How much did NY-metro house prices bubble?

[sholden]

Originally Posted by Lusitan

Home Prices in Selected Cities - Interactive Graphic - NYTimes.com

Poor Detroit. Big collapse in prices, without the increase everyone else got...

[kaday]

Originally Posted by xmonger

Zillow is all over the place with their estimates. For some areas it correlates well, for others it's a random number generator.

You can access the NJ tax records to see if there have been any recent sales on that street.

NJ Tax Records Search

I have checked and this is a fair value for our old home. Similarly situated priced homes are listed from $550-600 in Maplewood (and dropping).

[wileynj]

Originally Posted by Lusitan

... and how much will they bust?

Some people argue that this area didn't see the same type of crazy speculation that places like Nevada or Florida saw, so we won't see the same type of problems.

It's true -- metro areas like Las Vegas, Los Angeles, and Miami saw bigger bubbles than we did in NY.

But a look at the annual price appreciation rates in this chart shows that NY-metro still has quite a bit to fall. It pretty much stayed close to the national average bubble rate, but so far on the way down it's not yet fallen as much as the national average has fallen. It would seem it has some catching up to do.

Home Prices in Selected Cities - Interactive Graphic - NYTimes.com

This is also a really great website for seeing what people paid vs. what they sold for.

[SIZE=3]APP.com | Monmouth and Ocean counties DataUniverse | Asbury Park Press[/SIZE]

[gradstudent77]

Originally Posted by sholden

Poor Detroit. Big collapse in prices, without the increase everyone else got...

Detroit has an oversupply of homes because they have been losing population for fifty years.