Thursday, January 22, 2009

New Jersey Real Estate

With the economy in a slump and thousands of New Yorkers losing their jobs, I was wondering how the market was for Real Estate in New Jersey and surrounding areas. I can't imagine what the job market is like in that area because I have heard that is one of the top areas for unemployment, so I figured it might be the same way for housing.

Much as they have in other areas, New Jersey real estate prices in November declined 8.7 percent from a year earlier, the biggest drop in records going back to 1991. Since the peak in early 2007, national home prices are down 10.5%, with declines in all nine regions. For investors, this means that there are some really great deals out there. Karen who is a fellow networking group member, brings in a list every week showing homes in our area for as low as $39.00 a square foot. However, in New Jersey average home prices range from $250K to $400K. I'm keeping my fingers crossed that things start turning around quickly so that people can start buying again.

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