-is it 2005 + 2004 gains?

or

- 2006 & 2005 gains?

I’m planning to rent in the area, so I’m not in any rush. It’s one thing to give up 1-2 years of appreciation, which I’ve already priced in. It’s another to give away my place for 100K less than what similar places have recently gone for.

Delford,

Would you please tell us your area, I would like to check it on the mls.
Thank you
KL

http://www.poconocommuter.com/AboutUs.html

I’m from there, and while I know some crime has come in with the commuters (bringing money, of course attract drugs) I always gotta stick up a little for the underdog that is NEPA.

Pat

I had realtives who used to live ther, boughtback in the early 80′s.

One of the big selling points was the fact the train was cloming, and that was in 1983!!, and of courrse still no train.

He did the commute for a few years to Wall Strre and it killed hime, everntualy ended up back in NJ much closer to work.

Also the NY Times did an article on the Poconos a while back, on the huge amount of foreclosures in the area, as the developers made a huge pitch to lower income people from NY % NJ who ccoule never really afford the homes to begin with.

Also gang violence ete. etc. people refer to it now as the ghetto in the woods.

Americans are spending hundreds of thousands on land, a resource that is plentiful. We should be using that money to buy the world but instead the world is buying up America.

Some people can hack the commute for a while, others no.

An odd phenomenon recently is that some NNJ/NYkers are actually getting jobs if they can, up there, or setting up businesses.

So, I guess on these remote homesteading projects, the risk is that the settlers go native.

Pat

Exactly this has been proposed for the Poconos area. Not sure where things stand now.

No area is immune to rising interest rates, no area, that is a fact. The high high end in Bergen Co s absolutely dead. In my own zip code, the market is dead across the board, and what I predicted would happen is happening.

The 600k houses are dropping into the 500′s, the 500′s are dropping into the high 400′s , with 499 seeming to be the hot new asking price, meanwhile the 400′s are dropping into the low 400′s, and the low 400′s are now finally starting to drop into the high 300′s. The point of all of this is that simply is that asking prices are dropping, houses with a 300K nandle have not been seen in my area since 2003.

Meanwhile inventory in my area increases with at least one new listing a day, earlier this week we had 4 in one day. Increasing inventory, decreasing asking prices, nothing selling, and we are now into July.

Finally do not worry about insulting sellers, what does that mean any how, and if they are insulted, tell em you are insulted by their high asking price.

That plan ain’t working.

many will come to regret their greed in trying to extract that small extra gain

They are not unbiased observers, nor can they risk alienating their client base.

The April report was incredibly bearish:

April Otteau Report

I’m wondering if the Otteau organization took some slack for that piece, heck it gave me chills.

Not to disect the Otteau report as if it were the a Fed statement, but you can not overlook this line:

As a result, some of the increases in home prices which occurred over the past several years will likely be reversed as motivated Sellers trade-off lower prices for quicker sales.

Otteau seems to be calling for the reversal of “several years” of price gains. Most surprising indeed.

grim

Crossword puzzle books
being worked on at will.

He mentioned business is
dead. Not even lookers
and he said open houses
are a waste of time.

Indicated that the buyers have caught on and the offers are so
low that sellers are insulted.