Category Archives: New Jersey Real Estate

Careful with that claim, you might just get screwed twice

From the Record: Storms may push homeowners’ insurance rates higher Homeowners’ insurance rates may go up as insurers seek to offset losses expected from the unusual pre-Halloween snowstorm that socked the region on Saturday, and from Hurricane Irene and other … Continue reading

Posted in Economics, New Jersey Real Estate | 97 Comments

New Jersey Contract Sales Continue Decline

From the Otteau Valuation Group: MarketNEWS – November 2010 The New Jersey housing market continued to experience weak purchase demand in October due to the lingering effects of the economic recession. In October, home purchase contracts in New Jersey for … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 162 Comments

Fed: Home prices “drifting down in northern New Jersey”

From the Federal Reserve: Beige Book – Second District–New York Construction and Real Estate Housing markets have been mixed but generally stable since the last report. Real estate contacts in both northern New Jersey and western New York State report … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 115 Comments

Otteau: Slow recovery for housing, no recovery for high-end

From the Record: N.J. real estate prices headed up New Jersey home prices have bottomed out and will rise about 2 percent this year, real estate appraiser Jeffrey Otteau predicted Monday. “While things will get better from here, they’re going … Continue reading

Posted in Economics, New Jersey Real Estate | 224 Comments

Labor Day Weekend Open Discussion

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading

Posted in General, New Jersey Real Estate | 299 Comments

$8 $10 Billion in the Hole

From the Courier Post: N.J. faces $10B deficit next year, report says New Jersey faces a projected budget deficit of $8 billion in its next fiscal year, as well as a shortfall of more than $2 billion in its unemployment … Continue reading

Posted in New Jersey Real Estate, Property Taxes | 216 Comments

“You just can’t afford to stay in this house”

From the Record: In North Jersey foreclosures are up, home sales down In a painful sign of the worsening real estate downturn, foreclosure actions in North Jersey nearly tripled in the first five months of 2008 over the same period … Continue reading

Posted in Foreclosures, Housing Bubble, New Jersey Real Estate | 29 Comments

“The market value is what the market value is”

From the Record: How low will homes go? The number of home sales in North Jersey plummeted some 30 percent in 2007, raising the odds of a significant decline in home values beginning this year. Prices inched down only slightly … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 305 Comments

Monmouth/Ocean: Home of the Housing ATM

From the Asbury Park Press: Borrowers used houses to get cash Proponents had once touted subprime loans as a way for some consumers to afford the American dream of homeownership. Yet new government data now show a nightmare scenario that … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 116 Comments

Covered with gloom

From the Associated Press: Poll finds New Jerseyans feeling gloomy on economy Economic woes have New Jerseyans gloomy, a new poll has found. Forty-nine percent of respondents in the poll issued Monday by Fairleigh Dickinson University’s Silberman College of Business … Continue reading

Posted in Economics, New Jersey Real Estate | 276 Comments

“In this business, a deal is not done till it’s done.”

From the Record: More deals falling through Deal — or no deal? Does a signed contract mean the property will actually sell? In a volatile housing market, the answer these days is “not necessarily.” “You start earning your commission the … Continue reading

Posted in New Jersey Real Estate | Comments Off on “In this business, a deal is not done till it’s done.”

Northern NJ March Residential Sales

Preliminary March sales and inventory data for Northern New Jersey is in. Please note that this data is subject to revision. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound … Continue reading

Posted in Economics, New Jersey Real Estate | 392 Comments

Reform or sleight of hand?

From the APP: Corzine wants $260M to replenish jobless trust fund Gov. Corzine said Tuesday he wants to move $260 million from the current state budget to shore up the unemployment trust fund and avoid a trigger that would mean … Continue reading

Posted in Economics, New Jersey Real Estate, Politics | 3 Comments

“The numbers for us continue to rise”

From the Trenton Times: Singing the mortgage blues Otis Boone describes his housing problem as “a funny situation,” but stories like his have become common in Mercer County and around the country. In August 2005 he and his wife moved … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 267 Comments

Morris County not immune to slump

From the Daily Record: Morris hasn’t escaped crunch of foreclosures The Morris County Sheriff’s Office reports that the number of houses put up for auction within the first two months of this year was 40 percent higher over the same … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 6 Comments