Home prices fall big time in NJ (Passaic, Union: sales, foreclosed) - City-Data Forum

JERSEY MAN · 08-15-2008, 10:01 AM

I'm reading the Asbury Park press online and it's reporting that for the second quarter sale prices have dropped big time. Bergen, Hudson, Passaic as well as NYC down 10.9 percent. Essex, Morris, Hunterdon and Union down 6.9. Shore counties- Monmouth and Ocean around 10 percent. These are big time drops, and this is only for the second quarter of this year. If I recall about 3 or 4 months ago many realtors along with the NAR were saying, buy, buy, buy, this will be the best time. So if you paid 500K on March 31st your out more than 50K in some counties in only 3 months. OUCH

wileynj · 08-15-2008, 10:09 AM

Quote:

Originally Posted by JERSEY MAN

I'm reading the Asbury Park press online and it's reporting that for the second quarter sale prices have dropped big time. Bergen, Hudson, Passaic as well as NYC down 10.9 percent. Essex, Morris, Hunterdon and Union down 6.9. Shore counties- Monmouth and Ocean around 10 percent. These are big time drops, and this is only for the second quarter of this year. If I recall about 3 or 4 months ago many realtors along with the NAR were saying, buy, buy, buy, this will be the best time. So if you paid 500K on March 31st your out more than 50K in some counties in only 3 months. OUCH

Did they mention Warren County and if so, how much?

CuCullin · 08-15-2008, 10:16 AM

Overall, homes in NJ experienced a 3.6% INCREASE in sales overall since last quarter.

In addition, the more affluent areas of various counties appear to have less homes going onto the market, as most of the financially savvy percieve the strain on housing as temporary, realizing that the current flood of new, recent, and recently foreclosed properties would only serve to reduce the value of their home. Instead of selling, they are renting or holding off on sales until a later date.

Numbers can be used in all kinds of ways to scare people and generate stories; the housing market is no different.

stevemorse · 08-15-2008, 10:22 AM

Quote:

Originally Posted by JERSEY MAN

I'm reading the Asbury Park press online and it's reporting that for the second quarter sale prices have dropped big time. Bergen, Hudson, Passaic as well as NYC down 10.9 percent. Essex, Morris, Hunterdon and Union down 6.9. Shore counties- Monmouth and Ocean around 10 percent. These are big time drops, and this is only for the second quarter of this year. If I recall about 3 or 4 months ago many realtors along with the NAR were saying, buy, buy, buy, this will be the best time. So if you paid 500K on March 31st your out more than 50K in some counties in only 3 months. OUCH

don't rub it in!!!! You know what I am so thrilled to be back in NJ, I dont care how much my house drops, its better than the hillbillies in the ADirondacks. I rented the cabin to a SUNY student, so I am getting an income, I have no plans on going back for awhile!!!!

tommyc_37 · 08-15-2008, 10:25 AM

Home prices are NOT down much at all in my neck of the woods.

gichicago · 08-15-2008, 10:29 AM

Quote:

Originally Posted by JERSEY MAN

I'm reading the Asbury Park press online and it's reporting that for the second quarter sale prices have dropped big time. Bergen, Hudson, Passaic as well as NYC down 10.9 percent. Essex, Morris, Hunterdon and Union down 6.9. Shore counties- Monmouth and Ocean around 10 percent. These are big time drops, and this is only for the second quarter of this year. If I recall about 3 or 4 months ago many realtors along with the NAR were saying, buy, buy, buy, this will be the best time. So if you paid 500K on March 31st your out more than 50K in some counties in only 3 months. OUCH

We've been looking at places in Morris County, since Nov last year, and have seen similar drops in in our price range. Also we sold our townhome in Essex back in 2006, and recently checked the complex to find similar units selling well below our selling price.

Its always a good time to buy according to NAR. They are good for a quick laugh.

Lucario · 08-15-2008, 12:09 PM

waiting until it bottoms out sometime next year. I'm hoping to get a McMansion for about 500K.........

EEEPNJ · 08-15-2008, 12:16 PM

Quote:

Originally Posted by Sunil's Dad

waiting until it bottoms out sometime next year. I'm hoping to get a McMansion for about 500K.........

Well, if you don't own currently, you just may!
Of course, if you do own, you may get that McM for $5000k, but you will sell yours for nothing too. LOL Double edged sword.

wileynj · 08-15-2008, 12:17 PM

Quote:

Originally Posted by EEEPNJ

Well, if you don't own currently, you just may!
Of course, if you do own, you may get that McM for $5000k, but you will sell yours for nothing too. LOL Double edged sword.

EXACTLY! except now..interest rates are rising so that bargain would have been better purchased at yesterday's prices with the lower rate!

tahiti · 08-15-2008, 12:19 PM

Quote:

Originally Posted by Sunil's Dad

waiting until it bottoms out sometime next year. I'm hoping to get a McMansion for about 500K.........

did you see my post about a 4000 sq ft mcmansion selling for 540K in my town? and my town is not a dump either (morris county) - very good schools, median income well over $100K, blah blah blah.

depending on where you're looking, you probably will find it!