Monthly Archives: October 2008

Weekend Open Discussion

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 | 671 Comments

Follow the debt

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

Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 477 Comments

ZIRP Wednesday!

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

Posted in Economics, National Real Estate | 454 Comments

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

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

Posted in General | 358 Comments

Since when did owning a house become the American Dream?

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

Posted in Economics, Housing Bubble, National Real Estate | 377 Comments

Weekend Open Discussion

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

Posted in General | 725 Comments

Is the solution to reckless lending more reckless lending?

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

Posted in Economics, Housing Bubble, National Real Estate | 304 Comments

The fence is a comfortable place to be right now

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

Posted in General | 268 Comments

Weekend Open Discussion

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

Posted in General | 603 Comments

Fed: Northern NJ Home Prices Down 20-25%

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

Posted in Economics, Housing Bubble, New Jersey Real Estate | 283 Comments

FHA on the rise in New Jersey

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

Posted in New Jersey Real Estate | 352 Comments

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

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

Posted in Economics, Housing Bubble, National Real Estate | 408 Comments

Weekend Open Discussion

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 | 771 Comments

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

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

Posted in Economics, Housing Bubble, National Real Estate | 471 Comments

Fed Cuts 50 Bps!

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

Posted in General | 445 Comments