Huge Jump In September Home Sales and More!

The New Jersey housing market recorded stunning September home sales - the most since 2005 as Contract-Sales  were 29% higher durint the month than just one year ago.  This will be the fourth consecutive month on a year-on-year increase in sales which were up by 12% in June, 8% in July, 21% in August and 29% last month as compared to the same months last year.

In New Jersey, the number of home foreclosures reached its highest point in September with a whopping 966 foreclosures. This is the highest monthly total in the last four years for the state, reflecting a 10% increase from August and a 51% increase since the beginning of the year.  New Jersey's REO rate remains at 0.04% for the second straight month, while the national REO rate has increased slightly (from 0.09% up to 0.11%). 

The average mortgage commitment rate for a 30-year fixed rate loan reached its lowest point on October 8th when rates fell to an average of 4.87%.Rates have drifted up slightly since then to end the month at 5.00%.  This slight increase in interest rates was due to a rise in bond yields.