“HARP” will be extended till Sep 2017.
- Home Affordable refinancing Program
- Saving plan for underwater house with high LTV
- No credit check / No limit on LTV / No new appraisal required.
- Requirement: No default payment for last 6 month / Stable income source
More penalizing on short term rent
- Fort Lee/Pal Park are getting tougher regulations
- Special task force(2 policemen team: one-Korean speaking) -> $1250 penalty
- Police are looking Heykorean.com site as well.
Fort Lee, Landmark leveled
- “Archers” restaurant at 13010 Palisade Ave
- Once as flossy, expensive, good… Upscale Italian.
- Has sat vacant for several years / Unknown for what will be there.
More Korean owned foreclosure/SS
- 1 out 7 foreclosure -> Korean owner
- As of 8/26, 1091 foreclosure houses ->156 Korean owner (14%)
- Korean population: 6.4% in Bergen Co
- Fort Lee: 24 FC/ Pal Park: 23 ( Total FC:26) -> 88% Korean Ridgefield:9, Closter:15, Leonia:8, Tenafly:7, Old Tappan:4
Korean population becomes significant
- American Community Survey, 1 town out of 4 towns in North NJà over 10% of Korean
- PP:44.5%/ Fort Lee:21.8%/ Ridgefield:31.3%/ Leonia:28.8%/ Edgewater:18.6%/ Tenafly:17.9%/ Closter:24.3%/ Norwood:24.8%/ Englewood Cliffs:23.6%/ Demarest:19.5%/ Nortvale:15.8%/ Alpine:14.9%/
- Bergen Co total(920456): 6.4% (58,483)
- Not enough political presence.
House price continue to increase, but slow down
- Slow down after 10 month moving up
- Acc to Case-Shiller index, 184.42 in June -> 1% Up CMT last year
- In May: 5.3% -> 2% decreased.
- NW-> strong(Portland, OR:12.6%, S F, CAL:11%, Denver,CO:9.2%, Dallas,TX:8.9% / NE(NY/NJ…) -> weak
- Acc to S&P Index Chair, Nationwide house price increased 4.8% Up annually/ Sale increased/ in July 654,000 new house sold ->Demand increase continually -> Not enough inventory
FAA regulates Drone’s commercial use.
- Start drones in limited manner -> exp 600,000 drones in US within a year
- Limits: 1. 55 lb/ Up to 400 ft with line of sight 2. No license, but pass written test.(Study guide:80 pages) 3. As of Monday announced, 3000 requests drone certificates
- Possible use: mapping and survey, remotely accessing fields and crops,rail roads tracks, shooting films, flying mobile data hot spot, Special purposes like delivery/news gathering -> need approval case-by-case
Tech News
- Apple will invest to “Lyft” ( GM and Google are kind of interested in)
- Lyft will be competing with Uber (If Apple buys Lyft, Taxi-call service market will be different)
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NJ Real Estate News : July 27th 2016
