Home prices fall big time in NJ (Middlesex, Spotswood: foreclosures, insurance)

[wileynj]

Originally Posted by Delphi

Sure. I am too. Look at Japan. Where is int rate? Even with 0% int rate, they are suffering and you think we will not with higher int rate? Why is UK cutting int rate? Why is EU cutting? I don't think we will see turn around soon.

Their approach is wrong and it's my opinion that they went backwards too soon and can't find a way back other than by lowering interest rates even more - trying to get people's confidence back in the economy and get them buying again is the solution. No matter how low the rates go..if no one is spending = people getting laid off. And if people don't have jobs...they aint buyin'!

[tahiti]

Originally Posted by wileynj

Reservoir? Not sure where that is? I do however have my eye on that new construction over on Kings Hwy..it's been sitting for a while..years and the price keeps dropping! Come on lottery! LOL : ) Nice house..
My neighbor sold about a month ago and moved in with his parents until they could find a house in LV that they really liked. Their place sold for over 600K... he built it himself. The owner's of Herold's over on Rt. 206 in Flanders moved in... perhaps I can make nice with them and get us all a discount on plants, etc.

reservoir's off 46 going eastbound right before you go up the hill towards MO. i know the house on kings you're talking about and it's a beaut - but still asking around $800K i think?
nevah happen!!!

[Delphi]

Originally Posted by wileynj

Their approach is wrong and it's my opinion that they went backwards too soon and can't find a way back other than by lowering interest rates even more - trying to get people's confidence back in the economy and get them buying again is the solution. No matter how low the rates go..if no one is spending = people getting laid off. And if people don't have jobs...they aint buyin'!

How is higher rate in USA going to create jobs? Money will not role if it becomes expensive.

[wileynj]

Originally Posted by tahiti

reservoir's off 46 going eastbound right before you go up the hill towards MO. i know the house on kings you're talking about and it's a beaut - but still asking around $800K i think?
nevah happen!!!

Ok..now I know where abouts it is : ) I'll have to take a drive up and see.
still at 800K! No wonder it's sitting. I'll give em 600K..think he'll bite? LOL

[wileynj]

Originally Posted by Delphi

How is higher rate in USA going to create jobs? Money will not role if it becomes expensive.

My opinion... if people see the rate going up..they will begin to have some confidence in the economy again and begin to spend money. Or...people who have been sitting back and watching the real estate market..waiting for bottom to drop before they buy.. will panic and buy now! It would jump start the economy...

[Delphi]

Originally Posted by wileynj

My opinion... if people see the rate going up..they will begin to have some confidence in the economy again and begin to spend money. Or...people who have been sitting back and watching the real estate market..waiting for bottom to drop before they buy.. will panic and buy now! It would jump start the economy...

Economy needs to play through all the excess junks that have been created in last 7/8 yrs (which it's doing as we speak). So expect more lay offs next yr. Hence people will more panic about surviving the downturn than buying a house. And given the way it's going, I don't think we are going to see 8% rate in next 2/3 yrs. Watch and see what happen at Wall Street. ( even though I am wall streeter, I hope it happens so that we can see the bright day soon.)

[wileynj]

Originally Posted by Delphi

Economy needs to play through all the excess junks that have been created in last 7/8 yrs (which it's doing as we speak). So expect more lay offs next yr. Hence people will more panic about surviving the downturn than buying a house. And given the way it's going, I don't think we are going to see 8% rate in next 2/3 yrs. Watch and see what happen at Wall Street. ( even though I am wall streeter, I hope it happens so that we can see the bright day soon.)

The thing is..the Feds have to STOP cutting the rate! Everytime they do this, the value of the dollar gets lower. Hence the reason we are paying almost $5.00/gallon for oil! If the dollar was stronger...really worth a dollar, we would be back to paying less than $2.00/gallon! We need to stop going backwards... The rates have to come up if we are going to survive in this country.

[JERSEY MAN]

Wiley the fed has stopped lowering the interest rates. At the last 2 meetings they left them unchanged while leaning towards raising in the future. Most likely next meeting will be a 1/4 rate rise.

[wileynj]

Originally Posted by JERSEY MAN

Wiley the fed has stopped lowering the interest rates. At the last 2 meetings they left them unchanged while leaning towards raising in the future. Most likely next meeting will be a 1/4 rate rise.

Good! I've also noticed the price of gas going down the past few weeks. 3.59 for regular by me..lowest it's been in months. Hopefully things will begin to improve.

[samandaxo]

Hey I need to buy a mcmansion for 400,000...what town is this?

I purchased my starter home 8 years ago for 118,000, I doubt that I could even get 300,00 for it today. My growing family is busting out of the walls as we never intended to reside in our house this long. I deserve a "forever" house and I CAN NOT find a home in NJ that is affordable to us. Mind you, my hubbie and I make about 100,000!!! This situation is so depressing.........we both have college degrees, work hard and have two girls that deserve better!!!! I feel like a victim and have grown to hate the state that I have loved my whole life...NJ has robbed me of my dream for a better tomorrow...........................just so sad