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July 2010 – week 3 Issue
Towns React to State Aid Cuts
Home Construction at an All Time Low
Slow Market for Office Space
Events at Englewood for the Heart
Mortgage Rates at Record Low
As the state of New Jersey finalized its budget last week, the various Bergen County towns reacted to the financial cut backs in different ways. A $29.4 billion budget was announced by the Governor Christie, and most towns and communities accepted and adapted to that change. Various means were taken up to mitigate losses, which included raising property taxes, freezing salaries of municipal workers, reducing raises in wages etc. In the town of Alpine, the cutbacks in the budget did not affect it much. The budget of Alpine had been designed a month ago and had already accommodated the $20,000 cut in state aid. In the town of Cresskill, officials stated that the town would be affected. Cutting state aid and increasing taxes was surely going to affect people. Englewood too lost $60,000 in state aid, but had accounted for these losses in its budget. Tenafly officials also state that the losses in state aid will affect them and they would either have to increase property taxes or cut back services. While most towns adapted to the changes, experts foresee that services to people will be affected, but cannot be helped.
Home Construction at an All Time Low
Statistics across the nation show that home construction has come down drastically as the demand for new homes went down. As per the Commerce department, construction of new homes and apartments fell down by 5% in June as compared to May, 2010. In the housing segment, construction of condominiums and apartments was badly hit and went down by 20%. The single-family home construction market went down slightly by 0.7%. As per the National Association of Buildersalso, the housing market has fallen to its lowest level since March 2009. New home sales were also noted to drop by 33% by the month of May. Various factors have attributed to this reduction, state experts. An unsure economy, a falling job market and high competition from foreclosed properties are some factors that have forced builders to limit housing constructions. Many builders are also focusing their energies on completing old projects rather than creating new ones. However, the future is hopeful, state some. This is indicated by a hike in building permit applications that went up by 2.1% in the month of June.
The real estate market is reportedly recovering, albeit slowly, experts state that the market for office space is slowly recovering as well. With a high unemployment rate, which stood at 9.6% in the month of June 2010, the improvements in office space market has been very marginal. The availability of such space has also shown a zig zag graph, with figures moving both up and down. Organizations at large, however have cut down employment and shed employees. Statistics of Bergen County real estate reveal that the rate of availability went up from 20.8% in the first quarter of 2009 to 24.3% in the second quarter of 2009. The rent per square foot of office space was also noted to go down from $26.04 to $25.54. In the first quarter of 2010, availability was noted at 25.5%, which went down to 23.7% in the second quarter of 2010. Also the rent per square foot was noted to go up from $25.22 to $25.36 in the second quarter.
Events at Englewood for the Heart
As the month of July comes to a close, various events continue to take place in different parts of Bergen County. In the town of Englewood, for example, the Englewood Hospital and Medical Center is conducting a seminar on ‘Women and cardiovascular disease’. Statistics show that heart disorder is the primary threat against women today, but can be controlled with a healthy lifestyle. Starting from July 22, 2010, a series of seminars will be held to focus on a heart healthy lifestyle and its benefits. Women can regularly benefit through free lectures conducted every Thursday. These events will be held at the Berrie Conference room by the Cardiac Health center of the Englewood Hospital and Medical center. The events are being conducted free of charge, and participants can also enjoy heart healthy snacks and refreshments. While the seminar is conducted free of charge, space at the hall is limited. For more details, one can contact the Cardiac Health Center of the Englewood hospital.
As the real estate market continues to show unpredictable ups and downs, mortgage rates across the nation were seen to fall down further. For the fourth consecutive time in five weeks, mortgage rates were seen to fall down yet again. As per current figures, the average rate for 30-year fixed loans stood at 4.56% this week as compared to 4.57% in the week before. Similarly, rates of the fifteen year fixed loan were also noted to drop from 4.06% in the last week to 4.03% this week. However, top realtors and real estate experts say that despite this decline, the struggling housing market has still not recuperated. Statistics also indicate that the refinancing activity has remained weak. The main reason for decline in rates is an unstable financial market. Also wary investors are shifting funds into treasury bonds. As mortgage tracks yields based on treasury debt, figures continue to show a decline. With the future continuing to look dull, experts hope that the market will soon pick up and provide the much required stability.
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