Monthly Archives: August 2007

“We’re just waiting for the other shoe to drop.”

Posted on August 17, 2007 by grim

From the NY Post: PAINFUL REALTY REALITY IN $5M+ NYC MARKET Plunging stocks on Wall Street could mean panic selling on Park Avenue. While most of the nation is already in the midst of a residential real estate slump, industry … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

NJ – 7th costliest state for business

Posted on August 17, 2007 by grim

From the Courier Post: Institute says New Jersey 7th-costliest for business Based on wages, taxes and the cost of energy and real estate, New Jersey is the seventh-most costly state in the union to do business, according to data released … Continue reading →

Posted in Economics, New Jersey Real Estate | 1 Comment

New Jersey housing slump continues

Posted on August 16, 2007 by grim

From the Record: Home sales in N.J. take another hit The two-year-old housing slump continues. The National Association of Realtors reported Wednesday that sales of homes and condos in New Jersey declined 6.2 percent in the second quarter, compared with … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 363 Comments

“We have a disaster on our hands”

Posted on August 16, 2007 by grim

From the Wall Street Journal: One Family’s Journey Into a Subprime Trap Monteses May Lose House as Rate Resets, Credit Options Dry Up By JAMES R. HAGERTY and KEN GEPFERT August 16, 2007; Page A1 Nearly two years ago, Mario … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 14 Comments

Did credit rating firms cause the bubble?

Posted on August 15, 2007 by grim

From the Wall Street Journal: CREDIT AND BLAME How Rating Firms’ Calls Fueled Subprime Mess Benign View of Loans Helped Create Bonds, Led to More Lending By AARON LUCCHETTI and SERENA NG August 15, 2007; Page A1 In 2000, Standard … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 233 Comments

Higher tolls or taxes?

Posted on August 15, 2007 by grim

From the Bridgeton News: Voters prefer higher tolls to higher taxes Most voters oppose raising tolls to pay off state debt, but they may be willing to budge if faced with the prospect of paying higher property taxes, according to … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 4 Comments

“Our goal is to stay in the game.”

Posted on August 15, 2007 by grim

From the WSJ: Credit Crisis Hits Small Lenders Mortgage-Loan Backlash Spurs Halt in Operations; Bigger Rivals Swoop In By JAMES R. HAGERTY, RUTH SIMON and JONATHAN KARP August 15, 2007; Page A3 The mortgage credit crunch is tightening its grip … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

“The bill is now due, and a painful correction is in place.”

Posted on August 14, 2007 by grim

From James W. Hughes and Joseph J. Seneca at the NJ Voices Blog: The second housing bust The current global liquidity crisis has ended an unprecedented American housing bubble. New Jersey was one of the key epicenters of the housing … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 303 Comments

“Buyers could lose their deposits”

Posted on August 14, 2007 by grim

From the Asbury Park Press: Judge allows auction of Kara project Amboy National Bank, which started foreclosing on Horizons at Birch Hill in Old Bridge, instead can try to sell the development at an auction scheduled for Sept. 5, a … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | Comments Off on “Buyers could lose their deposits”

“A good credit record doesn’t count for anything now”

Posted on August 14, 2007 by grim

From the Wall Street Journal: How the Mortgage Bar Keeps Moving Higher Home Buyers With Good Credit Confront Increased Scrutiny And Fewer Choices as Lenders React to Subprime Debacle By JONATHAN KARP August 14, 2007; Page D1 Frankie Van Cleave … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 6 Comments

“Let’s hope, then, that this crisis blows over as quickly as that of 1998.”

Posted on August 13, 2007 by grim

From Paul Krugman: Paul Krugman: Financial meltdown looks like the one in ’98, but worse In September 1998, the collapse of Long Term Capital Management, a giant hedge fund, led to a meltdown in the financial markets similar, in some … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 185 Comments

“Eventually the knockwurst and bratwurst started to make people sick.”

Posted on August 13, 2007 by grim

From Bloomberg: Wall Street Mill Churns Out Bad Wurst: Caroline Baum A homeowner in Irvine, California, defaults on her mortgage; two Bear Stearns hedge funds implode. French banking giant BNP Paribas halts withdrawals from three of its investment funds; the … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 2 Comments

A “victim of the rapid and utter deterioration in the market.”

Posted on August 13, 2007 by grim

From the Wall Street Journal: Mortgage Woes Take Toll on Lender With Roots in Faith HomeBanc Built Network With Church Connections; Firings After Chapter 11 By VALERIE BAUERLEIN August 13, 2007; Page A1 While many mortgage brokers screamed through the … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Lender satisfaction falls

Posted on August 13, 2007 by grim

From the Record: Lenders in damage-control mode new study by J.D. Power and Associates indicated that the subprime mortgage meltdown and rising defaults may be having an impact on relationships between consumers and the companies that collect their mortgage-loan payments. … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Lender satisfaction falls

Weekend Open Discussion

Posted on August 12, 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 | 239 Comments