Monthly Archives: July 2007

Ratings Agencies “taking heat for the meltdown in the subprime-mortgage market.”

Posted on July 10, 2007 by grim

From the Wall Street Journal: Moody’s Faces the Storm Shares Could Come Under Fire as Ratings Are Questioned Anew By KAREN RICHARDSON and SERENA NG July 10, 2007; Page C1 Still, Moody’s and other credit-rating firms are again taking heat … Continue reading →

Posted in Risky Lending | 307 Comments

No reprieve for real estate

Posted on July 10, 2007 by grim

From Bloomberg: U.S. Housing Sales to Tumble to Six-Year Low on Rates U.S. home sales in 2007 will drop to their lowest level since the start of the five-year housing boom in 2001 as mortgage rates and foreclosures increase, according … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

“So where does their income go?”

Posted on July 10, 2007 by grim

From NJBIZ: Living La Vida Loca in New Jersey Wasn’t it a nice tribute that the most recent U.S. Census put New Jersey as the wealthiest state in the country, per capita income-wise? Well, New Jerseyans sure don’t feel that … Continue reading →

Posted in Economics, New Jersey Real Estate | 7 Comments

“[S]tate legislators jumping to act.”

Posted on July 10, 2007 by grim

From Bloomberg: States Push Ahead With Subprime-Mortgage Laws as Congress Lags State lawmakers, faced with a record number of constituents who may lose their homes, are pressing to pass their own laws to halt mortgage-lending abuses, saying they can’t afford … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on “[S]tate legislators jumping to act.”

“[T]he bursting of the housing bubble will be felt for years.”

Posted on July 9, 2007 by grim

From Barrons: Why a Housing Recovery Is Far Off THE SPEED OF THE DROP IN HOME SALES has slowed over the past few months, leading some commentators to argue that the housing-market crisis will soon be over. But it’s far … Continue reading →

Posted in Housing Bubble, National Real Estate | 363 Comments

“Who would have thought that building home equity in the U.S. was risky?”

Posted on July 9, 2007 by grim

From Bloomberg: Where to Invest If Your Home Equity Evaporates: John F. Wasik If you can’t depend on your home equity increasing during a U.S. housing downturn, where do you turn for growth? U.S. bonds offer cold comfort. With ultra-safe … Continue reading →

Posted in Housing Bubble, National Real Estate | 3 Comments

Never seen anything like this market

Posted on July 9, 2007 by grim

From the Worchester Business Journal: Housing downturn isn’t just hard on sellers Part of the allure of the real estate market is the ability to make a quick buck. For real estate agents in particular, there has historically been the … Continue reading →

Posted in Housing Bubble, National Real Estate | 3 Comments

Get Poor Quick

Posted on July 9, 2007 by grim

From the Houston Chronicle: Real estate guru ‘in a pickle’ J. Michael Ledman nurtured the smooth-talking image of a savvy and successful real estate investment guru. He solicited investors on his Web site. He charged $2,900 and up per person … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

Weekend Open Discussion

Posted on July 8, 2007 by grim

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 →

Posted in General | 471 Comments

“I’m telling you, it can’t miss,”

Posted on July 8, 2007 by grim

From the Baltimore Sun: Subprime snake-oil salesmen promised a quick flip Mom and apple pie may be next. The answer is it seemed such a tried-and-true concept that it fell victim to the same unbridled optimism that fueled the 1990s … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 7 Comments

Ownership out of reach

Posted on July 8, 2007 by grim

From the Philly Inquirer: Squeezed out of a house For just about all but people in the top income brackets, there is a crisis of housing affordability in the United States, observers say. Middle-income American service workers, especially those earning … Continue reading →

Posted in General | 4 Comments

“They put people out on the streets”

Posted on July 8, 2007 by grim

From the Herald News: Shoddy repairs raise homeowners’ concern For roughly a decade, three men running home improvement and financing companies allegedly defrauded dozens of North Jersey homeowners who could least afford the financial hardship. Companies associated with the three … Continue reading →

Posted in New Jersey Real Estate | Comments Off on “They put people out on the streets”

Subprime guidance “won’t make a dent in the subprime crisis”

Posted on July 6, 2007 by grim

From the Baltimore Sun: New U.S. guidelines curb but don’t ban risky home loans It won’t mean the end to no-income verification or high-risk mortgages for subprime homebuyers, but new guidance from federal financial regulators will almost certainly cut their … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Frank targets hedge funds

Posted on July 6, 2007 by grim

From the New York Post: HOUSE SET TO HOLD HEDGE FUND HEARINGS Hedge funds will come under scrutiny next week when two separate House panels hold hearings on the government’s oversight of the lightly regulated sector. House Financial Services Committee … Continue reading →

Posted in Politics, Risky Lending | 2 Comments

“We need to bring a sheriff to town.”

Posted on July 5, 2007 by grim

From the Wall Street Journal: Mortgage Mess Shines Light on Brokers’ Role Job-Hopping Mr. Shaikh Left Trail of Lawsuits, Failed License Exams By RUTH SIMON and JAMES R. HAGERTY July 5, 2007; Page A1 In 2005, World Savings Bank honored … Continue reading →

Posted in National Real Estate, Risky Lending | 173 Comments