Buyers seize the day during housing slump

New homeowner A.J. Tesoriero is thankful for the "slumping" housing market, which helped him get his Little Falls home at a steal.

"This house started much higher than we could even think about paying," Tesoriero says. "[It] came down substantially."

U.S. home prices fell 11 percent in January alone, making it more affordable for some to purchase homes. Sales then rose in February, and New Jersey was no exception.

"The spring market and the interest rates have come down to five and three-fourths percent, and the prices have come down," says Montclair real estate agent Valerie Altomare. "The buyers are seizing the opportunity."

However, what's good news for buyers is bad news for sellers. Keith McGinn, of Bloomfield, had hoped to sell his house and turn a profit.

"When we do sell the house, whether it's in a year, two years or a couple months, we just won't get the number we're looking for and will actually lose money," McGinn says.

For an interview with a real estate agent, go to Channel 612 on your iO digital cable box and select iO Extra.

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