Most of NJ still has a long way to go

From the Star Ledger:

N.J. home prices slowly recover from housing bubble – See how your town fared

Slowly but steadily, New Jersey’s housing market is recovering.

The average home sale price in New Jersey in 2015 was $397,279, according to the state Division of Taxation. But most towns throughout New Jersey are still showing average sales below the pre-housing bubble peaks.

“We’re not out of the woods yet,” said Tg Glazer, president of the New Jersey Realtors Association. “There’s still work to be done, but everything is looking very positive and I believe that things will continue to move forward throughout the year.”

Figures from the New Jersey Realtors Association for 2015 show home sales rose 12.3 percent to 93,635 and there were small upticks in the median and average sales prices, according to figures from the New Jersey Realtors Association — a hopeful sign as the spring selling season gets underway.

The 22.7 percent jump in pending sales in December over the year before pointed to 2016 getting off to a strong start. But even as job gains, low mortgage rates and consumer confidence help boost home sales, the number of homes for sale has fallen.

In December, for example, there were 10.6 percent fewer listings — 49,829 compared to 55,720 at the same time in 2014.

“Our economy and housing sector are both better than where they were in the recession, but both have a ways to go before anybody would want to cheer at the pace of activity,” said Patrick O’Keefe, director of economic research at CohnReznick, an accounting and consulting firm.

Even though home prices are showing signs of increasing, there is still a large number of homeowners who are underwater on their mortgages and are reluctant to sell at a loss, he said.

“If they bought from 2005 to 2007, they paid prices that were still well above where the market is today,” O’Keefe said. “As a consequence, if they list their homes for sale, they’re going to get offers well below what they paid and unless it’s a distressed situation where they have to move, it would be irrational to sell the house at the discounts.”

Nationally, prices in the last quarter of 2015 were 0.3 percent higher than in 2007, while New Jersey’s prices were 13.8 percent less. But compared with New Jersey’s own peak in the second quarter of 2006, prices are down 21.3 percent.

“Those price factors are a major reason why the state’s housing recovery has lagged the rest of the country,” O’Keefe said. “Our prices ran up more sharply prior to the housing meltdown and have recovered far more slowly in the aftermath of the meltdown.”

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

35 Responses to Most of NJ still has a long way to go

  1. Amerigeddon says:

    First, goddamit.

  2. Amerigeddon says:

    More pages of last week’s Hunterdon Democrat devoted to FK notices than listings.

    Chinese water torture. Fifty years wandering the wilderness. Roving packs of armed people, wandering the countryside & sleeping in the open. Smoke ’em if you got ’em.

    The return of liar loans, 3% down, ‘credit classes’ and ‘alternative credit scoring’.

    Your job’s being taken by a robot. You suck. The robot doesn’t.

    Doom is imminent.

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

    but Trump will make America great again
    (breaking the GOP for it was a very small price to pay)

  4. leftwing says:

    3. Eh, every so often you need a good flush.

    GOP was already broken. Trump is just getting the plunger to clean the pipes.

    The sooner the faux patrician ruling class of the Bushes, Romneys, Whitmans, et al are irrelevant, the better. For everyone.

    At least the GOP voters had the ba11s and means to prevent the planned coronation of our ruling family from occurring. Good luck with your despot in the general.

  5. Anon E. Moose says:

    Lefty [4];

    Trump is just getting the plunger to clean the pipes.

    Which end?

  6. leftwing says:

    does it matter, lol.

  7. Fast Eddie says:

    “If they bought from 2005 to 2007, they paid prices that were still well above where the market is today,” O’Keefe said. “As a consequence, if they list their homes for sale, they’re going to get offers well below what they paid and unless it’s a distressed situation where they have to move, it would be irrational to sell the house at the discounts.”

    Any questions?

  8. Fast Eddie says:

    Your job’s being taken by a robot. You suck. The robot doesn’t.

    Lol! Beautiful.

  9. Amerigeddon says:

    Boooooyaaaahhhh!!!!

  10. The Great Pumpkin says:

    Some free market. Your trading partners employ protectionism, but we still follow some dream called the free market.

    “Foreign companies eager to sell products in India must also create jobs in the country, Indian Finance Minister Arun Jaitley told CNBC in an interview, amid efforts by tech giant Apple to win approval to open its own retail stores in Asia’s third-largest economy.

    Apple’s application — aimed at boosting sales in India and countering a slowdown in China — has yet to be approved , as India typically requires single-brand retailers to source at least 30 percent of their raw material needs from local suppliers.”

    https://www.yahoo.com/finance/news/india-tells-apple-open-stores-034657138.html

  11. jcer says:

    10, Pumpkin finally we can agree on something! I am all for a free economy but when we encounter protectionism we should respond in kind. It is absolute nonsense that the Chinese are building counterfeit disney worlds and are locking apple out of content sales all while they have most favored trading status.

  12. The Great Pumpkin says:

    11- Totally agree.

  13. The Great Pumpkin says:

    “So why is this a funny pairing? Well, consider the implicit logic of Rensi’s argument. If you hike the minimum wage, you increase labor costs for employers. And if the costs of labor rise, then the costs of automation become more attractive, pushing employers to replace workers with robots. Ergo, we have to keep paying employees poorly for their own good, because if we don’t the robots will take all their jobs.

    In fact, the specter of McDonald’s replacing cashiers with kiosks and cooks with robots has been a recurring theme among critics of minimum wage hikes. But that raises the obvious question, exactly how poorly do workers have to be paid before they’re safe from the robot menace?

    Because it appears even Chinese Foxconn workers — who are so ill-treated that nets had to be set up outside the factories to prevent suicides — are not paid poorly enough.”

    “It’s certainly possible that at some point that will change, and human beings will just run out of new ideas for doing useful things in exchange for money. But then an asteroid wiping out humanity is possible too. In the meantime, as long as we keep inventing things to pay each other to do that can’t be done by current technology, it will remain possible to employ everyone in society. It will simply be a question of making sure there’s enough demand in the economy to give everyone a job. As long as we do that, wages will rise for everyone.

    If we need to, we can even divvy work up into smaller, better-paying chunks; through things like paid vacation, paid family leave, paid sick time, a shorter legal work week, stronger overtime laws, a lower retirement age and higher minimum wage.

    But suggesting workers’ only options are “low pay” or “no job” is always and everywhere a con.”

    http://theweek.com/articles/627054/what-chinese-robots-tell-about-automation-debate

  14. Nomad says:

    Questions about listings on GSMLS – when I look at “Status” I see all as “Active”. Not being a subscriber, do they only allow the status of the listing to be viewed by members?

    Is data coming in showing SP / LP as a lower % now than in years gone by? I see many houses in premier towns dropping pricing in bigger $ increments than what I have observed in the past.

    Thanks,

  15. Anon E. Moose says:

    Gourd [10];

    Where’ve you been? You’re late to the party. Nom’s been predicting the US going protectionist for years; likely since before you joined us. Not as a prescriptive view, but simply a normative one. A country can’t afford expanding redistribution and open borders (goods and people) forever. Something’s got to give, and it will likely be the tolerance for open borders.

  16. The Great Pumpkin says:

    Yup, he’s been dead on with his call. That’s the beauty of this blog, really make some beautiful calls on here.

    Anon E. Moose says:
    May 31, 2016 at 12:39 pm
    Gourd [10];

    Where’ve you been? You’re late to the party. Nom’s been predicting the US going protectionist for years; likely since before you joined us. Not as a prescriptive view, but simply a normative one. A country can’t afford expanding redistribution and open borders (goods and people) forever. Something’s got to give, and it will likely be the tolerance for open borders.

  17. The Great Pumpkin says:

    Wtf? I really have to watch out who my daughter dates when she gets to the age. People are sick.

    http://abcnews.go.com/International/wireStory/rome-police-young-woman-burned-alive-beau-39479646?yptr=yahoo

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

    On the other hand, it can afford invading Iraq, military and corporate welfare. For ever.

    taxpayer can always bailout banks. it is the beauty of capitalism

    Anon E. Moose says:
    May 31, 2016 at 12:39 pm
    Gourd [10];

    A country can’t afford expanding redistribution and open borders (goods and people) forever.

  19. Fast Eddie says:

    [18],

    We need corporate welfare. How am I supposed to receive increasing dividends without it?

  20. Juice Box says:

    Artie Lange takes a beating on his shore home, sells it for 1.1 million less than he paid in 2008.

    http://www.nj.com/realestate-news/2016/05/artie_lange_home_for_sale_toms.html#incart_river_mobile_home

  21. Essex says:

    20. Why a slob like Lange need a house like that…..?

  22. The Great Pumpkin says:

    Definitely doesn’t look like he lived there. lol

    Essex says:
    May 31, 2016 at 1:37 pm
    20. Why a slob like Lange need a house like that…..?

  23. D-FENS says:

    This is another mischaracterization of one of Trump’s positions. His position is not protectionist regarding international trade.

    Anon E. Moose says:
    May 31, 2016 at 12:39 pm
    Gourd [10];

    Where’ve you been? You’re late to the party. Nom’s been predicting the US going protectionist for years; likely since before you joined us. Not as a prescriptive view, but simply a normative one. A country can’t afford expanding redistribution and open borders (goods and people) forever. Something’s got to give, and it will likely be the tolerance for open borders.

  24. leftwing says:

    20/21. “Why a slob like Lange need a house like that…..?”

    From the articles, says it all….
    Among other Toms River celebs… Jenni “JWoww” Farley of “Jersey Shore” fame, and Joe and Melissa Gorga of “Real Housewives of New Jersey” have a summer home there.

    Couldn’t give me a house next to that threesome. Literally. I would not live or stay near any of them for free lol. Which day is trash pickup down there?

  25. I think we still have free markets, just not for everyone. Some get free money at the markets, some don’t.

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

    @zerohedge

    Neocon Kristol Announces That
    “There Will Be An Independent Candidate”
    To Sabotage Donald Trump

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

    @BillKristol

    Just a heads up over this holiday weekend:
    There will be an independent candidate–
    an impressive one, with a strong team and
    a real chance.

  28. Juice Box says:

    And yet the the chicken is still clucking. There is no love lost between Obama and Hillary, I have my doubts he will be in the mood to protect her.

    From Lukens deposition on Hillary’s email, more OPSEC to protect the state’s offices.

    “Lukens also testified about his idea to set up a separate computer and network for Mrs. Clinton. Cheryl Mills and Lukens discussed the email issue in early 2009:

    A: So the crux of the issue was that BlackBerrys and iPhones are not allowed in the Secretary’s office suite, so the question was, how is the Secretary going to be able to check her e-mails if she’s not able to have the BlackBerry at her desk with her.”

    Which part of you cannot have a Blackberry at the State Dept is not clear?

  29. Amerigeddon says:

    The first protectionism call at this blog was made by BC Bob, at least nine years ago, maybe ten.

  30. Amerigeddon says:

    BC Bob also made the calls that 3% down liar loans would come roaring back, too. Pretty sure he also said the mechanism to allow it would be the advent of ‘alternative’ credit scoring.

  31. D-FENS says:

    BREAKING POLL=> New Jersey Is In Play! Trump Within 4 Points of Crooked Hillary

    http://www.thegatewaypundit.com/2016/05/breaking-poll/

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