Although it seems like just a small time ago Jersey homes could be bought with very little money as a down payment, and at times, with nothing at all -- this also went for much of the U.S. Those doors have long since been slammed shut, bolted and padlocked as the folks who believed they were getting their dream home or big money investment are now being set out to dry.
Foreclosures hit Jersey pretty soundly, not as bad as those in California or Florida, but some counties suffered worse than others. So after a year or so of the Fed trying to monkey with interest rates and had little avail, members of the House or Representatives tried to pass some measures to ease up on mortgage payment pressures.
New Jersey Property Tax Reduction Measures
Recently Representative Rush Holt from New Jersey sponsored a proposal to reduce property tax -- something that New Jersey as a state has the highest in the nation. There are also provisions for homeowners to write down their house costs by depleting inventories. This is all done so, even if they cannot maintain the payments on their home, they won't have to eat too much cost when selling their homes off. Also, it is making the glut of empty New Jersey homes for sale more apt to be bought up.
So far it's passed the House's vote, but the Senate will be another matter. It tends to be supported mostly by Democrats since it's asking the government to step in to fund a high-priced proposal. Republicans in both House and Senate tend to think those who got into risky loans should be responsible getting themselves out. Realtors lean more toward government help as it will show a quicker result for their industry.
One of the two part measure asks for 15 billion in loans and grants -- the price tag that this measure is asking to help states with for buying and redeveloping foreclosed homes that are abandoned. The other measure asks for a 300 billion in loan guarantees through FHA so homeowners at risk could refinance their mortgages. Another caveat to the bill is that with the new bill FHA loan limits will be in place, and with these limits will be a fixed interest loan option with those who pay 3% down.
The last part is intended for those who plan to buy to own the home while warding off home investors (flippers as they are sometimes known as). Bush intends to veto this bill believing the opposite of this intention is true.
Are you looking at homes for sale in New Jersey? Places like Jersey City are currently offering especially low home interest rates to those who will both live and work there. If you are interested in the commercial shipping industry, New Jersey is next to the Atlantic Ocean, and serves as an ideal port of entry for shipping carriers transporting commercial goods to the United States.
New Jersey has plenty to attract new residents. Money magazine apparently believes that New Jersey is an excellent place for a home. Nine New Jersey cities made the Money Magazine 2008 rankings for the top 100 best places to live in America. Franklin Township was ranked 5th on that list. Some of the benefits of living in Franklin township are:
- Starter homes for less than $250 thousand in the Somerset area - Many high-tech, high-paying jobs are available in the pharmaceutical, research and development fields - A 95 percent high school graduation rate - School reading scores five percent above state average - School math scores 30.2 percent above state average - Median family income $98,066 - A job growth rate over 16 percent between the years 2000 and 2007 - Personal and property crime rates are both below national average - 113 colleges, universities, professional schools, junior colleges and technical institutes are located within 30 miles - 4,295 restaurants within 15 miles - 378 golf courses within 30 miles
Another city to break the top 100 list of Money Magazine is Parsippany/Troy Hills, NJ. It was ranked 13th. Some of the highlighted features are:
- Median family income $102,017 - 190 colleges, universities, professional schools, junior colleges and technical institutes located within 30 miles - 6,270 restaurants within 15 miles - School reading scores 19.5 percent above state average - School math scores 41.9 percent above state average - Personal and property crime rates are both below national average
Other cities on the list are Piscataway ranked 23rd, Edison ranked 35th, Hamilton at #51, Washington Township 58th, Union placed 75th, Howell ranked 77th and Wayne just made the list in the #100 position.
Of the nine New Jersey cities listed in the Money Magazine top 100 cities list, Howell has the lowest median home price at $329 thousand. The median family income of Howell is $94,185.
The Garden State is clearly a favored place to live, whichever city you choose. Call a local New Jersey Realtor today to get started on your search for a new NJ home.
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