Monthly Archives: March 2007

Is the decline over or just beginning?

Posted on March 26, 2007 by grim
Posted in New Jersey Real Estate, Risky Lending | 35 Comments

From NJBIZ (Great site if you aren’t already a visitor):

New Home Sales at 7 year low

Posted on March 26, 2007 by grim
Posted in Economics, New Development | 52 Comments

From MarketWatch: New-home sales fall to 7-year low in February Sales of new-homes unexpectedly slowed again in February, falling 3.9% to a seasonally adjusted annual rate of 848,000, the lowest since June 2000, the Commerce Department reported Monday. Economists surveyed … Continue reading →

Subprime deals “falling apart”

Posted on March 26, 2007 by grim
Posted in Risky Lending | 72 Comments

From Newsday: Not prime time to buy Bay Shore resident Thomas Vitti is getting over the threshold just under the wire: If he and his wife don’t close on their new home in Islip Terrace by the end of the … Continue reading →

2007 foreclosures expected to be up 33%

Posted on March 26, 2007 by grim
Posted in Risky Lending | 6 Comments

From BusinessWeek: The Forecast for Foreclosures Michele Johnson is no stranger to desperate phone calls, but lately they’ve become an even more regular occurrence. Johnson, who is chief executive of the Consumer Credit Counseling Service of Southern Nevada & Utah, … Continue reading →

Weekend Open Discussion

Posted on March 25, 2007 by grim
Posted in General | 197 Comments

This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Foreclosures rapidly rising

Posted on March 25, 2007 by grim
Posted in Risky Lending | 2 Comments

From the Philly Inquirer: Subprime loans start inflicting pain By now, you’ve likely heard that mortgage delinquency and foreclosure rates are rising rapidly. Fourth-quarter 2006 statistics from the Mortgage Bankers Association of America show an increase of 57 basis points … Continue reading →

Boardwalk North

Posted on March 25, 2007 by grim
Posted in New Development, New Jersey Real Estate | 1 Comment

From the Hudson Reporter: Slots in the swamp Manzo, whose district includes all of Bayonne and parts of Jersey City, put his cards on the table when he explained his initiative and the potential benefits of bringing the gaming industry … Continue reading →

Lowball! March 2007

Posted on March 24, 2007 by grim
Posted in Lowball | 19 Comments

Welcome to another edition of Lowball! Lowball! takes a look at home sales from a different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the … Continue reading →

February Existing Home Sales

Posted on March 23, 2007 by grim
Posted in Economics | 172 Comments

From Bloomberg: Home Resales in U.S. Rose 3.9% Last Month to 6.69 Million Rate Sales of previously owned homes in the U.S. unexpectedly rose in February at the fastest pace in three years, a sign the housing market is still … Continue reading →

Will Subprime Self-regulate?

Posted on March 23, 2007 by grim
Posted in Risky Lending | 7 Comments

From the St. Louis Post Dispatch: Reform, not rescue As homeowners by the millions fall behind on their subprime mortgages, cries for a government bailout are starting to echo through Washington. That would be a very bad idea. It would … Continue reading →

Passaic County to sell golf course

Posted on March 23, 2007 by grim
Posted in Politics, Property Taxes | 1 Comment

From the Herald News: Paterson Freeholders OK layoffs, sale of golf course; taxes won’t go down The Passaic County freeholders voted Thursday to begin a process that could culminate in 200 to 300 county employees losing their jobs and the … Continue reading →

What to do when foreclosure is looming?

Posted on March 23, 2007 by grim
Posted in National Real Estate, Risky Lending | 5 Comments

From USA Today: Foreclosure hurts long after home’s gone, so cut a deal while you can If you’re lying awake at night, fretting about whether you’ll lose your house to foreclosure, you may not be the only insomniac on your … Continue reading →

Buying your vote?

Posted on March 23, 2007 by grim
Posted in Politics, Property Taxes | 1 Comment

A letter from Rob Kealey published in the Courier Post: Two choices Is your vote for sale? Our legislators, who are all up for re-election, think so, and they want to buy it in this year’s bloated $33.3 billion budget. … Continue reading →

Down payments in style again

Posted on March 22, 2007 by grim
Posted in Risky Lending | 104 Comments

From Bloomberg: Subprime Loan Meltdown Engulfs Even Borrowers With Good Credit The subprime credit crunch is beginning to ensnare even borrowers with good credit. Lenders are increasingly refusing to lend to homebuyers who can’t make a down payment of more … Continue reading →

“New Jersey has shed 900 jobs in 2007″

Posted on March 22, 2007 by grim
Posted in Economics | 9 Comments

From the Record: 6,200 positions lost; cold snap blamed New Jersey lost 6,200 jobs in February, more than wiping out the January employment surge, state officials said Wednesday, as colder weather than normal hurt the construction and hospitality industries. That … Continue reading →