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I think it means prices haven't fallen that drastically but the number of houses that are actually selling has dropped. I've seen this in my own town - prices not down too dramamtically, especially at the lower price range, but the overall inventory seems to be stagnating, KWIM?
I think it means prices haven't fallen that drastically but the number of houses that are actually selling has dropped. I've seen this in my own town - prices not down too dramamtically, especially at the lower price range, but the overall inventory seems to be stagnating, KWIM?
In order for people in these higher end villages/ hamlets to sell, they must lower their prices accordingly. Otherwise their house will sit on the market like many others.
I saw this the day it was released. I'm looking forward to the Q2 report which is due in a couple weeks. Should have lots of insight in it. I've seen prices fall enormously in just the last two months as properties linger on the market, hopefully this data makes it into the report.
"The 15 areas with the highest probability of lower prices in 2011 each have a 99 percent chance, PMI said. They include Miami, Fort Lauderdale, West Palm Beach, Orlando, Tampa and Jacksonville in Florida; Riverside, Los Angeles, Santa Ana, Sacramento and San Diego in California; Las Vegas; Phoenix; Providence, Rhode Island; and Detroit.
Edison and Newark in New Jersey have a 97 percent and 96 percent chance, respectively, and Nassau, New York, has a 92 percent chance. New York City showed an 88 percent chance of lower prices, according to PMI.
“The New York area has gone from a moderate level to an elevated level because of the big hit from the financial crisis,” Henry said."
"The 15 areas with the highest probability of lower prices in 2011 each have a 99 percent chance, PMI said. They include Miami, Fort Lauderdale, West Palm Beach, Orlando, Tampa and Jacksonville in Florida; Riverside, Los Angeles, Santa Ana, Sacramento and San Diego in California; Las Vegas; Phoenix; Providence, Rhode Island; and Detroit.
Edison and Newark in New Jersey have a 97 percent and 96 percent chance, respectively, and Nassau, New York, has a 92 percent chance. New York City showed an 88 percent chance of lower prices, according to PMI.
“The New York area has gone from a moderate level to an elevated level because of the big hit from the financial crisis,” Henry said."
Oh I wouldn't believe Bloomberg. Those folks just like to say home prices will fall because they can't afford a cape in Massapequa, so they say home prices will fall in order to siphon equity out of my home!!
Probability of lower prices in two years for Nassau and Suffolk counties is 92%.
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