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Ventnor, Ventnor City - Announcing a rent/lease reduction on B1-26 S. Vassar Square, a 1 bath, 2 bdrm apartment. Now $1,000 USD Monthly - Reduced!!!. Property information
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Brigantine, Atlantic County - Announcing a rent/lease reduction on A-3707 W. Brigantine Ave., a 2 bath, 3 bdrm bi-level. Now  MLS® $1,800 USD Monthly - Luxury Year Round Rental!. Property information
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On Tuesday, November 3, 2009, Chris Christie was elected as the 55th Governor of New Jersey. The Governor-Elect will be sworn in to office in January 2010. For information on where Governor-Elect Christie stands on issues of importance to REALTORS®, view his answers to a NJAR® questionnaire in the October 2009 issue of New Jersey REALTOR® magazine. The feature article will provide information regarding the Governor-Elect's stance on issues important to the real estate industry that he will face beginning in January, including property taxes and the realty transfer fee. In addition, elections were held for the entire New Jersey General Assembly, two seats in the State Senate and numerous county and local offices around New Jersey. When the new session of the State Legislature convenes in January 2010, the Democrats will control 47 seats in the General Assembly and the Republicans will control 33 seats. In the State Senate, the Democrats will have 23 seats and the Republicans will have 17 seats. To view election results from around New Jersey, visit the New Jersey Division of Elections website.
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On Friday, November 6, 2009, President Obama signed HR 3548 or "The Worker, Homeownership, and Business Assistance Act of 2009," a bill that extends unemployment benefits and includes an amendment to also extend and expand the federal tax credit. The New Jersey Association of REALTORS® (NJAR®) anticipates that the newly signed legislation will help maintain the recent momentum seen in the New Jersey real estate market and spur the state's economy as a whole. The legislation will extend the $8,000 first-time home buyer tax credit past its original November 30 deadline, and it will now be available through April 30, 2010. Additionally, existing homeowners who have lived in their homes for at least five consecutive years out of the last eight will be eligible for a credit that can total $6,500. For further details on the new tax credit amendment, including income limits and additional eligibility requirements, visit www.REALstoryNJ.com/Home-Buyer-Tax-Credit and read NJAR®'s press release. NJAR® would like to thank members for their continued support which helped pass this critical legislation.
courtesy of NJAR.com
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Brigantine, Atlantic County - Announcing a price reduction on 3200 Ocean Ave., a 2 bath, 4 bdrm duplex. Now MLS® $899,900 - Reduced!. Property information
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Brigantine, Atlantic County - Announcing a price reduction on 1214 W. Brigantine Ave., a 1,800 sq. ft., 1 bath single story. Now  MLS® $49,900 - REDUCED!. Property information
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Ocean Views!
• 1,800 sq. ft., 2 bath, 3 bdrm townhouse - MLS® $324,900 - Best Priced Oceanside II Inlet, Atlantic City - Water Views Make this the best buy in Atlantic City's inlet! Seven Years Young... This Twin boasts Kempes Cherry Hardwood floors through the whole house, upgraded tiled bathrooms, like new - move in condition! Great location - End Unit with balcony and porch! One block to beach, one block to Gardener'sBasin and Marina. Home still has 2-10 Warranty plus an AHS Home Warranty on all appliances and systems! One owner - never rented! Must see! Easy toShow! Property information
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Downtown, Atlantic City - Announcing a price reduction on 2605-1515 Boardwalk #2605, a 1 bath other. Now MLS® $174,900 - . Property information
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Downtown, Atlantic City - Announcing a price reduction on 2903-1515 Boardwalk #2903, a 1 bath other "Fabulous Ocean Views!". Now MLS® $174,900 - What a Steal!. Property information
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Views, Views, Views and more Views!
• 2,103 sq. ft., 2 bath, 3 bdrm townhouse - MLS® $774,900 Brigantine, Atlantic County - BREATHTAKING DIRECT WATERFRONT VIEWS FROM 3 DECKS IN THIS END UNIT BAYFRONT BEAUTY UNLIKE ANY OTHER. Extra Large AndersonSliding Glass Doors open onto upgraded fiberglass decks with new vinyl railings. Upgrades galore with a 2 Zone Heating System, Exterior Deck Lighting,Private Entrance, Wet Bar, Garage, Fresh New Paint, Instant Hot Water Faucet, Vented Draft Hood Island Stove and more. Enjoy the amenities this condohas to offer: BOAT SLIP, DOCKS, NEW BULKHEAD, POOL, OFF STREET PARKING! Must See! Property information
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Brigantine, Atlantic County - Announcing a price reduction on 118 Lincoln Drive, a 1,432 sq. ft., 1 bath, 3 bdrm 2 story. Now MLS® $319,900 - REDUCED TO SELL!. Property information
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National Summary (U.S.)
Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of REALTORS®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment," he said. "We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around." NAR's Housing Affordability Index2 remained near record highs. The affordability index was 166.7 in March -- down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago. In the West the index increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent to 82.3 but is 8.2 percent higher than March 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. "Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," he said. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today's market are unique."
A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900.
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1The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
2The Housing Affordability Index is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home, taking into account the relationship between median home price, average effective interest rate for loans closed on existing homes, and median family income. The higher the index, the better housing affordability is for buyers.
The calculation assumes a downpayment of 20 percent and a qualifying ratio of 25 percent of gross income for mortgage principle and interest payments. The index is a general gauge with conditions varying widely around the country. Affordability conditions are lower for first-time buyers with smaller downpayments and less income.
Monthly publication of the index began in 1981 with annual data calculated back to 1970.
The National Association of REALTORS®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate
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Home prices posted their first monthly gain in three years in May, a gauge of values in 20 major U.S. cities showed, reinforcing signs of stabilization in a market hammered by the worst slump since the 1930s. The S&P/Case-Shiller home-price index rose 0.5 percent from April, the first monthly gain since July 2006 and biggest since May of that year, the group said today in New York. The measure was down 17.1 percent from May 2008, less than forecast and the smallest year-over-year drop in nine months. Price declines may keep moderating as demand steadies and distressed properties account for a smaller share of transactions. Even so, rising unemployment, stagnant confidence and the loss of wealth caused in part by the drop in property values mean a rebound may be slow to take hold.
Economists forecast the index would drop 17.9 percent from a year earlier, according to the median of 32 projections in a Bloomberg News survey. Estimates ranged from declines of 17.5 percent to 18.3 percent. Compared with a month earlier, 14 cities showed price gains, led by a 4.1 percent jump in Cleveland and a 1.9 percent increase in Dallas. The price figures aren't adjusted for seasonal effects, so economists prefer to focus on year-over-year changes.
Source: Bloomberg.com
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Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday. The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com. However, sales are still 21% below the levels of a year ago, when new homes sold in June at an annualized rate of 488,000, according to the report released by the U.S. Department of Housing and Urban Development. Four years ago, during the height of the housing boom, the sales rate for June was 1,374,000, nearly three-and-a-half times higher than last month.
In June, they began building single-family housing units at an annualized rate of 470,000, a 14.4% jump over May. The median price paid for a house sold in June 2009 was down about 3% to $206,200; the mean price was $276,900. By the end of the month, the inventory of new homes had dropped to 281,000, an 8.8-month supply at current rates of sale. Last month, there were enough homes on the market to last 10.2 months at that rate.
Source: CNNMoney.com, Commerce Dept. |
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