It’s just a jump to the left, and then a step to the right.

From the Record:

North Jersey home values trapped in a time warp

In the overheated housing market of 2005, Barbara O’Leary and Dennis Poletto bought a Bergenfield colonial for $440,000 — just five years after the previous owner had paid $175,000.

Now, they’d like to downsize into a place with no stairs. But they feel they can’t move, because real estate agents have told them their home would probably sell for about $330,000.

“Nobody expected the world to fall down and the housing market to fall through, and that’s where we stand now,” said O’Leary, 77, a retired executive secretary.

The couple’s experience is common across North Jersey, especially in lower-priced housing markets. Ten years after home prices peaked — before tumbling into the worst downturn in decades — most homes are still worth less than they were in mid-2006. One reason: New Jersey leads the nation in foreclosure starts, as the state catches up on a backlog of distressed properties.

An analysis by The Record found that last year, the median home price in Bergen County ticked up only 2.5 percent, to $415,000; it remains 13 percent behind its peak during the housing boom. In Passaic County, the median was unchanged, at $285,000 — 25 percent off its peak.

The Record’s analysis also found a sharp contrast between North Jersey’s struggles to regain home values and far more robust gains in other metro areas around the country — particularly in the South and West — where stronger job and population growth have helped fuel a rising real estate market. The area’s woes also stand out in comparison to Manhattan and Brooklyn, where home prices have shot past their housing-boom highs by 44 percent to 55 percent.

There are some positive signs in New Jersey, analysts say: New Jersey employers are creating jobs at a more lively pace. Lenders are whittling down a backlog of homes destined for foreclosure. Mortgage rates remain low. And rising rents may persuade more young households to make the leap into homeownership. As long as the economy can stay out of recession, analysts say, demand for homes should support rising prices.

But as 2016 began, median home values in North Jersey were about where they were in late 2003 or early 2004, meaning that the majority of homeowners who bought in the last 12 or 13 years have, at best, broken even. The pace of sales has been dampened because many homeowners — like O’Leary and Poletto — are reluctant to sell at current prices. The number of sales is down about 37 percent from the peak in Bergen County, to about 8,900 last year, and down about 47 percent in Passaic, to about 3,500.

In lower-priced areas like Hackensack, Garfield, Paterson or Passaic — where foreclosures are still an issue — values remain down by more than 25 percent from their peaks in mid-2006, with the typical house or condominium selling for less than $300,000, according to The Record’s analysis.

By contrast, in upper-end towns, prices are typically less than 10 percent below their previous peaks. In a few very pricey communities — such as Ridgewood, Alpine, Ho-Ho-Kus, Demarest and Englewood Cliffs — median prices have rebounded to within 5 percent of their prior peaks, or even surpassed them.

“There’s no question that the lower-income markets fell the hardest during the housing correction and have been the slowest to recover,” said Jeffrey Otteau of Otteau Valuation Group in East Brunswick, a widely followed analyst of the New Jersey housing market.

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

54 Responses to It’s just a jump to the left, and then a step to the right.

  1. I guess we’re getting ready to silence the internet.

    http://www.bloomberg.com/news/articles/2016-05-31/tech-giants-vow-to-tackle-online-hate-speech-within-24-hours


    U.S. Internet giants Facebook Inc., Twitter Inc., Google and Microsoft Corp. pledged to tackle online hate speech in less than 24 hours as part of a joint commitment with the European Union to combat the use of social media by terrorists Trump Supporters.

    Beyond national laws that criminalize hate speech, there is a need to ensure such activity by Internet users is “expeditiously reviewed by online intermediaries and social media platforms, upon receipt of a valid notification, in an appropriate time-frame,” the companies and the European Commission said in a joint statement on Tuesday.

  2. The Great Pumpkin says:

    “In London, as the Guardian shows, these buildings have nothing to do with housing supply, let alone low-cost supply. Their front doors are manned not by concierges, but by security guards, like banks. They are the product of speculative flows of often “dodgy” cash, seeking an unregulated property market that asks no questions and seeks a quick profit. That is all.”

    http://www.theguardian.com/commentisfree/2016/may/25/london-empty-towers-very-british-corruption-tainted-wealth

  3. The Great Pumpkin says:

    “WASHINGTON — How many times have you heard that Americans’ wages have stagnated? Countless commentators (including me) have repeated this complaint. Naturally, politicians of both parties — Hillary Clinton and Donald Trump — deplore it. It’s conventional wisdom that wage stagnation has contributed to the sluggish recovery and the downcast attitudes of millions.

    But what if it’s not true?”

    http://www.realclearmarkets.com/articles/2016/05/27/have_us_wages_stagnated_probably_not_102189.html

  4. The Great Pumpkin says:

    Joan Kuhl, one of the aforementioned army of millennial consultants, told me that one of her primary jobs these days was to undo companies’ preconceived notions about millennials. (Oh, I should do that, too: It’s not true that millennials don’t read the news, as I implied above. Hi, millennials — thanks for reading!)

    “It’s unbelievable the stories we hear,” said Ms. Kuhl, 36, who runs Why Millennials Matter. “They all have stories about managers underestimating them, or recruiters having an impression that they can’t live up to the demands of the job, or that they were a flight risk. People are perceiving them as the stereotype of their generation.”

    http://www.nytimes.com/2016/05/26/technology/corporate-america-chases-the-mythical-millennial.html?_r=0

  5. Now Spanky, be reasonable says:

    #3

    The only hate speech that will be targeted is the hate speech that the left doesn’t like.

  6. Anon E. Moose says:

    Re: [7];

    Indeed.

    Those who only favor speech they agree with are hacks. Those who only favor speech that is popular are cowards.

  7. Essex says:

    ….is it me or are well-armed people just more polite…?

  8. Anon E. Moose says:

    SX [9];

    ….is it me or are well-armed people just more polite…?

    “An armed society is a polite society. Manners are good when one may have to back up his acts with his life.” –Robert A. Heinlein

  9. Amerigeddon says:

    Just look at Texas. People are polite to a fault.

    They also carry out executions with dispatch.

  10. Amerigeddon says:

    You never hear stories about botched Texas executions. No “Old Sparky” or drug c@cktails that don’t work…

  11. Amerigeddon says:

    Bergen county Friskies-eaters having their come-to-Jesus moment.

    Booooyaaaaahhhhhh!!!!!

  12. Ottoman says:

    ….is it me or are well-armed people just more polite…?

    Are you referring to the time the Bundy clan destroyed federal property and desecrated Native American sites during their little armed insurrection? Or perhaps the time George Zimmerman murdered Trayvon Martin for his skittles and then stalked a guy to his office for an alleged road rage incident?

  13. Ottoman says:

    “Just look at Texas. People are polite to a fault.

    They also carry out executions with dispatch”

    Isn’t Fort Hood in Texas? Oh wait, there are no good guys with guns on military bases. I forgot.

  14. Ottoman says:

    Fun fact: there were 21 mass shootings in Texas in 2015 alone.

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

    Robert A. Heinlein

    “It appears that Heinlein at least attempted to live in a manner consistent with these ideals, even in the 1930s, and had an open relationship in his marriage to his second wife, Leslyn. He was also a nudist;[2] nudism and body taboos are frequently discussed.

    In books written as early as 1956, Heinlein dealt with incest and the sexual nature of children. Many of his books including Time for the Stars, Glory Road, Time Enough for Love, and The Number of the Beast dealt explicitly or implicitly with incest, sexual feelings and relations between adults and children, or both.[85]

    The treatment of these themes include the romantic relationship and eventual marriage, once the girl becomes an adult via time-travel, of a 30-year-old engineer and an 11-year-old girl in The Door into Summer or the more overt intra-familial incest in

    To Sail Beyond the Sunset and Farnham’s Freehold. Peers such as L. Sprague de Camp and Damon Knight have commented critically on Heinlein’s portrayal of incest and pedophilia in a lighthearted and even approving manner.[85]”

  16. Amerigeddon says:

    Wish Cliven Bundy had capped Ottoman before giving it up…

  17. nwnj3 says:

    Speaking of TX, anyone think that Hillary’s hordes of illegals would pull a stunt like they did in San Jose anywhere in TX? I don’t think so.

    Clearly the most disturbing part about that spectacle is the preview that it provided of the Democratic vision of their “borderless world”.

  18. D-FENS says:

    Uh…that’s not fun and it’s not a fact. It’s propaganda…

    Ottoman says:
    June 6, 2016 at 8:09 am
    Fun fact: there were 21 mass shootings in Texas in 2015 alone.

  19. Fast Eddie says:

    An analysis by The Record found that last year, the median home price in Bergen County ticked up only 2.5 percent, to $415,000; it remains 13 percent behind its peak during the housing boom. In Passaic County, the median was unchanged, at $285,000 — 25 percent off its peak.

    Sell now or be priced in forever. Where are the house tour guides now?

  20. Grim says:

    So why were there 90 murders in Newark last year?

  21. D-FENS says:

    22 – Because they don’t allow polite people to carry firearms in NJ.

  22. D-FENS says:

    No arrests….and the suspect has been clearly identified with photo evidence…

    http://www.thegatewaypundit.com/2016/06/witness-white-kid-chased-tackled-trump-rally-beaten-tried-run-mob/

    nwnj3 says:
    June 6, 2016 at 8:42 am
    Speaking of TX, anyone think that Hillary’s hordes of illegals would pull a stunt like they did in San Jose anywhere in TX? I don’t think so.

    Clearly the most disturbing part about that spectacle is the preview that it provided of the Democratic vision of their “borderless world”.

  23. Fast Eddie says:

    So why were there 90 murders in Newark last year?

    He shoots! He scores!

  24. nwnj3 says:

    Exactly, which should be revolting to anyone with a sense of discipline and order, and if those riots continue will be a boon for Trump.

    If the majority of those thugs broke our laws to come here, I don’t suspect they will honor our laws after the fact. That will finally dawn on a lot of people.

  25. Grim says:

    I mean, New Jersey – some of the strictest gun laws in the country – and Newark makes the Wild West look tame.

  26. D-FENS says:

    Fox reporting that NJ is the state Clinton needs to clinch the nomination.

    http://www.foxnews.com/politics/2016/06/06/as-clinton-moves-to-brink-nomination-sanders-eyes-california-upset.html?intcmp=hpbt3

    I’m wondering which way registered Democrats who frequent the board are voting…

    Anon/Ottoman…are you guys Sanders or Clinton supporters?

  27. joyce says:

    joyce says:
    April 13, 2016 at 3:32 pm
    anon,
    Why didn’t you copy and paste that wikipedia paragraph you always do when Fabius quoted Heinlein?
    http://njrereport.com/index.php/2016/04/13/foreclosures-continue-improvement-trend/

  28. Anon E. Moose says:

    Footstool [15];

    Isn’t Fort Hood in Texas? Oh wait, there are no good guys with guns on military bases. I forgot.

    You’re right. There weren’t. Rank and file weren’t permitted to carry weapons. And unlike, Newark, they followed the laws. So the only person with a gun was the perp and the MPs, who had to be called in after the perp started shooting.

  29. The Great Pumpkin says:

    I’m disgusted. Wtf is happening to this country? You provide for these people, let them into your country, and then they turn on you, like you are the problem. No hope for human nature. This is what the pro-immigration people don’t get, you are dealing with human nature. These people you are inviting into your country will turn on you in a second if it serves them right.

    I used to be trapped by this utopian way of thinking. Thinking you can help everyone and everyone can live happily together. If you are old enough, experience will teach you the truth about human nature, and it’s nasty. Letting these people into the country is like letting strangers that don’t like you into your home. Before you know it, they have taken over your house; sleeping in your bed, eating your food, all the while cursing you out for not giving more.

    Old school immigration was different. When immigrants used to come to America, they would adopt to the American way of life. They would become “Americanized” and embraced the American way of life based on puritan values. New school immigration is a joke. It is not based on embracing the American way of life. There are no puritan values being promoted. They come here and expect Americans to change to their way of life. They expect American citizens to learn their language. They expect a bunch of handouts from the govt(otherwise they would not have come here) and don’t even appreciate it. They think it’s free and comes from some magic thing called the govt. Not understanding that the productive citizens of the country are paying for it through their hard work. The biggest sin of all is the wasted education(this is applied to all poor people, not just immigrants). It’s a sin to waste an education, esp one being paid for by the other member’s of society. You have productive members of society trying to help other members of the society by providing an education. Do they take advantage, nope, and then they still have their hand out.

    We really should just cutoff handouts to any family or individual failing at school. Why would you keep handing money to someone throwing away an opportunity at a better life through a free education? If a student is continuously failing at school for 3 or more years, eliminate the free education for them, they are just wasting money. They will never get it, so let them learn about life the hard way.

    Forcing people to get an education that they don’t want is a big waste of money. So why do we do it? If they aren’t going to take advantage because they don’t appreciate education, why continue?

    D-FENS says:
    June 6, 2016 at 9:15 am
    No arrests….and the suspect has been clearly identified with photo evidence…

    http://www.thegatewaypundit.com/2016/06/witness-white-kid-chased-tackled-trump-rally-beaten-tried-run-mob/

    nwnj3 says:
    June 6, 2016 at 8:42 am
    Speaking of TX, anyone think that Hillary’s hordes of illegals would pull a stunt like they did in San Jose anywhere in TX? I don’t think so.

    Clearly the most disturbing part about that spectacle is the preview that it provided of the Democratic vision of their “borderless world”.

  30. Alex says:

    32-

    Pumps nailed it.

  31. nwnj3 says:

    Anon is undoubtedly as Hill supporter. Fits the profile in terms of ignorance and he clams up every time one of her scandals is in the headlines.

  32. 1987 Condo says:

    #29..I noticed that too?

  33. [7]&[8] It’s already happening on Google and Youtube.
    1. Released Hillary emails show her office requested and received Google/Youtube blocks, re:Benghazi.
    2. Google “Trump”, the Google “Clinton” under News. One can do no right, the other no wrong. Try the search engine duckduckgo.com, completely different results.
    3. Trump University everywhere, but almost nothing about Laureate Education and the $16 million Bill got paid to be their chancellor for 4 years (ending just last year in the wake of…wait for it…lawsuits from ripped off students) while the State Department funneled Laureate Education $55 million during the same period Bill was chancellor.


    #3

    The only hate speech that will be targeted is the hate speech that the left doesn’t like.
    Indeed.

    Re: [7];

    Those who only favor speech they agree with are hacks. Those who only favor speech that is popular are cowards.

  34. It’s a little-known giant that tends to stay out of the public eye, even though its honorary chancellor is Bill Clinton and its investors include private equity giant KKR and financier George Soros.

    https://www.buzzfeed.com/mollyhensleyclancy/laureate-lawsuit

    Nothing to see here, right?
    http://www.breitbart.com/big-government/2015/08/05/bill-clinton-bagged-16-million-from-company-that-received-millions-from-hillarys-state-dept/

  35. D-FENS says:

    HORROR! New Video Show Hispanic Trump Supporters TERRORIZED, BRUTALLY BEATEN in San Jose

    http://www.thegatewaypundit.com/2016/06/horror-new-video-show-hispanic-trump-supporters-terrorized-brutally-beaten-san-jose/

  36. Now Spanky be reasonable says:

    Re: #17

    Did Heinlein actually have sex with a family member or a child?

    Seen any Roman Polanski or Woody Allen movies?

  37. joyce says:

    38
    “[Police Chief said] Unless a victim’s life was in peril or the violence was “spiraling out of control,” he said, officers held back to avoid inciting more violence and having the crowd turn on officers. He also said the 250 police weren’t enough to control the roughly 400 protesters.”

    More confirmation that cops are cowards and only concerned with their own safety.

  38. The Great Pumpkin says:

    Disturbing. These individuals are holding up signs that read “stop racism ” and “spread social!sm”, meanwhile they are attacking a Latino for supporting Trump. Can’t make this stuff up. So much for freedom of speech, freedom to vote, and freedom to participate in public discussions over politics. These animals are destroying it all under the label of “stop racism” and “spread social!sm”. What a f’ing joke.

    Society is being divided. You can blame the media and the politicians that control the media for it. If we want to get over racism, stop bringing it up. Do not talk about it. Do not focus on it. Do not make racism the focus of learning in school. Touch on it, explain what happened, but don’t beat the issue on the head. All you are doing is creating legions of people who really think race is holding them back. It’s crazy. Your race is not holding you back, your own work ethic is. All that this racism talk does is bring about more racism in our society. So now these fools blame white people for all their problems. Some how, all white people are racist because they are ……wait for it……white. They have been programmed through the education of racism(the history of racism in this country) to blame white people for their problems in life. Why is it that only white people can be racist in this country? Why can’t any other group be racist? Why?

    We need to be done with racism. It’s 2016 and the fact that racism is still the focus is crazy. Really doing a great job of dividing this country up.

    People that bitch about racism need to check themselves. You want to see real racism? How about white people lobby for separate laws based on race. How about white people stop paying for the education of minorities. How about white people stop paying for section 8 housing and food stamps of minorities. That’s real racism. Something worthy of complaining about. The racism people bitch about today is a bunch of bs, they truly don’t know what the word means.

    Problem is, they have RACE CONFUSED WITH CLASS. They are lost.

    D-FENS says:
    June 6, 2016 at 12:25 pm
    HORROR! New Video Show Hispanic Trump Supporters TERRORIZED, BRUTALLY BEATEN in San Jose

    http://www.thegatewaypundit.com/2016/06/horror-new-video-show-hispanic-trump-supporters-terrorized-brutally-beaten-san-jose/

  39. The Great Pumpkin says:

    Yup, basically saying that they didn’t want to do their job because there was risk the crowd could turn on the police. So if you can’t call the police in this situation, who do you call? Wtf are we paying the cops for?

    joyce says:
    June 6, 2016 at 1:16 pm
    38
    “[Police Chief said] Unless a victim’s life was in peril or the violence was “spiraling out of control,” he said, officers held back to avoid inciting more violence and having the crowd turn on officers. He also said the 250 police weren’t enough to control the roughly 400 protesters.”

    More confirmation that cops are cowards and only concerned with their own safety.

  40. D-FENS says:

    http://www.thegatewaypundit.com/2016/06/san-jose-police-chief-fire-allowing-attacks-trump-supporters-affiliated-la-raza/

    “What has gone largely unreported, is that police chief Eddie Garcia is affiliated with the far left group La Raza.

    It’s becoming increasingly clear that the decision not to enforce law and order was a political one. The fact that the police chief is associated with La Raza raises red flags.”

  41. joyce says:

    15 Arlington police officers accused of falsifying traffic stops
    http://www.star-telegram.com/news/local/community/arlington/article80898087.html

  42. Amerigeddon says:

    This summer is gonna hot up fast. Gonna make Chicago in 1969 look like a church social.

  43. chicagofinance says:

    Heartwarming young family stories (clot Edition):

    A West Virginia couple is expecting — a jail sentence — after trying to sell the woman’s 3-month-old baby to score drugs, according to a report.

    Ashley Nichole Harmon, 25, and her 20-year-old fiance Jonathan Flint were arrested on felony charges for attempting to sell a child last week– first for $1,000, and then for $500, local station WSAZ-TV reported.

    The Fayette County Sheriff’s Department responded to a 911 call on May 28 about a sick baby that was left at a local woman’s home.

    When they arrived, cops learned that Harmon and Flint had tried to sell the child to neighbor Carolyn Redden, but fled, leaving the child, according to the report.

    Redden told the station she didn’t want the baby, who appeared sick. The neighbor called 911 because the baby refused to stop crying, and was shaking.

    “Law enforcement officers frequently deal with some pretty strange situations,” Sheriff Steve Kessler said in a press release. “A situation like this is really out of the ordinary though.”

    Authorities believe Harmon is the baby’s biological mother and that she returned to the house a day later, but the infant had already been turned over to protective services.

    “We are extremely grateful for the assistance provided to us by the Child Protective Services Workers who worked diligently to insure the health and safety of this innocent infant child and helped us identify and locate the individuals who allegedly attempted to sell this child,” Kessler added.

    Both Harmon and Flint are currently being held at Southern Regional Jail in lieu of a $100,000 bond.

  44. Amerigeddon says:

    $1,000 for a kid is way too low a price.

  45. Grim says:

    $12,000 jacket

  46. Juice Box says:

    Re#51 – yeah after the first deferment from Nam its all blur. Trump included, can we get a serious Gen X candidate are they all dead?

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