The James Hagerty Housing Report

James Hagerty, covering the real estate & mortgage industries for the WSJ, just released his quarterly housing report.

Today, we look at housing thru various lenses:

1)     Consumer confidence: we continue to receive mixed signals from different media portals. Buyers are on and off the fence , however, when they see a good value ( price, condition and location) properties are selling competatively! Sellers who maintain their property in tip top shape are always rewarded handsomely. Todays buyers are making SMART decisions, not emotional ones!!!

2)     Interest rates: projected to increase as the Fed stops subsidizing mortgages. Hopefully private money will start to filter in.

3)     Supply and demand: we call it absorption rate. In our immediate market place we have seen our inventories drop by 30 – 50% ( not reflected on Mr. hagerty’s chart)  & some towns: Chatham Boro, Berkeley Height for example are carrying  under 4 months of supply.

Martha McDonnell

Lois Schneider Realtor/ Summit NJ

4)     In this new economy, job loses or unemployment rates: NJ statewide rate in December was 9.6%

5)     Foreclosure notices: third quarter NJ was running 1.4% delinquent mortgages