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Old 03-24-2009, 07:14 AM
 
268 posts, read 760,010 times
Reputation: 72

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Taunton Gazette - News from the Associated Press (http://hosted.ap.org/dynamic/stories/H/HOME_SALES_NORTHEASTERN_CITIES?SITE=MATAU&SECTION= HOME&TEMPLATE=DEFAULT - broken link)
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Old 03-24-2009, 07:35 AM
 
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Everything is great! Why worry? Let me say this again we are in for a long long decline.
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Old 03-24-2009, 07:52 AM
 
Location: New Jersey
4,153 posts, read 5,021,310 times
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NJ is still outperforming the rest of the northeast. Don't you find it odd that the article only mentions one NJ city as having this sort of decline ? (and as bad as Passaic is, I was a little surprised to see it have that drop)
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Old 03-24-2009, 08:37 AM
 
268 posts, read 760,010 times
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Quote:
Originally Posted by JG183 View Post
NJ is still outperforming the rest of the northeast. Don't you find it odd that the article only mentions one NJ city as having this sort of decline ? (and as bad as Passaic is, I was a little surprised to see it have that drop)
Not sure where you are getting your info from, but seems that you have it all wrong. I talked to a high volume realtor from Remax at an open house this past weekend. He said things were really terrible.

Also look at the Otteau reports from the past two months. As of last month, there were 17 months of inventory on average in NJ. 17 months!!! That is not outperforming!
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Old 03-24-2009, 12:27 PM
 
Location: New Jersey
4,153 posts, read 5,021,310 times
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Otteau is the Anthony Robbins of real estate, i.e. an imbecile who makes a living off of the clueless masses.

I don't have the link handy, will post it as soon as I dig it up, but last I read NJ was at 9.5 months of inventory.
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Old 03-24-2009, 01:44 PM
 
612 posts, read 1,008,892 times
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Quote:
Originally Posted by JG183 View Post
NJ is still outperforming the rest of the northeast. Don't you find it odd that the article only mentions one NJ city as having this sort of decline ? (and as bad as Passaic is, I was a little surprised to see it have that drop)
It doesn't matter if NJ outperforms anywhere in the country. It's still not performing well. You are comparing a rotten apple to other rotten apples. At the end of the day, they are both rotting, despite which one looks worse.
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Old 03-24-2009, 03:07 PM
 
786 posts, read 2,657,372 times
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You can almost feel the realtors salivating because they can soon trumpet m/m gains in housing sales, even though the only reason for this is that housing sales are SEASONAL and buying typically goes up during spring. The question is, are housing sales going up Y/Y???? And of course, they are not.

This is the exact same tactics they used last year, the same stupid arguments.

I can't blame them though - their livelihood does depend on buyers buying, even if those buyers lose their equity later when housing prices keep going down. What do they care - they already got their commissions.
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Old 03-24-2009, 04:04 PM
 
268 posts, read 760,010 times
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Quote:
Originally Posted by JG183 View Post
Otteau is the Anthony Robbins of real estate, i.e. an imbecile who makes a living off of the clueless masses.

I don't have the link handy, will post it as soon as I dig it up, but last I read NJ was at 9.5 months of inventory.
Oh stop. Everyone relies on Otteau... Though I don't think he's an oracle, I've been following him for over a year now and I must say he has been pretty accurate.

So my bad, I was wrong, inventory stands at 16 months according to Otteau's Feb. market news report:

"One positive note in the latest New Jersey housing stats is stands at 3,000 less than one year ago representing a 3.3% decline. Despite this decline, however, the projected sellout of this inventory has risen to 16 months up from 13 months in January ’08 due to today’s slower sales pace."

By the way, he is predicting an overall 9% drop in home prices this year. That stacked on top of the 17% we've lost from 2006 will bring us to over 25% from the peak in 2006. I think that is realistic for this area.
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Old 03-24-2009, 06:46 PM
 
Location: New Jersey
4,153 posts, read 5,021,310 times
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Quote:
Originally Posted by ghuber View Post
Oh stop. Everyone relies on Otteau...
yeah, and alot of people rely on booze to get them thru the day.

it's easy to be "accurate" when all you do is rehash old news, and then make vague predictions.
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Old 03-24-2009, 08:33 PM
 
268 posts, read 760,010 times
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Quote:
Originally Posted by JG183 View Post
yeah, and alot of people rely on booze to get them thru the day.

it's easy to be "accurate" when all you do is rehash old news, and then make vague predictions.
I'm sure you know better than he does!
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