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RE is definitely local, as is the economy for most people, but both are impacted positively or negatively by national trends. A strong local RE market is weaker when the overall national market is weaker and even stronger when the national market is stronger. My area is a "rapid growth" area and has been for the past decade. Building didn't stop in the downturn, but it certainly slowed down. Prices took a hit, but not a major hit like some areas experienced and prices were stable for a pretty long stretch. Over the past 6-12 months though, I have seen prices rebounding and builders have started building again and projects that were stalled are getting off the ground. So, my area has been a relatively strong market even in the downturn, but as the national market has stabilized and started to rebound, the local market has become even stronger.
prices are rising but apparently due to low inventory. real estate is local and new jersey's shadow inventory of foreclosures is still a concern. NJ is a "judicial" state so the court system slowed down the foreclosure deluge but it's still coming.
so
1) see if more houses get added onto the inventory in the next couple of months and
2) if you're in a nice wealthy town with good schools and a train, your local real estate market will do just fine.
If you're in a lousy or average place, the recovery still has a ways to go because the foreclosures will drag down prices BUT things are getting better everywhere due to the low interest rates....but it's relative...because it's local. If interest rates approach high 3s or hits 4, watch for prices everywhere to go up this spring/summer as people decide they can't wait anymore. If the debt ceiling/washington gridlock causes interest rates to stay where they are or go down to < 3.5%, expect more of a gradual recovery.
i'm not a RE agent and have nothing to gain w/ these opinions.
What's new: While home prices nationwide jumped 5.5 percent from November 2011 to November 2012, they ticked down 1.2 percent in the New York metropolitan area, which includes North Jersey, the S&P/Case-Shiller home price index said Tuesday.
Misleading headline to the original post. Prices in most areas in NJ are still trickling downwards a bit.
not misleading at all -- the headline was a direct quote from the C/S article, and I put more weight on what they say vs. what the Bergen Record says.
What you are saying here is that you don't care what the actual facts are.
The Bergen Record is quoting from the same exact index your article is referring to. They are just reporting the local information, which is actually relevant to people in NJ, rather then just the national headline.
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inventory
