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.

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Technorati: Politics, Economics, NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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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.

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Technorati: Economic, NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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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.

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.

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Technorati: Current Events,Economics,NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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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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Technorati: Economics, Investments, NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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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.

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Technorati: Econmics, NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey

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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

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Economics, New-Home Sales, Economy

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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!

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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Current Events, Economics, Finance

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