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Money

Is it better to rent in New Jersey than to buy?

Is it better to rent in New Jersey than to buy?
BY GERALD J. ROBINSON
NEWJERSEYNEWSROOM.COM

For sure, if home prices are headed down.

And downward seems to be the current direction in both New Jersey and nationally.

According to the Case-Shiller Home Price Index released last week, single-family home prices in northern and central New Jersey in March were down 24.2 percent since their high point 2006 and down 3.4 percent compared to a year ago. Prices are now at January 2004 levels in the geographical area, which includes 14 counties in New Jersey north of Ocean County and other tri-state counties within commuting distance of New York City.

The picture is no brighter nationally. According to the Case-Shiller report prices fell 0.8 percent in March from the previous month in 20 large cities, pushing the price level of that index below the level of two years ago to a post-bubble low. That drop pushed the index level to 33 percent below its July 2006 peak.

There’s no mystery as to why prices have weakened. The causes are a slowing economic recovery, high unemployment, tight lending standards, a large inventory of unsold homes and the huge number of homes in foreclosure. The turnaround is not in sight. Just last month private sector hiring dropped precipitously and the U.S. factory sector, that was the biggest engine of the recovery, notched its biggest one-month decline in years. Until these negative factors change substantially for the better, a turnaround of home prices won’t occur. This kind of turnaround isn’t imminent.

 

What every investor should do now

What every investor should do now
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

Hard times may be knocking at the door.

My favorite New Jersey economist, A. Gary Shilling, believes that one or more of five problems could drive ...

Tropicana in Atlantic City takes another $5 million beating, but workers get $150,000 tip

Tropicana in Atlantic City takes another $5 million beating, but workers get $150,000 tip
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

A couple of high rollers have discovered one secret of getting by in today's economy. That’s by beating the daylights out of the Tropicana Casino and Resort in Atlantic...

NCL warns of ongoing 'grandparent scam'

NCL warns of ongoing 'grandparent scam'
BY CAROL ABAYA
NEWJERSEYNEWSROOM.COM

Summer is here, and school is out. Young people are traveling more than ever before. And their grandparents are being targeted by scammers more than ever before. Or ...

N.J. Consumer Affairs files complaints against three firms that falsely claimed to help immigrants

N.J. Consumer Affairs files complaints against three firms that falsely claimed to help immigrants

Two in Elizabeth and one in Newark not authorized to prepare immigration papers

The state Division of Consumer Affairs on Thursday filed complaints against three companies that falsely advertised they ...

Watson Pharmaceuticals opens its global headquarters in Parsippany

Watson Pharmaceuticals opens its global headquarters in Parsippany

Company plans to add nearly 250 jobs over next several years

Watson Pharmaceuticals Inc. formally dedicate its global corporate headquarters in Parsippany on Thursday, a move that Lt. Gov. Kim Guadagno...

Tips on building an investment portfolio from a Vanguard adviser

Tips on building an investment portfolio from a Vanguard adviser
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM

Here’s a strong argument for owning mutual funds rather individual stocks:

If you had owned the top 10 percent of stocks in the Standard & Poor’s 500 Stock Ind...

Surviving spouse of reverse mortgage scams can be evicted

Surviving spouse of reverse mortgage scams can be evicted
BY CAROL ABAYA
NEWJERSEYNEWSROOM.COM
THE SANDWICH GENERATION

Reverse Mortgages (RM) continue to catch borrowers in a ‘bait and switch” scam.

Now AARP has sued the federal government, the Department of Hou...

N.J. Consumer Affairs files second lawsuit against Marlton-based Travel Deals Limited Liability Co.

N.J. Consumer Affairs files second lawsuit against Marlton-based Travel Deals Limited Liability Co.

Daryl Turner again accused of defrauding vacation seekers

The state Division of Consumer Affairs has filed a second lawsuit against travel company owner Daryl T. Turner, who in February settled a multi...

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