Monthly Archives: May 2009

It’s a good time … to rent!

Posted on May 30, 2009 by grim
Posted in Economics, New Jersey Real Estate | 153 Comments

From the NY Times: Renters Find Deals Galore THE rental market in New Jersey, which up to now has only grown stronger as the sales market declined, is finally showing its own signs of weakness. And what that means, of … Continue reading →

Housing rescue plans failing

Posted on May 29, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 329 Comments

From the Philly Inquirer: In the housing market, still waiting for dust to clear Volatility in the mortgage markets. Rising foreclosure rates and delinquencies. Increasing existing-home inventories. Weak demand for new and existing homes, and lagging construction. Continued price declines. … Continue reading →

New Jersey Home Price Tracker – May

Posted on May 27, 2009 by grim
Posted in General | 251 Comments

The New Jersey Home Price Index Tracker has been updated to include: * March S&P Case Shiller (Aggregate, Tiered, Condo) (click to enlarge) (click to enlarge) S&P Case Shiller NY Metro Commutable Area Home Price Index Low Tier (Under $290k) … Continue reading →

Memorial Day Weekend Open Discussion

Posted on May 22, 2009 by grim
Posted in General | 346 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 →

Fed: Green shoots not convincing

Posted on May 21, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 303 Comments

From Bloomberg: Fed Officials Unconvinced Economy’s ‘Stabilization’ to Persist Federal Reserve officials, who see possible signs of “stabilization” in the U.S. economy, signaled they’re not convinced those improvements will persist. Policy makers, meeting April 28-29 in Washington, saw “significant downside … Continue reading →

NJ unemployment rises to 8.4%, 14k jobs lost in April

Posted on May 20, 2009 by grim
Posted in Economics, National Real Estate | 373 Comments

From the NJ Department of Labor and Workforce Development: Employment in NJ Fell by 14,400 in April; Unemployment Rate Rose Slightly to 8.4 Percent New Jersey’s labor market continued to contract in April as employment fell for the 15th consecutive … Continue reading →

Fitch: New Jersey home prices to fall an additional 20%

Posted on May 18, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 282 Comments

From BusinessWire: Fitch: California, Arizona, Florida Home Price Declines in Line with U.S. RMBS Forecast Fitch expects that California will lead the way with an additional 36% decline in home prices from current levels over the next 12 to 18 … Continue reading →

Sunshine on a cloudy day

Posted on May 18, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 259 Comments

From the Home News Tribune: First-time buyers drive housing market Simultaneous falling home prices and mortgage rates have made 2009 an historic year, according to real estate experts. For people who have a sufficient down payment and a secure job, … Continue reading →

We got the “Real Story” right here.

Posted on May 17, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 99 Comments

Nice jab at the NJAR from journalist Kevin Post. I’ve been waiting for someone to call out this propaganda in a public forum. You want to know who has the “Real Story”? We do, right here, on this blog. From … Continue reading →

Pent-up Supply

Posted on May 14, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 49 Comments

First, hat tip to Calculated Risk for posting the information and drawing attention to the shadow inventory issue: Zillow: High Percentage of Homeowners Waiting for a Market Turnaround From Zillow: Homeowner Confidence Shrinks; Most Americans Now Believe Their Home’s Value … Continue reading →

Northern NJ April 2009 Home Sales

Posted on May 13, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 320 Comments

Preliminary April 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 →

Widespread price declines across NJ, no recovery in sight.

Posted on May 12, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 272 Comments

From the National Association of Realtors: 2009 Q1 Metropolitan Area Single Family Prices Year over Year Single Family Price Changes (By MSA) United States -13.8% (for reference) Northeastern US -15.9% (for reference) Allentown-Bethlehem-Easton, PA-NJ -8.0% Atlantic City, NJ -21.0% New … Continue reading →

“Here’s the reality: the Gotti’s gotta go.”

Posted on May 12, 2009 by grim
Posted in Economics, Housing Bubble, Humor | 279 Comments

From Newsday: Moving out Gotti? LI mansion again in foreclosure Victoria Gotti is boiling mad. The daughter of the late mob boss John Gotti may lose her sprawling Old Westbury mansion after all, according to a state Appellate Division ruling. … Continue reading →

Shore homes hit by foreclosures

Posted on May 11, 2009 by grim
Posted in Economics, Housing Bubble, Shore Real Estate | 242 Comments

From the Press of Atlantic City: Data show many shore foreclosures on second homes Southern New Jersey hasn’t been spared from the wave of foreclosures in the U.S. But the character of foreclosures might be a little different here compared … Continue reading →

Where’s the bottom?

Posted on May 9, 2009 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 227 Comments

If the last real estate bubble that hit NJ is any indication of where the market might go, we’re still a long way off from the bottom. (click to enlarge) A few points. If you aren’t familiar with the last … Continue reading →