Thursday, July 05, 2007

Current Market Conditions 07/05/07

It's difficult to find things to write about because there are so many good blogs out there. But I will continue to periodically update the current market conditions in my corner of Bergen County NJ. As I live in the fall-out zone of Wall Street, prices are still sticky on the way down, however, they are declining modestly. Inventory is up, though not huge. Some houses are at 2003 prices, which is pretty amazing. I don't hear anybody talking about their house as a great "investment". Most people are stuck with the expensive POS they had to buy to live in this area. I still continue to believe it will take a bust on Wall Street to really drop prices in NYC and the fall-out areas of NJ/Westchester. I don't really look forward to it, because I think a lot of people I like will be really hurt. On the other hand, the massive transfer of wealth from savers to borrowers which has transpired over the last 10 years cannot continue. Giving away jobs to China and India in return for low interest rates/high asset prices is no way for a country to do business. "Fat, drunk and stupid is no way to go through life son" - Animal House.