Home Price Declines

Okay, lets cut the fluff and get down to the real meat: housing prices are going to continue to drop in New Jersey, but with the bottom in plain sight according to many chief economists. It is expected that housing will drop approximately 5%-7% further in the residential sector of homes in New Jersey for sale, but probably no more than that. The hardest hit areas will nevertheless be California, Arizona, Nevada, Massachusetts, Florida, New York, DC, Virginia, Maryland, and West Virginia. But homes NJ for sale will probably not go down so much. However, they WILL nevertheless continue to decline for a little while longer.

So when exactly is the bottom of the New Jersey real estate market supposed to hit? It seems plausible that by the middle of the year, well be there. By then, it is estimated that across the country, the average average fall of housing prices will be about 33%. That is huge, but the areas that are hit the hardest are what makes that number look so daunting. New Jersey should not get hit so hard as the rest of those places, but it will take a small hit and prices will go down further. In fact, homes New Jersey for sale should be some of the best investments out there, after the prices are finished declining. The outlook in 2009 for New Jersey real estate, is that the bottom IS near. However, prices of homes in NJ for sale will continue to decline.

The bottom in NJ and everywhere else, may already come a little faster with the help of the Stimulus Package. But, it depends how much of that money is allocated to causes that will really help the housing market. presumably, the 3.5 million jobs that the plan will hopefully create, will help to stimulate the realty market here in NJ, but if it does not work, prices of NJ homes for sale will continue to fall. Prices will continue to decline on NJ homes for sale, at the minimum until the end of 2009.

All in all, I believe that residents of New Jersey can expect our real estate market to hit a bottom towards the end of 2009. All signs point to a leveling off of prices of homes in New Jersey for sale, with prices decreasing until then. already some of the most negative economists out there can see light at the end of the tunnel. Lets just hope, for the sake of NJ, that they are correct.

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