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Unread 04-24-2009, 11:19 AM
 
1,529 posts, read 2,364,866 times
Reputation: 412
Default Northeast posts 20 percent home sales drop in March

NorthJersey.com: Northeast posts 20 percent home sales drop in March (http://www.northjersey.com/business/March_home_sales_to_be_released_at_10_am.html?c=y& page=1 - broken link)

NEW YORK -- The Northeast recorded the worst home sales and price declines of all regions in the country in March, the National Association of Realtors said Thursday, as layoffs exert a drag on the area’s housing markets.

Northeast home sales dropped 20 percent last month from the year before, and median sales price tumbled 18 percent to $231,700.
...
Closer to home, sales volume declined 12 percent and prices dropped 13 percent in Bergen County in the first quarter of 2009 from the same period a year ago, according to the New Jersey Multiple Listing Service .... In nearby Passaic, N.J., home to many New York workers, February sales plunged 31 percent, while prices dropped more than 17 percent from a year ago to $292,000.
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Unread 04-24-2009, 12:19 PM
 
Location: New Jersey
1,394 posts, read 1,657,515 times
Reputation: 270
March.

just one month...

April indicators look very good, so it will turn out to be 3 out of 4 months in '09 on the upswing
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Unread 04-24-2009, 12:32 PM
 
Location: Ridgewood
254 posts, read 636,391 times
Reputation: 100
It is rebounding nicely. Hope it's not just a blip.
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Unread 04-24-2009, 12:59 PM
 
Location: South Brunswick, NJ
757 posts, read 975,412 times
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i believe so far market in NJ has dropped by about 20-25% off the peak which would be huge under normal circumstances but in perspective of a bubble, it is not a lot. if prices stabilize now or start climbing, the bubble would persist and then eventually inflate within a decade.

it would benefit everyone in long run if prices correct to the right level.
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Unread 04-24-2009, 01:05 PM
 
Location: Holmdel, NJ
13,285 posts, read 7,785,775 times
Reputation: 6352
government can not correct the problem. government intrustion can only make things worse.
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Unread 04-24-2009, 02:07 PM
 
1,985 posts, read 3,871,680 times
Reputation: 330
Quote:
Originally Posted by Lusitan View Post
NorthJersey.com: Northeast posts 20 percent home sales drop in March (http://www.northjersey.com/business/March_home_sales_to_be_released_at_10_am.html?c=y& page=1 - broken link)

NEW YORK -- The Northeast recorded the worst home sales and price declines of all regions in the country in March, the National Association of Realtors said Thursday, as layoffs exert a drag on the area’s housing markets.

Northeast home sales dropped 20 percent last month from the year before, and median sales price tumbled 18 percent to $231,700.
...
Closer to home, sales volume declined 12 percent and prices dropped 13 percent in Bergen County in the first quarter of 2009 from the same period a year ago, according to the New Jersey Multiple Listing Service .... In nearby Passaic, N.J., home to many New York workers, February sales plunged 31 percent, while prices dropped more than 17 percent from a year ago to $292,000.
Bergen County. Logical. North Jersey - 1. Sucks to me, 2. is likely to have a harder landing.
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Unread 04-24-2009, 02:29 PM
 
Location: Jersey
1,203 posts, read 894,525 times
Reputation: 757
Quote:
Originally Posted by Bergenite View Post
It is rebounding nicely. Hope it's not just a blip.
No offense, but as a college student with descent savings and looking to buy in North Jersey next year, I want your house to lose more value.

Last edited by TylerJAX; 04-24-2009 at 03:57 PM..
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Unread 04-24-2009, 02:42 PM
 
2,923 posts, read 3,508,422 times
Reputation: 1756
Quote:
Originally Posted by TylerJAX View Post
No offense, but as a college student with descent savings and looking to buy in North Jersey next year, I want your house to lose more value.
exactly. how do these folks expect anyone that is under 35 years old to be able to buy a house in Northern Jersey? These prices are out of control and I hope they continue to fall (which they will).
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Unread 04-24-2009, 02:50 PM
 
Location: New Jersey
1,394 posts, read 1,657,515 times
Reputation: 270
Quote:
Originally Posted by TylerJAX View Post
No offense, but as a college student with descent savings and looking to buy in North Jersey next year, I want your house to lose more value.
at least you admit it, many (if not all) of the super-bears who post here have the same motivation for the incessant threads on pricing.

however...

"sales of new single-family homes dropped, but inventories plummeted at a record pace"

US STOCKS-Earnings, banks lift Wall St; Nasdaq up for 7th week | Markets | Markets News | Reuters
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Unread 04-24-2009, 02:50 PM
 
Location: Holmdel, NJ
13,285 posts, read 7,785,775 times
Reputation: 6352
Quote:
Originally Posted by TylerJAX View Post
No offense, but as a college student with descent savings and looking to buy in North Jersey next year, I want your house to lose more value.
im with you. prices went up way too fast because loans were cheap and easy to get. that created an inappropriate amount of competition for houses which drove prices up. executives making a decent living had to compete with mexicans without jobs for 500k homes.

now you have morons in government like obama trying to go back to the horrible situation and "free up money for the banks to lend." thats code for "start lending irresponsibly." the market is correcting and the government is trying to destroy it still.
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