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I just can't wait for the posts in 2011 or 2012 (assuming housing takes a positive turn then, YoY numbers) when JG183 & MoorestownResident post saying "I TOLD YOU SO!" hahaha....
Home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices in the New York area fell 11.9 percent, the fastest drop on record.
Case-Shiller tracks repeat sales on the same properties over time, but it closely tracks only 20 cities, not the whole country.
when everyone is rolling their eyes and distancing themselves from any conversation involving housing on a slightly positive note, and avoiding housing like a stinky pile of poo in the living room, I think this says "bottom" more than any numbers.
housing is not liquid enough to be measured on a daily, weekly, and monthly basis.
and yes, I still maintain the bottom was reached Nov. 2008 -- it is the scale of the graph that is misleading. unfortunately, it will takes 2 years for this to be proven true...
This article says that nationally, we are at 4Q 2002 prices, though I imagine the consensus here is that NJ prices will not go that low.
in downtown jersey city, the prices are NOWHERE NEAR the 2002 q4 prices. However it is not realistic to expect it to go back to that level, as the area has pretty much been "gut rennovated" so to speak, after 9/11, all the firms moved their backoffice to nj waterfront. Though another 10-20% drop is a reasonable prediction.
housing is not liquid enough to be measured on a daily, weekly, and monthly basis.
Then why are you so giddy to reference data that reports monthly numbers? You do realize Case-Schiller reports on a 3 month moving average, do you not?
Case-Shiller tracks repeat sales on the same properties over time, but it closely tracks only 20 cities, not the whole country.
The CS index includes NY metro, which is the one most of us are watching here. NY metro includes all of the NJ counties near Manhattan (e.g. Essex, Hudson, Bergen, etc) then some more
in downtown jersey city, the prices are NOWHERE NEAR the 2002 q4 prices. However it is not realistic to expect it to go back to that level, as the area has pretty much been "gut rennovated" so to speak, after 9/11, all the firms moved their backoffice to nj waterfront. Though another 10-20% drop is a reasonable prediction.
Funny I was looking at the beacon in JC and 2 bedrooms were going for 600k and are down to 475k in one year
Case-Shiller tracks repeat sales on the same properties over time, but it closely tracks only 20 cities, not the whole country.
when everyone is rolling their eyes and distancing themselves from any conversation involving housing on a slightly positive note, and avoiding housing like a stinky pile of poo in the living room, I think this says "bottom" more than any numbers.
housing is not liquid enough to be measured on a daily, weekly, and monthly basis.
and yes, I still maintain the bottom was reached Nov. 2008 -- it is the scale of the graph that is misleading. unfortunately, it will takes 2 years for this to be proven true...
Your lack of knowledge is astonishing. Please, you are embarrassing yourself.
Funny I was looking at the beacon in JC and 2 bedrooms were going for 600k and are down to 475k in one year
This is actually in McGinley square, not downtown.
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