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The New Jersey Monthly estimates that foreclosures rose 31% from 2006 to 2007. While inventories increased, prices dropped. The number of homes sold in the state declined from 92,000 in 2006 to 84,000 in 2007. For instance, building permits in Gloucester County went from 410 in 2005 to just 13 in 2007. Some regions saw much higher declines in construction. From 2006 to 2007, the issuance of building permits in the state dropped roughly 30%, according to the New Jersey Department of Labor.
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The Great Recession brought major changes to the Garden State. The main reason cited for the loss of wealth was New Jersey's Tax Policies. There weren't a corresponding number of wealthy households moving into New Jersey. Hughes, says that the state built a thousand houses a week from 1950 to 1970.Ī study conducted by the Center on Wealth and Philanthropy at Boston College found that between the years of 20 wealthy households in New Jersey were leaving for other states, mainly Florida, Pennsylvania and New York. Bloustein School of Planning and Public Policy at Rutgers University, James W. As in much of the nation, New Jersey experienced a housing construction boom that coincided with the baby boom.” The dean of the Edward J. The monthly magazine stated the property industry was robust before the Recession: “For the last half century, housing in New Jersey has been the most reliable of all personal investments. But that quickly changed when the mortgage crisis showed up. Between 19, homeowners in the state could realize profits from owning and then selling real estate. The Garden State had an especially tough time during the Great Recession of 2007, according to the New Jersey Monthly, a local publication. The Jersey Shore, which is the eastern border than faces the Atlantic Ocean, is mostly red. The northeastern quadrant has orange and red mixed with green. The southern and middle sections of New Jersey are mostly green. Dark green represents the country's lowest prices, while dark red is the opposite end of the scale. The real estate website Trulia has a useful heatmap that displays listing prices for U.S. The state's foreclosure rate is roughly 1 out of every 623 homes, while the national average is 1 out of 1,758. Moreover, the real estate group estimates that New Jersey has the highest foreclosure rate in the country. RealtyTrac, an organization that monitors foreclosures in the United States, calculates that the Garden State has experienced in increase in home repossessions by roughly 2%. The trade association counted 39,200 single-family homes for sale, 10,200 condos, and 2,400 adult community units. New Jersey Realtors estimates a 21% decrease in homes on the market from its previous survey. While pending sales in New Jersey have been increasing, the number of available homes on the market has been declining. There were over 63,000 pending sales at last count. The number of pending sales in the Garden State has been growing at a fast pace, displaying a 12.4% increase. Although somewhat high, this represents a 20% decline from the government's previous survey. Census Bureau calculates the median home value in New Jersey to be roughly $316,000. This figure is actually a decrease from previous calculations. The government estimates the average residential sales price in the state to be approximately $390,000. New Jersey's Treasury Department paints a somewhat different picture. The National Association of Realtors estimates the median home value across the country is slightly less than $235,000, making New Jersey about $40,000 more expensive, everything else being equal. This figure is a growth of 1.9% from previous figures. The median sales price in the Garden State is roughly $275,000 according to New Jersey Realtors, the state's major property association. Home prices in the state of New Jersey are consistently above the national average. Because New York City is nearby, one of the world's most vibrant economies is within driving distance for most Garden State residents, and many are able to commute there daily. Housing in New Jersey is expensive, which is probably why the state has a very high rate of foreclosures.