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July 31, 2010

Selecting a residential real estate attorney for your legal case is a very important decision. Please enter a zip code to find an attorney that serves your area:

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New Jersey Residential Real Estate Lawyers

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New Jersey Housing Market And Loans

Housing activity is slowing across New Jersey, and the inventory of unsold homes is expanding.

An increasing inventory of unsold homes suggests continued slowing in the state’s housing market. The supply of homes on the market in New Jersey was 70 percent higher in April 2006 compared with April 2005, and the increase was more pronounced in certain counties. Unsold housing inventory in New Jersey represents an estimated 7-month supply, up from 3 months one year ago. The months of supply is higher for New Jersey’s high-priced homes, greater than $1 million, than lower priced homes. Home sales volume also is slowing in the state, declining by 14 percent through April (year-to-date) from one year ago.

As the supply of unsold homes has grown, the rate of home price appreciation in New Jersey has eased from a high reached in late 2004. Nonetheless, appreciation rates remain high, and all of state’s markets recorded above U.S. average rates in first quarter 2006.

Loan Concentrations\Residential Real Estate

Q1-06 Q4-05 Q1-05 2005 2004
235.7 234.5 247.3 234.5 241.7

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Contact New Jersey Residential Real Estate Attorneys

Contact a Residential Real Estate Attorney for the following New Jersey cities:

Absecon
Asbury Park
Atlantic City
Bayonne
Blackwood
Bloomfield
Brick
Bridgeton
Bridgewater
Clementon
Clifton
East Brunswick
East Orange
Edison
Elizabeth
Englishtown
Fort Lee
Freehold
Hackensack
Hoboken
Howell
Jackson
Jersey City
Kearny
Lakewood
Linden

Marlton
Millville
Monroe Township
Morristown
Mount Holly
Mount Laurel
New Brunswick
Newark
North Bergen
North Brunswick
Old Bridge
Passaic
Paterson
Perth Amboy
Piscataway
Plainfield
Princeton
Sewell
Somerset
Teaneck
Toms River
Trenton
Union
Vineland
Wayne

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Did You Know?

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage. Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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