Market Conditions for Berkeley Heights, New Jersey Reported by Susan Massa, REALTOR, CRS, ABR, SRES, Broker Updated April 7, 2012.

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

From Fannie Mae Outlook forecast and Gov Chris Christie Stae of the Union NAR


Location Characteristics: March Statistics showed an upswing of home sales for the area. The continued low mortgage rates good spring inventory and a possible mortgage interest rate increase gave the stimulus for the buyers to make great decisions in timely buying. With continued information from various sources the market is now in a stable position without further down turns to value. Now Is the opportunity to purchase your home.

Warren Buffett Of Berkeshire Hathaway stated Feb 27 2012 on Squawk Box CNBC states this is a good time to buy a home and real estate will inprove this year "NOW IS THE TIME TO BUY A HOME"

Existing-home sales post third gain in 4 months
NAR: large-scale REO-to-rental program not needed
Increased demand from investors and first-time homebuyers helped boost existing-home sales in January -- the third increase in the past four months, the National Association of Realtors reported.
NAR said total existing-home sales -- including single-family homes, townhomes, condominiums and co-ops -- were up 4.3 percent from December to January, to a seasonally adjusted annual rate of 4.57 million.
While that's essentially unchanged from the same time a year ago, for-sale inventory was down 20.6 percent from a year ago, to 2.31 million homes, a 6.1-month supply of homes at the current pace of sales.
Many housing analysts view a six-month inventory of homes as a good balance between supply and demand -- a larger inventory of homes can indicate an oversupply of homes for sale, which can undermine prices. When inventories drop below six months, the shortage of homes for sale can drive up prices.
"The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers," NAR Chief Economist Lawrence Yun said in a
Yun cited the statistics as evidence that a government proposal to convert bank-owned properties into rentals on a large scale "does not appear to be needed at this time."
"Foreclosure sales are moving swiftly with ready homebuyers and investors competing in nearly all markets," he said.
Merrill Lynch analysts Michelle Meyer and Ethan Harris think part of the drop in inventory is due to delays in the foreclosure process in the aftermath of the so-called "robo-signing" scandal.
With top banks nearing a final settlement with state attorneys general, they expect the foreclosure process to accelerate, and for inventory to swell to eight months later this year.
The first REO-to-rental transactions are weeks away, but the property pools offered this year may be smaller and more manageable for groups of qualified local investors than previously assumed, NAR said foreclosures and short sales accounted for 35 percent of sales in January, and that the national median existing-home price for all housing types was down 2 percent from a year ago, to $154,700.
Investors purchased 23 percent of homes in January, up from 21 percent in December, while the percentage of first-time homebuyers increased from 31 percent in December to 33 percent in January.
Nearly one in every three January home sales was an all-cash transaction. A survey of NAR members showed more than half had at least one contract canceled or delayed in January, often as a result of a mortgage application being turned down or because appraisals come in below the negotiated price.
Single-family home sales were up 3.8 percent from December to January, to a seasonally adjusted annual rate of 4.05 million. That's a 2.3 percent increase from a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from the same time a year ago.
Existing condominium and co-op sales increased 8.3 percent from December to January, to a seasonally adjusted annual rate of 520,000. That's a 10.3 percent decline from a year ago. The median existing condo price was $156,600 in January, up 2 percent from January 2011.
At the regional level, the West saw the biggest jump in sales, an 8.8 percent increase from December to January. Sales were down 3.1 percent from a year ago, however, and the median price was also down 1.8 percent from January 2011, to $187,100.
The Midwest saw the smallest jump in sales, with sales up 1 percent from December to January. Although that was a 3.2 percent increase from a year ago, the median home price fell 3.9 percent from January 2011, to $122,000.
In the South, existing-home sales rose 3.5 percent from December to January but were unchanged from a year ago. The median price in the South was $134,800, down 0.3 percent from a year ago.
Existing home sales were up 3.4 percent from December to January in the Northeast, and up 7.1 percent from a year ago. At $225,700, the median price in the Northeast dropped 4.2 percent from January 2011.

Gov Chris Christie continues toprovide the force in getting the best for residents Tax relief, job creation better education

January 13, 2012
2012 -- Year of the Political Economy
Slower Growth Expected for First Half of 2012 Compared to Fourth Quarter of 2011; Second-Half Growth Projected to Trend Modestly Higher

Pete Bakel

202-752-2034

Housing Sector Showing Incremental Improvement Due to Modest Pick-Up in Employment

WASHINGTON, DC - Fiscal policy issues and political economic uncertainty will take center stage in determining the degree of consumer and business activity - key drivers of economic growth - during 2012, according to Fannie Mae's (FNMA/OTC) Economics & Mortgage Market Analysis Group. The forthcoming presidential election, potential expiration of tax provisions for businesses and households, and the ongoing healthcare debate are among the uncertainties expected to keep the economy moving at a moderate pace with growth of 2.3 percent expected for the year. Moreover, contagion effects from the sovereign debt crisis in the euro zone, which appears to be slipping into recession, are expected to remain as a primary risk to growth in 2012.

Consumers seem to have gotten out of their summer rut due in large part to improving labor market conditions and improving attitudes toward employment prospects and future income. As consumer sentiment shows signs of improvement, so do recent housing indicators, which are trending in a positive direction with incremental improvement expected to continue throughout 2012 - albeit only modestly initially, and moving from historic lows.

"We're entering 2012 with decent momentum, especially on the employment side, which is fostering positive household and consumer behavior. Unfortunately, we expect this momentum to slow as we move through the first half of the year," said Fannie Mae Chief Economist Doug Duncan. "2012 will be replete with policy changes and challenges that involve the global economy, the domestic economy, and the housing sector. We expect the net effect will be a year of moderate growth edging away from the 2011 threat of a double dip."


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