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Based on the 1st quarter OTTEAU report (I would post but don't want to do anything illegal)
but the numbers show that in 1999 affordability was at 141%. It dropped to 120% range from 2000-2004. Then in 2006 dropped to 81%. 2008 = 101%. And 2009 107%. So things are getting more affordable. I think finding something back in the 120% or low 130% range is reasonable for both the people and the market. I figure sometime in 2010 that should occur.
So JG183 could phrase it that since 2006 where affordability was at an alltime low in NJ, that we have become more affordable each year since. Which is true. But still not affordable in a normal market dating pre-2000.
And no one is suggesting NJ should be cheap to live in. But it should not be bubble prices and that is showing by the rapid price declines.
Are houses in the high end towns - Summit, Chatham, Mendham, Bernardsville, Basking Ridge, etc., still moving houses in the $1MM plus price range?
In my town, where the avg. listing price is > $1MM, I have only seen one $1MM house go into contract during the past month. And even that house, came back on the market. (doh )
In my town, where the avg. listing price is > $1MM, I have only seen one $1MM house go into contract during the past month. And even that house, came back on the market. (doh )
But look on the bright side, xmonger ... when that house goes back under contract and then goes back on the market, and then goes under contract again and then goes back on the market ... this will increase NAR's statistics for "number of sale contracts" for the month of April.
But look on the bright side, xmonger ... when that house goes back under contract and then goes back on the market, and then goes under contract again and then goes back on the market ... this will increase NAR's statistics for "number of sale contracts" for the month of April.
More good news for NAR to report!
Yes, I wouldn't put it past them to manipulate numbers in this manner.
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lol. 
Is anyone buying $1MM + houses anymore?
)
