From Otteau Group:
NJ Purchase Contracts On Par With 2005
The number of home sales this year in New Jersey has been about the same as 2005, which was the peak year heading into the Great Recession. In July, the number of contract purchases by homebuyers exceeded the same month in the prior year for the 23rd consecutive month, reflecting a 2% increase over July 2015. Considering the 21% increase (y-o-y) in July of 2015, home sales have increased by 23% over the past 2 years.
On a year-to-date basis (January-July) home purchase demand in New Jersey has increased by 13%. This increase has been largely concentrated in homes priced below $400,000, as first-time ‘Millennial’ buyers begin to transition from rentership to homeownership. By comparison, the number of luxury home sales priced at $2,500,000 and above, declined by 3% this year. Reasons for this trend include a greater number of younger-age first home buyers, trade-down purchases by older-age empty-nesters, and relaxed mortgage lending standards which have reduced minimum down-payment amounts.
Shifting to the supply side of the equation, the supply of homes being offered for sale remains tight, which is limiting choices for home buyers. The number of homes being offered for sale today in New Jersey has declined by nearly 6,000 (-10%) compared to one year ago. This is also about 22,000 (-30%) fewer homes on the market compared to the cyclical high in 2011. Today’s unsold inventory equates to 5.3 months of sales (non-seasonally adjusted), which is lower than one year ago when it was 5.9 months.
Currently, the majority (81%) of New Jersey’s 21 counties have less than 8.0 months of supply, which is a balance point for home prices. Hudson County is presently experiencing the strongest market conditions in the state with just 3.3 months of supply, followed by Union, Essex and Somerset Counties, which all have fewer than 4 months of supply. None of the counties have an unsold inventory level equivalent to a supply of 12 months or greater, however those with the largest amount of unsold inventory are concentrated in the southern portion of the state including Cumberland (9.4), Cape May (9.9), Atlantic (10.3) and Salem (10.8).
From the WSJ:
U.S. Pending Home Sales Index Rose 1.3% in July
A measure of homes under contract for sale rose in July, a sign of steady demand amid low interest rates and rising employment.
The National Association of Realtors’ pending home sales index, which tracks contract signings for purchases of previously owned homes, increased a seasonally adjusted 1.3% to 111.3 in July, the trade group said Wednesday. Sales then typically close within a month or two of signings.
Economists surveyed by The Wall Street Journal had expected a 0.7% rise.
The index had registered at a downwardly revised 109.9 in June. It reached a post-housing bust peak of 115.0 in April and now sits at the second-highest level of 2016.
July’s reading was 1.4% above its year-ago level.
@billmaher
To those who say #Trump spoke 2 diff messages to 2 diff audiences today,
he says “Exactly.” In a stupid country, that works.
Be very afraid.
[2] twitiot
Obama has been president for two terms. Clinton is leading easily. You’re not dead.
Maher’s absolutely correct.
I get all of my political advice from unfunny comedians with stripper fetishes. Yet I’m the claimed misogynist and idiot.
2-
Regarding two different messages. Like when Shrill told her daughter what really happened in Benghazi and to the American people she blamed it on a video.
grim……you fixed the blog….we are forever in your debt…..alas, we know it is only temporary……
Chi…what’s your take on Air Lease?
Alex [5];
Regarding two different messages. Like when Shrill told her daughter what really happened in Benghazi and to the American people she blamed it on a video.
Or like when Obama said in 2008 “I believe marriage is between a man and a woman. I am not in favor of gay marriage.” Jump to 2014, when it was revealed to the LGBTQ-LMNOP mafia that Mozilla CEO Brendan Eich had, in 2008, donated $1,000 to advance Proposition 8 — A proposition that was at the time (at least facially) in agreement with the stated position of his O’ness. The same LMNOP mob that marched in lock step to put his O’ness in office in 2008 (and again post-“evolution” in 2012) marched with pitchforks forcing Eich to resign from the company he founded.
Because when Obama said what he said in 2008 he was sending two opposite messages to two audiences. But Twitiot A-none has no problem with that dual messaging — because he’s a rank hypocrite and revels in it. He doesn’t even believe integrity is a virtue — at least if his revealed preferences are any indication.
[5] Alex
Obama in 2006: “The American people are a welcoming and generous people. But those who enter our country illegally, and those who employ them, disrespect the rule of law. And because we live in an age where terrorists are challenging our borders, we simply cannot allow people to pour into the United States undetected, undocumented, and unchecked. Americans are right to demand better border security and better enforcement of the immigration laws.”
Obama in 2016: “A wall won’t stop that . . . The point is, to help ourselves, we’ve got to help others — not pull up the drawbridge and try to keep the world out.”
+++++++++++
Obama in 2013: “The problem is that I’m the president of the United States, I’m not the emperor of the United States. My job is to execute laws that are passed.”
Obama in 2014: “Now, I continue to believe that the best way to solve this problem is by working together to pass that kind of common sense law. But until that happens, there are actions I have the legal authority to take as President –- the same kinds of actions taken by Democratic and Republican presidents before me -– that will help make our immigration system more fair and more just.”
Tonight, I am announcing those actions.”
I only see comment numbers on my iPhone…nothing on my pc
Ben: your students and you can go suck it…….
WASHINGTON — Georgetown University will give preference in admissions to the descendants of slaves owned by the Maryland Jesuits as part of its effort to atone for profiting from the sale of enslaved people.
Georgetown president John DeGioia told news outlets that the university in Washington will implement the admissions preferences. He says Georgetown will need to identify and reach out to descendants of slaves and recruit them to the university.
On Thursday morning, a university committee released a report that also called on its leaders to offer a formal apology for the university’s participation in the slave trade.
In 1838, two priests who served as president of the university orchestrated the sale of 272 people to pay off debts at the school. The slaves were sent from Maryland to plantations in Louisiana.
Well, we can now include Georgetown on the list of schools whose grads are suspect.
Not that I’d ever hire a GU grad anyway. Mrs. Deplume went to Villanova.
I need to do something to fix comment numbers.
I know someone posted something the other day, I think I need to tweak the CSS, but hadn’t even had a minute to try it.
I’m pretty sure the mainstream media is so blinded by their own bias that they don’t even know what they are doing now. For the last year they’ve been characterizing “the wall” as a laughable, ridiculous impossibility. Now they have just talked it into existence, fully tangible. They don’t even realize what they’ve done. After all, you can’t take the new attack position that Trump was a complete failure yesterday because he didn’t get Mexico to pay for the wall, unless there is actually a wall to pay for, right?
In Palo Alto, a small town of about 67,000 souls, including Facebook CEO Mark Zuckerberg, about an hour south of San Francisco, in the middle of Silicon Valley, and part of the 9 million people in the vast Bay Area, the median home value in July, according to Zillow, fell to $2.486 million.
http://wolfstreet.com/2016/08/30/if-you-own-a-home-in-palo-alto-ca-sell-it-now/
Basically if you owned a home anywhere in the bay area for the past 20 years you are now wealthy enough to retire to a low cost area just by virtue of the value of the dirt. 300k homes from the mid nineties are now $2-2.5M.
Brooklyn is similar. Lots of parents left their 200K brownstones purchased in the 90s to their kids. Their kids are selling them for 1-2 million and are moving to Montclair.
I miss the days when songs with lyrics like these were heard several times an hour on WABC and no one was “triggered”.
https://www.youtube.com/watch?v=yG0oBPtyNb0
In the summertime when the weather is hot
You can stretch right up and touch the sky
When the weather’s fine
You got women, you got women on your mind
Have a drink, have a drive
Go out and see what you can find
If her daddy’s rich take her out for a meal
If her daddy’s poor just do what you feel
Speed along the lane
Do a ton or a ton an’ twenty-five
When the sun goes down
You can make it, make it good in a lay-by
Mungo Jerry – In The Summertime Lyrics
Looks like flipper paradise in Palo Alto. I looked at the most recent 6 sold listings and 5 of them were either being flipped, were just flipped or are being rented.
as suspect as Yale and Harvard having accepted W
Comrade Nom Deplume, Annoying Leftists for Over a Quarter of a Century says:
September 1, 2016 at 11:05 am
Well, we can now include Georgetown on the list of schools whose grads are suspect.
benefit of home-ownership
no so good for renters
nwnj3 says:
September 1, 2016 at 12:52 pm
Basically if you owned a home anywhere in the bay area for the past 20 years you are now wealthy enough to retire to a low cost area just by virtue of the value of the dirt. 300k homes from the mid nineties are now $2-2.5M.
@DrJillStein
The killing of Harambe 3 months ago today reminds us to be a voice for the voiceless.
“Harambe was killed by a zoo which raises revenues by selling tickets to see captive animals, including primates. While good emergency staff training might have prevented such a catastrophic outcome, the Green Party believes that captivity for such entertainment is ethically wrong and fundamentally exploitive and should be illegal.”
I’m calling it 50/50 as to whether we have a presidential election. I think Hillary is way behind in the polls. The continued drip, drip, drip of negative Clinton new/emails etc. will continue and plan B is to punt. If the Dems know she can’t win the election she will either be indicted or have a “sudden” health issue or both. This will delay what should be Trump’s win and give the Dems 6 months to regroup. I think TPTB are modeling the civil unrest that will ensue right now.
Breaking News:
http://www.foxnews.com/politics/2016/09/01/state-department-to-give-ap-all-clinton-schedules-before-election.html
The State Department agreed Thursday to turn over all the planning schedules from Hillary Clinton’s time serving as secretary of state to The Associated Press by mid-October in an abrupt reversal from U.S. government lawyers’ warning last week that hundreds of pages would not be released until after the presidential election.
Chifi,
Rutgers already does this. They admit all these inner city kids with full rides and stick them in majors like Electrical Engineering.
Twitiot [21];
So what government program was responsible for increasing home values in the Bay Area? Why can’t Democrats implement the same plan in Detroit?
They were doing that back at Rutgers back in the late 1970’s too. Of course back then they kept all the black kids in Livingston College. I knew white kids from poor single parent families in my dorm who also had free rides, and they never went to class (not that I should talkt. Partied liked crazy first semester, put on probation, partied like crazy second semester and then they were done, back to points South in NJ. I got the impression that they viewed it as a one year all expenses paid vacation and they new older kids who had been on the ride. Even if you paid full boat back then, Rutgers was only $2600 per year (as many credits as you dared) which included tuition (less than $800 per semester), dorm, and meal plan. $200 in books and lab fees at that was it, $2800 for the whole damn year. If you actually did the work, you could earn and engineers degree for less than $12K and start your first job at $25K. The only kids I knew who even had loans were rich kids. Their parents were smart enough to load their kids up with interest-deferred loans, invest the proceeds into 13% APR CDs and then pay back the loans on graduation and give their kids the interest on the CDs as a graduation present. The rest of us idiots just graduated debt free and went to work.
Chifi,
Rutgers already does this. They admit all these inner city kids with full rides and stick them in majors like Electrical Engineering.
Ben….there is a big difference between affirmative action and what Georgetown is doing, which is essentially reparations…….it is really fcuked up….”Georgetown University will give preference in admissions to the descendants of slaves owned by the Maryland Jesuits as part of its effort to atone for profiting from the sale of enslaved people.”
Ben says:
September 1, 2016 at 7:54 pm
Chifi,
Rutgers already does this. They admit all these inner city kids with full rides and stick them in majors like Electrical Engineering.
EOF is still allowing the innercity year long party to continue. Upward Bound – those kids are serious and I would not hesitate to hire one of them over nearly any other job candidate.
anon: I think I actually agree with you…..and it is for the same reason……prior generations providing a benefit to the school’s financial position….so there is some “legacy” benefit provided to the applicants……still the basic premise seems to be pandering…..and the school’s location proximate The White House leaves a queasy feeling….
Alt-right (the good one) says:
September 1, 2016 at 6:40 pm
as suspect as Yale and Harvard having accepted W
Comrade Nom Deplume, Annoying Leftists for Over a Quarter of a Century says:
September 1, 2016 at 11:05 am
Well, we can now include Georgetown on the list of schools whose grads are suspect.
stu: I tried to post earlier on the company and I couldn’t get it passed the posting vortex……..why is the dividend of that company so low? also, there is a reason that the majors want to go asset-light…..is the crappy P/E deserved? Are there real growth prospects? What happens when the cost of finance rises?
Harambe…ghey marriage….
The low dividend is a good question which I’ll research further. The majors want to go asset light mainly because of the uncertainty in fuel prices and needs. One year, it’s mombo jets. The next…short-haul is all the rage on Embraers. The growth prospects will come from the growing middle class in Asia. They are only 10% domestic. The cost of finance (interest rates) are actually a benefit to Air Lease as a rise actually makes leasing more attractive as airlines buy planes mainly through debt. CSuisse is high on them. Valueline is lukewarm. IAS (an investment advisory service who I trust more than any major) is completely high on them. I noticed them a couple of years ago, and brought the idea to my club. If market corrects, this is most likely my next Chipotle. I’ve put countless research in here. Management are stars and not greedy bastards too. The only real negative for me is that I hate airlines and everything airline related. One more positive…the US markets have been outperforming the world for quite a while so reversal to mean should help here too. Even forex. Too many positives…very few negatives. If you have any interest I could shoot you over the IAS report on them with the answers to your questions. I wouldn’t call this one a gift horse yet. I’m still digging. But so far, have hit more pay dirt than manure. Will keep you posted. Disclaimer for the morons here. I haven’t bought any yet. Neither should you. Yet!
Wow…surprised it went through. Liking this new site Grimbot.
@jbarro
Voters don’t have opinions about policies,
they have feelings about issues.
And about tacos.
@BCAppelbaum
Today we learned there are two Americas:
One that thinks “taco trucks on every corner” is terrifying,
and one that thinks: delicious.
Twitiot
I don’t hire from those schools either. I don’t provide safe spaces.
Besides (and at the risk of showing some Trump-like narcissistic tendency), most of the graduates I know from those institutions I regard as intellectual inferiors. I also took grad level courses at one and found them ridiculously easy. Which led to my epiphany decades ago: the hardest thing about Harvard is getting in.
The taco trucks all seem to be run by Koreans.
Still, good tacos.
Mushnick:
Dear Colin Kaepernick,
For what it’s worth, I agree with you. I’m also convinced blacks are America’s most oppressed race. And I’m pleased you’re the latest pro athlete to exploit his or her status to take a stand, yours by sitting during the national anthem.
But we disagree on who the oppressors are. You believe it’s white America, the America that helped do the once imponderable: elect a black President, and not once, but twice.
I believe that the greatest oppressors of black Americans are black Americans. And they’re encouraged to continue by a say-what-you-want-to-hear leadership and messengers, from the President to a frightened media, politicians of every office, and activists, both black and white, empowered by their steady unwillingness to tell clear, present and sustaining truths in service of genuine for-the-better change.
Consider that when a murder or murders of black men, women and children occur in a black neighborhood, its residents are conditioned to be uncooperative with cops and detectives — “snitches get stitches” — in pursuit of the murderer or murderers lest they and their families suffer retaliatory harm, including murder.
Now that, Colin, that’s oppression. It’s a gangs-as-Gestapo mentality and reality that exists — and rules — within black communities throughout this country.
Oppression? Colin, you’re one lucky young man to have escaped another epidemic of black-on-black oppression. You were adopted by a man and a woman and raised in a presumably loving, nurturing household. You were raised by two on-the-job parents.
You beat another common, almost standard reality: black self-oppression.
You can’t abide by a national anthem that makes you think about the oppression of minorities? Try thinking about the 380,000 Northern soldiers who died in the Civil War primarily fighting to end the enslavement of black men, women and children more than 150 years ago.
Why, Colin, is American black culture still synonymous — from the abuse of women, to violent crime, to absentee parents, to gangs substituting for families, to “Black Power” politicians who steal from the black poor and pocket it (and often are then reelected) — with sustaining self-oppression?
Colin, you cited the Black Lives Matter movement as one you support. But logical people of all races wonder why such a noble-titled movement assiduously avoids addressing, let alone protesting, the avalanche of daily and nightly murders of blacks by blacks in virtually every city in this country.
How is it, Colin, that it doesn’t matter to Black Lives Matter that the blood of black men, women and children daily fills the streets of Newark, Chicago, Detroit, Compton, East St. Louis, Baltimore, Birmingham and Miami? Why is Black Lives Matter’s outrage, copied from the plan of Jesse Jackson, Al Sharpton and, so sadly, President Obama, so hideously selective?
Obama says he has suffered the racism of whites locking their cars when he came into view. But don’t most people lock their cars, regardless? Does Obama think cars parked in black neighborhoods sit unlocked?
Modal Trigger
Colin KaepernickPhoto: Getty Images
Colin, I’m a liberal-in-exile, a disenfranchised Democrat who now often chooses practicality over ideology. Which flight would the ACLU lawyer who sues to prevent profiling choose for his or her family to board? The one that promises no profiling for terrorists or the one that guarantees it?
During the Trayvon Martin killing calamity in Florida, NBA players wore hoodies to symbolize the stereotyping that inspired Martin’s assailant, George Zimmerman.
Yet in the months before and after that NBA protest, crimes commonly were committed — and still are — by those who tried to obscure their identities beneath hoodies.
As those NBA protests occurred, an episode of “Bait Car,” which tracks cops as they pursue car thieves, appeared. This particular segment followed Officer Price of the Atlanta PD, who rode up at a red light alongside two young black men.
“I see two males riding with hoodies on their head, and it’s nice and warm,” said Price. “I’m suspicious.”
When he tried to pull over the car, a chase was on.
“I called it,” said Price, as he hit the gas. The perps, ages 16 and 17, lost control of the stolen car, slamming into a house.
For what it’s worth, Colin, Officer Price is black. And, for what it’s worth, Colin, black police officers are no more eager to go home dead than are white ones.
For what it’s worth, Colin, we agree: The oppression of black Americans remains staggering. But those slave ships haven’t arrived here in over 150 years. The oppression of American blacks is primarily perpetrated by American blacks.
And I further agree, Colin, the oppression of American blacks must stop.
From a story on gun violence in Chicago:
““The violence we are seeing is being committed by repeat offenders who do not fear the consequences of their actions, because too frequently they are not held accountable by the rest of the criminal justice system,” said police Superintendent Eddie Johnson”
Seems Obama, Hillary and Loretta have one off the reservation. Better get him back on message, blaming rural white gun owners for Chicago crime.
Administration/FBI dumps the Clinton 302’s right when nobody’s paying attention, late Friday on Labor Day Weekend.
In a nutshell, she portrays herself as Sgt. Schultz.