Tag: raising rates

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US Sees Record Deceleration in Home Prices

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the staff of the Ridgewood blog

Ridgewood NJ, Home prices are still higher than they were a year ago, but gains are rapidly decelerating at the fastest pace on record. Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those monthly comparisons is the largest in the history of the index, which was launched in 1987, meaning price gains are decelerating at a record pace

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The Dow Jones Industrial Average Dropped Below 29,400 midday Friday to its Lowest Point in Nearly Two Years

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the staff of the Ridgewood

Ridgewood NJ, the Dow Jones Industrial average dropped below 29,400 midday Friday to its lowest point in nearly two years. Since the Fed started raising interest rates in March, the index has lost more than 13.7 percent of its value.

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Raising Rates Call Into Question Village Debt

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the staff of the Ridgewood blog

Ridgewood NJ, Ridgewood families are going to have to start making choices between food on the table, gasoline and property taxes.

Here’s the data from the recently adopted 2018 Municipal budget: (https://www.ridgewoodnj.net/images/User_Friendly_Budget_2018.pdf )

Village net debt is now $50.1 mm BEFORE the garage and further property investment. Interest costs are rising, so that will act as a further drag on spending as more of the budget goes towards interest expenses on our debt going forward.

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Reader Worries Ridgewood’s AAA Credit Rating Could be At Risk

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Based on previous building projects managed by the Village ($500K Golden commodes anyone? ) this garage project will be delayed repeatedly, suffer numerous expensive “change orders”, and likely cost $20+ million all in by the time its ready (40% of annual municipal budget).It will never pay for itself, guaranteed. Right as interest rates spike and the Village’s S&P AAA rating on our municipal debt is downgraded. Can you say large municipal debt and interest expense increases?