http://njrereport.com Real Estate, Economics, and Politics Sun, 14 Mar 2010 12:43:30 +0000 http://backend.userland.com/rss092 en From the NY Times: Great Time to Buy (Famous Last Words) “IT’S a great time to buy a home.” Real estate agents were saying that in 2001, as home prices were rising. They also said it when home prices peaked in 2005 — in fact, David Lereah, former chief economist of the ... http://njrereport.com/index.php/2010/03/14/a-great-time-to-pay-a-commission/ From the Star Ledger: N.J. foreclosure rate drops for second month in a row The number of New Jersey homeowners in various stages of the foreclosure process dropped for the second consecutive month in February, displaying a housing picture that is improving, but still behind the previous year’s estimates. Lenders sent foreclosure fillings ... http://njrereport.com/index.php/2010/03/12/nj-foreclosures-slow-but-still-hit-a-14-yoy-increase/ From the APP: N.J. job losses hit 228,300; worst since '90s New Jersey's economy lost 114,100 jobs in 2009 and another 9,100 jobs in January 2010, the state reported Wednesday, offering evidence that the recession has been the most severe since the early 1990s. It has forced thousands of workers to reinvent themselves, ... http://njrereport.com/index.php/2010/03/11/as-bad-as-we-thought-the-recession-was-the-final-numbers-indicate-that-it-was-worse/ From Bloomberg: N.J.’s Christie Says Layoffs Out for Cutting Budget New Jersey Governor Chris Christie said he’s unable to lay off or furlough unionized state workers to help close an $11 billion budget gap. Christie, speaking at a town hall meeting in Haddon Heights, said job cuts would trigger more than $300 ... http://njrereport.com/index.php/2010/03/10/exquisite-handcuffs/ From the Star Ledger: N.J. municipalities raise taxes despite state cap When New Jersey announced that property taxes went up by an average of 3.3. percent last year — the smallest increase in a decade of rapid growth — some hailed it as evidence that a 3-year-old law capping annual increases at ... http://njrereport.com/index.php/2010/03/09/state-tax-caps-not-effective/ From the Record: Bill would create N.J. homebuyer tax credit In an effort to boost the state's housing market, New Jersey legislators have introduced a bill that would give home buyers an income tax credit of up to $15,000, spread over three years. "The housing industry is at an all-time low," said ... http://njrereport.com/index.php/2010/03/08/more-on-the-still-misguided-and-even-less-affordable-nj-homebuyer-credit/ From the Star Ledger: N.J. legislation could create home buyer tax credit A state association of real estate agents is backing legislation that would create a New Jersey tax credit for home buyers, according to a release. The bill, which has yet to make it out of committee, would establish a tax credit ... http://njrereport.com/index.php/2010/03/05/nj-home-buyer-credit-misguided-legislation-we-just-cant-afford/ From the Federal Reserve: The Beige Book - Second District -- New York The Second District's economy has shown some further signs of strengthening since the last report, despite some apparent slowing in the housing market; input price increases have become more widespread. In general, business contacts report ongoing improvement in overall ... http://njrereport.com/index.php/2010/03/04/fed-housing-markets-appear-to-have-softened-in-early-2010/ From NJBIZ: Experts: N.J. less hard-hit by recession, but projected for slower growth The Garden State has withstood the economic downturn better than other parts of the country, with less dramatic increases in unemployment and availability rates in commercial real estate space, according to two local experts. But New Jersey’s relative stability ... http://njrereport.com/index.php/2010/03/03/recession-not-so-bad/ From the NY Times: In New Jersey, No Consensus on Foreclosure Problem IN gauging the severity of the foreclosure problem in New Jersey, the experts could hardly be farther apart. Some see the state as relatively unscathed at this point, with the situation about to improve; others see worsening conditions that may ... http://njrereport.com/index.php/2010/03/02/making-sense-of-the-foreclosure-numbers/ This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week but never posted them up, let’s have them. Also a ... http://njrereport.com/index.php/2010/02/26/snowmageddon-open-discussion/ From the Wall Street Journal: New Home Sales Plunge to '63 Levels Sales of new single-family homes plunged last month, underscoring the fragility in the housing market. Sales dropped 11.2% in January from a month earlier to a seasonally adjusted annual rate of 309,000, the Commerce Department said Wednesday. The decline brought ... http://njrereport.com/index.php/2010/02/25/what-recovery-new-home-sales-dive/ From the Star Ledger: Home prices still fall in the N.Y. region Housing prices in the New York metropolitan area dropped for the fourth consecutive month in December, according to data released today. Nationwide, prices in the 20 cities that are tracked by Standard & Poor's/Case-Shiller housing index dropped 3.1 percent in December ... http://njrereport.com/index.php/2010/02/24/ny-metro-home-prices-fell-63-in-december/ From the NY Daily News: Want to roll in Snooki's sheets? 'Jersey Shore's' Seaside Heights, N.J., house is $1,800 a night How about a roll in Snooki's sheets? For $1,800 a night, you can grace the ground zero of Guido - and that includes the bed where the grand Guidette laid her head. The ... http://njrereport.com/index.php/2010/02/23/shore-rentals-in-demand-for-the-summer-of-10/ From the NY Times: Dry Your Eyes and Lower the Price NEVER in all his 17 years selling real estate has Mark Seiden gone through as many boxes of tissues as he has in the past 12 months. It’s not he who is crying, but some of his customers — as they come ... http://njrereport.com/index.php/2010/02/22/suck-it-up-sellers/