The Headlines Scream “Double digit home price drops coming”
Posted Sep 20, 2007 @ 9:29 am, Viewed by 492 Visitors, Read 505 Times.
More national real estate news that brings you in with the shocking headline gets you to read it then tells you exactly what you already know. In a Les Christie, CNNMoney.com staff writer September 19 2007. The headline practically screams at you “Double digit home price drops coming”. The average consumer reads the headline and thinks that is what will happen everywhere. But is it the truth as they say every week at the Rotary club? Nope, it is not the truth, it is yet another case of the news media using your fears to suck you in.
What is the truth for North New Jersey home and real estate buyers? The truth is that yes we are in a buyers market. Yes in some towns we have seen price declines. Yes if you are a home buyer you can currently get a better deal on a home than you could in 2005 or 2006.
Here are some of the numbers as reported in the CNN Money article:
|
Rank
|
Area
|
State
|
Peak to bottom home price decline
|
|
1
|
Stockton
|
CA
|
-25.00%
|
|
2
|
Palm Bay-Melbourne-Titusville
|
FL
|
-24.90%
|
|
3
|
Sarasota-Bradenton-Venice
|
FL
|
-24.80%
|
|
4
|
Reno-Sparks
|
NV
|
-22.40%
|
|
5
|
Modesto
|
CA
|
-22.30%
|
|
6
|
Detroit-Livonia-Dearborn
|
MI
|
-21.30%
|
|
7
|
Fresno
|
CA
|
-20.00%
|
|
8
|
Oxnard-Thousand Oaks-Ventura
|
CA
|
-19.20%
|
|
9
|
Sacramento--Arden-Arcade--Roseville
|
CA
|
-19.10%
|
|
10
|
Las Vegas-Paradise
|
NV
|
-18.70%
|
|
|
|
|
|
|
66
|
New York-White Plains-Wayne
|
NY, NJ
|
-5.30%
|
Do you see a trend? The top ten worst places for price declines were in 3 states, California, Florida, & Nevada. Well actually Detroit MI was in there as well but that has more to do with all the troubles with the auto industry than anything else.
Do you notice that Northern New Jersey is a ho hum boring #66 on this list. It was so boring in fact that the article lumped it in with New York City, and some of the more rural areas of New York.
Back to the Morristown Rotary Club, yesterday we had as a speaker one of the partners of the law firm who handles just over 50% of the foreclosures in New Jersey. His conversation revolved around how they are getting ready to handle more foreclosures in New Jersey yes, but places like Morris County as a whole, and Summit, New Providence, & Springfield in Union County, and Short Hills / Millburn, Maplewood, & South Orange in Essex County New Jersey are holding up well. In areas that are not doing so well, the REO (Real Estate Owned, another term for real estate that is owned by the bank) real estate is selling for 2004 prices currently.
The moral of this article, what is happening with the real estate market just depends on where you are. In our corner of New Jersey we are not likely to see price declines form where we currently sit.
Thank you for reading,
James Boyer
Realtor Associate
488 Springfield Avenue
Summit, NJ 07901
973-376-0033 (Office)
973-647-0253 (Direct)
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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