Monthly Archives: November 2007

“This is a vicious housing bust.”

Posted on November 15, 2007 by grim

From the Wall Street Journal: Economists in Poll Expect Credit Turmoil to Continue By PHIL IZZO November 15, 2007; Page A4 The credit crisis weighing on markets still has some time to play out and consumers may have a tough … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 275 Comments

No Money Down!

Posted on November 15, 2007 by grim

From the Herald News: Magnate guilty in housing scheme A Bergen County real estate magnate who for years exploited unsuspecting Paterson homebuyers while bribing low-level city employees, pleaded guilty Wednesday to conspiracy to commit money laundering. Michael Eliasof, of Mahwah, … Continue reading →

Posted in New Jersey Real Estate | Comments Off on No Money Down!

“We’re in the first or second inning”

Posted on November 14, 2007 by grim

From the WSJ: When Home Builders Hit the Skids As Troubled Developers Stop Work, Buyers Face Lost Deposits, Unfinished Houses And Crippling Liens; an Ice Rink in Limbo By RUTH SIMON and KEMBA J. DUNHAM November 14, 2007; Page D1 … Continue reading →

Posted in National Real Estate, New Development | 259 Comments

NJ Metro Area Foreclosures Increase in Q3

Posted on November 14, 2007 by grim

From CNN/Money: Foreclosure filings: No slowdown yet Three states, California, Florida and Ohio, continue to dominate new foreclosure filings, as most of the nation saw increases in the third quarter, according to a new survey. During the period ended Sept. … Continue reading →

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

Eliminating RCAs

Posted on November 14, 2007 by grim

From the AP: N.J. plan would bar towns from pushing low-cost housing on cities Suburban New Jersey communities would be prohibited from pushing affordable housing requirements on cities under sweeping proposals unveiled Tuesday by Assembly Democratic leaders. Current requirements that … Continue reading →

Posted in New Development, New Jersey Real Estate | Comments Off on Eliminating RCAs

Pending home sales drop nationwide

Posted on November 13, 2007 by grim

From MarketWatch: Index of pending home sales tumbles in Sept. An index of contract signings on existing homes fell significantly in all four regions from year-ago levels, according to data released Tuesday, suggesting that “there is still no bottom in … Continue reading →

Posted in Housing Bubble, National Real Estate | 13 Comments

“Shelter in a storm”

Posted on November 13, 2007 by grim

From the Wall Street Journal: Mortgage Crisis Extends Its Reach Fannie, Freddie Regain Dominance As Investors Shrink From Housing ‘Capitalism Isn’t Perfect’ By JAMES R. HAGERTY November 13, 2007; Page A1 Ever since the Great Depression, the American home-loan business … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 355 Comments

“No bottom in sight” for housing

Posted on November 12, 2007 by grim

From Reuters: Home prices to keep sliding with no bottom in sight The U.S. housing market’s skid is nowhere near over and could extend for another five or even 10 years, according to one of the most-watched housing economists. Robert … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 38 Comments

“We’re not out of the woods yet”

Posted on November 12, 2007 by grim

From Bloomberg: Mortgage Market Losses May Be $400 Billion, Bank Says Losses stemming from falling values of subprime mortgage assets may reach $300 billion to $400 billion worldwide, Deutsche Bank AG analysts said. Banks and brokers will be forced to … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 235 Comments

“I’m going to stay right until the end”

Posted on November 12, 2007 by grim

From the Jersey Journal: Mobile home owner s get eviction notices Eleven-year-old Vivian Talavera cried when her mom told her their family will have to move from her home because the owners are selling the Manhattan Mobile Home Park where … Continue reading →

Posted in New Development, New Jersey Real Estate | 1 Comment

Super SIV will save the day!

Posted on November 12, 2007 by grim

From Bloomberg: Citigroup, Banks Agree on `Super-SIV,’ Person Says Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., the three largest U.S. banks, reached an agreement on the structure of an $80 billion fund to help unfreeze the … Continue reading →

Posted in Economics, Housing Bubble, Risky Lending | Comments Off on Super SIV will save the day!

Weekend Open Discussion

Posted on November 9, 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 | 476 Comments

Buying no longer the “safest bet”

Posted on November 9, 2007 by grim

From NPR: Weak Housing Market May Not Be Signal to Buy Real estate has often been referred to as the one of the surest investments, and homeownership has long been part of the American dream. But in a market that … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

Is NYC immune or just fashionably late?

Posted on November 8, 2007 by grim

From AM New York: When will the real estate bubble burst? News of a bursting bubble and increasing foreclosure rates is daily fare in reports of the American real estate market – unless it’s New York City’s market that’s being … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 291 Comments

Appraisers “pulling back”

Posted on November 8, 2007 by grim

From the Boston Herald: Price is (not) right: Appraisals now sink sales Desperate homeowners trying to unload properties face a new obstacle: appraisers who are increasingly coming in with lower-than-expected estimates of home values. The low estimates are leading to … Continue reading →

Posted in Housing Bubble, National Real Estate | 4 Comments