The big news over the last three weeks has been declining mortgage rates. On Oct 30, Bankrate's overnight average on a 30 year fixed loan was 6.5%. Today it's 5.6% and still heading down. And contrary to popular belief, mortgage money is not hard to come by in Bergen County. Local banks including Hudson City and Valley National have funds available.
Okay, okay, but the real reason you read this newsletter is to get statistics about the local real estate market. How bad is it, you want to know. Over the last 30 days, the number of residential homes going under contract in northwest Bergen County - 80 homes in 2007, 77 homes in 2008*. Not as bad as you might have thought.
* source: NJMLS. Info deemed reliable but not guaranteed. Benchmark period 11/5 - 12/4
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