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Housing Affordability in the U.S. is at a Record Low

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file photo by Boyd Loving

the staff of the Ridgewood blog

Ridgewood NJ, the average rate for the most common type of mortgage in the US has risen to almost 7.1%, according to data from a survey of lenders made by mortgage financing giant Freddie Mac. The figure—for 30-year fixed-rate loans—is the highest since December 2001 and is up two percentage points over the past year (and more than 4.4 points from the all-time low seen in January 2021).

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NJ Realtors: Real-estate Market Cooldown is Coming, if it’s Not Already Here

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file photo by Boyd Loving

the staff of the Ridgewood blog

Ridgewood NJ, Data released this week from New Jersey Realtors, the state trade association representing more than 61,000 Realtors, pointed to a slowdown of home sales, likely fueled by high home prices and rising mortgage interest rates.

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Housing Bubble : De Ja Vu All Over Again

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the staff of the Ridgewood blog

Ridgewood NJ, the consumer inflation numbers came out showed the biggest advance in prices since 1991. Many economists think inflation is probably higher when you take into account the rise in home prices.

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How Much House Can You Really Afford ?

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the staff of the Ridgewood blog

Ridgewood NJ, according to Realtor.com the inventory of homes actively for sale in June decreased by 43.1% over the past year, a lower rate of decline compared to the 50.9% drop in May. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains at a historically low level. This decline meant there were 415,000 fewer homes actively for sale on a typical day in June compared to the previous year. Nationwide the total number of unsold homes that  includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.3% percent from June 2020.

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Rep.Scott Garrett Meets With the Trump Transition Team

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December 16,2016

the staff of the Ridgewood blog

Ridgewood NJ, Rep. Scott Garrett  may get his revenge despite the conservative’s recent election loss.It’s being reported that Rep. Scott Garrett has met with the Trump Transition Team and he may get a job at the Federal Housing Finance Agency or the Securities and Exchange Commission (SEC) .

Scott Garrett, a veteran House Republican who lost his re-election bid last month, met with Trump transition officials in New York Thursday morning, as a sign he is under consideration for a top position in the Trump administration.

While New Jersey voters turned their backs to Garrett and instead elected Democrat Josh Gottheimer, a former Microsoft Corp. executive who tied his fortunes to Hillary Clinton trading a veteran policy wonk for a substanceless out of power Clintonista with no political clout.

The new Trump Administration has prioritized many of Scott Garretts main issues including the repeal of Dodd-Frank, repeal of Obamacare and removing the too big to fail provisions from virtually all Federal agencies.

Garrett showed up at Trump Tower in Manhattan at about 10 a.m., according to the press. Garret declined to say whom he was meeting with but told reporters it was neither President-elect Donald Trump nor Mike Pence, with whom Mr. Garrett is said to be close too.

Garrett a longtime critic of federal housing policy is reported interested in a role at the Federal Housing Finance Agency, which oversees the government mortgage giants, Fannie Mae and Freddie Mac, according to people familiar with the matter.

The National Association of Realtors Congressional Fund spent $1.3 million supporting Gottheimer, including $146,000 for online ads, $529,000 for mailings and $590,000 for TV ads .Garrett crossed the Realtors group by pushing a bill in 2013 that would have scaled back the role of Fannie Mae and Freddie Mac, the government-backed companies that buy mortgages from lenders.