From the South Jersey Times:
Real estate markets aren’t known for consistency, but as South Jersey inches toward pre-recession normalcy, one old adage appears to remain true — it’s all about location.
Specifically on the county level, data from recent reports on median home prices show Gloucester leading the pack, with Salem and Cumberland counties still struggling.
A recent report showed Gloucester’s median home prices increasing 3 percent year-over-year when looking at second-quarter numbers, a standout in the Greater Philadelphia region where many counties saw the same figure either stay flat or take a small dip.
It’s fair to say it’s something to be happy about, said Daren Blomquist, vice president of RealtyTrac, a website that reports and analyzes market trends and foreclosure rates.
“That’s been happening now for five consecutive months, home prices have been up from a year ago,” said Blomquist. “That’s another good sign it’s not just market fluctuations.”
But not a great sign for Cumberland and Salem counties, which had the same figure come in at a steep decline of 16 percent, something Blomquist said was “pretty extreme” but likely skewed by foreclosure rates.
“It’s a pretty big drop, and digging into some of the other data we have, I think the reason we can point to behind it is there’s a bigger share of distressed sales in those two counties,” said Blomquist. “In fact it’s increasing, and particularly in Cumberland County.”
Just 1.4 percent of home sales in the county last July were considered distressed, and that figure jumped to 4.7 percent this year.
While there wasn’t enough data to parse out the distressed sale rate in Salem County, Gloucester’s showed a higher percentage than Cumberland’s at 8.1 percent, but that represents a decrease from last year when 12.3 percent of the county’s sales were distressed.
Gloucester’s good news is likely the calm before the storm, said Blomquist, who anticipates distressed sale rates may rise again as a backlog in New Jersey’s court system delayed the finalization of many foreclosure proceedings.
…
While most of those are leftover from the last housing bust, the recent closure of major employers in South Jersey, particularly in Atlantic City’s crumbling casino market, may end up impacting the housing market as well.“That additional job loss we’re seeing could certainly cause even more distress to hit the market,” said Blomquist.
Frist.
And it occurs to me that after PA invades and partitions New Jersey, we might not be able to sell Salem County to Delaware after all. They might not want it.
Tell you what, how about we just hand you over Camden and Trenton and call it a day?
From CityLab:
The Housing Bubble Also Left Our Neighborhoods More Segregated
The collapse of the housing market in 2008 and the credit crunch that followed it continues to disproportionately affect minorities. Black homeowners in the United States are so likely today to return to renter status that the gains made by blacks in homeownership since the 1970s have been effectively wiped out. Black and Hispanic households have largely been frozen out of the recovery, suggesting those gains may be one-sided.
And it’s not just the credit collapse that has left minorities worse off. Even at the height of the housing bubble, black households were losing out to white households in terms of access to neighborhoods with the best schools and public amenities. Research shows that U.S. neighborhoods actually grew more segregated as a result of the housing bubble, independent of the effects of the credit collapse that followed.
In a paper released earlier this year, researchers Amine Ouazad and Romain Rancière show how the credit boom affected the racial makeup of U.S. neighborhoods. Expanded credit led some black households to leave mostly black neighborhoods for more racially mixed neighborhoods, a move consistent with buying larger or newer homes in areas with better schools or more amenities. Yet at the same time, their report finds that the credit boom led still more white households to leave racially mixed neighborhoods for mostly white neighborhoods—meaning greater isolation for black households.
“It’s an effect of mortgage credit that is the opposite of what policymakers might expect,” Ouazad says. “Mortgage credit doesn’t allow minorities to climb the ladder into better neighborhoods.”
…
“What seems to be happening is that minority households are priced out of those mostly white neighborhoods,” he says. “The average price of houses increases, but the standard of deviation increases. The variance of prices increases.”
…
“White households used their mortgage credit to move into mostly white neighborhoods.”
[2] grim,
Possibly. We can use some new toxic waste dumps.
To me, this is waaaay overdone, but I figured you NYY fans would want to watch some of it.
http://nesn.com/2014/09/derek-jeter-ceremony-red-sox-honor-yankees-captain-at-fenway-video/
Season over. Back to the hate in the spring.
[2] grim
On second thought, we want the Shore after all. You keep Trenton, and we’ll use Camden for artillery practice.
good article in the ny post this weekend on housing and middle class
http://nypost.com/2014/09/28/inside-the-plot-against-the-middle-class/
[2] redux
But as a consolation prize, we’ll let NJ have Chester. It’s practically part of NJ anyway. And then you’ll have 2 MSL stadiums.
errr, MLS. Need more coffee.
Trenton, Chester and Camden should be ringed with concertina wire and turned into prison colonies.
Chester NY is kinda hokey. I dated a girl from there once her father was a huge big shot in the NYPD. Said it was like Mayberry. Small town no crime. Her Dad moved there to raise the kids in a safe place and tons of other cops did same thing.
Funny part whose fault was it in the 1970s and 1980s crime was sky high in New York City.
grim: do you have any opinion regarding the DNS issue from FiOS at my work? Should I reset something? Why is it happening selectively?
What are you seeing? I’m moving hosts in a few weeks so everything is going to be reset from scratch (if there is something).
Neanderthal,
Welcome back lately. Thanks for that article share. I agree with some key points. I particularly welcomed the author’s point, reflecting one I’ve made before, that the green energy/environmentalist push by the rich and famous is today’s “Let them eat cake”. Echoing Obama’s comment from some years back about how the middle class should get rid of their SUVs and buy Priuses. Replacing over 100mn cars on the road isn’t free. Nor is replacing hundreds of power plants.
But these days policies are little more thought out than Ecology class term papers from 11th grade. If the theme is “save the earth” you get an A, no matter how unrealistic and destructive the premise is.
JJ [11];
Sounds like the Stallone movie “CopLand”.
I don’t know if this comes through but my niece posted it on FB and I thought it was hysterical given the comments here. It’s clearly a video of anon/ottoman/223 in one of their college econ classes.
https://www.facebook.com/video.php?v=393038777517624&fref=nf
Stu, I thought of you when I saw this.
[10] clot
“Trenton, Chester and Camden should be ringed with concertina wire and turned into prison colonies.”
I don’t think you are the first person to suggest this, here or elsewhere.
Back in 2006, I was clerking at the USDC in Trenton. The parking lot was just across Rte 1, near Stockton St. The law clerks used to refer to that area as “Little Beirut”.
[10] clot
“Trenton, Chester and Camden should be ringed with concertina wire and turned into prison colonies.”
Also, In Mass., we used to say the same thing about Rhode Island.
[14] ragnar,
Watched “Everything’s Cool” on Cinemoi last night. One of the speakers talked eloquently and convincingly about the need for a complete redo of our grids, power generation, etc., claiming that 3rd world countries actually want it, and that it would create millions of jobs. Further, that developed nations, and the US in particular, should take the lead on this.
Not a single question back on who will pay for it. Or if all that production and construction would actually be net carbon negative. Guess the inquiring minds at Middlebury College aren’t so inquiring after all.
[7] NE
“We need to get over the childish notion that we don’t need a responsible leadership class, that power can be wielded directly by the people. America was governed best when it was governed by a porous, self-conscious and responsible elite.”
Wow. Pretty much tells me everything I need to know.
Judge makes midnight visit for jailed prosecutor
Today marks the three-year anniversary of Flathead County Deputy Attorney Kenneth “Rusty” Park starting his job, but it also marks the third day of his administrative leave after he was arrested Friday night for partner or family member assault
Early Saturday, Park was the recipient of an unusual after-midnight hearing that allowed him to be released from custody without spending Saturday and Sunday in jail, as is the norm for Friday night arrests
http://www.dailyinterlake.com/news/local_montana/article_263efd14-b1fd-11e2-82bf-0019bb2963f4.html
Nom,
Why do you think Chinese solar panels were tariffed? There are millions useless items that are allowed into this country with no issues. I am not suggesting anybody buy them.
No one is worried about the workers displaced from these other items. Why just solar panels?
Why do you think Chinese solar panels were tariffed? There are millions useless items that are allowed into this country with no issues. I am not suggesting anybody buy them.
No one is worried about the workers displaced from these other items. Why just solar panels?
The solar industry already has an effective lobby in place. They wouldn’t even be in business without lobbying the government for subsidies. Most other industries were not prepared to effectively fight outsourcing.
http://www.fool.com/ecap/the_motley_fool/warren-buffett-on-homes-oo/?partner=outbrain&waid=7232&wsource=esaoutprm0860042
Cop killed in Asbury Park this morning.
http://www.proapod.com/calculator/free/o_cap.php
@ggreenwald:
New book by @NaomiAKlein,
This Changes Everything, debuts at #5 on NYT list – deserves wide reading
jj, ever met bill gross?
Nope but I have a friend who works with him and said he is a great guy to work for.
anon (the good one) says:
September 29, 2014 at 1:23 pm
jj, ever met bill gross?
grim – I haven’t been able to access from my work network for the same period of time. The page is coming back as not being resolved by DNS. If I put in the IP address instead of the URL I don’t get the green cPanel page either. We have Bluecoats and a Proxy on that network, so maybe you’re blacklisted?
What are you seeing? I’m moving hosts in a few weeks so everything is going to be reset from scratch (if there is something).
Ebola update: Doctors without borders are finding the borders are solidly in place when they catch the virus. Borders keeping them in, that is.
http://www.washingtonpost.com/blogs/post-partisan/wp/2014/09/28/leaving-african-heroes-behind-to-die/
Nom [9];
errr, MLS. Need more coffee.
What do realtors need stadiums for? Will they be fed to the lions? That would be a big draw…
#31 Expat.
I know my reply is brutal. But human every so often need to be reminded of and reinforced by nature that, unless you take care of your species, nature is not going to do it for you. Think first night in the forest of the protagonist in “Avatar”.
The bubonic plague destroyed the catholic church’s omnipotence image.
The 1918 Spanish Flu epidemic brought about the public health system, funded by the one percenters of the time, because the maid would bring the flu to them; if they did not make sure that the maid was well care for.
AIDS made everyone’s relative come out of the closet, thereby creating the acceptance seen today.
Ebola, and it is clear will get worse. Like a forest wildfire, will clean out pockets of hellish poverty in many of those areas. Just like the bubonic plague took out all of a lone survivor’s neighbors, allowing him a prosperous economic future as he had more land.
Same here, nature does not fool around.
how to let oneself become a broadcasting workers? mellow and sweet. piyo chalene johnson fault such as D.
C. serious still t25 can piyo workout cause pulmonary edema and pulmonary heart diseases according to epidemiological data. No irritation piyo workout of the harmful gases in the atmosphere, I use every day 20 minutes morning reading will continue to exercise in the morning. to the exceptionally early summer morning, the piyo chalene johnson most interesting is certainly a small punishment.
re # 31 – as they should be quarantined, there is no CURE!
Ebola is not spread through the air or by water, it is spread other ways.
The Ebola virus has been found in semen for up to 3 months. Even after one recovers from Ebola they should not have sex for many months.
Do you think that is happening in West Africa?
@SenSanders:
The wealthiest 400 in this country are worth $2.29 trillion and own more wealth than the bottom half of America.
#Forbes400
It would be foolish for me to speculate on what you ask. However, if the place is a 3rd world hellish spot where basics of public health are not even address, then you can forget about everything else, because higher level of contact precautions required for proper treatment and quarantine are not reachable.
As an example of what you said about “safe/humane” quarantine with higher level of contact precautions, just go down the list and you’ll see what I mean in just one area.
A facility treating this type of disease needs (just of the top of my head) the following.
A filtered water system coming in, and disinfecting system on the way out (chemical or heat).
Multi-layered entry/exit with disinfectant points – negative pressure and hepa filtration with disinfecting on the way out for air (chemical or heat).
Incineration of medical waste, human remains. Human remains can be buried, but has to be steel box and add 5 gallons of bleach.
Large amount of disposable equipment/gowns/gloves/sheets. In short – if it touches the patient, it has to get hot (incinerated or autoclaved/high steam temperatures and pressure).
All have in common the need for gigantic heat/ steam /incinerators power plants. Where are you going to get a facility like that, except an Army Engineering team building one over a week.
No doubt, Ebola is an effective tool for scaring people. I also get the feeling that Bojangles and his minions would have no trouble with an outbreak here. It would eliminate so many pesky questions…
Of course, a false flag married to an Ebola outbreak is like a Rahm Emanuel wet dream.
This is the oldest bar in NJ. How come I never heard of it?
NEW JERSEY
Barnsboro Inn — Sewell (Est. 1720)
Though there’s no shortage of historic bars in the Garden State, at nearly 300 years of age this one is the oldest; plus, it still goes off with nightly live music, boasts a solid outdoor terrace, and offers a menu long on comfort food.
If I was President I would pass a law the top 400 of Americans each would have to adopt 1/400th of the bottom 50% of Americans.
anon (the good one) says:
September 29, 2014 at 3:44 pm
@SenSanders:
The wealthiest 400 in this country are worth $2.29 trillion and own more wealth than the bottom half of America.
#Forbes400
40
Stop in next time you play Pine Valley. No other reason to be in that neck of the woods.
Someone must have forgotten to post this!
New FBI Report Casts Doubt on NRA’s ‘Good Guy Stops Bad Guy’ Nonsense
http://www.huffingtonpost.com/mike-weisser/fbi-report-active-shooters_b_5900748.html
Here’s how these incidents ended. More than half (56 percent) were terminated by the shooter who either took his or her own life, simply stopped shooting or fled the scene. Another 26 percent ended in the traditional Hollywood-like fashion with the shooter and law enforcement personnel exchanging gunfire and in nearly all of those situations the shooter ended up either wounded or dead. In 13 percent of the shooting situations, the shooter was successfully disarmed and restrained by unarmed civilians, and in 3 percent of the incidents the shooter was confronted by armed civilians, of whom four were on-duty security guards and one person was just your average “good guy” who happened to be carrying a gun.
Isn’t Sewell, NJ where they film Sons of Anarchy?
Sewell’s close enough to flee to once you do a crime in Camden, right?
“ISIS (the enemy) is using the latest and greatest US military equipment that it either stole from (or was given by) Iraqi military, and the Kurdish Peshmurga (our allies) are using tractors and trucks cobbled together with steel plates, duct tape, and surreal images.”
http://www.zerohedge.com/news/2014-09-29/presenting-isis-beating-mad-max-battle-tanks-and-buses
[22] Phoenix,
I don’t pretend to know the reason for the trade decisions out trade rep makes.
[43] Fabian,
All your stat proves is that, in the situations analyzed, which is statistically a nonentity in comparison to overall violent crime, there weren’t many armed civilians around. In fact, at any time, nearly all legally owned firearms in civilian hands are locked away.
Also, how many of these shootings occurred in places where legal owners weren’t permitted to have guns? Schools? Workplaces with no carry policies? Government facilities? There are sooo many ways to show how this is a gamed stat and why it’s a lousy proxy for arguing gun control. I could go on all night picking this one apart.
If it’s possible, I have even less respect for you than I did before. Bring this one to a GTG sometime so I can thrash you with it.