Edison, NJ – February 12, 2009 – (RealEstateRama) – Reacting to the NATIONAL ASSOCIATION OF REALTORS®‘ (NAR) 2008 Fourth Quarter Metro Home Prices/State Resales report, New Jersey Association of REALTORS® (NJAR®) Executive Vice President Jarrod C. Grasso, RCE, today issued the following statement:
“If New Jersey and the U.S. want to get the economy back on track, then we must refocus our efforts on the housing market. The fourth quarter figures demonstrate that the New Jersey real estate market is more affordable than the 2005 market. Consumers, especially first-time home buyers, are encouraged to act now as homes are more affordable and interest rates are reaching all-time lows. First-time home buyers entering the market and fueling their local economies is an important step toward the return of the housing market’s vitality.
“The diversity demonstrated between the metro areas throughout New Jersey’s regions once again shows that all real estate is local. The Philadelphia-Camden, N.J. metro area and the Allentown-Bethlehem, Pa. metro area (that includes portions of northwest New Jersey) experienced only marginal declines in the median sales price of existing single-family homes.
“As sales prices are undergoing this correction, it is important to recognize the direct connection between housing and the economy. As the federal government considers further expansion of stimulus legislation, it is imperative that measures aimed at boosting the housing market are approved and implemented quickly to truly serve the purpose of assisting consumers in the real estate market. It is equally important to emphasize stimulus measures right here in the Garden State. Soaring property taxes keep many New Jerseyans from achieving the American dream of homeownership. The time is now for the Legislature to reform the state’s broken property tax system. Reform measures will go a long way in getting New Jersey’s real estate market back on track.”
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Spokespeople from the New Jersey Association of REALTORS® can be made available for additional comment on the 2008 Fourth Quarter Metro Home Prices/State Resales report.
The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 53,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.
For media inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano (at) njar (dot) com
For legislative related media inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert (at) njar (dot) com
