JUNE 25, 2016
GLOBAL PERSPECTIVES

Brexit! Everyone panic! (except New York)

The morning after Britain's shock vote to leave the European Union, global markets are in freefall, with some economists already predicting a new global recession. But this worst-case scenario for Europe may actually work out in favor of the New York real estate industry - with one big caveat. READ MORE 

Why China Will Keep Pumping Capital into the US Real Estate Market

Chinese investors spent more than $100 billion on U.S. real estate in the last five years, an amount that's expected to double by 2020. Between 2010 and 2015, China invested $93 billion in residential real estate, with a spending growth rate of 20 percent, according to the report, Breaking Ground: Chinese Investment in U.S. Real Estate. READ MORE  

INDUSTRY NEWS
Home sales climb in May to the highest level since before the recession

  In North Jersey, through May, single-family sales are up about 20 percent in Bergen County and 28 percent in Passaic, according to the New Jersey Realtors. And inventories have shrunk more than 28 percent in both counties over the past year. Both counties have about a six-month supply of homes at the current sales pace, compared with 4.7 months nationwide. Anything below six months is considered an indicator of prices rising in the near future. READ MORE  

FAA completes landmark rules for commercial drones

Commercial drone use in the real estate business got a boost today with the release of the Federal Aviation Administration's final rule governing small unmanned aerial systems, or UASs, in the national air space. FAA rules create a clearer pathway for real estate professionals to use drones for commercial purposes, a prospect that National Association of Realtors® President Tom Salomone called a win for the industry. READ MORE 
LOCAL NEWS
Senate approves bill that would impose new rules on rail companies transporting crude oil through N.J.
 
The measure is in response to the dozens of trains that travel each month through 11 Bergen County towns and other densely-populated communities in New Jersey hauling Bakken crude, which has been involved in several fiery derailments in recent years. READ MORE
 $60M from N.J. to aid North Jersey rivers, wetlands

Projects to restore wetlands and increase public access to parts of the Hackensack River, Newark Bay and the Passaic River will benefit from $60 million in competitive grants the Christie administration is making available to local governments and non-profit groups. READ MORE 
LEGISLATIVE NEWS
Agents and Appraisers Express Concern Over FHA Appraisal Policies

While the Federal Housing Administration's overhaul of its Single-Family Housing Policy Handbook last year offered loan originators more clarity on lending policies and loan underwriting standards, some changes made to the property valuation policies are causing confusion and delays. READ MORE  
NEWS YOU COULD USE
 3 elements your listings can't survive without 

Online property listings are the first step in almost every real estate sale these days. Attracting buyers with listings can be a challenge for many real estate agents. These 3 elements will help you make your listings more effective. READ MORE  

Generate More Leads with These Four Video Ideas
 
it's important for real estate agents to stay on top of the newest technologies and popular methods for getting and staying in contact with clients and prospects. A great way to connect with clients is through video marketing. READ MORE 
TECH TIPS

Apple HomeKit and Home app: What are they and how do they work?

Apple wants to make it easier for smart accessories to communicate, and for you to connect and manage all the smart accessories in your home from various manufacturers (such as Philips Hue lights, Wink lights, and other speakers, thermostats, detectors, plugs, blinds, locks, sensors, etc.). READ MORE

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Eastern Bergen County Board of REALTORS | 201.288.5000 | communications@bergenboard.com