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Wow. So many people who seem to revel in bad news. Shaking head sadly. Reminds me of the Zillow boards before the doomers got it shut down.
Truth is noone knows what is going to happen.
i dont think its about reveling in bad news. i think its about trying to be realistic about the situation and trying to make the best decisions considering market conditions. people who are optimistic just to be optimistic are a problem. they arent a good thing simply because of their positive attitude.
If you take a closer look at that heat map, you'll find the high foreclosure rates are in the less desirable towns (e.g. in Essex County, they would be Newark, Irvington, Orange, East orange)
If you take a closer look at that heat map, you'll find the high foreclosure rates are in the less desirable towns (e.g. in Essex County, they would be Newark, Irvington, Orange, East orange)
Elford,
Adding to what you said I worked security for a developer in the Greenville section of Jersey City that purchased anywheres up to 200 lots through auctions from the city for 2,500 to 50,000. They slapped together houses and sold them for 375K to 500K with hardly any money down in the hood. Needless to say the homes are worth less than half that and he is a multi millionaire and Fannie mae and Freddie Mac are stuck with the bill.
If you take a closer look at that heat map, you'll find the high foreclosure rates are in the less desirable towns (e.g. in Essex County, they would be Newark, Irvington, Orange, East orange)
True. But the more desirable towns always have a premium % over less desirable towns. As one falls, the other falls to maintain the ratio. Just as when one rises, the other rises to maintain that ratio. It's always been that way, and will continue as such.
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