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Buying a home in New Jersey just got tougher

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Buying a home in New Jersey just got tougher


To attempt to put the brakes on inflation, the Federal Reserve has elevated rates of interest by three-quarters of some extent, the largest price hike in 28 years.

This implies borrowing cash for something will price you extra, together with getting a mortgage to purchase a home.

In keeping with Jeff Otteau, the founding father of the Otteau Group Actual Property Valuation & Consulting Co. in Matawan and the managing dealer of Hudson Atlantic Realty, this newest rate of interest hike will speed up and exaggerate the slowdown of the actual property market within the Backyard State that’s already underway.

“Now we have seen declining house gross sales in New Jersey now for eight consecutive months,” he stated.

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Getting a mortgage shall be dearer

He identified the principle purpose for that is rates of interest have risen from about 2.7% to five.3% during the last yr, “making it too expense for homebuyers to have the ability to afford to pay at the moment’s very excessive house costs.”

He stated the just-announced rate of interest hike will push mortgage charges even larger, inflicting an expanded slowdown in house gross sales, and different sectors shall be impacted as nicely.

“The following one we are able to count on goes to be demand for retail area, the final sector the place we’ll probably see this hit goes to be in flats,” stated Otteau.

Demand for condo residing will rise

He defined which means within the brief time period rents for flats will shoot even larger.

“The shortage of affordability in house shopping for could have the alternative impact of making extra demand for renting,” he stated.

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Most important Avenue Residences in Toms River

Most important Avenue Residences in Toms River (Vin Ebenau, Townsquare Media NJ)

He identified that renting has develop into “extra common as a way of life than it was in previous generations, and in order that sector will probably outrun all of the others when it comes to sustaining its momentum.”

Otteau stated the underside line right here is making ends meet for a lot of households goes to get more durable within the coming months.

“We face formidable headwinds right here in New Jersey on practically each entrance. Probably the most threatening of all is the very excessive price of residing right here and for companies to function right here,” he stated.

Otteau stated eventually New Jersey’s excessive tax charges will must be addressed “to protect the long run prosperity of our state for future generations to come back.”

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He stated the three-quarters of a % rate of interest improve displays an admission “that the method by the Federal Reserve so far, to trigger a mild slowdown within the economic system, to gradual the tempo of inflation, has failed.”

David Matthau is a reporter for New Jersey 101.5. You may attain him at david.matthau@townsquaremedia.com

Click on right here to contact an editor about suggestions or a correction for this story.

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New Jersey

Latest Snow Predictions For Friday Night Storm In NJ

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Latest Snow Predictions For Friday Night Storm In NJ


NEW JERSEY — Snowfall ranging from a light dusting to up to 2 inches is anticipated for New Jersey Friday night into Saturday, though some uncertainty about how the storm could unfold means that amounts may be higher in areas, according to the latest forecast.

Northwest Jersey is expected to see 1 to 2 inches, with “a slushy coating to up to an inch” of snow predicted for the rest of the Garden State, according to the National Weather Service. Light precipitation will come in during the morning into the afternoon, transitioning to mainly snow overnight.

A Hazardous Weather Outlook has been issued for the northeast corner of the state through Friday night, as travel conditions could become slippery.

Find out what’s happening in Across New Jerseyfor free with the latest updates from Patch.

“The danger is the snow can quickly erupt and come down at a steady clip in some areas during the afternoon and evening rush hour on Friday in the Northeast,” AccuWeather Chief On-Air Meteorologist Bernie Rayno said. This includes the metro areas of New York City and Philadelphia, he said.

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Forecasters said there is some uncertainty with this storm depending on how it plays out. The National Weather Service called it “a difficult forecast,” and noted that snowfall amounts could be higher than forecast.

Find out what’s happening in Across New Jerseyfor free with the latest updates from Patch.

“Conditions around New York City are tricky,” Rayno said. “They can get a coating to an inch or two of snow from the clipper storm, perhaps a bit more if the coastal storm tracks farther west, or they could be in a rip-off zone where nothing to a few flurries occur.”

Saturday marks the first day of winter, and snow will end by late morning, forecasters say. Cold temperatures will linger through the weekend.

Here’s the latest forecast.

North Jersey

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Friday: A chance of rain and snow before noon, then snow likely between noon and 1 p.m., then rain and snow likely after 1 p.m. Cloudy, with a high near 36. Northeast wind 5 to 10 mph. Chance of precipitation is 70 percent. Total daytime snow accumulation of less than a half inch possible.

Friday Night: Rain and snow, becoming all snow after 11 p.m. Low around 29. Northeast wind 5 to 10 mph. Chance of precipitation is 80 percent. New snow accumulation of less than one inch possible.

Saturday: A chance of snow before 1 p.m. Cloudy, then gradually becoming mostly sunny, with a high near 31. Northwest wind 10 to 15 mph, with gusts as high as 30 mph. Chance of precipitation is 40 percent. New snow accumulation of less than a half inch possible.

Saturday Night: Mostly clear, with a low around 14. Northwest wind 10 to 15 mph, with gusts as high as 25 mph.

Sunday: Sunny, with a high near 24. Northwest wind 5 to 10 mph, with gusts as high as 20 mph.

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Sunday Night: Mostly clear, with a low around 7.

Monday: Sunny, with a high near 28.

Monday Night: Mostly cloudy, with a low around 18.

Tuesday: A chance of snow. Mostly cloudy, with a high near 35. Chance of precipitation is 30 percent.

Central Jersey

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Friday: Rain. High near 39. Northeast wind around 10 mph. Chance of precipitation is 80 percent. New precipitation amounts between a tenth and quarter of an inch possible.

Friday Night: Rain and snow, becoming all snow after 2 a.m. Low around 32. North wind 5 to 10 mph. Chance of precipitation is 80 percent. New snow accumulation of less than one inch possible.

Saturday: A chance of snow before 1 p,m. Cloudy, then gradually becoming mostly sunny, with a high near 33. Northwest wind 10 to 15 mph, with gusts as high as 25 mph. Chance of precipitation is 50 percent. New snow accumulation of less than a half inch possible.

Saturday Night: Mostly clear, with a low around 14. Northwest wind 10 to 15 mph.

Sunday: Sunny, with a high near 26. Northwest wind 5 to 10 mph.

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Sunday Night: Mostly clear, with a low around 8.

Monday: Sunny, with a high near 31.

Monday Night: Mostly cloudy, with a low around 18.

Tuesday: Mostly cloudy, with a high near 38.

South Jersey

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Friday: Rain. High near 42. North wind around 5 mph. Chance of precipitation is 80 percent. New precipitation amounts of less than a tenth of an inch possible.

Friday Night: Rain before 10 p.m., then rain and snow likely between 10 p.m. and 4 a.m., then a chance of snow after 4 a.m. Low around 31. Northwest wind around 5 mph. Chance of precipitation is 80 percent. New snow accumulation of less than one inch possible.

Saturday: A chance of snow before 1 p.m. Cloudy through mid morning, then gradual clearing, with a high near 36. Northwest wind 10 to 15 mph, with gusts as high as 25 mph. Chance of precipitation is 30 percent. New snow accumulation of less than a half inch possible.

Saturday Night: Mostly clear, with a low around 14. Northwest wind around 10 mph.

Sunday: Sunny, with a high near 27. Northwest wind 5 to 10 mph.

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Sunday Night: Mostly clear, with a low around 7.

Monday: Sunny, with a high near 34.

Monday Night: Mostly cloudy, with a low around 18.

Tuesday: Mostly cloudy, with a high near 40.


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New Jersey Eagles fan makes last wish to attend a Birds game

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New Jersey Eagles fan makes last wish to attend a Birds game


New Jersey Eagles fan makes last wish to attend a Birds game – CBS Philadelphia

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A Philadelphia Eagles fan with terminal cancer has one final wish — to attend a game. His daughter and a community of fans are working to make it happen.

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Exclusive: Video shows emergency response to deadly train collision in New Jersey

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Exclusive: Video shows emergency response to deadly train collision in New Jersey


Thursday, December 19, 2024 10:44PM

Exclusive video shows emergency response to deadly NJ train collision

Dan Krauth has more on the emergency response.

BURLINGTON COUNTY, New Jersey (WABC) — An exclusive video obtained by Eyewitness News shows the emergency response to a large train collision in New Jersey in October.

A NJ Transit train hit a tree on the tacks, killing the train operator and injuring 23 others.

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For the first time, we are seeing the emergency response to what happened.

The train was about 10 miles south of Trenton when it stuck a large tree.

What happened after was captured on police body camera video.

It shows what officers from Mansfield Township first encountered when they arrived on the scene on October 14th.

———-
DO YOU NEED A STORY INVESTIGATED? Dan Krauth, Kristin Thorne, and the 7 On Your Side Investigates team at Eyewitness News want to hear from you! Call our confidential tip line 1-877-TIP-NEWS (847-6397) or fill out the form BELOW.

Copyright © 2024 WABC-TV. All Rights Reserved.

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