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New Home Warranties: 2007 Quarterly Data
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New Jersey requires nearly every new house in the State be protected by a new home warranty to insure against major and minor defects that may result after construction. Most new dwellings are covered by warranties; the exceptions are apartments and new houses built directly by the homeowners themselves. Every three months, warranty companies send to the Department of Community Affairs information on the number of new homes enrolled in a new home warranty program. This information is used by the Department to create a central registry. It is also the basis for quarterly tables on the median and average sales prices of new homes.