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Just a matter of time before it hits the Garden State with more force. NJ is not immune to this disaster. Never has been, never will be.
Hence the reason for this thread. Trying to get consensus of WHEN it will bottom out in NJ. I have seen house prices drop but I don't think everyone (realtors/sellers) all realize the new market and I have seen many houses from what I consider WAY overpriced.
Hence the reason for this thread. Trying to get consensus of WHEN it will bottom out in NJ. I have seen house prices drop but I don't think everyone (realtors/sellers) all realize the new market and I have seen many houses from what I consider WAY overpriced.
No conclusion. But based on most if not all impressions is that the market is still aiming down. Maybe not fast or hard crash but prices are coming down. When that stops? No one is sure.
Home prices down 16% this year. Lowest since 2004, and still dropping. Heard that on 1010 WINS today.
Down 16% where?? Hoboken could be, I don't watch that market, Newark, could be I don't watch that market. Chatham, Nope I watch that market and its statistics like a hawk and prices have been holding up, Madison same story, Summit so far same story as Madison and Chatham.
When it comes to talking about real estate markets, you mite as well take every town in New Jersey and call it a real estate market, because in essence it is. That is why every time I hear one of these news media reports I grown as I know that what they are saying means nothing to the home seller or home buyer in a given market.
If that were a national number, well California, AZ, NV, and FL are dragging it down big time. Those states had huge run ups in prices, had numbers like 40% of all loans written in a given year as subprime and the problems go on and on.
we could be - the data just hasn't come out yet, correct?
Well thank you, every person and news channel and store i have been to supports this. I went to Home Depot and saw ONLY 4 people in the entire store. No lines at the restaurant anymore. It might not have been officially announced but ANYONE WITH ANY COMMON SENSE WILL KNOW AND ADMIT that we are in a recession.
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