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The bad news: as of January 2009, three NJ metro regions were ranked as among the weakest real estate markets in the nation, all expected to see another 25% drop in home values this year by next year.
North Jersey's "Edison metro area" (which includes all of Middlesex County, Monmouth County, Ocean County, and Somerset County) and "Newark metro area" (which includes all of Essex County, Hunterdon County, Morris County, Sussex County, and Union County) are both included in Forbes' recent list of the 25 weakest housing markets.
Parts of South Jersey also look pretty bad, as the "Camden metro area" (which includes all of Burlington, Camden, and Gloucester counties) made the list as well.
Metro Area: Edison, N.J. (Middlesex County, Monmouth County, Ocean County, and Somerset County)
Population: 2,410,700
When will the bottom be reached?: end of 2009
Forecast price change to bottom: -26.5%
Metro Area: Newark, N.J. (Essex County, Hunterdon County, Morris County, Sussex County, and Union County)
Population: 2,167,400
Bottom Expected: end of 2009
Forecast price change to bottom: -25.6%
Metro Area: Camden, N.J. (Burlington, Camden, Gloucester)
Population: 1,273,100
When will the bottom be reached?: end of 2009
Forecast price change to bottom: -25.7%
The good news is that the for each of the identified weak markets in NJ, the bleeding should stop by this time next year, when hopefully things will stabilize. Although the prediction them seems to be for a long period of flat prices.
The silver lining is that housing will become affordable for many families that may otherwise flee the state, which may stem the brain-drain that is affecting our economy.
Moodys.com has been very bearish on housing prices for some time. Plus they are based in PA which has a more blue collar economy. We'll see if they are right. NJ biz suggests North Jersey is getting hit worse than South Jersey which makes sense with the NYC factor.
Moodys.com has been very bearish on housing prices for some time. Plus they are based in PA which has a more blue collar economy. We'll see if they are right. NJ biz suggests North Jersey is getting hit worse than South Jersey which makes sense with the NYC factor.
NJ biz suggests North Jersey is getting hit worse than South Jersey which makes sense with the NYC factor.
Yeah, normally the proximity to NYC is a good thing, but this time around the crumbling financial sector in NYC is likely to be a drag on the region. We're in for a few rough years ahead, for sure.
While I'm not suprised, I suppose we can take comfort that we are towards the bottom of that list right? While I think most, if not all of Florida is on there.
On the other side, pretty much all of Texas is in the strongest markets!
While this news is bad, my silver lining is that I was able to sell my too small house for one in an area where I, and my future family can ride out the storm. Being stuck in a 2 bed, 1 bath house with kids around the corner isn't something I wanted to do. Lukily I am in a house that I can be in for 10, 15, 20 years and ride this mess out.
>While I'm not suprised, I suppose we can take comfort that we are towards the bottom of that list right? While I think most, if not all of Florida is on there. <
Florida started dropping earlier and fell faster. My parents had 2 drive by offers on their house in 2005. By 2006 the market did a hard U turn.
>On the other side, pretty much all of Texas is in the strongest markets!<
McMansions in Dallas are $200K and never went up much in the first place. Combine it with relatively better economy.
Ohio is worse. Prices arent dropping 30% but NOTHING is moving. A friend who is on the local board for Realtors is delivering pizzas part time. The economy is horrid.
Michigan makes Ohio look like a boom state.
Edit: Wonder if they mean 25.6% MORE down or 25.6% down peak to trough.
In the long run, proximity to NYC is a market plus.
Last edited by ottomobeale; 01-13-2009 at 09:11 AM..
I've been saying prices in my area are down to 2003 levels but i hear..."NJ's different!". okey dokey then.
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