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Monthly Archives: January 2024
Uh oh…
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?
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
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!
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…
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
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
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?
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?
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
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!
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
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…
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
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
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