Many of you will know the initials PMI, even more so if you’ve had to take PMI on a mortgage. PMI Group Inc. is a one of the largest mortgage insurance companies around.
The Fall 2005 PMI Economic and Real Estate Trends Report is out, and boy is it a doozy!
PMI Economic and Real Estate Trends Fall 2005
I’m amazed at how quickly sentiment is changing. This report doesn’t hold back any punches, it paints a bleak picture for the real estate market.
Here is some data that is sure to have you clicking..
NJ is in the Top 11 riskiest markets.
Edison, NJ – Overvalued 27.4 %
Newark/Union, NJ – Overvalued 25.6%
NY/White Plains/Wayne, NJ-NY – Overvalued 16.3%
Caveat Emptor,
Grim
I’ve often wondered what “NY/White Plains/Wayne” consists of. Sounds like some hugely gerrymandered congressional district.
Is it those towns individually?
Is it the area formed by a triangle with these locations as its corners?
And what’s so remarkable about Edison? Doesn’t sound like a “real estate market” to me.
Just saying.
I’ve often wondered the same, I’m not sure the origin of the breakdowns myself having seen them appear in numerous places now.
I’ll try to do some research on the actual breakdowns. However, I only look at those numbers and breakdowns to get a feel of the averages. If anyone thinks that Wayne specifically will fall 16% and Edison 26%, you will be largely mistaken.
The only thing you should take away from those numbers is that the North Jersey Region, as a whole, is largely overvalued..
-grim
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CORE BASED STATISTICAL AREAS (CBSAs) AND COMBINED STATISTICAL AREAS (CSAs),
Edison, NJ
Middlesex County New Jersey
Monmouth County New Jersey
Ocean County New Jersey
Somerset County New Jersey
Newark-Union NJ-PA MSA
Essex County New Jersey
Hunterdon CountyNew Jersey
Morris County New Jersey
Sussex County New Jersey
Union County New Jersey
Pike County Pennsylvania
The real question is..
how long will it take for RE market to tank and to what level?
My prediction? 30% down within 2 years. More like 1- 1 1/2 years.
And maybe it will become even worse after 2 years as many people who financed on ARM/IO and their 5 year is UP.
New York-White Plains-Wayne, NY-NJ
Bergen County New Jersey
Hudson County New Jersey
Passaic County New Jersey
Bronx County New York
Kings County New York
New York County New York
Putnam County New York
Queens County New York
Richmond County New York
Rockland County New York
Westchester County New York
Thanks for the breakdowns.
grim
grim,
I read on another forum that you have a property in Krakaw. What’s the story on that one? :)
I love Budapest and Prague — been thinking about buying a vacation home there for a long time.
What’s the process of buying property in former Soviet bloc?
i’ve been checking out the inventory all over NJ. the prices people are asking for some of these s*itboxes is beyond belief. there’s no way in god’s creation these prices are going to hold up. we might get some stickiness in the spring, but after that it’s a slippery slide.