Monthly Archives: April 2008

First Quarter GDP, FOMC on tap

Posted on April 30, 2008 by grim
Posted in Economics, National Real Estate | 244 Comments

From Bloomberg: Economy in U.S. Probably Expanded at Slowest Pace in Five Years The U.S. economy probably grew in the first quarter at the slowest pace in five years as consumer and business spending faltered and the housing slump deepened, … Continue reading →

Reasons to be a renter

Posted on April 30, 2008 by grim
Posted in National Real Estate, New Jersey Real Estate | 19 Comments

From the Allentown Morning Call: Five good reasons to be a renter No risk. Owning a home can be a risky business, and there are no guarantees that it will be a good investment. Lots of people who got in … Continue reading →

February S&P Case Shiller Home Price Index

Posted on April 29, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 223 Comments

According to S&P Case Shiller, NY Metro Area home prices are down 6.6% in the past year, and down 8.05% from the peak set in June of 2006: (click to enlarge) From Standard and Poor’s: Steep Declines in Home Prices … Continue reading →

Zell: “This country needs a cleansing”

Posted on April 29, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 8 Comments

From Bloomberg: U.S. Foreclosure Filings Double in First Quarter U.S. foreclosure filings more than doubled in the first quarter as payments rose for subprime adjustable mortgages and falling home prices left property owners unable to sell or refinance without losing … Continue reading →

“People just don’t know what to do”

Posted on April 28, 2008 by grim
Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 239 Comments

From the Bridgeton News: Mortgage payments in trouble Housing foreclosure rates are rising quickly throughout Cumberland County, with rates in Bridgeton, Millville and Vineland already surpassing the national average, according to representatives at the Tri-County Community Action Agency and Affordable … Continue reading →

“What began as a housing slowdown in 2006 turned into crisis by the end of 2007″

Posted on April 27, 2008 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 96 Comments

From the Courier Post: Expert: Housing downturn has another year An economist and a consultant painted a less than rosy picture of the fiscal health of New Jersey and the people who call it home during an annual look at … Continue reading →

Otteau April Newsletter & Weekend Open Discussion Part II

Posted on April 25, 2008 by grim
Posted in General | 213 Comments

From the Otteau Group: ECONOMY & CREDIT CRISIS SPOILING SPRING HOUSING MARKET New Jersey home sales in March ran well below last year’s pace despite an increase above the February level. In March, contract-sales activity ran 27% below one year … Continue reading →

Weekend Open Discussion

Posted on April 25, 2008 by grim
Posted in General | 312 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 →

The “heartwarming side of the housing bust”

Posted on April 24, 2008 by grim
Posted in Housing Bubble, National Real Estate | 325 Comments

From the WSJ: The Brighter Side of Housing Amid Downturn, ‘Unaffordable’ Is Within Reach By JAMES R. HAGERTY April 24, 2008; Page D1 And now for the heartwarming side of the housing bust: It’s helping some people buy homes that … Continue reading →

LoanPerformance: NJ home prices down 5-10%

Posted on April 23, 2008 by grim
Posted in Housing Bubble, National Real Estate, New Jersey Real Estate | 244 Comments

From First American CoreLogic: First American CoreLogic Releases Febuary 2008 LoanPerformance House Price Index (click to enlarge) Philadelphia, PA CBSA 3-Month -1.47% 12-Month -1.14% Edison, NJ CBSA 3-Month -1.36% 12-Month -4.67% New York-White Plains-Wayne, NY-NJ CBSA 3-Month -0.80% 12-Month -3.34% … Continue reading →

Just who is crazy (or the pessimist)?

Posted on April 22, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 55 Comments

Three years ago, during the peak of the housing bubble, I went out on a limb and offered up my forecast on where New Jersey home prices would go. That number was down 30%, and it caused quite a stir. … Continue reading →

Existing Home Sales down 19% in March

Posted on April 22, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 328 Comments

From Bloomberg: U.S. Existing Home Sales Fell in March; Prices Lower Sales of previously owned homes in the U.S. fell in March as loan restrictions and the prospect of further price declines kept buyers away. Purchases dropped 2 percent, less … Continue reading →

“This is a very significant economic storm that we have entered into”

Posted on April 22, 2008 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 4 Comments

From the Asbury Park Press: N.J. job growth low, report says New Jersey’s private-sector job growth ranked 41st nationwide each of the past two years in a sign that its high costs drove employers away, Rutgers University economists said in … Continue reading →

Too big to fail

Posted on April 21, 2008 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 290 Comments

From CNN/Money: The trillion-dollar mortgage time bomb Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac. Although few are predicting an … Continue reading →

Good-bye rebate!

Posted on April 21, 2008 by grim
Posted in New Jersey Real Estate, Politics, Property Taxes | 3 Comments

From the AP: Property tax rebates — touted as not being “an election year gimmick” — now ready to be cut They’ve talked of keeping parks and the state agriculture department open and maybe boosting aid for towns and cities, … Continue reading →