Thursday, September 10, 2009

A tale of two Feds

The Federal Reserve is divided into twelve districts and part of New Jersey belongs to the New York region and the other part belongs to the Philadelphia region.  One would think that an economic report would show that a state the geographic size of New Jersey doing about the same from north to south and east to west. 

According to the Fed's recent survey of economic conditions released on September 9, that is somewhat true.  Both districts found the auto industry on the rise due to the Cash for Clunkers program.  Both districts reported near term sales in the retail industry, largely driven by youth apparel in Southern New Jersey, but soft in other markets.  In the New York region, where tourism is an economic driver, they reported Broadway show sales steady, but down the average ten percent that it has shown for the year and they predicted this would bode a Christmas season that was off by about five percent.

But the housing market was where things vary.  Both districts report that housing sales are picking up.  In the New York District, there are weakened apartment rentals, but high-end home sales were up.  Credit standards were tightening. In the Philadelphia region and Southern and Central New Jersey,  the location for NJ Home Source, home sales were steady with an increase of activity in the lower price range. 

What does the tale of two Feds tell us?  There is value in the Mercer County New Jersey real estate market.  Since both allow a reasonable commute to New York or Philadelphia, with diverse opportunities for local employment opportunities, Mercer County might be the place for you to choose for your New Jersey home.  Take a look at some of the properties for sale in Mercer County New Jersey and then let's talk.  Give me a call at 609-658-2612. 

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