foreclosure – Gloria Benaroch Sea Bright NJ Broker Associate

A Lack of Inventory Continues to Impact the Housing Market

tomato — Wed, 22 May 2019 13:38:57 +0000

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up and distressed sales (foreclosures and short sales) have fallen to their lowest point in years. The market will continue to strengthen in 2019.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory! Buyer demand naturally increases during the summer months, but supply has not kept up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at National Association of Realtors

“Further increases in inventory are highly desirable to keep home prices in check, the sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth.”

Jessica Lautz, Vice President of NAR

“There’s a supply-demand mismatch… More inventory is needed at the lower end and a price reduction may be needed at the upper end.”

Danielle Hale, Chief Economist of Realtor.com

“Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we’ve seen the last few months as fewer sellers want to contend with this year’s more challenging conditions… A buyer’s experience will vary notably depending on the market and price point they’re targeting.”

Bottom Line

If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price!

Public Advocate Reaches Out to Real Estate Community regarding Foreclosures and Tenants

tomato — Sat, 28 Mar 2009 18:32:43 +0000

Public Advocate Reaches Out to Real Estate Community

Around March 12, 2009, New Jersey Public Advocate Ronald Chen sent letters to the executive officers and managers of real estate companies informing them of the rights of residential tenants in buildings that have been foreclosed upon.

According to the 1994 Supreme Court ruling in Chase Manhattan Bank v. Josephson, the Anti-Eviction Act protects tenants living in rental units from eviction even if the property where they live has been foreclosed upon.

To obtain information from the Public Advocate and New Jersey Real Estate Commission on the rights of tenants in the foreclosure process, to see a brochure that has been prepared.

Hope for Homeowners Program

tomato — Sun, 01 Feb 2009 14:19:09 +0000

FHA Mortgage Rescue Program

Part of the Housing and Economic Recovery Act of 2008, passed in July 2008, includes provisions to help struggling homeowners replace their mortgages with 30-year fixed-rate loans backed by the Federal Housing Authority (FHA). Available from October 1, 2008 through September 30, 2011, the Hope for Homeowners program is designed to help homeowners who can no longer afford their monthly mortgage payments and have mortgages that exceed the market value of their homes.

Find Out More
More information about the Hope for Homeowners program is available online at www.HUD.gov (type “Hope for Homeowners” in the search window) or by calling (800) 225-5342. Both resources also offer information about the FHASecure program — a program designed to help qualified homeowners who may be facing foreclosure due to an interest rate increase on their mortgage.