How much less are houses worth,then a little over two years ago,thanks tom.?

Asked by Tom, Hackettstown, NJ Fri May 21, 2010

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Kamal Salim, Agent, Davie, FL
Sat May 22, 2010
Hello Tom

In the Miami Area, Home prices have dropped over 25% in some areas, and only about 6 to 8% in areas jost 2 or 3 miles away from the first. Prices in Coral Gables and Key Biscayne for example have gone up about 3% so far this year, and it is on the rise. (This of course does not include condominiums). I don't really know the NY area all that much, but I am assuming that it would depend on the area, and on the amount of house in that area that have gone sour and/or into foreclosure
Web Reference:  http://www.kamalsalim.com
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Manu Kapoor, Agent, New York, NY
Sat May 22, 2010
According to Wall Street Journal the house prices could go further 10% down in certain cities, ultimately taking off in 2011.
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Debra (Debbi…, Agent, Livingston, NJ
Fri May 21, 2010
Tom
The answer to your question can vary greatly from state to state, town to town......so we have to be careful how we respond........as far as values "stabilizing at 2003 prices" - that is not true in my area at all. I just sold 2 homes that were both bought in 2004 - in 2 different, but side-by-side towns.....1 sold for slightly over 3% of the 2004 price (no major renovations - just an updated bath) , and the other one (in a town that sells higher) sold for slightly over 10% of the 2004 price (w/1 updated bath that already existed).

Check with a Lodi agent, if that's where you are selling or buying , to see what the numbers look like there as compared to 2 years ago.

Good luck!.
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Barbara Ostr…, Agent, Closter, NJ
Fri May 21, 2010
In NJ, the prices dropped between 6-8% over the past couple of years and generally speaking are judged to have stabilized now at 2003 levels. NOW is the time to buy! The interest rates are really excellent (below 5%) and you should get preapproved. Give Coldwell Banker Mortgage (888-538-5732) a call to review your financial status and determine a price range based on income, debts, desired monthly payments, potential property taxes depending on where you want to live, etc. They can usually pre-approve you over the phone in 15 minutes or less, and email you the pre-approval.

If you would like to work with me in Bergen County, give me a call (201-262-6600 x144) or let me know where you want to look and I can refer you to an experienced realtor!
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Shane Anders…, Agent, Brookings, SD
Fri May 21, 2010
In the South Dakota area, there has been a small decline, but nothing like they have seen on the east & west coast.
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Jerry Barker, Agent, Atlantic City, NJ
Fri May 21, 2010
In Atlantic county in April 2008 the average price of houses that sold was $315,000 out of 173 homes, and in April of 2010 the average price of the homes sold was $301,000 out of 180 homes.

Prices may still decline for the next ten years, to read more about that click the following link: http://mortgagesloans.suite101.com/article.cfm/foreclosures-…

To read my 2010 Real Estate Outlook, click the following link: http://flipping-real-estate.suite101.com/article.cfm/2010_re…
Web Reference:  http://www.sjrates.com
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