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11.05.2014
MonmouthCounty Cheap HomesFind here foreclosure listings of foreclosures for sale in Monmouth New Jersey and nationwide.
Google Maps The exterior of the Monmouth County Jail in Freehold, where an inmate apparently committed suicide Friday. FREEHOLD — An Oklahoma man being held at a New Jersey jail apparently committed suicide by hanging himself. Sullivan had been in the jail since November on charges of attempted arson, aggravated assault, attempting to cause widespread injury to others, possessing a destructive device and possessing a prohibited weapon stemming from an incident in Middletown Township. He also was facing charges in Hudson County in northern Jersey, but further details on those charges were not available Saturday. From local news to politics to entertainment and sports, the twice daily Right Now eNewsletter has all of the New Jersey news you need! Start your search for cheap New Jersey distressed homes for sale through our extensive listings database.
Existing-home sales showed some improvement in February, but remain constrained by low inventories of homes for-sale that are pushing price growth to the fastest pace in a year, according to the National Association of REALTORS®.
The median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago.
Leaving off deductions you’re eligible for, such as mortgage interest and property taxes, is leaving money on the table. When you opt for the simplified method, you get $5 per square foot and can claim up to 300 square feet of office.
You can’t deduct a home office just because you head in there after dinner to read AOL and answer emails from co-workers. Energy-efficiency home upgrades you made in 2014 can potentially cut your tax bill by up to $500, thanks to the residential energy tax credit. There’s a $500 lifetime cap (meaning you have to subtract any energy tax credit you used in prior years).
The property taxes you paid to the state, the county, the city, the school district and every other government entity that reached into your pockets last year are usually deductible on your federal tax return.
If your mortgage lender paid your property taxes, look on your annual escrow statement to see the exact amount paid. You can’t deduct assessments (one-time charges for things like streets, sidewalks and sewer lines).
If you have a Veterans Affairs, Federal Housing Administration or Rural Housing Service loan, you likely paid upfront mortgage insurance premiums at the closing table (they might have called it a guarantee fee). If your mortgage lasts more than seven years, you divide the cost of that upfront mortgage premium by 84 months and then multiply by the number of months you paid it (so 12 months for a full year) to get your deductible amount.
If you mortgage lasts seven years or less, you divide by the number of months it lasts and multiply by the number of months you paid it.
When adjusted gross income is more than $100,000 (married filing jointly) you start losing the private mortgage insurance deduction and it disappears completely when your adjusted gross income is more than $109,000. What about all the other home-related expenses you paid, but can’t deduct, like your new deck or the pipes you replaced? The housing market has seen plenty of challenges the last few years, but could brighter days be ahead?
Still, many economists aren’t expecting the rate surge in the new year to be quite as drastic as previously seen. The job market may be a big contributor behind that increase, says Lawrence Yun, NAR’s chief economist.
New-home construction is gradually picking up in the latter half of the year, also bringing more inventory into many markets.
In October, distressed home sales dropped into the single digits for the third month this year.
Still, while distressed sales are trending downward overall, several pockets across the country are still battling elevated levels, particularly in judicial states like Florida, Maryland, and New York, NAR President Chris Polychron recently said in a statement. The median existing-home price for all housing types in October was $208,300 — 5.5 percent above October 2013, according to NAR’s latest report. Still, the gains in home prices over the past year have made home owners feel more optimistic about selling. In a recent survey, How America Views Homeownership, it was revealed that 68% of Americans feel that now is a good time to buy a home and 95% said they want to own a home if they don’t already. However, the survey also reported that many are afraid to purchase a home because of uncertainty about “qualifying for a mortgage or navigating the home buying process”.
A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”. Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family, grants or loans from non-profits or public agencies.
If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options.
Though the growth in national median home prices slowed in the second quarter of this year, it’s a sign that the market is returning to more sustainable levels, according to the latest quarterly report by the National Association of REALTORS®.


Out of 173 metropolitan areas surveyed, 71 percent showed increases in the median price of existing single-family homes, down from 74 percent in the first quarter. Only 19 areas saw double-digit increases in price, a significant drop from the 37 areas that experienced the same in the first quarter.
The slowdown in home-price appreciation should ultimately benefit buyers and sellers, says Lawrence Yun, NAR’s chief economist. Despite the price stabilization and overall increase in supply, some markets — especially those on the West Coast, where California alone claims four of the five most expensive housing markets in the country — are still experiencing sharp price increases due to inventory shortages. The national median price for an existing single-family home was $212,400 in the second quarter, compared to $203,400 during the same time last year. Four California metros — San Jose, San Francisco, Anaheim-Santa Ana, and San Diego — as well as Honolulu reported the highest existing single-family home prices, with a median of $899,500. NAR President Steve Brown says REALTORS® are reporting faster sales in the second quarter of 2014 than in the first quarter, even with the increase in supply.
However, Brown says that despite an improving economy, competition among buyers is still tight and all-cash offers are still common. Superstorm Sandy sent 18 inches of water rushing in to Bob Zirkel’s Ortley Beach home, causing thousands of dollars in damage. But bad as the storm was for Ortley Beach — one of the hardest-hit areas on the Shore — it also opened up an opportunity for Zirkel, a construction superintendent who lives in Rockaway. Almost two years after Sandy devastated parts of the Shore, damaged properties are changing hands, as some owners decide they can’t afford to rebuild, and buyers look for a place to create their own summer memories. Although many Shore towns sustained little storm damage and have almost fully recovered, some areas have a way to go. In Ortley Beach, prices have moved up from the bargain-basement levels seen in the year after the October 2012 storm. But many of these homeowners didn’t have flood insurance, and once the storm hit, they were faced with enormous costs to repair and, in many cases, elevate the homes. Childers said that property values haven’t dropped far enough, post-Sandy, to make a speculative investment worth the risk. Reinhart said the challenges affecting the housing market everywhere — including tight lending standards — are holding back potential real estate investment at the Shore.
One buyer who thinks he got a good deal after Sandy is Gary LaNeve, a retired Paterson police officer whose family has vacationed in Ortley Beach since 1951 — the year his grandfather, a barber, bought a bungalow four houses from the ocean. Key findings in the report include that males were more inclined to move for job-related reasons than females. Existing-home sales rose in April 2014 as more sellers put their homes on the market, giving buyers across the U.S. Homebuyers had more properties to choose from in April, as the inventory of existing homes increased nationally. The median existing-home price for single-family homes, condos and co-ops in April was $201,700. About one-third of the deals in April were all-cash sales, where the buyer didn’t need a mortgage. Harry has been a realtor in south Mississippi since graduating from the University of Mississippi in 1984, specializing in hunting, recreational, residential, developement and investment properties. New Jersey Foreclosures drop 20% in November 2008; Union, Bergen, Passaic and Monmouth counties top the list of new foreclosures. All rights reserved (About Us).The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of New Jersey On-Line LLC. If you are the website operator please use the ionCube Loader Wizard to assist with installation. Find the best deals on foreclosure properties, commercial foreclosures, bankruptcy homes, foreclosure auctions, fixer uppers, bank owned (REO) and cheap distressed homes in New Jersey. The 30-year fixed-rate mortgage averaged 3.71 percent in February, according to mortgage giant Freddie Mac. Indeed, an NAR study earlier this month found a widening gap between rent and income growth across the country, which is making it more difficult for renters to become home owners.
Distressed sales: Foreclosures and short sales comprised 11 percent of sales in February, down from 16 percent a year ago. Days on the market: Properties were on the market for 62 days, on average, in February, down from 69 days in January.
Collect a tax break either by using the simplified method explained below or doing some complicated calculations to claim your exact home office expenses. You may be able to claim up to 10 percent of what you spent in 2014 on such items as insulation, a new roof, windows, doors or high-efficiency furnaces or air conditioners. You typically can deduct the interest you pay on your home loan of up to $1 million (married filing jointly).
It’s generally OK to deduct the interest on loans up to $100,000 (married filing jointly) as long as your home secures the loan. When you sell your home, you can generally use the cost of those assessments to reduce any tax you owe on your sale profit.


Hang on to those invoices and receipts by scanning them (receipts fade over time) and storing them in a file or online. Based on recent housing reports, some markets are reporting a rosier picture now than for the first half of the year — and growing optimism heading into next year for a lasting turnaround. Last week, the 30-year fixed-rate mortgage averaged 3.99 percent nationwide, marking the sixth consecutive week of averages near 4 percent. Fannie Mae recently revised its forecast for 2015, expecting low mortgage rates to stick around longer into the year. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®’ latest report. Distressed sales, which include foreclosures and short sales, fell to 9 percent in October, compared to 14 percent a year ago, NAR reports. Forty-four percent of about 1,000 home owners surveyed in Fannie Mae’s October 2014 National Housing Survey said now is a good time to sell, marking an all-time survey high.
Though 74% said they “know and understand” the financial process involved in buying a home, they also gave answers that suggest otherwise. For existing condos, the national median price in the 62 areas surveyed was $211,100 in the second quarter, a 5.9 percent increase from a year ago. Just seven months after the storm, he spent $250,000 to trade up, buying a badly damaged house near the ocean. Many badly damaged properties have been torn down, leaving empty lots — which had been a rare commodity at the beach. Standing on the Ortley Beach boardwalk, with the roar of the ocean at your back, you can look over a several-block landscape that is a patchwork of empty lots, new construction and homes being repaired. Elevating a home costs from $80,000 to $100,000, once all the expenses are factored in, said Lee Childers of Childers Sotheby’s International Realty, which has six offices in Ocean County, most on the barrier island. That house was destroyed by the storm, and members of LaNeve’s extended family are rebuilding, kicking in their own money because insurance won’t cover the entire cost. As more properties were put up for sale, the speed at which home prices were rising slowed a bit, according to data from the NATIONAL ASSOCIATION OF REALTORS®.
More inventory and increased new-home construction will help to foster healthy market conditions,” Yun added. But the speed at which home prices were rising in the first quarter will likely decrease during the rest of this year.
All our foreclosure listings are screened for accuracy by our team of professionals on a daily basis.
The eastern part of the town is built on a high bluff that overlooks Sandy Hook and the Atlantic Ocean. A tax professional or tax software can tell you how the tax rules apply in your circumstances. In October, the 30-year fixed-rate mortgage reached its lowest average of the year at 3.97 percent. Fannie Mae now projects rates will average 4.3 percent next year, a drop of about two-tenths of percentage points from its forecast earlier in the year.
Foreclosures and short sales typically sell at a discount — 15 percent or 10 percent below market value, respectively — and can place downward pressure on overall home prices in an area.
Now he’s building his family’s new beach getaway on the site, on the border of Ortley Beach and Lavallette.
There haven’t been enough post-Sandy sales to get a sense of where home values will settle, he said. The number of existing homes that sold, including single-family homes, townhomes, condominiums and co-ops, rose 1.3% in April.
At the current pace homes are selling, it will take 5.9 months to sell all the homes on the market. Homeowners who downsize to a less expensive property and those who sell a home with no mortgage and buy another are two other groups who sometimes pay cash for their homes.
All of our Monmouth New Jersey foreclosure homes for sale will also include the contact information, number of beds and baths, sqft and price. On average, foreclosures sold for a discount of 17 percent below market value (in January, it was 15 percent) and short sales were discounted by 15 percent on average (from 12 percent in January).
A six-month supply of homes for sale is considered a balanced market that favors neither sellers nor buyers.
Thirty-four percent of homes sold in February were on the market for less than a month, according to NAR’s report. We are proud to say that over 70% of our business has been made through referrals from satisified repeat clients.



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