May 21, 2016

Don't Miss EBCBOR's  Midyear Meeting!  
 
Hear from your local elected officials on the latest issues impacting our communities.
  • Full breakfast and Trade Show begins at 8:30am
  • 2016 EBCBOR Good Neighbor Award Winner announced
  • Get the latest local and national news and updates

Register Now!  
Just a reminder...
 
The EBCBOR Community Service Committee will be collecting:
  • Canned/ Non Perishable Food for CFA Pantry
  • Used Cell Phones for Cell Phones For Soldiers
Donation will be collected on Thursday during the midyear meeting!
LEGISLATIVE NEWS
FHA proposes to strengthen reverse mortgage program 
   
The Federal Housing Administration (FHA) proposed a new rule to strengthen its Home Equity Conversion Mortgage (HECM) Program. In addition to formalizing many of the structural improvements announced recently, FHA's proposed rule is intended to make certain FHA-insured reverse mortgages remain a viable and sustainable resource for senior homeowners hoping to remain in their homes and age in place. Read FHA's proposed rule. READ MORE  
INDUSTRY NEWS
Mortgage rates hold steady amid positive economic news

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average crept up to 3.58 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.57 percent a week ago and 3.84 percent a year ago. READ MORE

Existing-Home Sales on Course for Best Year since 2006, Student Loan Debt Slowing Prospective Buyers

Lawrence Yun, chief economist of the National Association of Realtors®, presented his midyear economic and housing forecast. According to Yun, monthly existing-home sales were uneven in the first quarter but still came in at a seasonally adjusted annual rate slightly higher (5.29 million) than last year's overall annual pace (5.26 million). Demand has mostly remained strong - especially in the top job-producing metro areas - and is being upheld by mortgage rates near three-year lows and the 14 million jobs gained since 2010. READ MORE
NEWS YOU COULD USE
7 Ways to Get Your Customers to Actively Promote Your Brand

In the startup realm, certain principles stand out as essential to lasting growth in a company. Customer retention, for instance, trumps customer acquisition in terms of overall value, and brand loyalty is one of the most important elements that lead to higher customer-retention rates. READ MORE
Meet HomeOwnershipMatters.Realtor 

HomeOwnershipMatters.Realtor (HOM) is NAR's comprehensive consumer advocacy website designed to educate consumers and give them a voice in public policy issues affecting homeownership. HOM includes news, videos, articles featuring REALTORS, third-party experts and consumers. Share HOM with your buyers and sellers and become an expert and trusted advisor. VISIT WEBSITE  
LOCAL NEWS
Rutherford Council to review amended redevelopment plan

Responding to impassioned pleas from a dozen business owners and residents, the Planning Board voted on Thursday night to send an amended redevelopment plan for the Agnew Place area to the mayor and council. READ MORE  
Housing 'fairness' in Dumont debated before judge

Dumont's staunchest rivals of overdevelopment took the fight to a Hackensack courtroom last week to tell a judge the settlement between local officials and prospective developer of D'Angelo Farms shouldn't be approved because the project would plunge the borough's "struggling" working class into deeper financial straits.. READ MORE
GLOBAL PERSPECTIVES
IRAs Put International Real Estate Investments within Reach

The Spanish real estate market, hit hard by the financial crisis, is now what one analyst calls "a two-speed market." In many locations, prices have bottomed out and are rising, while other areas may still have room to fall further. When you match attractive prices with the growing interest among many Americans in retiring outside of the U.S., you have a promising opportunity for real estate agents. READ MORE
FIRPTA Withholding Rate Increased to 15 Percent for High-End Properties

Good news for the U.S. commercial real estate industry: The Protecting American Taxpayers from Tax Hikes (PATH) Act includes two very positive FIRPTA provisions that are conservatively estimated to boost foreign investment in U.S. commercial real estate by $20-$30 billion per year. READ MORE 
 
TECH TIPS
Finally! An Emoji Keyboard for REALTORS®
A new real estate-themed emoji keyboard has hit app stores, launched by the California Association of REALTORS® (C.A.R.) in response to the world-over shift toward informal, visual communication. The keyboard, downloaded through an app called CARmojis, gives users access to over 30 real estate-related emojis. The app also features "Stickers," or images that can be placed atop other images, that include the C.A.R. logo.
AFFILIATE SPOTLIGHT
V.P. / Lending Manager, Chase Bank
Robert Caravella
V.P. / Lending Manager, Chase Bank 

Robert Caravella is V.P. / Lending Manager for Chase. He is in charge of Mortgage Origination in Bergen and Northern Hudson County. Robert has been in the mortgage industry for 15 years. A Bergen County resident for 20 years.  

Why did you join EBCBOR?
EBCBOR is the best association I have had the pleasure of being a part of. The professionalism and comradery of the membership is outstanding and chase wants to be a part of that. READ MORE 
AFFILIATE PARTNERS
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Eastern Bergen County Board of REALTORS | 201.288.5000 | [email protected]