Some news on the job situation in NJ across the AP wire earlier in the day..
Jobless rate in N.J. up a bit in September
The state’s unemployment rate was up by a tenth of a percentage point to 4.3 percent in September, the highest level it has hit since February.
It was the fourth straight month the rate has risen by that much, according to state data released Tuesday.
…
“New Jersey’s economy showed some strength in September, although strong job growth has not been as consistent as we hoped to have this year,” Labor Commissioner A.J. Sabath said Tuesday.
-Grim
hear walamrt and Home depot are stll hiring.
Incomes have been barely budging in recent years like 2-3% increases a year but housing goes up 80-100%. It’s all a corrupt ponzi ready to bust.
Kick back and watch it all unfold. Many many folks going to face sleepless nights and be hitting the bottle soon.
Maybe I should buy a bar or go into liquor business as many will frequent the establishement in a near future. :)
taking inflation into consideration, wage growth has been flat the last 4-5 years. this isn’t even looking at the skyrocketing costs of non-discretionary services like health care. we’re being cooked like a frog in a slow rising temperature pot.
The
The ATM housing machine is empty.
No more cash extraction. Uh Oh.
‘We haven’t seen it yet but I do think the market is peaking.’ Affordability is at its lowest since 1991, said David Berson, Fannie Mae’s (chief economist. In fact, recent data showing weeks of declining mortgage applications could indicate a housing slowdown has begun, Berson said.”
“‘The basic problem is you have huge bubbles, great big bubbles, on the coasts,’ said David Wyss, chief economist for Standard & Poor’s.”
“David Seiders, the home builder group’s chief economist, said some sector participants believe enough of the nation is exhibiting worrying characteristics, such as ever-widening gaps between income gains and home price appreciation, reliance on nontraditional mortgages to achieve affordability and the presence of real estate speculators.”
“Such rapid appreciation, according to some of the economists, has allowed homeowners to use their houses as cash machines, extracting equity and using the funds to make purchases elsewhere. While nationally prices may continue to increase they could decline in the hottest markets where the greatest share of equity extraction has taken place.”
“In the United States, income from mortgage equity extraction has accounted for some 7 percent of total disposable income this year, Zandi said. But in some areas of California, for example, it accounts for up to 22 percent of such income.”
HAHAHAHAHAHA…GO AHEAD SPIN THIS REALTORS!
Been checking the inventory in my town from NJMLS.
It was 71 last week (it was fluctuating from 71-73 for a while)
This week, there were 81 houses.
That’s a huge increase, isn’t it?
I was just wondering the affect of Florida housing market once Wilma hits Florida.
And how this will affect housing market in general and Northern NJ housing market?
Is this the event that breaks the camel’s back and punctures the housing bubble?