Monthly Archives: July 2009

State unemployment jumps to 9.2% in June, 32 year high

Posted on July 15, 2009 by grim

From the NJ Department of Workforce and Labor Development: NJ Employment Losses Slowed in June; Unemployment Rate, Over the Month, Rose to 9.2 Percent New Jersey employers trimmed payrolls once again in June, however, the monthly decline was the smallest … Continue reading →

Posted in Economics, New Jersey Real Estate | 162 Comments

Have we hit a sales volume (not price) bottom in North Jersey?

Posted on July 14, 2009 by grim

Based on the contracts volume for June, I’m very tempted to make a bottom call with respect to volume (but not prices) for Northern NJ. History buffs will note that this blog started in September of 2005, with my call … Continue reading →

Posted in Economics, New Jersey Real Estate | 134 Comments

Bye Bye Jersey Jobs

Posted on July 13, 2009 by grim

From the Courier Post: Relocation means loss of jobs A cocoa-processing plant in Glassboro and a team of money managers for the wealthy are leaving South Jersey, taking more than 100 jobs to Pennsylvania. ADM Cocoa, which turns cocoa beans … Continue reading →

Posted in Economics, New Jersey Real Estate | 323 Comments

Weekend Open Discussion

Posted on July 12, 2009 by grim

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 | 112 Comments

Not to worry, the crisis is “contained”

Posted on July 10, 2009 by grim

From the Record: Commercial properties take hit Commercial foreclosures soared in New Jersey in the second quarter, with lenders and loan servicers going to court to take back 413 income-producing properties — nearly three times the number of such filings … Continue reading →

Posted in Economics, National Real Estate | 428 Comments

“Unemployment has had a much more immediate impact on the rental market than the purchase market”

Posted on July 9, 2009 by grim

From Bloomberg: Manhattan Apartment Rents Drop as Unemployment Curbs Demand Manhattan apartment rents fell as much as 18 percent in the second quarter from a year earlier as rising unemployment curbed demand. The median price dropped 3.1 percent to $3,100 … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 361 Comments

Northern NJ June Home Sales

Posted on July 8, 2009 by grim

Preliminary June 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 →

Posted in Economics, New Jersey Real Estate | 393 Comments

PMI: Home prices to fall into 2011

Posted on July 7, 2009 by grim

From Bloomberg: U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says Home prices may fall in more than half of the largest U.S. cities through the first quarter of 2011 as unemployment and foreclosures rise, mortgage insurer PMI … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 438 Comments

Did Serge’s underwater house play a role?

Posted on July 6, 2009 by grim

Ok, ok, everyone has been buzzing about how Serge Aleynikov stole some code from GS. For those who don’t know the story, google it or read the Reuters story. But I’ll sum it up for the lazy ones. Serge was … Continue reading →

Posted in General | 59 Comments

Fourth of July Weekend Comp Killer!

Posted on July 4, 2009 by grim

Welcome to another edition of Comp Killer! Warren County Comp Killers, June 1st thru 30th. Double hat tip to willwork4beer for providing the Warren killers as well. Some additional color: Warren County Comp Killers. Out of 69 completed sales in … Continue reading →

Posted in Comp Killer | 148 Comments

Barclays: Home prices to fall 40% from peak

Posted on July 2, 2009 by grim

(Karen Weaver from Deutsche Bank provided a similar forecast a little over two weeks ago.) From CNBC: US Home Prices Seen Falling 40% Overall: Analyst U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 123 Comments

“The way to lure a buyer in the current market is to cut your price.”

Posted on July 2, 2009 by grim

From Bloomberg: Manhattan Apartment Prices Drop as Lehman Effect Hits Home Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. caught up to … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 354 Comments

Housing bubble burst “with a vengeance”

Posted on July 1, 2009 by grim

From the Record: 20% of construction jobs vanish One of every five construction jobs in Bergen, Passaic and Hudson counties disappeared over the past year, as building activity plummeted in the face of a recession and housing bust, federal labor … Continue reading →

Posted in Foreclosures, Housing Bubble, New Jersey Real Estate | 112 Comments