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Ralph’s Blogs

V Recovery for Housing

All of the data that's coming in points to a very strong V-shaped recovery as it relates to the housing market. This is based upon the Fannie Mae forecast that was recently published. Clearly, the low-interest-rate mortgage environment that's created an accelerated...

Commercial Agents Adapt to Flex Office Space

Corporations are making demands upon departments to return to normal. The problem is no one quite knows what the new normal is going to be. In terms of defining holistic workspaces, solutions are just now coming to the surface as we realize that the social distancing...

Mortgage Credit Market Tightens

The Mortgage Bankers Association reported that credit in August is the tightest in more than six years. This is the result of the concern over a weak economy prompted by the lenders' decision to tighten up their lending standards. The Mortgage Credit Availability...

More Young Adults Living with Parents

According to a recent Pew Market Study, the number of young adults living with their parents hit an all-time high in July in 2020. The Pew study reported that 52% of young adults resided with one or both of their parents. This is up 10% from the February report, which...

Mortgage Rates Fall Again to New Record Low

Freddie Mac reported this week that the average mortgage rate for a 30-year and 15-year fixed mortgage fell to all-time lows. The 30-year fixed-rate average fell to 2.86%; this broke the prior low of 2.88% in the first week of August. The 15-year-fixed-rate rate...

July Sales for Essex & Union County

Essex County   Single Family Homes for July Key Metrics        2019    2020     Change New Listings        627      796     + 27.0% Closed Sales       584       526      - 9.9% DOM*                   42         50      + 12.4% Median PX       $473K   $532K   + 12.4% %...

July Bergen and Passaic Counties

Passaic County   Single Family Homes for July Key Metrics        2019    2020   Change New Listings        441      495     + 12.2% Closed Sales       323      267     - 17.3% DOM*                   59        55     - 6.8% Median PX       $345K   $360K  + 4.3% % of...

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