Monthly Archives: January 2024

Uh oh…

Posted on January 31, 2024 by grim

From NJ.com: New listings of home sales spiked 72% in this N.J. county. Latest rankings by county.

Posted in Economics, Housing Bubble, New Jersey Real Estate | 78 Comments

Blame taxes for the inventory?

Posted on January 30, 2024 by grim

From CNN: Boomers are not moving out of their big homes. Here’s why After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California. … Continue reading →

Posted in Demographics, Economics, Housing Bubble, Politics, Property Taxes | 94 Comments

NJ Homes for $1

Posted on January 29, 2024 by grim

From Patch: $1 Homes For Sale In Newark; Public Lottery Will Mark Milestone Buy a house for a buck? That’s the dream that’s about to become reality for some lucky Newark families on Monday, when the city launches its first … Continue reading →

Posted in Demographics, Economics, New Jersey Real Estate, Politics | 64 Comments

Zillow: Up, up, and away!

Posted on January 28, 2024 by grim

From Fortune: Zillow just raised its home price forecast, seeing a 3.7% jump in 2024, and it’s all because of ‘external factors’ Just as things had started looking up for the U.S. housing market, with mortgage rates dropping modestly, on Thursday Zillow revised … Continue reading →

Posted in Housing Bubble, National Real Estate | 59 Comments

So much for 2023…

Posted on January 26, 2024 by grim

From the NJ Association of Realtors: Monthly Indicators – December 2023 From NJ Business Magazine: Closed Home Sales in NJ Down 22.1% in 2023 New Jersey Realtors has released its 2023 year-end residential real estate housing market data revealing the … Continue reading →

Posted in Demographics, Economics, New Jersey Real Estate | 129 Comments

#hodlforever

Posted on January 25, 2024 by grim

About time the rest of the industry noted the behavioral trend that we were one of first to identify and discuss. 2) Mortgage lock-in, and this is one of the major trends I’m looking at in the near future. Should … Continue reading →

Posted in Crisis, Economics, Housing Bubble, Mortgages | 59 Comments

Fairest lawn of all

Posted on January 24, 2024 by grim

From NJ.com: Bidding war results in suburban N.J. home selling for $115K over the asking price A house in Fair Lawn was priced to sell – and it sure did. For more than $100,000 over the asking price.

Posted in Housing Bubble, New Jersey Real Estate | 75 Comments

How long to sell?

Posted on January 23, 2024 by grim

From NJ.com: Homes taking longer to sell in N.J. See latest county-by-county rankings. Median Days on Market Burlington County 40 Gloucester County 40 Camden County 42 Union County 44 Middlesex County 45 Somerset County 46 Mercer County 46 Cumberland County … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 69 Comments

Prices to fall in 2024?

Posted on January 21, 2024 by grim

From Fast Company: Fannie Mae expects U.S. home prices to rise in 2024; Morgan Stanley disagrees “When we published our year-end forecast, we were expecting [housing] affordability to improve. . . . If mortgage rates were to stay here that improvement … Continue reading →

Posted in Housing Bubble, Mortgages, National Real Estate | 78 Comments

Nobody selling, nobody buying

Posted on January 20, 2024 by grim

From PBS Newshour: U.S. existing home sales drop to near 30-year low Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades and … Continue reading →

Posted in Housing Bubble, National Real Estate | 10 Comments

Cheers!

Posted on January 19, 2024 by grim

From 42 Freeway: New Jersey Liquor License Overhaul Signed.  Much More To It Than The Press Release So it’s clear that New Jersey lawmakers are not happy that over 1,500 full alcohol plenary licenses are sitting unused for years, which … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics | 57 Comments

Oh Shiitake

Posted on January 18, 2024 by grim

From Fast Company: Decoding the U.S. housing market: What Opendoor’s performance reveals about home prices At the edge of the sprawling desert community of North Las Vegas, the four-bedroom home at 7473 Moonglade Street epitomized the impact of the mortgage rate shock … Continue reading →

Posted in Economics, General, National Real Estate, Price Reduced | 68 Comments

Those were the days…

Posted on January 17, 2024 by grim

From Fox: This was the average cost of an American home in the decade you were born 1940 In 1940, without adjusting for inflation, the average cost of a home in the United States was $2,938, according to the United … Continue reading →

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

You’ve got to be crazy to live in NJ

Posted on January 16, 2024 by grim

No, just tripping. From the Record: NJ looks to make magic mushrooms legal for recreational use and to treat mental health It took at least five years of public debate, lobbying and bill amendments for New Jersey to make marijuana … Continue reading →

Posted in Humor, New Jersey Real Estate | 51 Comments

Shrinkflation, even in housing

Posted on January 15, 2024 by grim

From Fox 5: Renting in NYC: $1,700 gets you a living room sized apartment, study reveals Renters from every borough in NYC agree that prices are soaring and living spaces are shrinking, but a new study sheds light on just … Continue reading →

Posted in Demographics, Economics, Housing Bubble, NYC | 22 Comments