http://njrereport.com Real Estate, Economics, and Politics Sat, 04 Jul 2009 11:11:59 +0000 http://backend.userland.com/rss092 en 83 Elmwood Ave, Allendale NJ Purchased: 5/22/2006 Purchase Price: $630,000 MLS# 2912125 Listed: 5/1/2008 List Price: $669,000 Sold: 6/24/2009 Sale Price: $599,000 5% under 2006 sales price 98 Bonnie Way, Allendale NJ Purchased: 8/1/2006 Purchase Price: $965,000 MLS# 2839728 Listed: 6/13/2008 List Price: $969,000 Sold: 6/25/2009 Sale Price: $720,000 25% under 2006 sales price 500 Highridge Ave, Cliffside Park NJ Purchased: 4/5/2006 Purchase Price: $650,000 MLS# 2915007 Listed: 6/12/2007 List Price: $650,000 Sold: ... http://njrereport.com/index.php/2009/07/04/fourth-of-july-comp-killer/ (Karen Weaver from Deutsche Bank provided a similar forecast a little over two weeks ago.) From CNBC: US Home Prices Seen Falling 40% Overall: Analyst U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second ... http://njrereport.com/index.php/2009/07/02/barclays-home-prices-to-fall-40-from-peak/ From Bloomberg: Manhattan Apartment Prices Drop as Lehman Effect Hits Home Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. caught up to property owners in the nation’s most expensive urban market. The median price ... http://njrereport.com/index.php/2009/07/02/the-way-to-lure-a-buyer-in-the-current-market-is-to-cut-your-price/ From the Record: 20% of construction jobs vanish One of every five construction jobs in Bergen, Passaic and Hudson counties disappeared over the past year, as building activity plummeted in the face of a recession and housing bust, federal labor officials said Wednesday. The 21 percent drop in North Jersey construction jobs ... http://njrereport.com/index.php/2009/07/01/housing-bubble-burst-with-a-vengeance/ The New Jersey Home Price Index Tracker has been updated to include: * April S&P Case Shiller (Aggregate, Tiered, Condo) (click to enlarge) (click to enlarge) S&P Case Shiller NY Metro Commutable Area Home Price Index Low Tier (Under $283721) - Peaked in October 2006 and is down 24.5% from peak Mid Tier ($283721 - ... http://njrereport.com/index.php/2009/06/30/new-jersey-home-price-tracker-june/ Due out at 9am this morning, post will be updated as news/info becomes available. From Bloomberg: Home-Price Declines in 20 U.S. Cities Eased in April Home prices in 20 major U.S. metropolitan areas fell in April at a slower pace than forecast, a sign the plunge in real-estate values is abating. The S&P/Case-Shiller ... http://njrereport.com/index.php/2009/06/30/sp-case-shiller-april-hpi/ From the Star Ledger: Bad weather, bad economy bring down shore rentals Is it the weather or the economy keeping Jersey Shore rentals vacant? Both have been dreary, but only one has a shot of turning around within 24 hours. Homeowners hope the sun will finally show up for good and prompt the ... http://njrereport.com/index.php/2009/06/29/last-year-we-were-already-tan/ From CNBC: Five Reasons Housing Market Still Hasn't Recovered Yet What happened to the housing recovery? Despite hopes that the market would begin showing signs of life this spring, the latest housing data suggests otherwise. Instead, the sector remains stubbornly moribund—trapped in a spiral of declining prices, increasing mortgage rates, unemployment and several ... http://njrereport.com/index.php/2009/06/27/its-not-going-to-be-a-rapid-recovery/ I don't care if you have plans, cancel them. What: GTG/Meet-up/Whatever When: Friday June 26th, 7:30ish (Tonight!) Where: Fitzgerald's 1928 http://www.fitzgeralds1928.com 13 Herman Street (off Bloomfield Ave) Glen Ridge, NJ 07028 Google Maps Link For drivers, this is right off exit 148 on the Parkway. For those looking for mass transit, Fitzgeralds is 2 blocks away from the ... http://njrereport.com/index.php/2009/06/26/overbuilding-senior-communities/ From CNBC: Rebound In Housing Hampered By Slowdown in 'Short Sales' When Vasco and Mrjama Lukic's American housing dream turned into a nightmare, they managed to escape through a long and complicated process known as a "short sale." The Yugoslavian-born couple and their sons built a home in West Orange, N.J., where they ... http://njrereport.com/index.php/2009/06/25/they-werent-able-to-sell-it-because-they-wanted-too-much-money-for-it/ Don't miss the meet-up tomorrow! When: Friday June 26th, 7:30ish Where: Fitzgerald's 1928 http://www.fitzgeralds1928.com 13 Herman Street (off Bloomfield Ave) Glen Ridge, NJ 07028 Google Maps Link For drivers, this is right off exit 148 on the Parkway. For those looking for mass transit, Fitzgeralds is 2 blocks away from the Glen Ridge Station on the Montclair ... http://njrereport.com/index.php/2009/06/25/where-where/ From the AP/APP: Northeast home sales, prices drop in May Home sales in the Northeast declined more than 13 percent in May from year-ago levels, the worst showing in the country, as the specter of job losses loomed over the region. The median sales price in the Northeast dropped almost 13 percent to ... http://njrereport.com/index.php/2009/06/24/northeast-sales-fall-134-prices-down-125/ Hat tip to Debbie from over at Baristanet for bringing this to my attention! From Realogy: NRT Combines its two New Jersey Real Estate Brokerage Companies into Single Organization NRT LLC, the nation's largest residential real estate brokerage company, today announced the merger of the operations of its two local operating companies based ... http://njrereport.com/index.php/2009/06/23/bye-bye-burgdorff/ Mark your calendars, the long awaited GTG When: Friday June 26th, 7:30ish Location: Fitzgerald's 1928 http://www.fitzgeralds1928.com 13 Herman Street (off Bloomfield Ave) Glen Ridge, NJ 07028 Google Maps Link For drivers, this is right off exit 148 on the Parkway. For those looking for mass transit, Fitzgeralds is 2 blocks away from the Glen Ridge Station on ... http://njrereport.com/index.php/2009/06/23/the-macroeconomic-forces-are-still-overwhelmingly-negative%e2%80%9d/ From the Record: Buying smart is all in the timing After two years of home shopping — and one canceled deal — MaryAnn and Bryan Rust bought their first house, a three-bedroom Maywood ranch, this month. They were motivated by lower home values, inexpensive mortgage money and an $8,000 federal tax ... http://njrereport.com/index.php/2009/06/22/perfect-time-to-buy-or-to-stay-on-the-sidelines/