Northern New Jersey Weekly Inventory Update
GSMLS - http://www.gsmls.com
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
6/28 - 18,526
7/5 - 18,360 (0.9% Decrease)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
6/28 - 9,165
7/5 - 9,089 (0.8% Decrease)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
6/28 - 2,621
7/5 - 2,644 (0.9% Increase)
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
6/28 - 18,526
7/5 - 18,360 (0.9% Decrease)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
6/28 - 9,165
7/5 - 9,089 (0.8% Decrease)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
6/28 - 2,621
7/5 - 2,644 (0.9% Increase)
16 Comments:
BOOOOOO!
First decrease in months, correct?
The "increase" (100 houses statewide?) is likely from parents feeling the squeeze to register kiddies for the 2006/2007 school year.
"July Is A Moment Of Truth"
http://thehousingbubbleblog.com/?p=1002
See the market is just correcting.
NO Bust out. All you gloom and doom
people on this blog.
Wait, correct and an upswing.
Price them right and they will
sell.
But Coin is necessary something
that most on this blog. probably
don't have.
You can't stop the NJ economy, long and strong.
I'm afraid your timing is a bit "premature" my friend.
During the last down cycle, the steepest nominal price declines took more than 3 years to play out. An additional 5 years of real price declines was seen before the bottom was reached.
But.. It's different this time.
grim
Of course its different, what
are you people in a dream world.
You think these high net worth
people in North Jersey are going
to give the property away to bottom
fishers, who can't produce proof
of funds.
Forget it. They will just wait
it out. That my friend is why you will see inventory drop.
Go ahead and make the low ball
offers, the property owner who
has staying power will just laugh
at you low ballers.
Sounds to me like some of you want to be in the Real Estate Business.
ARMs will continue to adjust (upward);
CC interest rates will continue to adjust (upward), etc.,
NJ Sales Tax will adjust (upward; sorry, couldn't help myself)
municipalites will continue to reasess based on the 15% YOY(avg.) increase in home "market" values.(upward)
Am I wrong on any of this?
I think the difference of this bubble from my very untrained eye are the amount of agressive products put out there that allowed the prices and values to get where they are.
so i think it is different know, the pressure will be concentrated over a shorter time.
You think the banks are going to
let this get out of hand?
Answer: NO
This is not 1990.
We print Money for everything else
so ,
remember, in RE bubbles there are always little flickers.
This is a very weak flicker.
SAS
OK, is the answer:
A) a desperate realtor
B) a desperate "investor"
ahh.....how soon they forget....
I love watching history repeat itself.
SAS
Wait all you want.
Prices are set at the margins. All it takes is a handful of sales to drop the comps dramatically.
Once the comps are down, appraisers will not be able to justify values. Lenders will not lend on properties that don't "hit the number".
grim
Once the comps are down, appraisers will not be able to justify values. Lenders will not lend on properties that don't "hit the number".
While I am not sure how these cases effect the whole picture but I have seen cash buyers ( alot recently) not needing appraisals ( though they should get one anyway)
Propping up prices.
KL
I am going to start taking this not being able to sign in personally )-:
Should I ??
KL
KL,
I don't know what the problem could be, I don't believe anyone else is having a problem signing in.
Check your email if you haven't when you read this.
jb
i think the numbers came down on the night of June 30. A few properties must have timed out during that period (mid year?).
The number was high at around 10:30PM on June 30 night but had dropped when i checked at 7:30AM the next morning.
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