New Jersey
HOUSING MARKETS FACING GREATER RISK OF DECLINE CONCENTRATED IN CALIFORNIA, NEW JERSEY, ILLINOIS AND FLORIDA
New York City and Chicago Areas More Vulnerable to Drop-offs Along with Inland California; South Still Faces Relatively Small Exposure;
IRVINE, Calif., Dec. 5, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its latest Special Housing Market Impact Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, equity and other measures in the third quarter of 2024. The report shows that California, New Jersey and Illinois once again had high concentrations of the most-at-risk markets in the country, with parts of Florida also joining that mix. Less-vulnerable markets continued to be clustered in the South region of the nation.
The third-quarter patterns – derived from gaps in affordability, underwater mortgages, foreclosures and unemployment – revealed that two-thirds of the 50 counties around the U.S. considered most exposed to potential fallbacks were in California, Florida, Illinois and New Jersey. Florida was a new addition to that group in the third quarter after earlier periods when it had fewer markets making the list of areas at elevated risk of downturns.
County-level housing markets on the latest list included six in and around Chicago, IL, five in or near New York City and four in southern New Jersey. Another 13 were in California, mostly inland from the Pacific coast. The rest were scattered largely around the Northeast, South and Midwest.
At the other end of the risk spectrum, more than half the markets considered least likely to decline fell in Virginia, Wisconsin, Tennessee, Montana and New Hampshire. They included four in the Washington, DC, area.
The latest gaps come as the nation’s 13-year housing-market boom, along with the broader economy, continue to affect different parts of the country in different ways.
An almost unrelenting increase in home prices has surpassed most wage gains around the country to varying degrees. That has led to home ownership costs consuming more than triple the portion of average wages in some parts of the country compared to others. Similar disparities can be found in several other measures: unemployment rates, the level of homeowners facing foreclosure and the portion owing more on their mortgages than their homes are worth.
“The recent market risk patterns changed a bit in the third quarter, with some new areas making the list of places more or less exposed to downfalls. But the big picture remained pretty much the same around the country as differences in important metrics helped produce varying pockets of vulnerability,” said Rob Barber, CEO at ATTOM. “As with past reports, this one is not meant to suggest any given area is about to fall or is immune from problems. Rather, it spotlights locations that look to be more or less able to withstand significant changes in market conditions. We will continue to keep a close watch on markets throughout the country to see how things track.”
MILLVILLE, N.J. (WPVI) — Residents in a Millville, New Jersey, neighborhood spent hours trying to understand what was happening after a New Jersey State Police helicopter circled overhead, and troopers eventually entered a home while searching for a suspect.
Video from a Ring camera shows state police and officers in tactical gear taking over the front porch of a home on the 100 block of Third Street.
Officers are heard speaking into a doorbell camera moments before entering the residence.
A woman who lives in the home and did not want to be identified said she was at work at the time of the incident, but her son was inside when police surrounded the house. She said her son later described the encounter to her.
“My son was here, he was a little freaking out, they actually made him come out with his hands up and guns were drawn,” she said.
The woman said her son told her troopers explained they were pursuing someone on foot in the area.
“They just said they were on a foot pursuit and the guy was jumping the fences behind my house. A construction worker saw him go down my steps, but didn’t know where he went from there. That’s why they need to make sure everything is safe,” she said.
Nearby residents also noticed the heavy police activity.
Michele Brown of Bridgeton said she was walking her dogs when she saw officers in the area.
“It was a lot I didn’t understand what was going on,” Brown said.
Brown said the scene was alarming for people nearby.
“Definitely startling cause you see all these cops with their guns out, and you’re just looking like, ‘Whoa’,” she said.
Action News reached out to New Jersey State Police for more information, but we did not receive a response.
In a statement, Millville police say the suspect was not apprehended after fleeing state police on foot.
There is no suspected threat to the community, the department added.
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Russo Development CEO talks finishing Paramus NJ projects
Edward Russo, CEO of Russo Development, speaks to NorthJersey.com about their newest projects and opportunities for developers in Paramus.
One of three massive redevelopment projects at Paramus’ biggest shopping malls will finish construction this summer. Another will have to wait until 2027.
The two projects will bring hundreds of apartments and thousands of feet of additional retail space to Bergen Town Center and Paramus Park Mall, two of Bergen County’s biggest retail destinations. Both projects are the work of Carlstadt-based Russo Development LLC, which is also building a new headquarters in the borough.
The biggest mall redevelopment in town — a multiyear plan that could bring as many as 1,400 homes to Westfield Garden State Plaza — is also underway under the direction of a different developer. That project is expected to hold an official groundbreaking in the coming weeks.
The construction is “an opportunity for affordable housing to get built, which is certainly a big priority for almost every municipality in New Jersey right now,” Russo Development CEO Ed Russo said in a recent interview. He credited borough officials for making sure “there was additional investment and vibrance that was being added” to Paramus’ commercial center.
Paramus Park housing almost done
First in line for completion is Vermella Paramus, two mixed-use buildings with 360 one-, two- and three- bedroom apartments under construction next to the Paramus Park Mall, west of the Garden State Parkway.
The project will also have 8,000 square feet of onsite retail space. It will be built adjacent to the mall and the new Valley Hospital, according to a description on the company’s website.
One of the buildings will be finished next month, while the second is scheduled to finish construction in June, Russo said last week.
Bergen Town Center project has new name, timeline
The developer, alongside KRE Group, also plans to build two five-story buildings with 426 units and 5,000 square feet of retail at Bergen Town Center, off of Route 4. The project will be called Bergen Chapters, Russo said.
The housing will include 147 one-bedroom apartments to be sold at market rate and another 12 reserved as affordable. The project will also have 1,572 parking spaces, including lots from other areas of the mall property and two parking garages.
A building on the east side of the Bergen Town Center property that currently contains a former Kirkland’s, Red Robin and Recreational Equipment Inc will be knocked down for the project. Recreational Equipment Inc. closed in late January, so the property has only become vacant in the last month, said Russo. He expects the work to finish in late 2027.
Story continues after gallery.
Living at the mall
Paramus’ three big projects fueled speculation that other shopping centers in North Jersey would follow the example, as mall owners looked for ways to survive the rise of online retail.
But there hasn’t been a tremendous amount of mall redevelopment in New Jersey, Russo said.
Paramus’ situation is unique, he noted, with “three good size malls” all within the same town. Spurred in part by state affordable housing mandates, the borough council adopted zoning in 2016 that allowed for mixed-use development along its highway corridor. That was the impetus for the three mall makeovers, Russo said.
Other factors also made the borough’s commercial corridor especially suited for this type of hybrid development, he added.
“Paramus has always been considered, for many decades, as a shopping mecca between the malls, Route 17, Route 4 and the proximity to New York City,” said Russo. “It’s really been a vibrant retail community for many years.”
In addition to fulfilling affordable housing obligations, the zoning helped the borough attract new investment around the malls, boosting their long-term success, he added.
“The retail market has been affected in a larger part of New Jersey over the last number of years,” said Russo. “I think Paramus was very forward-thinking in the zoning that they did years ago.”
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