Eastern Monmouth MLS up to 4053
The number of houses for sale on the MLS for the eastern section of Monmouth County is now at 4053, which is up from3970 last week. It looks like we are going to go into the summer with a record level of inventory as many home sellers seem reluctant to move prices lower.
In the meantime, the price of buying a house gets more expensive with each 25 bps increase in interest rates. Today’s action in the futures market indicates that the probability of another fed rate hike is pretty high according to this wire story.
11:38 (Dow Jones) Losses deepen for Eurodollar futures, as market prices in with more certainty the likelihood of a 5.25% rate by year's end, up from current 5%. Sep prices in about an 80% chance for a 5.25% 3Q rate, compared to 56% odds on Tuesday. Dec shows about a 88% chance to reach 5.25% in the 4Q, up from about 60% odds on Tuesday. Sep recently down 6 BP at 94.65, with Dec down 7 BP at 94.63. (HLP)
In the meantime, the price of buying a house gets more expensive with each 25 bps increase in interest rates. Today’s action in the futures market indicates that the probability of another fed rate hike is pretty high according to this wire story.
11:38 (Dow Jones) Losses deepen for Eurodollar futures, as market prices in with more certainty the likelihood of a 5.25% rate by year's end, up from current 5%. Sep prices in about an 80% chance for a 5.25% 3Q rate, compared to 56% odds on Tuesday. Dec shows about a 88% chance to reach 5.25% in the 4Q, up from about 60% odds on Tuesday. Sep recently down 6 BP at 94.65, with Dec down 7 BP at 94.63. (HLP)
posted by Little_Silvered at 7:14 PM
7 Comments:
We are at a stand still. I have spoken to countless, clueless people who think the Jersey Shore is immune to price declines. A few have put their homes for sale at extremely high prices to "test the market.” One neighbor told me she was putting her house up for sale and asked me to make an offer if I was interested. I almost laughed at her, but I fear she may truly be insane or brainwashed by her realtor.
this just goes to show that the "BUBBLE" is really not out there, if sellers don't sell at there price they just live in it ,they really don't care.Now if someone is moving into the area and HAS to buy ...well he'll just have to pay up .We all know what it's like to rent in the shore area
"if sellers don't sell at their price they just live in it"...not true for a lot of oceanfront and beachblock properties. A lot of those are owned by investors who have negative cash flow properties. When these properties appreciated at 20-30% per annum, investors didn't mind losing money in the short-term. Now with properties losing value (or treading water at best), owning real estate near a beach is a losing proposition for NJ investors. With interest rates rising, the squeeze is on. They are better off buying CDs and getting a 4% gain.
You know you can study numbers, charts, and graphs until your head explodes...but interpret this if you can.
We know what town, streets, house specs and price range we are interested in at the shore. Based on mls listing our price range is reasonable for what we are looking for. I CAN'T GET ANYONE FROM DIANE TURTON REALTORS TO EVEN CALL ME BACK!!! I USED THE ON LINE REQUEST FORM FOR A SPECIFIC HOME MORE THAN A WEEK AGO!!!! Guess they are not so desperate for buyers after all. Humm...
I would point anon9:05 to the Monmounth county foreclosure listings linked from this site. Banks aren't looking to get market rates.
Also, add in whatever has to be unloaded to take care of the Dwek situation. Could be dozens of properties...
JM
"if sellers don't sell at there price they just live in it ,they really don't care"
It's kind of like getting anal raped in prision, you just live with it and try not to care (except in this case the bank is raping you).
Don't have access to my usual computer, so this is as anonymous, but as of Friday morning the combined Monmouth/Ocean MLS topped 14,000.
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