Category Archives: Economics

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

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

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

Where NJ goes

Posted on August 7, 2023 by grim

From NJ 92.7: Leaving New Jersey: Where People Choose to Live Next #10. Delaware #9. Maryland #8. Georgia #7. Virginia #6. Texas #5. California #4. North Carolina #3. Florida #2. New York #1. Pennsylvania

Posted in Demographics, Economics, National Real Estate, New Jersey Real Estate | 82 Comments

Jobs Day!

Posted on August 4, 2023 by grim

From Morningstar: July Jobs Report Forecast: Few Signs of a Slowing Economy Forecasts for the July U.S. jobs report call for yet another month of healthy gains in the labor market, with no signs of a recession. Still, if the … Continue reading →

Posted in Economics, Employment, New Jersey Real Estate | 116 Comments

Losing the greatest fools

Posted on August 3, 2023 by grim

From CNBC: Foreign buyers are bailing on the U.S. housing market. Here’s why International buyers are pulling back from the U.S. housing market, as high mortgage rates, soaring home prices, a meager supply of homes for sale and a strong dollar … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 69 Comments

Did the housing recession even start?

Posted on July 28, 2023 by grim

From the National Association of Realtors: NAR Economist: ‘Housing Recession Is Over’ Contract signings picked up the pace last month, and home buyers are increasingly facing multiple offer situations. NAR releases its housing forecast for the remainder of the year … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 67 Comments

I’m going where there’s no recession

Posted on July 27, 2023 by grim

From Reuters: Fed staff drop US recession forecast, Powell says U.S. Federal Reserve Chair Jerome Powell said on Wednesday the central bank’s staff no longer forecasts a U.S. recession, and “we do have a shot” for inflation to return to … Continue reading →

Posted in Economics, National Real Estate | 33 Comments

Recession fading away?

Posted on July 18, 2023 by grim

From CNBC: Goldman Sachs cuts odds of a U.S. recession in the next year Goldman Sachs revised down the odds of a U.S. recession happening in the next 12 months, cutting the probability down to 20% from 25% on the … Continue reading →

Posted in Economics, Employment, National Real Estate | 216 Comments

Congestion pricing hurts, until it helps

Posted on July 16, 2023 by grim

From ROINJ: The next ‘Stay in N.J.’ program: Why congestion tax hurts N.J. commuters — but could ultimately help N.J. economy New York City officials say their congestion pricing system will collect billions for mass transit — and discourage drivers … Continue reading →

Posted in Demographics, Economics, Employment, New Development, New Jersey Real Estate, NYC | 24 Comments

NJ takes #2 spot for May

Posted on July 12, 2023 by grim

From CoreLogic: CoreLogic: US Annual Home Price Growth Drops to the Lowest Rate in 11 Years in May CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for May 2023. … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 152 Comments

Where you shouldn’t buy

Posted on July 10, 2023 by grim

From Yahoo Finance: These Are the 10 Most Overpriced Housing Markets in the U.S. — 5 Are in Florida 10. Nashville, Tennessee 9. Tampa, Florida 8. Deltona, Florida 7. Detroit 6. Palm Bay, Florida 5. Lakeland, Florida 4. Memphis, Tennessee … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate, Where's the Beef? | 22 Comments

Mortgages still strong

Posted on July 9, 2023 by grim

From CoreLogic: Loan Performance Insights – June 2023 30 Days or More Delinquent – National In April 2023, 2.8% of mortgages were delinquent by at least 30 days or more including those in foreclosure. This represents a 0.1 percentage point … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble, Mortgages, National Real Estate | 4 Comments