Monthly Archives: August 2007

Weekend Open Discussion

Posted on August 31, 2007 by grim
Posted in General | 318 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 →

Bush addresses subprime crisis

Posted on August 31, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 46 Comments

From the Wall Street Journal: Bush Moves to Aid Homeowners By DEBORAH SOLOMON August 31, 2007; Page A4 President Bush, looking for ways to respond to the subprime-mortgage crisis, will outline a series of policy changes and recommendations today to … Continue reading →

Scams increase along with foreclosures

Posted on August 31, 2007 by grim
Posted in New Jersey Real Estate | Comments Off

From the Times Trenton: Foreclosure opening the door for scam artists As the number of foreclosed homes in New Jersey keeps rising, so does the list of people looking to defraud those who have lost their properties, state consumer affairs … Continue reading →

Asbury redevelopment in question

Posted on August 30, 2007 by grim
Posted in New Development, New Jersey Real Estate | 12 Comments

From the Asbury Park Press: It’s being built, and they’re coming. . . albeit slowly: Market slump makes buyers, not building, Asbury’s priority The beachfront developers getting the headlines this summer have been the men showing their money — Metro … Continue reading →

Maryland examines regulation, legislation

Posted on August 30, 2007 by grim
Posted in National Real Estate, Risky Lending | 2 Comments

From the Baltimore Sun: Lending reforms explored in Md. With the mortgage-sparked credit crisis expected to worsen over the next year, Maryland lawmakers are exploring legislation aimed at protecting consumers and forcing lenders to examine a borrower’s qualifications more carefully … Continue reading →

Pennsylvania’s proposed regulation

Posted on August 30, 2007 by grim
Posted in National Real Estate, Risky Lending | Comments Off

From the Observer Reporter: New mortgage rules sought Pennsylvania’s acting secretary of banking told lawmakers Wednesday the state needs to toughen its regulation of mortgage companies. But during an informational meeting with members of the state House Commerce Committee chaired … Continue reading →

“There’s a high presence of risky [mortgage] loans and a massive overhang of homes for sale”

Posted on August 29, 2007 by grim
Posted in Housing Bubble, National Real Estate | 354 Comments

From the Wall Street Journal: Steep Home-Price Drop Stirs Fears Market May Get Worse Still As Effect of Stricter Lending Has Yet to Show Up in Data By KELLY EVANS August 29, 2007; Page A3 The decline in U.S. home … Continue reading →

Six-year reign is over

Posted on August 29, 2007 by grim
Posted in Economics, New Jersey Real Estate | 2 Comments

From the Record: N.J. loses its place at the top New Jersey’s six-year reign as the state with the highest household income is over, according to U.S. Census Bureau data released Tuesday. The state, with a median household income of … Continue reading →

CIT to close Livingston lending unit

Posted on August 29, 2007 by grim
Posted in General | 2 Comments

From the Record: CIT will end home mortgage operation CIT Group Inc., the nation’s largest independent commercial-finance company, said Tuesday it will close its Livingston-based home-lending unit and eliminate 550 jobs around the country within the next 30 to 60 … Continue reading →

NY’ers are minority buyers

Posted on August 29, 2007 by grim
Posted in New Development, New Jersey Real Estate | Comments Off

From the Jersey Journal: Locals snap up Jersey City condos Real estate pundits love to highlight New York City’s supposed love affair with Jersey City’s real estate market, citing the familiar trend of Big Apple residents being seduced across the … Continue reading →

Lies, damn lies, and statistics

Posted on August 29, 2007 by grim
Posted in Economics, National Real Estate | 4 Comments

From the Home News Tribune: CPI fraud directly linked to subprime credit crisis In 1983, the Bureau of Labor Statistics was faced with an awkward dilemma. If it continued to include the cost of housing in the Consumer Price Index, … Continue reading →

“There are going to be no happy endings here”

Posted on August 28, 2007 by grim
Posted in Housing Bubble, National Real Estate | 326 Comments

From the Wall Street Journal: Inventories of Homes Rise Sharply By SUDEEP REDDY August 28, 2007; Page A2 U.S. sales of existing homes fell slightly in July, but a surge in inventories set the stage for a steeper slump and … Continue reading →

A “choice recipe for further sales declines this fall and into the winter”

Posted on August 28, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | 3 Comments

From the Courier Post: Area home sales, prices down Housing sales slid to the slowest rate nationwide in July. Quarterly statistics for southern New Jersey showed a sharp decline in volume with the exception of the shore. The only community … Continue reading →

Home equity loan standards tighten

Posted on August 28, 2007 by grim
Posted in National Real Estate, Risky Lending | 1 Comment

From USA Today: Your Money: Home-equity loans tougher to get Back when the real estate market was flying at 30,000 feet, getting a home-equity line of credit was a pretty straightforward process. You called a toll-free number, asked for a … Continue reading →

July Otteau Report

Posted on August 27, 2007 by grim
Posted in Economics, New Jersey Real Estate | 91 Comments

From the Otteau Valuation Group: HOUSING MARKET IMPROVES SLIGHTLY, INVENTORY STOPS RISING The decline in the housing market which began during the 2nd half of 2005 is evidenced by the rising tide of unsold homes on the market. While there … Continue reading →