ACCESS PROGRAM WRAPS UP SECOND YEAR OF INTERNSHIPS

Spring 2013 ACCESS program students (from left) Corinne Perham, Pete Innaurato and Casey Yoos.

BCC-RE/MAX CONNECTION ACCESS PROGRAM
WRAPS UP SECOND YEAR OF INTERNSHIPS

Media contact: Steve Royek
856-906-4755
sroyek@comcast.net

College student Corinne Perham might not make a career of real estate, but she knows she will use what she learned this past semester in her professional career.

Perham, a communications major who just finished her freshman year at Burlington County College, was one of three students who spent the past four months in an innovative social media internship program at one of South Jersey’s largest real estate agencies – RE/MAX Connection Realtors.

“It was a great experience to work in a professional environment,” said the Moorestown High School graduate and communications major at BCC. “I learned how to write blogs, communicate with clients and provide them with what they need to help them grow their business.”

All three program participants – Casey Yoos of Burlington Township, Pete Innaurato of Evesham and Perham – received one college credit each, along with a financial stipend in the form of a scholarship – as the second group of BCC students to take part in the ACCESS internship program.

ACCESS, which stands for American Community College Educational Social media Scholarship, was created in 2012 by New Jersey Assemblyman Christopher J. Brown, R-Burlington, Camden, Atlantic, who also is CEO of RE/MAX Connection Realtors, which sponsors and funds the program.

Innaurato, Perham and Yoos spent Friday afternoons from early February through mid-May working at the RE/MAX Connection office in Marlton. Each student was assigned four Realtors as clients and they wrote two blogs a week for each one. The blogs were posted on individual websites created for each Realtor as part of the internship.

The goal of the ACCESS program, in addition to giving the students business experiences while they still are in college, is to boost the search engine recognition of the Realtors in particular and of RE/MAX Connection in general.

“In its first two years, the ACCESS program has produced great results for our Realtors and our company,” said RE/MAX Connection CEO Brown. “Such public-private partnerships between local business and community colleges create real-world learning experiences for students, stretch the educational offerings and the budgetary dollars for colleges and bring more customers to companies such as ours.”

The program at Burlington County College, which will be offered again during both the fall 2013 and spring 2014 semesters, is open to students studying marketing, business, journalism and communications. In addition to providing each participant with the scholarship stipend, RE/MAX Connection also pays for the college credits they earn.

The students, however, said they came away from the program with much more than just their credits and scholarships.

“ACCESS helped me with my writing skills and my personal communications skills,” said Yoos, who – after graduating from BCC in May – is matriculating to Temple University to study broadcast communications. “It’s also given me the confidence to communicate with different people about issues I’m not familiar with.”

“For me, it was an opportunity to learn a different type of writing,” said Innaurato, an aspiring journalist who just completed his freshman year at BCC. “Even though they are blogs, each one has to be written with proper style and grammar. While it was a challenge to do that and still include all the necessary search elements, I believe I’m a stronger writer after completing the program.”

Burlington County College students who would like to apply for the ACCESS program should contact the college’s Career Services Office at careerservices@bcc.edu or at 856-222-9311 x2000. For more information on the ACCESS program in general, contact RE/MAX Connection Realtors at info@goconnectionnj.com or at 856-988-1800.

RE/MAX Connection – Marlton is located at 1000 Lincoln Drive East, Suite Two, Marlton, NJ 08053. Phone: (856) 988-1800. Fax: (856) 988-8020. RE/MAX Connection – Mantua is located at 140 Bridgeton Pike, Mantua, NJ 08051. Phone: (856) 415-1210. Fax: (856) 415-1291. RE/MAX Connection – Turnersville is at 5701 Route 42, Turnersville, NJ 08012. Phone: 856-228-7990. Fax: 856-228-4433.

All three offices are on the web at www.goconnectionnj.com.

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RE/MAX Connection Realtors 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, unless that information is subsequently confirmed in writing. RE/MAX Connection Realtors is providing this transmission for informational purposes only. Any views or opinions presented in this email/blog do not necessarily represent those of the company.

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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com.

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GUARDIAN SEMINAR TO FEATURE BUSINESS NETWORKING

GUARDIAN SETTLEMENT SEMINAR FOR JUNE
TO COVER NETWORKING FOR BUSINESSES

For more information, contact
Drew Whipple at 856-985-9007
or awhipple@goguardianinsurance.com

EVESHAM (May 25) – Jenny Ryan, from Southern New Jersey Business People magazine, will be the featured speaker at the next “Guardian Hour of Power Lunch Seminar” to be held on Wednesday, June 12.

Ryan will lead a discussion on effective networking techniques for small companies. She is publisher and president of the magazine, one of South Jersey’s leading business publications.

The seminar, sponsored by Guardian Settlement Agents, one of New Jersey’s leading title agencies serving all of the state’s 21 counties, will begin at 12 p.m. noon, Wednesday, June 12 at Guardian’s South Jersey headquarters at 1000 Lincoln Drive East, Suite Two, in Marlton (08053). Lunch will be served and there is no charge to attend.

To register for the seminar, contact Guardian Settlement Agents President Drew Whipple at 856-985-9007 or awhipple@goguardianinsurance.com.

“Jenny used her excellent networking techniques to build the magazine into one of the must-read publications for South Jersey companies each month,” said Guardian CEO Christopher J. Brown. “We are fortunate to have her share her expertise with us on this important business-building topic.”

Southern New Jersey Business People (SNJBP) is published the second week of each month and contains news and information about business owners and leaders in Burlington, Camden and Gloucester counties. It focuses on what they do to make their companies successful and on how they give back to the community.

Since its first issue in September 2007, SNJBP – and its corresponding website www.sjnbp.com – has paid special attention to volunteer groups and other organizations that spend time and money to help make municipalities throughout South Jersey better places to live.

“Volunteering has opened many new and interesting doors,” Ryan said, “allowing me to meet and interact with business leaders throughout South Jersey and the Greater Philadelphia area.” These are the stories she and her staff share with their readers each month.

The next “Hour of Power” seminar will be held on the second Wednesday of July, the 10th, and will feature a presentation called “Title 101” on the basics of title insurance and settlement services.

Guardian Settlement Agents has offices in both Burlington County – at 1000 Lincoln Drive East, Suite Two, Marlton, NJ 08053 (Phone: 856-985-9007, Fax: 856-985-9977) – and Somerset County – at 54 Grove Street, Suite 3 & 4, Somerville, NJ 08876 (Phone: 908-575-9995, Fax: 908-575-9996). Both offices are on the web at www.goguardianinsurance.com.

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RE/MAX Connection Realtors 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, unless that information is subsequently confirmed in writing. RE/MAX Connection Realtors is providing this transmission for informational purposes only. Any views or opinions presented in this email/blog do not necessarily represent those of the company.

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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com.

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April New Home Sales / First Quarter FHFA Home Prices

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: April New Home Sales / First Quarter FHFA Home Prices

KEY DATA: Sales: +2.3%; Median Prices (Year-over-Year): +14.9%/FHFA Home Prices (Year-over-Year): 6.7%

IN A NUTSHELL: “Limited supply and growing demand is the ticket to higher prices and that is exactly what is happening in the new home market.”

WHAT IT MEANS: The news from the housing market is nothing but good. New home sales rose in April, though the gains were no very well distributed across the nation. Demand was off double-digits in the Northeast and less sharply in Midwest. Meanwhile, sales improved in the South and jumped in the West. That was a reversal in form from March, so let’s just say these monthly changes shouldn’t be taken too seriously. Over the year, every region is up with sales surging 29% in the nation. For the first four months of this year, demand is up about 27% compared to the same period in 2012. That pretty much tells it all. While people are out there buying, builders are not rushing to put a whole lot of inventory up for sale. The supply of new homes is going up but it not matching the rise in purchases. The result is that prices are jumping.

The price increase in the new market is not an aberration as gains are also being seen in the existing market. The Federal Housing Finance Agency’s first quarter 2013 price index posted a solid rise from the end of 2012 and the gain over the year was also strong. The index is now back to the same level as November 2004.

MARKETS AND FED POLICY IMPLICATIONS: The housing market has been leading the way but there are now some concerns whether that can continue. A jump in Treasury rates is leading to a rise in mortgage rates. The first to go is refinancing. Initially, home buyers who had been sitting on the fence may jump off fearing further increases in rates. But then there could be a slowing in demand as some people are priced out of the market. However, thirty-year rates below four percent are not very high so I don’t expect the impact to be great. And right now we have had a knee-jerk reaction to rumors that the Fed might be willing to cut back on its pedal-to-the-metal approach to monetary policy. Mr. Bernanke’s testimony yesterday did not provide much support for those views so it will be interesting to see where rates go over the next few weeks. Keep in mind, sequester and tax increases are kicking in so second quarter growth may not be that great and the negative impacts are likely to accelerate through the summer. As for investors, Japan’s sharp decline is a reminder that markets that go too far too fast are subject to corrections.

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RE/MAX Connection Realtors is not a licensed financial advisor and is not providing any financial advice. You should consult with a licensed financial advisor prior to making any financial decisions. RE/MAX Connection Realtors only is 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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com

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April Housing Starts and Permits/Jobless Claims

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: April Housing Starts and Permits/Jobless Claims

KEY DATA: Starts: down 16.5%; Permits: up 14.3%/Jobless Claims: 360,000 (up 32,000)

IN A NUTSHELL: “With permits outstripping construction, look for a rebound in housing starts over the next few months.”

WHAT IT MEANS: New home construction plummeted in April, so should we worry? Not me. It’s not as if weather doesn’t matter as we saw yesterday with the industrial production number being whipsawed by utility output. So let’s not get too crazy about the drop in housing starts. Indeed, it is hard to explain a 28% drop in the South to a level not seen since last August. Has the housing market really dried up there? I doubt it. There was a double-digit decline in starts in the Northeast and a smaller fall off in the West with only the Midwest showing a gain. It is worth noting that the first number to exceed one million units annualized in nearly five years was posted in March. Also, for the first four months of the year, starts are up 29% compared to the pace posted in 2012, so it would be asking a lot to expect an even larger increase. And finally, permit requests soared over the one million-unit level and they are running above starts. As I have pointed out on a number of occasions, you need to watch the permit requests since developers are not spending the money unless they are pretty sure they will be building the houses. Indeed, the April jump in units authorized but not started is a clear indication that we should see a rebound in construction next month. The solid pace of construction so far this year has increased the supply of homes on the market and, with inventory being an issue in the existing home market, this could lead to stronger new home sales.

Jobless claims surged but that also may be a non-event, maybe. These numbers are hugely volatile and the four-week moving average rose only modestly. However, with sequestration layoffs starting to kick in, maybe there is something here to look at more closely. I don’t worry about one month increase or decrease but we have been looking for signs that sequestration is hurting and this may be the first one. We shall see over the next couple of months if that is the case.

MARKETS AND FED POLICY IMPLICATIONS: The falloff in construction and the rise in jobless claims are not what anyone wants to see. The markets, especially the bond market, have started to price in a rebound in growth. But the hurdles of tax increases and sequestration are still to be cleared and the impacts are likely to be felt more and more over the next few months so any sign of slower growth is something to watch carefully. How will investors react? These are data that argue for continued Fed aggressiveness so that is generally good. But whether that outweighs the weakness in the numbers is another issue. As for me, these numbers tell me little as they seem to be just the usual ebb and flow of volatile data.

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RE/MAX Connection Realtors is not a licensed financial advisor and is not providing any financial advice. You should consult with a licensed financial advisor prior to making any financial decisions. RE/MAX Connection Realtors only is 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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com

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February Case-Shiller Home Prices/1st Quarter Employment Costs

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: February Case-Shiller Home Prices/1st Quarter Employment Costs

KEY DATA: Case-Shiller (20-City): 1.2%; Year-over-Year: 0.3%/Wages and Salaries (Year-over-Year): 1.6%

IN A NUTSHELL: “A sluggish economy may be holding back wage gains but it is not stopping the surge in housing prices.”

WHAT IT MEANS: And the beat goes on. For those who think the Fed’s policy of keeping rates down is a failure that will only lead to surging inflation, well, you are wrong and right. Wrong because the sector that the Fed is targeting the most, housing, remains the one truly bright light in the economy. Right because housing prices continue to rise sharply, as we saw in the February S&P/Case-Shiller Home Price Index report. The gain over the month was impressive and we are approaching double-digits compared to 2012 price levels. When adjusted for seasonality, every metropolitan area posted a gain both over the month and over the year. The increases from February 2012 range from a low of 1.9% in New York City to 23% in Phoenix. Half the areas had increases in excess of ten percent while another three are poised to join the ranks as their gains exceeded nine percent.

While prices in the housing market may be rising, worker earnings remain restrained. Compensation rose modestly during the first part of the year though wage gains did pick up a touch. The growing manufacturing sector is paying more and wages in the public sector are rising much slower than in the private sector, which is not going up very quickly at all. Looking across the country, compensation jumped the most in Atlanta and the least in Phoenix.

MARKETS AND FED POLICY IMPLICATIONS: The sharp jump in housing costs may make some worry but I have my best Alfred E. Neuman face on. The more people who get back above water, the more homes that will come on the market and the bidding frenzy that is going on in some places will ease. Limited supply, coupled with the low prices, is allowing people to bid up asking prices but how long that will last is good question. The Fed started its two-day meeting and some are looking for a sign that the massive easing program will be ending this year. With first quarter growth less than hoped for and with sequestration and tax increases kicking in, the FOMC is in no hurry to allow rates to start rising. That should keep the demand for housing up and price gains high. The lack of wage increases is an issue as prices continue to rise. Qualifying becomes more difficult. But for now, the benefits of strong home price increases far outweigh the risks to the housing market of the modest worker compensation gains. Investors should like these reports as they point to controlled business compensation costs and continued housing strength. But this is still earnings season and the markets have come a long way so who knows where the indices will go on any given day.

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RE/MAX Connection Realtors is not a licensed financial advisor and is not providing any financial advice. You should consult with a licensed financial advisor prior to making any financial decisions. RE/MAX Connection Realtors only is 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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com

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GUARDIAN SEMINAR TO FOCUS ON HOME INSPECTIONS

GUARDIAN SETTLEMENT SEMINAR FOR MAY
TO HIGHLIGHT VALUE OF HOME INSPECTIONS

For more information, contact
Drew Whipple at 856-985-9007
or awhipple@goguardianinsurance.com

EVESHAM (April 23) – Steve Hunn and Mike Buckley from U.S. Inspect will be the featured speakers at the next “Guardian Hour of Power Lunch Seminar” to be held on Wednesday, May 8.

Hunn and Buckley will address the topic “How to Assure a Home Inspection Does Not Kill a Deal.” U.S. Inspect bills itself as the one-stop solution for home inspection needs, including tests for radon, termites and more. Hunn is the Philadelphia/South Jersey/Delaware region manager and Buckley is one of the company’s Building Consultants.

Sponsored by Guardian Settlement Agents, one of the state’s leading title agencies serving all of New Jersey’s 21 counties, the seminar will begin at 12 p.m. noon on Wednesday, May 8 at Guardian’s South Jersey headquarters at 1000 Lincoln Drive East, Suite Two, in Marlton (08053). Lunch will be served and there is no charge to attend.

To register for the seminar, contact Guardian Settlement Agents President Drew Whipple at 856-985-9007 or awhipple@goguardianinsurance.com.

“Home inspections are an important part of every residential real estate transaction,” said Guardian CEO Christopher J. Brown. “It’s important for Realtors and other industry professionals to know what is new and important in the field. This presentation is another example of the valuable information that’s available at our monthly Hour of Power seminars.”

U.S. Inspect was founded nearly 25 years ago and has a customer satisfaction rating of more than 99 percent. Hunn and Buckley are part of a highly experienced nine-member regional inspection team. Hunn, who has been a manager with U.S. Inspect for 10 years, has taken part in close to 4,000 home inspections in his 16-year career.

Hunn and Buckley will focus their Hour of Power presentation on how U.S. Inspect uses strong communication skills to properly set expectations among the key players in a home inspection: The inspector, the Realtor and the customer.

“If we make sure everyone understands the process, we will have fewer communication issues down the line,” Hunn said. “We explain the process in detail to the customer and their Realtor before we start an inspection. Once they learn how a true, professional inspection is performed, we eliminate most – if not all – of the potential problems.”

Hunn said some home inspection companies feel compelled to find problems in an effort to justify their fee. At U.S. Inspect, he explained, they “tell is like it is” to the Realtor and the customer and stand on the merits of their work. The ultimate goal, he emphasized, is to make sure the deal goes through and – if there are problems – to make sure they are fully explained and understood.

The next “Hour of Power” seminar will be held on the second Wednesday of June, the 12th, and will feature Jenny Ryan, owner and publisher of Southern New Jersey Business People magazine leading a discussion on effective networking techniques for small businesses.

Guardian Settlement Agents has offices in both Burlington County – at 1000 Lincoln Drive East, Suite Two, Marlton, NJ 08053 (Phone: 856-985-9007, Fax: 856-985-9977) – and Somerset County – at 54 Grove Street, Suite 3 & 4, Somerville, NJ 08876 (Phone: 908-575-9995, Fax: 908-575-9996). Both offices are on the web at www.goguardianinsurance.com.

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RE/MAX Connection Realtors 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, unless that information is subsequently confirmed in writing. RE/MAX Connection Realtors is providing this transmission for informational purposes only. Any views or opinions presented in this email/blog do not necessarily represent those of the company.

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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com.

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March Housing Starts and Permits

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: March Housing Starts and Permits

KEY DATA: Starts: up 7%; 1-Family: -4.8%; Multi-Family: +31.1%; Permits: down 3.9%

IN A NUTSHELL: “Housing starts soared but the momentum may not be sustained as builders are taking out permits for new construction much more cautiously.”

WHAT IT MEANS: Wow. For the first time since June 2008, housing starts breached the one million units annualized pace. That is really good news as it points to strong construction activity, a key to stronger growth. The large increase was posted despite a slowdown in the Northeast. The Midwest and South were up about ten percent but the West rose much more modestly. Still, I am not irrationally exuberant about this report. First, all the gain came in the multi-family segment of the market. It would be nice if all components were up but I am not that worried since the data do bounce around. What concerns me are the permit numbers. They were down and for the past two months are running well below the construction pace. Also, the number of permits authorized but not yet used is also trending downward. Finally, both the number of homes under construction and that have been completed are up. Softer permit demand, lower permit inventory and higher supply do not bode well for future construction activity.

MARKETS AND FED POLICY IMPLICATIONS: This was a great report as far as first quarter GDP is concerned. Housing should add solidly to growth and we could be looking at a three percent rate. But the details are a concern for spring activity. I suspect we will see some slowing in residential construction though not a major turn down. In other words, don’t expect us to be above one million units on an annualized basis again for a while. With consumer confidence questionable, the tax increases and sequestration cuts kicking in, the outlook is for slower second quarter economic activity. That said, this is positive news for investors, who have to digest good inflation numbers but not so great manufacturing production data. Add that to the tragedy in Boston, where I lived for three years, and yesterday’s massive sell-off and who knows where the markets will go in the next few days.

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RE/MAX Connection Realtors is not a licensed financial advisor and is not providing any financial advice. You should consult with a licensed financial advisor prior to making any financial decisions. RE/MAX Connection Realtors only is 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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com

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RE/MAX CONNECTION AMONG TOP 500 AGENCIES NATIONALLY

RE/MAX CONNECTION MAKES “TOP 500” LIST
OF NATION’S REAL ESTATE COMPANIES

Contact: Kevin Bayzath
Phone: (856) 988-1800
Email: kbayzath@aol.com

MARLTON (Apr. 12) – RE/MAX Connection Realtors, New Jersey’s number one-ranked RE/MAX real estate company for the past two years, made the national Top 500 list of real estate agencies for 2012 in both number of transactions closed and sales volume achieved.

The three RE/MAX Connection offices – in Marlton, Mantua and Turnersville – successfully closed 1,396 transactions in 2012 with a sales volume of more than $239 million. This gave the company national rankings of 436th in sales and 451st in transactions in the 25th annual “Power Broker Survey” conducted by RIS Media, publishers of the industry’s leading publication, Real Estate magazine.

“We believe we have the strongest team of Realtors in South Jersey and this recognition, once again, proves that point,” said RE/MAX Connection CEO Christopher J. Brown. “Our more than 100 agents are dedicated to providing unmatched customer service to our clients as we help them reach their real estate goals.

“An achievement such as this is a true team effort as our Realtors are backed by an experienced sales staff in our three offices along with the award-winning sales tools provided by RE/MAX International,” Brown continued. “I am proud of all the professionals in our organization who went above and beyond to help us gain this national recognition.”

“The achievements of these firms are remarkable,” said RIS Media President and CEO John Featherston in announcing the rankings. “Their leadership teams have successfully managed their respective firms through extremely difficult economic times.” More than 1,200 of the nation’s top real estate companies submitted information to the magazine to be considered for the list.

In 2012, in addition to its number-one statewide ranking in transactions, RE/MAX Connection ranked third in New Jersey in overall agent commissions paid at more than $7 million.

Among individual office locations, the RE/MAX Connection office in Turnersville was third in the state in units sold in 2012 with the Marlton office being ranked number seven in units sold for the past year. The Turnersville office also was ranked 10th in the state for commissions paid from a single office.

In 2011, RE/MAX Connection finished number one in New Jersey by closing 1,417 transactions worth more than $218 million.

RE/MAX Connection – Marlton is located at 1000 Lincoln Drive East, Suite Two, Marlton, NJ 08053. Phone: (856) 988-1800. Fax: (856) 988-8020. RE/MAX Connection – Mantua is located at 140 Bridgeton Pike, Mantua, NJ 08051. Phone: (856) 415-1210. Fax: (856) 415-1291. RE/MAX Connection – Turnersville is at 5701 Route 42, Turnersville, NJ 08012. Phone: 856-228-7990. Fax: 856-228-4433.

All three offices are on the web at www.goconnectionnj.com.

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RE/MAX Connection Realtors 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, unless that information is subsequently confirmed in writing. RE/MAX Connection Realtors is providing this transmission for informational purposes only. Any views or opinions presented in this email/blog do not necessarily represent those of the company.

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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com.

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March Supply Managers’ Manufacturing Index

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: March Supply Managers’ Manufacturing Index

KEY DATA: ISM (Manufacturing): 51.3 (down 2.9 points); New Orders: down 6.4 points: Production: down 5.4 points: Employment: up

IN A NUTSHELL: “With the tax increases and sequestration-driven spending reductions starting to kick in, some of the projected negative impacts may be starting to show up.”

WHAT IT MEANS: The February data were better than expected but we are now into the March numbers when the sequestration government spending slowdown was starting and the cumulative impacts of tax increases eating to disposable income were expected to moderate spending. That just might be the happening. Manufacturing activity, while still growing, did so a lot less robustly in March that the previous month. Of concern was the sharp deceleration in order growth and output. In addition, backlogs grew more slowly, which is not good news for future production levels. Despite all that, firms actually hired more rapidly. That is an indication that maybe there is some technical issues going on here.

MARKETS AND FED POLICY IMPLICATIONS: Why would firms hire more people in the face of falling demand? There is an answer and while it is a bit technical, it makes sense. The January and February data may have been skewed by the uncertainties caused by the fiscal cliff. Orders and production rose solidly those two months but the reason may have been a temporary slowdown to the previous months to guard again potentially going off the cliff. Once we passed that crisis, firms had to make up for lost time and did so the first two months of the year and by March, they had reached more sustainable levels. That would mean the March numbers are more “real” but not necessarily a sign of weakness. We will not know if the March decline was just an adjustment issue or an evolving trend until we see the April report. My view is that it is a little of both. We are beginning to see where the government spending cuts will reduce demand and in those sectors and parts of the country that will feel the wrath of sequestration, adjustments are being made. But it is early in the process so we should not be seeing a whole lot yet from sequestration. Also, lower and middle-income households who are hurt the most by the tax increases can sustain spending levels only for so long. Ultimately, they will have to cut back but once again, that is a slow process. Thus, some of the slowdown may be due to moderating spending, but it should not have created such a large drop in the new orders index. The remainder of the fall off should be ascribed to the adjustment from the fiscal cliff crisis. Regardless, investors have to looking for signs that this great rally may finally face a correction. This report is a warning but with the employment report coming on Friday, I don’t think it will have a large impact on the markets.

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RE/MAX Connection Realtors is not a licensed financial advisor and is not providing any financial advice. You should consult with a licensed financial advisor prior to making any financial decisions. RE/MAX Connection Realtors only is 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 Lincoln Drive East, Suite Two, Marlton, NJ 08053 www.goconnectionnj.com

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February Income and Spending

NAROFF ECONOMIC ADVISORS, Inc.

Joel L. Naroff
President and Chief Economist

INDICATOR: February Income and Spending

KEY DATA: Consumption: +0.7%; Inflation Adjusted: +0.3%; Disposable Income: +1.1%

IN A NUTSHELL: “The improving job market is overcoming tax increases, allowing incomes and spending to rise.”

WHAT IT MEANS: Surprise, surprise, households are still spending money like crazy. Consumption rose sharply in February on top of a solid gain in January. Importantly, demand for services, which is two-thirds or all spending, is starting to show signs of life. This component had been moribund for a long time and it is hard to post large increases in consumer demand if the bulk of spending is weak. Households also spent money at retail stores but largely flat vehicle purchases kept down gains in the durable goods purchases. The rise in demand was powered by a strong increase in income. Businesses had loaded bonuses and dividends into the end of 2012 in order to beat the expected tax increases so it was not surprising the January’s income was down a lot. There was some negative impacts in February as well, which makes the large rise in disposable income so impressive. You can create rising wage and salary income from either higher wages or more people working and while the wage gains are slowly improving, it was the jump in jobs that powered the income increase in February. Also, improving corporate balance sheets are leading to increased dividend payouts and that helped dramatically as well. There was so much income added during the month that despite the rise in spending, savings and the savings rate rose. So, we had rising income, rising spending and rising savings. You can’t ask for much more.

MARKETS AND FED POLICY IMPLICATIONS: Do tax increases slow an economy down? Of course. But other factors are at work now and they are overcoming the negative impacts of the fiscal cliff deal. Whether the spending can be sustained is a wholly different issue. The effects of ending the payroll tax holiday will build, especially for lower and middle-income households. Indeed, the savings rate did increase but the level is still quite low, indicating some households may already be dipping into their rainy day funds. Second, sequestration is likely to mean furloughs for government workers. That will lower incomes and slow spending. Reduced federal spending will be felt by government suppliers who will have to cut back, lowering incomes and demand. While it may look right now as if there have been few negative effects of the government’s attack on the economic recovery, wait a while. It is coming. The point is, we could have had really strong growth if negative fiscal policy hadn’t gotten in the way. As it is, growth will continue, but be more moderate and if the sequestration lasts the whole year, it could be disappointing especially when compared to what it might have been. As for the markets, they are closed today but investors should be buoyed by the strong data.

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