Case shiller - prices rise first time in almost 3 years. (real estate, foreclosures) - New Jersey (NJ) - City-Data Forum

MoorestownResident · 07-28-2009, 07:30 AM

And the final nail in the coffin for the bears. Their own survey, case-shiller, shows home prices rose 0.5% in May, the first monthly increase IN 3 YEARS.

It's been fun but I told you the market was turning.

MarketWatch.com Story

Older&Wiser · 07-28-2009, 07:39 AM

Oh my gosh! What are all the nay-sayers going to do for negativity? Where is "half off" and the gang?

MoorestownResident · 07-28-2009, 07:48 AM

They've slowly peeled off but I told them for months this was coming. It is what it is.

AnthonyB · 07-28-2009, 08:11 AM

Did you read your own link? Prices DOWN 17% year over year.
Springtime monthly rise (the market always picks up in spring) isn't a trend.

Don't forget the moratorium on foreclosures in NJ either -that is about to end.

bahiaboyz · 07-28-2009, 08:15 AM

So what happens now to NJ real estate - is it rock'n'roll time again?

Is the recession over now?

elflord1973 · 07-28-2009, 08:17 AM

Quote:

Originally Posted by Older&Wiser

Oh my gosh! What are all the nay-sayers going to do for negativity? Where is "half off" and the gang?

Being "positive" about a market that is clearly going down is not "positive", it's just plain dumb.

Those who take the position that they're "positive" or "negative" regardless of the facts are intellectually dishonest.

I can't speak for anyone else, but I'm looking at houses. I think the moves to prop up prices are finally starting to work.

elflord1973 · 07-28-2009, 08:18 AM

Quote:

Originally Posted by MoorestownResident

They've slowly peeled off but I told them for months this was coming. It is what it is.

Not months, but years. You were screaming "now is the time to buy" when it was actually the time to sell.

A stopped clock is right twice a day.

MoorestownResident · 07-28-2009, 08:20 AM

Quote:

Originally Posted by AnthonyB

Did you read your own link? Prices DOWN 17% year over year.
Springtime monthly rise (the market always picks up in spring) isn't a trend.

Don't forget the moratorium on foreclosures in NJ either -that is about to end.

Has nothing to do with it. What it means is a wonderful buying opportunity with prices now improving.

NatasNJ · 07-28-2009, 08:22 AM

I hope this is the turn for a stabilzation in house prices. The true test will be this fall/winter to see if these prices hold or if the offseason will cause another drop/dip.

sholden · 07-28-2009, 08:24 AM

Yes the Bears must be very worried. The non-seasonally adjusted case-shiller numbers went up in summer!

I can't help but noting that when the national news is better than the NJ news the cheerleaders ignore the "all real estate is local" argument they make when the NJ news is better.

For NYXR the number went up by 0.018%, this isn't the first time in 3 years (that's the national number...) since in June 2008 the NYXR number went up by 0.27% (yes 15x more than the increase being trumpeted now). We need to wait for the June and July numbers to be able to see if the 2009 summer bounce will be higher than the 2008 summer bounce (in relative terms, not in absolute terms obviously).

If we use seasonally adjusted numbers (as I'm sure the cheerleaders all were in winter) then the NYXR case-shiller number dropped from 171.22 to 170.99 for a 0.13% decline. Note the seasonally adjusted number last increased in March 2007 for NJ (January 2007 nationally).

Of course when I say nationally with respect to case-shiller I mean their overall composite-20 which isn't actually national by any stretch of the imagination.