Yesterday a front page story of the business section of the Newark Star Ledger (our state’s most revered newspaper), revealed how home values in the tri -tate area have been effected by the housing boom and bust from 1995 – Present. According to William Dudley, CEO of the NY Federal Reserve Bank home values in the Garden State rose higher than the national average from 2000-2006. And, their decline was cushioned more than most states because of New Jersey’s mature economy and lower housing starts.
Not only did NJ homes decline less in value, but their rebound in the last year also outpaces the national average. The national average for home value increases is 12% and in cities like Edison and Newark they saw increases of 25% and 19% respectively.
For the complete article click http://www.nj.com/business/index.ssf/2010/10/nj_bruised_but_not_battered_in.html