stories and the news hipe about their increasing number, well now here are the numbers for the first quarter of 2007 from realtytrac.com. The number of foreclosures for the country is up 35% over last year and is the highest it has ever been at 437,498 filings. The number is up from 345,554 in the fourth quarter of 2006 and up from
323,101 in the first quarter of 2006. Will make a graph to track this information with the next data release. Meantime here it is in a table:
Read the article here.
For more housing information click here.
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323,101 in the first quarter of 2006. Will make a graph to track this information with the next data release. Meantime here it is in a table:
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2006 | 323,101 | 272,109 | 318,355 | 345,54 |
| 2007 | 437,498 |
Read the article here.
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
Monday, April 23, 2007
Future Wave: Green Houses?
With New Jersey not really experiencing its usual gradual transition from winter to summer-like temperatures (expected high today is 85 degrees last week we had snow) and Earth Day just yesterday, more people are noticing the effects of global warming. Addressing the issue of making buildings, both residential and commercial, more green friendly take a look at these 10 buildings the American Insitute of Architects picked as winners.
Winners Slide Show
Read the Full Story
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Winners Slide Show
Read the Full Story
For more NJ housing information click here.
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For more information on Real Estate in New Jersey visit here.
Thursday, April 19, 2007
March Market Stats
Thought I would try something new and once a month post the market stats for Burlington, Mercer, and Middlesex Counties. So here is the information for March 2007.
Burlington County
Mercer County
Middlesex County
For more information click here.
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Burlington County
| Units Listed | Listed Average | Units Sold | Sold Average | Average DOM |
|---|---|---|---|---|
| 729 | 405,157 | 212 | 394,828 | 89 |
Mercer County
| Units Listed | Listed Average | Units Sold | Sold Average | Average DOM |
|---|---|---|---|---|
| 456 | 443,427 | 203 | 407,408 | 100 |
Middlesex County
| Units Listed | Listed Average | Units Sold | Sold Average | Average DOM |
|---|---|---|---|---|
| 87 | 513,811 | 38 | 426,584 | 98 |
For more information click here.
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Monday, April 09, 2007
What's All the Fuss? Financial Matters Explained
Have you wanted to know what the fuss was about subprime mortgages or wondered why you should care? Sam Ali does a very nice job explaining why the experts are concerned and even touches on the disagreement on the impact the subprime meltdown has and will have on the financial sector in his article entitled "Feeling the ripple effect". Be in the financial know and get some answers!
Check is out here!
For more information click here.
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Check is out here!
For more information click here.
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Monday, March 26, 2007
Celebrating Diversity in Lawrence and Princeton
Princeton and Rider Universities are celebrating international communities with festivals. The Princeton festival will last about a month while Rider’s is a week. It all begins at Princeton on the Saturday March 28th 8pm at the Richardson Auditorium.
Both festivals are open to the public so come out, taste, learn, and enjoy!
Read the article.
Princeton Calendar
For more information click here.
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Featuring: Princeton Capoeira, Raks Odalisque, Flamenco Puro, Seasame Street, Triple 8, Kalaa, Black Arts Company, TapCats, Naacho, eXpression, DiSiac, and Ballet Folklorico de Princeton
Both festivals are open to the public so come out, taste, learn, and enjoy!
Read the article.
Princeton Calendar
For more information click here.
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Thursday, March 22, 2007
Property Tax Relief Bill Held
The property tax bill saga is really something. Let me do a recap. First Governor Jon Corzine calls the legislature into special session and charges them to find a solution to our tax woes before the legislators go on break for Christmas. The legislators go through their partisan bickering but eventually come up with a comptroller, a four percent cap on increases, and a tax credit for most households. The latter may or may not be sustainable depending on who you ask. After getting the legislation through the Assembly and the Senate it now sits Governor Corzine’s desk.
Well most of us know the Governor only has 45 days to sign the legislation into law which is up on Saturday. What is less known, is that in New Jersey the rule applies only when Congress is in session. With the legislators doing other things Governor Corzine has opted not to sign the bill until some undisclosed time. My guess the dog and pony were unavailable or maybe the signing pens are on back-order. We will just have to wait and see.
Read the article.
For more information click here.
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Well most of us know the Governor only has 45 days to sign the legislation into law which is up on Saturday. What is less known, is that in New Jersey the rule applies only when Congress is in session. With the legislators doing other things Governor Corzine has opted not to sign the bill until some undisclosed time. My guess the dog and pony were unavailable or maybe the signing pens are on back-order. We will just have to wait and see.
Read the article.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Event
For more information on Real Estate in New Jersey visit here.
Wednesday, March 21, 2007
Sixty-Second Sold Window
That is the amount of time that sellers have to win over buyers. Just sixty seconds, in which perspective buyers decide if they like the home they are viewing or not. The smart seller will make sure that their home captures as many of the senses as possible in that first minute. To that end, the seller will look at their home with the eye of a potential buyer.It starts from the street. Curb appeal is essentially how does the home look from the street? Does is distinguish itself or just blend into its surroundings. Is it attractive, eye catching, or buried behind shrubbery and trees. Is the lawn full and healthy or full of crab grass and brown patches? Even with the lawn snow covered, the entrance to the home must be spotless. If there is outdoor lighting make sure it works properly.
From the entry, move on through each room of the house removing clutter and making sure it is spotless. Keep in mind the sixty-second window applies even after the original sixty is gone. That old chair you are not taking to the new home, get rid of it now. Decreasing clutter is the hardest but most essential task in getting a home into “showcase” condition. Usually the longer a seller has lived in a home, the more clutter that home collects – which makes the task of getting rid of clutter all the harder. If necessary rent a storage unit to temporarily house those items that will go to the new home and discard the rest. Remember too that pets and all evidence of their residence, needs to be removed from the house.Clean it, paint it, repair it, or replace it. Go through the entire house once clutter is removed with this mantra in mind. If it is marked, dirty, or dusty, clean it. If it looks tired, stained, or dingy, paint it. If it is dripping, burnt out, loose, or squeaking, repair it. If it is broken (includes cracked, chipped, or splintered), worn, or leaks, replace it.
Remember in a buyers market there is plenty of choice for buyers. That just means your home is competing with other homes in the area and in the price range. Making the most of that first sixty-second window along with a realistic price are what make buyers sign your contract.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Staging, Home+Selling
For more information on Real Estate in New Jersey visit here.
Monday, March 19, 2007
Mortgage Fact: Unenplyment Matters
It is good news about the job market! The unemployment numbers for February dropped to 4.5 percent nationally. In New Jersey the unemployment rate held a 4.2 percent (Department of Labor and Workforce Development) in February unchanged from January. With the hoopla over the stock market decline, some might have missed that New Jersey’s unemployment rate is lower than the national average again in February. Granted it is merely 3 tenths of a percentage point but it is something to crow about while everybody else is bemoaning the loss of 12,000 on the stock market. We live in a capricious society where anxiety over the stock market reigns, rather than a celebration of the lower the unemployment rate which is an indicator of a healthier the economy. The healthier the economy the more likely people are to at least catch up on their mortgages rather than default entirely and have their home fall into foreclosure -- which is the major anxiety-maker of the moment.
Granted the number of foreclosures is up but with the increase in the number of subprime mortgages out there some pruning had to be anticipated one would think. Is that any reason for investors to start withdrawing from the mortgage investment market? Apparently so if last week's market ending is anything to go by. Still at least in New Jersey, unemployment is lower than the national rate!
Read the article
For more information on the housing market click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Unemloyment Rate,
For more information on Real Estate in New Jersey visit here.
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.
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.
Read the original article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
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.
Read the original article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
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
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgages, Home loans, Foreclosure
For more information on Real Estate in New Jersey visit here.
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
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgages, Home loans, Foreclosure
For more information on Real Estate in New Jersey visit here.
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.
Read the article.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Read the article.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Thursday, March 01, 2007
Following the Mortgage Dollar
Ever wondered what really happens to your house payment?
It seems logical that it would go to the lending company that made the loan to buy the home -- and it does, but it takes a longish trip along the way.
If your mortgage stayed in your lending company's portfolio, the lender would probably have to wait many years before the loan was paid up. And the relatively small monthly mortgage payments wouldn't provide enough money to enable the lender to continue making home loans.
But most mortgage loans don't stay with the lenders who made them. To obtain more money to lend, most lenders sell their mortgages on the secondary market -- a large network of investment companies and quasi-government agencies, including the industry giants Fannie Mae and Freddie Mac.
If your mortgage is sold to one of these organizations, you may never know it, because the mortgage's new owner will often use your original lender to service the account.
But you money doesn't stop its journey at that point either. The purchasing organization must also replenish their money supply, so they can keep on buying mortgages. They pool you loan with thousands of others and sell shares in the pool to individual investors and big financial institutions. Countless people obtain income by investing in these mortgages.
Because of this, when you buy a home, you're not only helping yourself, you're also helping our economy.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Mortgage, Home buying
For more information on Real Estate in New Jersey visit here.
Wednesday, February 28, 2007
Property Tax Reform: Is it Really Dead?
Perhaps we should autopsy property tax reform to see what killed it. By real reform I mean more than the stop-gap measure that is in the works. Yes, the special interest groups played a part in the downfall of this last attempt to curve the runaway costs of living in NJ. It was naïve to think that the Governor and legislature could pass a tax reform package that would really give New Jersey an overhaul especially this close to an election year. That legislators could or would police themselves and end practices that drain the state’s revenues, well we got a clue when they balked at changing rules that allow dual office holding, seems just plain wishful thinking. Instead in a slight of hand move unionized workers’ benefits and pension plans became the fall guys. Legislators can continue to hold down two positions in state government and in effect rob state revenues that double benefits without demanding any real work.
Is it any real surprise that the legislature will pass only about half of the 98 special committee’s recommendations? Not really. Blame the special interest groups for trying to prevent their membership from having to bear the brunt of the reform effort, blame the Governor for hearing the pleas of the people and calling a special session of the legislature, blame New Jersey residents for wanting lower taxes in the first place; but, whatever we do, don’t blame the legislators themselves who gave up the fight for real tax reform before the first bill was drafted.
Read the article.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Politics
For more information on Real Estate in New Jersey visit here.
Tip of the Day: Paint
Stumbled across this article today and thought it would be fun. A friend to sellers, buyers and renters alike, paint can do many things to help create a mood. It is a low-cost way to freshen a room. It can help reduce the recurrence of mold and mildew and depending on the play of light in the room can appear to deepen or lighten itself. For about $20-$45 per gallon of paint you can revitalize a room or change it entirely using different application techniques. There is nothing else that can do so much in a room for such a price.
Read the article.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Monday, February 26, 2007
Hamilton Transit Village Back On Again
Well, it looks like the transit village is on again in Hamilton -- almost anyway. Seems the squabbling town council and the mayor met again with transit company representatives and agreed to act in the public interest and get more public input and further studies into the proposal to create a mixed use site at and around the Hamilton Train Station. The Republican council and Democratic mayor agreed to put partisanship aside and act for the public good much like their neighbors in West Windsor, who are also getting a transit village. The complaint of 
Read the article.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Thursday, February 22, 2007
Blunder Costs Ewing Township $40Gs
Looks like the folks in Ewing Township had a bit of a blunder with a land deal. Seems the tax collector sold a tax lien on property the township did not own. The township’s tax collector sold the lien on property out by the Trenton/Mercer Airport. The lien was purchased by Capital Asset Research Corporation. When CARC tried to foreclose on the property, it discovered the property was actually owned by Mercer County rather than the township.
CARC was awarded $51,000 from Superior Court but struck a deal with the township for $40,000. Ewing Township may be able to recoup some of the money for this mess from the tax collector’s bonding company.
Read the article.
For more information click here.
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For more information on Real Estate in New Jersey visit here.
CARC was awarded $51,000 from Superior Court but struck a deal with the township for $40,000. Ewing Township may be able to recoup some of the money for this mess from the tax collector’s bonding company.
Read the article.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Property Tax
For more information on Real Estate in New Jersey visit here.
Wednesday, February 21, 2007
Energy Conscious Get Knocked in the Wallet
Okay when I read this article I thought, no good deed goes unpunished. Do something environmentally conscious and what do you get: knocked in the wallet. It seems if you spend the money to have solar panels installed to provide energy for your home, then township assessors come along and counts the panels as a home improvement and ka-ching! You pay more in property taxes.
Folks it really does not make sense that on the one hand the state, encourages people to use less fossil fuel and solar energy is just what is need to fight global warming. Those hearing the call and having the means invest in solar energy and thereby use less fossil energy. But then the township turns around and taxes the improvement? That is a really good way to get resident cooperation and participation in energy conservation efforts.
Though I have not come across a property yet that has solar paneling in its assets, either for purchase or sale. I would imagine it would be a good selling point; however if townships are going to use the panels to raise the taxes that could be make them a liability.
Read the article
For more information click here.
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For more information on Real Estate in New Jersey visit here.
Folks it really does not make sense that on the one hand the state, encourages people to use less fossil fuel and solar energy is just what is need to fight global warming. Those hearing the call and having the means invest in solar energy and thereby use less fossil energy. But then the township turns around and taxes the improvement? That is a really good way to get resident cooperation and participation in energy conservation efforts.
Though I have not come across a property yet that has solar paneling in its assets, either for purchase or sale. I would imagine it would be a good selling point; however if townships are going to use the panels to raise the taxes that could be make them a liability.
Read the article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Energy, Politics, Property tax, Current Events
For more information on Real Estate in New Jersey visit here.
Monday, February 19, 2007
Real Estate Investing: Foreclosure
The number of properties nearing or in foreclosure has increased to 1.05 percent in the third quarter of 2006 from 0.99 percent in the second quarter. In 2005 the rate was 0.97 according to the Mortgage Bankers’ Association. Thinking of investing in a property that is in the foreclosure process? While there are bargains out there, some research is definitely needed to make sure everything stays fair and meets your profit taking goals. Things that can make a foreclosure less than ideal are liens on the property, repair work, and holding costs (the funds needed to keep the property in “showcase” condition while awaiting a buyer).
Amy Hoak does a pretty good job explaining things for the real estate investor. It is worth a read.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Investing, Real Estate Investing, Foreclosure
For more information on Real Estate in New Jersey visit here.
Amy Hoak does a pretty good job explaining things for the real estate investor. It is worth a read.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Investing, Real Estate Investing, Foreclosure
For more information on Real Estate in New Jersey visit here.
Thursday, February 15, 2007
West Windsor Proposes Tax Hike
Well, it is beginning. Governor Corzine has not even signed the 20 percent tax benefit for homeowners and already a municipality has proposed to raise its property taxes 7.5 percent to $.29 cents per $100 assessed property value. That works out so that a home assessed at $574,800 would pay an extra $115: $1667. Where have these township people been? The Governor is has legislation on his desk that will force municipalities to only raise taxes by no more than four percent. Why create a budget that ignores that?
This is the first work session for township officials so perhaps it is their wish list stage and some serious trimming will occur at other meetings. The police and emergency services, municipal courts, and community development still have to be discussed. Hopefully West Windsor officials are letting these "others" know the budget is already over the Governor’s high mark, and thereby prompting those entities to expect severe trimming. Perhaps by announcing the high proposal township officials are like Barack Obama, when he announced the misdeeds of his youth -- it is a preemptive measure but bares little resemblance to the end product. Meantime, one can only hope.
Read the Report
For more information click here.
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For more information on Real Estate in New Jersey visit here.
This is the first work session for township officials so perhaps it is their wish list stage and some serious trimming will occur at other meetings. The police and emergency services, municipal courts, and community development still have to be discussed. Hopefully West Windsor officials are letting these "others" know the budget is already over the Governor’s high mark, and thereby prompting those entities to expect severe trimming. Perhaps by announcing the high proposal township officials are like Barack Obama, when he announced the misdeeds of his youth -- it is a preemptive measure but bares little resemblance to the end product. Meantime, one can only hope.
Read the Report
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Politics, Property Tax
For more information on Real Estate in New Jersey visit here.
Thursday, February 08, 2007
Tip of the Day: Cabinet Hardware
Love Tim Carter of Ask The Builder. Thought his response to Lois was just right. Finding hardware that matches the rest of the style of the kitchen is important. I had a CMA appointment were every cabinet had a different knob on every cabinet door in the kitchen. The wife had just removed the original hardware over time and replaced it with whatever struck her fancy at the time. No two cabinet doors or drawers had the same pull. It was amazing. I explained that buyers might not necessarily have her artistic eye and that we needed to make things easy for buyer to imagine living in the space. She was willing to make the changes and kitchen cabinetry became an asset rather than a liability.
Read Tim's cabinet knob advice
For more information click here.
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For more information on Real Estate in New Jersey visit here..
Read Tim's cabinet knob advice
For more information click here.
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For more information on Real Estate in New Jersey visit here..
Wednesday, February 07, 2007
Tax Plan Passes Senate
Well, they took two months longer than they said they would and there seems to be some doubt whether the bill will be sustainable or not but the tax bill (S20/A1) is on its way to Governor Corzine’s desk.
There was a bit of drama with this vote because Senate leader Richard Codey (D) held the voting board open for two hours. He had four members of his party who either voted no or abstained from the vote altogether. Senator Codey brought the Senators back yesterday in effort to pass the bill and vowed to keep bringing them back until the bill passed. With some behind the scene lobbying of Republicans for votes by Gov. Corzine and Codey, the bill finally passed (28/10) and is now on it way to Governor Corzine’s desk where he is expected to sign it.
That the bill is bipartisan even though Senate Minority Leader Leonard Lance (R) was against the bill means there is hope for property tax reform. Granted this bill may not be sustainable, granted it is not the sweeping change really needed to bring property taxes down in the future or adequately fund schools districts, but it is a start. The legislature is taking a long time to learn to walk but at least it is mobile at last.
Read the Article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Property Tax, Politics
For more information on Real Estate in New Jersey visit here.
There was a bit of drama with this vote because Senate leader Richard Codey (D) held the voting board open for two hours. He had four members of his party who either voted no or abstained from the vote altogether. Senator Codey brought the Senators back yesterday in effort to pass the bill and vowed to keep bringing them back until the bill passed. With some behind the scene lobbying of Republicans for votes by Gov. Corzine and Codey, the bill finally passed (28/10) and is now on it way to Governor Corzine’s desk where he is expected to sign it.
That the bill is bipartisan even though Senate Minority Leader Leonard Lance (R) was against the bill means there is hope for property tax reform. Granted this bill may not be sustainable, granted it is not the sweeping change really needed to bring property taxes down in the future or adequately fund schools districts, but it is a start. The legislature is taking a long time to learn to walk but at least it is mobile at last.
Read the Article
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Property Tax, Politics
For more information on Real Estate in New Jersey visit here.
Monday, February 05, 2007
Property Tax Relief Legislation in Senate Review
The tax relief bill is one step closer to reality. It comes before the State Senate (S20) today. The relief effort will only be as successful as the local governments will allow it to be. The credit program allows homeowners whose earnings fall between $100,000 and $250,000 to receive a credit on their property tax bill. While the cap placed on the amount local government may increase taxes in a given year, and the Senate allotting $2.05 billion to the program at least the first year of the program may work out well for homeowners. Since the four percent cap on increases in local levies has exceptions, how long the amount allotted to the program will last is anybody’s guess. Ideally, the amount homeowners receive should remain at 20 percent no matter what local governments do -- whether that is indeed the case remains to be seen. Still it is a beginning.
Read Dunstan McNichol's story
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Read Dunstan McNichol's story
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Thursday, February 01, 2007
County Superintendent Bill in Review
There is a bill working its way through the New Jersey Senate (S19), sponsored by Senator Bob Smith (D), which will create a county level school superintendent. The plan was to create a position to hold local school districts accountable for their spending and thereby lower property taxes. Basically this position would approve or cut budgets. While the idea of a superintendent with the ability to cut budgets is a good one the bill working it way through Senate readings includes a process where local districts can appeal the decision of the superintendent which could very easily render the office of the county superintendent ineffective. Why was the process included in the bill you might ask? It seems some Senators are involved in local government and they did not want the superintendent to have the very power the position needs to effectively bring down New Jersey property taxes. Folks, it looks like the superintendent will have a stick, maybe even a big stick to encourage local governments to work together but it also looks like the Senate bill gives local governments a saw.
Read The Times of Trenton article
For more information click here.
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For more information on Real Estate in New Jersey visit here..
Wednesday, January 31, 2007
Tip of the Day: Moving Made Easier
Moving is no picnic, whether from an apartment to a house or a one house to another, but here are a few suggestions that may make the job easier.
Make a list of the people and companies who will need change of address notices. Sit down and make as complete a list as possible. Don’t forget to add that investment company from whom you only receive quarterly reports, insurance companies, any magazine subscriptions, and the IRS.
If you are moving out of state don’t forget to sign the necessary forms for your health care providers to transfer your records. It is a good idea to get a copy of all prescribed drugs and even eyeglass and contact lens prescriptions.
Transfer the content of your safety deposit box to the new bank location in advance and transfer funds to the new account if you must move your account from on bank to another rather than just new branch. If you have direct deposit paycheck it will be important to setup the new bank account well before the move depending on your company’s requirements.
While numbering boxes and writing on the boxes the room to which they belong will help, assigning priority to boxes also helps. “Open me first” boxes should hold items you may need as soon as you reach the new location like bathroom items, light bulbs, bedding, night clothes, work clothes, or school clothes.
If you are changing cities, a good real estate professional can put you in touch with an agent in your new community who will help you get settled – even if you do not plan to buy a home right away.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Make a list of the people and companies who will need change of address notices. Sit down and make as complete a list as possible. Don’t forget to add that investment company from whom you only receive quarterly reports, insurance companies, any magazine subscriptions, and the IRS.
If you are moving out of state don’t forget to sign the necessary forms for your health care providers to transfer your records. It is a good idea to get a copy of all prescribed drugs and even eyeglass and contact lens prescriptions.
Transfer the content of your safety deposit box to the new bank location in advance and transfer funds to the new account if you must move your account from on bank to another rather than just new branch. If you have direct deposit paycheck it will be important to setup the new bank account well before the move depending on your company’s requirements.
While numbering boxes and writing on the boxes the room to which they belong will help, assigning priority to boxes also helps. “Open me first” boxes should hold items you may need as soon as you reach the new location like bathroom items, light bulbs, bedding, night clothes, work clothes, or school clothes.
If you are changing cities, a good real estate professional can put you in touch with an agent in your new community who will help you get settled – even if you do not plan to buy a home right away.
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey
For more information on Real Estate in New Jersey visit here.
Thursday, January 25, 2007
Making the Sale
It is about pricing. Buying and selling houses is 80% about pricing. There is nothing magic to it. Price the property correctly for the market and it sells, do not price it properly and it will sit on the market. The other 20% is about timing. It is a buyers market and timing is a bit tricky, but if the price is correct the property will sell.
The problem is that sellers want the price their neighbor got for a property sold during the height of the seller’s market. That’s not going to happen, it is a buyer’s market now and buyers are taking their time and shopping around before making offers.
Sellers also want to get a specific amount from the sale of their home, even though the market may not bear that price. There are no bidding wars to help drive up prices – to help today’s seller get exorbitant prices. There is enough inventory on the market for buyers to just look elsewhere and that is exactly what they are doing.
Sellers have to price to sell rather than price with emotions. It is difficult to look objectively at the place where you have spent years living life. Where each room holds memories of people and past events; but, objectivity is exactly what is needed to price a home correctly. Being objective about houses is a realtor’s day job. The realtor works to get the seller realistic returns on their investment. In a buyer’s market that can be more challenging but meeting that challenge is why I love this job!
Read the article: Home market not so comfy
For more housing information click here.
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For more information on Real Estate in New Jersey visit here.
The problem is that sellers want the price their neighbor got for a property sold during the height of the seller’s market. That’s not going to happen, it is a buyer’s market now and buyers are taking their time and shopping around before making offers.
Sellers also want to get a specific amount from the sale of their home, even though the market may not bear that price. There are no bidding wars to help drive up prices – to help today’s seller get exorbitant prices. There is enough inventory on the market for buyers to just look elsewhere and that is exactly what they are doing.
Sellers have to price to sell rather than price with emotions. It is difficult to look objectively at the place where you have spent years living life. Where each room holds memories of people and past events; but, objectivity is exactly what is needed to price a home correctly. Being objective about houses is a realtor’s day job. The realtor works to get the seller realistic returns on their investment. In a buyer’s market that can be more challenging but meeting that challenge is why I love this job!
Read the article: Home market not so comfy
For more housing information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, FSBO, Buyers, Sellers
For more information on Real Estate in New Jersey visit here.
Wednesday, January 24, 2007
Around Town: Property Tax News
Lawrence township council has proposed a 3 cent increase in property taxes to 68-cent/$100 which would increase the average homeowner’s bill about $49. They will discuss the proposed budget “in detail” on February 6.
Read the story
In state government, the effort to reform property taxes has senate democrats seeing the reform effort as a waste.
Well folks, it looks like business as usual in the state legislature – something potentially good shot down in its infancy. I cannot say I am surprised but I will admit to hoping for better.
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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Tax Reform, Politics
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In state government, the effort to reform property taxes has senate democrats seeing the reform effort as a waste.
"By the time all is said and done, (the proposals have) all been watered down so much that there's really nothing there. They're nothing more than shells," said Sen. Shirley Turner, D-Lawrence, Mercer County.
After seeing much of his work on reforms whittled down by other lawmakers and interest groups, Sen. Robert Smith, D-Piscataway, compared his efforts to those of Sisyphus, who in Greek mythology was doomed to forever roll a boulder up a hill, only to see it roll back down.
Smith said, "I went into this believing anything was possible and anything was on the table, but you can't get past those interest groups."
Well folks, it looks like business as usual in the state legislature – something potentially good shot down in its infancy. I cannot say I am surprised but I will admit to hoping for better.
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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Tax Reform, Politics
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Monday, January 22, 2007
New Jersey Educators Weigh In
Well the New Jersey Education Association has weighed in on Governor Corzine’s property tax reform proposal over the weekend. Joyce Powell wrote the ad for the Association. She pretty much says what we all know – that “credits and caps” of Governor Corzine has a fatal flaw. I think I will just quote her here
The core of Gov. Corzine’s plan is a combination that he calls “credits and caps:” significant property tax credits for most residents, combined with strong caps on future property tax increases. It is an appealing offer, but with a fatal flaw. While it addresses the issue of funding for education, it does nothing to deal with the cost of providing education.
… New Jersey arrived at this crisis understand that property taxes are a symptom, not the root cause of the problem. For years, the state has failed to provide adequate funding to school districts to raise the necessary funds through the only means available to them: property taxes.
Ms Powell has a point. Where is the money for schools going to come from if not the state or property taxes? Since it is true in the 1990’s Gov.Whitman decreased the amount of money available to the state with her decrease in income tax, then it really is no surprise that municipalities had increase in property taxes to make up the difference for the money no longer received from the state or have schools suffer. Duh! It is not rocket science here. So what’s the legislature going to do? Probably the quick fix of “credits and caps” but not even make a stab at the root cause of property taxes and so we will have this conversation again in a few years.
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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Property Tax, Education, School Funding, Current Events
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