Monthly Archives: March 2006

From the New York Times: A Gritty Area With Awesome Views PATERSON — THIS is a city with a reputation for being old, gritty and tired, but it has a natural wonder that is mostly a secret to outsiders: magnificent … Continue reading →

Listings As of 3/31 Total Active Listings: 197 Up To $500,000: 116 $500,001 – $1,000,000: 79 $1,000,001 And Up: 2 Listing Activity Since 3/1 86 Added 16 Back on Market 60 Price Reductions 63 Under Contract 44 Sold 34 Expired … Continue reading →

From Bloomberg this morning: `For Sale’ Signs Rise, Home Sellers Cut Prices as Fed Tightens Maryam Safai’s 5,000-square-foot, five-bedroom colonial in Mahwah, New Jersey, has been on the market for a year, even after three reductions in asking price. “I’m … Continue reading →

From the BEA: News Release: Personal Income and Outlays Personal income increased $31.5 billion, or 0.3 percent, and disposable personal income (DPI)increased $21.7 billion, or 0.2 percent, in February, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) … Continue reading →

I certainly can’t recommend buying right now, but many readers have been wondering just who has been buying and who has been putting in those bids. Well it turns out there is a big fish in town. So if I … Continue reading →

The BLS released their monthly labor report this morning: REGIONAL AND STATE EMPLOYMENT AND UNEMPLOYMENT: FEBRUARY 2006 (PDF) The seasonally adjusted unemployment rate rose to 4.7% in February from 4.5% in January. February also saw a year over year rise … Continue reading →

Listings As of 3/30 Total Active Listings: 83 Up To $500,000: 8 $500,001 – $1,000,000: 43 $1,000,001 And Up: 32 Listing Activity Since 3/1 27 Added 3 Back on Market 17 Price Reductions 14 Under Contract 12 Sold 11 Expired … Continue reading →

Time again for the Northern New Jersey Weekly Residential Inventory Update. Sorry it was delayed by a day, the data was compiled yesterday but not posted. We broke through 14,000 on GSMLS and will likely break through 7,000 on the … Continue reading →

The Office of the Comptroller of the Currency recently issued a proposal for revising guidance on nontraditional mortgages. The office also requested comments on the proposal from banks, lenders, and financial institutions. The comments period was extended and it’s deadline … Continue reading →

Not local, but certainly relevant. Danielle DiMartino from the Dallas Morning News put together a nice primer on how the mortgage market poses a systemic risk to our entire financial system.. From the Dallas Morning News: Systemic risk is on … Continue reading →

From Bloomberg: Fed Raises Rate, Holds Out Prospect of More Increases The Federal Reserve, beginning a new era under Chairman Ben S. Bernanke, raised the main U.S. interest rate to 4.75 percent and held out the prospect of further increases. … Continue reading →

From the Wall Street Journal: The New Rules Of Real Estate As the spring selling season moves into high gear, the cooling housing market is upending the conventional wisdom that guided buyers and sellers during the housing boom. The changing … Continue reading →

From the Associated Press: Forecasts: Northeast Due for Big Hurricane New England could be in for a big one. Meteorologists say conditions — including warmer temperatures in the Atlantic Basin and cooler temperatures in the Pacific Ocean — are ripe … Continue reading →

I’m sure everyone will be waiting on the edge of their seats for the Fed Open Market Committee policy statement at 2:15pm (EST) this afternoon. A quarter point rate increase is widely expected by the market. The big unknown will … Continue reading →

At A Glance: Sparta, NJ Listings As of 3/27 Total Active Listings: 148 Up To $500,000: 68 $500,001 – $1,000,000: 61 $1,000,001 And Up: 19 Listing Activity Since 3/1 64 Added 8 Back on Market 22 Price Reductions 37 Under … Continue reading →