Beware the "Ides of March" in New Jersey!

(Photo: Vincenzo Camuccini, Mort de César, 1798, courtesy of Wikipedia)

To a joint session of the New Jersey Legislature, Governor Jon Corzine proposed the state's spending plan for the upcoming year. This year's budget proposal was an attack on property owners. Property owners took a major hit when he declared his goal to eliminate the property tax deduction next year on state income taxes for everyone but seniors.

If all the experts agree that "Housing" led us into recession and ONLY "Housing" can lead us OUT of recession, then our government is sabotaging the economic engine of recovery:

First, President Obama considers eliminating the tax deduction on mortgage interest for those with annual incomes greater than $500,000!

Now, Governor Corzine plans on eliminating the property tax deduction for everyone but seniors!

Could we possibly discourage the American Dream of Home Ownership any further?

Could we possibly delay the housing recovery even longer?

Could we possibly take any more from the few that still have?

Et Tu Brute?

Ratio of "Distressed" Sales for February 2009, in Toms River, NJ

February 2009 ECHOED January 2009 when it came to the number of "distressed" sales CLOSED between $200,000 and $250,000:

8 Single Family Homes CLOSED in February between $200,000&$250,000

3 were "Short Sales"
2 were "REO's" or Bank Owned
3 were "Traditional" Sales

So, once again in 2009, over half the CLOSINGS between $200,000 and $250,000, in February 2009, were "Distressed Sales"!

As we get into the "Spring Selling Season", it will be interesting to see if this trend continues or diminishes. Remember; the homes that CLOSED in January and February, went UNDER CONTRACT in November, December and January!

Stay tuned...

Monthly Market Report for Toms River, NJ – February 2009

February by the numbers:

• 31 The number of Single Family Homes CLOSED during the month

• $411,706 Average LIST price for February*

• $390,029 Average SALES price for the month*

• 97 Average DAYS ON the MARKET for February

• 94.73% The SALES price to LIST price RATIO for the month

• 708 Number of Single Family Homes ACTIVE on the market in February

• 22.83 Number of MONTHS it would take to SELL OFF the existing supply of homes on the market, in Toms River, at this rate, if NONE were to come on the market!

*These averages include Single Family Homes from the beach communities of Ortley, Normandy and Ocean, etc.

February 2009 saw 31 Single Family Homes CLOSE in Toms River, as compared with 48 in February of 2008. Of those 31 homes, 8 were in the price range of $200,000 to $250,000 (more than 25%). Combined with the CLOSINGS from January 2009, this represents an increase in SALES of 55%, in this particular price range, over the same time last year!

Tomorrow, I will post the same breakdown as last month; as to what percentage of these SALES were “distressed” properties (bank owned and/or short sales).