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Old 05-19-2009, 06:26 AM
 
Location: Stewartsville, NJ
7,577 posts, read 22,609,171 times
Reputation: 1260

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Quote:
Originally Posted by MoorestownResident View Post
I am not in the R/E industry, I manage money, but I have a good friend who is a realtor and she has done over $3 million in sales YTD in South Jersey which is well ahead of last year.
It's the old saying... "believe none of what you hear and only half of what you see." I can only say what I personally am experiencing professionally - our industry is in a recovery phase. whether or not it continues.... only time will tell but I'd rather stay positive
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Old 05-19-2009, 06:27 AM
 
Location: Montgomery County, PA
2,771 posts, read 6,276,461 times
Reputation: 606
Quote:
Originally Posted by MoorestownResident View Post
Doom and Gloomers are taking it on the chin this week. Lots of positive housing-related data being released. The worst is over. On to stability.

Didn't you call the bottom in mid 2008 ? A stopped clock is right twice a day ...
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Old 05-19-2009, 06:28 AM
 
1,983 posts, read 7,518,743 times
Reputation: 418
It was around me, but once Lehman happened and the panic set in I said it would push NJ's recovery back another 12-18 months. I still would not buy in several areas of North Jersey.
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Old 05-19-2009, 07:03 AM
 
1,983 posts, read 7,518,743 times
Reputation: 418
April single family starts and building permits rose from data out this morning. The reported 'record drop' was all due to a huge decline in 'multi-family' contruction ie apartments and condos.
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Old 05-19-2009, 07:21 AM
 
1,931 posts, read 3,414,290 times
Reputation: 956
Quote:
Originally Posted by MoorestownResident View Post
April single family starts and building permits rose from data out this morning. The reported 'record drop' was all due to a huge decline in 'multi-family' contruction ie apartments and condos.

Not that I really care about any of your stupidity but didnt I hear you sound the trumpets last month when the stats were exactly the opposite? Record increase in building permits because of an increase in apt and condos?

I love the way you dont care about any of this yet you continue to post this stuff every chance you get? Why are you sooo worried? Someone undewater? Losing your job? Come on hunny fess up.

Last edited by bababua; 05-19-2009 at 07:58 AM..
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Old 05-19-2009, 07:24 AM
 
744 posts, read 1,406,542 times
Reputation: 182
Quote:
Originally Posted by MoorestownResident View Post
It was around me, but once Lehman happened and the panic set in I said it would push NJ's recovery back another 12-18 months. I still would not buy in several areas of North Jersey.
So back then you didn't see the obvious financials collapse that had been obvious for years (and would happen when the real estate bubble started deflating), and when the obvious happened you get a do-over on your prediction.

And now you ignore the incoming second wave of mortgage resets, which has been obvious for years (though it likely won't be as bad as it looks, due to all the bail outs already in place). And the effects of injecting a few trillion dollars into the system will have on foriegn sentiment to loaning American's money. I guess that way you get a do-over again? Or are they factored into your prediction already?
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Old 05-19-2009, 07:42 AM
 
1,983 posts, read 7,518,743 times
Reputation: 418
Nobody expected what happened in the 4Q of last year. The market is responding to affordability that by some measures is at 20-30 year highs. Resets mean nothing at this point. With rates below 5%, many of them have either refinanced to fixed or will face resets that are manageable.
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Old 05-19-2009, 07:58 AM
 
1,931 posts, read 3,414,290 times
Reputation: 956
Housing construction fell 30.6 percent in the Northeast, the largest drop for any region. Housing starts dropped 21.4 percent in the Midwest and 21.1 percent in the South.
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Old 05-19-2009, 07:59 AM
 
1,552 posts, read 4,634,376 times
Reputation: 509
Quote:
Originally Posted by MoorestownResident View Post
Doom and Gloomers are taking it on the chin this week. Lots of positive housing-related data being released. The worst is over. On to stability.

LOL

Buy now or be priced out forever!
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Old 05-19-2009, 08:07 AM
 
Location: Houston, Texas
10,447 posts, read 49,662,314 times
Reputation: 10615
Quote:
Originally Posted by pfwnj View Post
Do you guys read the news or just have some filter which removes ... 99% of the news?

RealtyTrac: Record foreclosure rates in April - Pittsburgh Business Times: - April record month for foreclosures

Case Shiller: Rate Of House Price Decline Finally Decelerating - Case Schiller shows 30% more to go, rate of decline slowing. Of course, it's only slowing down because January saw a record decline in home prices - it's hard to set consecutive records.

2011 is the next mortgage crises, Option ARM and Alt-A being bigger and with worse loan terms than subprime:

IMFresets.jpg (image)

Bet: In one year, house prices will be more than 10% lower than where they are now.

And here is this mornings news:
http://finance.yahoo.com/news/Housing-construction-drops-apf-15288681.html (broken link)
Second bet: In two years, we will be hearing about the "Option ARM" mortgage crises.
Third bet: Foreclosures will accelerate this year thanks to the backlog created by the three month moratorium which just expired.

Anyone care to take me up?
You are the only post that is 100% right on this whole thread ! And I feel you might be giving to much credit to the total and complete economic collapse we are in for.

And here is this mornings news:
http://finance.yahoo.com/news/Housing-construction-drops-apf-15288681.html (broken link)

Last edited by desertsun41; 05-19-2009 at 08:13 AM.. Reason: spelling
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