Jersey City Condo Sales Spurt Going into Spring
GlobeSt.com
Housing market specialists noted a strong surge in the overall number of home sales starting in January, although average prices continued to decline. The explosion in demand occurred almost exclusively at the low-end of pricing, according to market analyst Jeffrey…
Expert: N.J. housing market ready to handle outcome of foreclosure case
NJBIZ / njbiz.com
Jeffrey Otteau, president of the Otteau Valuation Group, said foreclosures in New Jersey were already on the rise in January, but the court decision could "accelerate" the process of clearing the backlog. Otteau said the majority of foreclosures will arise…
Hovnanian sees 27 percent increase in home contracts
Asbury Park Press / app.com
Jeffrey Otteau, the president of the Otteau Valuation Group in East Brunswick, a real estate appraisal and consulting firm, said earlier this week that home sales in New Jersey spiked in January - a sign that the economic recovery is…
Transforming Foreclosed Houses into Affordable Housing
NJ Spotlight / njspotlight.com
Otteau said the bill would go far beyond creating more affordable housing and reducing vacancies. It would also help stabilize the entire housing market and boost consumer confidence, which could lead to more home sales and the economic activity associated…
NJ gets $837.7M in nationwide mortgage and foreclosure settlement
Home News Tribune / mycentraljersey.com
There is a momentum building in the housing market. It is entirely occurring in the lower price ranges, Otteau said. "All housing recoveries begin in that entry-level price range. In order for a recovery to be sustainable, it must occur…
From Bottom Up, Signs of Housing Recovery
The Wall Street Journal / wsj.com
Analysts have noted a similar pattern in New Jersey. Sales have picked up due to buyers of properties priced less than $400,000, according to data compiled by the Otteau Valuation Group. The number of such contracts signed during the fourth…
Expert: Uptick in existing home sales may spur new construction next years
NJBIZ / njbiz.com
Multifamily home construction will still lead the way in 2012, according to Jeffrey Otteau, president of Otteau Valuation Group, but recent increases in the number of existing home sales may turn into 2013 a new-home construction boom. There is a…
Rural Areas Slower to Rebound
The New York Times / nytimes.com
Also, the inventory of homes for sale shrank every month since May, according to Jeffrey G. Otteau, an analyst, whose Otteau Valuation Group in East Brunswick does monthly reports for the real estate industry; he called the latest news a…
In hurting market, first-time buyers depend on parents to secure a home
NJBIZ / njbiz.com
According to Jeffrey Otteau, president of Otteau Valuation Group, in East Brunswick, the expiration of last year's homebuyer tax credits, tighter lending standards and low employment - compounded by boomers who put off retirement for 10 or more years -…