Bank Foreclosure Problems are the Big News Right Now
Fortunately, this won’t be a big problem for Hoboken as we’ve had so few foreclosures or even short sales. Elsewhere, there is debate as to whether the banks’ halt on foreclosures will lend stability to the market or create even more uncertainty. Now the title insurance industry is being affected as victims of the fraudulent foreclosures may potentially make a claim against an innocent, subsequent purchaser of the foreclosed property.
September Sales Seem Steady & Stable
Here in Hoboken, condo sales seem to be happening at a pretty even pace aside for the bump up in the Spring caused by the expiration of the tax credit. Both price per square foot and average sales price rose last month. I’ll be posting the quarterly results tomorrow but here is the chart for the month of September: