NJ Foreclosure Update

Mortgage foreclosures way up in N.J.

By Cynthia Burton

Inquirer Staff Writer

New Jersey’s residential-mortgage foreclosure rate shot up 29 percent from 2008 to 2009, with a South Jersey county among the hardest hit, according to statistics released yesterday.The number of commercial foreclosures, meanwhile, was up 68 percent, from 875 to 1,471.

The counties with the biggest increases in residential foreclosures were Atlantic, Bergen, and Sussex.

Nationally, about 2.8 million properties are in some stage of foreclosure, an increase of 21 percent over 2008, according to a report by Realty/Trac Inc., which tracks foreclosures.

Pennsylvania had 44,732 foreclosure filings last year, a 20 percent increase over 2008, according to the report.

The foreclosure crisis will not get better any time soon, said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.

The crisis started when lenders sold exotic mortgages to people who neither understood nor could afford them. Now the crisis is rapidly moving through the middle class.

“There were a lot of sharks in the cities getting people to buy existing housing at inflated prices, and people were in over their heads. You had all those scandalous mortgage products,” Hughes said.

And he said there is a “shadow inventory” of foreclosures. At President Obama’s request, many banks have held back on publicly filing foreclosure actions, but that won’t last.

In New Jersey, most of the properties in foreclosure, about 63,000, were residential, according to figures compiled by the Office of the Clerk of the Superior Court. In 2006, there were about 25,000.

Many residents find their mortgages are higher than their home values, putting them under water.

“Joining into the aftereffects of predatory lending, you now have middle-class households who have lost their jobs and stretched themselves too thin,” Hughes said.

New Jersey’s unemployment rate hit a 33-year high, going to 10.1 percent in December, according to figures released yesterday by the state Department of Labor and Workforce Development.

Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action, which counsels distressed homeowners, said a group of failing mortgages “won’t be kicking in until the end of 2010 and 2011. It’s really a serious issue.”

The courts have been feeling the bump since at least 2007, when filings went up from 24,857 to 36,360.

Kevin Wolfe, chief of civil practice in the Administrative Office of the Courts, said there was a five- to six-month backlog in reviewing cases.

Another factor delaying foreclosures is that since last January, the state has required lenders to try to mediate alternatives with delinquent property owners. They are not obligated to make deals.

Salowe-Kaye said she had mediations scheduled through April, a four-month backlog between the time a foreclosure is filed and her organization can get a mediation meeting with a lender.

Advocates and the state are still struggling with ways to slow the mounting number of foreclosures.

A $40 million fund aimed at reducing mortgages for troubled homeowners went largely unspent due to technical problems.

Former Gov. Jon Corzine took about $29 million of it to patch the budget hole, and the Legislature recently reallocated the money for other uses.

The problem was that the program came too late in the process, Salowe-Kaye said.

The “defunded” state program offered $25,000 loans to qualified homeowners who could persuade their lenders to cut their mortgage principles by $25,000, thus making the loans more affordable.

Money left in the program has been allocated to counseling people who have missed a monthly payment or two and to helping them get back on track with their lenders when they fall a month or two behind in their payments. And other money - about $8 million - would go into a revolving loan fund that community developers would use to buy and fix up foreclosed homes, said Assemblywoman Mila Jasey (D., Essex), who sponsored the bill reallocating the money.

“It’s really important to get that money out right now,” she said. “We have speculators who are buying up property with no intent to return those properties to the people in the neighborhoods.”

Paramus New jersey, Oradell NJ & River Edge NJ Real estate market update

wOW!!! things are starting to move in the BIG BC Bergen County. With historic low low interest rates and homes at affordable pricing, this is the

 TIME TO BUY!! As of Dec 1st 2009 Paramus NJ has 100 Active homes for sale, 23 Under contract and 53 Solds in the past 3mos. River Edge NJ has 37 active homes for sale, 11 Under Contract and 35 Solds, and finally Oradell NJ has 38 Active Homes for sale, 11 Under contract and 20 recent sales in the past 3mos also. This numbers are looking alot better then a year ago and looks as if things are beginning to turn around a bit.
      For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com, www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

WASHINGTON - New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.

While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Data out last week showed home resales rose 3.6 percent in June, the third straight monthly increase.

Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent. But with home prices still falling, these companies won’t be making much money anytime soon.

Commerce Department said new home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

Buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.

“The window of opportunity is closing,” said Bernard Markstein, senior economist for the National Association of Home Builders

June’s results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.

Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.

But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Bergen County NJ, Creating Curb Appeal

In today’s housing market, home owners need to be more proactive than ever before when it comes to selling their homes.

Whereas the real estate boom at the turn of the century made things easy on sellers, the current real estate climate is not so seller-friendly.

To make their homes more attractive to prospective buyers, these are small and easy projects, but if neglected, they’ll give buyers the impression that other, bigger things might have been neglected as well.

If your home has a front porch or stoop, be sure to inspect it for cracks. An older porch or stoop should be replaced, and any chips or cracks in the steps should be fixed.

• Ready the roof. A new roof is very expensive, and buyers understandably often run from homes that need a new roof.

Sellers should hire their own home inspector to determine the condition of the roof before putting the home up for sale, it will likely take more time to sell the home, and buyers will wonder why the home was listed for so long.

Know the home’s ups and downs before putting it up for sale to minimize any potential concerns from buyers.

• Perfect the paint job.  For homes without siding, be sure that the paint job is up to snuff. Any areas with peeling or chipping paint should receive a fresh coat of paint, and this is another job that should be handled will before listing the home.

• Lavish the lawn with attencion. Buyers love a lush green lawn, and that lawn goes a long way to creating a solid first impression. The first thing buyers will see once they pull up curbside is the lawn. If the grass is dry with brown spots or appears neglected, many buyers will find that hard to over look.

Homeowners preparing to sell their home in the fall should lavish attention on their lawn throughout the summer, keeping it watered and possibly hiring a landscaping service to make it more appealing. Consider planting flowers or other decorative foliage.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Building Green Homes in New Jersey

There many never be a better time to get into green building than right now, particularly as a way to hedge your business against the slowing housing market.

“There is no slow down for my company,” says Matt Belcher of Belcher Homes in St. Louis. “Last year we did 15 green homes, and this next year we’ll do 25. I don’t build anything but green homes.”

Belcher says that a confluence of green products, how-to-build-green information, and customers easily sold on the concept have greatly reduced the obstacles builders used to face in getting started. By using the resources now readily available from nation and local home builders associations and other organizations, any builder can establish an individual plan to go green and execute it.

Emily English, director of the National Association of Home Builders’ Green Building Program, says the NAHB’s green Green Building Guidelines publication lays it all out in phased steps.

Step-By-Step Break Down

“There is a learning curve to switching to green practices,” says Emily. “So we have different thresholds of building green, starting with bronze, then silver and gold. The first part of the Guidelines is a checklist for what level of green you are building to. The second part of the Guidelines is how to do it, and a source of resources.”

The process of going green is broken into seven guiding principles (Resource Efficiency, Lot Design, Preparation, and Development, etc.) which each specific element in a principle section given a numerical value. By adopting elements from each of the seven sections into your building program, you move into green building step by step.

“Its easier to go green this year than it was last year,” says Belcher, who will chair the NAHB Green Building Conference March 25-27, 2007 in St. Louis. “There is so much more information out there. Our local HBA of Greater St. Louis and Easter Missouri just adopted the NAHB’s Guidelines. We tweak them for our area, but there isn’t much tweaking needed.

“On the product side, all the manufactures of building components saw the writing on the wall, Belcher adds. “Green products are about all they’re pushing.”

Selling the Green Bling

Belcher said the two largest potential stumbling blocks to going green have been selling the green concept to dubious customers and turning concepts into practice on the job site. Although these are the most crucial aspects a builder needs to get right when switching over to green practices, Belcher doesn’t view them as obstacles any longer.

“I sell the customers with what I call ‘green bling.’ I tell them about things like photovoltaic, structural insulated panels, and the fact that lenders are raising the value of green homes by as much as 18%,” says Belcher. “And when I tell them we are going to build a 3,500 square-foot home and their electric bill won’t be more than $125 a month, it gets them going pretty quick.”

English and Belcher offer a couple of tips for builders to keep in mind as they go green:

• Getting the trades on board was more of an issue in the past than it is today, as the green trend generates infomation, products, workshops and buzz. Still, English says, builders switching to green should plan on spending extra time training the trades and supervising crews on site.

• Belcher advises builders to tell their trade contractors from the very start exactly what they are doing -and why. “These guys pride themselves on being craftsmen, and they appreciate being involved in these advanced building techniques.”

“I can say that using the Green Building Guidelines has improved my bottom line dramatically. I am not wasting a thing,” says Belcher. “After my first few green houses, I was thinking. ‘Why haven’t I been doing this all along?’”

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Bergen County NJ Home Buyer Tips___www.OurNJhouse.com

Tips For Bergen County Home Buyers

Posted by PAULA CLARK @ 8:34 pm, June 12th, 2009

It’s easy for Bergen County home buyers to get overwhelmed. A home is the biggest investment most of us make and the entire process can be a bit scary! Here are Bergen County home buying tips, sure to calm the most timid among us!

1. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic.
It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection.
If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment. Give me a call…it won’t cost you a penny!!

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

Oradell Board of Education

Story From the Bergen Record

ORADELL — Some Oradell Board of Education members are rethinking the district’s participation in a tri-district curriculum program after a dust-up over new math programs.

Board members have asked for detailed information about the department’s spending and how initiatives have benefited Oradell Public School before deciding whether to participate next year.

“We paid money in support of a program, and we want to make sure the taxpayers are getting their money’s worth,” said board President Michael Gardner.

Tri-district Coordinator Suzanne Lynch said she did not want to comment on the ongoing discussion.

Board members said the department’s recommendation to introduce the Connected Mathematics 2 program in sixth and seventh grade next year sparked concerns.

Parents packed meetings with worries about Connected Mathematics. Some parents, especially of fifth-graders, said their children were having trouble grasping Everyday Mathematics, a similar program introduced in the lower grades in the last two years.

“The last two programs brought to Oradell have caused a lot of problems with the parents,” said Oradell board member John Walsh. “The Everyday Math program had the fifth-grade parents at an uprising.”

Some Oradell board members said they were not satisfied with data that they were provided to explain the math committee’s program choice.

“I wanted evidence of why they were making the suggestion and never got any,” said board member Christine Robertson.

The Oradell board voted down the proposal. The River Edge board approved it. River Dell Regional voted to review the math curriculum and delay it until 2010.

Oradell Superintendent Jeffrey Mohre said that Lynch and a committee of teachers reviewed several different programs that stressed reasoning skills and problem-solving before choosing Connected Mathematics 2. He said the program would have supplemented existing methods.

Administrators have said the committee wanted to improve students’ math scores on state tests and to increase the number of students who take high-level math in high school.

Not all Oradell board members think the process was flawed.

“We know we’ve had a problem with math scores,” said Katherine Norian. “This is what the teachers thought would be an appropriate method for dealing with it.”

Eugene Westlake, interim superintendent in Tenafly and an Oradell board member, helped create the tri-district program while superintendent at River Dell Regional.

“Every child in River Edge and Oradell, no matter where that child goes to school, should have the same opportunity to succeed when they graduate from River Dell,” Westlake said. “One of the ways to ensure that is to make sure the curriculum is a common curriculum and the expectations are the same.”

But the department’s costs have raised eyebrows among Oradell members. The three districts each pay one-third of the approximately $288,000 cost for the program.

Board member John Samuel said at a recent board meeting that he supported the idea of a tri-district coordinator, but questioned $35,000 spent on consultants last year.

Samuel said he wanted to know what portion of the consultants’ fees supported elementary school programs to determine if splitting costs evenly is fair.

The discussion occurs as the county superintendent works on a plan to regionalize non-K-12 districts. Board members say they still have to question the program as it enters its third year.

“It doesn’t alleviate our responsibility to make sure our money is being spent wisely,” said former Oradell board member Robert Schwartz.

E-mail: kindergan@northjersey.com

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ORADELL — Some Oradell Board of Education members are rethinking the district’s participation in a tri-district curriculum program after a dust-up over new math programs.

Board members have asked for detailed information about the department’s spending and how initiatives have benefited Oradell Public School before deciding whether to participate next year.

“We paid money in support of a program, and we want to make sure the taxpayers are getting their money’s worth,” said board President Michael Gardner.

Tri-district Coordinator Suzanne Lynch said she did not want to comment on the ongoing discussion.

Board members said the department’s recommendation to introduce the Connected Mathematics 2 program in sixth and seventh grade next year sparked concerns.

Parents packed meetings with worries about Connected Mathematics. Some parents, especially of fifth-graders, said their children were having trouble grasping Everyday Mathematics, a similar program introduced in the lower grades in the last two years.

“The last two programs brought to Oradell have caused a lot of problems with the parents,” said Oradell board member John Walsh. “The Everyday Math program had the fifth-grade parents at an uprising.”

Some Oradell board members said they were not satisfied with data that they were provided to explain the math committee’s program choice.

“I wanted evidence of why they were making the suggestion and never got any,” said board member Christine Robertson.

The Oradell board voted down the proposal. The River Edge board approved it. River Dell Regional voted to review the math curriculum and delay it until 2010.

Oradell Superintendent Jeffrey Mohre said that Lynch and a committee of teachers reviewed several different programs that stressed reasoning skills and problem-solving before choosing Connected Mathematics 2. He said the program would have supplemented existing methods.

Administrators have said the committee wanted to improve students’ math scores on state tests and to increase the number of students who take high-level math in high school.

Not all Oradell board members think the process was flawed.

“We know we’ve had a problem with math scores,” said Katherine Norian. “This is what the teachers thought would be an appropriate method for dealing with it.”

Eugene Westlake, interim superintendent in Tenafly and an Oradell board member, helped create the tri-district program while superintendent at River Dell Regional.

“Every child in River Edge and Oradell, no matter where that child goes to school, should have the same opportunity to succeed when they graduate from River Dell,” Westlake said. “One of the ways to ensure that is to make sure the curriculum is a common curriculum and the expectations are the same.”

But the department’s costs have raised eyebrows among Oradell members. The three districts each pay one-third of the approximately $288,000 cost for the program.

Board member John Samuel said at a recent board meeting that he supported the idea of a tri-district coordinator, but questioned $35,000 spent on consultants last year.

Samuel said he wanted to know what portion of the consultants’ fees supported elementary school programs to determine if splitting costs evenly is fair.

The discussion occurs as the county superintendent works on a plan to regionalize non-K-12 districts. Board members say they still have to question the program as it enters its third year.

Oradell/River Edge NJ Clubs

The junior womens club of River Edge NJ will be hosting an oradell town wilde garage sale Jun 13th from 9am-4pm, registration is $15 which includes church bulletins

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com & www.OurBergenCountyHouse.com

Oradell NJ UNICO Fundraiser

Oradell NJ UNICO an italian american organization will be sending contributions to the earthquake victims in Italy.  Anyone interested in donating please call 201-265-8875.  They will also be hosting a fundraiser to provide scholarships to graduating students of River Dell HS during Community Night held at Blue Moon Cafe Thurs April 30th.  If interest please attend

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com & www.OurBergenCountyHouse.com

Latest Real Estate Updates

As of last thursday the new home sales report did better then expected and existing homes sales came in lower then expected.  Overall spring time is in full bloom and buyers are looking for great real estate deals.  30Yr fixed rates open lower this week over last and expected to float around the 5% mark. 

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at http://www.ournjhouse.com