V, Home Buyer in New Jersey

I just read in an earlier question that the Northern Bergen County real estate market has been quite stable

Asked by V, New Jersey Wed Mar 12, 2008

over the last year. Ide like to get input on the following question: From a resale perspective, would it be better to buy a house in an area like the above, or would it be better to buy a house at a steep discount ( relative to its value previously) in an area that has depreciated significantly? ( Say the period I hold onto the house is 5-7 years)

How are the following markets in terms of stability/declining prices:
Chatham/Madison area
Montville Area
Essex county area around West Orange, Caldwells, Montclair?

Thanks!

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