Born to run

From the WSJ:

Home Sales Heating Up

Long Island home sales, which slumbered when the market perked up across the U.S., jumped in the third quarter to their highest level since 2006.

Sales also were up elsewhere across the region—New Jersey, Westchester County and New York City—at a time when home sales appeared to be cooling off nationwide.

Median prices also rose across most of the region, and the inventory of homes on the market shrank, suggesting prices may continue to increase at least in the near term, analysts said.

In one sought-after New Jersey suburb, Glen Ridge, a less than seven-week supply of homes remained on the market at the current sales pace, according to Jeffrey G. Otteau, a New Jersey appraiser and analyst and president of the Otteau Valuation Group. Nearby Montclair had a 2 1/2 -month supply.

Mr. Otteau said the region was just catching up to the housing recovery that had long bypassed the suburbs. He said the comeback showed the first signs of life in 2009 in Manhattan, where federal bailouts for banks “created a soft landing” for real-estate buyers. It then spread in 2010 to the Midwest and Northwest where manufacturing had surged.

“The housing rebound started later than the rest of the country and therefore it has longer to run,” he said. “The housing market is still strengthening.”

In New Jersey, Mr. Otteau said sales in September were up 9% over the previous September. Preliminary figures showed median prices were up 5.5% in the third quarter from the same period in 2012, the fourth consecutive quarter of price improvement.

This entry was posted in Economics, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

64 Responses to Born to run

  1. grim says:

    From Bloomberg:

    Families Blocked by Investors From Buying U.S. Homes

    Home purchases by institutional buyers reached a record high in September and all-cash buyers accounted for almost half of sales as investors responded to rising demand from renters.

    Institutional purchases accounted for 14 percent of sales, according to a report today from RealtyTrac. That was the highest share since the real estate data firm began in 2011 to track transactions by that group, which it defines as buyers of 10 or more homes a year. All-cash sales rose to 49 percent from 40 percent in August and 30 percent a year earlier, a sign that rising mortgage rates since May have kept some people out of the market and that smaller investors are stepping up purchases.

    “Both investors and traditional buyers are trying to snap up cheap homes before prices go higher, but the investors have the advantage of paying cash and not having to go through a convoluted mortgage process,” said Michael Hanson, a former Federal Reserve economist now working for Bank of America Corp. in New York. “People are being bid out of some markets because of investor demand.”

    Wall Street’s influence on the residential real estate market is growing as the biggest investors, Blackstone Group LP and American Homes 4 Rent, have together bought about 60,000 homes across the country to benefit from low prices and rental demand from millions of former home owners who have lost properties through foreclosures.

    The homeownership rate declined to 65 percent in the first half of this year from a peak of 69.2 percent in June 2004. The level is expected to stabilize at about 63 percent, adding more than 2 million households to the rental population, according to Morgan Stanley analyst Haendel St. Juste.

    Families are still able to live in single-family homes with a yard for their kids to play in, said Daren Blomquist, a RealtyTrac vice president. However, they’re sending their money to investor-landlords, rather than paying off a mortgage.

  2. What a surprise: yet another rigged-up market where individuals and families aren’t allowed a sniff of the action. Natch, many of the biggest players in this game will be bailed out when the inevitable collapse happens.

    Fcuk you, pay me.

    Heads I win, tails you lose.

    They should print the above on coins and currency; this is the level to which we’ve devolved.

    Oblivion is nigh.

  3. grim says:

    From CNBC:

    Home affordability sinks as housing slows

    Rising home prices and higher mortgage rates are a toxic cocktail for homebuyers, pushing affordability down dramatically.

    Prices are up more than 12 percent from a year ago, according to several reports, and the average rate on the 30-year fixed is a full percentage point higher than it was last spring. It is now far harder for the average U.S. household to afford a home.

    “The simple fact is that the very small improvement Americans have seen in their paychecks hasn’t kept pace with a jump in home prices and mortgage rates,” said Mike Sante, managing editor of Interest.com.

  4. grim says:

    Direct ownership of 60k single family homes feels a little TBTF to me… We know these properties aren’t geographically diversified, but centralized in some of the hard hit regions. When these guys go belly up, there will be a massive dislocation of renters in the local market with no possible chance of the existing rental markets being able to accommodate them. This feels very different to me than the typical large rental REITs whose units are tied up in large scale multifamily developments, which are unlikely to get liquidated to a large number of smaller owners/investors (leases will largely stay in place).

  5. anon (the good one) says:

    @BreakingNews: 11-year-old boy arrested after bringing gun and 400 rounds of ammo to school in Vancouver, Wash., police say – @CNN http://t.co/PyPQPxEDWk

  6. anon (the good one) says:

    @ianbremmer: Healthcare Spending, per capita
    1 US $8508
    2 Norway $5669
    3 Switz $5643
    4 Nethrlnds $5099
    5 Luxmbrg $4755
    6 Austria $4546
    7 Canada $4522

  7. Ben says:

    The more and more I look at it, I lucked out picking up my home earlier this month. Literally, it hit the market in mid August and I entered contract 12 days after it was listed. All the good homes in town have been snatched up and now there’s just crap.

  8. grim (4)-

    Exactly. It’s another predatory game, with the poor and less-educated as the marks. The longer these “investors” hold the properties, the lower the neighborhoods will sink deeper into squalor.

    Gubmint-subsidized slumlording pays. Big time.

  9. Ben (8)-

    Nut up, Alice. If you were a real Amerikan, you’d pay cash for one of those pieces of crap, then stuff it with 18 illegals, all paying $600/mo.

  10. Richard says:

    One reason things are hot are mortgage rates coming down again. I’m looking at Wells Fargo – 650k 5year ARM is 2.25% – after inflation that is free money. Taxes are much more of a problem that the mortgage now.

  11. nwnj says:

    Is see the moron anon is back posting more pointless sh!t today. In a say, it must be easy living life with a diminished mental capacity such as he. It really makes things simple, just let others tell you what to do and say.

  12. chicagofinance says:

    don’t eat the troll bait dudes…..

  13. chicagofinance says:

    The End Is Nigh (JJ Physical Fitness Edition):

    A female gym junkie has revealed how she now looks like a man after developing a steroid addiction which mutated her body.

    Candice Armstrong, who used to be a pretty blonde, has been left with stubble, broad shoulders and a one-inch pen!s, after using the drug in a desperate attempt to improve her shape.

    The former London barmaid said her nightmare began two years ago when she joined a gym to improve her physique.

    Armstong, who suffers from body dysmorphia, revealed she would work out for three hours a day and was convinced her upper body was too slender.
    But despite people telling her she was developing great biceps, it wasn’t enough.

    When a fellow gym fanatic suggested using steroids, she went for it, but soon developed an addiction to daily doses of the steroid Trenbolone.
    Armstrong told British tabloid The Sunday People she only started using the drug because she hated her body, but now things were a thousand times worse.
    In fact the drug altered her body so much that her cl!toris grew into a one-inch pen!s, she developed facial hair, acne and even began walking like a man.
    The transition was so extreme she now dresses in men’s clothes so she isn’t mistaken for a man in drag and now avoids women’s toilets.

    “Now I look like a man and I hate it. Even my own mother has told me I’m not pretty any more,” she said. ”I don’t want to become a man, I just want to be normal. I stopped having any sort of sex drive for men. I tried having sex with a girl but that didn’t do anything for me either. So it’s not like it has turned me lesb!an.”
    Armstrong said she thought the drug would make her training more effective, but has now developed an addiction which has changed her body to such an extent even her GP asked if she was undergoing a sex change.

    “I used to get a lot of attention from men. Now very few people find me attractive. But I can’t say I miss sex. I have no sex drive and I’m more insecure than ever,” she said.
    She added she was now trying to beat her addiction, but still works out for at least three hours a day.

  14. When we don’t have fresh human brains to eat, troll bait will do.

  15. chicagofinance says:

    The End Is Nigh (JJ Physical Fitness Edition):

    A female gym junkie has revealed how she now looks like a man after developing a stero!d addiction which mutated her body.

    Candice Armstrong, who used to be a pretty blonde, has been left with stubble, broad shoulders and a one-inch pen!s, after using the drug in a desperate attempt to improve her shape.

    The former London barmaid said her nightmare began two years ago when she joined a gym to improve her physique.

    Armstong, who suffers from body dysmorphia, revealed she would work out for three hours a day and was convinced her upper body was too slender.
    But despite people telling her she was developing great biceps, it wasn’t enough.

    When a fellow gym fanatic suggested using steroids, she went for it, but soon developed an addiction to daily doses of the steroid Trenbolon%.

    Armstrong told British tabloid The Sunday People she only started using the drug because she hated her body, but now things were a thousand times worse.
    In fact the drug altered her body so much that her cl!toris grew into a one-inch pen!s, she developed facial hair, acne and even began walking like a man.
    The transition was so extreme she now dresses in men’s clothes so she isn’t mistaken for a man in drag and now avoids women’s toilets.

    “Now I look like a man and I hate it. Even my own mother has told me I’m not pretty any more,” she said. ”I don’t want to become a man, I just want to be normal. I stopped having any sort of s3x drive for men. I tried having s3x with a girl but that didn’t do anything for me either. So it’s not like it has turned me lesb!an.”
    Armstrong said she thought the drug would make her training more effective, but has now developed an addiction which has changed her body to such an extent even her GP asked if she was undergoing a s3x change.

    “I used to get a lot of attention from men. Now very few people find me attractive. But I can’t say I miss s3x. I have no s3x drive and I’m more insecure than ever,” she said.
    She added she was now trying to beat her addiction, but still works out for at least three hours a day.

  16. nwnj says:

    So, now the individual mandate has been delayed. I’m glad the admin resisted that so vehemently that they were willing to shutdown the government over it.

  17. Street Justice says:

    Renting doesn’t really seem to be a cost effective alternative to home ownership either these days. Looking at online rental listings, houses similar to my own in my neighborhood rent for as much or more than my own mortgage payment. One remaining benefit of renting, however, is you retain your mobility. It’s a lot less painful to break a lease than walk away from a mortgage.

  18. anon (the good one) says:

    have a degree in finance, but took me over 10 yrs to learn to impregnate my own wife. over 40 and don’t know how to buy a car. can only get to an airport if lubtard is holding my dlck

  19. Ragnar says:

    Oblama was too busy jackin it to Merkel’s cellphone conversations to be involved in anything bad that happened, ever. Govt takeover of the rest of healthcare, national defense, economy, whatever it is, its his racist enemies’ fault. Mistakes are for other people. Just ask the Huff-Kos-bot.

    http://swampland.time.com/2013/10/23/merkel-calls-obama-about-report-of-u-s-monitoring-her-cell-phone/

    Our supercool supersmart spin doctors in chief make a clear distinction between present and past tense. No past tense denials so far.

  20. Ragnar says:

    Oblamer cannot be blamed for any problems, mistakes are only made by his racist enemies. In any case, he was too busy jackin it to Angela Merkel’s cellphone calls to be at fault for anything.

    http://www.theguardian.com/world/2013/oct/23/us-monitored-angela-merkel-german

  21. Why Bother Teaching says:

    An 11-year-old boy in Vancouver, Wash. has been arrested and charged with attempted murder for bringing a handgun, several knives, and 400 rounds of ammunition to his middle school, KPTV reports.
    Police found the weapons in the boy’s backpack Wednesday morning, according to KPTV.

    Frontier Middle School and a neighboring elementary school were put on lockdown for two hours while police searched the premises. Authorities were operating based on a tip they received about a student bringing ammunition to school, according to KATU.

  22. joyce says:

    Firestormik,
    You lurking today?

  23. Street Justice says:

    Why do you even comment here? I’m fine with someone who wants to post and has a different viewpoint than my own. I think most people are that way….as long as you are respectful. I’ve never once read anything you posted that you wrote yourself that said anything thoughtful.

    Try engaging in debate…rather than just repeating the thoughts of others in the newsmedia…then insulting those who disagree with them.

    22.anon (the good one) says:
    October 24, 2013 at 9:27 am
    have a degree in finance, but took me over 10 yrs to learn to impregnate my own wife. over 40 and don’t know how to buy a car. can only get to an airport if lubtard is holding my dlck

  24. Fabius Maximus says:

    #24 Street

    Respect went from this place a long time back. As to content. I could say a lot of what you post is not exactly cutting edge of critical thinking. I disagreed with a lot of your rants on the SUV issue, but respected your right to say it.

    Free speech goes both ways, those you want to hear and those you don’t.

  25. Street Justice says:

    I agree. He should be able to say what he wants. So should I. My post to him is to challenge him. It would seem he believes and agrees with the tweets he posts so, I just would like him to present a rational reason why. Otherwise, his posts just seem pointless.

    “Free speech goes both ways, those you want to hear and those you don’t.”

  26. NJ Re-man says:

    I call BS!

    No inventory moving.

    Only buyers out there are all cash.

    Govt loans weren’t processed during the ‘shutdown’, so any ‘run’ will be artificial.

    It’s a great time to throw your cash away!

  27. Street Justice says:

    So do I. You are a psychopath with an agenda. Please go back to hoarding gold, silver and bullets.

    28.NJ Re-man says:
    October 24, 2013 at 11:55 am
    I call BS!

    No inventory moving.

    Only buyers out there are all cash.

    Govt loans weren’t processed during the ‘shutdown’, so any ‘run’ will be artificial.

    It’s a great time to throw your cash away!

  28. NJ Re-man says:

    Street Justice

    Concur then disparage with antagonism?
    And really, your alias is ‘Street Justice’?
    And really, your unprofessional opinion is to call others Axes B Cluster II names. Tssk. Tssk.

    I suggest you present an argument w/ merit, not your self-professed ‘street style’ of instigating.

    Don’t expect future engagement.

  29. joyce says:

    Like even for the KKK?!?!? You’re such a hate mongering racist

    Fabius Maximus says:
    October 24, 2013 at 11:21 am

    Free speech goes both ways, those you want to hear and those you don’t.

  30. JJ - The War Lord Welfare King says:

    In Long Island Hamptons are Red Hot, North Shore Warm and Southshore flood zones cold.

    Overall market is up. Folks are buying 2 milliion dollar homes for cash in Hamptons to flip them for four million

  31. Bystander says:

    No recovery in CT except Greenwich, Darien and rich towns. Who could afoord those towns anyway? Upper Fairfield County is a sh*t show- Weston, Wilton (less so) Ridgefield, Fairfield..more foreclosures. There has ben media sponsored mass delusion. Same homes have been sitting for 3 months and more with no price deductions. The flood insurance costs are killer. Reality will hit hard soon for some hanging on.

  32. Fred the ex renter says:

    hey guys..does anyone know a good mechanic in the eastern bergen county region that works on jeep cherokees?

  33. Fabius Maximus says:

    #31 Joyce

    As a white male it is impossible for me to be considered racist in respect to the KKK.

    Are you stepping up to defend anons 1st amendment rights?

  34. Fabius Maximus says:

    Football news of the day.
    Lehman sues Giants Stadium over interest-rate swaps
    http://www.cnbc.com/id/101140058

  35. Street Justice says:

    You promise? You’d be doing me a favor.

    Everytime you come here you spew the same crap under a different handle. I am mostly annoyed by it because I have to scroll past it to get to the rest of the posts on the board.

    Say hi to the doomsday circle jerkers on zerhohedge and patrick.net for me.

    30.NJ Re-man says:
    October 24, 2013 at 12:18 pm

    Don’t expect future engagement.

  36. joyce says:

    Sure you can be considered racist… ever here one of them call some white person a n**ger lover?
    I’ll stand up for anyone’s right to free speech.
    And lastly, because your intellect continues to fail you… no one is entitled to freedom of speech on grim’s personal property.

    Fabius Maximus says:
    October 24, 2013 at 1:31 pm
    #31 Joyce

    As a white male it is impossible for me to be considered racist in respect to the KKK.

    Are you stepping up to defend anons 1st amendment rights?

  37. grim says:

    From the Star Ledger:

    Homes sales in New Jersey outpace rest of the country

    Sales of new and existing homes in New Jersey outpaced the nation over the past year, according Realtytrac.com, while prices increased slightly, trailing the national average.

    Between Sept. 2012 and last month, the number of homes sold jumped by 18 percent in New Jersey, and 14 percent nationwide. Sales prices rose by 5 percent in the Garden State, but 6 percent across the country.

    According to the Otteau Valuation Group, housing inventory is down 10 percent.

    The median price of a New Jersey home is $290,000, RealtyTrac found, while the national median is $174,000.

    While only 3 percent of the New Jersey sales in September were made by institutional investors, the national average was 14 percent, RealtyTrac found.

    In New Jersey, 13 percent of September’s sales were short sales, where the sale price is below the outstanding mortgages. About 3 percent of the homes were in foreclosure. Both figures were below the national average of 15 percent and 10 percent respectively.

  38. anon (the good one) says:

    @NewsBreaker: OFFICIALS: Shooting occurred outside restricted area of base; the suspect, victims all members of National Guard http://t.co/eaeLKcXRaV

  39. anon (the good one) says:

    @TheObamaDiary: —> Thanks to #Obamacare, nearly 6 in 10 uninsured Americans will have access to health coverage for $100 per month http://t.co/A6TnXr3L5v

  40. grim says:

    So far I’ve had a great experience with T.Rowe’s AK plan, so hat tip again Chi

  41. 1987 Condo says:

    #42..not sure how those folks are going to pay the out of pocket costs….copays/deductibles/coinsurances:

    http://www.healthpocket.com/individual-health-insurance/silver-health-plans#.UmmHyqHD_IU

  42. joyce says:

    But at least they have a piece of paper that says they’re insured.

  43. grim says:

    45 – Who says they have to pay the bill? They are insured after all.

  44. 1987 Condo says:

    #46…Exactly!!

  45. 1987 Condo says:

    I have been in the healthcare/benefits administration/outsourcing field since 1979…I can not even begin to consider the amount of issues that will arise from all this…. Hillary and Congress will probably figure out a way to make it workable in 2018….

  46. anon (the good one) says:

    this one is for my very good friend Clot:

    @SenSanders: Here is a picture of Sen. Bernie Sanders when he was Mayor of Burlington, Vt. in 1981. #ThrowBackThursday http://t.co/gSEn8yO33V

  47. zieba says:

    Damn. Dropped him on the spot.

    A Northern California community is anguished over the fatal police shooting of a popular, 13-year-old boy who had been carrying a pellet gun that looked like an assault rifle.

    Sonoma County sheriff’s deputies had repeatedly asked the boy, Andy Lopez, to drop the weapon, but instead he raised it in their direction, police said at a news conference Wednesday.

    h++p://abcnews.go.com/US/wireStory/calif-sheriffs-deputies-shoot-kill-13-year-20656068

  48. Fabius Maximus says:

    #20 Ragnar

    Yea there’s nothing to that race claim.
    http://www.huffingtonpost.com/2013/10/24/tea-party-racist_n_4158262.html

  49. Comrade Nom Deplume in smelly Wilmington, Delaware says:

    I’ve figured it out. anon is a chinkbot.

  50. plume (54)-

    That’s an insult to chinkbots.

  51. Still waiting for gluteus and anon to announce their marriage.

  52. chicagofinance says:

    twitter c#unt

    Comrade Nom Deplume in smelly Wilmington, Delaware says:
    October 24, 2013 at 7:51 pm
    I’ve figured it out. anon is a chinkbot.

  53. Libturd at home says:

    So far I’ve had a great experience with T.Rowe’s AK plan, so hat tip again Chi

    Me too, but I think I found out without ChiFi’s help.

    And by the way, who is Lubtard?

  54. joyce says:

    My guess is they shouted at him from behind, and the boy reacting in typical human being fashion, turns around to see what’s up… and the always frightened for the lives cops shoot immediately.

    zieba says:
    October 24, 2013 at 7:09 pm
    Damn. Dropped him on the spot.

    A Northern California community is anguished over the fatal police shooting of a popular, 13-year-old boy who had been carrying a pellet gun that looked like an assault rifle.

    Sonoma County sheriff’s deputies had repeatedly asked the boy, Andy Lopez, to drop the weapon, but instead he raised it in their direction, police said at a news conference Wednesday.

    h++p://abcnews.go.com/US/wireStory/calif-sheriffs-deputies-shoot-kill-13-year-20656068

  55. joyce says:

    It’s OK though… the cops can use the Zimmerman defense they always use, “I was in fear for my life” and they will be fine. Because as we all know, the holy alter that is ‘officer safety’ is the highest possible (only) concern. “Whatever it takes, as long as I go home at the end of the shift”

  56. joyce says:

    Wish I was busier right now so I wouldn’t be tempted to respond.

    I’m not sure what to start with: 1) [Some] racist people like and/or attend meetings, therefore they all are… or how about 2) If the New Black Panters vote democratic, the democrats are racist; or do I need to say reverse racist?

    baa

    Fabius Maximus says:
    October 24, 2013 at 7:15 pm

    Yea there’s nothing to that race claim.
    http://www.huffingtonpost.com/2013/10/24/tea-party-racist_n_4158262.html

  57. joyce says:

    Wasn’t it Fabius who always says, as soon as you go ad hominen / personal… you lose. So why don’t you stick to (trying to) rebutting people’s arguments rather than calling them racists, and the like.

  58. Comrade Nom Deplume in near cardiac arrest says:

    [61] joyce

    Calling someone a racist passes for argument with Fabius’ ilk.

  59. Comrade Nom Deplume in near cardiac arrest says:

    [60] fabius,

    So if we are doing guilt by association, that makes you what, a Sandinista?

  60. Comrade Nom Deplume in near cardiac arrest says:

    [55] chifi

    It was actually a typo, but if you are enjoying it, feel free.

  61. Comrade Nom Deplume in near cardiac arrest says:

    [54] snappah

    “Still waiting for gluteus and anon to announce their marriage.”

    Cobbler and schabadoo can be the best man and maid of honor. They can draw straws to see who wears the dress (no fighting boys).

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