Not everywhere can be New Jersey

Posted on September 8, 2026 by grim

From Fast Company:

Home prices are falling in 36 of the 50 biggest U.S. metros. These 10 are dropping fastest

Real estate list prices are gradually falling around the country, but cities aren’t experiencing the shift evenly as we slide into fall. 

In a new report, Realtor.com found that price trends across the country’s major cities vary, dictated by a mix of local factors, stubbornly high mortgage rates, and the ever-changing dance between supply and demand. Cities that saw home prices soar sky-high during the pandemic homebuying blitz are seeing pricing return to earth – a boon for weary buyers but a less welcome sign for sellers expecting to call the shots.

August saw the 10th straight monthly year-over-year decrease in price per square foot, with the measure falling 1.8% nationally compared to last year. During the same time period, median list prices fell year-over-year in three out of four U.S. regions, with prices dropping in the Northeast, the South, and the West. In the Midwest, the median list price stayed stable during the same time period.

Out of the top 50 metro areas in the country, the median list price per square foot dipped in 36 markets, a shift that Realtor described as a “sign that it’s ‘game over’ for unrealistic seller demands.” Austin, Tampa, and Memphis experienced the most marked declines in pricing per square foot, sliding 8.1%, 5.6%, and 4.1% respectively. Meanwhile, Providence, Indianapolis, and Chicago all saw gains in the same measure, perking up by 9.3%, 4.4%, and 3.6%.

“One common thread for most markets—including Austin, Tampa, San Antonio, Denver—is 2020–22 boomtowns continuing to give back some of their pandemic-era gains,” Realtor.com Senior Economist Jake Krimmel said in the report. “These are also, by and large, places with much more inventory now than pre-pandemic norms.”

Posted in Housing Bubble, National Real Estate | 28 Comments

Those who least benefit from paying down their mortgage, are paying down their mortgage

Posted on September 5, 2026 by grim

From Rocket Money:

Nearly One in Four Homeowners Make an Extra Mortgage Payment Each Year, Cutting as Many as Six Years Off Their Loan

For many Americans, a key financial health goal is reducing their debt as quickly as possible – and homeowners are no exception. Rocket Mortgage data shows that roughly one in four clients make at least one additional principal payment each year. Among those who do, average contributions add up to the equivalent of one extra monthly mortgage payment annually.

While making 13 mortgage payments each year may not seem like much, the strategy can have a meaningful impact over the life of the loan, shortening some homeowners’ payoff timeline by nearly six years.

This analysis is based on a review of additional principal payments made by Rocket Mortgage clients between January 2021 and January 2026.
…
Homeowners who locked in ultra-low mortgage rates during 2020 through 2022 are more likely to make extra principal payments than those who bought after rates climbed.

That may seem counterintuitive, since a loan of 3% falls at or around the current inflation rate. Homeowners with higher interest rates have the most to save by paying down their mortgage early because every extra dollar reduces future interest costs. However, homeowners with lower mortgage rates typically have smaller required monthly payments, leaving more room in their budgets to send additional money toward their loan balance.

Those with higher-rate mortgages, on the other hand, often face larger monthly housing costs alongside rising everyday expenses, making it more difficult to consistently pay beyond the minimum, even though doing so could save them money over the life of the loan.

Posted in Demographics, Economics, Mortgages, National Real Estate | 104 Comments

Jobs Day!

Posted on September 4, 2026 by grim

From CNBC:

The big August jobs report is due out Friday. Here’s what to expect for what has been a jobless summer

The August jobs report set to be released Friday is expected to put the final touches on what has been a relatively jobless summer.

If expectations hold, the Bureau of Labor Statistics count will show growth of just 53,000 in nonfarm payrolls, according to the Dow Jones consensus estimate. Even with the anemic growth rate, that is expected to be enough to keep the unemployment rate at 4.1%.

More broadly, though, the report would follow counts for June and July that together showed a net loss of 3,000 jobs. Also, the initial August numbers have been revised lower for the past four years in a row.

Together, the data suggest a labor market in neither boom nor bust mode — one that is increasingly becoming an afterthought for Federal Reserve officialslooking to plot their next monetary policy action.

The current state of the jobs picture is “stable but unexciting,” said Dan North, senior economist for Allianz Trade North America.

“I don’t see a whole lot of really robust growth, which is understandable because if you’re an employer, you’re sitting here and you’ve got a war going on, energy prices going up and down, tariffs, and the administration changing everything overnight from day to day,” he added. “So you’ve got a lot of uncertainties out there.”

Indeed, geopolitical uncertainty and the impact of artificial intelligence are two dominant labor market themes, along with a shrinking labor force that has helped keep the unemployment rate in check.

Despite the various pressures, companies have avoided widespread layoffs. Weekly jobless claims have been in check, and the total layoff pace in 2026 is the slowest in four years, according to outplacement consultants Challenger, Gray & Christmas.

Posted in Demographics, Economics, Employment, National Real Estate | 64 Comments

Get ready for the solar panels

Posted on September 3, 2026 by grim

From Patch:

NJ Landlords Must Allow ‘Balcony Solar Panels’ Under New Law

New Jersey landlords and homeowner associations will have to allow their residents to put up “balcony solar panels” under a new state law.

Gov. Mikie Sherrill signed the Garden State Balcony Solar Act (S2368/A4836) on Tuesday, getting a cheer from several environmental advocacy groups.

Balcony solar devices plug into a standard 120-volt outlet: most units come with a microinverter and adapter. The devices provide electricity directly to a home’s existing electrical system, and are available for purchase online and at local home improvement stores.

The new law exempts qualifying plug-in solar devices of up to 1,200 watts – roughly equivalent to the power used by a microwave oven – from utility interconnection and metering requirements, including certain fees, approvals and equipment mandates.

The law prevents landlords, homeowner associations and similar entities from broadly prohibiting the use of these devices. It also bars municipalities from prohibiting them or requiring permits for their use.

“Balcony solar is a practical, easy-to-use tool that can help families save money while allowing more people to participate in our clean energy future,” Sherrill said.

“This bill cuts unnecessary red tape, expands access to affordable solar power, and proves that affordability and sustainability can go hand in hand,” she added.

Posted in New Development, New Jersey Real Estate | 62 Comments

AI is going to make us all rich

Posted on September 2, 2026 by grim

From NPR:

AI wealth is creating a ‘mansion shortage’ and upending San Francisco’s housing market

Inside the condo that Russell toured, a steady stream of people checked out the modern three-bedroom with big windows facing a shared garden. At 1,600 square feet and an asking price of $2 million, it qualifies as entry level for families here and is a steal in the current market, said Paul Kitchen, a real estate agent with Compass brokerage.

“We’ve done more business this year than we’ve done ever, setting records throughout,” he said.

Compass finds that the median home sales price in San Francisco has skyrocketed 25% from a year ago. Kitchen has seen some properties pushed even higher than that as sales frequently turn into bidding wars.

“We’ve had clients who’ve bid, and it turned out there were 50 offers,” he said, which takes an emotional toll on the many who lose out. “That’s 49 agents who’ve talked through the night with their clients, people that have envisioned themselves there — they’ve talked to their banker, their loan officer.”

At the highest end, even all-cash offers of $25 million and more have gotten outbid. “You have to laugh just because it is so ridiculous and so beyond the pale,” he said.

This new demand with a lack of supply, especially of single-family homes, has been dubbed a “mansion shortage” by Compass and others.

“In June, there were 44 home sales that went at least a million dollars over the asking price,” said Mike Simonsen, who tracks citywide sales as chief economist for Compass.

Posted in Housing Bubble, National Real Estate, Unrest | 64 Comments

What’s it going to sell for?

Posted on September 1, 2026 by grim

From NJ.com:

Tiny Jersey Shore cottage just got 12 offers — all over asking price

Posted in Shore Real Estate | 30 Comments

Jersey Strong … Atlantic City? Wellllllll…..

Posted on August 31, 2026 by grim

From ROI-NJ:

ATTOM data says national vacancy rate unchanged in Q3; N.J. rates among lowest in U.S.

ATTOM, an Irvine, Calif.-based provider of property data, said its third-quarter analysis of vacant and zombie homes found that the national vacancy rate held firm at 1.3% compared with the same period a year ago, even as vacancy rates fell in a majority of states. The national “zombie” home rate declined slightly to 3.3%.

Zombies means the owners had abandoned the properties before the end of their foreclosure proceedings. New Jersey vacancy rates in several categories were among the lowest in the nation.

The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data.

“It remains very hard to find an empty home for prospective buyers in most regions,” said Rob Barber, CEO of ATTOM. “In 19 states, the home vacancy rate is below 1%, creating a bottleneck that is helping to keep prices high.”

The lowest vacancy rates in the third quarter were in New Hampshire (0.3%); Vermont (0.4%); New Jersey (0.5%); Connecticut (0.5%); and Idaho (0.5 %).

The states with the highest overall home vacancy rates were Oklahoma (2.4%); Kansas (2.4%); Alabama (2.2%); West Virginia (2.1%); and Missouri (2.1%).

Out of the country’s 104.6 million residential properties, 259,666 were in the foreclosure process in the third quarter of 2026. About 3.3% of those, or 8,482 properties, were “zombies.” That zombie rate was slightly lower than the 3.4% of properties posted in both the prior quarter and at the same time last year.

Out of 140 metropolitan statistical areas with sufficient data to analyze, meaning they had at least 100,00 residential properties and at least 50 properties in the foreclosure process, the lowest zombie rates were in Bridgeport, Conn. (0%); Huntsville, Ala. (0%); Trenton (0.1%); Provo, Utah (0.2%); and Atlantic City (0.4%).

The highest zombie rates were in Youngstown, Ohio (12.1% of homes in foreclosure were vacant); Cedar Rapids, Iowa (11.6%); Baltimore (11.5%); Fort Wayne, Ind. (11.1%); and Akron, Ohio (10.5%).

Posted in New Jersey Real Estate, Shore Real Estate | 96 Comments

We are so great, we are so great, everybody loves us ‘cuz we are so great

Posted on August 30, 2026 by grim

From the Philly Inquirer:

New Jersey outpaced most other states in typical housing wealth in a national study

The typical homeowner in New Jersey has one of the highest levels of housing wealth in the country, according to a study by LendingTree, an online loan marketplace.

The state was one of the top five where homeowners reported having the most home equity in the first quarter of the year, according to an analysis of more than 965,000 anonymized inquiries for home equity loans and home equity lines of credit submitted through LendingTree.

Home equity shoppers in New Jersey reported having a median of about $295,000 in equity, meaning half had more and half had less. The Garden State tied with Washington state in the rankings, but New Jersey had a slightly higher share of homeowners with at least $200,000 in equity — almost three in four shoppers.
…
Home equity shoppers in Hawaii reported having the most housing wealth — a median of about $425,000, according to the LendingTree analysis. More than 80% of these homeowners had at least $200,000 in home equity.

California came in at second for median housing wealth — about $350,000.

Pennsylvania ranked 34th. Home equity shoppers on LendingTree’s platform reported having a median of $180,000.

Of the 50 states, West Virginia and Iowa were tied for last place. Home equity shoppers in these states reported having a median of about $130,000 in equity.

Differences among states “are a reminder that the home equity story can look very different depending on where you live,” Schulz said.

“For some homeowners, their house can provide a huge financial cushion,” he said. “For others, there may be far less wiggle room.”

But in total, U.S. homeowners “are sitting on an extraordinary amount of housing wealth,” Schulz said.

Posted in General | 50 Comments

You really don’t own in Jersey City

Posted on August 28, 2026 by grim

From Fox5:

Jersey City lawmakers approve 15% property tax hike amid budget crisis

After months of back-and-forth talks about Jersey City’s budget crisis, local lawmakers have voted to stick property owners with the bill.

What we know:

The City Council in Jersey City approved and implemented a 15% municipal property tax rate hike Wednesday night.

The tax raise amounts to about $51 more per month for the average residential property, without including any other budget increases. 

New Jersey state lawmakers approved a $120 million rescue package for Jersey City earlier this year, which came with an agreement that the local property tax rate would increase by at least 15%.

What they’re saying:

Mayor James Solomon said it became necessary to raise property taxes in order to reduce the deficit and prevent mass layoffs of city workers by slashing services. 

He blamed the city’s financial crisis and resulting tax increase on mismanagement by the previous administration.

“There are no easy solutions to a budget crisis of this magnitude … In the end, we cut city spending by over $58 million and limited this year’s tax increase to the lowest possible level,” a spokesperson for the mayor said in a statement to FOX 5 NY. “While both the cuts and tax increase are painful, we believe they are the first steps towards getting Jersey City’s finances back to health and stable.” 

Local perspective:

Jersey City residents said the 15% property tax hike could drive them out of the city. 

“Something has to give. Like, this is crazy,” one resident said. “They’re hitting us every which way. Who can afford a home in Jersey City anymore?” 

Posted in Gold Coast, New Jersey Real Estate, Unrest | 80 Comments

You don’t own your home

Posted on August 27, 2026 by grim

From HousingWire:

Property taxes are the housing affordability crisis no one wants to touch

A mortgage has a final payment. Property taxes do not. That distinction is becoming increasingly important as the housing industry searches for answers to an affordability crisis it usually defines in terms of home prices, mortgage rates and household income.

Those are obviously major factors. But they are not the entire payment.

Property taxes can add hundreds or even thousands of dollars to a homeowner’s monthly housing expense. They reduce buyer qualification, diminish purchasing power and continue long after the mortgage has been satisfied.

In 2025, approximately $396.8 billion in property taxes were levied on more than 89.6 million single-family homes in the United States. The average bill reached $4,427, or nearly $369 per month, according to ATTOM.

At a hypothetical mortgage rate of 6.5%, that $369 monthly tax payment is roughly equivalent to the principal-and-interest payment on $58,000 of 30-year mortgage debt. That makes property-tax policy housing policy.

It also raises a question that deserves far more attention from agents, lenders, builders, economists and policymakers: What would happen to the housing market if homeowners were allowed to keep more of that money?
…
This may be the most disturbing part of the property-tax system. A homeowner can make every mortgage payment for 30 years. The loan can be satisfied. The bank’s lien can be removed. The house can be owned without a mortgage.

The homeowner can still lose that house for failing to pay property taxes.

Older homeowners are especially vulnerable. Many are house-rich but cash-poor. They may possess hundreds of thousands of dollars in equity while living on fixed incomes that do not keep pace with rising taxes, insurance and maintenance expenses.

The risk can increase after the mortgage is paid off. While the loan is active, the mortgage servicer often collects property taxes through an escrow account and pays the taxing authority automatically. When the mortgage ends, that system may disappear.
…
How many Americans lose homes this way every year?

The honest answer is that no one knows and that may be the most troubling fact of all.

Posted in National Real Estate, Property Taxes | 95 Comments

June Case Shiller

Posted on August 26, 2026 by grim

From Yahoo Finance:

Home prices rose 2.1% in June, even as high mortgage rates keep the market ‘under pressure’

Home prices rose again in June as mortgage rates stabilized during the typical peak period for buying and selling. 

The S&P Cotality Case-Shiller 20-City Composite Home Price Index, which measures home prices in 20 of the nation’s largest metropolitan areas, increased 2.1% in June from a year earlier, according to data released Tuesday.

The national index, which includes more metro areas, jumped 1.5%. 

“While home prices continue to decline in real terms, lower inflation and firmer nominal home price growth in June helped slow that pace of erosion,” Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices, said in a statement. 

Mortgage rates held steady around 6.5% in June, a level high enough to sideline many prospective buyers and sellers. But those who remained in the market enjoyed a period of stability after rates rose rapidly in the spring. 
…
Home prices in Chicago continue to grow the fastest of any major city, jumping 6.9% in June from a year earlier. New York and Cleveland followed, with gains of 4.8% and 4.1%, respectively.

In contrast, home prices dropped 2% in Seattle and 1.9% in Las Vegas.

Posted in National Real Estate | 85 Comments

Jersey, Jersey, Jersey

Posted on August 25, 2026 by grim

From Patch:

2 Bergen County Towns Land On National ‘Hot Housing Market’ List

Two Bergen County towns are among the 99 hottest real estate markets in the country, according to Realtor.com. 

The real estate website recently released a list of zip codes with the fastest rising average home prices.

Twelve of the 99 with the fastest rising prices were in New Jersey.

The two Bergen County towns on the list were:

  • Ridgewood, 34th, with a median listing price of $1.6 million.
  • Wyckoff, 38th, with a median price of $1.2 million.

Steven Pressman, an economics professor emeritus at Monmouth University, cited “Location, location, location” as the big factor among homes on the list.

Posted in Housing Bubble, New Jersey Real Estate | 89 Comments

Real estate is AI now

Posted on August 24, 2026 by grim

From CNBC:

New York unseats San Francisco as the top market for tech talent, CBRE reports

It should come as no surprise that the number of artificial intelligence-specific tech workers is growing rapidly, and the effect of this growth on regional office markets is substantial. For the first time, New York’s office market is home to the most tech workers, thanks in large part to AI, according to a new report from CBRE.

New York’s 394,300 tech talent jobs edged out the San Francisco Bay Area’s 375,730 jobs, CBRE found. The report analyzes tech-specific workers in 75 metropolitan markets in the U.S. and Canada. It’s the first time New York has taken the lead in the 13 years of this analysis. 

“The story there is that there’s been cuts in the Bay Area, so the tech industry has contracted the size of the tech talent workforce, and the finance sector [in New York] has hired a lot of tech talent and a lot of AI workers,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center in San Francisco.

For both the U.S. and Canada, AI tech roles grew by 45% in the past year, with San Francisco and New York each adding more than 20,000 AI-specific jobs since mid-2025, according to CBRE. 

As of June, there were 751,000 AI-related workers across the two countries, the report found. Those include both new jobs and conversions from existing jobs. AI-related roles now account for nearly one-third of all tech-talent job listings in the U.S., per the findings. 

By market, 37% of AI jobs in the U.S. are in the San Francisco Bay Area, New York, Seattle and Washington. While New York leads in overall tech talent, San Francisco still leads in AI, specifically. 

In Canada, there is greater concentration of AI employment, with 60% of those jobs based in Toronto, Montreal and Vancouver.

Office leasing is rising accordingly in those markets where AI workers are most in demand. 

Posted in Demographics, Economics, Employment, New Jersey Real Estate, NYC | 68 Comments

Sorry about your jobs, NJ.

Posted on August 23, 2026 by grim

From NJBIZ:

NJ loses 25,600 jobs in July as unemployment dips

New Jersey lost 25,600 nonfarm jobs in July, according to the latest numbers from the U.S. Bureau of Labor Statistics. However, state officials say the actual drop may not be quite as dire.

The state Department of Labor & Workforce Development cautioned that the size of the July employmentdecrease “is likely overstated.” Officials noted that “seasonal adjustment factors do not adequately account for seasonal declines in professional and business services.” The department also pointed to a “lower than expected” July survey response.

Released Aug. 20, the jobs report also showed the state’s unemployment rate decreased by 0.1 percentage point to 4.4% from June to July.

The three private industry sectors that recorded employment gains versus June were:

  • Trade, transportation and utilities +600
  • Manufacturing +100
  • Information +100

Sectors that recorded job losses were:

  • Professional and business services -13,400
  • Leisure and hospitality ‑7,300
  • Private education and health services ‑2,700
  • Construction ‑1,300
  • Other services ‑1,100
  • Financial activities ‑900

The public sector recorded a gain of 300 jobs for the month.

NJDOL revised employment estimates for June downward to show a loss of 4,200 jobs versus preliminary estimates of only 300. The unemployment rate remained unchanged at 4.5%.

Posted in Economics, Employment, New Jersey Real Estate | 78 Comments

The Gutter

Posted on August 22, 2026 by grim

From Mish:

Pending Home Sales Decline 2.3 Percent, Housing Market Remains Stuck

Housing is stuck because affordability is in the gutter. The NAR is yapping Nonsense.

What the chart does show is a pool of price-insensitive buyers who just don’t give a damn about affordability because for them affordability is not an issue. 

These are wealthy buyers with enough stock market gains, housing equity, other means of down payments, or all cash buyers. 

Also included are economic gamblers who think stock market gains, housing gains, or declining future interest rates will bail them out.

Well, good luck to the gamblers with the average 30-year mortgage rate at 6.77 percent as I type.

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 65 Comments