"Low mortgage rates, cheaper homes and a tax credit" are a pretty good hand...but they get trumped by "The Royal Flush of Lots of People With No Jobs and many more scarded they will lose the ones they have." From The Star Ledger The New York-area market, including 14 New Jersey counties, saw an 11.8 percent price drop in March, a pace that has quickened over the past few months, according to the... [more]
"Low mortgage rates, cheaper homes and a tax credit" are a pretty good hand...but they get trumped by "The Royal Flush of Lots of People With No Jobs and many more scarded they will lose the ones they have."
From The Star Ledger
The New York-area market, including 14 New Jersey counties, saw an 11.8 percent price drop in March, a pace that has quickened over the past few months, according to the Standard & Poor%u2019s/Case-Shiller index.
%u201CThere is no turnaround in the market at this point,%u201D said Maureen Maitland, S&P vice president for index services.
Prices here still have further to fall, experts say, at a rate of about 1 percent a month.
%u201CThe home price decline is still well-entrenched,%u201D said Joseph Seneca, a Rutgers University professor at the Bloustein School of Planning and Public Policy. %u201CI keep coming back to it: Job losses and the concern of job security for those who remain employed continue to trump the considerable positives in the housing market.%u201D
Those positives include record-low mortgage rates, a federal tax credit and a housing market considered the most affordable in a generation or more.
On the other hand, nearly 55,000 jobs have been lost in New Jersey so far this year, Seneca said.
Prices are expected to fall further as more people lose their jobs and homes, hitting a bottom sometime in the second half of the year, said Jeffrey Otteau, head of Otteau Valuation Group, which studies New Jersey real estate data.
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Response by sniper
over 17 years ago
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Member since: Dec 2008
(without the code)
From The Star Ledger
The New York-area market, including 14 New Jersey counties, saw an 11.8 percent price drop in March, a pace that has quickened over the past few months, according to the Standard & Poor Case-Shiller index.
There is no turnaround in the market at this point,said Maureen Maitland, S&P vice president for index services.
Prices here still have further to fall, experts say, at a rate of about 1 percent a month.
The home price decline is still well-entrenched,said Joseph Seneca, a Rutgers University professor at the Bloustein School of Planning and Public Policy. I keep coming back to it: Job losses and the concern of job security for those who remain employed continue to trump the considerable positives in the housing market.
Those positives include record-low mortgage rates, a federal tax credit and a housing market considered the most affordable in a generation or more.
On the other hand, nearly 55,000 jobs have been lost in New Jersey so far this year, Seneca said.
Prices are expected to fall further as more people lose their jobs and homes, hitting a bottom sometime in the second half of the year, said Jeffrey Otteau, head of Otteau Valuation Group, which studies New Jersey real estate data.
(without the code)
From The Star Ledger
The New York-area market, including 14 New Jersey counties, saw an 11.8 percent price drop in March, a pace that has quickened over the past few months, according to the Standard & Poor Case-Shiller index.
There is no turnaround in the market at this point,said Maureen Maitland, S&P vice president for index services.
Prices here still have further to fall, experts say, at a rate of about 1 percent a month.
The home price decline is still well-entrenched,said Joseph Seneca, a Rutgers University professor at the Bloustein School of Planning and Public Policy. I keep coming back to it: Job losses and the concern of job security for those who remain employed continue to trump the considerable positives in the housing market.
Those positives include record-low mortgage rates, a federal tax credit and a housing market considered the most affordable in a generation or more.
On the other hand, nearly 55,000 jobs have been lost in New Jersey so far this year, Seneca said.
Prices are expected to fall further as more people lose their jobs and homes, hitting a bottom sometime in the second half of the year, said Jeffrey Otteau, head of Otteau Valuation Group, which studies New Jersey real estate data.