NJ housing market was already struggling before hurricane


By Patrick   Follow   Sun, 4 Nov 2012, 7:08pm   679 views   11 comments
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http://www.telegram.com/article/20121104/NEWS/111049665/1237

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  1. Call it Crazy


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    1   7:54pm Sun 4 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Sandy’s brutal arrival last Monday was the latest blow to homeowners in New Jersey, where foreclosures continued to rise and real estate prices to fall after most of the U.S. housing market began to recover last year. “New Jersey was a laggard before the storm even came along and the storm won’t help,” Sam Khater, deputy chief economist for CoreLogic Inc., a real-estate information service, said from his office in Tysons Corner, Va.

    New Jersey ranked second behind Florida in September among states with the highest inventories of homes facing foreclosure, CoreLogic reported Wednesday.

    In the Garden State, 7.3 percent of homes with a mortgage were seriously delinquent or facing repossession, compared with 3.3 percent nationally.

    In the 12 months through August, home prices fell 1.4 percent in New Jersey while across the U.S. they rose 4.6 percent, Irvine, Calif.-based CoreLogic reported Oct. 2.

    New Jersey law, which requires judicial review of all foreclosures, has delayed a recovery by prolonging the time it takes lenders to repossess homes, Khater said.

    The effects of the U.S. recession, more than lax lending standards, prompted New Jersey’s surge of delinquent mortgages, he said. The state’s unemployment rate was 9.8 percent in September, a 0.4 percentage point rise from a year earlier, according to the Bureau of Labor Statistics.

    An estimated 75,300 homes valued at $22.6 billion along the New Jersey coast were in Sandy’s path, according to an Oct. 29 CoreLogic report. That included more than 20,000 properties worth $4.8 billion in the Atlantic City area, where Sandy destroyed part of the boardwalk and amusement rides.

  2. lostand confused


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    2   7:55pm Sun 4 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    I hear property taxes are horrendous in New jersey??

  3. Call it Crazy


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    3   8:27pm Sun 4 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    lostand confused says

    I hear property taxes are horrendous in New jersey??

    You're right....

  4. theoakman


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    4   8:54pm Sun 4 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    lostand confused says

    I hear property taxes are horrendous in New jersey??

    a middle class citizen in NJ considers 7k a year on a home "low property taxes"

  5. CaptainShuddup


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    5   7:46am Mon 5 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    For 7K a year, I would expect the Mayor to personally deliver me coffee and the current news paper every morning.

  6. thunderlips11


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    6   8:42am Mon 5 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    The problem in NJ is every township - only a few square miles - has it's own Police, Fire, even their own Health Department. And of course, the Freeholders - what NJ calls local elected officials - are invariably Realwhores.

    You'll never see so many police as you will if you live in NJ. I think maybe once out of 20 trips around the corner, I DIDN'T see a cop. It's also why car insurance is so high there - cops writing tickets left and right.

    I only lived in NJ for a couple of years, but NJ accounts for all of my speeding tickets but one. And they're all "45 in a 35" BS tickets.

  7. theoakman


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    7   8:55am Mon 5 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    thunderlips11 says

    The problem in NJ is every township - only a few square miles - has it's own Police, Fire, even their own Health Department. And of course, the Freeholders - what NJ calls local elected officials - are invariably Realwhores.

    You'll never see so many police as you will if you live in NJ. I think maybe once out of 20 trips around the corner, I DIDN'T see a cop. It's also why car insurance is so high there - cops writing tickets left and right.

    I only lived in NJ for a couple of years, but NJ accounts for all of my speeding tickets but one. And they're all "45 in a 35" BS tickets.

    hehe, every time I make the drive from Jersey to Boston, I pass about 10 - 15 cops along the NJ turnpike. Then, as I hit every other state, I'm lucky to pass 1 or 2 cops.

    The other problem in NJ is that the local municipalities are forced to fund the inner city schools. The inner city schools supposedly end up "spending" 23 k per kid on education. The reality is, administrators, politicians, and politically connected groups funnel the money away and its a never ending cycle of waste/fraud.

  8. zzyzzx


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    8   9:14am Mon 5 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    Call it Crazy says

    That included more than 20,000 properties worth $4.8 billion in the Atlantic City area, where Sandy destroyed part of the boardwalk and amusement rides.

    Atlantic City has amusement rides???? The only amusement rides in Atlantic City are the ones on the steel pier, and those are for little kids. Aid it doesn't look damaged much or at all to me as per Boardwalk Cam.

    Atlantic City Resorts Boardwalk cam suggests no damage to the boardwalk in the tourist area (as per reports):

    http://www.resortsac.com/beach-cam

    I see a lot more people on the Boardwalk today (although an off season Monday morning should be sparse)

    The part of Atlantic city that got whacked is the residential area, which is mostly a ghetto.

  9. zzyzzx


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    9   9:17am Mon 5 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike  

    theoakman says

    The reality is, administrators, politicians, and politically connected groups funnel the money away and its a never ending cycle of waste/fraud.

    Don't you really mean bloated salaries and pensions?

  10. bob2356


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    10   9:47am Mon 5 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    lostand confused says

    I hear property taxes are horrendous in New jersey??

    My relative in essex county (north jersey) pay 15k for a 400-450k 2000 sq ft house in a middle class area of essex. My relatives in ocean county (south jersey) pay around 4k for a similar houses worth maybe 120-140k. Taxes are stupidly high in NJ because as people have pointed out there all those little towns each duplicating services.

  11. Call it Crazy


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    11   10:41am Mon 5 Nov 2012   Share   Quote   Permalink   Like   Dislike  

    zzyzzx says

    Atlantic City has amusement rides???? The only amusement rides in Atlantic City are the ones on the steel pier, and those are for little kids.

    Maybe the article was talking about the hookers??

    zzyzzx says

    Atlantic City Resorts Boardwalk cam suggests no damage to the boardwalk in the tourist area (as per reports):

    Read that again, do you really think they would show the damage on a web cam for the tourists??? Of course the cam is going to show the OK areas, they need the visitors to come down and spend their money.

    zzyzzx says

    The part of Atlantic city that got whacked is the residential area, which is mostly a ghetto.

    Have to clean up those areas somehow....

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