The number of residential properties underwater (with a negative equity position) fell to 2 million homes or 3.8% of all mortgaged properties. This represents a decrease of 7% from the first quarter of 2019. Based upon numbers reported for the second quarter of 2018, negative equity fell 9% from 2.2 million homes.

Title Wise Newsletter this week covers the strength of the home flipping market.

New Jersey has not seen a surge in the price of homes other regions of the country has seen. Morris County has seen home prices increase by 7.1% while Bergen County average price fell by 2.9% from 2018. Salem County posted the biggest gain in the median sales price, skyrocketing by 22.9% to $141,000. But still such gains are atypical for the state.

August Sales for Morris & Middlesex Counties NJ

Single Family sales prices for Monmouth and Ocean Counties in New Jersey surge on year-to-year basis.

Single Family Median Sales Price increased 5.1 percent to $352,066.

Currently, Freddie Mac reported that the average rate for a 30-year fixed mortgage loan dropped to 3.49%, w hich is the lowest it has been since October of 2016. In the August 2019 “Housing and Economic Research Forecast,” the research team at Freddie Mac wrote the...

But despite home flipping rising in the second quarter, home flippers are seeing on average their return on investment falling due to rising prices in homes flipped, increased costs in materials and shortages of skilled labor.

Hiking ideas to take in the fall foliage in New Jersey

Right now, according to the National Association of Realtors [NAR] report, the typical home buyer is 46 years old, married without children living at home, and has a median income of $91,600… oh and finding their homes over the Internet.

According to a recent study, it is common for people to spend more than 75% of the workday on at least three devices, which promises to accelerate the transactional aspect of our digital economy rather than fostering thoughtful analysis and discussion.

A positive view for 2020.