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I am in the business and its a mess. The crazy thing is that a couple of lenders and i say a couple will let someone who just short sold their property turn around and buy another one of less value. There is only a couple and most will treat a short sale as a foreclosure/BK and make them wait 3 yrs. Most of the 2years ARMS have been modified by the banks or are in foreclosure. That was the subprime loans. What i am worried about are the Prime borrowers were are on adjustable rates that can't refinance due to no equity(market depreciation). When inflation hits ( when US marker is called) everyone on adjustables better start packing their bags. It will be interesting.
I'm in North Jersey, and I can think of a number of people that paid $500K for a house that is now worth in the $300K range. Bergen, Passaic and Hudson Ctys.
In South/Central East Jersey, there are several people that paid in the $800K range for homes that can't get $500K now. Ocean and Monmouth Ctys.
Not sure which "NJ" you're talking about.
Whats 300K range, 350K, if it is thats in the 20%/25% range, not the 33% range that my post responded to.
As far as Ocean/Monmouth, if your talking the waterfront, the only home in that price range in my area that sold on the water in the last 8 months in the range from 600K to 1.6 mil. was a bayfront that needs a ton of work, and it was a short sale, and it sold for 899K.
Also I am very familiar with most new jobs in those counties, and the Kara. Ryan etc jobs that were completed did drop in price, but not 33%
I also work for a local builder, his sales stopped until a few months ago, his prices on avg dropped in the low 20%, and he has since sold over a dozen homes.
Is elvis still alive also? No body lost a third of their homes value in NJ????? Wana bet$?
The biggest problem is the bank people are trying to protect their own reputation and not short sell? Its a joke trying to get the banks to be realistic?
No thanks, anyone named Bly or asked about Elvis would probably welch on the bet.
To qualify this, I'm a potential buyer so of course, I'm biased but with the default rate on prime jumbos about to cross 10% (see link below) and an absolutely astounding volume of dollars in option arm recasts set to happen over the next two years (2nd link), I just don't see how the housing market goes up. If the kaka hits the fan in the high end areas (many option arms were used by the wealthy simpley because they could) then look out...
This is all very regional and you can't make generalizations at a national level.
I'm looking at an article about the home sales in my town for 2009 and the market was actually improved from 2008.
98 homes sold in 2009, up from 84 in 2008.
Average sales price of $560K, up from $545K in 2008.
Number of sales over $600K: 30, up from 25 in 2008.
Number of sales over $1 million: 8, up from 2 in 2008.
The only negative was average days on market increased to 147 in 2009, up from 115 in 2008.
Whats 300K range, 350K, if it is thats in the 20%/25% range, not the 33% range that my post responded to.
As far as Ocean/Monmouth, if your talking the waterfront, the only home in that price range in my area that sold on the water in the last 8 months in the range from 600K to 1.6 mil. was a bayfront that needs a ton of work, and it was a short sale, and it sold for 899K.
Also I am very familiar with most new jobs in those counties, and the Kara. Ryan etc jobs that were completed did drop in price, but not 33%
I also work for a local builder, his sales stopped until a few months ago, his prices on avg dropped in the low 20%, and he has since sold over a dozen homes.
The house across the street from me sold for $245k. The previous owner paid $486k.
In Ocean Cty. I can list over a dozen waterfront and non water-front (bay and lagoon) that were selling for 1.1 and are now in the 6-700K range.
I don't know what the "builder" thing has to do with this...
The house across the street from me sold for $245k. The previous owner paid $486k.
In Ocean Cty. I can list over a dozen waterfront and non water-front (bay and lagoon) that were selling for 1.1 and are now in the 6-700K range.
I don't know what the "builder" thing has to do with this...
The builder thing are prices where i live on new homes, he dropped his prices just like the resales, but they are not like the prices you stated.
Now your showing a home that sold for half
what did the prices drop 10% more since your last post, give me the adress, i can look it up myself.
I'd like to see the Ocean City homes too.
The builder thing are prices where i live on new homes, he dropped his prices just like the resales, but they are not like the prices you stated.
Now your showing a home that sold for half
what did the prices drop 10% more since your last post, give me the adress, i can look it up myself.
I'd like to see the Ocean City homes too.
Go to app.com, you can find thousands of them on your own.
You seem destined to believe what you want to believe...
The builder thing are prices where i live on new homes, he dropped his prices just like the resales, but they are not like the prices you stated.
Now your showing a home that sold for half
what did the prices drop 10% more since your last post, give me the adress, i can look it up myself.
I'd like to see the Ocean City homes too.
Seriously though these dropping values will get us all in the pocket, maybe our property tax bills will go down a bit from all of the short sales and dropping values, yeah sure.... they'll just raise the tax rate to make up for it. Once again the responsible homeowners will take it on the chin by paying higher taxes to make up for all of the deadbeats that are no longer paying their mortgages and property taxes.......you know if the mortgage isn't getting paid the same could be said for the taxes.......once again we will pay.
You work for a builder so you have to be upbeat. On average you are not
Quote:
Originally Posted by Deep Run
Whats 300K range, 350K, if it is thats in the 20%/25% range, not the 33% range that my post responded to.
As far as Ocean/Monmouth, if your talking the waterfront, the only home in that price range in my area that sold on the water in the last 8 months in the range from 600K to 1.6 mil. was a bayfront that needs a ton of work, and it was a short sale, and it sold for 899K.
Also I am very familiar with most new jobs in those counties, and the Kara. Ryan etc jobs that were completed did drop in price, but not 33%
I also work for a local builder, his sales stopped until a few months ago, his prices on avg dropped in the low 20%, and he has since sold over a dozen homes.
The elvis remark is about your thinking because 94% of the population thinks elvis is dead and 94% of the population thinks the country is in a housing, mortgage mess. with a few exceptions from people that did not get caught up in the mess scooping up the best deals they can get.
Go to app.com, you can find thousands of them on your own.
You seem destined to believe what you want to believe...
It would be better if you posted the address, so i can look up the EXACT numbers.
Believe what i want to believe, no, i like facts, and what most of you are saying is the inflated 05 price, which is mostly what most thought what they could get for a home, not what it really was selling for in 05, which is the peak year.
Example: he got $500,000 for that house, i can get $550,000 for mine
And New Home sales are benchmark prices in areas where homes are not selling, or lagging, and its what a apraisal will show as compairables.
And just so YOU know, i had a few realtors at my home, and the percentages that i spoke of were shown to me as comparables from 05 to present, factual numbers, not over inflated asking numbers.
It would be better if you posted the address, so i can look up the EXACT numbers.
Believe what i want to believe, no, i like facts, and what most of you are saying is the inflated 05 price, which is mostly what most thought what they could get for a home, not what it really was selling for in 05, which is the peak year.
Example: he got $500,000 for that house, i can get $550,000 for mine
And New Home sales are benchmark prices in areas where homes are not selling, or lagging, and its what a apraisal will show as compairables.
And just so YOU know, i had a few realtors at my home, and the percentages that i spoke of were shown to me as comparables from 05 to present, factual numbers, not over inflated asking numbers.
There you have it. The comparables for YOUR home, in your mind, are indicative of the entire state.
There you have it. The comparables for YOUR home, in your mind, are indicative of the entire state.
Wrong!
The comparables were from 600k to 1.5K from 05 to present, and those numbers are SOLD numbers not asking prices.
And thats from several Realtors, who also told me the higher priced homes dropped more then the 300K to 500K homes.
