A recent study found that homes where cleanup of lead paint occured still have high levels onf the substance. So harmful is the potential health effects of lead-based paint that most states have laws or ordinances that restrict the level of this element allowed in homes. Since the ban took effect in 1978, oftentimes older homes have lead-based paint in places where children can get to it and become ill. In a move to protected children, Govenor Cozine issued an executive order that requires state agencies to work together to improve screening, treatment, and help for families who must leave their homes during lead remediation. The order also requires a crackdown on shoddy lead paint cleanup contractors.
Lead paint disclosure is very much a part of the home buying process. It is one of the things a good inspector will check for buyers prior to purchasing a home.
Just finished an article that gives Seven Reason To Welcome a Recession. At first glance at the title one would think Jeff Strain’s thinking processes were already in a recession but that is just not the case. But clever Jeff thinks outside the recession box and encourages us to join him. So let’s take a look at two of his reasons.
Affordable Housing and Low Mortgage rates topped the list. It is true that during a recession when fewer people are purchasing homes there are more houses available to buyers. It is also true often buyers can find real bargains but in today’s market not only are we already an excess of houses on the market and housing prices are falling and bargains abound. Though finacial and economic specialists have not said we are in a recession per se, it is a perfect time to go house hunting. Add the fact that the Federal Reserve Bank is keeping interest rates low to prevent a recession and qualified buyers have to two elements needed to purchase the home of their dreams.
Well done Jeff!
Potential Bargain Alert…. Looks like the Cohen Realty Group, based in Elizabeth, New Jersey, will be auctioning off 20 one and two bedroom condominiums in Atlantic Highlands on May 18th. The Navesink Cove condominiums were originally priced to $250,000 but suggested opening bids are from $80,000 and a certified or cashier’s check from as low as $8000 is required.
Prospective buyers can inspect the properties at their leisure April 26, 27, May 3, 4, 10, and 17 from 11a.m. to 2p.m. and also May 8 from 5 p.m. to 7 p.m.
Looks like there may be opportunity to purchase a condominum at a reasonable price for the right buyer. Ten of the condos will be sold regardless of price, so if you are looking a condo in Monmouth County these are certainly worth a look.
Well folks, here we go again… Once again New Jersey is in the top 10. The Housing and Community Development Network of New Jersey found that New Jersey is number four in the top ten least affordable states for renters behind Hawaii, California, and Massachusetts. Finishing out the top ten are New York, Connecticut, Maryland, Rhode Island, New Hampshire, and Alaska.
Of the 21 counties in New Jersey eight require renters to have an income of $50, ooo plus in order to have the rent require less than 30 percent of a family’s income for a 2 bedroom home. Hunterdon, Middlesex, Somerset, Bergen, Passaic, Monmouth, Ocean, and Hudson counties are the top eight with Mercer, Essex, and Morris county finishing out the top ten counties.
The report estimates that 54 percent of Mercer County renters, 22,400, are unable to afford a two-bedroom apartment. According to the Star-Ledger’s Tom Hester rental costs have jumped 43 percent in New Jersey since 2000.
Came across Property Crossroads last week. Dan Rafter wrote a blog entry about the people he came across that felt the government should not bail out the homeowners affected by the mortgage debacle that has many homeowners facing foreclosure or talking to their banker about short sales.
In my business, I hear from people who are in danger of losing their home. They have worked hard to keep up on their mortgage payments, but usually they took some bad advice and now have a mortgage payments that have ratched up to a point beyond what they can afford to pay. I would compare a mortgage professional to any other professional that one might go to for help — a doctor, lawyer, contractor, etc… Just as in these fields there are those who would take advantage of people so too did some mortgage brokers take advantage of home buyers.
Should the government step in and help homeowners who were paying their mortgages prior to the balloning of payments so that they can keep their homes? Well yes. Here’s why:
- The housing market is already in a slump… the inventory on the market is already beyond what can sell in a six month period and sellers are continuing to place more houses on the market.
- Buyers are leery of jumping into the market and face what they see other buyers going through. Even though reputable lenders are making an effort to ensure that borrowers get a mortgage that is within his/her means.
- More houses coming onto the market through short sale or in an effort to prevent a foreclosure will just add to the already over-burdened market.
- With a little help from the government, through encouraging the extending the loan period or other measures that will keep mortgage payments within the range of payments these homeowners could afford makes sense.
If homeownership is the American dream then helping prevent that dream from becoming a nightmare is American too.