Monthly Archives: November 2007

Home Prices Do Fall

Posted on November 30, 2007 by grim
Posted in Housing Bubble, New Jersey Real Estate | 9 Comments

Was there ever any doubt that home prices could fall? Below you’ll find a sampling of listings that have either sold, or are currently for sale and have seen price reductions in the past week. Every case has either sold … Continue reading →

NJ business activity “fallen close to recession levels”

Posted on November 29, 2007 by grim
Posted in Economics, New Jersey Real Estate | 380 Comments

From the APP: Outlook for 08 first half in N.J. not rosy New Jersey’s business climate forecast remains chilly. As they did a year ago, nearly half of the state’s businesses expect state economic conditions to weaken in the first … Continue reading →

October New Home Sales

Posted on November 29, 2007 by grim
Posted in National Real Estate, New Development | Comments Off

From Bloomberg: U.S. New-Home Sales Probably Fell in October as Slump Deepens Purchases of new homes in the U.S. probably fell in October, deepening the real estate slump that threatens to stall economic growth, economists said before reports today. Sales … Continue reading →

U.S. Foreclosures up 94%

Posted on November 29, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 1 Comment

From CNN/Money: October foreclosure filings surge Foreclosure filings nearly doubled in October and more people could lose their homes in 2008, according to a report released Thursday. In October, 224,451 foreclosure filings were reported nationwide, up 94 percent from October … Continue reading →

October Existing Home Sales

Posted on November 28, 2007 by grim
Posted in Economics, Housing Bubble, National Real Estate | 310 Comments

From Bloomberg: U.S. October Existing Home Sales Fall 1.2% to 4.97 Million Rate Sales of previously owned U.S. homes fell in October to the lowest level in at least eight years as loan restrictions and the prospect of further price … Continue reading →

How The Mighty Have Fallen

Posted on November 28, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | Comments Off

From the New York Times: Bracing for Home Loan Losses, Wells Fargo to Take Big Charge Wells Fargo & Company, the nation’s second-largest mortgage lender, after Countrywide Financial, said yesterday that it would take a $1.4 billion fourth-quarter charge for … Continue reading →

S&P Case Shiller Home Price Indicies

Posted on November 27, 2007 by grim
Posted in National Real Estate | 254 Comments

From Bloomberg: Home Prices in U.S. Fell Record 4.5% in Third Quarter Home prices in the U.S. fell in the third quarter by the most in at least two decades as the subprime lending crisis caused sales to slump. Home … Continue reading →

“Credit screws” getting tighter

Posted on November 27, 2007 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 9 Comments

From the WSJ: ‘Predatory’ Politics November 27, 2007; Page A18 The housing recession still hasn’t hit bottom and a new Goldman Sachs report suggests falling home values could cause a broader economic slump. So right on cue, by a veto-proof … Continue reading →

“The wave of foreclosures … it’s not over yet”

Posted on November 27, 2007 by grim
Posted in Economics, Housing Bubble, National Real Estate | Comments Off

From the Associated Press: Report: Foreclosures to Hit Metro Areas Rising foreclosures will lead to billions of dollars in lost economic activity next year in the nation’s major metropolitan areas, but homeowners and financial institutions have the ability to work … Continue reading →

Countrywide’s ATM

Posted on November 27, 2007 by grim
Posted in National Real Estate, Risky Lending | 1 Comment

From the WSJ: Countrywide Borrowing Triggers Call for Review Senator Says Lender Uses Home-Loan Bank ‘Like Its Personal ATM’ By JAMES R. HAGERTY November 27, 2007; Page C2 Sen. Charles Schumer, a New York Democrat, urged regulators to examine potential … Continue reading →

“We’re going to be in for a rough ride”

Posted on November 26, 2007 by grim
Posted in Housing Bubble, National Real Estate | 288 Comments

From USA Today: Housing woes have domino effect If you haven’t yet felt the impact of the nation’s credit crisis, just wait. Chances are, you won’t have to wait long. So far, the turmoil may feel a bit remote for … Continue reading →

Helping distressed Lexus owners stay in their homes

Posted on November 26, 2007 by grim
Posted in Housing Bubble, National Real Estate | 3 Comments

From the Wall Street Journal: Citigroup Feels Heat To Modify Mortgages Nonprofit Groups Press For Subprime Relief; Deciding Who Gets Help By LAURIE P. COHEN November 26, 2007; Page A1 Paulo Perez, a graphic artist, hasn’t made payments in months … Continue reading →

Weekend Open Discussion

Posted on November 24, 2007 by grim
Posted in General | 248 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 →

“There’s going to be a lot of pain.”

Posted on November 24, 2007 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From Newsday: Experts predict more pain before housing rebounds Problems in the real estate market are going to get worse — much worse — before they better, experts say. Home prices will keep falling and foreclosure rates nationally will keep … Continue reading →

“We have to consider the possibility…”

Posted on November 24, 2007 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From the NY Times: A Time for Bold Thinking on Housing WE have to consider the possibility that the housing price downturn will eventually be as big as that of the last truly big decline, from 1925 to 1933, when … Continue reading →