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New Jersey home prices are dropping by an average of about 1 percent a month, and will likely not stabilize before the fourth quarter, appraiser Jeffrey Otteau said today. He predicted a 9 percent decline in prices for 2009 overall....
While many potential buyers are waiting for home prices to fall further, Otteau said if they wait too long they may lose the benefit of low mortgage rates, which recently have hovered around 5 percent. If interest rates rise just one percentage point, he said, that raises monthly payments as much as a 9 percent increase in home prices.
Jeffrey Otteau, a Real Estate Appraiser reporting for the Herald News
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