Review of the Standard and Poor's Case/Shiller National Home Price Index vs. South Jersey Home Prices

Here is a snap shot of Burlington, Camden, Gloucester, and Salem county average home prices since the first quarter of 2008 through the first quarter of 2010:

Burlington | Camden | Gloucester | Salem

2008

1st Quarter $255,200 $200,700 $226,300 $199,000 _________________________________________________________________________________

2nd Quarter $278,700 $218,800 $234,300 $194,200 _________________________________________________________________________________

3rd Quarter $273,200 $218,700 $238,900 $188,600 _________________________________________________________________________________

4th Quarter $250,700 $199,100 $234,100 $177,700 _________________________________________________________________________________

Burlington | Camden | Gloucester | Salem

2009

1st Quarter $234,900 $188,300 $211,000 $157,200 _________________________________________________________________________________

2nd Quarter $247,000 $200,800 $224,700 $172,900 _________________________________________________________________________________

3rd Quarter $249,300 $210,200 $218,100 $179,900 _________________________________________________________________________________

4th Quarter $241,700 $191,600 $206,700 $150,600 _________________________________________________________________________________

Burlington | Camden | Gloucester | Salem

2010

1st Quarter $243,800 $190,400 $205,100 $155,500 _________________________________________________________________________________

Since measuring the four counties average sales prices from the 1st quarter of 2008, Camden and Burlington counties both hit their highest average sales price in the 2nd quarter of 2008. Gloucester County's highest average sales price was in the 3rd quarter of 2008. Salem County's highest average sales price was in the 1st quarter of 2008. Camden and Burlington counties both hit their lowest average sales price in the 1st quarter of 2009. Salem County's lowest average sales price was in the 4th quarter of 2009. Gloucester County's lowest average sales price was in the 1st quarter of 2010.

The data supplied does not show any 'long-lived' trends when reviewing the statistics for most of the counties. However, Gloucester County has had three consecutive down quarters leading up to the most recent quarter (1st 2010). Camden and Burlington counties are mirror images of themselves, having two up quarters in the 2nd and 3rd quarters respectfully, but then having two down quarters in a row for the 4th quarter of 2009 and the first quarter of 2010. Salem County is the most volatile of the four counties. Salem had two consecutive up quarters (2nd and 3rd) in 2009 but then hit a low in this study in the 4th quarter of 2009, then, unpredictably bounced back in the 1st quarter in 2010.

As of May 2010, Gloucester County has been in the longest decline, Salem County has had a slight bounce back, and Burlington and Camden County have been down in the last two quarters from the previous positive quarters in 2009.

Even with all the four counties struggling to get into a consistent, positive direction, they all have consistently performed better than the Standard and Poor's\ Case Shiller national home price index, which means this area of New Jersey is weathering the 'housing storm' better than the 9 consensus areas the