New Jersey Loans & Mortgages

New Jersey Real Estate and Home Loan Facts

By Sharon Secor

Direct Lending Solutions Staff Writer

New Jersey is located on the very edge of the northeastern region of the nation and bordered on one side by the Atlantic Ocean. Inhabited first by the Delaware Indians, the area was colonized by the Dutch, Swedish, and Finnish settlers beginning in 1609. The British took control of New Jersey and colonized it in 1664, naming it after the Isle of Jersey in the English Channel.

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A prosperous state with a vigorous economy, New Jersey ranks second in the US for highest per capita personal income, with several of its counties on the list of those with the highest income nationwide. The world’s first container port is located in the state, and is one of the largest. Oil refineries are numerous in New Jersey, as are chemical and pharmaceutical manufacturers, heavy industry, and food processing plants. New Jersey’s proximity to both Philadelphia and New York City has made it an attractive location for business, with 24 Fortune 500 companies among the many corporate headquarters located within its borders.

New Jersey is a versatile state, with bustling urban areas for those who love fast paced city life and beautiful rural areas for those who prefer a slower, more relaxed lifestyle. North Jersey is largely incorporated into the New York metropolitan area, with many residents commuting to the city for work. Much of South Jersey is included within the Philadelphia metropolitan area. Central Jersey is home to most of the states suburban and rural areas, although both North and South Jersey have some smaller cities, suburbs, and rural farm towns.

For those considering a move to New Jersey, recent housing statistics show that many areas of the state have shown lower existing single family home median prices, an advantage for the buyer. The median price for an existing home in Southern New Jersey fell slightly from $233,400 in the fourth quarter of 2006 to $230,800 in the first quarter of 2007. Northern New Jersey saw a similar drop in median price, from $443,400 in the fourth quarter of 2006 to $441,200. Central New Jersey was the exception, with the median price rising from $346,000 to 4350,200 during the same period. Mortgage rates remain low in the New Jersey market, averaging 6.52 percent in the first quarter of 2007.

These statistics, along with the varied advantages held by the beautiful state of New Jersey make this a great time to relocate to New Jersey. Finding your perfect home, whether in a busy urban area, an upscale suburban site, or charming rural community will be much easier with the assistance of a low cost New Jersey home loan.

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