Article Covers: Builders honored in Southern NJ, NJ Forclosure Rates, and NJ Income vs Housing Costs
Southern NJ Builders Honored: Two South Jersey based homebuilders were honored by new buyers for their commitment to quality products and exceptional customer service. Bruce Paparone, Inc. of Stratford and D'Anastasio Corporation of Pennsauken garnered the Commitment to Excellence awards from the Builders League of South Jersey at the association's annual Major Achievements in Marketing Excellence Awards gala, recently.
The Commitment to Excellence Awards was established to recognize builder members of the Builders League who demonstrate outstanding customer service and quality as perceived by home buyers. The annual awards are based on the results of a survey mailed to new home buyers. The Builders League which is comprised of firms from Burlington County, Camden County, Gloucester County, Salem, Cumberland, Cape May and Atlantic counties, is an affiliate of the New Jersey Builders Association and the National Association of Home Builders. Source
NJ Subprime Forclosure Rates: The Federal Reserve Bank of New York issued a report Friday stating that the foreclosure rate on subprime adjustable rate loans nationwide was 7 percent, compared with New Jersey's 9 percent. Adjustable rate subprime loans are among the types of loans most likely to go bad because borrowers often have had trouble with debt in the past and because their monthly payments will rise over time. And in a real estate market where home prices are falling, it is often impossible for financially distressed borrowers to refinance or to sell at a price that would pay off the balance of the mortgage. Nine percent of 63,000 loans represents about 5,670 homes in foreclosure. Source
NJ Income vs Housing Costs: New Jersey's 2006 median household income ($64,470) remained 33 percent higher than that of the nation ($48,451). While NJ now ranks second in median household income among the 50 states and District of Columbia, NJ unfortunately maintained it's No. 1 ranking in housing costs. The state's median monthly housing costs (for owner-occupied housing units with a mortgage) were 52 percent higher than those of the nation ($2,130 versus $1,402). Source