Category Archives: New Jersey Real Estate

$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

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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

Aim low, sell fast

From the Star Ledger: Bid for reality Lenny Klein thinks home sellers could learn a thing or two from eBay. Nothing draws bidders quicker to an auction than a low opening bid, the real estate agent said. Setting a list … Continue reading

Posted in New Jersey Real Estate | 5 Comments

Spring 2008 Trends – Short Sales

Source: A Realtor (R) Association Newsletter Need I say more?

Posted in New Jersey Real Estate | 39 Comments

Have mercy on us

From the Associated Press: NJ lawmakers call for cities, towns to impose their own taxes Assembly lawmakers on Tuesday said the state should weigh allowing cities and towns to impose their own taxes as more woes were predicted for New … Continue reading

Posted in New Jersey Real Estate, Property Taxes | 306 Comments

Livingston Comp Killer

14 Fernwood Road, Livingston NJ Purchase Price: $995,000 Purchased: 1/22/2007 Current Asking Price: $799,000 (Short Sale) 20% under 2007 purchase price History MLS# 2430585 Listed: 7/30/2007 Original List Price: $995,000 Reduced: $799,000 Days on Market: 240 Active

Posted in Comp Killer, New Jersey Real Estate, Price Reduced | 10 Comments

Florham Park Comp Killer

22 Midwood Drive, Florham Park NJ Purchase Price: $800,000 Purchased: 7/21/2006 Current Asking Price: $599,000 (Short Sale – Lis Pendens Filed) 25% under 2006 purchase price History MLS# 2339326 Listed: 11/8/2006 Original List Price: $799,500 Reduced: $775,000 Days on Market: … Continue reading

Posted in New Jersey Real Estate, Price Reduced | 108 Comments