Dear Ralph,

Foreclosures are falling, which clearly points to a healthier, more stable market. New Jersey is leading the nation in foreclosure filings for the first half of 2024, but the percentage is a fraction of a percent. This is reflected in New Jersey's unemployment rate which is just 4.6%. Below there is a great article on how to reduces the tax burden you might be battling.

And finally, please consider joining me to support Ocean County College's Foundation. Start planning now for SUP the River 2024, September 14th.

Please feel free to email me at ralph@counsellorstitle.com if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte

Founder & President

732.914.1400

Feel free to book a call to discover how we can serve your needs.



Foreclosures Fall

by: Anthony DiMaio

Foreclosures Fell 3.5% for the First 6 Months of 2024

During the first 6 months of 2024 ATTOM reported that 177,431 U.S. properties had filed foreclosures. This represents a decrease of 4.4% from the same period in 2023 but is up 7.8% from 2022. In general, since 2020 during the first 6 months of every year foreclosures ranged between 164,000 and 185,000, with the exception of 2021 when only 65,000 filed for foreclosure.

According to the metrics, there is clearly a leveling taking place in the foreclosure activity, most likely and clearly due to the significant appreciation of real estate assets across the board, nationwide. Since 2019, home prices in New Jersey have appreciated 61.2% higher than the national average. And seeing the median price in October 2019 compared to October 2022, prices have increased 37.2% in New Jersey vs. 35.8% nationwide.

States that saw the highest increase in foreclosures during the first half of 2024 were South Dakota, North Dakota, and Kentucky, respectively.

Still, New Jersey leads the nation in foreclosure filings for the first half of 2024 with a total of 0.21% of all housing units filing foreclosure documentation, followed by Illinois 0.21%, Florida 0.20%, and Nevada 0.19%.

According to the ATTOM report, Lakeland, Florida, Columbia, South Carolina, and Atlantic City, New Jersey, rank the highest in Metro foreclosure rates, respectively.

• Nationwide in June 2024, one in every 5,071 properties had a foreclosure filing.
• States with the highest foreclosure rates in June 2024 were Illinois (one in every 3,041 housing units with a foreclosure filing) and New Jersey (one in every 3,042 housing units).

Everyone has to live somewhere, and, since the hybrid business model is now a reality, those employees who are able to move further away from the classic urban business centers are doing so. 

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Top 10 Companies Headquartered in New Jersey by Employment

by: Anthony DiMaio

The largest companies by employment in New Jersey are Amazon.Com, Inc., RWJBarnabas Health and Wakefern Food Corporation, which employed 46,000, 41,000 and 40,200 people in 2024.

Company  2024 Employment

1. Amazon.Com, Inc. 46,000  

2. RWJBarnabas Health 41,000

3. Wakefern Food Corporation 40,200

4. Hackensack Meridien Health 36,000

5. Walmart Inc. 24,980

6. United Parcel Service, Inc. 19,200

7. Home Depot 14,690

8. Bank Of America 14,505

9. Johnson & Johnson  14,000

10. Public Service Enterprise Group Incorporated 12,600

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SUP the River is back again! 

Join the OCC Foundation and the Kiwanis Club of Greater Toms River on September 14 from 9 a.m. – 12 p.m. at the Toms River Yacht Club.

This competition is open to all levels.

Not a paddler? Join us as a spectator at the beautiful Toms River Yacht Club for a Networking Breakfast!

SUP the River is back again!! This annual event is co-hosted by the Ocean County College Foundation and the Kiwanis Club of Greater Toms River and is open to all levels of competition. Race day is a great way to come out and support our community and local water resource.   



This year's race will start and finish at the spectator-friendly Toms River Yacht Club, where racers and fans will have a great view of the course and paddlers. 

Awards will be given to top three finishers in each category and gender, and a kid-friendly short course to wrap up the races! 

Board Rental available through Jersey Shore Mermaids: 

https://jerseyshoremermaids.com/

The Ocean County College Foundation invites you to tee off with us at Pine Barrens Golf Club on Tuesday, October 15th. This event is held annually to assist the Foundation in its mission to make higher education more accessible to Ocean County residents through scholarships and awards. We are offering various levels of sponsorship and participation, and we hope you will join us!

When: Tuesday, October 15

Where: Pine Barrens Golf Club, Jackson

Schedule of Events:

• Registration & Brunch – 9:30 a.m.
• Driving Range – 9:30 a.m. – 11:00 a.m.
• Shotgun Start – 11:00 a.m.
• Awards/Cocktail Reception – 4:00 p.m.

*The event will be held rain or shine.

To Sign Up or Find Out More Information Click HERE!

9 Ways to Save on Real Estate Taxes

by: Anthony DiMaio

Within the state of New Jersey, real estate taxes are the highest in the nation. What are the best ways a homeowner can reduce the amount of real estate taxes they pay?

New Jersey homeowners face some of the highest property taxes in the nation, but there are several strategies they can employ to potentially reduce their tax burden:

1 File a property tax appeal:

Challenge your property's assessed value if you believe it's too high compared to market value or similar properties

• Request and study your property tax card to look for discrepancies in the information about your home

• Compare your assessment to neighboring properties with similar characteristics

• File Form A-1 and Form A-1 Comp. Sale with the County Board of Taxation by April 1 or within 45 days of receiving your assessment notice

2 Take advantage of property tax relief programs:

• ANCHOR Program: Provides rebates of $450 to $1,750 for eligible homeowners and renters
• Senior Freeze Program: Reimburses eligible senior citizens and disabled persons for property tax increases
• Homestead Benefit: Offers credits on property tax bills for eligible homeowners
• Veterans' deductions: Totally disabled veterans may be exempt from property taxes, while other veterans may qualify for a $250 credit

3 Utilize tax deductions and credits:

• Property Tax Deduction/Credit: Allows homeowners to deduct up to $15,000 in property taxes paid on their state income tax return or claim a $50 refundable credit

4 Consider timing for home improvements:

• Be aware that permanent additions or improvements may increase your property's assessed value and, consequently, your tax burden

5 Participate in local government:

• Stay informed about local budget decisions and participate in town meetings, as municipal and school budgets significantly impact property tax rates

6 Explore shared services:

• Support initiatives for municipalities to share services, which can help reduce overall costs and potentially lower property taxes

7 Stay informed about reassessments:

• Understand when your municipality conducts property reassessments, as this can affect your property's valuation

8 Consider location carefully:

• If you're looking to move within New Jersey, research property tax rates in different municipalities, as they can vary significantly

9 Verify eligibility for special programs:

• Check if you qualify for programs aimed at seniors, disabled individuals, or veterans, which may offer additional tax relief

Remember that while these strategies can help reduce your property tax burden, New Jersey's overall high property tax rates are largely due to the state's reliance on this revenue source to fund local services and education. Consistently advocating for more efficient local government spending and alternative funding sources may lead to long-term property tax relief for all New Jersey homeowners.

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About Counsellors Title Agency

We are an award-winning agency and one of New Jersey's leading title insurance businesses, based in Toms River. Counsellors is known for its team of knowledgeable service professionals recognized for its exceptional title, settlement and escrow services, for all 21 New Jersey counties. Its glitch-free signature service provides confidence to home buyers, sellers, and industry professionals. The knowledge base of its staff has processed over $17 billion in orders and established itself as a pillar of trust and benchmark of excellence within the real estate community.