Category Archives: Economics

NJ adds 4,600 jobs in Feb

Posted on March 24, 2023 by grim

From the NJ Department of Labor and Workforce Development: NJ’s Strong Labor Market Continues in February New Jersey continued to experience a strong labor market, preliminary estimates produced by the U.S. Bureau of Labor Statistics show, with 4,600 nonfarm jobs … Continue reading →

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

Don’t sell, rent.

Posted on March 23, 2023 by grim

From Fortune: Homeowners who held onto a 3% mortgage rate are becoming ‘accidental landlords’ The era of lower-than-ever mortgage rates is long gone, and it’s been replaced with rates hovering around 7%. But homeowners who locked in lower ratesbefore or during … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 140 Comments

NAR: First price decline in 11 years

Posted on March 22, 2023 by grim

From CNBC: Home sales spike 14.5% in February as the median price drops for the first time in over a decade Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 93 Comments

Pandemic boomtowns get crushed

Posted on March 18, 2023 by grim

From the Real Deal: US home prices drop annually for first time in 12 years How long has it been since the median U.S home price fell year-over-year? Hint: Gotye’s “Somebody That I Used to Know” was the top song, … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 77 Comments

Can’t buy? Just rent!

Posted on March 17, 2023 by grim

From the NY Post – Hat Tip ChiFi: North Jersey beats out NYC for the hottest rental market in the US As interest rates remain high to combat languishing inflation, warding off potential home buyers, the rental market has been … Continue reading →

Posted in Demographics, Economics, New Jersey Real Estate | 93 Comments

NJ – The Independent State

Posted on March 16, 2023 by grim

From WalletHub: 2023’s Most & Least Federally Dependent States Rank State Total Score State Residents’ Dependency State Government’s Dependency 1 Alaska 83.18 3 2 2 West Virginia 76.02 1 9 3 Mississippi 71.31 7 5 4 Kentucky 70.95 5 10 … Continue reading →

Posted in Economics, Politics | 124 Comments

Post Pandemic Job Recovery

Posted on March 15, 2023 by grim

From the State of NJ: Updated Labor Data: New Jersey Experienced Higher Employment Growth Over Past 2 Years Than First Reported TRENTON – The state’s job market performed better than initially estimated over the past two years, with 34,000 additional jobs … Continue reading →

Posted in Economics, Employment, New Jersey Real Estate | 114 Comments

Mortgage rates drop

Posted on March 14, 2023 by grim

From CNBC: Mortgage rates tumble in the wake of bank failures The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a … Continue reading →

Posted in Economics, Housing Recovery, Mortgages, National Real Estate | 115 Comments

The bailout that’s not a bailout…

Posted on March 13, 2023 by grim

From CNBC: Bill Ackman says U.S. did the ‘right thing’ in protecting SVB depositors. Not everyone agrees Billionaire investor Bill Ackman said the U.S. government’s action to protect depositors after the implosion of Silicon Valley Bank is “not a bailout” and … Continue reading →

Posted in Economics, Politics, Risky Lending | 155 Comments

The old NAR is back..

Posted on March 12, 2023 by grim

From Insider: A top real estate economist explains why a housing rebound is coming as rising sales and lack of supply look poised to lift home prices While some experts have warned of an impending US housing crash, Nadia Evangelou, senior … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 82 Comments

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