Monthly Archives: November 2021

Hiring Stalemate in NJ

From NJBIZ: NJBIA survey: 3 in 4 NJ employers faced hiring shortages this year Despite waning fears about the COVID-19 pandemic, three out of every four employers said they’ve struggled to find workers this past year, and many said they’re … Continue reading

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 127 Comments

NJ is the state for them!

From Patch: Every NJ Town’s Average Property Tax Bill In New 2021 List Tavistock Borough, Camden $30,328 Millburn Township, Essex $24,370 Mountain Lakes Borough, Morris $21,625 Tenafly Borough, Bergen $21,552 Demarest Borough, Bergen $21,377 Glen Ridge Borough, Essex $21,214 Rumson … Continue reading

Posted in Economics, New Jersey Real Estate, Property Taxes | 101 Comments

Thankful for profit$

From Forbes: Home Prices Hit Record High, Giving Sellers Much To Be Thankful For Home prices hit an all-time high of $359,975 in the four-week period ending November 21, according to a new report from Redfin, a technology-powered real estate brokerage. … Continue reading

Posted in Economics, National Real Estate | 83 Comments

October home sales hold strong

From MarketWatch: Existing-home sales rise slightly as demand remains strong for housing Existing-home sales moved higher in October despite expectations they would do the opposite, underscoring the strong demand for housing across the country. Existing-home sales increased 0.8% between September … Continue reading

Posted in Economics, National Real Estate | 215 Comments

NJ unemployment a miserable 7.0%

From ROI-NJ: N.J. employment continues on comeback trail, DOL says New Jersey grew its employment for the 10th consecutive month in October, according to the Department of Labor & Workforce Development, with the unemployment rate ticking lower as well. Preliminary estimates by … Continue reading

Posted in Economics, Employment, New Jersey Real Estate | 94 Comments

Halfway there

From MSN: House Bill Raises SALT Tax Cap; Senate Still To Vote Among the items passed by the House of Representatives Friday morning in the Build Back Better Act was an increase in the state and local tax (SALT) cap. … Continue reading

Posted in National Real Estate, Politics, Property Taxes | 66 Comments

“I really look forward to Republicans attacking me on restoring the SALT deduction for homeowners in my district”

From the Star Ledger: Biden bill to bring back property tax deduction for most N.J. homeowners Following President Joe Biden’s signature Monday on a $1 trillion bipartisan infrastructure bill, the House later this week is expected to turn its attention to … Continue reading

Posted in Economics, Employment, New Jersey Real Estate, Property Taxes | 260 Comments

LI hitting a wall?

From Long Island Business News: Long Island home prices head lower again The prices of Long Island homes dropped for the second straight month in October.  The median price of closed home sales in Nassau County last month was $650,000, down from the $661,500 median … Continue reading

Posted in National Real Estate, NYC, Price Reduced | 159 Comments

Real estate is never normal

From the NYT: Will Real Estate Ever Be Normal Again? The third time Drew Mena’s manager asked him about relocating to Austin, Texas, he and his wife, Amena Sengal, began to seriously consider it. They had deliberated each time before, … Continue reading

Posted in Demographics, Economics, Employment, National Real Estate | 187 Comments

Does expungement create labor market flexibility and economic benefit?

I’ve got to imagine nearly a million people in this region essentially locked out of labor market flexibility, now being able to seek out new/better jobs, etc – will have a significant benefit on local market economics and poverty rate. … Continue reading

Posted in Economics, New Jersey Real Estate | 87 Comments

Quits skyrocket

From CNN: A record number of Americans quit their jobs in September A record 4.4 million Americans quit their jobs in September as the sheer volume of available jobs is empowering workers to have their pick. Workers are quitting in search for … Continue reading

Posted in Economics, Employment, National Real Estate | 78 Comments

NJ #3 in post-pandemic foreclosures

From the Philly Inquirer: Foreclosure starts tick up in Pennsylvania, N.J., and nationwide Three months after the end of a federal foreclosure moratorium intended to keep people in their homes during the pandemic, foreclosure activity continues to increase across the … Continue reading

Posted in Economics, Foreclosures, New Jersey Real Estate | 358 Comments

Ivy calling Kool-Aid again

From the Real Deal: Strong housing demand a mirage, says analyst who called previous crash Everyone seems to be betting the house on a new home these days. Multibillion-dollar private equity firms. Joe Schmo house-flippers. Even savvy tech firms. Everyone … Continue reading

Posted in Demographics, Economics, National Real Estate, New Development | 238 Comments

NJ (closer to) getting SALT tax relief

From CNN: Congress passes $1.2 trillion bipartisan infrastructure bill, delivering major win for Biden Congress has passed a $1.2 trillion bipartisan infrastructure bill, delivering on a major pillar of President Joe Biden’s domestic agenda after months of internal deliberations and painstaking … Continue reading

Posted in Economics, Politics, Property Taxes | 90 Comments

Mansions or Middle Class?

From the Star Ledger: Your N.J. property tax break would be restored under Biden spending bill New Jersey homeowners would be allowed to deduct the full amount of their property taxes for the next five years under a provision expected … Continue reading

Posted in Economics, New Jersey Real Estate, Property Taxes | 245 Comments