NJ DOM on track to break new lows

Posted on September 12, 2023 by grim

From Redfin:

New-Jersey Housing Market Overview

This entry was posted in Demographics, Economics, Housing Bubble, New Jersey Real Estate. Bookmark the permalink.

78 Responses to NJ DOM on track to break new lows

  1. grim says:
    September 12, 2023 at 8:02 am

    Ouch, you can see Rodger’s Achilles snap last in last night’s game.

    Going to be spending a lot of time in that expensive house.

  2. leftwing says:
    September 12, 2023 at 8:27 am

    First non-Grim…

  3. Very Stable Genius says:
    September 12, 2023 at 8:45 am

    Packer’s maga Bret Farve stole Alabama’s welfare money but somehow ain’t in prison.

  5. Juice Box says:
    September 12, 2023 at 8:56 am

    Not sure what injury clause Rodgers has but $75 million of the contract is fully guaranteed and was I believe was paid in an upfront signing bonus, he reworked his contract lowered his total comp and got most of it upfront.

    His actual pay is only $1,8 million this year and $3 million next year and year 3 the rest about $37 million.

  6. BRT says:
    September 12, 2023 at 9:07 am

    1 In 8 Home Sellers In San Francisco Is Losing Money With An Average Loss Of $100,000. Is This A Healthy Correction?

    https://finance.yahoo.com/news/1-8-home-sellers-san-163039502.html

  7. BRT says:
    September 12, 2023 at 9:19 am

    When you are his age, you can’t play that sport without steroids. But a big side effect is the tendency to rupture tendons. You see it in just about every sport now. None of these athletic specimens can stay healthy because they are juiced up a pulling tendons left and right.

  8. Libturd says:
    September 12, 2023 at 9:34 am

    BRT,

    I knew what the injury was the moment he went down. I snapped mine at age 40 too. The bell curve for the AT snapping is from age 30 to 50 with the peak of the curve right at age 40. You could see his foot was stuck in the downward pointing position before he rolled over and took a few steps. It’s a complete rupture, since those are painless (until after surgery). Then when he took a step on the spongy leg and fell back down. No need for xrays. They don’t show tendons. He is out for the year and at that age it will likely take 9 months for him to recover. On the bright side, an AT repair does leave the leg as good as new if not stronger. You just have to be careful of the other one as it gets lots of extra use when the injured leg is non-weight bearing, which it will be for over a month.

  9. Paging Dr. Libturd says:
    September 12, 2023 at 9:36 am

    And you are correct about steroids. There is a class of ant1biotics too that have been proven to cause tendon damage, often leading to AT teers. I know. It’s what did it to me. I was prescribed Ci-pro twice to get rid of month long sinus-infections that would not clear themselves. Of course, before my AT tore but after too many anti-biotics, a sinus specialist told me to take a 24 hour studafed the moment I felt a sniffle. I have had one sinus infection since. When I tried to get in on the class-action suit for the anti-biotic tendon lawsuit (that paid really well), I did not qualify since my case was too early. What a complete crock of shite. As usual, the manufacturers knew about the issue, but did not warn the doctors. And we pay how much for this healthcare?

  10. Fast Eddie says:
    September 12, 2023 at 9:45 am

    The median house price in NJ in 2019 was 290K. In four years, we’re currently at 500K. Let it ride, baby!

  11. Chicago says:
    September 12, 2023 at 9:50 am

    Why can’t the Jets have any toys? Still that Garrett Wilson catch was fucking insane.

  12. Bystander says:
    September 12, 2023 at 9:50 am

    Lib,

    I am partly scared at your premonition of Aaron’s future. That was crazy. 4 snaps instead of 4 games. Is there a Yiddish term for soothsayer?

  13. Fast Eddie says:
    September 12, 2023 at 9:52 am

    According to a new report from real estate brokerage Redfin, roughly one of every eight homes, or 12.3%, sold in San Francisco in the three months ending July 31 were purchased for less than what the seller had originally paid.

    They’re moving here. Buy in the NJ/NY/CT sphere. Any price you pay now will only increase. Six-figure salaries in our area are standard.

  14. Fast Eddie says:
    September 12, 2023 at 9:54 am

    At least the Jets pulled out a win. I think Don Bosco could have beaten the Giants Sunday night.

  15. 3b says:
    September 12, 2023 at 10:01 am

    Fast: Interest rates don’t matter here. It will soon be $1,000, 000.00. It’s different here.

  16. 3b says:
    September 12, 2023 at 10:04 am

    Bloomberg Market pulse survey says the consumer is about to crack; not here of course.

  17. BRT says:
    September 12, 2023 at 10:08 am

    lol, Ci-pro for a sinus infection? I had a bad infection from an ingrown hair and they kept upping the antibiotics. The last straw for me was Bactrim. That crap destroyed my entire body for a month. I said never again. And, it didn’t work anyway, because it was topical. What ended up working? Treating it with diluted bleach topically and dissolving tumeric/triple antibiotic ointment into shea butter and sealing it with it on a daily basis. Doctor was mad at me.

  18. Fast Eddie says:
    September 12, 2023 at 10:10 am

    3b,

    I fed a unicorn on my front lawn this morning. He/She/It had a rainbow horn so I assume it was a non-binary unicorn. Anyway, only the most desired areas of North Jersey are home to unicorns. The news interviewed a family from Norway last weekend that traveled here just to see the unicorns.

  19. BRT says:
    September 12, 2023 at 10:13 am

    On tendons and things, when I was going to the doctors for achilles tendonitis and plantar fasciitis, every single one of them other than 1 wanted to inject me with a cortisone shot and slice me up a few weeks later. None of that was necessary. Physical therapy and yoga was all I needed. But I have a friend who took the shot, again, it shortens the tendons, next thing you know…snap.

  20. BRT says:
    September 12, 2023 at 11:07 am

    McDonald’s eliminating self serving beverage stations over theft and hygiene. Not surprising. Was in Panera in North Brunswick the other day. They hid all their cups that are normally by the ordering kiosks. You have to show your receipt to get the cup.

  21. Hold my beer says:
    September 12, 2023 at 11:54 am

    BRT

    I think most people either want instant gratification or are unwilling to question a doctor or look for alternatives to doctor recommendations.

    A quack killed a boomer relative of mine this year. Medicare patient hospitalized with pneumonia plus another respiratory illness. Was improving with medication. Doctor decided to to a bronchoscopy to see what type of pneumonia he had. Why? I suspect to pad the bill. Boomer never woke up from anesthesia and died in icu a week later. But anesthesiologist and doctor got paid, hospital got to fill an icu bed for a week. I think there are lots of doctors and dentists who don’t view patients as people, but as revenue streams and order unnecessary tests.

  22. grim says:
    September 12, 2023 at 12:01 pm

    “Hygiene”

    Lol.

    More like shrinkflation, no free refills, pay for every drink.

    Soft drinks are a money maker, they are just selling you ice.

  23. Fabius Maximus says:
    September 12, 2023 at 12:17 pm

    Genuinely sorry for the Jets. But you have to ask, why there was no plan B for QB beyond Wilson.

    As a 49ers fan I am glad to see that UnVaxeed Cheesehead finish his career with a 2.6qbr, 0cmp% 0yds 0td

    For me Brady to the Jets would be a great move. He is still in shape and can get up to speed in the next few games that the Jets are losing anyway. He gets rid of the ball fast enough to carry that woeful OLine. The rest of the Jets look good. But would he cross the Pats to cement a legacy.

  24. Juice Box says:
    September 12, 2023 at 12:23 pm

    They were just tired of Warren Buffet refilling the same cup all week.

  25. Juice Box says:
    September 12, 2023 at 12:31 pm

    Brady is now part owner now of the Raiders, he would have to sell.. I doubt that will happen.

  26. Phoenix says:
    September 12, 2023 at 1:19 pm

    Good one:

    Juice Box says:
    September 12, 2023 at 12:23 pm
    They were just tired of Warren Buffet refilling the same cup all week.

  27. BRT says:
    September 12, 2023 at 1:24 pm

    We had that Panera drink club all summer. I would stop at every panera and get an iced coffee every chance I got. I didn’t buy a single food item.

  28. The Great Pumpkin says:
    September 12, 2023 at 1:39 pm

    I just don’t see it…I only see recession. Raised rates fast and hard, price to pay for that.

    Libturd says:
    September 11, 2023 at 12:08 pm
    Finally,

    A lot of you questioned how I could be so high on the economy. I’ve pointed out nearly all of the things he has, but the Prof describes it better here:

    https://www.profgalloway.com/least-bad/

  29. The Great Pumpkin says:
    September 12, 2023 at 1:42 pm

    Fab,

    Zach wilson has earned the right to continue playing. He was the qb that played the entire game and helped beat the bills…which is a very very very good d.

    I am Jets fan. Best game of my life, maybe. This a “team win.” Teams win championships, not players. The amount of confidence now rolling through zach wilson and this team is simply amazing. Let the kid play and develop. He has earned it. He is only 2 years out from being the no 2 pick. He has the talent despite all the haters. He was thrown to the wolves in a helpless situation in his first two years…he was actually mentored this year and has grown tremendously. Let him play.

  30. The Great Pumpkin says:
    September 12, 2023 at 1:44 pm

    Lib,

    I am super bullish after we go through the correction. It will happen anytime from now till 2025, but there has to be a correction to adjust for those rates.

  31. Phoenix says:
    September 12, 2023 at 1:52 pm

    Families in the Aloha state have $10,637 in credit card loans on average.

    It was followed by Alaska, California and New Jersey where average debts were $10,142, $9,796 and $9,468 respectively.

  32. Libturd says:
    September 12, 2023 at 1:54 pm

    Or a soft landing.

    Remember, after it happens will be when you know it happened.

    If you don’t see a large correction, then there will be no blood in the streets to mop up.

    Finally, I’m in an excellent position. I can afford to go in early, take some pain and still will come out way ahead due to my smartly timed exit and return so far. If it’s not a major correction, you and the rest of the herd will miss it, as usual.

  33. Libturd says:
    September 12, 2023 at 1:55 pm

    Phoenix.

    It costs $100 for a burger in Honolulu. Or just $1 a month in perpetuity.

  34. The Great Pumpkin says:
    September 12, 2023 at 1:56 pm

    Lib,

    Soft landing is the absolutely worst thing that can happen. It means stagflation, and a lost decade. Pain cleans up the mess, so the flower can grow.

  35. The Great Pumpkin says:
    September 12, 2023 at 1:57 pm

    Stocks are way too expensive….how much are you going to make if they hold these levels? Economy has to hit on all cylinders to suck out profit at these price levels.

  36. The Great Pumpkin says:
    September 12, 2023 at 2:00 pm

    It’s like a house. How much higher can they really run up at these current levels? How is it sustainable? Could you afford this current market? You know I know the answer. You are too cheap to buy in this market, but then again, you did buy in 2004. So, I can be wrong.

  37. Bystander says:
    September 12, 2023 at 2:14 pm

    …the market and housing have to keep going up. There is no choice. The Fed will have to print 15T and ZIRP over next few years. Gen X is going to retire en masse in 10-15. I want 2M for my house and Dow 60k. If it does not happen then the world collapses. Everyone needs to make 200K base. Prices don’t ever go down. This is the way Blumpy.

  38. Fast Eddie says:
    September 12, 2023 at 2:18 pm

    It’s like a house. How much higher can they really run up at these current levels?

    We’re in 4th place in the credit card debt standings. When we get to 1st place, then we can reassess. Then again, $9,468 average CC debt for NJ is rather small change. We’re bleeding wealth here and double that figure can easily be achieved. My forecast is for a 10% increase on housing prices year over year for the next three years followed by a 2 or 3 year pause and then a steady climb again. A well-kept cape in a town like Waldwick, for example, will average around 850K in a few years. Prestige has a price… it’s warranted.

  39. The Great Pumpkin says:
    September 12, 2023 at 2:25 pm

    Fast and by,

    Def agree with you guys. You know my position all last decade. I just think we need a correction to fix this current mess (housing market is basically broken with no sales). That’s not good for the economy if we continue to have such low sales…will hurt economic growth over time.

  40. Fast Eddie says:
    September 12, 2023 at 2:31 pm

    I want 2M for my house and Dow 60k.

    It’s a lock, bro! When the sale and dividends start flowing in, buy a nice Arturo Fuente Opus X, pour yourself a bourbon on the rocks and enjoy!

  41. The Great Pumpkin says:
    September 12, 2023 at 2:31 pm

    Good morning, CFOs. Pet food—typically one of the last places animal owners look for savings—may no longer be sacrosanct.

    When dog and cat owners cut back on spending for themselves, pet items, especially food, are among the last areas where changes are made. But with inflation straining wallets, pet parents have already been cutting their spending, particularly when it comes to discretionary products such as toys.

    Now things are getting more serious.

    With the cost of pet food up nearly 11% from a year ago, according to the July consumer-price index, animal owners are trading down from more expensive gourmet brands or shifting to smaller pack sizes, finance chiefs and analysts said.

    Premium dry dog food, for instance, is losing share at an accelerating rate—down 2.9 percentage points in the three-month period ended in July compared with a year earlier—and across all income groups, suggesting that the desire for savings is broadly felt, said Max Gumport, a U.S. packaged foods analyst at BNP Paribas.

    “In times of recession or economic stress, first you trade down on your own food, then your kid’s food and then your dog’s food. That’s what history would suggest,” he said. “This time is appearing to be different.”

  42. The Great Pumpkin says:
    September 12, 2023 at 2:33 pm

    The U.S. economy is chugging along while the rest of the world falls behind. Driving the division among the world’s most powerful economies: a slowdown in trade that is hurting some much more than others.

    The waning of global trade flows is consolidating a growth gap among members of the Group of 20 largest world economies, whose leaders are meeting this weekend in India, resetting the global balance of economic power.

    At the losing end are “extroverted” economies that have traditionally recorded trade surpluses and are now seeing their growth lag behind those of the U.S. and India, for instance, vast markets that have historically relied more on domestic demand for growth relative to their peers.

    Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.

  43. Juice Box says:
    September 12, 2023 at 2:40 pm

    Again I am a Giants Fan but have an appreciation for the Jets and their struggles. Best thing I saw yesterday was Xavier Gipson return a punt 65 yards to win the game. On the Last episode of Hard Knocks, he was called into the office presumably because he was going to get cut from the 53-man roster. Well they kept him an undrafted 5’9″ receiver from Stephen F. Austin Lumberjacks Uni wherever the heck that is.

  44. Bystander says:
    September 12, 2023 at 2:41 pm

    Low sales? Where? Across street adding 250K addition. Two houses down 1.5m Magnolia mag mastu&bation build put on market. 4 houses down, they just bulldozed small house into oblivion and cleared lot of 3k sg ft home. 6 houses down, neighbors about to remodel 1500 sq ft to 2800 sq ft with second story addition. Realwhores tell me it is different this time. I won’t even get into condo monstrosities being put down by our train station

  45. Libturd says:
    September 12, 2023 at 2:49 pm

    Where is the money coming from?

  46. BRT says:
    September 12, 2023 at 2:53 pm

    Pet food is more expensive than real food.

  47. BRT says:
    September 12, 2023 at 2:55 pm

    I remember Orange Juice in 2008 in Hawaii was like 10 dollars a gallon. I instead opted for the fresh squeezed guava juice they had. Man…what an upgrade. I could drink that for breakfast every day.

  48. Fast Eddie says:
    September 12, 2023 at 2:58 pm

    Where is the money coming from?

    Get with it! Stop thinking like it’s 1997! Soc1al Media influencers, aspiring rappers, 100K to start with an undergrad degree in liberal arts, collectibles flipping, flea market finds, pool, maid and lawn services, resellers, painters, plumbers, etc., etc. is all ending up in generating barrels of $50s up and down the financial ecosystem!! We’re in the sweet spot here, baby! Let it ride!!

  49. Phoenix says:
    September 12, 2023 at 3:00 pm

    If you eat your dog you no longer have to buy food for it.

  50. Libturd says:
    September 12, 2023 at 3:04 pm

    “If you eat your dog you no longer have to buy food for it.”

    I think Phoenix is on to something. Or is simply on something after raiding the dispensary Nurse Jackie style.

  51. Phoenix says:
    September 12, 2023 at 3:06 pm

    America is like Britain before Ww1. And probably after it as well.

  52. 3b says:
    September 12, 2023 at 3:06 pm

    Bystander: We are magical here, and it’s different here, it’s the only explanation! Brother Fast helped me see the light!

  53. Bystander says:
    September 12, 2023 at 3:06 pm

    I could not afford a dog yet I would say pet grooming, pet food and pet boarding are among top places opening all around town.

  54. Phoenix says:
    September 12, 2023 at 3:07 pm

    Lib,
    I work with Filipinos.

    They tell me stories.

  55. 3b says:
    September 12, 2023 at 3:08 pm

    Fast: Even the houses in Waldwick hard on Rt 17 will command 800k or more. Prestige is everything, not location.

  56. Phoenix says:
    September 12, 2023 at 3:13 pm

    Breaking with the habit of a business that puts few figures in its public statements, he reveals that Mars now has 12 brands with sales above $1bn. They range from confectionery staples such as Snickers and M&Ms to the Pedigree and Royal Canin pet food brands and VCA, the vet clinic chain it bought for $9.1bn in 2017.

    “There’s actually not a lot of connective tissue between the businesses,” Weihrauch said, whose own career tells the story of the Mars family’s diversification away from the chocolates for which it is still best known.

    He joined Mars in Slough, near London, as European brand leader for Snickers, ran Wrigley’s European business after Mars bought the gum brand in 2008 and became president of Mars Petcare in 2014. He doubled that division’s sales in eight years, turning a pet food business into the world’s largest provider of veterinary services.

  57. Fast Eddie says:
    September 12, 2023 at 3:13 pm

    Brother Fast helped me see the light!

    Alleluia!! Alleluia!!

  58. Fast Eddie says:
    September 12, 2023 at 3:16 pm

    New car, caviar, four star daydream
    Think I’ll buy me a football team!

  59. Hughesrep says:
    September 12, 2023 at 3:28 pm

    Spent almost $5K on the dog a few weeks ago, pancreatitis, diabetes, major arthritis flare up. Ended up putting it down anyway.

    Vets are a license to print money.

    Of course we got another dog a week later.

  60. Phoenix says:
    September 12, 2023 at 3:33 pm

    Pets are expensive. It won’t be long before the shelters are overflowing- when people can’t pay for their pets off they go.

  61. Bystander says:
    September 12, 2023 at 3:34 pm

    Well Ed..not the team with 40 year old QB on busted Achilles. I would also avoid one that got star shape paddle-smacked, fraternity style

  62. Bystander says:
    September 12, 2023 at 3:44 pm

    I’ve always thought about the business model for drive-in funeral. Not even joking. It is major cost saving yet perfectly expedient, lazy and impersonal business for the next gen. I will put up a TV so they tweet their selfies and sorry comments. Cardboard box sizes in S,M,L,XL, XL2, XL3, finely decorated. Conveyor belt to crematorium, 30m and done.

  63. ExEx says:
    September 12, 2023 at 3:48 pm

    Mobile Tattoo removal. One van a couple of lasers.

    Business of the future.

  64. Bystander says:
    September 12, 2023 at 3:54 pm

    Ex,

    So true. Nothing sadder than tattoo on aging woman. My ex wife had stupid water ying yang symbol on lower back. My college ex-gf got a fish on her back in 1995 when we broke up. Now, 45 and 50 respectively, I bet they look like colored bird droppings on wrinkly paper. Today, my wife and I are absolutely in the minority as neither has one.

  65. Libturd says:
    September 12, 2023 at 4:14 pm

    I am tattoo free, though I think when they are done nicely they look awesome. Just not for me.

  66. 3b says:
    September 12, 2023 at 4:35 pm

    Fast: Amen brother.

  67. Phoenix says:
    September 12, 2023 at 4:59 pm

    Bystander,
    Most young women have at least one now.

  68. ExEx says:
    September 12, 2023 at 5:21 pm

    Women you date.

  69. Phoenix says:
    September 12, 2023 at 5:40 pm

    Well, I guess not most. But in my profession they pretty much all do:

    Gender: 38% of women have at least one tattoo, compared with 27% of men. This includes 56% of women ages 18 to 29 and 53% of women ages 30 to 49.

  70. Phoenix says:
    September 12, 2023 at 6:20 pm

    FDA rules TODAY that ingredient in Benadryl and Sudafed from pharmacy shelves doesn’t work
    Phenylephrine is everywhere and every nasal decongestant contains it
    The vote deeming it ineffective paves the way for it to be pulled from market.

    It’s how you make meth. Guess the smurfs are going to be unemployed now.

  71. Phoenix says:
    September 12, 2023 at 6:34 pm

    A Bay Area city is offering new cops a hefty $75,000 bonus on top of their $110,000 starting salary after struggling to find candidates amid a staffing crisis.

    ‘There are million dollar homes here. The average rent here is also $3,000,’

    There are million dollar ranch homes in NJ. The PoPo are getting short shafted here. They need big raises, and fast.

  72. 1987 condo says:
    September 12, 2023 at 7:31 pm

    The “popo” are making $150,000 here so I think they are ok.

  74. Chicago says:
    September 12, 2023 at 9:58 pm

    Phoenix says:
    September 12, 2023 at 3:33 pm
    Pets are expensive. It won’t be long before the shelters are overflowing- when people can’t pay for their pets off they go

    https://m.youtube.com/watch?v=HJWFsZ_YUc4&pp=ygUNcGV0IHNlbWF0YXJ5IA%3D%3D

  75. BRT says:
    September 12, 2023 at 11:02 pm

    I thought everyone already knew it didn’t work. We didn’t need the FDA to tell us. We always made sure we bought the real stuff.

  76. grim says:
    September 13, 2023 at 6:01 am

    It’s how you make meth. Guess the smurfs are going to be unemployed now.

    Pseudoephedrine is the meth precursor, Phenylephrine was what the Pharma industry came up with when pseudoephedrine was forced behind the counter, which significantly reduced sales. They were able to recoup the revenue losses, mission accomplished. Work or not work is irrelevant here. Honestly, they probably chose it because the name sounded similar enough to confuse most.

  78. Phoenix says:
    September 14, 2023 at 12:37 pm

    It appears to work. Maybe there is some testosterone in her breast milk.

    Chicago says:
    September 12, 2023 at 9:50 pm
    JJ lives:
    https://nypost.com/2023/09/12/i-breastfeed-my-husband-to-spend-more-quality-time-together-our-marriage-is-stronger-than-ever/

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