>N.J. bruised, but not battered, in housing downturn, report says
Leslie Kwoh/The Star-Ledger
https://www.nj.com/business/index.ssf/2010/10/nj_bruised_but_not_battered_in.html
The housing boom and bust in New Jersey and surrounding areas proved milder than the rest of the nation, with homes here stabilizing at relatively higher prices, according to a report released yesterday by the New York Federal Reserve Bank.
Home values in the Garden State rose higher than the national average during the 2000 to 2006 boom period, but their ensuing decline was cushioned by a mature economy with fewer housing starts, according to the report, which also highlighted the New York and Connecticut markets.
“During this recession, the housing sector contributed less volatility to the regional economy than it did in much of the nation,” said William Dudley, the Fed’s president and CEO, during a quarterly press briefing yesterday.
In particular, Newark, Edison and Ocean City came out as “overperformers,” with home values in those towns soaring 12 percent to 17 percent during the boom years and falling less than 5 percent afterward. By contrast, homes in “boom-bust” cities like Phoenix, Miami, Las Vegas and Modesto, Calif., rose by a similar amount before plummeting 13 to 26 percent.
full story:
https://www.nj.com/business/index.ssf/2010/10/nj_bruised_but_not_battered_in.html
