A Look At Investment And Second Homes
Here is a great graph, coming to you hot off the presses at Calculated Risk. This graph is part of a series of articles on the NAR second home sales data, specifically, More on Second Homes. Calculated Risk is home to some of the best housing graphs on the web.
Using the NAR sales numbers, this graph shows vacation and second home sales for the last three years. Purchases of primary residences actually fell slightly in 2005, while vacation, and especially investment purchases, rose sharply. This appears to be evidence of significant speculation.
I only briefly took a look at the NAR data this afternoon, but didn't have a chance to post it up. When I saw this graph over at Calculated Risk, I knew that all I had to do was post it up. The graph speaks for itself.
Speculation? What speculation?
Using the NAR sales numbers, this graph shows vacation and second home sales for the last three years. Purchases of primary residences actually fell slightly in 2005, while vacation, and especially investment purchases, rose sharply. This appears to be evidence of significant speculation.
I only briefly took a look at the NAR data this afternoon, but didn't have a chance to post it up. When I saw this graph over at Calculated Risk, I knew that all I had to do was post it up. The graph speaks for itself.
Speculation? What speculation?
17 Comments:
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Boooyaaaah!
The real estate meltdown is in progress.
Kick back and wait. It will be well worth it.
We're not in the downtick just yet. Things are not moving in the up to $900,000 range in Mendham (waaaaaaaay out of my range, but interesting to watch) too quickly, but the inventory seems to be hovering.
jp
This is getting exciting, who needs fiction? Then again the NAR obviously provides it :), they may have to sell that pretty new building they have in DC to cover their legal problems when all is said and done. Ooops I forgot this is America and in this country you can have a lefty congresswoman slap a police officer and get away with it...I'm sure Feinstein or Boxer would have done the same thing. I guess we"ll just have to settle for gravity to effect it's reality in the markets.
OT You gotta see the home page for Trump's mortgage company...the picture which says luxury on it, has chairs that are just crap...amazing to me what people think is "luxurious".
http://trumpmortgage.com/home/index.php
im finding 30-40% of houses are empty at lake mohawk. in the 300-450,000 range. when i check taxes and last sale date. most were bought in 02-04. plus many are for rent as well as for sale.i also have a friend looking in camden county says the same thing is happening 30-40% are empty
Anonymous said...
im finding 30-40% of houses are empty at lake mohawk. in the 300-450,000 range. when i check taxes and last sale date. most were bought in 02-04.
6:01
Just anectdotally, I had two conversations with 2 recent Lake Mohawk owners that bought about 3-4 years ago. They bought the places as "weekend houses" after 9/11. I think some of the runup in NW jersey is due to people looking for safehouses as they were both from NYC.
BOYCOTT OPEN HOUSES.
LET THE SELLERS SIT IN DENIAL ACCUMULATING MTG AND TAX BILLS WHILE YOU WAIT IT OUT WITH LESS PRESSURE AND WITHOUT A HUMUGEOUS MTG PAYMENT WHICH SHOULD BE REDUCED IN NEXT 12 MONTHS.
THANKS TO THIS BLOG I DID NOT LISTEN TO THAT SLIMY REALTOR TRYING TO CONVINCE ME TO BUY NOW CUZ HOUSES ONLY GO UP.
http://www.washingtonpost.com/wp-dyn/content/article/2006/04/04/AR2006040401629.html
hehehe
Bob
"BOYCOTT OPEN HOUSES. ... THANKS TO THIS BLOG I DID NOT LISTEN TO THAT SLIMY REALTOR TRYING TO CONVINCE ME TO BUY NOW CUZ HOUSES ONLY GO UP."
Then this one's for you...
$50,000 price drop:
MLS 2259341
93 Meadowbrook Rd, Short Hills
$799,000 => $750,000
Days on Market: 16
I was tempted to attend the open house for this one, but did not.
I'll boycott all open houses until the prices return to normal.
Let the sign-in books remain empty, and let the houses see no foot traffic, until sane asking prices return.
Richie said...
Trump's casino's can't even make money. What's up with that? The house is supposed to have an advantage and they still have to file for bankruptcy protection.
8:26 AM
Fiscal mismanagement. Poor strategic decisions. Poor cost control. Hubris.
Wow, just wow.
What's even more funny about the Trump website is the list of partners (click on "About Us" and then "Our Trusted Partners"). They are all businesses owned by Trump (with exception of Ellie Mae I assume).
I went into Trump University and found this course for only $39.95
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with Dolf de Roos | Gary Eldred | Curtis Oakes
Introduction by Donald Trump
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I have been following a site now for almost 2 years and I have found it to be both reliable and profitable. They post daily and their stock trades have been beating
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RickJ
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