From ROI-NJ:
Angel investors put nearly $39M into N.J. economy in first half of 2018
The New Jersey Economic Development Authority has approved 60 Angel Investor Tax Credit program applications this year, helping to put nearly $39 million into 20 different technology and life science companies, the EDA announced late Friday.
The Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing or technology commercialization in the state. Applications must be submitted within six months of date of investment.
In the second quarter of 2018 alone, 36 investors pumped nearly $16.9 million through the program. The average investment size was $469,099.
“The fact that more people are supporting early-stage companies and the ground-breaking work they are doing reaffirms Gov. (Phil) Murphy’s vision for re-establishing New Jersey’s leadership position in the innovation economy,” EDA CEO Tim Sullivan said.
“These latest Angel Investor Tax Credit Program statistics illustrate how New Jersey’s expanding portfolio of support spurs innovation throughout the entire technology and life sciences sector.”
Sullivan noted that, in the second quarter of 2018, approvals included investments in three companies that were new to the program, totaling $2.7 million in combined private investment.
From MarketWatch:
The hidden reason you can’t find a house to buy right now
Welcome to 2018, where realtors are the new telemarketers: If you’re like me, you get a couple of calls a week, not looking to sell you a house, but looking for houses to sell. That’s because the real estate market is (exaggerating slightly) as bare of inventory as the shelves of a former Soviet Union grocery store, to hear builders and realtors tell it.
Good for you, if you’re one of the relatively few people who want to sell a house right now. Short supply means higher prices even without white-hot demand. But it’s a bad thing for the economy, and illustrates a big — maybe the biggest — kitchen-table budget reason why the Federal Reserve would be wise to be careful and slow about raising interest rates more.
The new watchword is “rate lock” — the idea that people who would move up to a bigger house might tolerate a higher price, but balk at a higher interest rate. Throw in higher property taxes that come with a bigger house, and you have three financial barriers to people moving up, instead of the usual two. Add the wage stagnation of the last year, driven by an uptick in inflation traceable to higher oil prices, and you see why new-home sales have slowed in the last few months and why existing-home sales fallen 1.5% year-to-date.
“Rising mortgage interest rates and record-high prices are putting a squeeze on affordability, especially in some higher-priced markets,” economists at real-estate Web site Zillow said this week.
…
Here’s how it looks on paper. Let’s say you refinanced in 2015: Interest rates were running about 2.875% then for 15-year mortgages or the seven-year adjustable-rate mortgages like the one I took out then to lock in a low rate and put in a kitchen and other upgrades.
If you’re sitting on a $350,000 mortgage, not unusual in most of the country, that rate puts your monthly mortgage payment (principal and interest) just above $1,450 a month. The average property tax in America, according to a 2017 study, is $1.15 of every $100 of a home’s value. So if that mortgage is on a $400,000 house, that would work out to about $4,600 in property taxes, a little under $400 a month.
Now let’s say that homeowner wants to move to a $600,000 house with a $500,000 loan. At 2.875%, if our home buyers kept their old interest rate, the principal and interest payment on a 30-year loan works out to $2,074 a month, and their tax bill (at $1.15 per $100) goes to $575 a month.
But if the interest rate chosen is the current 30-year rate of 4.5%, those same buyers are looking at a P&I of $2,450. Just the difference in the rate adds $4,536 a year to the budget. The combination of the bigger loan and higher rate adds about $12,000, plus a couple of grand for taxes.
Now do you see why more people are staying put?
what are the odds that interest rates will remain in the 4-5% range going into 2019?
What are the odds The USA can hold it together through the midterms?
They must be reading Grim’s blog over there at Marketwatch
what are the odds that interest rates will remain in the 4-5% range going into 2019?
Commerce department releases GDP revisions this week, so we’ll see.
If GDP surprises to the upside and can hold strong for a few quarters, 4% range is gone, and 5% range is a lock for 2019.
Positives for mortgage rates would be going to war with China and/or North Korea.
Although, also arguable that going to war with China would create the greatest economic expansion in American history.
DOW 26K on the open. Ain’t America Great?
I’m cool with a war with China as long as it’s fought over there.
Check my post late last night. Institutional real estate investors are buying again. Just so happens when everyone is holding back on buying, just like when they purchased last time around. These guys rarely lose, so it says something. Instead of short term play(like last time), some of these new funds are set up for 10 years. They are doing exactly what I said last week….based on supply and demand, there isn’t a better safer play then the long term play in real estate right now. Why else are institutional investors buying at peak? They are in the long game on this play, and it’s hard to lose based on current market conditions and trends.
Thank you, Governor Murphy. Set the seeds in place and watch it grow. We needed someone like you with vision instead of some goon like Christie crying it’s the end of the state…only option huge cuts. Nope, you had balls and vision, and will no doubt set this state back towards greatness. Thank you!
“The fact that more people are supporting early-stage companies and the ground-breaking work they are doing reaffirms Gov. (Phil) Murphy’s vision for re-establishing New Jersey’s leadership position in the innovation economy,” EDA CEO Tim Sullivan said.
Dow 26!
DOW 26,000 and GDP closer to 5% per quarter in 2019. Keep searching for that collusion or anything, anything at all that will stick!! I think they need to subpoena Trump’s 1st grade teacher and see if she’ll “flip.”
NAFTA!
Woops..”NOT-NAFTA”!
https://www.marketwatch.com/story/trump-announces-trade-deal-with-mexico-and-says-he-wants-to-drop-nafta-name-2018-08-27
Wow yeah NAFTA is done…replaced by trade deal with Mexico.
Oh Canada!
Canada willing to join the talks.Will send an envoy today and will last the weekend
One reported agreement with Mexico is average minimum salary for Auto workers is $16/hour to make US workers competetive
Car manufacturers are lobbying congress against it already. Congress has the final say
Trump to Nation….. eat my pecker.
That would be a real war, and probably the only way to get US finished goods into China.
I’m cool with a war with China as long as it’s fought over there.
Nation to Trump: yum
Trump to Nation….. eat my pecker.
National Security Advisor Michael Flynn – pled guilty.
President Trump’s Personal Attorney Michael Cohen – pled guilty.
Foreign Policy Advisor George Papadopoulos – pled guilty.
Deputy Campaign Chairman Richard Gates – pled guilty.
Campaign Chairman Paul Manafort – convicted on 8 Federal counts.
I hardly think we need to go back to first grade to find a good “flipper”
Chewbacca,
But where’s that collusion!? Remember, it was collusion and a fixed election!!! Even MSNBC didn’t reference one collusion article today nor was the name Manafort or Cohen mentioned!! Something has got to stick!! I know, his tax returns!! Yes, Mueller, go after his tax returns!! That’ll do it! I know it will!!!
I lived through Iran-Contra, and if you have Ollie North and still could not get Reagan, I doubt they can get trump..
Perhaps Trump wasn’t born here.
^^LOL!
Maybe Trump is from a foreign national from a shithole country? Of course, if you ask any college student, the US is a shithole country (I’d like to see them airlifted somewhere else in their flip flops and shorts).
This man has lived off the grid for 20 years—here’s how – National Geographic
https://apple.news/AJ3NJPj3vSS2hgQ7ksJXxHA
Trump will probably be found guilty of racketeering.
Any recommendations on beach rentals in LBI or Wildwood crest? Hotels are fine as well
Trump to Murica why u soooo mean…?
“After 30 years as a banking tech contractor, I’d earn more as a mail boy”
here has, it appears, never been a worse time to be a contractor in banking. Particularly if you’re “experienced” (ie. aged above 40) and expensive (ie. you cost more than $670 a day). Banks are doing their utmost to cut back on technology contractors and people who’ve been in the industry for decades are going hungry. Or, so they tell us.
“I’ve been a senior business process analyst for over 35 years,” says one senior contractor. “I recently found out that the people that work in the mail room at our bank get paid more than I do now.”
https://news.efinancialcareers.com/us-en/315761/tech-contracting-banking
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