TRENTON – Citing data that shows the inventory of unsold homes in New Jersey rising since the expiration of the federal homebuyers’ tax credit, Senate Budget and Appropriations Committee Chairman Paul Sarlo today said lawmakers need to begin the process of overriding Governor Christie’s veto of bipartisan legislation he sponsored to enact a new state credit.
According to data compiled by real estate trend-watcher Otteau Valuation Group and reported in the New York Times, New Jersey home contract signings dropped to their lowest point in six years after the federal tax credit program ended at the end of April. The state’s existing inventory of homes priced under $400,000 has jumped 48 percent – to 13.4 months’ worth from 9 months – and the stock for homes priced between $400,000 to $600,000 has increased 22 percent to 11.6 months.