"A tornado hit the housing sector in October."
From today's Asbury Park Press
The pace of new home construction at the Jersey Shore has slowed this year as builders put on the brakes amid turmoil in the overall housing market.
The number of building permits issued in Monmouth County through the first nine months of the year fell to 1,103, down 12.9 percent, compared with the same period last year, according to the U.S. Census Bureau. In Ocean County, it fell to 1,503, down 21 percent.
Snip...
"Builders have seen the light from the housing market meltdown and are now moving as rapidly as possible to reduce supply," said Joel Naroff, chief economist at Commerce Bank. "A tornado hit the housing sector in October."
(As a side note, the NJ Real Estate Report, posted a similar story with the same title. Joel Naroff, the expert with the "tornado" quote has a different job. In the Asbury Park Press article, Joel works for Commere Bank, but in the story on the NJ Real Estate Report, Joel works for himself.)
posted by Little_Silvered at 9:28 AM
4 Comments:
According to NAR and its members, the housing market will make a strong recovery in the spring. I can't wait to see what will happen next year. I'm hoping for another 10% decline in prices. Sellers will still be up about 90% from where they were five years ago, so sellers have nothing to complain about. Greedy agents need to start convincing greedy sellers to drop unrealistic prices.
I think we should beat all the greedy people silly until they see things our way. My great uncle had a lot of success in Germany doing that. He even got elected to office that way. I still have his shirt and leather strap. It is brown. I like the skull and crossbones.
Looks like the end to the bubble heads will be comming sooner rather than later shore home prices gained a average of 7% last quarter ....existing homeowners are holding out and it's worth the wait ..http://www.app.com/apps/pbcs.dll/article?AID=/20061121/NEWS/61121003
The article says "The average sale price was $486,521, up from $466,878 for the same period last year." What they forgot to mention was that 600k+ homes are now selling for $486,521 when last year 350k homes were selling for $466,878. Yes the average sale price is up alright.
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