According to Realtor.com, more homes are for sale in the region and inventory is expected to increase in the next few weeks. Until now, a shortage of homes for sale had sent housing prices surging. In the New York and north Jersey area, listing prices are up more than 9.5% from a year ago. But the recent rise in mortgage prices has led to softer demand, with home sellers having to reduce prices to close a sale.
Still, homeownership remains out of reach for many New Jerseyans but new legislation seeks to change that. The Senate Community and Urban Affairs Committee on Monday passed a bill called the New Jersey American Dream Act. It would set aside $25 million to provide financial assistance for certain low- and moderate-income households, helping them with a down payment or home repair.
Between the growing offshore wind industry, and upcoming projects due to the federal bipartisan infrastructure bill, skilled labor is in demand in New Jersey. On Wednesday, officials will gather in Hammonton as the Eastern Atlantic States Regional Council of Carpenters holds an open house for a new training facility the union says will make New Jersey a premier destination for training.
The nationwide shortage of powdered baby formula has the attention of the White House, which said Monday the Federal Drug Administration is working around-the-clock to deal with the shortage. New Jersey is among the hard-hit states. The shortage is due to supply-chain issues that worsened after the FDA recalled formula made at a Michigan facility while it investigates consumer complaints of bacterial infections in four infants who consumed the formula. All four babies were hospitalized and the infections may have contributed to the death of two of the infants.
