Monthly Archives: March 2008

Otteau February Newsletter

Posted on March 17, 2008 by grim

From the Otteau Valuation Group: WEAK SALES PACE CONTINUES IN FEBRUARY February home sales turned in another weak performance erasing hopes of a housing market recovery any time soon. Following a disappointing January when contract-sales were off by 30%, February … Continue reading →

Posted in New Jersey Real Estate | 62 Comments

“That’s got to tell you the economy is in a pretty precarious state.”

Posted on March 17, 2008 by grim

From the Wall Street Journal: J.P. Morgan Buys Bear in Fire Sale, As Fed Widens Credit to Avert Crisis Ailing Firm Sold For Just $2 a Share In U.S.-Backed Deal By ROBIN SIDEL, DENNIS K. BERMAN, and KATE KELLY March … Continue reading →

Posted in Economics, Housing Bubble | 303 Comments

“But if we think home prices overshot on the way up, why can’t they overshoot on the way down too?”

Posted on March 17, 2008 by grim

From Fortune: How bad is the mortgage crisis going to get? Fortune: By year-end, 15 million Americans could have mortgages worth more than the value of their homes. What happens then? Krugman: Actually, I think home prices will fall enough … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

Lowball!

Posted on March 16, 2008 by grim

From the NY Times: Lowball Offers on the Rise By LISA PREVOST Published: March 16, 2008 WHAT image does the term “lowballer” conjure up for you? A smirking bottom feeder in a bad suit? A fast-talking investor working the phone? … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 263 Comments

Weekend Open Discussion – Part II

Posted on March 15, 2008 by grim

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

Posted in General | 159 Comments

Weekend Open Discussion

Posted on March 14, 2008 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 | 429 Comments

“This is not the time to raise spending. We need to have cuts.”

Posted on March 13, 2008 by grim

From Bloomberg: Corzine Says Revenue Drop May Force Steeper Cuts New Jersey Governor Jon Corzine said growing home foreclosures and unemployment are cutting into state tax revenue and he may have to make deeper spending cuts than the $2.7 billion … Continue reading →

Posted in Economics, New Jersey Real Estate | 64 Comments

Is it here yet?

Posted on March 13, 2008 by grim

From the Wall Street Journal: Most Economists Say Recession Has Arrived as Outlook Darkens By PHIL IZZO March 13, 2008 The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting … Continue reading →

Posted in Housing Bubble, National Real Estate | 30 Comments

Further to fall

Posted on March 13, 2008 by grim

From the Wall Street Journal: Mind the Gap: Home-Price Downside By SCOTT PATTERSON March 13, 2008 The economic balance hangs in large part on how much further home prices will fall. A look at one important measure — the relationship … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 380 Comments

February foreclosures up 60%

Posted on March 13, 2008 by grim

From CNN/Money: Foreclosures up 60% in February Foreclosure filings nationwide jumped 60% in February compared with the same month last year, but they decreased slightly versus January, according to a report released Thursday. RealtyTrac, an online marketer of foreclosure properties, … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | Comments Off on February foreclosures up 60%

Home equity loan losses soar

Posted on March 12, 2008 by grim

From the Wall Street Journal: Latest Trouble Spot for Banks: Souring Home-Equity Loans Losses May Hit Lenders That Skirted Subprime; Surprise Delinquents By ROBIN SIDEL March 12, 2008; Page C1 Here comes another headache for banks suffering from the mortgage … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | Comments Off on Home equity loan losses soar

“The debate is shifting from whether it is a downturn to how long and how deep it will be”

Posted on March 11, 2008 by grim

From Bloomberg: Slowdown in U.S. Will Be Deeper, Recovery Weaker, Survey Shows The economic slowdown in the U.S. will be deeper and the recovery weaker than previously forecast, according to a Bloomberg News monthly survey. The world’s largest economy will … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 274 Comments

What happened to the “Deal of the Century”?

Posted on March 11, 2008 by grim

From the Record: Home builder reports $131M loss Hovnanian Enterprises, the state’s largest homebuilder, reported Monday that it lost $131 million in the first quarter of fiscal 2008, more than double its $57 million loss in the same period a … Continue reading →

Posted in Housing Bubble, National Real Estate, New Development | 4 Comments

Just let it crash?

Posted on March 10, 2008 by grim

From Bloomberg: John Galt Plan Might Save U.S. Financial System: Caroline Baum Let’s face it: The Federal Reserve must be scared to death as it watches the financial system unravel. Unravel would appear to be the operative word as leverage … Continue reading →

Posted in Housing Bubble, National Real Estate | 393 Comments

“One-third of people who are delinquent should be in foreclosure. It’s the best alternative.”

Posted on March 10, 2008 by grim

From USA Today: Mortgage lenders see more borrowers give up On the front lines in the mortgage foreclosure crisis, lender and loan servicer Dennis Lauria says his deepest losses are from borrowers who owe more than their homes are worth … Continue reading →

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