Monthly Archives: August 2023

You aren’t successful enough to afford Bergen County

Posted on August 30, 2023 by grim

From the Record: First-time NJ home buyer? What today’s low inventory and high mortgage rates mean to you As if being a first-time home buyer in New Jersey weren’t difficult enough, we can now add low market inventory and high … Continue reading →

Posted in General | 190 Comments

Shrinkflation hits housing

Posted on August 27, 2023 by grim

From the Week: The answer to rising home prices: smaller homes With the prices of homes remaining stubbornly unaffordable, the number of available home listings shrinking, and record high mortgage rates, potential homebuyers are increasingly looking to newly constructed homes to fill … Continue reading →

Posted in Demographics, Economics, National Real Estate, New Development | 144 Comments

Sales drop, still no inventory

Posted on August 25, 2023 by grim

From Reuters: US existing home sales slide again, but prices up from a year earlier Existing home sales fell 2.2% in July to a seasonally adjusted annual rate of 4.07 million units, the lowest level since January, from an unrevised … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 103 Comments

You’d be crazy to sell

Posted on August 24, 2023 by grim

Interesting look at mortgage rate lock-in from Fortune:

Posted in Crisis, Economics, Mortgages, National Real Estate | 87 Comments

Welcome back old friend

Posted on August 23, 2023 by grim

From Fortune: Housing market affordability is worse now than at the height of the housing bubble in 2006 On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge … Continue reading →

Posted in Crisis, Demographics, Economics, Housing Bubble, Mortgages, National Real Estate | 123 Comments

Sustainable?

Posted on August 22, 2023 by grim

From Yahoo Finance: Goldman Sachs no longer expects US home prices to decline in 2023 Goldman Sachs housing analysts no longer think home prices will fall this year. Instead, they are forecasting a slight increase. “We are revising our home … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 139 Comments

Dark clouds ahead, or too much pessimism?

Posted on August 21, 2023 by grim

From ROI-NJ: Survey: Will N.J.’s economy remain as is or worsen by end of 2023? How about that economy? The answer may not be that good: 44% of 434 certified public accountants surveyed by the New Jersey Society of Certified Public … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 63 Comments

Sorry about your job

Posted on August 20, 2023 by grim

From the Record: NJ job market numbers are out: See where we’re headed New Jersey’s private sector lost 9,500 jobs in the past two months and the unemployment rate ticked up from 3.7% to 3.9% according to a preliminary jobs report released … Continue reading →

Posted in Economics, Employment, New Jersey Real Estate | 31 Comments

20 year high

Posted on August 18, 2023 by grim

From NPR: Mortgage rates just hit their highest since 2002 Mortgage rates jumped to their highest level in more than two decades, making home-ownership even less affordable for many would-be buyers. The average interest rate on a 30-year, fixed-rate home … Continue reading →

Posted in Economics, Housing Bubble, Mortgages | 71 Comments

Too much money, too few options, more records

Posted on August 16, 2023 by grim

From News 12: Home prices on Long Island hit record high  Home prices on Long Island are hitting record highs this summer. In July, Nassau County’s median closing price was $725,000. The price is $30,000 more than the month before, … Continue reading →

Posted in Housing Bubble, National Real Estate, NYC | 124 Comments

9.7% of North Jersey homes over a $1m

Posted on August 15, 2023 by grim

From Redfin: Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High Just over 8% of U.S. homes are worth $1 million or more, near June 2022’s all-time high of 8.6%.  This analysis estimated … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 45 Comments

When will rates impact housing?

Posted on August 14, 2023 by grim

From HousingWire: Where are mortgage rates headed? ast week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. Weekly … Continue reading →

Posted in Demographics, Economics, Housing Bubble, Mortgages, National Real Estate | 61 Comments

Peak Shore?

Posted on August 13, 2023 by grim

From the Philly Inquirer: Did Shore house owners push their luck with high rents? Prices are dropping and weeks are open. Last summer, her Shore house in Avalon fully booked, Katie Leighton took the family on a vacation to Europe. … Continue reading →

Posted in New Jersey Real Estate, Shore Real Estate, Unrest | 23 Comments

You’ll need to find another way to launder money

Posted on August 11, 2023 by grim

From Reuters: US set to unveil long-awaited crackdown on real estate money laundering The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists … Continue reading →

Posted in Housing Bubble, National Real Estate, Politics | 74 Comments

Another day, another record

Posted on August 10, 2023 by grim

From CNBC: The average Manhattan rent just hit a new record of $5,588 a month Rents in Manhattan hit a new high in July, as higher interest rates and low supply continued to drive up prices. The average monthly rent … Continue reading →

Posted in Demographics, Economics, Employment, NYC | 40 Comments