Monthly Archives: August 2006

From the New York Sun: Housing Bubble Horror: Market Has Makings for a Gory Story Investment crazes come and go, invariably bloodying the eager buyers who are 100% convinced they’ve latched on to a sure-fire winner. The Dutch tulip bulb … Continue reading →

I always thought it was apple pie, but maybe that’s just a regional thing. From the Philly Inquirer: What would a housing recession mean? Mmmm… smell the brownies? They’re gooey, chocolaty – and they carry the unmistakable whiff of economic … Continue reading →

From Marketwatch: From Financial Sense Online: Real Estate: About to Get Worse It’s looking like 1990 all over again… 1990 was the last time homes were unaffordable. The confidence of homebuilders was at a record low (and about to go … Continue reading →

From the New York Times: New Signs of Cooling in Housing The housing market is deteriorating by the month. In the latest and strongest indication that the home buying and selling frenzy is over, the National Association of Realtors reported … Continue reading →

New Home Sales data was released by the Census Dept. this morning: NEW RESIDENTIAL SALES IN JULY 2006 Sales of new one-family houses in July 2006 were at a seasonally adjusted annual rate of 1,072,000, according to estimates released jointly … Continue reading →

From the Courier News: Property tax rate going up in Middlesex Even after $500,000 in state aid to help keep property taxes in check, borough residents will see a 49-cent increase in the property tax rate this year, Municipal Treasurer … Continue reading →

This one is for everyone that suggested pension changes and cutbacks as a potential solution to the property tax problem. From the APP: Lawmakers told they can’t cut current workers’ pensions Lawmakers looking to lessen property taxes by cutting back … Continue reading →

From Marketwatch: Recession will be nasty and deep, economist says The United States is headed for a recession that will be “much nastier, deeper and more protracted” than the 2001 recession, says Nouriel Roubini, president of Roubini Global Economics. Writing … Continue reading →

GSMLS – http://www.gsmls.com (Garden State Multiple Listing Service) Single Family Homes, Condo, Coop (Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties) 8/16 – 18,738 8/23 – 18,720 (0.1% Decrease) NJMLS – http://www.njmls.com (New Jersey Multiple Listing Service) Single … Continue reading →

From the AP: Existing home sales drop in July Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that … Continue reading →

From the Voice of San Diego: Real Estate Psych Spike There are neat charts of data. There are colorful 3-D trend graphs. There are historic accounts and industry predictions. And then there’s emotion. That psychology is what many real estate … Continue reading →

From the Wall Street Journal (via Moneyweb): Housing slump proves painful for some owners and builders ‘Hard landing’ on the coasts jolts those who must sell. For years, real-estate brokers and home builders promised that the soaring property market eventually … Continue reading →

I’m posting this additional data based on a comment made to me on another forum. Someone accused me of selecting the date ranges I use in such a way as to accentuate the decline we are seeing. The comment made … Continue reading →

2006 Q2 HOI spreadsheets were released by the NAHB today: NAHB-Wells Fargo Housing Opportunity Index (HOI) Q2 – Northeast Least Affordable 1 – New York-White Plains-Wayne, NY-NJ 2 – Nassau-Suffolk, NY 3 – Barnstable Town, MA 4 – Ocean City, … Continue reading →

Preliminary July sales data for Northern New Jersey is in.. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the graph, it is set to 1000, not to zero. … Continue reading →