Monthly Archives: September 2007

“We’ve returned to a market where Manhattan is once again king”

Posted on September 15, 2007 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From the NY Times: Where the Deals Are FOR more than a year, home buyers who have been looking in the suburbs of Manhattan have struggled to reconcile market rhetoric with metro-area reality. Technically, the overstocked and sluggish market gave … Continue reading →

“Unfortunately, it’s kind of grim”

Posted on September 15, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

From the Journal News: Foreclosures hit region hard National problems with the subprime mortgage market are surfacing in the Lower Hudson Valley, as creditors go to court to foreclose in sharply higher numbers this year, a survey of county clerks’ … Continue reading →

“Developers can be motivated sellers.”

Posted on September 15, 2007 by grim
Posted in New Development, New Jersey Real Estate | Comments Off

From the Express Times: Going once! Struggling builders putting new homes on the block If you’re a prospective home buyer looking to snap up bargains, it’s hard not to notice the incentives — rebates, free upgrades, even an occasional auction. … Continue reading →

“I won’t waste my time, because I know the deal won’t go through”

Posted on September 14, 2007 by grim
Posted in National Real Estate, Risky Lending | Comments Off

From the Philadelphia Daily News: In mortgage crisis, deals – and even lenders -are going under Lisa Meserole was two weeks away from closing on her new condo when she got a shock: Her lender, American Home Mortgage, was not … Continue reading →

New life for Kara?

Posted on September 14, 2007 by grim
Posted in New Development, New Jersey Real Estate | 1 Comment

From the Daily Record: Bankruptcy court OKs Kara Homes reorganization plan A bankruptcy judge has confirmed the reorganization plan of Kara Homes, enabling the once-leading builder to exit Chapter 11 protection as a smaller company controlled by a Connecticut hedge … Continue reading →

New Jersey #1!

Posted on September 13, 2007 by grim
Posted in New Jersey Real Estate, Property Taxes | 2 Comments

From Reuters: NY, NJ pay highest property taxes: study New Jersey and New York state residents paid the highest property taxes in the country in 2006, as much as $6,500 more than the national median, according to a report released … Continue reading →

More misery?

Posted on September 13, 2007 by grim
Posted in National Real Estate, Risky Lending | 1 Comment

From the Wall Street Journal: Home-Loan Report Portends More Pain By RICK BROOKS September 13, 2007; Page D3 An analysis of federal data on nearly 14 million U.S. home loans made last year portends more misery for subprime borrowers, lenders … Continue reading →

“Everything I see points to lower prices, much lower prices.”

Posted on September 11, 2007 by grim
Posted in Housing Bubble, National Real Estate | 29 Comments

From Bloomberg: Realtors Cut Forecast, Say Slump Will Extend to 2008 The National Association of Realtors reduced its home sales forecast for the ninth time this year and said the housing slump will extend into 2008. Existing home sales will … Continue reading →

Tuesday Open Discussion

Posted on September 11, 2007 by grim
Posted in General | 278 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 →

New options for indebted homeowners

Posted on September 10, 2007 by grim
Posted in Housing Bubble, National Real Estate | 177 Comments

From CBS News: Housing Market Slump Forces Couple To Open Brothel The downturn in the housing market appears to have driven two Westchester homeowners to desperate and illegal measures. New Rochelle Police raided a 3-bedroom home on North Avenue Friday … Continue reading →

“No place will be immune”

Posted on September 10, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 8 Comments

From Bloomberg: New York, California Metro Home Prices May Fall as Rates Climb Anna Morita, a neuropsychologist in the San Francisco Bay Area with near-perfect credit, was certain she could get the loan of her choice to buy an $880,000 … Continue reading →

Shore home market falls

Posted on September 10, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | 3 Comments

From the Record: Prices fall, properties languish Hoping to profit from a red-hot housing market at the Jersey Shore, Jamie Errico bought a cottage two blocks from the ocean in Bay Head in 2004. She tore it down and replaced … Continue reading →

“In times of economic loss, title claims go up”

Posted on September 10, 2007 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From the Wall Street Journal: End of Boom For Housing Hits Title Firms Recent Jump in Claims, Drop in New Business Pressures the Insurers By LIAM PLEVEN September 10, 2007; Page C1 Problems confronting title insurers may offer fresh clues … Continue reading →

“That has all changed.”

Posted on September 10, 2007 by grim
Posted in National Real Estate, Risky Lending | Comments Off

From the Hartford Courant: Thousands To Feel Mortgage Pain Dawn Fuller-Ball bought her South End condo in March and she’s already in trouble. Despite holding down two jobs, Fuller-Ball is having a hard time paying her bills. Her mortgage broker … Continue reading →

Weekend Open Discussion

Posted on September 7, 2007 by grim
Posted in General | 326 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 →