Maybe this helps enlighten the situation. The fundamentals are lousy:
5) New Jersey
Foreclosure starts in the Garden State increased 82 percent on the year in May, according to RealtyTrac. In March, the firm calculated that the Northern New Jersey metropolitan area had a 97-month inventory of foreclosed property, the biggest backlog in the nation. The overall percentage of homes in New Jersey facing foreclosure is up to 7.2 percent.
What can appropriately be called a glut of foreclosed homes hitting the market in New Jersey has negatively affected the growth of home prices. Data from the National Association of Realtors shows that median home prices in the state declined 0.5 percent sequentially in the first quarter, and climbed just 5.3 percent on the year. This compares against an increase of 1.9 percent sequentially and 6.7 percent on the year for the nation.