Contact Us

New Jersey’s Housing Market Is Improving [AUDIO]

The housing market looks like it’s starting to recover.

Homes for Sale
Flickr User Images_of_Money

Pat O’Keefe, Director of Economic Research at JH Cohn, says new data shows home prices on the national level were up almost 7 percent during the second quarter of the year, and “prices here in New Jersey rose for the first time in 5 years, going all the way back to the first quarter of 2007.”

He say here in Jersey, we were up only about 1 percent.

“That is a positive and it’s a further validation of the observation that housing in New Jersey , housing nationally, has finally turned the corner…We’re taking baby steps, and we’re not accelerating rapidly from the low levels to which we’ve fallen in Jersey. Housing prices are at a level equivalent to the second quarter of 2003…But the pattern that we see…re-sales and new home sales is a market that has stabilized and is making slow but sure progress.”

O’Keefe adds the market is digesting the substantial inventory of foreclosures and other distressed properties that had accumulated during the downturn, and if we didn’t have that substantial overhang of distressed sales, prices would be picking up more rapidly than is the case.

“The good news here is that we’ve seen some marginal improvement in prices, despite the fact that that substantial inventory of distressed properties remains in front of us…Over the next year, what we’ll see is an uneven, but upwardly sloped improvement in housing sales and housing prices here in New Jersey…It’s going to start gradually, as it already has, proceed somewhat fitfully for the remainder of this year, but next we’ll see an incremental improvement in housing sales here in New Jersey.”

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobm.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!