Monthly Archives: March 2011

February Income and Consumption

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

INDICATOR: February Income and Consumption
KEY DATA: Consumption: +0.7%; Disposable Personal Income: +0.3%; Prices: +0.4%

IN A NUTSHELL: “Consumers opened their wallets up but they also had to pay a lot more for their purchases.”

WHAT IT MEANS: Households seemed to be willing to brave the cold and snow and generally bad weather in February to visit their local malls. Spending rose solidly as people bought lots of soft goods and big-ticket items. They are still being cautious on buying services as those are goods they can easily do without. But while the consumption numbers look real strong, a lot of the money coming out of households’ pockets went to pay for rising prices. The Fed’s key inflation indicator jumped and even excluding food and energy it was up at a pace that if continued, would not make the FOMC members happy. Adjusting for inflation, spending was decent but not spectacular. Can consumers pay for all those goods? Well, maybe. Disposable personal income, which adjusts for taxes, rose at a somewhat disappointing pace. Wages and salaries increases were limited and while that may help corporate earnings, it doesn’t do much for spending power. What is of real concern is that incomes rose less than prices. Thus, household spending power actually declined. That does not bode well for economic growth if it keeps up. Indeed, so far this quarter, consumption is growing at a modest pace and it looks like first quarter growth could be as weak as I have feared. The savings rate was just below 6%, a rate similar to what we have seen for the last two years.

MARKETS AND FED POLICY IMPLICATIONS: There is a concept in economics called the “fallacy of composition”. Basically, it says that what is good for an individual may not be good for the whole. If a business restrains wage growth, that will help its profitability. However, if all companies do the same, then income gains are limited. As a consequence, demand grows slowly and so do profits. Much of the strong earnings we have seen coming from large companies is due to international activities so don’t assume that the increases in the equity markets imply strong domestic growth. Main Street and Wall Street are largely disconnected right now. While rising wealth does help, ultimately for this economy to grow strongly we need better income growth. Whether that comes from more hiring or higher wages or a combination of the two, it needs to happen. For the Fed members, this was an uncomfortable report. Spending power is declining as inflation is rising. With growth still disappointing, there is little the Fed can do in that scenario, i.e., it cannot raise rates so slow inflation or add more liquidity to raise growth. As for investors, inflation is not yet a major problem. But it is moving upward so it should not be viewed as being tame, no matter the Fed Chairman may publicly claim.
Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advice, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

February Existing Home Sales

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

INDICATOR: February Existing Home Sales
KEY DATA: Sales: -9.6%; Median Prices (Year-over-Year): -5.2%

IN A NUTSHELL: “The recovery will have to occur without the help of the housing market as sales remain in the dumps.”

WHAT IT MEANS: The housing market has not and it really looks like it will not be a major factor in the economy’s ultimate return to decent growth. Existing home sales plunged in February and the pace of sales, 4.88 million units annualized, was the lowest in nearly nine years. The weakness was almost evenly spread across the nation as declines ranged from a low of 7.2% in the Northeast to a high of 12.2% in the Midwest. There was also an even distribution between single-family and multi-family declines. You cannot ascribe the problems to just one segment of the market or one part of the country. The terrible level of demand meant that the number of homes on the market rose. That is a change in the trend that we have been seeing since the end of last summer. As a consequence, prices continue to decline. Since February 2010, the median cost of a home sold has declined by a very distressing 5.2% and even that decline is not helping improve demand.

MARKETS AND FED POLICY IMPLICATIONS: February was not a very good month for the home sellers. One of the major reasons is the large numbers of foreclosures that keep pouring onto the market. Distressed sales, as a share of the market, just keeps rising and was 39% of the total in February. Did weather play a role? We will find out but with so many homeowners having so little equity left in their houses and with mortgages still very difficult to get, it shouldn’t surprise anyone that home sales remain soft even with the decline in prices. This weakness should concern the Fed but the FOMC members seem to be set on holding the line until the economy is clearly out of danger so this report should not change any thinking. As for investors, this is not a positive report but world events may be more important than anything else.

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advice, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

March 15 2011 FOMC Decision

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

March 15 2011 FOMC Decision

“…the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually.”

Rate Decision: Fed funds rate maintained at a range between 0% and 0.25%

Another FOMC meeting, another decision to do nothing. But that doesn’t mean there were not some interesting tidbits to glean from the comments made after the meeting. The Fed’s view of the economy is beginning to mirror reality as they have finally admitted conditions are indeed getting better. Now the “recovery is on firmer footing” rather than simply “continuing”, as was the view at the last meeting in January. In addition, instead of remarking about the disappointing job market, the Committee now believes it is improving. When you talk about the Fed, you have to remember that small word changes mean something so the modification in verbiage about the labor market does indicate a recognition that conditions are changing.

Another very interesting alteration was in the discussion about inflation. While the members did not even hint that they were worried about accelerating price increases, they did talk about it. If you are going to change behavior, it is good to discuss the situation first and that seems the case. No, the Fed is not going to raise rates very soon because the members fear that inflation is out of hand even though they did remark that “commodity prices have risen significantly since the summer, and concerns about global supplies of crude oil have contributed to a sharp run-up in oil prices in recent weeks.” They still stick to the belief that “longer-term inflation expectations have remained stable, and measures of underlying inflation have been subdued.” Recovering addicts take time to fully kick the habit but they have given warning that they are no longer blind to the issues. That may have been enough to get a unanimous vote as even the inflation hawks supported the stance. That was true in spite of the reaffirmation of the decision to continue the second round of quantitative easing. QE2 is going to be completed but what comes next is about as clear as what will happen in North Africa, the Middle East and oil prices. In other words, you tell me and I will tell the Fed and then everyone will know.

Basically, there was every reason for the Fed to maintain its current stance. With political uncertainties creating pressures on oil prices and with the earthquake and tsunami rocking Japan, this was hardly the time to start even talking about tightening. Mr. Bernanke has been arguing that the Fed must make sure the recovery succeeds and recent events show that his counsel has made sense.

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advice, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

February Producer Price Index

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

INDICATOR: February Producer Price Index
KEY DATA: PPI: 1.6%; Excluding Food and Energy: +0.2%; Food: +3.9%; Energy: +3.3%

IN A NUTSHELL: “If firms start raising their prices to recoup their increasing costs, consumers are going to feel an awful lot of pain.”

WHAT IT MEANS: The days of declining costs and fears of deflation are over. Producer prices are soaring led by huge increases in food and energy costs. Yes, if you have a driver and are on a diet, those increases don’t matter. But if you are trying to make ends meet, it does. We all know about energy, which is pressuring households but it doesn’t stop there. Food price increases are at levels not seen in decades. Up to this point, the increases in wholesale costs have not been passed through to consumers as rapidly as they have been traditionally. That is likely to change. We are also seeing increases in areas outside food and energy. Other consumer goods are increasing, though the gains are nowhere near what we are seeing in the food and energy components. Still, the increases are not that tame anymore. Capital goods prices are rising in almost every category except computers, furniture and vehicles. Looking into the future, the inflation pipeline is filled with more price increases at the intermediate and crude goods levels. That implies further pressures on producer costs.

MARKETS AND FED POLICY IMPLICATIONS: The Fed may believe the rise in prices is fleeting but if firms start passing their costs through, the average person is going to be hit really hard. The economy is not strong enough for businesses to have a lot of pricing power but there comes a time that you simply cannot say you will make it up in volume. That time is here so look for more and more firms to start inching up their prices and reducing the sizes of their products. I don’t know how small they can go but the family size bag of potato chips doesn’t even feed my cat anymore (he’s a Garfield who loves greasy food). While double-digit inflation is not in the cards, look for overall household costs to be rising above 4% and excluding food and energy the Consumer Price Index to break the 2% level later this year. If we get those increases, which are above the Fed’s upper bound, a number of members will be not be very happy. With all the things going on in the world, though, the Mr. Bernanke has to present a peaceful image when it comes to inflation since the outlook for growth is so clouded. But once the Japanese and oil producing nations’ situations become clearer, the Fed will have to start facing the reality that inflation has to be addressed. As for investors, uncertainty means volatility so caution seems to be the better part of valor.

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advice, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

Celebrate St. Patrick’s Day!

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Happy St. Patrick’s Day! Once again, it’s time for the wearing of the green. Many Americans, Irish or not, celebrate the Feast of St. Patrick every March 17th. Parades march, green beer flows, and corned beef and cabbage can be found in many pots.

Would you like to know a few interesting facts about St. Patrick and the celebration?

St. Patrick, the patron saint of Ireland, was not Irish. He was born in Britain.

The Irish have observed March 17, the anniversary of his death in the fifth century, as a religious holiday for thousands of years.

The very first St. Patrick’s Day parade took place not in Ireland, but in the United States. Irish soldiers, serving in the English Military, marched through New York City on March 17, 1762.

And the story about the snakes? It isn’t true. It has long been said that St. Patrick once stood on a hilltop and banished all the snakes from Ireland. In fact, the island nation was never the home to any snakes.

Fact or folklore, we can all be Irish on St. Patrick’s Day. Put on your green and celebrate!

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advice, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

February Employment Report

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

INDICATOR: February Employment Report

KEY DATA: Payrolls: 192,000; Private Sector: 222,000; Unemployment

Rate: 8.9% (down 0.1 percentage point)

IN A NUTSHELL: “The labor market may not be great just yet but it is firming and that is good news for job seekers.”

WHAT IT MEANS: Economists always look forward to the employment report release and the wait was worth. The economy added jobs at a very solid pace in February powered by strong private sector hiring. The gains were widespread with manufacturing, services and even construction adding to payrolls. Retail was weak but some of that may have been due to the unseasonal as well as brutal weather in places. Normal early spring activity was likely put off. Firms are looking to temp workers again and that is a sign they are ready to get back into the hiring game. The weak link is the state and local government sector, education in particular. Apparently, the path toward global economic domination is through cuts in the education system. And I always thought education was a fundamental part of the nation’s infrastructure. Silly me. Hours worked increased as did wages, though hardly as fast as inflation. Income may be up but when adjusted for the surges in food, energy and other goods it is likely to be down. The best news in the report was the drop in the unemployment rate, to the lowest level since April 2009. I had been expected it to rise as discouraged workers come back into the workforce. But while the labor force did rise, more jobs were created so the rate went down. Don’t be surprised if we get periodic up ticks in the rate going forward as there are lots of dropouts who are likely to show back up over the next couple of years.

MARKETS AND FED POLICY IMPLICATIONS: This was a very good report that indicates the labor market is coming back. Yes, some of the rise can be ascribed to a rebound from the desultory January increase. Last month’s gain was revised upward but 73,000 is still not a great number. In addition, since a job is a job is a job, the cuts in the public sector have to be replaced before any economy-wide payroll increase can occur so the pressure is even greater on the private sector to hire more robustly. That is a concern as rising energy, food and other goods costs will likely slow growth during the first half of the year. Nevertheless, when you look at the totality of the economic data released this week, it is clear that the Great Recession is becoming a thing of the past. Unfortunately, the Great Recovery is not here and indeed may not happen as long as rising prices, limited credit availability, large numbers of foreclosures and high commercial vacancy rates constrain spending and construction. Those are the factors that seem to dominate Mr. Bernanke’s thinking and why he is so set on keeping rates low and liquidity high “for an extended period”, whatever that means. As for investors, it is oil vs. growth and petroleum may be the slippery slope that greases the wheels of a market correction (Sorry about that).

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisors, and are not providing any financial advise, you should consult with a licensed financial advisor prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

February Supply Managers’ Non-Manufacturing Survey

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist
INDICATOR: February Supply Managers’ Non-Manufacturing Survey
KEY DATA: ISM (Non-Manufacturing): 59.7 (up 0.3 pt.); Business Activity: 66.9 (up 2.3 points)
IN A NUTSHELL: “The economy is gaining speed and only an extended period of high energy costs can sidetrack the recovery.”
WHAT IT MEANS: At least through February, the economy was not only in good shape but was also starting to shift into higher gear. The Institute for Supply Management’s survey of service and construction firms showed that conditions are solid and are even getting better. Activity is robust (the index was the second highest on record), orders are growing, though a touch slower than they had been, hiring is picking up steam and order books are filling faster. This is very similar to Tuesday’s report on the manufacturing sector so it looks like the improvement in the recovery is spread across almost all segments of the economy.
MARKETS AND FED POLICY IMPLICATIONS: We are at the points where the economy is no longer recovering but has entered the expansion phase. That is clear from the latest economic data. Not only are the supply managers telling us conditions are good and getting better but even the labor market numbers are improving. Regardless of tomorrow’s employment report, the sharp decline in unemployment claims tells me that the labor market is firming. Layoffs are largely over and if the economy does keep improving, job growth is headed upward. Whether it will or not the coming months will see even stronger growth depends on factors beyond anyone’s control. Energy is that wild card due to the political unrest. The uprising in Libya continues and how it is resolved remains uncertain as to its impact on oil supplies. But Libya is just the latest but it may not be the last of the countries that gets wracked by the desire to overthrow undemocratic governments. Even if the Libyan situation gets resolved in the best way possible tomorrow, the political risk of future changes will not come out of the markets anytime soon. Thus, we should take this report and look forward with lots of hope and expectations but also remember that the 800 pound gorilla, energy, is still looking over our shoulders.

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisiors, and are not providing any financial advise, you should consult with a licensed financial advisior prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

February Supply Managers’ Manufacturing Index

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NAROFF ECONOMIC ADVISORS, Inc.
Joel L. Naroff
President and Chief Economist

INDICATOR: February Supply Managers’ Manufacturing Index
KEY DATA: ISM (Manufacturing): 61.4 (up 0.6 point)
IN A NUTSHELL: “”Manufacturing continues to soar and that is the best indication that the economy was improving before the oil price spike.”
WHAT IT MEANS: There is still a lot of uncertainty about the state of the economy and that has gotten worse now that oil is hovering around the $100 per barrel level. But at least we can say that conditions were pretty decent before the chaos in North Africa led to the sharp increase in energy. The manufacturing sector continues to expand at a robust pace, according to the National Institute for Supply Management. The February survey of purchasing managers rose a little in February. While the improvement was small, it is the level that is awesome. You have to go back to 1983 when the economy was bouncing back sharply from the back-to-back recessions to see an overall activity index this high. New orders, including exports and imports, are not only strong but they are growing faster. Production is accelerating and backlogs are building as well. As a consequence, firms are hiring new workers to meet the expanding demand. Indeed, the employment index is one of the highest in the sixty three years this index has been compile. On the other hand, cost pressures are building and while a whole variety of commodities were up, there were none that were reported to be down.
MARKETS AND FED POLICY IMPLICATIONS: This is a strong report that under most circumstances would make everyone smile. But the skyrocketing cost of energy is overhanging the economy. Mr. Bernanke chimed in on that issue today indicating he was not that worried about the higher costs unless they were sustained. That makes sense since he is looking well down the road. But in the short run, there is likely to be some easing in consumption but not enough to kill the recovery, only restrain it. The health of the manufacturing sector supports the view that without a long period of very high energy prices, we should get through this crisis. For now, though, it is likely that the first half of this year will be another period of modest recovery. Hopefully, things shake out over the next few months and we can pick up where we left off, that is, with an economy that is poised to change gears.
Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisiors, and are not providing any financial advise, you should consult with a licensed financial advisior prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com

Getting Your Home Ready to Sell

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Getting Your Home Ready to Sell

You would never dream of inviting guests to your house without making certain preparations, so don’t invite potential buyers without first making the necessary updates by preparing your home to sell. If you are like most sellers, you want to get as much as possible for your home and you want to do it as quickly as possible.

Letting Go

After you’ve lived in a house, it becomes much more than four walls and a ceiling. It’s a home and it has a lot of good memories. Your first step to preparing your home to sell is to realize that you will take these memories with you wherever you go, but you won’t be taking the house. It can be difficult to let go, but the task will be much easier if you start to think of it as a new beginning rather than an ending.

Cleaning House

An important part of getting your home ready to sell is in staging the decor for potential buyers. When you stage a home, you create an environment that is free of any personal items, such as photos and/or anything that stands out as being customized for you or your family. When a potential buyer walks through your home, they need to envision their belongings and decor without being distracted by yours. While these items may be special to you, they could possibly prevent the buyer from being able to imagine their own style complimenting the home.

In addition to removing any personal items, make sure that you remove any clutter from the home. A clean home seems larger and more inviting, whereas a lot of stuff lying around could give the impression that the home is too small or cramped for storage. Pack up any knickknacks, remove your children’s drawings from the refrigerator and clean up your counter space in both the kitchen and bathrooms.

Staging Your Home

Now that your house is clean, it’s time to put the finishing touches on the staging process. A solid, neutral shade in a tablecloth should be selected for the dining room table. Depending on your decor and wall coloring, a solid white, sand or ivory covering will work well. In the center of the table, a vase with fresh cut flowers (or silk, if you have allergies) will add a nice accent. Did you know that the kitchen and bathroom are two of the main selling points to any home? Keep this in mind when preparing your home for potential buyers.

The living room should have one focal point, whether it be a fireplace or breathtaking view of the outside world. If you have too many features screaming out at potential buyers, they may feel overwhelmed, so focus on one aspect and make it shine. If you have a mantle, line it with three candles that match your decor in color. Place a large candle in the center with one smaller one on each end, which will be reminiscent of a perfectly matched bookend set. A home with a stunning view should have window dressings that accent the positive, instead of hiding it. If your furniture has a design of any kind, mask it with a solid slipcover to compliment the flooring or wall color. Some homeowners also add a fresh coat of paint to their home, which will bring life back into a fading color. Turn on the lights and open the blinds and draperies to create a bright and inviting environment throughout your home.

Where To Store Your Stuff

Now that you know how important it is to remove any clutter and oversized or bulky furniture, you need to know where to put it. If you already have a new home, you can simply move it there. Otherwise, you can put it into storage until you are ready to move. It’s important to leave some essentials in your former home for potential buyers to see, such as a dining room table, a sofa and chairs, bed, etc. Any additional furnishings that seem to interrupt the flow of your home, or make it feel cramped, should be removed. You do not want potential buyers to feel as though the house is too small.

Details, Details, Details . . .

As a final strategy to prepare your home to sell, make sure that you have any carpet stains removed, windows cleaned, fresh linens placed in the bedrooms and bathrooms, etc. You would be surprised how many people pay attention to even the smallest of details, so be sure to fix any small repairs that could be a turnoff for buyers. Last but not least, make sure your home looks just as good on the outside as it does on the inside. This means that your lawn should be cared for, flower beds must be maintained and any outdoor clutter must be removed.

Re/Max Connection Realtors disclaimer:
Re/Max Connection Realtors are not licensed financial advisiors, and are not providing any financial advise, you should consult with a licensed financial advisior prior to making any financial decisions. Re/Max Connection Realtors are only providing this economic statement from Naroff Economic Advisors, Inc. for informational purposes.
Our company accepts no liability for the content of this email/blog, or for the consequences of any actions taken on the basis of the information provided. Any views or opinions presented in this email/blog are solely those of the author and do not necessarily represent those of the company. Finally, the recipient should check this email and any attachments for the presence of viruses. The company accepts no liability for any damage caused by any virus transmitted by this email.
Re/Max Connection Realtors, 1000 East Lincoln Drive, Suite 2, Marlton, NJ 08053 www.goconnectionnj.com