NJ about to become more affordable

From the Record:

Wall Street warns New Jersey home values could tumble 7.5 percent

A pair of federal and state tax policy decisions could deliver a double whammy to New Jersey and its homeowners, a Wall Street credit-rating agency warned on Monday.

Just days after outgoing Gov. Chris Christie’s administration proclaimed that it was leaving New Jersey in good fiscal health, Moody’s said reductions in the state sales tax and federal tax reform signed at the end of the year could deliver punishing blows to the state’s finances.

The reduction in corporate and personal income taxes backed by congressional Republicans and signed into law by President Donald Trump could result in the average value of a New Jersey home dropping by 7.5 percent, Moody’s said in a report.

The tax reform limits federal deductions for state and local tax payments to $10,000, well below the average $17,850 deduction claimed by New Jersey taxpayers in 2015.

The loss of home values will leave New Jersey homeowners with less wealth and disposable income, depressing retail sales, Moody’s said.

On top of that, a Christie-backed reduction in the state sales rate that took effect Jan. 1 will cut $400 million from collections in the year ended June 30 and $500 million the following year, according to the rating agency’s report.

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

80 Responses to NJ about to become more affordable

  1. dentss dunngan says:

    Foist …

  2. grim says:

    Your GOP immigration policy at work.

    Seems odd that the guy would live in this country for 35 years on a green card, and not once consider becoming a citizen. Even if you consider, perhaps after 18 years old he would have given it a thought, you are still talking about having 17 years to have finalized the process. You can’t even make an argument that he just wasn’t intelligent enough to have realized the repercussion, the guy is a doctor.

  3. nwnj says:

    Fab is delusional, Trump set them up and KO’d them. He’s the master.

    The tide has changed on immigration. People across the board want to see it reduced and want to secure the border.

    The Dems have their backs to the wall now since they decided to go all in on open borders. It’s to such an extend that Manchin and Doug Jones were at the white house yesterday. Let’s see if they flip teams, Manchin’s done it once already.

  4. Blue Ribbon Teacher says:

    I knewa doctor who was from Canada and overstayed her work vida. She got married, had kids,bought a house. Then they came kbokcing about 10 years ago. She was either too lazy or wanted to dictate her own terms. They’re therback for 2 years.

  5. Very Stable Genius says:

    @TheStalwart

    “Never in recent history have consumers been so buoyant about economic prospects and their financial fortunes while at the same time so down on the president.”

  6. Very Stable Genius says:

    Bloomberg
    Americans Cheer Their Economy. Their President, Not So Much
    By Justin Sink and Sho Chandra
    January 23, 2018, 4:00 AM EST

    “There’s a sense of confidence the underlying dynamics of the economy in which they live is pretty good,” he said. “We’re at a point where a lot of people don’t feel that’s necessarily connected to what the president is doing.”

    Trump’s approval rating averaged about 39 percent in 2017 according to Gallup, the lowest in the 72-year history of the benchmark survey for a president in his first year in office. Americans’ confidence, meanwhile, averaged a 17-year high last year, according to the University of Michigan consumer sentiment index.

  7. Very Stable Genius says:

    maybe eliminate green card and go straight into citizenship

    grim says:
    January 23, 2018 at 7:39 am
    Your GOP immigration policy at work.

    Seems odd that the guy would live in this country for 35 years on a green card, and not once consider becoming a citizen. Even if you consider, perhaps after 18 years old he would have given it a thought, you are still talking about having 17 years to have finalized the process. You can’t even make an argument that he just wasn’t intelligent enough to have realized the repercussion, the guy is a doctor.

  8. Juice Box says:

    NEWSFLASH Melania’s not going to Davos. Hookers in Davos just raised their rates.

  9. Yo! says:

    Lousy journalism in that northjersey.com article. Headline was about home prices, but cited just one report with no context, then blabberred on about Christie. How is that journalist still employed?

    Anyway, NJ home prices aren’t falling 7.5%. Maybe in Sussex or Salem, but not statewide.

  10. chicagofinance says:

    Very Stable Genius says:
    January 23, 2018 at 8:03 am
    @TheStalwart

    “Never in recent history have consumers been so buoyant about economic prospects and their financial fortunes while at the same time so down on the president.”

    By John Crudele January 23, 2018 | 12:01am

    Leave it to “Saturday Night Live” to come up with the most profound analysis yet of the American public — even if the show’s writers were being sarcastic.

    This past Saturday, “SNL” had a satirical game-show skit in which guest host Jessica Chastain (who, incidentally, was great in the movie “Molly’s Game”) would tell contestants something that President Trump said or did and they had to answer: “Does it even matter?”

    For example: “The president of the US refers to African countries as poo-poo holes. Does it matter?”

    The gag is that the contestants in the skits answer, “That’s really bad” and “That has to matter.”

    But Chastain dejectedly explains that it doesn’t matter.

    The same is true, Chastain went on, for an extramarital affair (did it matter for Bill Clinton?) and nuclear war, and you get the idea.

    “SNL” is telling us that America has no morals anymore — nothing shocks us.

    But Chastain didn’t get into the things that would actually bother the American people.

    The stock market crashes and President Trump says, “Don’t worry.”

    Does it matter?

    That would be a yes — resoundingly.

    Suddenly, say we find out that the economic really isn’t doing any better than it was under President Obama.

    Does it matter?

    Yes, it does, and the American public will take it out on Trump because he keeps saying that it is.

    Let me say it again in the words of Bill Clinton: “It’s the economy, stupid.”

    Many people may not like the things Trump says. And people don’t like many of the things he does in his personal life.

    But as long as their own finances are looking healthy or are about to be — or they have recently landed jobs after being out of work for a long time — they will look the other way when Trump goes asinine.

    The media, including “SNL,” still hasn’t figured out that Trump got elected on economic issues and — sadly — nothing else matters right now.

    Trump, however, should be really careful about tying his political fortunes too tightly to the stock market and the economy.

    Because if those two things do turn on him, all the other stuff — every careless thing he did or said — will come back to bite.

  11. yome says:

    Many Immigrants protecting Properties and Inheritance that Foreigners are not allowed to own in their Mother Country are hesitant to renounce their Motherland Citizenship. That is why they remain Green card holders. I am glad my Motherland allow Dual Citizenship

    “Seems odd that the guy would live in this country for 35 years on a green card, and not once consider becoming a citizen. Even if you consider, perhaps after 18 years old he would have given it a thought, you are still talking about having 17 years to have finalized the process. You can’t even make an argument that he just wasn’t intelligent enough to have realized the repercussion, the guy is a doctor.”

  12. Yo! says:

    2017 NJ housing stats are in. House prices:

    Statewide +1%
    Hudson +10%
    Salem -9%

  13. grim says:

    Poland permits dual citizenship.

  14. Yo! says:

    “Poland permits dual citizenship”

    What does this have to do with NJ real estate?

  15. D-FENS says:

    A Certain expert NJ Real Estate analyst happens to be Polish.

  16. joyce says:

    D-FENS,
    It has less to do with that than the fact Yo! never read the top of website.

  17. 3b says:

    But part of the reason Americans are feeling so good about the economy is because wall street is doing so well. Even if they are not directly impacted. Just saying.

  18. 3b says:

    Yo so the growth in prices is in urban Hudson co. And then at some point they are going to move to the leafy suburbs but there will be hordes ready to buy their apartments in Hudson and prices will continue to rise. It just does not make sense to me as I have been saying.

  19. leftwing says:

    “left, I see it as a win for the dems. People say they got nothing. They took the GOP on good faith and we are back in two weeks. If they GOP don’t hold up, they say “We Tried and they didn’t hold up their side”

    If that is the Dems definition of a win I will play that table all night long. All night and through the next a.m.

    You need to rotate dealers and get a new pit boss lol.

  20. Yo! says:

    3b,

    The stats are for single family homes only. Excludes condos and townhomes. So the Hudson strong performance isn’t just waterfront condos.

    If Hudson strength “does not make sense” to you then maybe you should try a new way of observing the housing situation because obviously how you are doing it now doesn’t work.

  21. No One says:

    SNL used to be funny about a generation ago.
    Now it’s a bunch of millennial social justice warriors with an affirmative action cast whining about their agenda, and assuming that there are enough drones who agree with them to keep hitting the button.

    What is really funny is that during the Republican primary season SNL (as well as the left media) bent over backwards to give Trump airtime. I think it’s because they wanted Republicans to make Trump their candidate, thinking he was the easiest person for their woman to beat in the presidential election (though of course their heart was for Sanders). SNL let Trump host a show. All fun & games when they thought he was unelectable, but the moment he actually won, they suddenly think they are guerrilla fighters in “la resistance”. Just like nearly every hosted “comedy” show on the Comedy Channel is basically about telling people how right and clever they are for opposing Republicans (and Trump specifically) so they can feel better for a moment.

  22. Blue Ribbon Teacher says:

    Political comedy has become so lazy to the point at which they don’t even try to make people laugh anymore with jokes. It’s just lame jokes that they want you to laugh at because their audience is on “their team”.

  23. Fast Eddie says:

    The democrat platform: pot, g@y sex, playdoh, coloring books, violent protests and muffin tops wearing p.ussy suits.

  24. leftwing says:

    Watching Colbert every night and CBS in the morning just using my reactions to their inanities I could craft a hilarious counterpoint show from the Right. It writes itself.

    Too bad I’m not 15 years younger and telegenic.

  25. No One says:

    BRT,
    So right. I once actually enjoyed the early years of The Daily Show. Back when Clinton was still president and Jon Stewart was new. For a short while they actually made fun of the hypocrisies of both sides of the political spectrum. But within a few years into Bushitler’s presidency, nearly every joke required leftist assumptions for the punch line to work. And the jokes for Repubs would be about them being evil, while the jokes on Dems would be that they were inadequately potent. Someone show me political comedy shows critiquing people for admiring mass murderers such as Che, Chavez, Mao, or praising the justice of Cuba. Yet they go out of their way to find people to ridicule on the right as klansmen, Nazis, etc. Why aren’t each equally ridiculed as evil? They make fun of rightists who believe in biblical miracles, why don’t they equally make fun of the earth crusaders who make up failed pseudo-scientific predictions of disasters?

  26. Blue Ribbon Teacher says:

    I think Stewart and Colbert still did a decent job of being funny until the very end. They both got boring the last 2 years there. I actually blame their writers more than anything. I think the writers there are what drove Stewart to retire and Colbert to jump ship.

  27. grim says:

    SNL skewered Cory Booker in the Amazon skit a couple days ago.

  28. Blue Ribbon Teacher says:

    I knew a doctor that was originally here on a work visa from Canada. She set up a practice, got married, had kids, and overstayed her visa. Eventually, she was forced to move back a couple of years before they let her back in. She was either too lazy to change her status or just wanted to make her own rules.

  29. The Original NJ ExPat says:

    If you’re on a permanent green card what kind of passport would you have? None? A Polish passport from when you were 4 years old?

    Seems odd that the guy would live in this country for 35 years on a green card, and not once consider becoming a citizen. Even if you consider, perhaps after 18 years old he would have given it a thought, you are still talking about having 17 years to have finalized the process. You can’t even make an argument that he just wasn’t intelligent enough to have realized the repercussion, the guy is a doctor.

  30. 3b says:

    Yo I did not make myself clear it’s not the Hudson issue it’s the presumption that all these people living in urban Hudson county and other urban areas are going to up and leave for the suburbs. I think the new/old urban/ city living thing is here to stay and that will have a negative impact on surburban housing demand and prices.

  31. grim says:

    We built out, the next step is to build up. It’s far more likely that NJ continues to urbanize and increase population density.

    It’s not that the suburbs will need to fight to survive, it’s that the suburbs will need to fight to stay suburbs.

  32. The Original NJ ExPat says:

    That’s been my viewpoint for a long time. I think the fracking revolution is the only thing that has kept the ‘burbs up over the last decade by keeping fuel more or less reasonably priced.

    Yo I did not make myself clear it’s not the Hudson issue it’s the presumption that all these people living in urban Hudson county and other urban areas are going to up and leave for the suburbs. I think the new/old urban/ city living thing is here to stay and that will have a negative impact on surburban housing demand and prices.

  33. 3b says:

    Grim I don’t disagree with that at all. The suburbs will no longer be the suburbs with all that entails. Some people are in denial about that.

  34. grim says:

    Nothing is in flux, it all changes.

    Less than 100 years ago, Clifton had huge tracts of farmland, less than 1/4 of the population it has today. In the 50s and 60s, it was a desirable leafy green suburb. Wonderbread and new Pontiacs as far as the eye can see.

    Around the same time, places like Montville, Upper Saddle River, Montvale – these were forests and farms. Plenty of Ford auto plant workers lived in Ho Ho Kus. Good luck affording that on a manufacturing plant salary today.

    Hoboken was a shit hole of tenements.

  35. The Original NJ ExPat says:

    But now people don’t need, or necessarily want much square footage. All of their enjoyment comes from touching a small piece of glass that they carry in their pocket.

  36. The Original NJ ExPat says:

    FBI Agents Discussed “Secret Society” Within DOJ And FBI Working To Undermine Trump

    https://www.zerohedge.com/news/2018-01-22/fbi-agents-discussed-secret-society-within-doj-and-fbi-working-undermine-trump

  37. Libturd says:

    “Grim I don’t disagree with that at all. The suburbs will no longer be the suburbs with all that entails. Some people are in denial about that.”

    I might have been in denial at one point. But witnessing the density growth in Montclair and Bloomfield has made me a firm believer.

  38. Hold my beer says:

    Expat,

    Green card holders use the passport from the country they are a citizen of. They use the green card in conjunction with their foreign passport to enter the US.

  39. Blue Ribbon Teacher says:

    40 years? It’s just lazy. I had a coworker in grad school from Russia. She was in her late 40s and her daughter had been in the US for all 14 out of 16 years. We threw a celebratory dinner for her upon getting her citizenship.

  40. Nwnj says:

    If the guy had a record he might have been hiding from that. Though it seems
    Like a decent lawyer could have cleaned that up.

  41. The Great Pumpkin says:

    Only one in denial is you. Open your mind.

    3b says:
    January 23, 2018 at 11:10 am
    Grim I don’t disagree with that at all. The suburbs will no longer be the suburbs with all that entails. Some people are in denial about that.

  42. The Great Pumpkin says:

    Bingo.

    The location is just too lucrative. Hence, highest density in the nation and only becoming more dense.

    This is why pretty much any land within commuting distance to nyc is a future gold mine. Value will only go up as the amount of people packed onto a piece of land goes up. Simple as that.

    grim says:
    January 23, 2018 at 10:51 am
    We built out, the next step is to build up. It’s far more likely that NJ continues to urbanize and increase population density.

    It’s not that the suburbs will need to fight to survive, it’s that the suburbs will need to fight to stay suburbs.

  43. 3b says:

    Any land within a reasonable commuting distance may be more valuable and it appears the closer the better an hour plus commuting time does not qualify in my opinion.

  44. The Great Pumpkin says:

    He has read too many conservative propaganda talking points about nj. He really thinks this location is going to Hell. I tried getting him to see the light that nj is not dying or becoming poor, but he refuses to open his eyes.

    3b, understand nj is a blue state with high taxes. Don’t turn to conservatives for the economic outlook of a state that does not fit their ideology. They are lost. Unable to see because they are blinded by their ideology.

    Yo! says:
    January 23, 2018 at 9:20 am
    3b,

    The stats are for single family homes only. Excludes condos and townhomes. So the Hudson strong performance isn’t just waterfront condos.

    If Hudson strength “does not make sense” to you then maybe you should try a new way of observing the housing situation because obviously how you are doing it now doesn’t work.

  45. 3b says:

    The only one in denial is you you moron. Go back and read what I have been posting regarding urban city etc. You somehow think all of this ties back to your sfh in Wayne.

  46. Anon E. Moose, Ghost of JJ says:

    https://youtu.be/cJtL8vWNZ4o (Movin’ Out)

    Top ten from Forbes:

    4. Conn.
    3. NY
    2. NJ
    1. Ill.

    http://www3.forbes.com/leadership/the-u-s-states-people-are-fleeing-and-the-ones-they-are-moving-to/10/

    Hi, everyone. Hi, Grim!

  47. Very Stable Genius says:

    @ryanstruyk

    Worst presidential approval years in modern history via Gallup –>

    Truman 1950 — 38.6%
    **Trump 2017 — 38.4%**
    Carter 1980 — 37.6%
    Carter 1979 — 37.4%
    W Bush 2006 — 37.3%
    W Bush 2007 — 33.3%
    W Bush 2008 — 29.8%
    Truman 1952 — 29.7%
    Truman 1951 — 26.5%
    Nixon 1974 — 25.4%

  48. Fast Eddie says:

    p.ussy,

    Every week you desperately try to find some indisputable gadget that will fall this president and every week you’re met with failure. At least add some zing to your supposed sting. It’s insufferable and pathetic. If you’re going to fail, do so with wit and style! How mediocre.

  49. Libturd says:

    I’m surprised you actually left Carter in there.

  50. Libturd says:

    Gary,

    Why don’t you search back and start reposting all of Moana’s impending impeachment tweets?

  51. Very Stable Genius says:

    yeah Gary, listen to your Dad

    Libturd says:
    January 23, 2018 at 1:38 pm
    Gary,

    Why don’t you search back and start reposting all of Moana’s impending impeachment tweets?

  52. The Original NJ ExPat says:

    So if you came here at age 4 and wanted to travel abroad at, let’s say, age 24, do you take your Polish passport from when you were a toddler and your green card to a Polish consulate somewhere in the US to get a new passport?

    Expat,

    Green card holders use the passport from the country they are a citizen of. They use the green card in conjunction with their foreign passport to enter the US.

  53. The Original NJ ExPat says:

    And the people who were smart enough to buy on the fastest roads will see the fastest appreciation, right bjp?

    This is why pretty much any land within commuting distance to nyc is a future gold mine. Value will only go up as the amount of people packed onto a piece of land goes up. Simple as that.

  54. The Original NJ ExPat says:

    Will all the new residents be immigrants or will birth control go out of vogue?

    It’s not that the suburbs will need to fight to survive, it’s that the suburbs will need to fight to stay suburbs.

  55. The Great Pumpkin says:

    And smart individuals lobby their local govt to lower speed limit on the street after purchase.

    They have been enforcing the speed limit too.

    😉😃

    The Original NJ ExPat says:
    January 23, 2018 at 2:05 pm
    And the people who were smart enough to buy on the fastest roads will see the fastest appreciation, right bjp?

  56. The Great Pumpkin says:

    Moose,

    Wtf metrics are Forbes even using? What is this crap?

    “2. New Jersey

    Total Moves: 4,723
    Percentage Moving Out: 62.9%”

  57. The Great Pumpkin says:

    The sky is falling! You all better run!

    Gotta love ideological based propaganda. Conservatives love to scare the crap out of their followers. It’s so funny.

  58. You didn't build that says:

    U.S. Bancorp, the parent company of U.S. Bank, is distributing $1,000 bonuses to roughly 60,000 of its employees and raising minimum wage for hourly workers to $15 per hour. The Minneapolis-based company is also donating $150 million to the U.S. Bank Foundation, upgrading health care packages for its employees and investing in better customer service capabilities.

    “We believe that tax reform is positive for the U.S. economy because it provides an immediate opportunity to benefit our employees, our communities and our customers,” said Andy Cecere, U.S. Bank’s president and CEO. “We are proud of our people and their commitment to our customers and communities. We felt it was important to reward their hard work and dedication with this special bonus, the minimum wage increase and the health care enhancements.”

  59. The Great Pumpkin says:

    Don’t vote Phil Murphy, he is going to raise your property taxes by 88%. He is going to flood the state with illegal immigrants!! Run!!

  60. Trick says:

    Hey pumps, are you one of the parents that have the sign saying “Drive Like Your Kids Live Here”?

  61. The Great Pumpkin says:

    Yes, I received a group text from one of my conservative friends citing a 101.5 article stating property taxes will go up 88%. Seriously, it should be outlawed to push this crap on their audience.

  62. Libturd says:

    He has a sign that says EZ-PASS

  63. The Great Pumpkin says:

    Nope, not me. Drive as fast as you want, but don’t cry when you get pulled over for speeding.

    Trick says:
    January 23, 2018 at 3:03 pm
    Hey pumps, are you one of the parents that have the sign saying “Drive Like Your Kids Live Here”?

  64. The Great Pumpkin says:

    Wait, so now raising the minimum wage isn’t a problem? You mean the sky isn’t falling? You now understand that this is a good thing for working class Americans? Wow, and all it took was a bribe in the form of a tax cut to acknowledge this?

    “U.S. Bancorp, the parent company of U.S. Bank, is distributing $1,000 bonuses to roughly 60,000 of its employees and raising minimum wage for hourly workers to $15 per hour.”

  65. You didn't build that says:

    Boeing — $100 million in charitable donations; $100 million for workforce development; $100 million for infrastructure and facilities

    “On behalf of all of our stakeholders, we applaud and thank Congress and the administration for their leadership in seizing this opportunity to unleash economic energy in the United States,” said [Boeing CEO Dennis] Muilenburg. “It’s the single-most important thing we can do to drive innovation, support quality jobs and accelerate capital investment in our country.”

  66. The Great Pumpkin says:

    Wait, does this now mean conservatives can blame tax cuts on raising wages and putting people out of work ? The fucjing hypocrisy in these people

  67. Libturd says:

    If the Dems acted a little bit more like Boeing, the administration might not be so hell bent on reversing every last thing that Obama put into place during his tenure.

  68. Fast Eddie says:

    Do the democrats have a platform other than stoned g.ay sex?

  69. The Original NJ ExPat says:

    Trade 24 hours a day during the week. Sorry BJ Pumps, nothing in a spray can.

    https://www.cnbc.com/2018/01/22/investors-can-trade-the-stock-market-24-hrs-a-day-with-td-ameritrade.html

  70. ExJerzy says:

    3:33 no but be home by 8:00

  71. No One says:

    Is the village idiot really not able to tell the difference between a company setting its own wage rate guidelines and a law that declares it illegal to employ anyone for less than some certain hourly wage? For someone allegedly doing “finance” work, that’s just pitiful mental capacity.

  72. The Great Pumpkin says:

    So the point flew right over your head?

    No One says:
    January 23, 2018 at 5:55 pm
    Is the village idiot really not able to tell the difference between a company setting its own wage rate guidelines and a law that declares it illegal to employ anyone for less than some certain hourly wage? For someone allegedly doing “finance” work, that’s just pitiful mental capacity.

  73. The Original NJ ExPat says:

    I heard someone was coming too fast at your house.

    And smart individuals lobby their local govt to lower speed limit on the street after purchase.

    They have been enforcing the speed limit too.

  74. Libturd says:

    “They have been enforcing the speed limit too.”

    They = State Troopers

  75. Fabius Maximus says:

    “If the Dems acted a little bit more like Boeing, the administration might not be so hell bent on reversing every last thing that Obama put into place during his tenure.”

    Because it was all so bad.
    http://www.washingtonexaminer.com/trump-administration-will-rewrite-obama-era-overtime-rule/article/2627717

    If the GOP hadn’t bee hell bent on stopping O doing anything at every turn, maybe this country could still be great.

  76. Fabius Maximus says:

    Just another day watching the 4th amendment circle the drain.

    https://www.yahoo.com/news/immigration-authorities-detain-woman-greyhound-112911571.html

  77. Comrade Nom Deplume, whose sole regret is that he isn't Tom Brady says:
  78. Comrade Nom Deplume, whose sole regret is that he isn't Tom Brady says:

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