Author Archives: grim

Suck it up

Posted on March 10, 2023 by grim

From the Record: Is $500K the new $300K? What you’ll pay for a starter home in North Jersey Newlyweds Joseph and Cheryl Petta just wanted to buy their first home in North Jersey. It was a disheartening year and a … Continue reading →

Posted in Demographics, Economics, Housing Bubble, New Jersey Real Estate | 197 Comments

Welcome to the Top 10

Posted on March 9, 2023 by grim

From CoreLogic: US Home Price Insights – March 2023 January 2023 National Home Prices Home prices nationwide, including distressed sales, increased year over year by 5.5% in January 2023 compared with January 2022. On a month-over-month basis, home prices declined … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 110 Comments

Will we see 8?

Posted on March 8, 2023 by grim

From Mortgage News Daily: Mortgage Rates Head Back Over 7% After Powell Testimony Jerome Powell is the Chair of the Federal Reserve–the entity that sets overnight lending rates in an attempt to keep inflation in a low, stable range.  Inflation … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 136 Comments

NJ Economic Outlook

Posted on March 7, 2023 by grim

From Charles Steindel at the Steve Sweeny Center for Public Policy at Rowan: Multi-Year Budget Workgroup: New Jersey Economic Outlook New Jersey’s economy did well in 2022, setting new highs in jobs, output, and income, generally matching or exceeding growth in … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 90 Comments

Finally, prices fall…

Posted on March 4, 2023 by grim

From the NY Post: US home prices just did something they haven’t done since 2012 US home prices in February posted their first year-over-year decline in more than a decade as surging mortgage rates put the squeeze on the market. … Continue reading →

Posted in Economics, Employment, Housing Bubble, Mortgages, National Real Estate | 55 Comments

Back to 7%

Posted on March 3, 2023 by grim

From CNBC: Mortgage rates jump back over 7% as inflation fears drive yields higher The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily. Growing fears that inflation is … Continue reading →

Posted in Mortgages, National Real Estate | 77 Comments

Billion Dollar Jersey Stimulus?

Posted on March 2, 2023 by grim

From TAP: Nearly 1.7 Million New Jerseyans Applied for the ANCHOR Property Tax Relief Program Approximately 1.7 million New Jersey homeowners and renters applied for the first year of the State’s historic ANCHOR property tax relief program, announced Governor Phil … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics, Property Taxes | 43 Comments

We’re spending more … for you!

Posted on March 1, 2023 by grim

From Politico: Murphy outlines $53B plan for ‘Next New Jersey’ in budget speech Gov. Phil Murphy on Tuesday outlined a $53.1 billion budget that supports what he calls the “Next New Jersey” as the state faces the prospect of a recession after … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics, Property Taxes | 65 Comments

The mighty will fall

Posted on February 28, 2023 by grim

From the NY Post: Home prices set for double-digit plunge in major Western US cities: Goldman Sachs Four US cities that experienced housing booms during the COVID-19 pandemic are set for major declines in home prices by the end of next year, … Continue reading →

Posted in Economics, Employment, Housing Bubble, Mortgages, National Real Estate | 54 Comments

But Murphy said we should be happy to pay

Posted on February 27, 2023 by grim

From Patch: Wyckoff Rep. Sounds Alarm On ‘Exodus’ Of Jobs, People From New Jersey Fifth District Rep. Josh Gottheimer is sounding the alarm on what he said is an “exodus” of jobs and people from New Jersey. In his State … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate, Politics | 35 Comments

Can’t even afford the trailer park

Posted on February 26, 2023 by grim

From the NY Post: Inside the Hamptons trailer park that’s become a playground for millionaires In the summer of 1998, Ken Hilderbrandt was contemplating buying a bigger boat — or a beachfront trailer on a wave-swept bluff in Montauk overlooking … Continue reading →

Posted in Demographics, Economics, National Real Estate, Philly | 17 Comments

Liquor up

Posted on February 24, 2023 by grim

From InsiderNJ: Governor Murphy Holds Roundtable Discussion on Modernizing New Jersey’s Antiquated Liquor Licensing Laws Governor Phil Murphy today held a roundtable discussion where he met with stakeholders to gather input and learn from diverse perspectives for his new legislative … Continue reading →

Posted in New Development, New Jersey Real Estate | 75 Comments

You should be happy to pay NJ taxes

Posted on February 23, 2023 by grim

From Patch: NJ Has Nation’s Highest Property Taxes, By A Long Shot: Report Life in New Jersey tends to guarantee two things: death and high property taxes. The Garden State pays the nation’s highest rate on property taxes by a … Continue reading →

Posted in New Jersey Real Estate, Politics, Property Taxes | 98 Comments

Home Sales Down Again

Posted on February 22, 2023 by grim

From CNBC: U.S. home sales post 12th straight monthly decline; house price inflation cools U.S. existing home sales dropped to the lowest level in more than 12 years in January, but the pace of decline slowed, raising cautious optimism that … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 102 Comments

No recession for the rich

Posted on February 21, 2023 by grim

From Mansion Global: Manhattan’s Luxury Real Estate Market Posts Best Week Since May 2022 Last week’s unseasonably warm temperatures may have helped warm up Manhattan’s luxury residential real estate market.  There were 31 properties priced at $4 million or more … Continue reading →

Posted in Demographics, Economics, NYC | 113 Comments