Monthly Archives: January 2008

Another turn for the worse

Posted on January 31, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 278 Comments

From the WSJ: S&P Ramps Up Mortgage Downgrades By AARON LUCCHETTI and SERENA NG January 31, 2008 Standard & Poor’s downgraded or threatened to downgrade more than 8,000 mortgage investments and projected a widening array of financial institutions would ultimately … Continue reading →

“Subprime victims are the new heroes.”

Posted on January 31, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 8 Comments

From Yahoo News: The Politics of Foreclosure Who says bipartisanship is dead? From President Bush to Hillary Clinton, Barack Obama and John Edwards, to Mitt Romney and John McCain, virtually everyone in Washington agrees: The government must Do Something to … Continue reading →

Reval’s in a declining market

Posted on January 31, 2008 by grim
Posted in Housing Bubble, New Jersey Real Estate, Politics | 1 Comment

From the Press of Atlantic City: Cape May wants reval postponed The city has accepted the need to do another property revaluation but is fighting when it must be done. The Cape May County Tax Board recently ordered a revaluation … Continue reading →

Fed to cut rates again

Posted on January 30, 2008 by grim
Posted in Economics | 362 Comments

From Bloomberg: Fed May Cut Rate to 3%, Hold Out Chance of More Cuts The Federal Reserve may lower interest rates for the second time in nine days and indicate a readiness to go further if the economy deteriorates. The … Continue reading →

Despite downturn, homes still not affordable

Posted on January 30, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 5 Comments

From the Center for Housing Policy: DESPITE HOUSING DOWNTURN, MOST AMERICAN FAMILIES REMAIN PRICED OUT (DOC) Homeownership has become slightly more affordable during the current housing downturn, but still remains far out of reach for the majority of workers nationwide, … Continue reading →

Homeownership rate falls, Vacancies up

Posted on January 30, 2008 by grim
Posted in Economics, National Real Estate | 1 Comment

From the Census Bureau: CENSUS BUREAU REPORTS ON RESIDENTIAL VACANCIES AND HOMEOWNERSHIP (PDF) National vacancy rates in the fourth quarter 2007 were 9.6 (+ 0.4) percent for rental housing and 2.8 (+ 0.1) percent for homeowner housing, the Department of … Continue reading →

S&P: November Home Prices Fall

Posted on January 29, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 219 Comments

From MarketWatch: Home prices falling at record rate in November The decline in U.S. home values accelerated in November, with prices falling for the third month in a row in all 20 cities tracked by the Case-Shiller home price index … Continue reading →

Foreclosure filings up 75% in 2007

Posted on January 29, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 67 Comments

From the Wall Street Journal: Foreclosure Filings Surged 75% In ’07 as Subprime Mess Grew By MIKE BARRIS January 29, 2008; Page D3 Foreclosure filings soared 75% in 2007 from a year earlier as credit trouble and falling home values … Continue reading →

Tapped out, taxed, and tired

Posted on January 29, 2008 by grim
Posted in Politics, Property Taxes | 3 Comments

From the Record: Open-space skimping assailed New Jersey needs more money to save open space, maintain its parks, and support hunting and fishing, officials and environmental activists told state legislators Monday. At a hearing to set the Legislature’s environmental agenda … Continue reading →

A “landmark lawsuit.”

Posted on January 29, 2008 by grim
Posted in Housing Bubble, National Real Estate | 5 Comments

From MSNBC: North County Woman Sues Real Estate Agent A North County woman who says she paid too much for her home, which she bought at the height of the housing boom, is taking her case to court. In 2005, … Continue reading →

“It looks like the floor fell out of the housing market in December”

Posted on January 28, 2008 by grim
Posted in Housing Bubble, National Real Estate, New Development | 42 Comments

From the AP: New Home Sales Fall by Record Amount New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge … Continue reading →

“Now we’re in a bust.”

Posted on January 27, 2008 by grim
Posted in Housing Bubble, New Jersey Real Estate | 255 Comments

From the Record: Desperate owners turn to short sales What do you do if you’re a single mother who can’t afford your mortgage payments of more than $3,700 a month, but can’t sell your house for anywhere near the amount … Continue reading →

Realtor ads “misleading”

Posted on January 27, 2008 by grim
Posted in Housing Bubble, National Real Estate | 6 Comments

From AdvertisingAge: What Housing Crisis? Realtors’ Ads Defy Reality The housing bubble has burst. Almost three-quarters of a million Americans are in foreclosure. The median price of a single-family home recently fell for the first time in at least 40 … Continue reading →

Weekend Open Discussion – Part II

Posted on January 25, 2008 by grim
Posted in General | 251 Comments

Now Open, Part II! Prior weekend thread closed due to comment overflow. ————————————————————– Save the Date! We’ll be meeting up on Saturday, February 9th in Morristown NJ. 6pm Sharp! Grasshopper off the Green 41-43 Morris Street, Morristown NJ ————————————————————–

December Otteau Newsletter

Posted on January 25, 2008 by grim
Posted in New Jersey Real Estate | 8 Comments

From the Otteau Group HOME SALES DECLINE FURTHER AT YEAR END The pace of home sales in New Jersey declined further in December providing compelling evidence that the housing market recession has not yet reached bottom. In December, Contract-Sales activity … Continue reading →