Home re-sales rise in New Jersey
Wednesday, May 12th, 2010
New Jersey is one of only three states with an increase in home re-sales in the first quarter of this year.
Sales of previously owned homes in the Garden State were up 6.8 percent from the previous quarter. Sales have gained for four straight quarters and are up more than 14 percent from a year ago.
Jarrod Grasso, the C.E.O. of the New Jersey Association of Realtors, says a tax credit that expired at the end of April helped spur home sales.
“I hope you don't see a dramatic drop off in sales activity,” says Grasso, “because we're going into the summer months. The summer months normally are a very active time periods, because families want to buy their homes now, get settled in, and get ready for the next school year.”
Median home prices in the quarter were little changed. Housing analysts anticipate prices may move higher in the second half of the year.
I would be interested in seeing a county by county breakdown showing pecentage of growth on a month by month. Five gets you ten the growth is in areas close to work enviroments. If the northwestern counties would get several job producing industry growth companies the number of bedroom communties would vanish and property overtax could be eased. I would also like to see them break it down to Equity sales vs. Bank owned vs. Short sales. It would open a number of eyes as to what the market is doing.
Ed McCouch
Interesting but not surprising. As an affluent state with access to many strong job markets, great schools, beautiful towns with tree-lined streets, vibrant downtown villages and (mostly) friendly people, it is a fantastic place to live. Now, the only real problem is that it is a bit overcrowded, as evidenced by any road at any time. A relatively small price to pay, I say!
Visit my website for demographics, school info and detailed info about many NJ towns. WhereToLiveInNJ.com
Thanks for reading, Trish Giassa
I am dissapointed in the Mortgage industry & underwriting..We have a lot of buyer's out there who lost jobs and were running a little late on their mortgage payments.They are now up to par but can't qualify for a mortgage for 12 months due to those turbulent times.
Hasn't the mortgage industry tightened up too much.? First you just needed to be breathing to qualify now you are hung out to dry because you had a tough couple of months..
Very Sad,With a good letter of Explanation it should be approved. I have a soldier who went to war for us and now they are having a hard time getting a loan without waiting a full year.
Pat Novak
patricia,
i could not agree with you more.
the lenders need to realize that millions of americans were effected by the economic down turn and may have missed payments of one or more on the mortgage or other debt. then made up the payments in the near future…these people should not be penalized by thte lenders and should be allowed to purchase or refi property.
furthermore, those who have been put in foreclosure as a result of losing their job should also be provided special underwriting terms when they get on their feet instead of the lenders treating them like they 3 heads and should not be touched due to the foreclosure.