Monthly Archives: July 2010

Tunnel Arbitrage!

I believe we talked about this effect when the ARC project was announced. While I agree that some towns stand to gain tremendously from this (Bergen County especially), this effectively diminishes the “Midtown direct” effect for the towns that currently … Continue reading

Posted in Economics, New Jersey Real Estate | 249 Comments

New Jersey housing demand “sluggish and lacking momentum”

From the Federal Reserve: Beige Book – Second District–New York Construction and Real Estate Housing markets have softened somewhat, on balance, since the last report, with much of the weakening attributed to the expiration of the home-buyer tax credit. An … Continue reading

Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 148 Comments

“There’s less than a million acres left”

From the Star Ledger: Rowan, Rutgers study says N.J. is running out of open space, renews urban sprawl debate For the first time, New Jersey’s landscape is covered more by housing and shopping malls rather than forests, the real consequence … Continue reading

Posted in Economics, New Development, New Jersey Real Estate | 112 Comments

May Case Shiller Day!

From Bloomberg: Home Prices Probably Rose in Year Ended May as U.S. Tax Credit Aided Sales Home prices in 20 U.S. cities rose in May from a year earlier as a government tax credit temporarily underpinned sales, economists forecast a … Continue reading

Posted in Economics, National Real Estate, New Jersey Real Estate | 107 Comments

Homebuilders “did not expect it to get as bad as it has.”

From the FT: Housebuilders hit by US tax credit hangover The last day of April and the end of the first-time buyer tax holiday was expected to be a dark day for US housebuilders. Yet few anticipated just how sharply … Continue reading

Posted in Economics, Housing Bubble, National Real Estate, New Development | 98 Comments

“Absent a stimulus to the housing market, home prices will decline further”

From the Star Ledger: Gov. Christie vetoes $100M homebuyers tax credit bill Gov. Chris Christie today [Friday] vetoed a bill that would give tax credits of up to $15,000 to homebuyers, saying the state could not afford to forego $100 … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 54 Comments

“New Jersey has yet to establish a sustained recovery.”

From the Star Ledger: Economists predict N.J. may be among last to recover from recession If you think the local economy isn’t getting any better, you’re right. New Jersey has yet to see any strong signs of economic recovery, even … Continue reading

Posted in Economics, New Jersey Real Estate | 116 Comments

Las Vegas East? When is the razing scheduled for, Governor?

From the Star Ledger: Gov. Christie pledges to turn Atlantic City casino district into ‘Las Vegas East’ With more flair than a traveling road act, Gov. Chris Christie stood on the 50-yard line of the New Meadowlands Stadium today and … Continue reading

Posted in New Development, Politics, Shore Real Estate | 118 Comments

Double dip predictions going mainstream

From the WSJ: Housing Market Stumbles The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again. In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and … Continue reading

Posted in Economics, Foreclosures, Housing Bubble, National Real Estate | 108 Comments

Looking down the barrel

From the Star Ledger: N.J. faces $10.5B budget deficit heading into next year New Jersey faces a $10.5 billion budget deficit heading into next year — nearly the same size as the gap that opened up before this year’s spending … Continue reading

Posted in New Jersey Real Estate, Politics, Property Taxes | 182 Comments

Sound Familiar?

From the Record: Apartment tower took long, troubled road to completion The upscale high-rise in Hackensack where a parking garage collapsed Friday boasts fireplaces, a swimming pool, vaulted ceilings and views of Manhattan, amid one of Bergen County’s most expensive … Continue reading

Posted in New Development, New Jersey Real Estate | 111 Comments

New Jersey Home Price Tracker – June 2010

The New Jersey Home Price Index Tracker has been updated to include: * April S&P Case Shiller (Aggregate, Tiered, Condo) * Q1 FHFA Home Price Index (HPI, Purchase Only) * Q1 NJAR Home Price Index (Statewide Median) (click to enlarge) … Continue reading

Posted in Economics, New Jersey Real Estate | 236 Comments

NJ tops in foreclosures

From RealtyTrac: 1.65 Million U.S. Properties Receive Foreclosure Filings in First Half of 2010 According to RealtyTrac 1st Half YOY Change in Foreclosure Notices New Jersey – Up 52.97% 2nd Quarter YOY Change in Foreclosure Notices New Jersey – Up … Continue reading

Posted in Foreclosures, National Real Estate, New Jersey Real Estate | 153 Comments

CAP 2.0%! (But will it help?)

From Bloomberg: Christie Signs 2% Cap on New Jersey Property Taxes New Jersey Governor Chris Christie, whose state has the highest property taxes in the U.S., signed legislation capping annual increases in the levies at 2 percent. The measure reduces … Continue reading

Posted in New Jersey Real Estate, Politics, Property Taxes | 168 Comments

Money Magazine randomly selects 4 NJ towns and adds them to the ‘best places to live’ list.

All I can say is… Huh? Rumor has it the section committee was a group of kindergarten teachers. They decided that, to be fair, everyone should get a ribbon pony. In all seriousness, this is nothing more than a ploy … Continue reading

Posted in New Jersey Real Estate | 199 Comments