Monthly Archives: October 2007

NJ Housing Starts To Fall 21%

Posted on October 24, 2007 by grim

From the Record: N.J. home building falls 21% New Jersey builders have put on the brakes, cutting housing starts by 21 percent this year, the National Association of Home Builders said Tuesday. The builders are responding to a drop in … Continue reading →

Posted in New Development, New Jersey Real Estate | 6 Comments

Yesterday Subprime, Today Option-ARM

Posted on October 24, 2007 by grim

From the Wall Street Journal: Countrywide’s New Scare ‘Option ARM’ Delinquencies Bleed Into Profitable Prime Mortgages By RUTH SIMON and JAMES R. HAGERTY October 24, 2007; Page C1 Subprime mortgages aren’t the only challenge facing Countrywide Financial Corp., the nation’s … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Yesterday Subprime, Today Option-ARM

“With house prices falling, lenders are looking to control their risk.”

Posted on October 23, 2007 by grim

From the Wall Street Journal: Lenders Curb New Mortgages In Weaker Areas Move May Put Added Pressure On Prices in Hard-Hit States; Submarket Collateral Damage By RUTH SIMON October 23, 2007; Page D1 Some lenders are now making it tougher … Continue reading →

Posted in National Real Estate, Risky Lending | 144 Comments

What is predatory lending?

Posted on October 23, 2007 by grim

From NJ.com: On predatory lending practices While there is no precise definition of predatory lending, it’s fair to say that the expected result is some harm to the borrower, and as it applies to sub-prime mortgages, there is a greater … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | Comments Off on What is predatory lending?

Bankruptcy as an option

Posted on October 23, 2007 by grim

From the Wall Street Journal: More Debtors Use Bankruptcy To Keep Homes Chapter 13 Filings Gain In Popularity Because They Halt Foreclosures By AMY MERRICK October 23, 2007; Page A1 With loan defaults rising along with many mortgage payments, fast-growing … Continue reading →

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

“I’ve never seen the market as bad as this.”

Posted on October 22, 2007 by grim

From Bloomberg: U.S. Housing Decline Threatens to Last Into 2009: John F. Wasik Ivy Zelman’s view of the U.S. housing market is gloomy, but it’s probably the most realistic. A veteran Wall Street analyst, Zelman, chief executive of the research … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 140 Comments

Will housing kill the consumer?

Posted on October 22, 2007 by grim

From Bloomberg: Stiglitz Says U.S. Housing Slump Will Stunt Consumer Spending A slowdown in the U.S. economy may be prolonged as a house-price drop cuts off a source of funding for consumers, said Joseph Stiglitz, a Nobel economics laureate. “The … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 6 Comments

Weekend Open Discussion

Posted on October 21, 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 | 365 Comments

Crystal Springs Comp Massacre

Posted on October 21, 2007 by grim

20 Country Lane, Hardyston NJ MLS# 2021088 Purchased: 8/31/2005 Purchase Price: $635,000 MLS# 2368706 Sold: 10/19/2007 Sale Price: $620,000 Commission: 5% Post Commission $589,000 Est. Loss: $46,000 Nominal Loss: ~7% Real Loss: ~12% 18 Country Lane, Hardyston NJ (Tax records) … Continue reading →

Posted in Housing Bubble | 8 Comments

Ridgewood Comp Killer

Posted on October 20, 2007 by grim

Today’s Comp Killer* comes to us from Ridgewood, NJ. This Bergen County home was purchased in November of 2004 for $650,000. It sold relatively quickly, at only 34 days on market. MLS# 2023707 – 62# Spring Ave, Ridgewood NJ List … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 16 Comments

Welcome back 2003!

Posted on October 19, 2007 by grim

I came across this listing on the GSMLS hotsheet late yesterday evening. It comes to us from Washington Twp, Morris County NJ. It is a relatively young home, the prior owners purchased it new in September of 2003. Since this … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 5 Comments

Beige Book – Second District

Posted on October 18, 2007 by grim

From the Federal Reserve: The Beige Book – New York The Second District’s economy has expanded at a moderate pace since the last report, while price pressures have remained steady. The labor market has generally been stable and tight. Manufacturers … Continue reading →

Posted in Economics | 1 Comment

NJ job market “encouraging”

Posted on October 18, 2007 by grim

From the Record: State added 4,900 jobs last month New Jersey added 4,900 jobs in September, prompting economists to express optimism about the health of the job market. The state unemployment rate for September was 4.3 percent, the same as … Continue reading →

Posted in Economics | 3 Comments

How redevelopment shouldn’t be done.

Posted on October 18, 2007 by grim

From Bloomberg:

Posted in New Development, New Jersey Real Estate | Comments Off on How redevelopment shouldn’t be done.

Waldwick Comp Killer

Posted on October 17, 2007 by grim

Today’s Comp Killer* comes to us from prestigious Bergen County, courtesy of yesterday’s GSMLS hot-sheet. The property, located in Waldwick, was purchased in September of 2005 for $500,000. It came back to market in under two years, and was aggressively … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 224 Comments