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Old 12-08-2009, 09:39 AM
 
Location: Tri-State Area
2,942 posts, read 5,535,830 times
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We all know the economic landscape of the country as a whole is not too good. At the local level, what sense do you get from looking around the town you live in? Just curious.
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Old 12-08-2009, 09:58 AM
 
195 posts, read 445,825 times
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Nutley: Several long time businesses that anchored downtown shopping have closed their doors. The number of families requesting food assistance has tripled in the past few years. Foreclosures are up, though not to a staggering number.

In general, homes are sitting on the market for a long time - there are still many sellers that just don't 'get' the new economic reality; they're still asking 2005-06 prices on their houses. Because of this, I expect a significant drop in housing prices in Nutley over the next couple of years; eventually, if these sellers really want to sell their homes, they're going to have to slash prices drastically.

NorthJersey.com: Nutley homeowners are feeling economy's sharp pinch

NorthJersey.com: It's time for giving thanks once again
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Old 12-08-2009, 10:57 AM
 
1,014 posts, read 2,692,636 times
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Median home price remains high and there has not been a surge of foreclosure in the NJ suburbs. This recession is not reaching everyone.
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Old 12-08-2009, 10:59 AM
 
195 posts, read 445,825 times
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Quote:
Originally Posted by gradstudent77 View Post
Median home price remains high and there has not been a surge of foreclosure in the NJ suburbs. This recession is not reaching everyone.
Give it time. It's slowly working it's way up the economic ladder. In fact, prime mortgage defaults now outpace subprime defaults. The worst for suburban NJ (and other middle to upper middle class communities) lies ahead in the coming years.

Mod cut: no links to blogs, per TOS.

Last edited by Viralmd; 12-08-2009 at 01:21 PM..
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Old 12-08-2009, 10:59 AM
 
227 posts, read 711,576 times
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Can't say I've noticed a whole lot of change here in Hunterdon county.
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Old 12-08-2009, 11:08 AM
 
Location: Epping,NH
2,105 posts, read 6,113,307 times
Reputation: 1084
Quote:
Median home price remains high and there has not been a surge of foreclosure in the NJ suburbs.
Rose colored glasses.

Secaucus is in Mod cut: language. They spent and now will be paying for it. Home prices have dropped significantly. The new Transit Village can't sell their units and now rent them out. The industrial base they depended on for years is dying and vacant buildings are the norm. Yet the political thinking is that everything is just great.

Last edited by Viralmd; 12-08-2009 at 11:20 AM..
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Old 12-08-2009, 01:17 PM
 
195 posts, read 445,825 times
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Most folks don't see or feel a recession until it hits them or someone they know. And without people standing in line for food, it can be difficult to take notice of the economic pain that is out there, unless you follow bankruptcy, foreclosure, lis pendens, unemployment, underemployment, etc. statistics.

"It's a recession when your neighbor loses their job, a depression when you lose yours."
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Old 12-08-2009, 04:45 PM
 
Location: New Jersey/Florida
5,669 posts, read 11,305,823 times
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I live in Ocean County and my taxes are 16,000 so that statement is a little inaccurate. My answer to the OP there is no foreclosures in the area but sales are slow.
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Old 12-09-2009, 10:49 AM
 
195 posts, read 445,825 times
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1 in 7 N.J. homeowners owe more than property is worth

Quote:
Nearly one in seven New Jersey homeowners owe more on their mortgage than their property is worth, according to a recently released nationwide study.
Quote:
In New Jersey, there were 290,838 mortgages, or 15.4 percent, in which the homeowner owed more than the value of their property as of September.
http://www.dailyrecord.com/article/2...perty-is-worth
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Old 12-09-2009, 11:53 AM
 
364 posts, read 766,242 times
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Quote:
Originally Posted by Citizen Chin View Post
Don't worry. Govt will print us out of this mess. See you in China/India.

Now the target is to inflate the economy to the extent that already inflated home prices look normal. Too bad that there is no inflation on wages!!!

When a hotdog cost you $10, half a million $ starter home won't look that bad. Only thing is you can't afford it. Still they won't look that bad.

End result? Lower quality of life. The "NEW NORM".

Question for everyone. What will happen to home prices when the mortgage rate goes up to 7/8% by 2011? Please don't try answer it.
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