Nj Re
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Gross income / Mortgage (PI) for NJ 1999-2008 6.0 5.5 5.0 4.5 4.0 3.5
Home Price / Gross Income 95% LTV Home Price / Gross Income 90% LTV Home Price / Gross Income at 80% LTV
3.0 2.5 1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Data source: US Census and NAR
Note: PI was calculated using the average annual interest rate for each as supplied by Fannie Mae data % Income Spent on Housing Median Income Vs Median Home Price 75% 65%
% of Net Income Spent on Housing % of Grosst Income Spent on Housing
55% 45% 35% 25%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Data source: US Census and NAR
Note: Assumes net income = 80% gross income; 80% LTV was used for calculating PITI; TI (taxes and insurance) was calculated as 3.5% of mortgage amount
90,000
$410,000
80,000
$390,000
70,000
$370,000
Sales Volume
60,000
$350,000
50,000 $330,000 40,000 $310,000
30,000
$290,000
20,000
$270,000
10,000 0 2001
2002
2003
2004
2005
Sales Volume
$450,000
2006
2007
2008
Inflation Adjusted Median Sales Price
NJ Sales Volume Vs Inflation Adjusted Median Sales Price
$250,000 2009
Median Home Price
New Jersey Median Income Vs Median Sales Price (all #'s adjusted to 08$)
$400,000 $350,000 $300,000 $250,000
Median Home Sales Price
$200,000
Median NJ Household Income (Adj 08$))
$150,000 $100,000 $50,000 $0 1999
2000
2001
Data source: US Census and NAR
2002
2003
2004
2005
2006
2007
2008
Home Price / Gross Income 95% LTV Home Price / Gross Income 90% LTV Home Price / Gross Income at 80% LTV
3.0 2.5 1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Data source: US Census and NAR
Note: PI was calculated using the average annual interest rate for each as supplied by Fannie Mae data % Income Spent on Housing Median Income Vs Median Home Price 75% 65%
% of Net Income Spent on Housing % of Grosst Income Spent on Housing
55% 45% 35% 25%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Data source: US Census and NAR
Note: Assumes net income = 80% gross income; 80% LTV was used for calculating PITI; TI (taxes and insurance) was calculated as 3.5% of mortgage amount
90,000
$410,000
80,000
$390,000
70,000
$370,000
Sales Volume
60,000
$350,000
50,000 $330,000 40,000 $310,000
30,000
$290,000
20,000
$270,000
10,000 0 2001
2002
2003
2004
2005
Sales Volume
$450,000
2006
2007
2008
Inflation Adjusted Median Sales Price
NJ Sales Volume Vs Inflation Adjusted Median Sales Price
$250,000 2009
Median Home Price
New Jersey Median Income Vs Median Sales Price (all #'s adjusted to 08$)
$400,000 $350,000 $300,000 $250,000
Median Home Sales Price
$200,000
Median NJ Household Income (Adj 08$))
$150,000 $100,000 $50,000 $0 1999
2000
2001
Data source: US Census and NAR
2002
2003
2004
2005
2006
2007
2008
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