Monthly Archives: July 2007

“It’s a very, very serious issue.”

Posted on July 19, 2007 by grim

From Bloomberg: Syron, Chanos, Faber Say More Losses Coming in Subprime Bonds The worst is yet to come for mortgage bonds as more holders are forced to sell the securities in a falling market, Freddie Mac Chief Executive Officer Richard … Continue reading →

Posted in Economics, National Real Estate | 371 Comments

NJ job growth trails nation

Posted on July 19, 2007 by grim

From the Asbury Park Press: Job growth lackluster in state New Jersey added 9,600 jobs during the first half of the year, evidence that the state’s job market is growing slower than both the nation and previous economic expansions, experts … Continue reading →

Posted in Economics, New Jersey Real Estate | 6 Comments

Good Riddance 2/28

Posted on July 19, 2007 by grim

From MarketWatch: Washington Mutual to stop offering certain subprime loans Washington Mutual Inc. , the largest U.S. savings and loan, has become the latest home lender to eliminate some of the riskiest mortgages to borrowers with scuffed credit or heavy … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Good Riddance 2/28

Subprime funds “practically wiped out”

Posted on July 18, 2007 by grim

From the Wall Street Journal: Subprime Uncertainty Fans Out Bear’s Hedge Funds Are Basically Worthless; More Bond Fire Sales By KATE KELLY , SERENA NG and MICHAEL HUDSON July 18, 2007; Page C1 Investors in two troubled Bear Stearns Cos. … Continue reading →

Posted in National Real Estate, Risky Lending | 243 Comments

Fed widens scope of regulation

Posted on July 18, 2007 by grim

From the AP: Federal Reserve, states to probe subprime lenders Federal and state banking regulators on Tuesday said they would step up their scrutiny of lenders that make home loans to people with shaky credit, focusing on companies that operate … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Fed widens scope of regulation

Builder sentiment sinks to new lows

Posted on July 18, 2007 by grim

From Reuters: Builders’ confidence drops to 16-year low US home builder sentiment slid in July to its lowest since January 1991 as fallout from the housing slump and subprime mortgage crisis caused a glut of new homes, the National Association … Continue reading →

Posted in National Real Estate, New Development | 23 Comments

No relief for first time buyers

Posted on July 17, 2007 by grim

From USA Today: First rung on property ladder gets harder to reach Headlines about skidding home sales and prices portray a buyer’s market for real estate. For first-time buyers, though, the view is quite different. For them, the market is … Continue reading →

Posted in Housing Bubble, National Real Estate | 357 Comments

“A complete and thorough rip-off of taxpayers.”

Posted on July 17, 2007 by grim

From the Home News Tribune: End rental deals for Somerset County workers Somerset County rentals are among the most expensive in the region — unless, that is, the occupant is employed by the county’s Park Commission. According to a consultant’s … Continue reading →

Posted in General | 4 Comments

Lehigh Valley market weakens in June

Posted on July 17, 2007 by grim

From the Morning Call: House sales still dropping The number of homes sold in the Lehigh Valley continued to fall last month, as average home prices dipped slightly and the time homes sat on the market before selling lengthened. At … Continue reading →

Posted in National Real Estate | 1 Comment

“There are likely many more very small builders and developers in distress”

Posted on July 17, 2007 by grim

From the Wall Street Jounal: Loan Spree to Come Back Against Small Banks By DAVID ENRICH July 17, 2007; Page A12 Falling home prices are about to take a big bite out of many midsize banks’ profits. Until recently, banks … Continue reading →

Posted in National Real Estate, New Development | 1 Comment

The end of easy money?

Posted on July 17, 2007 by grim

From Bloomberg: Goldman, JPMorgan Stuck With Debt They Can’t Sell to Investors Goldman Sachs Group Inc., JPMorgan Chase & Co. and the rest of Wall Street are stuck with at least $11 billion of loans and bonds they can’t readily … Continue reading →

Posted in General | Comments Off on The end of easy money?

Easy money “won’t cure the bust.”

Posted on July 16, 2007 by grim

From Bloomberg: Fed Isn’t Boxed in by Open Windows or Dry Powder Eons ago, when Alan Greenspan was running the Federal Reserve and transparency was something between him and favored journalists, there was a lot more excitement about policy meetings … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 156 Comments

Gimmicks, robbery, and “financial ruin”

Posted on July 16, 2007 by grim

From the Home News Tribune: Proposed sale of toll revenue nothing short of highway robbery In one of New Jersey’s most elaborate fiscal gimmicks since Gov. Jim Florio had the state sell itself a portion of a New Jersey highway … Continue reading →

Posted in Politics | 6 Comments

Goldman “a boon for local job hunters”

Posted on July 16, 2007 by grim

From the Jersey Journal: Company lowers the estimate of residents to work at new tower Goldman Sach’s proposed second office tower at 50 Hudson St. will prove a boon for local job hunters, according to Joseph J. Seneca, a Rutgers … Continue reading →

Posted in New Development, New Jersey Real Estate | 1 Comment

Capping capital contribution fees

Posted on July 16, 2007 by grim

From the Courier Post: Corzine to review bill on N.J. condo fees What started out as litigation here is now legislation in Trenton that will limit but also legalize a standard practice of charging an upfront fee to condominium buyers. … Continue reading →

Posted in New Jersey Real Estate | Comments Off on Capping capital contribution fees