Monthly Archives: February 2009

Realtors: Area Q4 Home Prices/Sales Plummet

Posted on February 12, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 399 Comments

From the National Association of Realtors: Median Sales Price of Existing Single-Family Homes for Metropolitan Areas – Q4 2008 Metropolitan Area Single Family Median Home Price Atlantic City, NJ 2007 Q4 – $278,800 2008 Q4 – $229,100 (Down 17.8% Year … Continue reading →

Housing bubble part 2? Don’t hold your breath.

Posted on February 11, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 302 Comments

From HousingWire: Home Prices to Decline into 2010, Economists Say Home price declines may continue through 2009 and bottom-out at the end of the year at the earliest, although recovery may not begin until mid-2010 and will take several years, … Continue reading →

Moody’s: The sidelines are a good place to be

Posted on February 10, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 465 Comments

Frankly, I don’t think home prices in the NY Metro Area will be hitting a bottom this year. From a timing perspective, the home price declines in the Northeast were running about a year behind home price declines in the … Continue reading →

New Jersey banks not “immune…forever”

Posted on February 9, 2009 by grim
Posted in Economics, New Jersey Real Estate | 93 Comments

From the Philly Inquirer: Defaults up, demand down at N.J. local banks New Jersey’s community banks have stayed on solid ground during the economic crisis, but a leading banker predicts a turbulent future. State and private-sector officials say New Jersey’s … Continue reading →

The End of Farmland Assessment?

Posted on February 9, 2009 by grim
Posted in New Development, New Jersey Real Estate, Politics, Property Taxes | 302 Comments

From the Asbury Park Press: Plug farm tax loopholes A pair of bills being drafted by state Sen. Jennifer Beck, R-Monmouth, that would revise farmland assessment laws would help keep New Jersey’s agriculture industry productive while preventing wealthy landowners from … Continue reading →

The New New Jersey Buyer?

Posted on February 8, 2009 by grim
Posted in Economics, New Jersey Real Estate | 108 Comments

From the New York Times: Defining the Buyer of the Future FLUX and turmoil will not rule the state’s residential real estate market forever, as all market specialists agree. But what comes afterward? “The question isn’t ‘When do things go … Continue reading →

Morris County Comp Killers

Posted on February 7, 2009 by grim
Posted in Comp Killer, Housing Bubble, Lowball, New Jersey Real Estate | 317 Comments

Take a deep breath, a sip of coffee, and repeat after me: Home prices can fall. Home prices can fall. Home prices can fall farther than I believe possible. Home prices can fall for longer I believe possible. My/Your home … Continue reading →

Montclair Comp Killer!

Posted on February 6, 2009 by grim
Posted in Comp Killer, Housing Bubble, Lowball, New Jersey Real Estate | 326 Comments

Not a Friday afternoon without a comp killer and a bank failure. Today’s comp killer comes to us from prestigious Upper Montclair, NJ. This property was acquired by the prior owner during the very frothy Summer 2005 market, in fact, … Continue reading →

UBS: NYC Unemployment May Hit 10.5%, Home Prices To Fall 20-25%

Posted on February 5, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 279 Comments

From StreetInsider: UBS Says New York City Unemployment Could Reach Mid-1970s High Investment Bank UBS published a report today that said New York City’s economic decline is likely only in the innings and it is likely to only get worse. … Continue reading →

January Mass Layoff Notification – 2,216 NJ Jobs Eliminated

Posted on February 5, 2009 by grim
Posted in Economics, New Jersey Real Estate | 459 Comments

January mass layoff/facility closure notifications were released by the New Jersey Department of Labor and Workforce Development: 2009-January WARN Notice COMPANY CITY EFFECTIVE DATE WORKFORCE AFFECTED Silverton Marine Corp Millville 1/30/09 202 Nielson & Bainbridge Monroe Twp. 3/11/09 105 Apex … Continue reading →

Glen Ridge (Lehman Bros) Mega Comp Killer

Posted on February 4, 2009 by grim
Posted in Housing Bubble, New Jersey Real Estate, Price Reduced | 433 Comments

Ridgewood Ave, Glen Ridge, New Jersey Upscale – Check Desirable – Check Great Schools – Check (Some would say best-in-state) Train Town – Check (Jitney at your door!) Best Street in Town – Check Mega Comp Killer – Damn Right … Continue reading →

Foreclosure horror story, Jersey cats left for dead

Posted on February 3, 2009 by grim
Posted in Foreclosures, New Jersey Real Estate | 178 Comments

From the Buck County Courier Times: Foreclosed, they leave cats behind A Horsham couple has been charged with animal cruelty for leaving behind three cats in their former New Jersey home after it had been foreclosed on last month. Police … Continue reading →

Pending Home Sales Fall In Northeast

Posted on February 3, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 146 Comments

From the WSJ: Pending Home Sales Increase A forecasting gauge of home sales unexpectedly increased during December, a realtors’ group said. The National Association of Realtors’ index for pending sales of previously owned homes increased 6.3% to 87.7 from 82.5 … Continue reading →

Zillow: US Housing Market Down $6.1 Trillion

Posted on February 3, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 140 Comments

From Bloomberg: U.S. Property Owners Lost $3.3 Trillion in Home Value Last Year The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as … Continue reading →

The next “bomb” to drop

Posted on February 2, 2009 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 413 Comments

From Bloomberg: U.S. Mortgage Time Bomb Needs Defusing Yesterday: John F. Wasik When talking about the U.S. home market, mentioning “the other shoe to drop” was quaint about a year ago. Now we are referring only to bombs. The latest … Continue reading →