Real Estate Insight

Sales Of Previously Owned Homes Fell In April From The Prior Month

Sales of previously owned homes fell in April from the prior month and prices declined from a year earlier by the most in more than 11 years.

NJ Has Become The First State To Adopt A So-Called Environmental Justice Regulations

NJ has become the first state to adopt a so-called environmental justice regulations to limit the development of projects that could bring pollution to lower-income communities.

Home Prices In Q1 2023 Fell

Home prices in Q1 2023 fell in more parts of the US than they have in over a decade with a third of metro areas posting annual price declines.

Most U.S. Cities Are Unaffordable Based On The Most Recent Data

Most U.S. cities are unaffordable based on the most recent data available on market rents and median income.

Banks Executives Are Signaling Upcoming Trouble

More banks executives are signaling upcoming trouble for office loans.

Mortgage Rates Dropped To The Lowest Level In Two Months

Mortgage rates dropped to the lowest level in two months, prompting buyers to return to the housing market.

Home Price Gains Have Been Weakening Every Month Since Last Summer

Home price gains have been weakening every month since last summer, with the average home price nationwide now down six percent from its June peak as sales have dropped.

Housing Starts Rose In February

Housing starts rose in February as builder sentiment and buyer demand increased.

NJ Home Prices Increased Only 4% In 2022

NJ home prices increased only 4% in 2022 after a 16% increase in 2021 and a 12% increase in 2020.

Multi-Family Housing Starts Hit A Near 40 Year High In 2022

Multi-family housing starts hit a near 40 year high in 2022.

The Swift Closure Of Two Major Banks Sent Shock Waves Through The Financial System

The swift closure of two major banks sent shock waves through the financial system, pushing mortgage rates down enough to potentially lure buyers back to the housing market.

First-Time Home Buyer Sales Dropped Recently To An All Time Low

The first time home buyer share of US housing sales dropped recently to an all time low of 26% (historically, first-time home buyers make up 40% of US home buyers).

Declines Continue Into 2023 For NJ Home Sales

Declines continue into 2023 for NJ home sales with a 19% drop in January & another projected decline of 15% in February.

Apartment Rents Fell In Every Major Metropolitan Area

Apartment rents fell in every major metropolitan area in the US over the past 6 months through January 2023.

The Average Age Of 1st Time Home Buyers Rose In 2022

The average age of 1st time home buyers rose to 36 in 2022, a record high.

Gov. Phil Murphy Signed Into Law A Bill That Aims To Speed Up Construction Permitting

Gov. Phil Murphy has signed into law a bill that aims to speed up construction permitting in New Jersey, allowing developers to hire private-sector code inspectors if local officials cannot complete a review within three business days of a requested date.

Fourth-Quarter Property Sales Were The Worst Slowdown

Fourth-quarter property sales were the worst slowdown since the great recession.

Wells Fargo Will Pay $3.7 Billion To Resolve Allegations

Wells Fargo will pay $3.7 Billion to resolve allegations it harmed more than 16 million people with deposit accounts, auto loans and home mortgages.

US Existing Home Sales Fell Again In December

US existing home sales fell again in December, concluding the weakest year for home sale activity since 2014.

Housing Inventory In The US Decreased In November From October

Housing inventory in the US decreased 6.6% in November from October but was up 2.7% from a year ago.

1.6 Million Homeowners Were 30+ Days Past Due On Their Mortgages

In November, approximately 1.6 million homeowners were more than 30 days past due on their mortgages, leading to a national delinquency rate of just over 3% which represented a 3.5% increase from October’s total, while loans 60 or more days late saw an 11% surge.

Home Sales Fell .5% In October

Home sales fell .5% in October compared with September.

Big Tech Companies That Drove US Office Demand For Years Are Now Canceling Leases

Big tech companies that drove US office demand for years are now canceling leases and flooding business districts with office space as they downsize.

Home Prices Fell In September From August

Home prices fell in September from August, the first time prices have declined for 3 straight months in nearly 4 years.

Fannie And Freddie Are Buying Fewer Multifamily Loans

Fannie and Freddie are buying fewer multifamily loans as interest rates rise and property sales fall.

Builders Have Become More Eager To Offer Prospective Home Buyers Incentives

Builders have become more eager to offer prospective home buyers incentives— including more affordable rate buy-downs, reduced closing costs and free amenities—as mortgage rates soared to a 22-year high last quarter and more homes emerged on the market.

Buyers Who Purchased Homes Moved A Median Of 50 Miles From Their Previous Residences

Buyers who purchased homes in the 2nd half of 21′ and 1st half of 22′ moved a median of 50 miles from their previous residences–the highest distance on record since 2005.

Largest Supply Of Unsold Homes In NJ Is In The $1 Million+ Price Point

The largest supply of unsold homes in NJ is in the $1 million to $2.5 million price point.

Americans Are Renting Fewer Apartments

Americans are renting fewer apartments as demand in the third quarter fell to its lowest level in 13 years.

Luxury Second-Home Demand Remains Above Pre-Pandemic Levels

Luxury second-home demand remains above pre-pandemic levels.

A Movement To Abolish Parking Mandates Has Grown

A movement to abolish parking mandates to encourage affordable housing development in cities across the nation has grown to include California as the first state to broadly eliminate the zoning requirements.

Meta, Airbnb Shed Office Space

Meta, Airbnb shed office space as they adjust to pandemic-related changes.

Lumber Prices Have Fallen To Their Lowest Level In More Than 2 Years

Lumber prices have fallen to their lowest level in more than 2 years back to the cost it was before the pandemic building boom.

US Home Prices Slid In July From June

US home prices slid in July from June, the first monthly drop in years.

Apartment Rents Are Falling From Record Highs

Apartment rents are falling from record highs across the US for the first time in almost 2 years.

The Average Rate On A 30-Year Fixed Mortgage Climbed To 6.02%

The average rate on a 30-year fixed mortgage climbed to 6.02%, up from 2.86% a year ago–the first time since 2008 the average 30-year fixed mortgage interest rate has hit 6%.

US New-Home Sales Fell

US New-Home Sales Fell to Slowest Pace Since Early 2016.

US Construction Costs Continue To Soar

US construction costs continue to soar–rising more than 10% since last year.

US Housing Starts Fell 9.6% In July

US housing starts fell 9.6% in July from the month before.

The US Economy Has Recovered 98% Of Jobs Lost During Initial Months Of The Pandemic

The US economy has now recovered 98% of the jobs lost during the initial months of the pandemic. Jobs and personal incomes more than any other factors drive home prices.

NJ’s Unsold Housing Inventory Continues To Rise

NJ’s unsold housing inventory continues to rise, increasing 70% since January 2022.

California Has Allotted $400 Million To Help Convert Commercial Buildings

California, with the biggest US homeless population, has allotted $400 million to help convert commercial buildings for residential use.

The Amount Time It Takes To Complete A Multifamily Project Has Continued To Rise

In addition to the rising costs of materials and labor in residential construction in recent years, the amount of time it takes to complete a multifamily project has also continued to rise. The rising costs of materials and labor in residential construction in recent years, the amount of time it takes to complete a multifamily project has also continued to rise.

US Housing Sales Dropped In June

US housing sales dropped in June as the median sales price of an existing home climbed to $416,000.

Building Material Prices Have Begun To Decline Or Experience Moderate Price Increases

Building material prices, which skyrocketed amid a period of intense demand and insufficient supply during 2020 and 2021, have begun to decline or experience moderate price increases.

The Construction Labor Shortage Is Set To Intensify

The construction labor shortage is set to intensify over next 6 months.

US Home Construction Fell Sharply In May

US home construction fell sharply in May.

The Pace Of Home Sales In NJ Continues Its Decline In 2022

The pace of home sales in NJ continues its decline in 2022 down 13% YTD compared to the same period in 2021.

Redfin And Compass Announced Layoffs

Redfin and Compass announced layoffs–8% and 10% respectively.

NJ’s Unsold Home Inventory Continues To Rise

NJ’s unsold home inventory continues to rise, increasing 44% since January 2022.

Credit Conditions Tightened For Builders And Developers In Q1 2022

Credit Conditions Tightened For Builders and Developers in Q1 2022 as Indices from the NAHB and the Federal Reserve indicate tightening credit conditions for the first time since mid-2020.

New Home Buyers Are Confronting Multiple Obstacles This Year

New home buyers are confronting multiple obstacles this year, from surging mortgage rates to home construction delays due to supply-chain and labor constraints.

Building Material Prices Continue To Rise

Building Material Prices Continue to Rise: According to the latest Producer Price Index, building material prices have increased 20.4% on a year-over-year basis.

The Share Of Adults Planning A Home Purchase Fell For A Third Straight Quarter

The share of adults planning a home purchase within a year fell for a third straight quarter in the first three months of 2022, down to 13%.

As Of February, There Were 799,000 Single-Family Homes Under Construction Across The U.S.

As of February, there were 799,000 single-family homes under construction across the U.S., up 28% from a year earlier.

More Than One In Every Four Houses Purchased In The 4th Quarter Of 2021 Was A New Construction Home

More than one in every four houses purchased by a professional rental investor in the 4th quarter of 2021 was a new construction home–brand new homes were only 3% of what these investors bought during the 3rd quarter of 2019.

243 Million Square Feet Of U.S. Office Space Are Set To Expire In 2022

243 million square feet of U.S. office space are set to expire in 2022–about 11% of all leased office space in America.

Online Searches For “Homes For Sale” Are Down

Online searches for “homes for sale” are down 10% year over year.

Home mortgage rates hit 5%

Home mortgage rates hit 5%.

The Pace Of Home Sales In NJ Continues To Decrease

The pace of home sales in NJ continues to decrease with another decline of 12% projected for March.

Pending Home Sales Fell For Third Consecutive Month In January

Pending home sales fell for third consecutive month in January-decreased 9.5% compared with January 2021.

Multifamily Rents Nationwide Registered An Increase

Multifamily rents nationwide registered an increase in January 2022.

Building Materials Prices Increased 20.3% Year Over Year

Building materials prices increased 20.3% year over year and have risen 28.7% since January 2020.

Work-from-Home Has Changed Multifamily Renter Preferences

Work-from-Home has changed multifamily renter preferences to include amenities like reliable high-speed Internet, more space and soundproofing have become more important to apartment tenants.

Rents In Manhattan Including Landlord Concessions Reached Their Highest On Record

Rents in Manhattan including landlord concessions reached their highest on record for the month of December 2021.

Real Estate Investors Are Flocking To High End Student Housing

Real estate investors are flocking to high end student housing as students are still heading back to colleges and universities across the U.S.

Demand For Downtown Apartment Properties Has Fully Rebounded

Demand for downtown apartment properties has fully rebounded as investors are rushing in to buy in the biggest U.S. cities.

Homes Priced Between $800,000 and $1 Million Saw The Highest Rate Of Bidding Wars

Homes priced between $800,000 and $1 million saw the highest rate of bidding wars in December.

Home Prices Soared For A Second Straight Year In NJ During 2021

Home prices soared for a second straight year in NJ during 2021. After climbing 12% in 2020, they gained about another 15% in 2021.

NJ Home Sales Were Down The Last Five Months Of 2021

NJ home sales were down for each of the last five months of 2021.

New York City Became The Largest City To Agree To Phase Out Fossil Fuels

New York City became the largest city in the country to agree to phase out fossil fuels in all new building construction.

Multifamily Asking Rents In The United States Have Expanded By An Average Of 11%

Multifamily asking rents in the United States have expanded by an average of 11% year over year in 2021, the single highest increase ever recorded.

Multifamily Investors Are Lengthening Their Hold Periods

Multifamily investors are lengthening their hold periods, as inflation fears and dearth of available product disrupt local real estate markets.

Average Retail Lease Size Continues To Decline

Average Retail Lease Size Continues To Decline.

U.S. Rent Hikes Are Spreading to Older, Cheaper Apartments

U.S. Rent Hikes Are Spreading to Older, Cheaper Apartments.

Major New York Employers Expect To Cut Office Needs

One-third of major New York employers expect to cut office needs in next five years.

Home Prices Are Rising Much Faster Than Personal Incomes

Home prices in the US are now rising much faster than personal incomes.

Zillow Announced That It Is Exiting Its iBuyer House Flipping Business

After racking up over $1 billion in losses over 3.5 years, Zillow announced that it is exiting its iBuyer house flipping business.

The Proportion Of 1st Time Home Buyers As A % Of Home Sales Dropped To 28%

The proportion of 1st time home buyers as a % of home sales dropped to 28% in September, the lowest level since July 2015 as rising home prices are pushing some buyers out of the market.

US Median Existing-Homes Sales Prices In September Rose 13.3%

The National Association of Realtors said US median existing-homes sales prices in September rose 13.3% from a year earlier to $352,800.

Some Of The Biggest US Companies Have Begun Buying Commercial Real Estate

Some of the biggest US companies including Google, Facebook & Amazon.com have begun using their vast stockpiles of cash to buy commercial real estate.

Mortgage Rates Rose Above 3%

Mortgage rates rose above 3% for the first time since July.

The U.S. Multifamily Sector Headed Into The Third Quarter Of 2021 On The Upswing

The U.S. multifamily sector headed into the third quarter of 2021 on the upswing, as record-setting demand pushed vacancy rates lower in the first half of the year.

U.S. Construction Starts Declined In August For The Third Straight Month

U.S. construction starts declined in August for the third straight month, pushing starts to an 11-month low.

Qualifying Multifamily Property Owners Can Continue Applying For Forbearance

Qualifying multifamily property owners can continue applying for forbearance as the previous Sept. 20 deadline has been lifted.

Home Sales Fell 13.2% In July

New home sales fell 13.2% year-over-year in July

1.5 Million Homeowners Are 90 Days Or More Behind On Their Mortgage Payments

1.5 million homeowners are 90 days or more behind on their mortgage payments but not in foreclosure. Those who aren’t forced out will still be displaced if selling is their only option, and an estimated 1 in 10 borrowers in forbearance will not have enough equity to sell.

Building Materials Prices Have Declined Since December 2019

Building materials prices have declined just twice since December 2019 and have increased 19.4% over the past 12 months.

In July U.S. Rents Rose 7%-8.7% For 1 And 2 Bedroom Apartments

In July U.S. rents rose 7% for one bedroom apartments & rose 8.7% for 2 bedroom apartments year over year.

50% Of U.S. Homes Sold For More Than Their List Price

In May, a record high of 50% of U.S. homes sold for more than their list price.

Commercial Real Estate Trade Groups Are Challenging The CDC

Commercial real estate trade groups are challenging the Centers for Disease Control and Prevention’s decision to reinstate the federal eviction moratorium, arguing the agency lacks the authority to issue such an order.

NJ Gov. Phil Murphy Has Given Lower-Income Tenants In The Garden State Protection From Eviction

New Jersey Gov. Phil Murphy has given lower-income tenants in the Garden State protection from eviction until the end of the year, as well as setting aside an additional $750 million in coronavirus emergency rent and utility-payment assistance.

Unsold NJ Housing Inventory Continues To Rise

Unsold NJ housing inventory continues to rise month-on-month, increasing for 5 months in a row.

Home Prices In NJ Increased 12% In 2020

Home prices in NJ increased 12% in 2020 and are expected to increase at about the same rate in 2021.

NJ Is The Sixth Most Expensive Place To Rent In The US

NJ is the sixth most expensive place to rent in the US behind only Hawaii, California, New York, Massachusetts and Washington, D.C.

Revisions To The 2020 Census Revealed The Population In The Northeast Grew More In The Past Decade

Recent revisions to the 2020 Census revealed that the population in the Northeast grew much more in the past decade than previous estimates had indicated–a potential boon for multi-family investors.

Nonperforming Commercial Real Estate Debt Doubled Last Year

Nonperforming commercial real estate debt on the biggest banks’ balance sheets doubled last year.

New Home Sales Declined In May 2021

New home sales declined again in May 2021.

CDC Extended The Federal Ban On Tenant Evictions

The CDC has extended the federal ban on tenant evictions.

Fast-Rising Housing Costs Helped To Push Inflation

Fast-rising housing costs have helped to push inflation to a 13-year high.

Pending Existing Home Sales Dropped 4.4%

Pending existing home sales dropped 4.4% month to month in April.

National Association of Home Builders CEO Attributed Spike In Home Prices To Breakdown In Supply Chain

National Association of Home Builders CEO Jerry Howard attributed the spike in home prices to the ‘complete breakdown in the supply chain for building materials.

Existing Homes Sales Fell 2.7% In April From March

Existing homes sales fell 2.7% in April from March–the 3rd straight monthly drop.

US Home Prices Rose In 182 Of 183 Metro Areas In Q1 2021

US home prices rose in 182 of 183 metro areas in Q1 2021 from one year earlier amid robust demand and limited housing inventory.

Newly Built Homes Now Make Up 26% Of US Home Inventory For Sale

Newly built homes now make up 26% of US home inventory for sale–a record high.

The U.S. Housing Market Is 3.8 Million Single-Family Homes Short

New apartment leases in Manhattan jumped by 89 percent in March from a year earlier.

The U.S. Housing Market Is 3.8 Million Single-Family Homes Short

The U.S. housing market is 3.8 million single-family homes short of what is needed to meet the country’s current demand, according to a Freddie Mac analysis.

Private And Government Buyers Are Finding Real Estate Conversion Opportunities With U.S. Hotel Owners

Both private and government buyers are finding real estate conversion opportunities with U.S. hotel owners who are reevaluating the highest and best use of their properties due to the COVID-19 pandemic.

Median Credit Score Approved For Mortgages Reached 786 in Q4 2020

16 percent more US residential properties received a foreclosure filing in February compared to January.

16% More US Residential Properties Received A Foreclosure Filing In February

16 percent more US residential properties received a foreclosure filing in February compared to January.

US Housing Inventory Declined At The End Of December 2020

US Housing inventory at the end of December 2020 declined 16.4% from November and declined 23% from one year before.

Millennials Represent 3/4 Of NJ Home Buyers

Millennials currently represent 3/4 of NJ home buyers.

Home Prices In NJ Rose 11.6%

Home prices in NJ rose 11.6% in 2020.

NJ Home Inventory Is Down 50%

NJ home inventory is down 50% from one year ago.

Mortgage Rates Surpassed 3%

For the first time since July, mortgage rates surpassed 3%.

More Than Half Of 2.7 Million Active Forbearance Plans Are Set To End

More than half of 2.7 million active forbearance plans are set to end in March, April, May or June.

“Housing Trend Report” Shows 15% Of Americans Are Planning To Purchase A House

The National Association of House Builder’s fourth-quarter “Housing Trend Report” shows 15% of Americans are planning to purchase a house in the next 12 months, up 4% from the same time a year ago.

Extended Ban On Housing Foreclosures

President Joe Biden is extending a ban on housing foreclosures to June 30

Renters Have Racked Up $70 Billion In Unpaid Rent

Renters have racked up $70 billion in unpaid rent since the start of the economic crisis caused by the pandemic.

Retail Space Vacancy In New Jersey Is Up By 4 Million Square Feet

Retail space vacancy (including restaurants) in New Jersey is up by 4 million square feet compared to the beginning of 2020.

Proposal For Commercial Landlords To Convert Office And Hotel Buildings To Residential Use

New York Gov. Andrew Cuomo is throwing his support behind a proposal to let commercial landlords convert office and hotel buildings in New York City to residential use as workplace and hospitality properties go partially empty in the pandemic.

National Rental Demand Closed 2020 at Strongest Level Since 2000

National Rental Demand Closed 2020 at Strongest Level Since 2000.

US Homeowners Gained Over $1 Trillion in Equity in Q3 2020

US Homeowners Gained Over $1 Trillion in Equity in Q3 2020.

Median Rental Price In Manhattan Plummeted 22% In November 2020

The median rental price in Manhattan plummeted 22% in November 2020 from a year earlier to $2,743 a month.

Gains in Home Ownership Stem from Younger Households

Recent Gains in Home Ownership Stem from Younger Households.

About 5.8 Million Adults Say They Are Likely To Face Eviction Or Foreclosure

About 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure in the next two months.

Economists Are In A Debate About The Geography of Housing Demand

Economists are engaged in a debate about whether the geography of housing demand is changing as a result of the COVID-19 crisis and the recession of 2020

Demand For Flex Office Space Is The Fastest Growing Product Line

Demand for flex office space on an as-needed basis is the fastest growing product line for many co-working operators.

Retail Closings Are At A Record High

Retail closings are now at a record high for any year.

Rents Are Falling Near College Areas

Rents are falling near college areas as millions of students stay home.

US Home Prices Are Rising At The Fastest Rate

US home prices are rising at the fastest rate in 2 years as home inventory levels are down 17% since the same time last year.

Apartment Tenants Missing Payments On The First Of The Month Are Taking Longer To Catch Up

Apartment tenants who are missing payments on the first of the month are taking longer to catch up, a sign of financial strain in the pandemic that could affect owners and lenders.

More Than 29,700 Homes Were Sold In June And July

Across New Jersey, more than 29,700 homes were sold in June and July, an increase of 33 percent over the same period in 2019.

Apartment Buildings In Urban Areas Have Struggled Since The Pandemic

High-end, four-and five-star apartment buildings in urban areas have struggled to maintain rents, and in some cases struggled to retain residents, since the onset of the Coronavirus pandemic.

The Available Housing Inventory In The US Was Down 30% In August

The available housing inventory in the US was down 30% in August compared to the same time last year.

7% Of Mortgages Are Still In Forbearance

7% of mortgages are still in forbearance, according to the Mortgage Bankers Association.

FHFA Extended Foreclosure and Real Estate Owned Eviction Moratoriums

FHFA Extended Foreclosure and Real Estate Owned Eviction Moratoriums Through Dec. 31.

Soaring Lumber Costs Could Push New Home Prices Higher

Office Sales Plunged to a 10-Year Low

Office Sales Plunged to a 10-Year Low in the Q2 2020.

NJ’s New Jobless Claims Hit Low Point

NJ’s new jobless claims hit low point amid pandemic rebound.

NJ Governor Murphy Will Use $25 Million In Federal CARES Act Funding To Assist Landlords

NJ Governor Murphy via The Small Landlord Emergency Grant Program will use $25 million in federal CARES Act funding to assist landlords who own properties of three to 10 units whose tenants have missed rental payments between April and July.

The Mortgage Bankers Association Forecasts Lending Could Fall

The Mortgage Bankers Association forecasts lending could fall almost 60% this year.

Fed Says Largest US Banks Face $48 Billion Commercial Real Estate Loan Loss

Fed says largest US banks face $48 billion commercial real estate loan loss. Snowballing distress in commercial real estate loans are threatening to become an avalanche that could overwhelm banks.

Existing-Home Sales Rose In June

U.S. Existing-Home Sales Rose 20.7% in June.

US Home Mortgage Delinquencies Surged

US home mortgage delinquencies surged to the highest level in 9 years.

State Law Passed To Extend The Timeline For Governmental Permits & Approvals

NJ Governor Murphy passed a state law to extend the timeline for governmental permits and approvals for real estate projects that were stalled by the pandemic.

Mortgage Applications Rose By 9.3% From A Week Earlier

Mortgage applications rose by 9.3% from a week earlier.

Demand Remains Strong For Life Science Buildings In Major Metropolitan Areas

In the midst of a pandemic, demand remains strong for life science buildings in major metropolitan areas.

Home Sales In May, June And July Net Home Sellers The Biggest Premium

An analysis of more than 33 million single family home and condo sales over the past nine years shows that home sales in May, June and July net home sellers the biggest premium.

New Residential Multifamily Construction Projects Are Struggling

New Residential Multifamily Construction Projects Are Struggling to Land Tenants Amid The Frozen US Economy.

Nearly One-Third Of All American Households Are Cost-Burdened

Nearly one-third of all American households are cost-burdened, according to the most recent data from the U.S. Bureau of Labor Statistics, meaning they spend at least 30% of their income on housing costs. NJ is 3rd highest cost-burdened state in the US behind New York & California.

Newly Listed Homes Dropped 44.1% In April

Newly listed homes dropped 44.1% in April.

Home Sales Activity Could Be Down 30% or 40% In The Next Months.

Lawrence Yun, The chief economist of the National Association of Realtors, said “home sales activity could be down 30% or even 40% in the next months.”

More Households Paid Rent On Time In May Than Expected

More households paid their rent on time in the first week of May than was expected (80.2% vs. 78% in the 1st week of April).

Retail Store Closures In The US Are Expected To Explode

Retail store closures in the US are expected to explode because of the Coronavirus.

The Surge In Unemployment Claims Are Straining Household Budgets And More

The surge in unemployment claims filed since mid-March resulting from the mitigation efforts to slow the spread of the coronavirus (COVID-19) are straining household budgets and leading to more requests for mortgage forbearance.

The Average Rents On Apartments Are Already Dropping

The average rents on apartments are already dropping, as the U.S. economy grinds to a halt and millions of workers have lost their jobs, been furloughed or have been asked to stay home.

FHA Releases Information On Eviction Suspensions

Federal Housing Finance Agency (FHFA) announced that eviction suspensions are in place for the entire duration of time that a property owner remains in forbearance.

Increased Demand For Warehouse Space And Labor Created by COVID-19

Increased demand for warehouse space and labor created by COVID-19 Could Be A Long-Term Trend.

New Jersey Unveiled a 90-Day Mortgage Grace Period

New Jersey unveiled a 90-Day mortgage grace period in the wake of the COVID-19 pandemic.

Construction Deemed An Essential Business During Coronavirus Crisis

Construction is set to continue in New Jersey after being deemed an essential business during the Coronavirus crisis.

Amazon Says It Needs 100,000 New Employees to Handle Surge

Amazon Says It Needs 100,000 New Employees to Handle Surge in Online Ordering.

Today’s Unsold Housing Inventory In NJ Equates To 3.3 Months Of Sales

Today’s unsold housing inventory in NJ equates to 3.3 months of sales, a significant decrease from 4.5 months this time last year.

NJ home sales increased 12% year-on-year in January

NJ home sales increased 12% year-on-year in January.

Today’s Unsold NJ Housing Inventory Equates To 4.4 Months Of Sales

Today’s unsold NJ housing inventory equates to 4.4 months of sales (non-seasonally adjusted), a significant decrease from 5.8 months this time last year.

Home Sales This Year Have Increased In 10 Out Of 12 Months

Home sales this year have increased in 10 out of 12 months, resulting in an overall increase of 5% in all of 2019 compared to 2018.

International Code Council Approves Changes To Building Standards

In January, the International Code Council approved changes to building standards that preview a world in which every home has at least one electric car.

Miami’s Luxury Condo Market Inventory Is High & Volume Is Stagnant

Miami’s luxury condo market inventory is high and volume is stagnant as many high end projects are still coming online.

Average New Apartment Size in East & West Coast Cities Is Shrinking

The average new apartment size in east and west coast cities is shrinking as developers are focusing on delivering studios and one bedrooms.

Grim News Continues To Roll In For Mall-Based Retailers

Grim news continues to roll in for mall-based retailers, with several companies reporting declines in a key sales metric over the holiday period despite a broader rise in consumer spending.

Lenders Showing They Still Have An Appetite For Financing Construction Projects

In early 2020 lenders are showing they still have an appetite for financing construction projects.

Americans Are Moving Less Now

Americans are moving less now—despite a strong economy, young adults, who have historically been the most mobile, are staying put thanks to housing and job limitations and so are aging adults who are reluctant to make a move due to costs.

Big Snow, North America’s First Indoor Ski Slope

Big Snow, North America’s first indoor ski slope opened in the American Dream mega mall December 5th in East Rutherford, NJ.

Voters in Jersey City Upheld New Restrictions on Short-Term Rental Properties

Voters in Jersey City overwhelmingly upheld new restrictions on short-term rental properties, dealing a blow to home-share service Airbnb as it faces potential fights over similar regulations across the country.

U.S. Homeowners Staying In Their Residences Longer

U.S. homeowners are staying in their residences much longer than before, keeping a glut of housing inventory off the market, which helps explain why home sales have been sputtering.

8.3 Million First-Time Homebuyers To Enter Mortgage Market

8.3 million first-time homebuyers will enter the mortgage market between 2020 and 2022.

Final Rule to Raise Threshold From $250,000 to $400,000

The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve have issued a final rule to raise the threshold from $250,000 to $400,000 for residential real estate transactions that would require an appraisal.

Average Rents Nationally Dipped .1% in September

After increasing by 3.2 % in the past year, average rents nationally dipped .1% in September. In NJ, Newark registered a .4% decline in avg rents, Elizabeth a .3% decline and Jersey City a .2% decline.

Coworking Creates A New Financial Risk to Commercial Real Estate

The president of the Boston Federal Reserve Bank is warning that coworking creates a new type of financial risk to the commercial real estate market in major urban office markets.

S&P CoreLogic Case-Shiller Index of Property Values Increased

The S&P CoreLogic Case-Shiller index of property values increased 2% from a year earlier, the slowest since August 2012.

Jersey City Will Add as Many Apartments as Manhattan in 2019

Jersey City Will Add as Many Apartments as Manhattan in 2019.

Guidance Affords Property Owners Greater Flexibility

The National Association of REALTORS®, after reviewing the Department of Housing and Urban Development’s new condominium financing rules, says the guidance affords property owners greater flexibility in the qualification process for loans insured by the Federal Housing Administration.

More Than 54% of Young People Move Back Home After College

More than 54% of young people about to graduate from college plan to move back home to live with their parents instead of renting.

Apartments Reached a 5 Year High

Demand for apartments reached a 5 year high this spring.

Smallest 25% of One-Bedrooms Have Lower Vacancy Rates

The smallest 25 percent of one-bedrooms in the U.S. have lower vacancy rates compared to larger one-bedrooms, according to research firm the CoStar Group.

New Bill Signed by NJ Gov. Phil Murphy

NJ Gov. Phil Murphy has signed into law a bill that allows municipalities to provide new redevelopment incentives for vacant shopping malls.

Department of Housing & Urban Development’s New Condominium Financing Rules

US Homeownership Rate Fell For a 2nd Consecutive Quarter

The US homeownership rate fell for a 2nd consecutive quarter from April to June this year.

Contract Sales in NJ Decreased by 2% in June 2019

After 3 consecutive months of increases, contract sales in NJ decreased by 2% in June compared to June 2018.

Home Sales Fell 4.2% The First Half of 2019

Existing home sales fell 4.2% the first half of 2019 compared with the same period in 2018.

Just 16% of Home Buyers Paid in Cash in June

In June, just 16% of home buyers paid in cash, down from 23% in February.

NJ and Two Other States Sued the IRS on July 17th

NJ and two other states sued the IRS on July 17th in an effort to restore a mechanism designed to offset the $10,000 cap on federal deductions for state and local tax payments.

New Jersey’s Unemployment Rate Fell to a Historic Monthly Low

New Jersey’s unemployment rate fell to a historic monthly low in June to 3.5%, lower than any monthly rate since the U.S. Bureau of Labor Statistics began state-level records in 1976.

NJ Governor Murphy Signed a Land Bank Bill

NJ Governor, Murphy signed a land bank bill that allows New Jersey municipalities to assemble blighted properties within its borders, creating land banks that can be use to spur development.

Internal Revenue Service Closed a Loophole

The Internal Revenue Service closed a loophole the Murphy administration and legislative leadership were hoping to use to bypass a $10,000 federal cap on state and local property tax deductions.

Foreclosure Inventory Rate Down 0.2 Percentage Points From March ’18

As of March 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from March 2018.

Jersey City – 60 Day Cap for Short Term Rental Properties

Jersey City council passed an ordinance instituting an annual 60 day cap for short term rental properties (ie. airbnb) if the owner is not on site.

Fannie Mae and Freddie Mac Refinancing Fewer Mortgages

Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the financial crisis.

Prospective Home Buyers Want a Security Camera or Video Doorbell

46% of prospective home buyers want a security camera in their home, while 45% want a video doorbell.

Average Sale Price for Luxury Homes Nationwide Fell 1.6%

The average sale price for luxury homes nationwide fell 1.6% to $1.55 million in the first quarter of 2019.

Developers Converting Mall Spaces Into Offices

Developers are converting mall spaces into offices to generate stable revenues and foot traffic for the remaining stores.

New Jersey’s Surcharge on Short-Term Rentals

New Jersey’s surcharge on short-term rentals, ‘the Airbnb tax’ is causing vacationers to rethink their summer travels and stirring anxiety among some Jersey Shore homeowners.

Prices of Goods in Residential Construction Have Risen Quickly 2019

Prices paid for goods used in residential construction have risen more quickly thus far in 2019 than they did during the same period in 2018 and are at their highest level since last October.

1,300 Rental Units in Downtown Jersey City

1,300 rental units in Downtown Jersey City are rented out through services like Airbnb which represents 7% of all Downtown rental units.

Renters Pay a Premium for Waterfront Apartments

Apartment buildings located near rivers, lakes and ocean shores earn extra money in rents as renters pay an overall premium for waterfront apartments.

Purchase of New Homes in the US Rose in March

Purchase of new homes in the US rose in March.

Banks Cutting Back on Commercial Real Estate Lending

Banks are cutting back on commercial real estate lending, reflecting moderating property value growth and rising construction costs, while loan loss allowances grow.

Affordable Housing in Federal Opportunity Zones

HUD Secretary said HUD will give preference for grants to developers & investors who build affordable housing in federal Opportunity Zones.

Renters Aged 60 Or Older

The share of renters aged 60 or older has risen dramatically in the past decade in many US cities.

Construction Material Prices

Apartment developers continue to be stressed by the unpredictable cost of construction materials. Overall, construction material prices keep rising faster than inflation.

Senior Homeownership Rate Dropping

The homeownership rate for those 65 years & over dropped to 78.8% from 79.2% a year earlier.

Home Purchase Contracts Decline in November

The number of home purchase contracts in November declined by 3% compared to the same month the previous year.

Majority of Homeowners Staying Put

More than 6 in 10 adults would like to remain in their current residence for as long as possible.

Vacant Manhattan Storefronts

One fifth of Manhattan storefronts are currently vacant.

Performance Property Real Estate Question

Will Millennials Buy Real Estate In The Suburbs?

Q: Gerald, I’m a suburban realtor–everything that I read about Millenials seems to point to the idea that they prefer city living. Should I focus on finding urban properties for Milennial buyers? Karen, Rockaway, NJ A: Social Media and the Internet help spread “conventional wisdom” narratives faster than ever. One of those pervasive narratives is that all Millenials prefer to live in cities. There is evidence that supports this claim including the fact that many companies have relocated to urban cities to attract Milennial employees. In spite of this, the fact is that in the last year more than half of Millenial home buyers (52%) purchased homes in the suburbs and more than one fifth of these Millenials purchased homes […]

Millenials Hold Highest Share of Home Buying Activity

Millennials held the highest share of home buying activity out of all other generations for the fifth consecutive year, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors.

What Recent Demographic Changes Mean For Real Estate

Q: Gerald, you said that more than two thirds of NJ households are childless. What does this trend mean for residential real estate? Henry, Montvale, NJ A: Interesting question, Henry. More childless households means that space requirements for home buyers and renters are smaller, which means lower demand for McMansions and increased demand for condos, town houses and smaller homes. Unfortunately, builders in NJ are not building a lot of small or starter homes because the cost of land and labor are high and because land use laws in NJ make it harder to build. In addition, the length of time it takes to build a home in NJ has increased which increases the cost to builders making it less […]

Census Bureau Insights

The Census Bureau’s annual county and metropolitan area estimates through 2017 reveal a revival of suburbanization and movement to rural areas along with Snow Belt-to-Sun Belt population shifts.

What The Rise In Homeownership Means For Real Estate

Q: Gerald, I just read that the homeownership rate in the US finally went up again after years of decline. What does this mean for real estate prices? Candy, Berkeley Heights, NJ A: Yes, homeownership recently went up from 63% to about 65%. 65% is not near the 69% homeownership rate we saw at the height of the real estate bubble, but it’s a welcome, healthy sign. Homeownership rates and rental rates are inversely related. When homeownership rates fall (as they did after the real estate bubble burst), rental rates rise and when homeownership rates rise, rental rates decline. So this increase in the homeownership rate will reduce the percentage of people who rent which, depending on which local market you’re […]

Families Increasingly Moving to Multigenerational Homes

Currently about 19% of Americans now live in a multigenerational household, the highest level since 1950.

Total Value of All US Homes

The total value of all homes in the U.S. increased in 2017 to a total $31.8 trillion.

New Jersey Rents Skyrocket

Penthouse Five at the Ellipse building recently broke the previous rental ask price record in Jersey City at $10,995 a month.

Underwater Homeowner Numbers Continue to Drop

The population of underwater homeowners with no home equity in the US has dropped by nearly 1 million borrowers since last year. This marks the first time the number of underwater homeowners has dropped below 2 million since 2006.

Home Occupancy Length on the Rise

The average time someone stays in their home has risen to 8.5 years, the highest they’ve seen since data began in 2008.

United States Apartment Rents

US apartment rents rose 3.8% in 2016, a significant drop from the recent high of 5.6% year-over-year growth in 2015.

Newark Expansion

Newark recently began expansion of Riverfront Park along the Passaic River.

Top Indicator For Real Estate Growth

The most important economic indicator for housing and real estate is job creation.

Real Estate Trends in Retail

Department stores are being replaced by newer types of retail tenants like supermarkets, gyms, restaurants and movie theaters at American shopping malls.

All the Single Ladies…Are Buying Houses

Single women are now the 2nd largest home buying group after married couples.

New Jersey Home Ownership Declining

New Jersey’s homeownership rate declined from 71.3% in 2005.Q1 to 60.9% in 2016.Q1, its lowest level in more than ten years.

What Julius Caesar Can Teach Us About Our Real Estate Business and Life

The month of July was named in honor of the Roman general, Julius Caesar. As real estate investors, here are some insights we can derive from the famous military leader’s life. Be Bold, Take Chances While sailing to Greece, Julius Caesar was kidnapped by pirates and held for ransom. When informed that the pirates intended to ask for 20 talents as ransom, Caesar insisted that he was worth at least 50. He maintained a friendly, joking relationship with the pirates while the money was being raised but warned them that he would track them down and have them crucified after he was released. After the ransom was paid, Caesar raised a fleet, pursued and captured the pirates, and had them crucified (as a sign of leniency, he first had their […]

US Home Sales Surge

US new home sales posted their strongest month in more than 8 years in April of this year, while prices jumped to a record level.

Demand For Industrial Space

Demand for big industrial space has soared past surging supply according to Commercial Real Estate Services, Worldwide (CBRE).

Home Sales and Apartment Rentals

Homes sales and apartment rentals are inversely related.

Luxury Home Buyers Vs. First-Time Buyers

Luxury home buyers normally buy in spring and summer whereas 1st time homebuyers buy throughout the year.

Population Figures and Home Prices

Declining population typically reduces housing demand and home prices.

What Warren Buffett Just Told Me About Real Estate Prices

Q: Gerald, I know you go to the Berkshire Hathaway Shareholder Meeting every year. What insights did you get from Warren Buffett about the real estate market? Elvin, Teaneck, NJ A: Yes, Elvin, I do go to the Berkshire Hathaway Annual Shareholder Meeting every year, often called The Woodstock Of Capitalism to hear Warren Buffett & Charlie Munger, the 2 smartest business minds on Planet Earth speak extemporaneously for 5 hours. In fact I just returned from the 2016 Berkshire Shareholder Meeting and as usual, Warren & Charlie did not disappoint this year-their wit and insight were well worth the trip. To answer your question, Warren Buffett was asked about a comment he made back at the 2012 shareholder meeting […]

Are People Buying or Renting in Manhattan?

Over a third of Manhattan new development condos sold in 2015 were later listed for rent.

Paying Off Your Mortgage Early

Bi-weekly early mortgage payoff plans essentially make about 1 extra monthly mortgage payment for a borrower every year. You can accomplish this on your own without paying your lender a fee to join their program.