Ohh WEll I guess housing isnt soo great. (Orange, Maplewood: sales, real estate)
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Existing home sales unexpectedly drop in Aug - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-rb-3189253074.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Existing home sales unexpectedly drop in Aug - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-rb-3189253074.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Reality setting in again!!?? No way..housing has bottomed !!!!!
8K tax credit is expiring soon and mortgage rate will shoot up when Fed stops supporting it with Chinese money. What will happen in 2 yrs?
Existing home sales unexpectedly drop in Aug - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-rb-3189253074.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Where I'm looking (Essex County), sales are down about 80% year on year in several towns.
We were shown a bunch of places in Maplewood/South Orange in late July.
167 Academy St (half duplex, listed at 300k)
398 Elmwood avenue (tudor in Maplewood, listed 419k at the time, I think)
185 garfield pl, Maplewood, NJ ("Pea Green") listed 375 at the time
422 academy st, south orange, nj
167 academy: withdrawn
398 elmwood: still on the market, 350k
185 garfield: still on the market, 350k (less desirable than the elmwood place, so it won't sell for 350)
422 academy: was reduced to 354k .
the half duplex next door at 420 academy was listed at 269 at the time. Went off the market, then came back on listed at 245 (probably went under contract and the deal died)
167 Academy St (half duplex, listed at 300k)
398 Elmwood avenue (tudor in Maplewood, listed 419k at the time, I think)
185 garfield pl, Maplewood, NJ ("Pea Green") listed 375 at the time
422 academy st, south orange, nj
167 academy: withdrawn
398 elmwood: still on the market, 350k
185 garfield: still on the market, 350k (less desirable than the elmwood place, so it won't sell for 350)
422 academy: was reduced to 354k .
Existing home sales unexpectedly drop in Aug - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-rb-3189253074.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Home sales dropping in August, that's impossible!
Sales increase January through June, level through August and decrease through December. It's almost like it's seasonal or something...
So who found it unexpected exactly? Well I guess staying level would be more expected, but with all the tax credit intervention pushing people to go early and the lag on real estate transactions that's not really unexpected.
Watch the cheer leaders change from the month-over-month numbers they've used so far this year to the year-over-year numbers for the seasonal decline.
Here's an old graph from March, you might be able to see a pattern:
those year on year numbers were starting to contract for a little while too though. I haven't looked at the Aug numbers so can't tell if this has been reversed.
In Essex county, where I'm looking, sales were still very slow even during this alleged uptick (I suspect largely because most listings still haven't come down enough if at all)
I love how the sooo called "bulls" are not found now? What happened "bulls". Go ahead and tell us its seasonal but then again you cant say that because you never used that when it came to upticks in the market.
I love how the sooo called "bulls" are not found now? What happened "bulls". Go ahead and tell us its seasonal but then again you cant say that because you never used that when it came to upticks in the market.
JG who claims the bottom was in Nov 2008 is long gone.
Moorestown is still around. He wrote on 8/25: "Of course I successfully called bottom 6-9 months ago". I believe that is a somewhat revised estimate of his calling the bottom though -- I think he was "calling the bottom" on a daily basis some time before then.
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