From Forbes:
Home Prices Jump In 95% Of Cities, Reaching Record High
Home prices have hit a new high. According to stats from ATTOM Data Solutions, median home prices jumped 2.9% over the third quarter of 2019 and 8.2% since last year. Clocking in at $270,000, it’s now the highest median sale price on record, according to ATTOM.
Though home price growth had been slowing for some time, Todd Teta, ATTOM’s chief product officer, says Q3 bucked this trend.
“The seven-year U.S. housing boom is back in high gear,” Teta said. “After a series of relatively small price increase quarters, home prices saw quite the uptick, seller profits rose, and the problem of distressed sales continued to fade, helping to make the third quarter the strongest in four years.”
…
All in all, home prices jumped in 95% of U.S. markets. The only major metros to see a drop in prices were Kansas City, Missouri (down 9.4%); San Jose, California (-3.3%); and Hartford, Conn. (-0.3%).
Home prices are now above pre-recession peaks in four out of every five major metro markets.
First in. Last out.
https://www.realtor.com/realestateandhomes-detail/40-Dogwood-Rd_West-Orange_NJ_07052_M69581-34093
$699K
$24K taxes
Do people really like having this sort of ratio? Who buys a house at this price, but wants to pay those taxes? Just trying to understand the mindset as it would be a non-starter for me.
Mike same thing going on with montebello NY. $600k homes with 5 beds pool 2 acres. It’s the taxes at $35k that kill you. I understand you get some of that back with the state star program, but you need NY income.
So, West Orange is indeed extreme. But let’s look at a Brooklyn or S.I couple with kids.
They are paying $6,000 property tax now in $500-$600k home. They pay about $6,000 (if dual income $200k) in NYC taxes. So they are at $12k. Then, they think, they need to pay $6-$8k per year for catholic schools per kid, possibly k-12. So during school ages they figure they are paying $12-18k per year on top of their current $6k property tax. They think, and they do, that going to a NJ public school is the equivalent to the SI/Brooklyn NYC school.
So if they find a place in NJ for $18k property taxes or less it works out.
* meant NJ public equivalent to NYC private school…
So much for having a paid for mortgage when you retire with 24k and more in taxes.
24K is interest withdrawal on 800K in savings @ 3%
Consider that… even let’s say you are in some stocks @ 5% its still on 480K in investments just to pay for your taxes if you want to live in your house after you retire.
This place was up the street a bit from my old place in WO.
Really liked it and this hilltop location.
https://www.zillow.com/homedetails/77-Stanford-Ave-West-Orange-NJ-07052/38753994_zpid/
Enjoyed WO FWIW.
Peterson:
https://youtu.be/qTk-69f64KU?t=95
BTW: clot set my Linked-In feed on fire. I can’t believe that clot and a bunch of doctors torched a business platform for a series of personal attacks and politics. A great throwback to another era on these threads.
Another democrat rising star has crashed and burned. I guess they should stop recruiting anong bartenders and pole dancers for future leadership positions.
Once again, I had to park blocks away at the last designated permit parking area for the train. I used to get a spot in the lot but none are no longer to be found by 6:30 AM. Whether they’re going to NYC, Jersey City or Hoboken, the bottom line is that more people are going to jobs. It’s the economy, stup1d.
Some real butthurt news reporting this morning over the dead terrorist. I had to turn it off.
Thanked Russians first, did not inform Pelosi, talked badly about a freaking terrorist etc etc.
I need to tune out for the rest of this election cycle, 371 more days folks!
> $699K
> $24K taxes
Agreed its crazy, the only justification (aside from the amount of land) is that NJ house prices really are cheap. If this was in California it would be a $2.4m house and the 24k would be a sensible 1%. What would you rather have?
Who crashed and burned?
3b – the naked one with the Nazi tattoo while smoking a bong and making out with her congressional staffer.
Juice forgot about her. The story seems to have died.
Never mind just saw she resigned.
3b – Her unemployed loser husband filed for divorce in July as well as alimony support because he is dead broke. His releasing the pics was his way of getting even, she left him behind when she went to DC to mind their “farm” full of rescue animals.
Now they are both broke Millennials to go along with substance abuse and stupidity. They end up living with mom and dad for the rest of their days.
Every year for the past 4 years, when my escrow adjusts to account for the increase in property taxes, I have made a lump sum payment to keep my monthly nut. Every year, This year, I owe $8,000 between my Montclair and Glen Ridge homes. And this is still on top of slight increases to my monthly payments (which I’m not sure how that happens).
Gator and my annual raises and increases in commuting costs are entirely eaten up to make sure that nearly every single cop, firemen and town worker is paid as much as we are. Forget the benefits.
Lib,
I pay an extra 2K every year (lump sum) to keep the escrow threshold at a minimum requirement. It’s maddening and every year I call the lender to explain it, whether I want to agree with it or not. I always seem to have an escrow shortage. They explained that if I sold my house tomorrow, I would be reimbursed for the surplus.
Another win for Trump, btw.
Waammmmp waaaaammmmmp
On October 28, the #GDPNow model nowcast of real GDP growth in Q32019 is 1.7%. View GDPNow for more details. https://bit.ly/2MqdKlP
Later this week the government will release the monthly jobs report for October at a time when a new survey says business hiring is slowing.
Hiring by U.S. companies has fallen to a seven-year low and fewer employers are raising pay, a business survey has found.
Just one-fifth of the economists surveyed by the National Association for Business Economics said their companies have hired additional workers in the past three months.
That is down from one-third in July. Job totals were unchanged at 69 percent of companies, up from 57 percent in July. A broad measure of job gains in the survey fell to its lowest since October 2012. Bitchez
Did the report really say, “Bitchez?”
4:37 word.