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November 2008 – Week 3 Issue
President’s take on housing
New ways to promote housing in Bergen County
Modular homes become a choice
Luxury building of Fort Lee experiences power shortage
Mortgage rates fall
As the Obama government comes into role, it becomes all the more important to understand where his policies will take the spiraling housing market. To understand it better, here is an overview of what the President’s initial position on housing and other economic issues has been. As per Obama, greater government regulation of the US financial system is the need of the hour. A $30 billion economic stimulus plan has thus been suggested that would help homeowners. Besides this, the president also suggested a $10 billion worth of foreclosure prevention fund and $10 billion of relief funds for the state and local governments that have suffered the maximum from the housing crisis. In his campaign, the President proposed a ten percent mortgage tax credit for middle class American families. The president also proposed that a provision in the bankruptcy law so that ordinary families modify terms of home mortgages be repealed. The Democrats also outlined six ‘core principles of reform’ that would give the Federal Reserve Supervisory Authority over any financial institution. This would help the former to make credit available and also streamline financial regulatory agencies.
New ways to promote housing in Bergen County
Foreclosed homes may now open new housing opportunities for many looking for a home in Bergen County. In recent developments the US Department of Housing and Urban Development earmarked $2 billion for the conversion of foreclosed homes to improved housing. This is being done in order to improve properties and prevent them from becoming an eye sore. Crime rates also tend to increase on vacant properties, a phenomenon that can be checked with this development. Currently many towns of Bergen County have been hit by foreclosures, with the towns of Englewood, Teaneck, Garfield and Hackensack being the worst hit. At a foreclosure rate of 2.5% for Bergen County itself, officials have earmarked the various towns where the need for immediate action is high. The ‘very high risk areas’ would be addressed first and federal aid would be distributed on this basis. While the funding has not yet been received, officials are optimistic that such development would play a key role in maintaining the neighborhood properly.
Modular homes are fast emerging as an economical and smart solution for many home buyers in Bergen County and the neighborhood. Many people who are looking to renovate their homes or add on to the homes they buy, prefer module constructions as they work out cheaper and also look good. These constructions are made in modules or smaller sections that are pre-designed in factories. As the sections are pre-designed they cost much lesser than actual construction. While many speak of the benefits of modular housing, there is also a small segment that feels that modular housing can give a matchbox look if not used properly. As per housing and interior experts, the right kind of modular home would be one that gives the finish of a normal construction. Makers of modular homes add that the market has come a far way from its introduction 30 years ago. In the initial years, such homes were opted for by buyers who did not have much money and were looking for a first home. However today, modular homes have advanced with superior technologies and design that allows for an excellent finish. This gives the home a ‘constructed’ look and feel. Also as these sections are pre-designed they are not only cheaper, but also better built, have a nicer finish and have been more thoroughly inspected. Also putting together six modules can give a home approximately 5000 sq feet large.
Luxury building of Fort Lee experiences power shortage
A luxury high rise building in Fort Lee experienced power failure after a fire accident in a transformer. The Royal Buckingham was the only building of Fort Lee that was affected by the accident and people living here suffered the consequences. Residents of this high rise rose to a day without power and water when the transformer fire was caused at 900 Palisade Avenue. The high rise luxury residential is said to have approximately 180 condominiums, with one to three bedrooms. It is also said to offer the best of facilities for owners. This private gated community experienced the shortage during the wee hours of Wednesday, 19th November, 2008. The fire in the transformer was reported at 5 am soon enough, and both the fire crew and PSE&G rushed to the scene. It took the entire day for the fault to be fixed, while residents of the building waited patiently for their power and water supplies to be restored.
Mortgage lenders cut their rates to the lowest levels in seven years after the Federal Reserve pledged to buy $600 billion in debt. With the sharp fall in interest rates that took place on November 25, 2008, many mortgage lenders of North Jersey are now expecting a surge in refinancing. The sharp decline saw rates coming down to 5.5% from the previous figures of 6.38% for 30-year fixed mortgages. Many lenders of North Jersey were also seen advertising their rates at 5.38% or even lesser. While this may prompt many first time buyers to finally take the plunge and buy a home, many experts continue to feel that this will not cause a turnaround in the home sales market. This is because many home buyers will not have the 10% o 20% of down payment that many lenders are asking for. Also as the housing market continues to spiral down, home prices have not solidified and in many cases lenders continue to check the price appraisals. However expert economists are of the opinion that the Federal Reserve’s pledge to purchase debt may surely help the housing market if not turn it around.
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