Contact Us
Make My Homepage

A ‘Housing Bubble’ in New Jersey? [AUDIO]

Rapid home price increases in some parts of the country have prompted an alarm about another “housing bubble,” but a New Jersey economist says that’s not the case in the Garden State.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Housing Prices Continue To Fall
Tim Boyle, Getty Images

Home prices overall are about 13 percent higher than a year ago, according to the S&P/Case-Shiller Home Price Index, and a survey by Trulia finds home prices are overvalued in 19 of the top 100 markets in the country.

However, the economic jury is still out on whether the evidence is spotty or a real trend.

“What we’ve seen is prices have gone up, largely because the distressed properties have cleared through in many states — not here in New Jersey, but in many other states,” said Patrick O’Keefe, director of economic research at CohnReznick in Roseland.

O’Keefe said downward pressure on housing prices in New Jersey should continue until New Jersey’s foreclosure crisis is resolved.

According to a report that was released in February by CohnReznick, New Jersey currently leads the nation in distressed mortgages.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.