• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Joseph Pettinella's blog

Happy New Year!

Income Growth Keeps Consumer Spending Strong

More good news for the real estate industry, and the economy as a whole going into the new year.

The final U.S. Economy in a Snapshot report from the New York Federal Reserve for 2015 shows overall consumer spending remains fairly strong based on healthy income growth and improving conditions in the labor market.  Consumers’ sentiment about the economy remains “fairly upbeat,” according to the Fed’s report with data available through Dec. 9, 2015. The Fed also found that consumers’ consumption of goods increased 0.2 percent, “reflecting a moderate increase in the durables and nondurables categories.”

According to the Fed report, after a slowdown in September, employee compensation increased a strong 0.5 percent in October. “With income growing faster than consumption, the personal saving rate rose to 5.6 percent, the highest level in three years,” according to the Fed.

U.S. Economy in a Snapshot provides a condensed, comprehensive overview of current economic and financial developments with charts and commentary on a broad range of topics that include labor and financial markets, consumer behavior and the global economy.

Real Estate Market Update November 2015

Don't forget about tax write-offs for homeowners:  Real estate property tax deduction, private mortgage insurance deduction, prepaid interest or points deduction, deductions for vacation home owners and energy-efficient improvements . . .and the biggest one . . . mortgage interest deduction.