Extensive Article About NJ Real Estate Bubble

The Star Ledger has an extensive article about the housing market in New Jersey today. I personally believe I have been seeing a lot more “for sale” signs in Monmouth County than usual. One house that I am interested in that is located in Middletown has been sitting on the market unsold since about March. After a price reduction from about $800k to $750k between March and May, the price has come down in $5k increments each successive month. In general, I would guess that homes in the $300k to $550k range move pretty quickly still. However, as you get over the $650k level, I’m guessing that houses might be slower to move.



“Yes, it is mid-August -- vacation time -- hardly what real estate agents would describe as the ideal home shopping season.

But in a housing market known for multiple offers, bidding wars and frenzied buyers waiving their rights to property inspections to snatch up homes, all those stale "For Sale" signs are getting a bit hard to ignore.

And yesterday the latest statistics from the National Association of Realtors suggested that despite New Jersey's sizzling temperatures, home sales in the Garden State appear to be cooling down a bit. In its quarterly survey, NAR found existing home sales in New Jersey, which included single-family homes and condos, were little changed from April through June, dipping 0.6 percent compared with the same period a year earlier.”

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