Monthly Archives: October 2006

“We’re in the middle of a correction.”

Posted on October 29, 2006 by grim
Posted in Housing Bubble, New Jersey Real Estate | 64 Comments

From the Daily Record: Home prices in Morris rise 11.6% BY WARREN BOROSON John and Tonae Veltri of Montville put their Longview Estates townhouse on the market July 25 for $750,000 — what homes in their upscale development had been … Continue reading →

Can financial disincentives benefit affordable housing?

Posted on October 29, 2006 by grim
Posted in New Development, New Jersey Real Estate | 12 Comments

From the Jersey City Reporter: 120-page affordable housing plan coming By Ricardo Kaulessar Jersey City plans to deal with its shortage of affordable housing with a plan outlined in a 120-page internal document that may be released to the public … Continue reading →

Bringing down the house

Posted on October 28, 2006 by grim
Posted in Housing Bubble, New Jersey Real Estate | 30 Comments

From the Herald News: Slump bringing down the house By HEATHER HADDON Lynn Tedesco and her real estate agent have tried everything. They’ve set out cookies and finger sandwiches during open houses at her Totowa home. Every inch of the … Continue reading →

The Hoboken of Union County

Posted on October 28, 2006 by grim
Posted in New Development, New Jersey Real Estate | 2 Comments

From the New York Times: Can a Face Lift Offer a New Identity? By ANTOINETTE MARTIN WHAT is the first thing that comes to mind when this city’s name is mentioned? For many outsiders it may be the Rahway State … Continue reading →

A Paterson Rebirth?

Posted on October 28, 2006 by grim
Posted in New Jersey Real Estate | 14 Comments

From the New York Times: Rough, but Readier for a Close-Up By JERRY CHESLOW GEORGIA DANIEL, a retired college administrator, says her friends told her she was crazy for moving into Paterson from nearby West Orange five years ago. With … Continue reading →

For Sale… and Rent

Posted on October 27, 2006 by grim
Posted in Housing Bubble, National Real Estate | 25 Comments

From Newsday: For sale (or for rent) Some sellers trapped by slow sales are seeking renters for a short-term solution BY KARIN LIPSON In January, when retired psychologists Ben Schwartz, 77, and wife, Peppi, 76, put their Commack home of … Continue reading →

Q3 GDP slips to 1.6%

Posted on October 27, 2006 by grim
Posted in Economics | 14 Comments

From Bloomberg: U.S. Growth Slows to 1.6% Rate as Homebuilding Slumps Economic growth in the U.S. cooled to a 1.6 percent annual rate in July through September, the slowest since early 2003, as housing slumped and the trade deficit widened. … Continue reading →

Should Highlands landowners be compensated?

Posted on October 27, 2006 by grim
Posted in New Development, New Jersey Real Estate, Politics | 21 Comments

From the Daily Record: Highlands residents, environmentalists speak out BY COLLEEN O’DEA Hurry up, but do it right, was the common theme of comments from the public Thursday to the New Jersey Highlands Council during its first full, on-the-record public … Continue reading →

New Home Sales Up, Prices Down 9.7%

Posted on October 26, 2006 by grim
Posted in Economics, Housing Bubble, National Real Estate, New Development | 26 Comments

From Marketwatch: U.S. new-home prices plunging at fastest pace in 36 years The median sales price of a new home fell 9.7% in the 12 months ending in September, the fastest price decline in nearly 36 years, the government said … Continue reading →

Want lower property taxes? Trade them for higher income taxes!

Posted on October 26, 2006 by grim
Posted in Politics, Property Taxes | 12 Comments

From the Home News Tribune: Group calls for income-tax hike to lower property taxes New Jersey’s income tax should be relied on more as the state looks to cut the nation’s highest property taxes, a liberal-leaning policy group said yesterday … Continue reading →

Renovations don’t always pay off

Posted on October 26, 2006 by grim
Posted in General | 8 Comments

From the Wall Street Journal: Renovations That Pay Off By TERRI CULLEN My brother-in-law Brian and his wife Colleen are in the process of renovating their home in northern New Jersey, for both practical and aesthetic reasons. They have changes … Continue reading →

Proposals Unveiled

Posted on October 26, 2006 by grim
Posted in Politics, Property Taxes | 1 Comment

From NJ.com: Panel unveils proposals to help reduce property taxes By Tom Hester One of four special joint legislative committees given the task of recommending ways to cut New Jersey property taxes has come up with a dozen proposals that … Continue reading →

Merge Rumson and Seabright?

Posted on October 26, 2006 by grim
Posted in Politics, Shore Real Estate | 30 Comments

From the Hub: A tale of two towns BY SUE MORGAN Though he is not Charles Dickens, borough resident Andrew Mencinsky has authored a proposal to merge his hometown and its neighbor across the river. To Mencinsky, the result could … Continue reading →

September Existing Home Sales

Posted on October 25, 2006 by grim
Posted in Economics, National Real Estate | 206 Comments

From the AP via Yahoo News: Sales of Existing Homes Fall for 6th Month With Annual Price Drop Biggest on Record Sales of existing homes fell for a sixth straight month in September and the median sales price dropped on … Continue reading →

Fed stands at 5.25%

Posted on October 25, 2006 by grim
Posted in General | 15 Comments

From the Fed: FOMC Policy Statement The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth has slowed over the course of the year, partly reflecting a cooling of … Continue reading →