February not good to NJ home prices

From National Mortgage News:

Home Prices Rise Again in February: Black Knight

Home prices continue to make steady increases but are still off from their 2006 peak, according to Black Knight Financial Services.

Black Knight’s Home Price Index reported a value of $254,000 in February, an increase of 0.7% from the previous month and 5.3% from a year ago. The figure is up 27.5% from the market’s bottom recorded during the financial crisis, but still 5% below the peak recorded in June 2006.

The Pacific Northwest continued to be dominant over the rest of the country. Washington had the highest increase in home prices at 1.8%, while Oregon tied California for third at 1.3%.

Colorado also displayed impressive growth at 1.7% for the month, while Hawaii, Tennessee, Idaho and Utah all saw growth above 1%. Connecticut featured the most pronounced price compression, with a 0.4% decline for its home price index. Rhode Island and New Jersey were the only two other states to post declines, both at 0.2%.

The list of biggest movers by metropolitan area featured many likely suspects: San Jose, Calif., led the country with 2.4% HPI growth. Seattle, San Francisco and Denver also posted 2% growth or greater.

Metro areas across the Northeast dominated the list of cities with the biggest HPI declines. New Jersey had four cities on the list, while Massachusetts had three and Connecticut two. Atlantic City, N.J., reported the biggest drop in home prices, by 1%.

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

57 Responses to February not good to NJ home prices

  1. grim says:

    Full Report:

    http://www.bkfs.com/Data/DataReports/BKFS_HPI_Feb2016_Report.pdf

    NJ down 0.2% month-over-month (up 1.6% YOY) – Black Knight saying we are 10.6% under peak.

    Atlantic City -1.0%
    Ocean City -0.5%
    Trenton -0.5%
    Vineland -0.4%

  2. GOP's broken (the good one) says:

    @realDonaldTrump

    The Cruz-Kasich pact is under great strain.
    This joke of a deal is falling apart, not being honored and almost dead.
    Very dumb!

  3. yome says:

    How can you continue to support a candidate that you know mathematically can not win the nomination. I will stay home and do something productive with my time than listen to a candidate telling me to vote for the other guy

  4. The Great Pumpkin says:

    That’s the bottom line.

    “And what percentage of income and wealth do they represent?

    “Treasury reports from 2011 showing that the top 1 percent of income earners raked in 54 percent of unincorporated business income, along with 53.4 of the capital gains earnings for the whole state – statistics that indicate long-term wealth beyond annual earnings, experts said.

    “Those are pretty good metrics to show where the wealth is,” MacInnes said.

    However, the rich are also paying the most in taxes, said Christopher Santarelli, a spokesman for the state Department of the Treasury. The richest 1 percent in the state pays roughly 40 percent of the income tax take across New Jersey – and the 400 wealthiest individuals alone pay 10 percent of it, Santarelli said. The top 10 percent pays roughly 70 percent of the taxes, he added.”

    So the top 1% take in 54% of all income in the state, and pay 40% of all income takes. Yes, they are absolutely paying the most in taxes, but only because they are making the most money. The share of taxes they pay to the state is still significantly lower than the share of income they control. So you are right that it isn’t fair that they carry that tax burden, but only because its so much lower than the share of income they control. Of course, you want them to pay even less. ”

    “Sorry, you don’t get to cry about the top 1% paying a large portion of the taxes without discussing what portion of income or wealth they control. Simple logic dictates that the people with the most money will end up paying the most in taxes under any system that isn’t egregiously regressive.

    The top 1% paying 40% of all income taxes sounds like they are being treated unfairly until you see that they earn 54% of all income, and the only reason you would want to discuss just how much they pay and not how much they earn is to make a disingenuous argument. You want to ask “why do so few have to pay so much?” without also asking “why do so few control so much?”

    And I like how you skipped out on the fact that the income measured referred to income not related to incorporated businesses.

    Not that you’ll be able to provide an answer, but why SHOULDN’T the top 1% be expected to account for a similar percentage of state income tax receipts as they do for income earned? How is paying 40% of income taxes unfair when they earn 54% of all income? How is that somehow unfair to them, and how is it more fair to lower their burden further by shifting it on to people with even less means to pay?”

    http://www.nj.com/politics/index.ssf/2016/04/5_things_to_know_about_njs_transportation_trust_fund.html#incart_river_home

  5. Juice Box says:

    re # 4- History Rhymes. It’s a selection not an election. Pataki was out on talk radio this AM basically saying we will get another Teddy Roosevelt or Lincoln out of the contested convention.

    http://www.theatlantic.com/politics/archive/2016/04/riots-guns-bribes-trs-contested-convention/479484/

  6. Juice Box says:

    Yup we are in a recession.

    “Apple is expected to report iPhone unit sales of 50 million, vs. 61 million last year”

  7. Juice Box says:

    Thar she blows the bubble! $499k for tiny house in Brooklyn.

    “The Brooklyn housing market is so hot, a slick realtor is asking half a million dollars for a glorified tool shed in Gravesend.

    The faded yellow 1-bedroom “home” at 86 Bay 47th Street is a measly 12 by 26 feet and is built with aluminum siding, like some backyard sheds.

    But the — shall we say cozy and rustic — abode is perfectly legal and features a small bathroom, gas, heat and hot water, according to Anothony Mussolino, the realtor who posted the listing.”

    “Better than a condo…asking only $499,000!” an ad on Trulia.com proclaims.

    “It’s a legal, single-family home. It’s a teeny tiny house, the smallest one I’ve ever sold. There’s also partially finished basement, ” Mussolino of Ben Bay Realty told The Post.

    He added, “It used to be a flop house for pets, mostly pit bulls. So it needs some work.”

    The lot, which is 20 by 97 feet total, sits a couple blocks from Coney Island Creek, one of the Big Apple’s most polluted waterways.”

    http://www.trulia.com/property/3213378905-86-Bay-47th-St-Brooklyn-NY-11214

  8. yome says:

    Brooklyn real estate is so ridiculous that this dog house is selling for $500,000

    http://www.marketwatch.com/story/the-500k-brooklyn-pit-bull-flop-house-2016-04-26

  9. yome says:

    Did not see 11. Sorry!

  10. Comrade Nom Deplume, screwing around at work says:

    [7] juice

    It’s a red herring argument. The convention center itself probably doesn’t allow guns and it has never been an argument by many of the gun rights groups that the 2nd should trump the rights of private property owners.

  11. Comrade Nom Deplume, screwing around at work says:

    I love the final paragraph . . .

    “WASHINGTON — A New Jersey police officer demoted because his bosses mistakenly thought he was supporting the mayor’s political opponent won a reprieve from the Supreme Court Tuesday.

    Two lower courts had upheld Jeffrey Heffernan’s’ demotion nearly a decade ago for an unusual reason: He was not engaging in political activity, but rather picking up a campaign sign for his mother. Because of that, they said, the action was not protected under the First Amendment.

    But the Supreme Court ruled 6-2 that because the city of Paterson’s motive — however mistaken — was to prevent political speech protected by the Constitution, Heffernan’s demotion from detective to patrol officer was illegal.

    “What counts is the employer’s motive,” Justice Stephen Breyer said. “The First Amendment harm, at least in respect to the inhibitory effect upon Heffernan and upon other employees, is about the same whether Heffernan did, or did not, himself intend to support (the mayor’s opponent).”

    Heffernan lost his case twice before when lower courts ruled that the city’s heavy-handed response was mistaken, but not unconstitutional. Since he didn’t actually speak or associate, the argument goes, there was nothing for the city to violate.

    “He was fired for the wrong reason, but there’s no constitutional right not to be fired for the wrong reason,” the late Justice Antonin Scalia said during oral arguments.

    His two conservative colleagues, Justices Clarence Thomas and Samuel Alito, dissented from the ruling. “Federal law does not provide a cause of action to plaintiffs whose constitutional rights have not been violated,” Thomas wrote.

    During oral arguments in January, Heffernan’s lawyer, Mark Frost, argued that the city’s retaliation would have a “chilling effect” on other government employees who try to assert their rights. Even Thomas Goldstein, the city’s lawyer, acknowledged that Heffernan had “a very sympathetic claim.”

    But Goldstein said he could have filed a grievance under the city’s collective bargaining agreement with its police officers or challenged his demotion under state law. The Constitution, he said, doesn’t offer Heffernan any protection.

    What’s more, Goldstein said, political patronage has a long, rich history. “The court has never tried to extinguish politics from local government,” he said. “And if you try to do that in New Jersey, we are going to be here a lot.”

  12. 1987 Condo says:

    #14…the Secret Service nixed the guns a while back when this first became an “issue”.

  13. D-FENS says:

    The petition was started by a known progressive Hillary Clinton supporter.

    Juice Box says:
    April 26, 2016 at 8:56 am
    I wonder if they will allow guns at the Cleveland convention.

    http://www.usatoday.com/story/news/politics/onpolitics/2016/03/27/donald-trump-ted-cruz-john-kasich-guns-open-carry-cleveland-convention-republicans/82321374/

  14. D-FENS says:

    It’s not like it will be a gun free zone. The secret service and police will be there and they are armed.

  15. Juice Box says:

    Re: 19 – Dems won’t declare their convention a gun free zone either.

  16. 1987 Condo says:

    Seems I m getting old, these middle class factory job concerns were/are the same as 25+ years ago…there was this Billy Joel song in 1982…. replace “iron and coal and Chromium steel” with Mexico and China, Phillipines and ……et al…

    Allentown- 1982
    Billy Joel

    Well we’re living here in Allentown
    And they’re closing all the factories down
    Out in Bethlehem they’re killing time
    Filling out forms
    Standing in line
    Well our fathers fought the Second World War
    Spent their weekends on the Jersey Shore
    Met our mothers in the USO
    Asked them to dance
    Danced with them slow
    And we’re living here in Allentown

    But the restlessness was handed down
    And it’s getting very hard to stay

    Well we’re waiting here in Allentown
    For the Pennsylvania we never found
    For the promises our teachers gave
    If we worked hard
    If we behaved

    So the graduations hang on the wall
    But they never really helped us at all
    No they never taught us what was real
    Iron and coal
    And chromium steel
    And we’re waiting here in Allentown

  17. Comrade Nom Deplume, screwing around at work says:

    [20] juice

    “Re: 19 – Dems won’t declare their convention a gun free zone either.”

    My concern is outside the convention site. PA is a “shall issue” state and there are plenty of CCW permit holders there.

    Open carry is legal in PA except in Philadelphia, however CCW permit holders can openly carry in Philadelphia. While this law is logical (they can carry concealed, after all), the PAGOA advises that law enforcement there has long announced its intention to do everything possible to make one’s life miserable for exercising that right.

    I expect Phila. will pass some sort of “emergency” ordinance to allow it to bust anyone who gets within a mile of the convention site and is lawfully carrying, open or concealed.

  18. Comrade Nom Deplume, screwing around at work says:

    [21] condo

    A friend from law school was from Allentown. They hate that song there.

  19. 1987 Condo says:

    I think it is an instructive little ditty acknowledging that the time is past (1980) for thinking that getting HS degree will assure you a nice middle class lifestyle.

    I think we have global wage/income inequality and those with higher wages and income (the US) will see our riches be distributed more equally around the globe…as a result of globalization.

  20. Comrade Nom Deplume, screwing around at work says:

    [24] condo

    “I think we have global wage/income inequality and those with higher wages and income (the US) will see our riches be distributed more equally around the globe…as a result of globalization.”

    The irony.

  21. Comrade Nom Deplume, screwing around at work says:

    I am so fcking sick of the bathroom debate. There is a really easy way to end it once and for all.

    Stop calling it a bathroom issue. It is an identification issue. And the law should be that from now on, if you consider yourself a certain gender, you use the facilities for that gender.

    All of them.

    Caitlyn Jenner must be permitted to use the ladies locker room at the gym. And if some diesel wants to call herself male, she uses the boy’s locker room.

    Faced with the full ramifications of their decisions, I think that the problem will solve itself.

  22. Libturd questioning the gender of Hillary's Cankle fluid. says:

    I agree with you wholeheartedly Nom. Since when did a male in the ladies room automatically jump to rap1st or v0yeur. The pussification of America continues.

  23. walking bye says:

    Comrade, the issue is you send your 12 year old girl in to the womens room at the mall and some perve is peeking underneath the stall. Yes this could happen with a female perve. Lets face it though if it were to happen, I would bet male in female restroom vs female in female restroom.

  24. Devil's advocate says:

    So if a Target customer who hasn’t paid for their merchandise “identifies” with someone who has, can they get it without paying?

    Where does this nonsense end?

  25. Juice Box says:

    re # 26- for now it is thumb in your eye, and next it will be a thumb in your butt.

  26. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Let’s just get rid of all restrooms and do like they do in India. We’ll all just sh1t and piss in the streets.

  27. Juice Box says:

    re # 31- Target should no longer have a women’s apparel section. It should be called the sanstesticle section.

  28. Devil's advocate says:

    32-

    Exactly, this garbage will not stop until there is pushback.

  29. GOP's broken (the good one) says:

    that’s far from a punishment for many in here

    Juice Box says:
    April 26, 2016 at 2:53 pm

    next it will be a thumb in your butt.

  30. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Simple over-regulation. Remember I was complaining about the temp controlled eyewash stations they made us put in at work? Well, they made us put in a shower now too. None of the cleaners we use are any more toxic than you would use at home or the standard cleaning lady would use. But we are a business, so now there’s a big stupid looking shower in the middle of our pressroom floor. I’ll snap a picture the next time I’m there to show you how dumb this is.

  31. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Anon making gay jokes. I am not surprised. Just another party hypocrite.

  32. Anon E. Moose says:

    Nom [23];

    I head an interview with Billy about that song. He wasn’t specifically thinking of that city, but the name worked with the rhyming scheme, so poetic license and all…

  33. [35]At around the 2 minute mark in this interview, Billy Joel calls the video for Allentown “the gayest video”, and “Man, that’s a gay video”.

    https://www.youtube.com/watch?v=Pqc4U8uWTRU

    I head an interview with Billy about that song. He wasn’t specifically thinking of that city, but the name worked with the rhyming scheme, so poetic license and all…

  34. Libturd questioning the gender of Hillary's Cankle fluid. says:

    On my crazy insurance claim…you know, the one where you all think I’m crazy for pursuing it since I didn’t get a report at the time of the accident? Well, the dude didn’t come by the Dunkin yesterday so I went to plan B. I called Geico, which is my insurance company (forgot who suggested this) and gave them the plate number of the other driver. They looked up his insurance and started the claim on my behalf, through the other drivers’ insurance company. We’ll see how this goes, but so far, it looks like I should have gone this route in the first place. More to report tomorrow when his agent calls me. But at this point, I have every piece of information that I would have had had we exchanged all of our info at the scene.

  35. leftwing says:

    Nom: “I am so fcking sick of the bathroom debate”. Made this offer when Jenner first transitioned, surprised you didn’t bite then. The young moms at my LifeTime…mmmm….I will self identify female for LR, pay all the out of pocket costs of the subsequent suit, so long as you are pro-bono. Get you some appellate creds.

    Anon: “I head an interview with Billy about that song. He wasn’t specifically thinking of that city, but the name worked with the rhyming scheme, so poetic license and all…”

    Same for Simon and Garfunkle in the the “Mrs Robinson” line of ‘where have you gone, Joe DiMaggio’. They wanted another player but the beats didn’t work, needed something multi-syllabic so took dimaggio instead.

  36. Juice Box says:

    re: #39 – Just waiting for the first beat down from Da Police for the first trans to use the woman’s changing room while sporting wood. You can be sure the local municipal taxpayer will be settling for a few mil for the first one or two beat downs.

  37. GOP's broken (the good one) says:

    Insurance fraud

    Hope the guy gets you somehow

    Libturd questioning the gender of Hillary’s Cankle fluid. says:
    April 26, 2016 at 5:47 pm
    On my crazy insurance claim…you know, the one where you all think I’m crazy for pursuing it since I didn’t get a report at the time of the accident?

  38. GOP's broken (the good one) says:

    @ValaAfshar

    Apple has $233 billion in cash. It could buy:

    Uber
    Tesla
    Twitter
    Airbnb
    Netflix
    Yahoo

    …and still have $18 billion left. $AAPL

  39. Juice Box says:

    Re#43 – you mean overpay?

  40. Ben says:

    …and still have $18 billion left. $AAPL

    Don’t worry, they only need $250k to buy off Hillary

  41. Anon E. Moose says:

    RE [42];

    Defamation and gay-bashing; all in a day’s work for the left.

  42. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “Insurance fraud…Hope the guy gets you somehow”

    Anon…This may come off as a compliment, but you’re a bonafide douchebag.

  43. Now Spanky, be reasonable says:

    And why are we putting approximately half the population at risk of being harassed or outright attacked just so that .3% of the population can continue their charade?

  44. Comrade Nom Deplume, One Percenter for another year says:

    [40] left,

    Didn’t catch it. I don’t claim originality here and if you decide to go ahead, yes, I’ll do it pro bono.

  45. Comrade Nom Deplume, One Percenter for another year says:

    [47] libturd

    You’re just figuring that out now?

  46. Essex says:

    While all you electric enthusiasts are plugging in I just picked up an 86 Honda Nighthawk S – you know just for the occassional bread run.

  47. Essex says:

    So you stand on the corner in your New English clothes
    And you look so polished from your hair down to your toes
    Ah but still your fingers gonna pick your nose

  48. lurker says:

    Re #40 It’s bad enough having to deal with the naked Asian ladies and their ungroomed bushes at my local LifeTime, a pre-op dude may just finally make me cancel my membership .

  49. Comrade Nom Deplume, One Percenter for another year says:

    [54] moose

    We’ve always had that element. No different from everything going on elsewhere.

    They won’t find work later. That’s one consolation.

  50. Just wish to say your article is as astounding. Hi you should try posting your ad on topdollarclassifieds.ca its free to post and it is now the fastest growing classifieds in North America.With local posting areas in your town and city’s in over 23 country’s in North America. We get on average about 1 million people a month coming to our site and more check us out at http://topdollarclassifieds.ca

  51. dor cohen says:

    Some truly wonderful content on this internet site , thanks for contribution.

Comments are closed.