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NorthJersey.com: New Jersey foreclosures up 11 percent (http://www.northjersey.com/realestate/New_Jersey_foreclosures_up_11_percent.html - broken link)
NorthJersey.com: New Jersey foreclosures up 11 percent (http://www.northjersey.com/realestate/New_Jersey_foreclosures_up_11_percent.html - broken link)
Despite all the efforts of the state legislature, governor, & local politicians, the real estate market in New Jersey is moderately healthy, and improving slowly. The foreclosure rate in New Jersey was never that high compaired to other parts of the country and likely will not be getting worse from here.
From what I understand, the majority of the subprime lending that took place here in New Jersey was concentrated in Eastern Essex County (Newark ....) Bergen County, and areas around Camden County. The rest of the state had very few.
If any of you think that there is going to be a mass of foreclosures in New Jersey in the next few years I am sorry to say it is unlikely. The above listed places will have more than normal but in most places where you would actually want to invest, the rate of foreclosure will not be very high compaired to normal years.
Despite all the efforts of the state legislature, governor, & local politicians, the real estate market in New Jersey is moderately healthy, and improving slowly. The foreclosure rate in New Jersey was never that high compaired to other parts of the country and likely will not be getting worse from here.
From what I understand, the majority of the subprime lending that took place here in New Jersey was concentrated in Eastern Essex County (Newark ....) Bergen County, and areas around Camden County. The rest of the state had very few.
If any of you think that there is going to be a mass of foreclosures in New Jersey in the next few years I am sorry to say it is unlikely. The above listed places will have more than normal but in most places where you would actually want to invest, the rate of foreclosure will not be very high compaired to normal years.
James Boyer - Market Expert
Any data to back up your market expertise? From what I see in Middlesex county, home are not selling unless priced below market. Couple of my friends couldn't sell their homes in the last 1 yr and now trying to rent out.
Any data to back up your market expertise? From what I see in Middlesex county, home are not selling unless priced below market. Couple of my friends couldn't sell their homes in the last 1 yr and now trying to rent out.
we just had a huge comp killer in our town - 4000 sq ft, 5 yrs old, went for around $540K - originally sold for about $575K, resold for $615K about 8 mos later (guy I guess was flipping it). The sellers originally had it on the market for ~$650K (?). They got realistic real quick and slashed the price. I was shocked they went that low. When I saw that list price I knew it would go quickly, and it did - within a week. All other homes in that dev are still languishing between $650 - $800K.
Any data to back up your market expertise? From what I see in Middlesex county, home are not selling unless priced below market. Couple of my friends couldn't sell their homes in the last 1 yr and now trying to rent out.
I was reading the local newspaper yesterday and there were 2 1/2 pages of "legal notices" and almost all of them were foreclosure notifications. A year ago there would have been one or two foreclosures at most. Of course this is purely anecdotal, but to me it says all is not a rosy as some would have you think.
One of my friends bought a townhouse near Princeton Junction in 2001 for $240K. He tried to sell his townhouse last summer. He initially listed it at $395K. No offers. Then after long wait, he did 2 price reductions down to $370K. Then he got an offer for $330K, which he though too low and rejected and rented out.
First forward to this yr summer. Just a few days ago he has said to me that a little bigger townhouse in his neighborhood sold for $290K. Now he plans to hold it till 2011. I said even in 2011, you might not get $330k (the offer he got last summer).
good point. and if houses are only selling "below market value" - aren't those prices in fact, the "market value"?
Ding Ding Ding Ding!
Now, if someone wants to say they are below pre-boom values, ok, that I can accept. But saying below the prices people are setting, people that are holding onto 2005 prices, well those numbers just aren't worthwhile.
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