Seller Optimism Sizzles

The National Association of Realtors report also found that 69% of homeowners think “now is a good time to sell,” which is up from 62% from the fourth quarter and up from 56% from this time in 2016.

Optimism Soars for U.S. Households
According to the most recent National Association of Realtors sturdy, 62% of U.S. households believe the economy is improving, hitting its highest mark since creating the survey five quarters ago.

This represents a significant improvement   soared to its highest share in the survey’s five-quarter history in comparison to the 54% from the last quarter in 2016 and 48% for March 2016.

The report stated that its, “Personal Financial Outlook Index showing respondents’ confidence that their financial situation will be better in six months, jumped to its highest reading in the survey, climbing to 62.6% in March from 59.8% in December 2016. In 2016, the index was 58.1%.”

“…most households believe now is a good time to buy a home. However, confidence continues to trickle backwards among renters… 80% of homeowners (78% in December 2016; 82% in March 2016) think now is a good time to make a home purchase.”

The report noted that buyers will continue to face the same three challenges:

  • Shortage of inventory
  • Rising mortgage rates
  • A surging buyer pool

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Part 2 Foreclosure Story

When the Wall Street Journal reported that Goldman Sachs purchased of a portfolio of non-performing loans from Fannie Mae, it wasn’t the first time. No, this has been an ongoing process in which Goldman has made purchases of severely delinquent home loans from the government-sponsored agency.

Since 2015, the big bank has been placing some betting money on the table so to speak: as much as $9.6 billion in the way of buying Fannie Mae loans.

With this recent purchase of three of the four non-performing loan pools, totaling $1.43 billion in unpaid principal balance, this may be a very positive signal for the real estate industry overall.

The Journal believes that, “Goldman is trying to make money even as it looks to fulfill terms of a government settlement that calls for it to help struggling homeowners.”

“The bank’s immediate goal is to get credit for the settlement, though the longer-term goal is to make money over time, the people said. That can happen by the firm collecting mortgage payments if it gets borrowers back on track, or by selling the loans once the borrowers are up-to-date again.”

But the timing for this investment points to something larger: it is most likely that the Goldman number crunchers see the signs of a new bull market, but this time it will come in the form of real estate appreciation.

Goldman isn’t the only Wall Street firm dipping its toe back into the water: Neuberger Berman via PRMF Acquisition acquired three pools of NPLs from Fannie Mae it purchased 4,721 loans with an aggregate unpaid principal balance of $759,860,824.

In this latest sale, PRMF Acquisition acquired 1,551 NPLs with an aggregate unpaid principal balance of $234,057,619.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Foreclosures Hit New Low

ATTOM Data Solutions released their recent February report showing 17 consecutive months of annual decreases. The report presents foreclosure data hitting an 11-year low, dating back to November 2005.

Still, there were a score of states reporting increases in foreclosure activity which includes New Jersey posting a jump of 16%. Notwithstanding, foreclosure activity still remains below pre-recession levels.

Other states reporting increases in foreclosure activity were:
■  Delaware – 14%
■  Louisiana – 12%
■  Alabama – 10%
■  Hawaii – 8%

States seeing annual increases in foreclosure starts:
■  Alabama up 40%
■  Texas up 26% (Foreclosure starts increased three of the last four months in Texas. 33% of foreclosures are tied to bubble-era loans)
■  New Jersey up 24% (Foreclosure starts increased two of the last three months in New Jersey. Bubble-era loans still represent approximately 61%)
■  Florida up 12% (bubble-era loans still represent approximately 56% in Florida)
■  Illinois up 11%
■  Arizona up 9% (Foreclosure starts increased six of the last 12 months in Arizona. only 39% of foreclosures are tied to bubble-era loans)

For the first-time in a decade, CoreLogic issued its own report on the state of foreclosures, “The report examines the path of the residential foreclosure crisis beginning with the relatively healthy years early in the 2000s, through the peak of the crisis, to present day. The country has started to normalize, recording approximately 22,000 completed foreclosures a month.”

Overview from Corelogic Report
Since the beginning of 2007, there have been approximately 7.8 million completed foreclosures nationally. Beginning in Q2 2004 when homeownership rates peaked, there have been approximately 8.6 million homes lost to foreclosure.

At the end of 2016, the national foreclosure inventory, which reflects all homes in some stage of the foreclosure process, included approximately 336,000, or 0.9%, of all homes with a mortgage compared with 1.4 million homes, or 3.3%, at the peak of the residential foreclosure crisis in September 2010.

CoreLogic, reported during the housing crisis that the number of mortgages in serious delinquency, defined as 90 days or more past due, hit a peak of 3.7 million mortgages, or 8.6% of homes with a mortgage in January 2010. By the end of 2016, 1 million mortgages, or 2.6% of homes with a mortgage, were in serious delinquency.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

New Jersey’s 60K New Jobs Best Since 2000

Gov. Chris Christie made sure the media was aware of the new federal statistics which credited New Jersey with creating 60,800 new private-sector jobs in 2016.

Considering New Jersey’s comparatively slow rebound from the Great Recession, the 60,800 figure was four times more than initial projections and the largest annual increase since the year 2000.

The numbers mean the state has regained all of the jobs it lost in the Great Recession and added tens of thousands more.

It was also reported by the Department of Commerce that New Jersey’s unemployment rate in January fell significantly to 4.6%, from 5% in January 2016.

There are a number of reasons for this, but most of which are probably due to the general improvement of the economy, especially in the Northeast.

Christie also pointed to New Jersey tax cuts and a slowing in government spending.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Free Motivational Book – Self Discipline Secrets

Self-Discipline by Tyler Green

Are you looking for more self-discipline? Do you want to have the sort of discipline that successful people in life possess?

If you do, then you’re looking at the right book!

It’s no secret that having discipline is the key to success, in many different walks of life. Self-Discipline Secrets of Olympic Champions, Navy Seals and Great Entrepreneurs looks at what some of the most successful people are doing and will show you how to emulate that.

Inside these pages, you will find the chapters crammed full of information on how Olympic Champions, Navy Seals, and Great Entrepreneurs:

■  Stay on track and overcome obstacles
■  What they do and how they think differently
■  How and why they change their environment
■  How they stay focused
■  How they keep motivated
■  The routines they employ
■  The secrets of consistency

The strategies promoted in this book are borrowed from the most disciplined and successful people on this planet. They have been carefully selected from thousands of ideas as the best there are to offer.

These are the strategies I have personally used and know to work. I have written the book in a simple and uncomplicated style, so that anyone can read and digest it and then make the changes needed to become the disciplined person they’ve been waiting to be.

https://www.amazon.com/dp/B06X9LRPLT/

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

U.S. Household Wealth Rose $2 Trillion

Household wealth in the U.S. continued to increase in the fourth quarter as financial assets and real-estate values appreciated, figures from the Federal Reserve’s financial accounts reports, previously known as the Flow of Funds, showed Thursday.  Household real-estate assets climbed by $499.1 billion; owner’s equity as a share of total real-estate holdings increased to 57.8% from 57.1%.

State ranking of millionaires
New Jersey’s ratio of millionaires to households jumped higher, climbing to number three. But in general, 2016 saw few changes among the top 10 states ranked by the ratio of millionaire households to total households. The top 10 states are:

■  Maryland (7.55%) – remained #1, where it has been since 2011
■  Connecticut (7.4%) – remained #2, unchanged in 2016
■  New Jersey (7.39%) – moved up one place in 2016
■  Hawaii (7.35%) – declined one place in 2016
■  Alaska (7.15%) – unchanged from 2015
■  Massachusetts (6.98%) – unchanged from 2015
■  New Hampshire (6.82%) – unchanged from 2015
■  Virginia (6.64%) – unchanged from 2015
■  District of Columbia (6.32%) – up one place from 2015
■  Delaware (6.28%) – down one place in 2016

Household finances are the strongest they’ve been in years, helped by a surge in the stock market, including a 3.3% advance in the S&P 500 last quarter, and rising house prices. At the same time, household debt continued to grow at a pace similar to the prior quarter. The report showed companies had $2.08 trillion in liquid assets, which signals they have the means to spend more on capital equipment, raise dividends and boost stock buybacks.

Key Points
■  Net worth for households and non-profit groups rose by $2.04 trillion, or 2.3%, to a record $92.81 trillion from the prior three months
■  Value of financial assets, including stocks and pension-fund holdings, rose $1.59 trillion

DEBT
■  Household debt increased at a 3.8% annual rate last quarter after a 3.9% pace in the third quarter
■  Mortgage borrowing advanced at a 3.1% pace; other forms of consumer credit, including motor vehicle and student loans, climbed at a 6.2% rate
■  Total non-financial debt grew at a 2.9% annual pace after a 5.8%rate in the previous three-month period
■  Federal government obligations expanded 2.9%, state and local government debt rose at a 0.2% pace, while business borrowing increased 2.6%

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.com, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

Bruce Springsteen Sells Rumson Property

According to an article on NJ.com, Bruce Springsteen quietly soled his 7-acre Rumson mansion in January for $3.2 million. The sale price was posted by Zillow.

The article indicated that Springsteen did not list his Georgian-style home on the open market. Springsteen has owned the property since 1985 and was where he raised his three children.

“This is believed to be the last piece of property owned by Springsteen in Rumson. Last year, he sold his other Rumson home to NBA player Randy Foye for $1.7 million. The buyers are another Rumson couple who had purchased a home close by on Ridge Road in 2012. Property taxes on the Springsteen estate on seven acres are $44,460 a year, according to state Division of Taxation records.”

Currently, the Boss and his wife Patty live on their Colts Neck equestrian property.

Saint Patrick’s Day New Jersey

Highlands, NJ – Parade
Saturday, March 18, 2017 at 2:00 PM
The parade will begin at Huddy Park, with hundreds scheduled to march along a one-mile stretch of Bay Avenue, including bagpipers, marching bands and floats.

Robbinsville, NJ – Parade
Saturday, March 18, 2017 @ 1pm
The opening ceremonies begin at 12:30 pm noon at the Foxmoor Shopping Center, at the corner of Route 33 and Washington Boulevard. The parade will proceed North on Washington Boulevard and then take a right onto North Street, and then take a right onto Newtown Boulevard, and then take a right onto Lake Drive East, continue past the lake and the gazebo area, followed by a left onto Union Street, then proceed past the reviewing stand at Union and Burnet Walk.

South Amboy St. Patrick’s Day Parade
Sunday, March 19th, 2017 starting at 1 PM.
Parade will begin at Christ Church Cemetery, go along Stevens Ave, then along Main St., down Broadway and ending at Henry St. bagpipe bands, marching bands, civic and non-profit organizations showing their support for the city and the Irish.

Keyport, NJ St. Patrick’s Day Parade
Saturday, March 25, 2017; Kick-off will be at 1:00 PM
Parade kicks off from St. Joseph’s Church, Maple Place, goes down West Front Street to Broad Street, ends at Firemen’s Park

 

Gov Christie Declares State of Emergency for NJ

Gov. Chris Christie has declared a state of emergency as New Jersey prepares for a snowstorm that threatens blizzard conditions in some areas.

Forecasters say 18 to 24 inches of snow is expected in northern areas, while central Jersey will likely see 6 to 12 inches. About 4 to 5 inches is expected in southern areas, where rain and sleet is expected to mix in with the snow.

A blizzard warning was issued early Monday for Middlesex, Monmouth and Ocean counties.

It takes effect at 8 p.m and lasts until 6 p.m. Tuesday. A blizzard warning in effect from midnight to noon Tuesday was had been issued for the five northeastern counties Sunday.

Counsellors Title Agency will be closed on Tuesday and reopen on Wednesday, March 15.

Subscribe

Place an Order Today