Monthly Archives: August 2007

“The market in New Jersey has been our friend.”

Posted on August 22, 2007 by grim
Posted in New Development, New Jersey Real Estate | Comments Off

From the Record: Ailing builder bets on N.J. New Jersey is the key to Tarragon Corp.’s survival, the real estate development company’s top executive says. Tarragon has been slammed by the sinking real estate and credit markets, forcing the Manhattan-based … Continue reading →

“Now forget it. It’s not happening.”

Posted on August 21, 2007 by grim
Posted in New Jersey Real Estate, Risky Lending | 292 Comments

From the Press of Atlantic City: Local mortgage shoppers find it’s not so easy A single mother who earns $14.20 per hour at Tropicana has found herself in the same position as the owner of a law practice and three … Continue reading →

Lending regulation draws criticism, argument, lawsuits

Posted on August 21, 2007 by grim
Posted in National Real Estate, Risky Lending | Comments Off

From the Wall Street Journal: BORROWING TROUBLE Illinois Tries New Tack Against Predatory Loans Its First Effort Drew Charges of Racism; Mortgage Brokers Revolt By AMY MERRICK August 21, 2007; Page A1 The Illinois legislature this month passed a law … Continue reading →

NJ foreclosures up 52% YOY

Posted on August 21, 2007 by grim
Posted in National Real Estate, Risky Lending | Comments Off

From RealtyTrac: Foreclosure Activity Increases 9 Percent in July According to RealtyTrac(TM) U.S. Foreclosure Market Report RealtyTrac(R) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 … Continue reading →

Troubles hit Tarragon

Posted on August 21, 2007 by grim
Posted in New Development, New Jersey Real Estate | Comments Off

From the Record: Tarragon facing financial woes The builder of two major North Jersey condominium projects said work is continuing even as the company fights to avoid bankruptcy in the real estate market meltdown. New York City-based Tarragon Corp., which … Continue reading →

“[S]till room to profit on lower-price homes.”

Posted on August 21, 2007 by grim
Posted in New Jersey Real Estate | Comments Off

From the Record: Days are numbered for low-price haven in Englewood Rents are so low at Forest Park Gardens, it really does feel like an enchanted forest. Apartments in the 1960s-era cul-de-sac go for as low as $524 and top … Continue reading →

Transforming wealth into debt

Posted on August 20, 2007 by grim
Posted in Economics, Housing Bubble, National Real Estate | 242 Comments

From the NY Times: Debt and Spending May Slow as Housing Falters, Fed Suggests A new research paper co-written by the vice chairman of the Federal Reserve says that consumer debt soared over the last six years mainly because of … Continue reading →

JC market “still very strong.”

Posted on August 20, 2007 by grim
Posted in New Jersey Real Estate | 2 Comments

From the Jersey Journal: HIGH-ROLLER HIGH-RISE Who says the real estate market is cooling off? It’s still red-hot on the Hudson County waterfront, where a high-roller has purchased two condos on the top two floors of a Jersey City development … Continue reading →

Forgiven, but not forgotten

Posted on August 20, 2007 by grim
Posted in National Real Estate, Risky Lending | 4 Comments

From the IHT: Former home owners find foreclosure can have unintended tax consequences Two years ago, William Stout lost his home in Allentown, Pennsylvania, to foreclosure when he could no longer make the payments on his $106,000 mortgage. Wells Fargo … Continue reading →

Windfall for libraries

Posted on August 20, 2007 by grim
Posted in New Jersey Real Estate, Property Taxes | 1 Comment

From the Courier Post: Funding’s too good for some libraries Far from crying poverty, public libraries in some well-to-do New Jersey shore towns may be getting too much of a good thing. The booming shore real-estate market combined with a … Continue reading →

Weekend Open Discussion

Posted on August 19, 2007 by grim
Posted in General | 557 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 →

“If you don’t buy a home, you don’t need me.”

Posted on August 19, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | Comments Off

From the Asbury Park Press: Bubbling over The owners of Boyc Supply Inc., a 10-year-old plumbing supplier in Stafford, no doubt knew the housing market’s expansion wouldn’t last forever, but that hasn’t made it less painful now that the bad … Continue reading →

A “self reinforcing downward cycle”

Posted on August 19, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

From the International Herald Tribune: The dream of home ownership, now a nightmare Three years ago, Martin and Jennifer Cossette bought into the dream of homeownership, the quintessentially American ideal of personal striving and family stability celebrated by politicians, promoted … Continue reading →

Housing … undervalued?

Posted on August 17, 2007 by grim
Posted in Economics, National Real Estate | 14 Comments

From the Wall Street Journal: Is Housing Undervalued? By DAVID RANSON August 17, 2007; Page A13 The housing market isn’t nearly as mysterious as it seems. Much public confusion stems from our failure to clearly define our terms. Take the … Continue reading →

Redefining subprime

Posted on August 17, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 5 Comments

From the Mercury News: Subprime woes impact FICO scores The mortgage credit crunch not only is affecting interest rates that home buyers are quoted, but is triggering changes in less visible areas such as minimum credit scores, geographic location and … Continue reading →