Home Sales in Northeast Plummet (NJ Star Ledger) (real estate, foreclosures)
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Today the NJ Star Ledger has an interesting article on how badly home sales in the Northeast are doing; the housing market in the rest of the country is bad, but in the Northeast it's downright horrible.
At first this may seem unusual, but the reality is that most other parts of the country have already taken their lumps, while the Northeast has -- until now -- not seen the type of plummeting home sales that the rest of the country has been gripped with during the past year. It pretty much fits in line with the theory that the Northeast (including NJ) has simply lagged behind the rest of the country, but it's headed in the same direction.
From the article:
The number of existing homes sold in January in the Northeast plummeted nearly 15 percent compared with the previous month, far outpacing the rest of the country, according to a report released today by the National Association of Realtors.
Year-over-year, existing-home sales fell 23.8 percent in the Northeast, while prices fell 14.7 percent, the report stated.
"We try not to read too much into the month-to-month variations, but the Northeast is down quite sharply from the previous year," association spokesman Walter Molony said.
Nationally, home sales in January fell 5.3 percent from December and 8.6 percent from January 2008.
For what it's worth the NAR said buyers are holding off to see what Obama's housing relief package is going to be.
That is probably true but the same is said for Sellers holding out to see what the relief package means for them trying to sell. (My realtor has confirmed this since the new # of listings is historically low in South Jersey right now)
And also the # of foreclosures have been slowed down by legislation so that has also slowed the pace of those.
3 people looking to buy. So everyone is constantly reminded day in and day out not to buy in an attempt to lower the prices for themselves.
LOL
Yeah ... because there are so many buyers out there right now, boy the competition is fierce! That record inventory of a glut of homes sitting unsold on the market also really makes me want to rush out and beat the competition. LOL
But that's OK -- it's easy to spot the bagholder sellers on these boards, talking up real estate in an attempt to sell their overpriced houses to some uneducated sucker.
I'm happy to point to facts and do some educating.
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