Housing market in NJ still slow

MONTCLAIR - New and existing home sales were up slightly in March, but the housing market in New Jersey is still slow.

Harold and Irene Stoller are trying to sell their house in Montclair. They tell News 12 New Jersey that they've had 20-30 people look at their house since it's been on the market, six came back for a second look and two or three offers, but all of them were low.

Economist James Hughes, of Rutgers University, says home prices may keep sliding for two more years, as foreclosed homes continue flooding the market.

According to figures by the Census Bureau, while new home sales were up last month, they were still nearly 22 percent lower than one year ago.

advertisement | advertise on News 12

Trending Video

The Majestic Lanes bowling alley was damaged when 1 Driver crashes into Woodbridge bowling alley
2 VIDEO: Students get crash course on disaster preparedness
News 12 Brooklyn hit the streets to ask 3 Word on the Street: Hot Dog Day
Kinnelon officials have appealed a decision denying the 4 Kinnelon officials appeal decision denying borough its own ZIP code
Preston Taylor admits his involvement in the disappearance 5 Childhood friend admits helping to dispose of missing woman’s body

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE