Monthly Archives: October 2009

NJ September Unemployment 9.8%

Posted on October 14, 2009 by grim
Posted in Economics, New Jersey Real Estate | 50 Comments

From the Record: State’s jobless rate climbs to 32-year high of 9.8 percent in September New Jersey’s unemployment rate rose to 9.8 percent in September, the highest since 1977, state labor officials said today. The rate matched the national rate. … Continue reading →

Will the housing credit become untouchable?

Posted on October 14, 2009 by grim
Posted in Economics, National Real Estate | 213 Comments

If critics think the credit is so supportive, what are the chances that the credit becomes not only permanant, but as untouchable as the mortgage interest deduction? From CNN/Money: Push on to expand $8,000 tax credit Congress is considering proposals … Continue reading →

NEWSFLASH! Taxes are high in Millburn

Posted on October 13, 2009 by grim
Posted in New Jersey Real Estate, Property Taxes | 225 Comments

Thought this was obvious, especially since the average home price is over a million. Hard to swallow an argument about a “poor homeowner” who can’t afford taxes when you are talking about Millburn. How about you sell the house and … Continue reading →

Foreclosures no longer a “low-end” trend

Posted on October 12, 2009 by grim
Posted in Foreclosures, Housing Bubble, National Real Estate | 173 Comments

From the Wall Street Journal: Foreclosures Grow in Housing Market’s Top Tiers New data suggest that foreclosures are rising in more expensive housing markets. About 30% of foreclosures in June involved homes in the top third of local housing values, … Continue reading →

South Jersey slammed by foreclosures

Posted on October 11, 2009 by grim
Posted in Foreclosures, South Jersey Real Estate | 83 Comments

From the Courier Post: Foreclosure bites South Jersey hard When first-time home buyer Derrick Hannah saw a three-bedroom ranch home in Willingboro, he fell in love with its spotless kitchen and its expansive backyard with a patio. But, a couple … Continue reading →

Wealthy foreigners buying homes?

Posted on October 9, 2009 by grim
Posted in Economics, Housing Bubble, National Real Estate | 314 Comments

From the NY Times: Overall, International Interest in U.S. Real Estate Has Waned Despite plummeting prices, international interest in United States property cooled in the last year, according to an annual survey by the National Association of Realtors, a U.S. … Continue reading →

Home Prices To Recover … By 2020 (or 2030)

Posted on October 8, 2009 by grim
Posted in Foreclosures, Housing Bubble, National Real Estate | 293 Comments

From Reuters: The Flood of Foreclosures Shows No Sign of Ebbing Every 13 seconds in America, there is another foreclosure filing. That’s the rhythm of a crisis that threatens to choke off hopes for a recovery in the U.S. housing … Continue reading →

NJ Rep. Scott Garrett Pushes for FHA Risk Reduction

Posted on October 7, 2009 by grim
Posted in Economics, National Real Estate, Risky Lending | 183 Comments

From HousingWire: Bill Raises Required Down Payment to 5% for FHA Loans A bill introduced in Congress Monday would increase the minimum down payment for Federal Housing Administration (FHA)-insured mortgages from 3.5% to 5%. The FHA Taxpayer Protection Act of … Continue reading →

Apartment vacancies near record highs

Posted on October 6, 2009 by grim
Posted in Economics, National Real Estate | 265 Comments

From Reuters: US apartment vacancy rate hits 23-year high-report The U.S. apartment market in the third quarter turned in one of its weakest performances ever as the national vacancy rate hit a 23-year high despite being propped up by landlords … Continue reading →

Backlash on the horizon? Or is it already here?

Posted on October 5, 2009 by grim
Posted in New Jersey Real Estate, Property Taxes | 275 Comments

From the NY Times: As Property Taxes Become a Real Burden, Can Backlash Be Far Off? The list from census data isn’t all that surprising, but there it is. Westchester County, No. 1. Nassau, No. 2. Hunterdon and Bergen in … Continue reading →

Weekend Open Discussion

Posted on October 3, 2009 by grim
Posted in General | 158 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 →

“The taxes were so high, and the houses we were finding that were affordable were junk”

Posted on October 2, 2009 by grim
Posted in Economics, New Jersey Real Estate | 337 Comments

From the Daily Record: Leaving Morris County — and New Jersey Kathleen Dooley-Breslin and her husband wanted something larger than the 2,000-square-foot house they owned in Denville before starting a family. So, like some other couples, they looked south — … Continue reading →

“It’s not going to be an easy slog from here.”

Posted on October 1, 2009 by grim
Posted in Economics | 323 Comments

From the APP: Report: U.S. has net loss of 1.3M private-sector jobs The United States has a net loss of 1.3 million private-sector jobs this decade, a dismal employment performance not seen since the 1930s era that was defined by … Continue reading →