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March Springs Forward In New Jersey

A new report from the Otteau Group indicates that New Jersey showed in March the strongest number of new purchase contracts since 2005.

According to this report, this represents the 19th consecutive month in which there were more than 10,000 home purchase contracts.

It also reported the most number of new purchase contracts since the cyclical high in 2005.

Low Inventory

Career Opportunities at Counsellors Title

Want a Career Upgrade?

Title Officer: Minimum 5 years' experience , ability to read complex titles. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com

New Jersey 1st Quarter 2016 Report Card

Q1 Highlights from the New Jersey Board of Realtors®

These are the highlights from New Jersey Board of Realtors®:
■ Home prices are projected to increase for 2016
■ Pending Home Sales increased dramatically by 21.7% over 2015 to 25,023
■ Closed sales also increased by double-digits by 18.4% over 2015 to 18,947
■ Affordability continues to be a threshold point, but jobs and improved economic climate is helping
■ Number of homes for sale is down 7.8% to 56,985
■ Median sales price decreased slightly by 1.3%
■ Months supply of inventory is now down to 6.7 months

Mortgage Bankers Association Reports Drop in Apps

The Mortgage Bankers Association reported that mortgage applications fell overall by 4.1% for the week ending April 22 from the prior week.

■ The Refinance Index fell 5% from the prior week
■ The Purchase Index decreased by 2% from the prior week
■ The FHA’s share of total applications increases to 12.3% from the prior week
■ Veterans Affairs’ share of total applications fell to 12.2% from 12.65 from the prior week
■ USDA share of mortgage applications were unchanged from the prior week

The Skinny from NJR

Quick snapshot of what and where the New Jersey Real Estate market is going.

NJ Realtor YouTube
https://youtu.be/-8pq3g4b8B0

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

225 New Jobs Coming to Tinton Falls

According to a recent article in The Coaster, Tinton Falls will be the recipient of 225 newly-created jobs.

According to an abatement filing by Radar Properties, Tinton Falls officials expect a $6.5 million private placement made into the former Fort Monmouth building to generate over 200 jobs.

These will be high-paying positions in addition to creating a couple dozen temporary construction jobs.

The urban renewal project filed by Radar Properties requested a tax abatement with the borough earlier in March.

RealtyTrac: 36 Percent of Markets Hit All-Time Peaks

RealtyTrac, the housing and property data provider, reported that 36 percent of markets reached all-time price peaks in last 15 months.

The median sales price of single family homes and condos in March was $210,000, up 9 percent from the previous month and up 11 percent from a year ago. March was the 49th consecutive month with a year-over-year increase in the U.S. median home price, which is still 8 percent below its previous peak of $228,000 in July 2005.

First-Time Home Buyers on the Horizon

According to Mortgage News Daily, the online news service, first-time homebuyers represent the gateway to the new housing boom.

While Fannie Mae's economists see housing indicators as ‘mixed,’ experts and analysts are trying to read the tealeaves to determine whether this market has more steam.

Some of these economists are uncertain about the effect the April Fed Meeting is going to have on rates.

The good news is that the increase of the labor force participation and flat wages may pressure the Fed into its second rate hike.

Forces Behind the Resilient Real Estate Market

RealtyTrac Foreclosure Rank Atlantic City, Trenton and Baltimore

RealtyTrac, a leading provider of comprehensive U.S. housing and property data, announced that Q1 2016 foreclosure activity fell below pre-recession levels in 36% of U.S. housing markets.

“Despite the nationwide decrease in foreclosure activity in the first quarter, 103 of the 216 metro areas analyzed in the report (48%) posted a year-over-year increase in foreclosure activity. Among the nation’s 20 largest metro areas, those with the biggest annual increase in foreclosure activity were Boston (up 49%); Philadelphia (up 18%); Phoenix (up 10%); Baltimore (up 9%); and New York (up 7%).”

Careers Are Blooming At Counsellors Title

We Are Hiring @ Counsellors.

We have positions open for Title Insurance Officer and for an Experienced Settlement Clerk.

Counsellors Title Agency is hiring experienced licensed title officers to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, marketing support, and most important, a dedicated office support staff.

Counsellors also is hiring experienced Settlement Clerks. Benefits include health insurance and 401k with an employer match.