October 2008 Housing Stats – Northern New Jersey

Of all the counties, Passaic County has taken the biggest hit with eight months of negative figures. Bergen County Condominiums had the only average sales price increase for the year.

Homes sold are down across the board, with days on the market increasing slightly above average.

From Bankrate.com, 30 year fixed mortgage rates are down from three months ago. From Mortgage Bankers Association, mortgage applications have increased last week by12%, FHA application were up by 15.3 percent, and conventional mortgage applications rose 6 ½%.

While the figures are not so good, mortgage applications are up, people are buying, banks are giving out mortgages, and rates fell this past week.

This may be a good time to buy.

Click Here - Housing Stats