The Latest Stats on the Real Estate Market
January 7th, 2009
Go to any social event – yesterday mine was the Peapack Gladstone 10 & 11 year old basketball scrimmage- and you will hear what’s on the minds of your friends and neighbors. In the top 3 is probably the real estate market.
So what are the latest housing statistics? The S&P/Case-Shiller Index reports that the annual change in the home pricing for the 20 metropolitan areas it tracks is down 18% through October 2008. The biggest losses were in the Sunbelt – Las Vegas and Phoenix down over 30%. The NY Metro area is faring better at -7.5%.
The Otteau Valuation group reports that NJ Contract Sales in November ran at 30% below November 2007. On the bright side, mortgage rates have recently come down substantially, with 30 year fixed loans running at just over 5%.
Some creampuff homes are out there for sale, with pricing not seen in the last few years. Once first time homebuyers jump in, the domino effect will work its way up the price curve. And whatever 2009 brings, I will enjoy the many pleasures of living in this area, including kids’ basketball games. Final score 24/24.
Click here for more on the S&P/Case Shiller index.
For more on the Otteau Valuation Group click on: www.otteau.com
Posted by:
Susan Wagner
