Realtor dispels doom and gloom reports
It's my understanding that the media reports rather than creates the news. Therefore, when my personal experience as an active Realtor in the two-river peninsula area doesn't confirm what I read in the papers and see on TV, I start looking more deeply into the issue. Since bad news sells more papers than good, we're hearing a lot about the dramatic rise in foreclosures.

Jeffrey Otteau, a leading expert on real estate in New Jersey, said the foreclosure numbers are seriously exaggerated because they include people who are a month or more late in making their mortgage payments. He reports that while other parts of the country are seeing significant numbers of foreclosures, New Jersey is only experiencing about 10 foreclosures per county per month.

Stricter financing standards are having an impact on the real estate market. The mortgage industry's tougher requirements are a positive step that will ultimately result in fewer foreclosures. However, in the short term it is harder for buyers to qualify for loans and is preventing some deserving buyers from achieving the American dream of owning their own home. Despite the gloom and doom reports, it is a good time to be a buyer and well-priced properties still sell. The key message is: Talk to a real estate expert before making an important decision like buying or selling a house.

Gloria Nilson

Executive Vice President, Director of Luxury Homes

Gloria Nilson GMAC

Real Estate Shrewsbury