Monthly Archives: October 2008

Weekend Open Discussion

Posted on October 31, 2008 by grim
Posted in General | 671 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 →

Follow the debt

Posted on October 30, 2008 by grim
Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 477 Comments

From the Times of Trenton: Bankruptcy lawyers’ business booming With real estate activity in a deep freeze, a deviation of the famous mantra is being whispered in law firms throughout New Jersey: Follow the debt. McCarter & English, the state’s … Continue reading →

ZIRP Wednesday!

Posted on October 29, 2008 by grim
Posted in Economics, National Real Estate | 454 Comments

From Bloomberg: Fed May Cut Rate to 1%, Signal Steps to Save Economy The Federal Reserve may lower its benchmark interest rate to 1 percent today and signal further reductions to levels unseen since Dwight Eisenhower was president. Tumbling commodities … Continue reading →

S&P Case-Shiller: Home Prices Down 16.6% in August

Posted on October 28, 2008 by grim
Posted in General | 358 Comments

From Bloomberg: August Home Prices in 20 U.S. Cities Fall 16.6% From Year Ago House prices in 20 U.S. cities declined in the year ended in August at the fastest pace on record as more properties went into foreclosure before … Continue reading →

Since when did owning a house become the American Dream?

Posted on October 27, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 377 Comments

Whatever happened to democracy, freedom, liberty, hard work, opportunity and dedication? From the Press of Atlantic City: American Dream is still alive, it’s just getting harder for the middle class to achieve it The taupe-colored house in Pleasantville stands out … Continue reading →

Weekend Open Discussion

Posted on October 24, 2008 by grim
Posted in General | 725 Comments

Anecdote for history buffs. Today marks the 79th anniversary of the official start of the Crash of ’29. Black Thursday, which took place on October 24th, 1929, was the first phase of the three phases which defined the Great Crash. … Continue reading →

Is the solution to reckless lending more reckless lending?

Posted on October 22, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 304 Comments

From Bloomberg: Mortgage Bankers to Ask U.S. to Lift Home-Loan Limits The U.S. Mortgage Bankers Association plans to ask the Federal Housing Finance Agency to increase the limit for Fannie Mae and Freddie Mac purchases or guarantees of single-family mortgages … Continue reading →

The fence is a comfortable place to be right now

Posted on October 20, 2008 by grim
Posted in General | 268 Comments

From the Record: House-hunters play waiting game David DeFabiis of Hackensack has been house-hunting for more than a year. He’s got a good job, a great credit score, a sizable down payment. He’s been prequalified for a mortgage. But he’s … Continue reading →

Weekend Open Discussion

Posted on October 17, 2008 by grim
Posted in General | 603 Comments

While this has nothing to do with the economy or real estate, I had to share. Introducing my newest foster, Spooky (yes, named for Halloween)! Spooky is a pure bred boxer that has a broken leg, severe tendon damage, and … Continue reading →

Fed: Northern NJ Home Prices Down 20-25%

Posted on October 16, 2008 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 283 Comments

From the Federal Reserve: Beige Book – Second District–New York (Includes NJ) Construction and Real Estate Housing markets in the District have generally weakened since the last report. Virtually all contacts emphasize that there has been little activity in recent … Continue reading →

FHA on the rise in New Jersey

Posted on October 14, 2008 by grim
Posted in New Jersey Real Estate | 352 Comments

From the Press of Atlantic City: More people find refuge with FHA mortgages The U.S. housing agency created in the depths of the Great Depression is once again doing a brisk business helping stabilize the mortgage finance market. Demand for … Continue reading →

“It’s certainly going to be the worst since the 1980s”

Posted on October 13, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 408 Comments

From Bloomberg: World May Be Lucky to Get Worst Recession Since 1983 The world may be heading for its worst recession in a quarter of a century — if it’s lucky. A steep slump looks likely as the credit squeeze … Continue reading →

Weekend Open Discussion

Posted on October 10, 2008 by grim
Posted in General | 771 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 →

“We’re preparing for the worst-case scenario”

Posted on October 9, 2008 by grim
Posted in Economics, Housing Bubble, National Real Estate | 471 Comments

From CNN/Money: For states, it’s ‘worst-case scenario’ States and municipalities are facing their worst budget crunches in decades – and it’s only going to get worse. As the weakening economy undermines consumers and businesses alike, governments are facing a rare … Continue reading →

Fed Cuts 50 Bps!

Posted on October 8, 2008 by grim
Posted in General | 445 Comments

From Bloomberg: Fed, ECB, Central Banks Lower Rates in Coordinated Reduction The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented, emergency coordinated bid to ease the economic effects of the financial crisis. … Continue reading →