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NJ has never been affordable (home ownership-wise) for the median income earner !
stop wishing that the current state of the market will mean that you will finally be able to afford a house
This is downright false. My parents were able to put down a downpayment and pay for the mortage for descent 3br/1.5ba home in a middle-class town with a good school system in North Jersey by working over-time in $8/hour jobs back in 1991; and when I was growing up, they were still able to afford to take us on vacations and stuff(I never felt that we were somehow lacking).
“Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002.
Additionally, the S&P/Case-Shiller 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006."
“Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002.
Additionally, the S&P/Case-Shiller 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006."
1. isn't this a national stat - kinda useless for NJ since some states have dropped so low so fast it HAS to bottom out in those places and thus help the national average.
2. You forgot the quote "“The housing market may be edging towards a bottom,”
Notice the qualifiers....MAY, EDGING
3. The last quote is from that discredited association of realtors. I wouldn't hold onto them if they were a life raft and I was on the Titanic.
“Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002.
Additionally, the S&P/Case-Shiller 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006."
New York metro showed a record year on year decline in Feb, continuing a run of record yoy declines in Nov, Dec and Jan.
Flat sales in Mar are abysmal, because they usually go up -- the yoy trend is downward.
HTH
Last edited by elflord1973; 04-30-2009 at 10:13 AM..
where did i say RE WASN'T local? YOU are the one who said houses in NJ in the 300k-450k range are selling fast.
proof is proof, cough it up. unless you can't, then it's called opinion.
he also posted nation-wide market data a moment ago I think he just likes to have the "all real estate is local" line available as a fallback so that he can selectively ignore any and all data.
1. isn't this a national stat - kinda useless for NJ since some states have dropped so low so fast it HAS to bottom out in those places and thus help the national average.
Yes, exactly. What happened to "all real estate is local" ? The markets that are bottoming out now either missed the bubble or corrected hard already
Quote:
2. You forgot the quote "“The housing market may be edging towards a bottom,”
Some markets really are leveling out. But not NJ.
Quote:
3. The last quote is from that discredited association of realtors. I wouldn't hold onto them if they were a life raft and I was on the Titanic.
It's true that the composite index didn't set a record, but NY metro did.
“Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002.
Additionally, the S&P/Case-Shiller 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006."
JG, here is the best advice you will ever get on this board. Take a break.
You are exhausting yourself trying to wish the problem away. Don't get worked up over the price of RE in NJ. As long as you can afford your mortgage and your renters pay on time, you're golden. Enjoy the American Dream in the nation's #1 state.
Real estate is local, but it's not in a vacuum. The reality is, pretty much any town that made gains in real estate after 2001 were based on false prosperity and loose monetary policy. Any town that saw gains is going to give up a lot of them, whether you are in Princeton or Newark. The idea that prime real estate won't see price declines assumes that it was incapable of ever finding it's true market value for the 30 years prior housing bubble. Point is pretty much moot anyway. Real estate isn't as local as you'd like to believe. Everyone gets their mortgages from the same handful of lenders these days, and all of those lenders are insolvent.
i looked at 77hudson, the prices are no longer on the moon and more close to earth orbit now. Give it 6 months and maybe it will come down to earth provided the whole thing doesnt go bust. They are 20% sold with a june closing date lol.
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I think he just likes to have the "all real estate is local" line available as a fallback so that he can selectively ignore any and all data.
