Monthly Archives: January 2008

Prices falling, but not falling.

Posted on January 21, 2008 by grim
Posted in National Real Estate | 3 Comments

From Newsday: Seller incentives attractive in buyer’s market Homeowners eager to sell in a buyer’s market have found a new angle, offering to sellers incentives such as cash to help defray the cost of the closing or even to pay … Continue reading →

Weekend Open Discussion – Part III

Posted on January 20, 2008 by grim
Posted in General | 136 Comments

Now Open, Part III! Prior weekend thread closed due to comment overflow.

Weekend Open Discussion – Part II

Posted on January 18, 2008 by grim
Posted in General | 396 Comments

Now Open, Part II! Prior weekend thread closed due to comment overflow.

Weekend Open Discussion

Posted on January 18, 2008 by grim
Posted in General | 389 Comments

————————————————————– Save the Date! We’ll be meeting up on Saturday, February 9th in Morristown NJ. ————————————————————– This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open … Continue reading →

Comp Killer

Posted on January 17, 2008 by grim
Posted in New Jersey Real Estate | 24 Comments

114 Boulevard, Pequannock NJ Purchased: 10/25/2005 Purchase Price: $615,000 MLS# 2426227 Sold: 1/16/2008 Sale Price: $550,000 (11% Loss) 26 Schmidt Circle, Watchung NJ Purchased: 1/8/2007 Purchase Price: $659,900 MLS# 2417672 Sold: 1/17/2008 Sale Price: $450,000 (32% Loss) 163 County Road, … Continue reading →

Foreclosure crisis hits home

Posted on January 17, 2008 by grim
Posted in Housing Bubble, New Jersey Real Estate | 394 Comments

Jayne and I were both home from work earlier than usual yesterday. We decided to take advantage of the little light left in the day and take the dog to the park. We packed up as usual and off we … Continue reading →

“But the market died.”

Posted on January 17, 2008 by grim
Posted in National Real Estate, Risky Lending | 2 Comments

From BusinessWeek: The Home Equity Crisis Ahead Subprime mortgages have taken a lot of blame for banks’ big losses. But there’s another problem lurking behind the mess: home-equity lending. Buoyed by rising prices, borrowers increasingly tapped into the equity on … Continue reading →

Underwriting “back in vogue”

Posted on January 17, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 18 Comments

From the Wall Street Journal: Prime Time: The New Boom In Refinancing By JEFF D. OPDYKE January 17, 2008; Page D1 Another mortgage-refinancing boom is under way. But this time around, many homeowners will be watching from the sidelines. For … Continue reading →

“There is a section of the population here that over-extended themselves to buy”

Posted on January 16, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 26 Comments

From Reuters: Wealthy may be next in line in U.S. home crisis A house in this wealthy Chicago suburb is far beyond the reach of most Americans. Unfortunately, Hinsdale may also now be too expensive for some of the people … Continue reading →

Sound familiar?

Posted on January 16, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 251 Comments

From Bloomberg: Recession Theorists Confront Recession Reality: Caroline Baum The calendar flipped from 2007 to 2008, and just like that, the talk turned from if to when, how long and how deep. Recession, that is. Will it be short and … Continue reading →

Protecting bad actors?

Posted on January 16, 2008 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From the NY Sun: High Court Decision Could Protect Subprime Players A decision by the U.S. Supreme Court could make it more difficult for investors to sue over the collapse of the subprime mortgage market. Yesterday’s ruling puts strict limitations … Continue reading →

“It’s still not too late”

Posted on January 16, 2008 by grim
Posted in Housing Bubble, National Real Estate | Comments Off

From the NY Daily News: Queens-born John Paulson makes fortune on home foreclosures John Paulson made billions betting that you could lose your home. The Queens-born hedge fund titan scored big by making complex investments that would reap huge profits … Continue reading →

“U.S. home price declines will be larger than previously forecast”

Posted on January 15, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 87 Comments

From Reuters: S&P hikes mortgage loss expectations, ratings eyed Standard & Poor’s on Tuesday raised its expectations of losses on subprime loans originated in 2006 by more than a third after signs that delinquencies and the U.S. housing market are … Continue reading →

Greenspan: Probability of recession “more likely higher than lower”

Posted on January 15, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 317 Comments

From the WSJ: Greenspan Sees U.S. as Likely In Recession, or Soon to Be By GREG IP January 15, 2008 The U.S. is probably in or about to enter a recession, former Federal Reserve Chairman Alan Greenspan said. The odds … Continue reading →

Rents fall as housing crisis pushes vacancies higher

Posted on January 15, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | Comments Off

From the WSJ: Home Sellers’ Pain Is Renters’ Gain By NICK TIMIRAOS January 15, 2008 There’s one bright side to the housing crisis: some lower rents. The regions hardest hit by the housing downturn have seen ailing builders, rising foreclosure … Continue reading →