Mario,
According to the Census Bureau, tracts are Census "tracts are small,
relatively permanent statistical subdivisions of a county. Tracts are
delineated by a local committee of census data users for the purpose
of presenting data. Census tract boundaries normally follow visible
features, but may follow governmental unit boundaries and other non-
visible features in some instances; they always nest within counties.
Designed to be relatively homogeneous units with respect to
population characteristics, economic status, and living conditions,
census tracts average about 4,000 inhabitants."
There are 65,443 census tracts in the United States. Then there are
metropolitan statistic areas (MSA). Monmouth/Ocean is an MSA and our
median incomes are based on data for all the tracts in both
counties. It is interesting because there is such a variation
between towns and areas in the two counties, but they're stuck
together probably forever.
We use FFIEC a lot. When someone is going to buy a house, I run it
through FFIEC first. Then if it is a census tract, I dangle the
opportunity for a CRA loan to my lenders. Lenders usually portfolio
their CRA loans rather than sell them so they can make a lot of
concessions. Most will discount the rate, waive PMI and lower
closing costs.
Jennifer
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