2002 Press Releases

ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700

Media contact: Stacy Quinn (973) 496-7904 stacy.quinn@ERA.com

FOR IMMEDIATE RELEASE 

PARSIPPANY, NJ, October 4, 2002 - Low interest rates and a strong demand continue to fuel the residential real estate market in New Jersey, where home prices are continually on the rise.

The National Association of REALTORS® report that the median sales price of existing single-family homes for Bergen and Passaic counties rose 24.7 percent so far this year. Prices spiked in Monmouth and Ocean counties by 21 percent. Additionally, prices rose more than 16 percent in Middlesex, Somerset and Hunterdon.

Brenda W. Casserly, president & COO, ERA Franchise Systems LLC, says Montclair is another hot market. ERA® sales associates report that multiple bidding wars for homes in Montclair and its neighboring communities increased significantly this year.

In the Southern part of the state, home prices are rising along with the demand for housing in the rural areas surrounding Atlantic City, as the market anticipates the grand opening of a new casino-resort. This marks the seaside resort's first casino opening in 13 years, which will create more than 3,000 jobs and is expected to lure new residents to the area as well as increase tourism.

NAR forecasts that the housing market is on track to set new sales records this year with a healthy price appreciation.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with 30 years experience in developing consumer-oriented products and services. It is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. The ERA real estate network includes more than 28,000 brokers and sales associates throughout the United States and 29 other countries and territories. Each ERA office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA information is available to consumers on the Internet at ERA.com. ERA properties can also be viewed at www.REALTOR.com®.

©2008 ERA Franchise Systems LLC. All Right Reserved. ERA® and Always There For You® are registered trademarks licensed to ERA Franchise Systems LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. View our Privacy Policy and Terms and Conditions.