housing prices crashing in Gloucester county New Jersey? (Trenton, Swedesboro: real estate, foreclosures)

[Gdelemschl]

curious minds want to know ... from the peak in 2006 to a bottom, say, sometime in 2010 ... how much
percentage-price-decline the house prices might suffer in the Gloucester county
towns of New Jersey? I've heard that from 2002 to 2006 the prices had practically doubled in
some towns like Swedesboro, Mullica Hill etc. Now, they have given back how much % so far and
how much more to go?

Will it be the case that a house that was only costing 240K in 2002, went up to 480K in 2006 and
will be back to 250-275K again in 2010, almost finishing the round-trip? Or- can it even go under
these levels, given the fact that, the property taxes have sky-rocketed also in the same period, and
folks in the area are now paying more for their commute to Trenton, Philly etc. due to these nightmarish
gas prices? Heard that a foreclosure site that used to list merely 20-30 good houses back in 2005 summer,
is now (2008 summer) holding north of 700 listings for the area?? Any confirmation? If its correct, that
means- about 28-times increase in the foreclosure rate in merely 3 years?? possible?

fyi- the info presented at some sites points to an extremely gloomy picture e.g. have a read of this
site: US Housing Crash Continues

Also, this news just came out: Housing 30%-down Slump-1 Housing Slump-2

[JERSEY MAN]

Originally Posted by Gdelemschl

curious minds want to know ... from the peak in 2006 to a bottom, say, sometime in 2010 ... how much
percentage-price-decline the house prices might suffer in the Gloucester county
towns of New Jersey? I've heard that from 2002 to 2006 the prices had practically doubled in
some towns like Swedesboro, Mullica Hill etc. Now, they have given back how much % so far and
how much more to go?

Will it be the case that a house that was only costing 240K in 2002, went up to 480K in 2006 and
will be back to 250-275K again in 2010, almost finishing the round-trip? Or- can it even go under
these levels, given the fact that, the property taxes have sky-rocketed also in the same period, and
folks in the area are now paying more for their commute to Trenton, Philly etc. due to these nightmarish
gas prices? Heard that a foreclosure site that used to list merely 20-30 good houses back in 2005 summer,
is now (2008 summer) holding north of 700 listings for the area?? Any confirmation? If its correct, that
means- about 28-times increase in the foreclosure rate in merely 3 years?? possible?

fyi- the info presented at some sites points to an extremely gloomy picture e.g. have a read of this
site: US Housing Crash Continues

Also, this news just came out: Housing 30%-down Slump-1 Housing Slump-2

It depends on what town you live in. I spoke with my buddy who is the top realtor in my town yesterday and he said there are no foreclosures in town.

[krusher]

The original post is so odd, it sounds like someone has an interest in seeing glo county real estate tank.

Anyway, in our glo co town, while things are sitting longer, the homes priced right are still moving, and prices are maybe down only around 10% since last year at this time when we were looking. Prices were up before that as the glo co prices held out longer then most areas of nj.

[sj08054]

I don't think the home prices will crash like they have in CA, AZ, FL, etc.. It may be harder to sell since there are still plenty of new homes.

The rise in property tax was inevitable. When you add more homes for the family, you are eventually going to need to school, teachers, etc..

[Gdelemschl]

sj08054-wrote>> "...The rise in property tax was inevitable. ..."

By "was" you meant, its a done deal ... no more property-tax rises??
Please elaborate. I've heard that there was one massive jump in the
property taxes suddenly a few years ago. But, is this going to be
the norm or taxes will rise normal 8-10% a year there?
Is this (heavy toll of the property-taxes) the reason of the exodus
of large number of folks from the area recently (looking at the 700+ [and
rising] listings of houses for the county, on a popular foreclosure web site
presently?

[Roselvr]

Originally Posted by Gdelemschl

curious minds want to know ... from the peak in 2006 to a bottom, say, sometime in 2010 ... how much
percentage-price-decline the house prices might suffer in the Gloucester county
towns of New Jersey? I've heard that from 2002 to 2006 the prices had practically doubled in
some towns like Swedesboro, Mullica Hill etc. Now, they have given back how much % so far and
how much more to go?

Will it be the case that a house that was only costing 240K in 2002, went up to 480K in 2006 and
will be back to 250-275K again in 2010, almost finishing the round-trip? Or- can it even go under
these levels, given the fact that, the property taxes have sky-rocketed also in the same period, and
folks in the area are now paying more for their commute to Trenton, Philly etc. due to these nightmarish
gas prices? Heard that a foreclosure site that used to list merely 20-30 good houses back in 2005 summer,
is now (2008 summer) holding north of 700 listings for the area?? Any confirmation? If its correct, that
means- about 28-times increase in the foreclosure rate in merely 3 years?? possible?

Do you mean for new housing?
The thing is that lumber & building materials had an increase in late 2005 and with diesel as high as it is, I don't see new construction going down much.

What I think will happen is that more 1 floor houses will be put up. It's pretty hard to find a rancher, it will be the new old rage.

[Gdelemschl]

They are talking about 50% down on the other side of the pond here:

Government predicting housing slowdown will be worse than early 1990s