Monthly Archives: February 2009

Weekend Open Discussion

Posted on February 27, 2009 by grim
Posted in General | 568 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 →

North Jersey January Home Sales

Posted on February 25, 2009 by grim
Posted in Economics, New Jersey Real Estate | 486 Comments

Preliminary January 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 →

S&P Case Shiller: December NYC Metro Area Home Prices

Posted on February 24, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 336 Comments

Updated the S&P Case Shiller Home Price Index graphs with the December release data. These graphs show all indicies for the NY Metro Commutable Area. As the name implies, this price index covers regions that are within commutable distance to … Continue reading →

S&P Case Shiller December Home Price Index

Posted on February 24, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 354 Comments

From MarketWatch: Home prices off record 18.5% in past year, Case-Shiller says Home prices in 20 major U.S. cities dropped 2.5% in December from the prior month, and were down a record 18.5% from the previous year, according to the … Continue reading →

Barrons: NYC prices could fall 30%

Posted on February 23, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 141 Comments

From Barrons: Manhattan on Sale Manhattan’s luxury real-estate market is rotting, as Wall Street layoffs and tight credit squeeze demand. Why prices could slip another 30%. ON A RAIN-DRENCHED AFTERNOON LATE last week, Michael Shvo, a renowned megabroker of Manhattan … Continue reading →

Property Tax Appeal Surge Expected

Posted on February 23, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 435 Comments

From the Herald News: Taxing times for homeowners Homeowners will likely file a mountain of tax appeals this year, hoping the real estate crash will provide a silver lining — relief from the nation’s highest property taxes. But they shouldn’t … Continue reading →

“Home prices are falling and will continue to fall.”

Posted on February 21, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 531 Comments

(Note: 46 Windermere was featured in Comp Killer in early February, you can find the details here. From the NY Times: A Market Going Downhill Fast By ANTOINETTE MARTIN Published: February 19, 2009 Montclair IN the heady real estate days … Continue reading →

Trapped? Or just unwilling to sell?

Posted on February 20, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 486 Comments

From the NY Times: Trapped in Their Own Homes By MARY JO PATTERSON Published: February 19, 2009 ON May 1, 2007, a very different economic era, Janet Faello put her former marital home on the market for $829,000. She and … Continue reading →

NJ’s 3.6 Billion Dollar Hole

Posted on February 19, 2009 by grim
Posted in Economics, New Jersey Real Estate, Politics | 384 Comments

From Bloomberg: New Jersey’s Budget Shortfall Widens to $3.6 Billion New Jersey’s budget shortfall for the current fiscal year widened to $3.6 billion from a projection of $2.1 billion a month ago, prompting Governor Jon Corzine to call for unpaid … Continue reading →

Painful cuts for NJ budget

Posted on February 18, 2009 by grim
Posted in Economics, New Jersey Real Estate, Politics | 436 Comments

From the Record: State weighs drastic cuts Governor Corzine wants state workers to take unpaid furloughs as part of a new plan to offset a recession-fueled budget deficit now projected to grow to nearly $3 billion. The governor on Tuesday … Continue reading →

Builders hope for a remodeling recovery

Posted on February 17, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 490 Comments

From the Record: Stimulus, warm weather could spur home repairs With remodeling in a slump, home improvement companies reached out to potential customers Sunday at the annual New Jersey Home Show at the Meadowlands Expo Center. “It’s been slower for … Continue reading →

Worst yet to come for NJ?

Posted on February 16, 2009 by grim
Posted in Economics, New Jersey Real Estate | 228 Comments

From the Home News Tribune: Rutgers report warns of continuing job losses, recession into 2010 Job losses will continue to mire the economy in coming months and the recession may stretch into 2010, according to a report released by two … Continue reading →

A bird after my own heart

Posted on February 15, 2009 by grim
Posted in Housing Bubble, New Jersey Real Estate | 126 Comments

I admit, I hadn’t heard of the Circling Vulture Blog before Ms. Martin asked me about it, but after a few clicks I knew that I was in love. Didn’t know how I could have missed it, but I’ll tell … Continue reading →

February Comp Killer!

Posted on February 13, 2009 by grim
Posted in Comp Killer, New Jersey Real Estate | 361 Comments

Here are a sampling of properties that have closed across Northern NJ over the past 20 days or so (excludes Morris, see the Morris Comp Killer by clicking the “Comp Killer” shortcut on the right). It might help to read … Continue reading →

North Jersey Home Prices Fall 12%

Posted on February 13, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 347 Comments

From the Record: Home prices down nearly 12 percent Home prices in the New York metropolitan area, including North Jersey, were at a median of $458,600 in the fourth quarter of 2008, down 11.7 percent from a year earlier, the … Continue reading →