Case shiller - prices rise first time in almost 3 years. (Hoboken: sales, foreclosure)

[MoorestownResident]

Originally Posted by elflord1973

Not months, but years. You were screaming "now is the time to buy" when it was actually the time to sell.

A stopped clock is right twice a day.

The time to buy was when inventory was at its peak during this bust cycle which was Spring 2008, and you could name your price on a great house AND get financing.

[MoorestownResident]

Originally Posted by bahiaboyz

So what happens now to NJ real estate - is it rock'n'roll time again?

Is the recession over now?

The recession's been over since June.

[Delphi]

Only if RE bulls knew how bad it is to have high home prices!!! They will realize that when their kids go out to buy houses in 10/15 yrs.

BTW.. it's a bear (and little bit bull) market rally going on on the wall street. Some corporations made some profits because of cost-cutting (layoff etc) and some (like the wall street banks) made some money because they got free tax payer's money to run their business. Where is the actual revenue growth?

Real test of home price will be in the fall/winter. BTW there will be some uptick in November, 2009 (right before the 8K rebate expires).

MarketWatch.com Story

[davenj08]

Originally Posted by MoorestownResident

The recession's been over since June.

I wish it was!

U.S. recession easing but likely not over: survey | Reuters

[VeradoDan]

Like I said in another thread, this is actually kind of a shame since New Jersey's home prices are still nowhere near back down to Earth, and many middle class people (especially young people) are shut out of our state's housing market.

[elflord1973]

Originally Posted by MoorestownResident

The time to buy was when inventory was at its peak during this bust cycle which was Spring 2008, and you could name your price on a great house AND get financing.

I'm not worried about getting financing, I have well over 20% down.

I wish financing costs would come up a little more, it would help bring prices back down to sensible levels and keep the "no money down" crowd from distorting the market.

[sholden]

Originally Posted by Delphi

BTW there will be some uptick in November, 2009 (right before the 8K rebate expires).

So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers

[Delphi]

Originally Posted by sholden

So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers

Haha...who knows? Americans are not that patient!!!!!!!!!!!!!!! They want instant coffee!!!!

[elflord1973]

Originally Posted by sholden

So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers

yeah, unless I see a deal I really like, I'm sitting it out until the start of next year.

If you want to distort the pricing system, allowing someone with 6k life savings to buy a 400k house (or someone living paycheck to paycheck to buy 200k condo) is a pretty good way to go about it.

[gagaliya]

Originally Posted by elflord1973

yeah, unless I see a deal I really like, I'm sitting it out until the start of next year.

you really need to evaluate how long you plan to live there, if it's <10 years then it make sense to wait for further price drop, but if you plan to live there for a while, waiting may not be the best option. Price will probably drop a bit more but it willl be a slow grind nothing spectacular, meanwhile you risk (high probability) the rate going up, wiping out any gains from the price drop.