Get the REAL Story® on New Jersey Real Estate

Pending Home Sales Slip in July but Up from 2010

Mon, 12 Sep 2011 12:55:07 -0400

Pending home sales declined in July but remain well above year-ago levels, according to the NATIONAL ASSOCIATION OF REALTORS^®. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, slipped 1.3 percent to 89.7 in July from June but is 14.4 percent above the 78.4 index in July 2010. The data reflects contracts but not closings.

All regions show monthly declines except for the West, which continues to show the highest level of sales contract activity. The PHSI in the Northeast declined 2.0 percent to 67.5 in July but is 9.7 percent above July 2010.

NAR Chief Economist Lawrence Yun said, "The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market."

DOBI Releases Information on Filing Insurance Claims in Response to Hurricane Irene

Mon, 12 Sep 2011 12:53:41 -0400

On August 30, 2011, New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine issued a news release with tips for consumers on the filing of insurance claims in the aftermath of Hurricane Irene. The release contains information including what to do upon returning to your home following a disaster such as Hurricane Irene, including the fact that if there was any property damage, property should not be disposed of until an insurance adjuster reviews any claim which was filed. The release also contains information on how claims should be reported and handled, information on repairs related to property damage and the National Flood Insurance Program. If you have any questions regarding your insurance policy or require any assistance regarding a claim which was filed, contact DOBI at 1-800-446-7467 or visit their website at www.njdobi.org.

Existing-Home Sales Down in July but Up Strongly From a Year Ago

Wed, 24 Aug 2011 10:00:00 -0400

Existing-home sales declined in July from an upwardly revised June pace but are notably higher than a year ago, according to the National Association of REALTORS^®. Monthly gains in the Northeast and Midwest were offset by declines in the West and South.

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.5 percent in July, but are 21.0 percent above July 2010, which was a cyclical low immediately following the expiration of the home buyer tax credit.

Regionally, existing-home sales in the Northeast rose 2.7 percent in July and are 19.0 percent above July 2010. The median price in the Northeast was $245,600, down 6.8 percent from a year ago.

Lawrence Yun, NAR chief economist, said there is a tug and pull on the market. "Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers," he said. "Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs."

View NAR's press release here.

2nd Quarter NJ Home Sales & Price Report Now Available

Thu, 11 Aug 2011 08:37:39 -0400

The NATIONAL ASSOCIATION OF REALTORS® (NAR) released the 2011 Second Quarter Metropolitan Area Home Prices/State Resales report. Two bright spots that displayed increases from the second quarter of 2010 were Wayne, N.J./New York and Atlantic City, N.J. NJAR® Chief Executive Officer Jarrod C. Grasso said, "Considering the volume of distressed properties on the market right now and those still in the judicial pipeline, New Jersey’s prices have remained stronger than expected. Prices should strengthen even further upon clearing of this surplus." View NJAR®'s Full Statement.

The Garden State’s drop in existing home sales was significantly higher than the national average, but it is important to consider in the year-over-year analysis that last year during this period, potential buyers were timing their purchases to obtain the federal home buyer tax credit.

Also view the NJ Home Sales report for the 2nd quarter, which lists affordability in the Garden State and sales/prices by County.

FREE Financial Literacy Workshops

Thu, 11 Aug 2011 08:36:27 -0400

Save the dates and register today for these FREE Financial Literacy Workshops- available for REALTORS^® and the public. They seminars are taking place at the Hunterdon/Somerset Association of REALTORS^® and topics will include the basics of establishing and maintaining credit, loan information and more.

Sept. 13 (Part 1) & Oct. 6 (Part 2)

U.S. Pending Home Sales Rise in June

Mon, 1 Aug 2011 10:36:17 -0400

Pending home sales increased in June following a wide swing down in April and then up in May, according to the National Association of REALTORS^® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 2.4 percent in June from May and is 19.8 percent above June 2010, which was the low point immediately following expiration of the home buyer tax credit. The data reflects contracts but not closings. The PHSI in the Northeast slipped 0.4 percent in June but is 19.4 percent higher than June 2010.

Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales. "For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months," he said. "Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations."

HUD AND NEIGHBORWORKS® AMERICA EXTEND DEADLINE FOR EMERGENCY HOMEOWNERS’ LOAN PROGRAM

Mon, 25 Jul 2011 15:08:22 -0400

HUD NEWS

U.S. Department of Housing and Urban Development - Shaun Donovan, Secretary
Office of Public Affairs, Washington, DC 20410

HUD No. 11-155
For Immediate Release
July 22, 2011
Contact: HUD Public Affairs, 202-708-0980

NeighborWorks America Media Relations, 202-220-6317

HUD AND NEIGHBORWORKS® AMERICA EXTEND DEADLINE
FOR EMERGENCY HOMEOWNERS’ LOAN PROGRAM

WASHINGTON - Today the U.S. Department of Housing and Urban Development and NeighborWorks® America announced that the deadline for the Emergency Homeowners’ Loan Program has been extended to Wednesday, July 27, 2011, in order to give homeowners at risk of foreclosure in the participating 27 states and Puerto Rico more time to apply for the program.

The Emergency Homeowners’ Loan Program (EHLP) will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition. Eligible homeowners can qualify for an interest free loan, which pays a portion of their monthly mortgage for up to two years, or up to $50,000, whichever comes first.

Homeowners are encouraged to visit www.FindEHLP.org to find contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP assistance and its eligibility requirements. Homeowners may also call the toll free hotline -- 855-FIND-EHLP (346-3345) - for this information as well.

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About the U.S. Department of Housing and Urban Development (HUD)

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

About NeighborWorks® America

NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ― more than 235 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.

June Existing-Home Sales Slip on Contract Cancellations, but Prices Stabilize

Mon, 25 Jul 2011 12:19:00 -0400

Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the NATIONAL ASSOCIATION OF REALTORS^®.

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from May, and remain 8.8 percent below June 2010, which was the scheduled closing deadline for the home buyer tax credit.

Regionally, existing-home sales in the Northeast fell 5.2 percent and are 17.0 percent below June 2010. The median price in the Northeast was $261,000, up 3.1 percent from a year ago.

For more information, please see NAR’s press release.

Help Keep the Dream of Homeownership Alive. Help Stop the 20% Down Payment Requirement

Wed, 20 Jul 2011 15:32:03 -0400

A new and costly rule called Qualified Residential Mortgage is being considered by federal regulators. If the proposal passes it would require home buyers to make at least a 20% down payment on a home purchase for the most affordable rates.

It’s a fact that many hard-working, credit worthy Americans have a difficult time saving for the down payment to buy a home. This proposal would create a high down payment hurdle for first-time and low-income home buyers, and make refinancing much more expensive for credit-worthy home owners too.

You can make your voice heard by submitting this message to the U.S. Department of Housing and Urban Development (HUD). Simply fill in your name and address in the provided form and hit "Send this message." The deadline is August 1st, so don’t waste another minute. Send a message today!

More Renters Than Ever Aspire to Homeownership

Mon, 11 Jul 2011 12:40:22 -0400

Seven in 10 renters believe owning a home is a priority for their future. This is according to the 2011 National Housing Pulse Survey recently released by the National Association of REALTORS® (NAR), which said more renters than ever (72 percent) aspire to homeownership, up from 63 percent in 2010.

Pending Home Sales Post Strong Rise

Tue, 5 Jul 2011 16:26:06 -0400

The NATIONAL ASSOCIATION OF REALTORS® (NAR) forward-looking pending home sales index (PHSI) for May is up by 8.3 percent, potentially signaling improved conditions heading into the second half of the year, although the slow economy and mortgage financing issues remain a problem. The PHSI in the Northeast rose 7.3 percent to 69.2 in May and is 4.4 percent above a year ago.

Interest Rates are Low... for Now

Thu, 23 Jun 2011 10:37:08 -0400

Mortgage interest rates are at an all-time low meaning your dream of owning a home in New Jersey could be a reality! CEO of NJAR^®, Jarrod C. Grasso, states: Not only are home ‘prices’ desirable now, but the ‘cost’ to purchase a home is more attainable than before. The current combination of affordability and low interest rates is exceptional, but after the Federal Reserve ends its round of easing this month, interest rates are likely to rise. This would definitely have an effect on the monthly ‘cost’ of a home.

Affordability in New Jersey is High

Thu, 23 Jun 2011 10:32:41 -0400

The affordability index accounts for many variables that contribute to how affordable home buying is in New Jersey: home price, mortgage rates, payment as a percentage of income, median family income, qualifying income, and monthly Principal and Interest (P&I) payments. The Affordability Index in NJ for the first quarter 2011 is currently at 151.1 – the highest it’s been in over 10 years. Take advantage NOW before prices and interest rates start going up!

Updates to REALStory News Center

Tue, 21 Jun 2011 15:32:44 -0400

All the latest in New Jersey housing news is at your fingertips! View the "In the News" page on realstorynj.com/news/-news to read the most up-to-date articles about what’s currently going on in your area (and statewide). Trending now: the latest existing home sales figures from the NATIONAL ASSOCIATION OF REALTORS®.

Existing-Home Sales Decline in May with Market Constraints, Temporary Conditions

Tue, 21 Jun 2011 15:01:53 -0400

Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of REALTORS® (NAR) . Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent in May from April, and are 15.3 percent below May 2010 when sales were surging to beat the deadline for the home buyer tax credit. Regionally, existing-home sales in the Northeast declined 2.5 percent in May and are 13.5 percent below May 2010. The median price in the Northeast is $241,500, up 6.1 percent from a year ago.

1st Quarter 2011 N.J. Home Sales Report Now Available

Fri, 27 May 2011 13:18:53 -0400

Good news for New Jersey buyers. The first quarter 2011 New Jersey Home Sales Report revealed the Affordability Index reached 151.1 which is the highest level it’s reached in our state in over 10 years. The NATIONAL ASSOCIATION OF REALTORS®’ (NAR) affordability index formula accounts for many variables that contribute to the cost of home buying, including home price, mortgage rates, payment as a percentage of income, median family income, qualifying income, and monthly Principal and Interest (P&I) payments.

In addition, the report provides median sales prices of existing single family homes in N.J. which is $280,900 for the first quarter. The seasonally adjusted figure for resale activity in the state is 109,500 units. The report also breaks down the data by county and regions (south, central, north) so it makes it easier for you to monitor activity in your area.

Mortgage Interest Deduction (MID) Calculator iPhone Application NOW Available

Fri, 27 May 2011 13:13:49 -0400

The MID iPhone App from the National Association of REALTORS® allows homeowners to estimate the tax savings value of the Mortgage Interest Rate Deduction. Use the buying power calculator to see how your housing dollars are optimized by the tax savings.

N.J. REALTORS® UNITE WITH PARTNERS FOR NATIONWIDE OPEN HOUSE WEEKEND JUNE 4-5

Wed, 25 May 2011 14:59:16 -0400

The New Jersey Association of REALTORS^® (NJAR^®) has partnered with the New Jersey Housing and Mortgage Finance Agency (HMFA) and the New Jersey Bankers Association to urge consumers to visit open house events during nationwide Open House Weekend on June 4^th and 5^th, 2011.

Thousands of listed homes will be on display in neighborhoods across the state and nation during this weekend. First-time and repeat buyers will have the chance to speak with homeowners and REALTORS^®, the local experts in the market, to learn all they need to know about a particular area. For those looking to make a move into or within the state, this event offers a one-stop-shopping environment to make the search process easier and more convenient.

Ways to Make a Big Splash During OHW

Wed, 25 May 2011 15:35:12 -0400

Open House Weekend is a prime opportunity to spur buyer interest in the market, to increase REALTOR® visibility, and to generate positive news about real estate within the media. Spreading the word on this event is key in making the weekend a success, but the cost of doing business can add up. Here are some tips we created that can help you make the most of OHW while keeping cost down.

Create a "map" flyer of your (or your office’s) open houses to help buyers map out their routes to your listings. Include open house times too!
Set up "goodie bags" to hand out at your open houses that weekend - include township/school data, local amenities, snacks, and of course, your business cards.
Consider partnering with a competitor. Do you and a colleague have listings on the same block/neighborhood? Consider cross-promotion to get those listings sold! Strategize with them any ways you can - share costs for marketing, discuss pricing, etc.

View additional tips at http://realstorynj.com/realtorreg-resources.

Share the Open House Weekend Video, Banner Ads & Consumer Flyer

Wed, 25 May 2011 13:23:59 -0400

The Get the REAL Story® campaign created an Open House Weekend video advertisement http://www.youtube.com/watch?v=n07US66aOn4 that is running on various online outlets including nj.com, northjersey.com, philly.com, pressofac.com, silive.com andWCBS880.com. The video ad encourages interested buyers or sellers to participate in the open house weekend event. Post this video on your website or social media outlet and spread the word to your clients.

The event is also being promoted through banner ads on Facebook and Google, and radio ads on Millennium Radio Network, which includes NJ 101.5, SOJO 104.9 and 92.7 WOBM. Download web banners at REALstoryNJ.com/realtorreg-resources that you can add to your site to promote the event.

A consumer flyer with a quick response code for REALstoryNJ.com/OpenHouseWeekend was created for you to print and share with your clients and office visitors. You can also post it on your website and share it with fellow REALTORS®.

Open House Weekend is June 4-5! Last Call for Advertising Deals!

Wed, 25 May 2011 11:08:18 -0400

As you may be aware, on Saturday, June 4th and Sunday, June 5th, New Jersey will be participating in Nationwide Open House Weekend (OHW). NJAR® has made deals with several of the state’s major newspapers to promote the weekend to prospective buyers, and in some cases, offer special sections and discounted rates for REALTORS® who are participating, so you can list your open houses. Some of the media outlets that are offering advertising discounts include:

The Courier Post - advertising deadline May 24
New Jersey Herald - advertising deadline May 31
New Jersey Media Solutions (includes newspapers such as: Asbury Park Press, Home News Tribune, Courier News, Daily Record, Times Beach, Beach Haven Times & Mailbags) - advertising deadline varies depending on publication
The Record - advertising deadline May 26
Press of Atlantic City - advertising deadline varies depending on ad type (either May 26 or May 31)
The Star Ledger - advertising deadline varies depending on ad type
Trenton Times - Deadline May 31

To view the complete list, discounts offered, and deadlines please follow this link: You can also check on this frequently updated list on the REALTOR® Resourcespage at REALstoryNJ.com/realtorreg-resources.

Supported by advertising and public relations initiatives, the next step to make this event a success is YOU! This will take a true REALTOR® family effort. Share the link to Open House Weekend REALstoryNJ.com/OpenHouseWeekend in your social networks, among colleagues and clients.

Nationwide Open House Weekend is June 4-5!

Mon, 23 May 2011 16:38:38 -0400

Take part in Nationwide Open House Weekend, June 4-5, 2011.

Find out:

How you can find your dream home at the right price
How to sell your existing home without further delay/stress
Why it's so crucial to have a REALTOR® helping you through the home buying/selling process!

Download the consumer flyer and visit REALstoryNJ.com/OpenHouseWeekend for more information.

Open House Weekend

Fri, 11 Feb 2011 15:38:00 -0500

NJAR® RELEASES STATEMENT REGARDING 4th QUARTER HOME SALES & PRICE REPORT

Wed, 9 Feb 2011 13:00:45 -0500

Lakewood, N.J.'s fastest-growing town, is defined by its diversity

Wed, 9 Feb 2011 12:55:40 -0500

Pending Home Sales Continue Uptrend

Fri, 28 Jan 2011 13:12:24 -0500

Most Favor Owning a Home

Fri, 28 Jan 2011 13:11:01 -0500

Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600

Fri, 28 Jan 2011 13:10:35 -0500

REALTORS® Encourage Buyers and Sellers to Stay Diligent During the Winter

Fri, 17 Dec 2010 10:42:46 -0500

EDISON, N.J. –Although the weather outside may be frightful, the winter season provides an opportune time for serious buyers and dedicated sellers to find a new home or secure a closing just in time for the New Year, according to the New Jersey Association of REALTORS® (NJAR®).

Why Selling During the Holidays May Increase Your Chances for Success - Podcast

Mon, 22 Nov 2010 15:44:33 -0500

The holiday season from November through January is mistakenly labeled as a bad time to put homes on the market, but this podcast, featuring NJAR^® 2010 Communications & Public Relations Committee Chair Larry Mraz and Media Coordinator Lauren Castellano, outlines reasons why it is beneficial to remain active in the marketplace and not to lose steam in the pursuit of your home sale or purchase.

New Homes Get Smaller as Home Owners Shift Priorities

Thu, 18 Nov 2010 15:17:26 -0500

House Logic - November 15, 2010: Home ownership has long been a symbol of the American dream, and for a while, we supersized it. But since the recession, we’ve been downsizing.

REALTORS® predict recovery in housing market by third quarter of 2011

Thu, 18 Nov 2010 15:14:35 -0500

Press of Atlantic City - November 14, 2010: The housing market nationally and locally will likely face a tough winter and spring again, this time without federal tax incentives to encourage buyers.

Home prices are up in the Atlantic City region, but REALTORS® say sales are down

Thu, 18 Nov 2010 15:14:17 -0500

Press of Atlantic City - November 13, 2010: Homes in the region are selling for more money now than they did at this time last year, according to the National Association of Realtors.

New Market Update Video Posted

Thu, 18 Nov 2010 14:43:24 -0500

Find out how home sales did in the 3rd Quarter of 2010 in this new market update video.

NAR Releases Third Quarter Home Sales and Price Report

Thu, 11 Nov 2010 16:36:43 -0500

According to the NATIONAL ASSOCIATION OF REALTORS® (NAR) 2010 Third Quarter Metro Area Home Prices/State Resales report, half of the US metropolitan areas continued to show modest home price increases from a year ago, despite a sharp decline in home sales after the deadline for the home buyer tax credit. In New Jersey, each of the state’s metro areas demonstrated year-over-year and quarter-over-quarter growth in median home price although existing home sales are down 22% compared to the third quarter of last year. According to New Jersey Association of REALTORS® (NJAR®) CEO Jarrod Grasso, "consumers are fearful of job loss and are faced with few or limited mortgage options, thus resulting in hesitation to enter the market." View NJAR®’s full statement and NAR’s press release. Other related stories can be found at the following news outlets: -- Asbury Park Press -- The Star Ledger

REALTORS® Provide Six Easy Tips for Prospective Buyers

Wed, 20 Oct 2010 15:46:18 -0400

From a consumer perspective, today's real estate market can be summed up with one word - confusing. Headlines point to an unstable economy, unemployment and a foreclosure crisis, leaving consumers in a panic with little information to assist them in making housing decisions. On the other hand, historic lows in federal interest rates make buying now advantageous for those on a solid financial footing. Despite the ongoing debate, the best approach for prospective buyers to make a good decision is to do their homework ahead of time, no matter the state of the market.

Painting a True Picture: How to combat negativity in the media using the Get the REAL Story campaign

Wed, 6 Oct 2010 16:38:33 -0400

Speaker: NJAR^® First Vice President Gary Large
Date: Thursday, October 14 at 10:00 a.m.

Every day REALTORS^® confront negative perceptions regarding the value of homeownership when conversing with potential buyers, frustrated sellers, casual acquaintances and friends. America has a long tradition of homeownership and historically, purchasing a home has been a secure long-term method for accumulating wealth. Tune in to this webinar to learn more about how the NATIONAL ASSOCIATION OF REALTORS^® and the New Jersey Association of REALTORS^® (NJAR^®) are working to promote the value of homeownership. NJAR^® First Vice President Gary Large will explore how you can help dispel the myths, foster homeownership and provide expert information about today’s marketplace to your sphere of influence using NJAR^®’s Get the REAL Story^® campaign.

You do not need to register for this webinar. On October 14th simply log into the webinar at the following address:http://njar.na6.acrobat.com/realstory101410. You do not need a username or password, simply sign in as a guest using your first name.

Pending Home Sales Show Another Gain

Wed, 6 Oct 2010 09:36:30 -0400

U.S. pending home sales have increased for the second consecutive month, according to the National Association of REALTORS^® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 4.3 percent based on contracts signed in August, but is 20.1 percent below August 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. "Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market", he said. However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery. Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.

The PHSI in the Northeast declined 2.9 percent in August and remains 28.8 percent below August 2009.

Value of Homeownership

Wed, 22 Sep 2010 16:52:33 -0400

America’s Long Tradition of Homeownership

Commentary questioning the value of homeownership has appeared in a number of media outlets over the past few weeks. The definition of "value" varies depending on the argument being made. Ultimately, each person who decides to buy a home has weighed the pros and cons and found the prospect of owning their residence to be valuable.

America has a long tradition of homeownership. This country was founded by settlers who braved the wilds, faced the unknown, and claimed a bit of the American countryside for their own. Having a stake in the land upon which we live is rooted in the fabric of the American psyche.