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NJ housing market was already struggling before hurricane


By Patrick   Follow   Sun, 4 Nov 2012, 11:08am PST   831 views   11 comments
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http://www.telegram.com/article/20121104/NEWS/111049665/1237

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Call it Crazy   Sun, 4 Nov 2012, 11:54am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 1

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.

lostand confused   Sun, 4 Nov 2012, 11:55am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

I hear property taxes are horrendous in New jersey??

Call it Crazy   Sun, 4 Nov 2012, 12:27pm PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 3

lostand confused says

I hear property taxes are horrendous in New jersey??

You're right....

theoakman   Sun, 4 Nov 2012, 12:54pm PST   Share   Quote   Permalink   Like   Dislike     Comment 4

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"

CaptainShuddup   Sun, 4 Nov 2012, 11:46pm PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 5

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

thunderlips11   Mon, 5 Nov 2012, 12:42am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

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.

theoakman   Mon, 5 Nov 2012, 12:55am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 7

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.

zzyzzx   Mon, 5 Nov 2012, 1:14am PST   Share   Quote   Permalink   Like   Dislike     Comment 8

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.

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

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?

bob2356   Mon, 5 Nov 2012, 1:47am PST   Share   Quote   Permalink   Like   Dislike     Comment 10

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.

Call it Crazy   Mon, 5 Nov 2012, 2:41am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 11

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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