Housing market terrible in South Jersey. The house I bought in 2004 is worth between 15-20% less than what I paid for it. I didn't buy at the top either as my house was worth 15% more in 2006. I don't have a mortgage and fortunately I did real well selling my house in Las Vegas in 04 but that's not the point. When I bought the house in South Jersey it wasn't close to a bubble market like Las Vegas. The problem in NJ is the property taxes. My township is close to #1 of #1. The highest property taxes in the country and close to the highest property taxes of any township in the state. They really stick it to people who own houses valued at $250,000 or less. Houses valued at $750,000 or more pay much less taxes respectively. It's not total robbery. The schools are good, virtually no crime, roads in are in decent shape but the housing market is dead unless you live in Morrestown or Haddonfield, NJ. This is where a huge number of Philadelphia professional athletes buy their homes. Wealthy areas where there are plenty buyers around to buy million dollar houses. Many of the people that used to buy houses in South Jersey are buying into the gentrified and sketchy Philadelphia neighborhoods instead. I don't imagine ever being able to sell my house for a profit in my lifetime. Every time they raise the property taxes it makes the house less attractive to buy. This will force more people into foreclosure and the banks are dumping the houses back on market at a lower price. In retrospect now I wish I rented instead of bought.
