Monthly Archives: July 2008

“We used to think of the Hamptons as insulated and that’s not the case”

Posted in Economics, Housing Bubble, National Real Estate | 354 Comments

From Bloomberg: Hamptons Home Prices Fall on Wall Street Jobs, Economic Outlook Home prices in the Hamptons, the summer haven of New York financiers and socialites, fell almost 12 percent in the second quarter from a year earlier as Wall … Continue reading

S&P: Home Prices Drop 15.8% in May

Posted in General | 358 Comments

From Standard and Poor’s: Record Low Annual Declines Recorded in May 2008 for the S&P/Case-Shiller Composite Home Price Indices Data through May 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. … Continue reading

[S]upplies remain so ample that potential buyers generally can take their time.

Posted in Economics, Housing Bubble, National Real Estate | 97 Comments

Time for another get together. Mark your calendars, cancel your trips, and tell the inlaws to buzz off. This Saturday, August 2nd at 5pm Shannon Rose – http://www.theshannonrose.com/ 98 Kingsland Road, Clifton NJ ————————————– From the WSJ: Amid Housing Slump, … Continue reading

But will they take the losses?

Posted in Housing Bubble, National Real Estate, Risky Lending | 289 Comments

From the WSJ: Housing Bill Relies on Banks To Take Loan Losses Lawmakers Pressure Lenders to Pitch In To Curb Foreclosures By DAMIAN PALETTA July 28, 2008; Page A3 WASHINGTON — The housing rescue bill passed by the Senate Saturday … Continue reading

Weekend Open Discussion

Posted in General | 500 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

June Existing Home Sales at 10 Year Low

Posted in Economics, National Real Estate | 328 Comments

From Bloomberg: Sales of U.S. Existing Homes Fell to 4.86 Million Rate in June Sales of previously owned U.S. homes fell in June to the lowest level in a decade, signaling tumbling real-estate prices and consumer confidence are hurting demand. … Continue reading

Wednesday Open Discussion

Posted in General | 349 Comments

From the WSJ: Lawmakers Agree on Outline of Big Housing Pact Bill Includes Relief For Fannie, Freddie; Tense Negotiations By MICHAEL R. CRITTENDEN and DAMIAN PALETTA July 23, 2008; Page A3 House and Senate leaders have largely hammered out a … Continue reading

North Jersey June 2008 Residential Sales

Posted in Economics, New Jersey Real Estate | 350 Comments

Preliminary June sales and inventory data for Northern New Jersey (GSMLS) is in. Please note that this data is subject to revision. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower … Continue reading

Watching the watchers

Posted in Housing Bubble, National Real Estate, Risky Lending | 397 Comments

From the WSJ: FDIC Faces Mortgage Mess After Running Failed Bank Subprime Lender Made Problem Loans On Regulators’ Watch By MARK MAREMONT July 21, 2008; Page A1 Federal officials heap much of the blame for the subprime mortgage mess on … Continue reading

A “mountain of debt”

Posted in Economics, Housing Bubble, National Real Estate | 123 Comments

From the NY Times: Given a Shovel, Americans Dig Deeper Into Debt For decades, America’s shift from thrift could be summed up in this familiar phrase: When the going gets tough, the tough go shopping. Whether for a car, home, … Continue reading

Weekend Open Discussion

Posted in General | 372 Comments

Happy Recession Hour GTG (Get Together) Friday, July 18th 5:30pm Johnny Utah’s ( http://www.johnnyutahs.com ) 25 West 51st Street, NY Cancel your f’n plans, I don’t want to hear excuses. ——————————— This is the time and place to post observations … Continue reading

NJ: Recession until 2010

Posted in General | 441 Comments

From Newsday: Forecast says NJ in recession until early 2010 New Jersey is more than a half-year into a mild recession that should end in early 2010, according to a Rutgers University economic forecast released Wednesday. The state will lose … Continue reading

“The days of wine and roses are over”

Posted in Economics, Housing Bubble, National Real Estate | 339 Comments

From Bloomberg: New 20% Down Payment Makes Savers From Profligate U.S. Spenders The U.S. housing crisis may accomplish what years of parental hectoring couldn’t: Turn Americans from spenders into savers. Spending will fall because homeowners can no longer use rising … Continue reading

I, For One, Welcome Our New Mortgage Overlords

Posted in Economics, Housing Bubble, National Real Estate | 375 Comments

From the LA Times: Fed slaps new rules on mortgage lenders The Federal Reserve clamped down hard on mortgage lenders Monday, issuing rules designed to curb the sorts of risky and deceptive lending practices that helped trigger the subprime mortgage … Continue reading

Short Sale Salvation

Posted in Housing Bubble, New Jersey Real Estate | 276 Comments

From the Press of Atlantic City: Short sales saving more locals from foreclosure An alternative to foreclosure for some homeowners called a short sale is becoming more common in southern New Jersey, according to attorneys who handle such transactions. Short … Continue reading