The combination of lower home prices, attractive interest rates, and the Federal Housing Tax Credit stimulated the housing market, and was evidenced by a 3rd quarter closed-sale volume increase at the Regency Club of 350% over a sluggish 2nd quarter.

The number of home sales has been trending higher even in the face of rising unemployment. September home sales were 29% higher for the month than they were in 2008. This is attributable to the combined effects of improved housing affordability and the federal home buyer tax credit. The affordability gains are due to the combined effects of recent home price declines coupled with continued low mortgage interest rates.

It appears that the long-awaited stabilization of the New Jersey housing market has begun, with primary markets no longer experiencing home price declines, and lower unsold inventory in local markets.

Because buyers have been standing on the sidelines during the events of the past few years, there is a lot of pent-up demand for housing. The combination of factors that are now in place hold a promise for what should be the first real "Spring Market" in five years.

We are confident that homeowners who market their homes early in 2010 will benefit from a more vibrant market.