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For Immediate Release:
November 18, 2008
NJAR® RELEASES STATEMENT REGARDING
3RD QUARTER HOME SALES REPORT
(Edison, NJ) Reacting to the NATIONAL
ASSOCIATION OF REALTORS®' (NAR) 2008 Third
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:
"Once again, the third quarter report
shows that the median sales prices in most
of the metropolitan statistical areas in New
Jersey remain relatively stable. There are
even areas in the state where home values
have increased. In fact, the Trenton-Ewing
area experienced a 4.2 percent increase in
the median sales price of existing
single-family homes. While we have yet to
experience the full impact of the financial
crisis on Wall Street, we are hopeful the
increased Federal Housing Administration
(FHA) loan limits, first-time home buyer tax
credit and other economic stimulus measures
will encourage Garden State residents to
enter the housing market.
"Today's housing market offers real
possibilities for financially capable
buyers. Extremely low mortgage interest
rates and a tremendous housing stock give
people more buying power than they had in
previous years. As always, consumers should
seek the guidance of a REALTOR® to get a
true understanding of local housing market
conditions. This localized knowledge helps
consumers to make informed, smart decisions
in these unsteady times.
"Our hope is that our state legislators
recognize the importance of the real estate
industry in the overall fiscal health of the
state. During this tumultuous economic
climate, our elected officials should take
every opportunity afforded to them to
bolster the housing market. At the top of
their agenda needs to be reforming current
tax policies that hurt homeowners and
businesses, including repealing recent
increases to the realty transfer fee (RTF).
It is also crucial that our elected
officials take steps to reform our state's
broken property tax system. Now more than
ever, Trenton needs to partner with the real
estate industry to ensure the financial
stability of our state."
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For media
inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano@njar.com
For legislative related media
inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert@njar.com
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