U.S. Homeownership Hits Decade Low
April 26, 2012
Still, 70% think now is a good time to buy a house
by Dennis Jacobe, Chief Economist
PRINCETON, NJ – The 62% of Americans who say they own their own home marks a new low since Gallup began tracking self-reported homeownership in 2001
The current level of homeownership marks a decline from 68% in 2011. For most of the prior decade, roughly seven in 10 Americans reported owning their own home. While the recession and financial crisis took place in 2008-2009, homeownership rates didn’t begin to reflect the bursting of the housing bubble until 2010, when 65% of Americans reported owning their own home — the lowest level recorded before this year.
AGENDA21 – THE NEW SERFDOM
Posted on April 26, 2012, 9:00 AM
Agenda21 is global socialism directed through the United Nations. “Smart Growth” is doublespeak for planned communities. “Sustainable Development” means a centrally planned economy. “Industry Clusters” are government work factories. “Green Design” is the clustering of people in 700 sq/ft, 14 story “pack and stack” living quarters with your personal universe restricted to walking distance or light rail travel to your place of work. This is the reinvention of Mao’s China.
The famous tome “Road to Serfdom” by F. A. Hayek (1944) is the treatise on why planned economies must always fail and create misery in their path. Von Mises, Hayek and the other Austrian Economist (Ludwig Von Mises, F. A. Hayek, Murray Rothbard) contrast the liberty and prosperity of free market capitalism with the failure and totalitarian nature of socialism’s planned economy. In America for the first 225 years, free markets prevailed. In a nutshell, this means that 311 million people make individual decisions based on their individual needs and wants day in and day out. Billions of decisions are made by families given a wide plethora of choices and complex individual constraints. Agenda21 and socialism in general superimpose a one size fits all central decision in its place.
The first consequence is an economic desert. It is not a coincidence that most technological innovations occurred in the United States. In a planned economy, perhaps Edison might have invented a more efficient kerosene lamp. Government mandates for lighting may have funded safer or more luminous lanterns. Instead, Thomas Edison performed thousands of experiments with his own time and money creating the light bulb. It allowed for increased mobility during dark hours and improved education. Likewise, Henry Ford simply applied general theory of economic “division of labor” to make the automobile less expensive and abundant. A central planner may have simply commanded him to build lighter and safer horse buggies.
Insight: Falling home prices drag new buyers under water
By Tim Reid
Thu Apr 26, 2012 1:12pm EDT
(Reuters) – More than 1 million Americans who have taken out mortgages in the past two years now owe more on their loans than their homes are worth, and Federal Housing Administration loans that require only a tiny down payment are partly to blame.
That figure, provided to Reuters by tracking firm CoreLogic, represents about one out of 10 home loans made during that period.
It is a sobering indication the U.S. housing market remains deeply troubled, with home values still falling in many parts of the country, and raises the question of whether low-down payment loans backed by the FHA are putting another generation of buyers at risk.
US home prices drop for 6th straight month
Home prices fall in most US cities for sixth straight month, as housing struggles to recover
WASHINGTON (AP) — Home prices dropped in February in most major U.S. cities for a sixth straight month, a sign that modest sales gains haven’t been enough to boost prices.
The Standard & Poor’s/Case-Shiller home-price index shows that prices dropped in February from January in 16 of the 20 cities it tracks.
The steepest declines were in Atlanta, Chicago and Cleveland. Prices rose in Phoenix, San Diego and Miami. They were unchanged in Dallas.
The declines partly reflect typical offseason sales. The month-to-month prices aren’t adjusted for seasonal factors.
What a difference a day makes – in the mortgage business
By Michael Fidanza
These days, it is not uncommon to see mortgage rates below 4%, however, many buyers have seen rates over 4% when the date of the closing rolls in. What is the reason for this? Shane Force of Atlantic Home Loans has a simple explanation:
“It used to be that mortgage rates fixed once every week, so you used to have some time to think about locking in on a rate. In today’s global economy, a hiccup in the Middle East could cause a quarter-point swing.” Force adds, “Many people wait for the perfect time to lock in – hoping that rates will drop and only watch as rates creep up. If someone locks in at a higher rate and the market moves significantly, we will work with them to get a better rate.”
This is a great reason to start your home shopping with a reputable lender. There are issues that you may want to address before you even click ‘search’ on your favorite real estate site.
In regards to financing, here are some things to think about when considering purchasing a home:
– Have your documentation ready. Don’t wait until the last minute to get your bank statements, W-2’s, paystubs or income statements. You may want to have your accountant get the paperwork in order.
-If you have less than perfect credit, you may want to start working with a lender who has a program to rehabilitate your FICO score. A FICO score of under 720 starts adding hundreds of dollars per month to a payment. FHA / VA programs, first time home buyers
-First-time home buyer, FHA and VA loans can help get a would-be new homeowner.
-Sub-prime mortgages as well as low- or no-documentation loan days are all but over but money to lend is more available than it has been since 2008.
-Know how long you want to be in your new home. There may be loan options for newlyweds who are buying small to start a family and may move up in 5-7 years.orld events cause 1/4 pt —- Online mortgage companies may tempt you with low rates but lack the knowledge of the local market and will never meet with you fact-to-face and try to understand your specific situation.
-Be prepared to walk away from a bad deal…one way to avoid is to get a personal recommendation from a relative or friend who has worked with a mortgage lender before.
Be proactive! By shopping for a mortgage banker before you shop for a home, you will save yourself time, trouble and stress that are inherent in the home buying process.
Michael is a licensed realtor and can be reached at www.TheNuberTeam.com
Thursday, May 10th – 9AM to 2PM Memorial Park at Van Neste Square.
Treat your kids to a day of hands-on adventure, featuring an opportunity to climb on board to explore the trucks that touch our lives. They’ll also have the change to learn directly from Ridgewood’s emergency and public works workers about the exciting work they perform every day. Am added bonus, they’ll be a Big Wheel Rodeo among the planned interactive activities throughout the park for children of all ages. Don’t miss this great opportunity to Experience Ridgewood!
Project Pride Committe will plant the large containers with a wide variety of colorful flowers for the summer season on Saturday, May 12th starting at 9am at the Clock tower at Van Neste Square. If you are able to volunteer and help, please call 201/670-5560 for more details.
Got Drugs? – Safe Disposal on April 28th at Police Department
Got Drugs? Looking for a place to dispose of unused or expired medication for safe disposal – Ridgewood Police Dept on Saturday, April 28 from 10AM to 2PM.
This program allows residents a safe and convenient way to dispose of unwanted, expired or unused prescription medication. Often, some of these medicines languish in the home and are highly susceptible to diversion, misuse, and abuse. Rates of prescription drug abuse in the U.S. are alarmingly high—more Americans currently abuse prescription drugs than the number of those using cocaine, hallucinogens, heroin, and inhalants combined, according to the 2010 National Survey on Drug Use and Health. Please bring any unwanted, expired or unused prescription medication to the Police department 131 N. Maple Ave and place them in the collection bin located near the Police Desk.
No matter how much President Obama wants to change the subject to distract Americans from his failed economic agenda, high unemployment is still the primary topic of conversation around dinner tables across America. Knowing how important it is that we start putting Americans back to work, House Republicans last week took another step towards boosting economic growth by passing the Small Business Tax Cut Act of 2012.
The Small Business Tax Cut Act is a simple, clear solution to help small business entrepreneurs grow their business and hire new workers. Our 20% tax cut goes straight to the bottom line so small business entrepreneurs can invest in their businesses and create more jobs for Americans. This common-sense, pro-jobs legislation continues the House Republicans’ commitment to producing pro-growth policy and comes on the heels of President Obama signing the bipartisan Jumpstart Our Business Startups Act (JOBS Act) earlier this month.
When you look at the facts about small businesses and their relationship to the economic health of our country, you quickly realize how important this legislation is to jumpstarting our recovery. Faced with the highest corporate tax rate in the developed world and skyrocketing tax compliance costs that drain valuable time and resources, it has simply become too expensive to for small businesses to survive in the Obama economy. House Republicans know it makes much more sense to keep money in the hands of small business entrepreneurs than it does to fund bloated government bureaucracies that throw lavish taxpayer-funded parties in Las Vegas and invest in failed companies like Solyndra.
The best part about empowering small businesses is that we see the results every day in our communities, not in government offices in Washington, DC. I firmly believe our economic survival depends on Washington’s commitment to cutting taxes and removing the burdens imposed on America’s small business community.
Fact is that a lot of new information came to light during the VC hearings – a good deal of which was provided by the very same experts that the Planning Board questioned during their “comprehensive” hearings.
And that proves the process was flawed. The Planning Board did not ask the right questions, obviously. Otherwise why would all the new info have come out from the same people during the VC hearings. Same experts, but asked more relevant questions, and lo and behold, new and rather revealing answers were given.
So, since the process was so obviously flawed, it’s all the more reason to rescind the amendments. If another plan is formulated and put forward, then fine, let the process begin again based on the parameters of any such revised plan for renewal or whatever you want to call it.
That’s how it would have to work for anyone else after all in any other zone, isn’t it?
I hope they will rescind the amendments, and soon.
Waging a high-tech battle against hospital-acquired infections
Anne Dikon, director of infection prevention at Robert Wood Johnson University Hospital in Hamilton, goes online each morning to scan alerts of potential infections throughout the hospital. If the system flags a patient being readmitted, who previously had an infection, that patient will be assigned a private room. The system also highlights areas in the hospital with higher-than-average infection rates. That enables the staff to focus resources where needed to increase training on hygiene, hand washing, and cleaning. (Fitzgerald, NJ Spotlight)
As hundreds of thousands of New Jersey schoolchildren sit down for state testing over the course of the next month, NJ Spotlight came upon at least three families who are sitting this one out.
Particularly notable: They are teachers and administrators themselves, past and present. And each said that’s part of the reason they’ve decided to opt out their kids, having seen how pervasive testing has become in schools where they’ve worked. (Mooney, NJ Spotlight)
FOOD POLICE: Ridgewood students trying out new lunch program
FRIDAY, APRIL 27, 2012
BY DARIUS AMOS
STAFF WRITER
THE RIDGEWOOD NEWS
Rather than inviting celebrity chefs and renowned food connoisseurs to a tasting event at Ridge School, officials are asking the toughest food critics — the students and their parents — to evaluate more than just a flavor of the month.
Ridge was selected to participate in a pilot program that, if successful, could change the entire district’s lunch menu as early as this fall. Beginning in May and running through the end of the school year, Pomptonian Food Service will offer Ridge students new and healthier lunchtime options to try.
Kids lobby Christie in the State House to ban homework
Some anti-homework lobbyists flooded the State House this afternoon and urged Governor Christie to ban their after-school assignments.
Christie, a father of four, spoke with a group of children today during an event in the Senate chamber organized as part of Take Your Child to Work Day. After a quick introduction, he took a series of questions from the children, with the first questioner asking him to enact a statewide ban on homework. (Reitmeyer, The Record)
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