Monthly Archives: June 2010

SPCS: NY Metro Home Prices Hit New Low

Unlike the rest of the country, prices here are still falling. Remember folks, the SPCS NY Metro Area includes most of Northern NJ. From the Wall Street Journal: A Look at Case-Shiller, by Metro Area The S&P/Case-Shiller Composite 20 home … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 181 Comments

$34 million in lost first time homebuyer credits for NJ

From the Record: Tax-credit deadline looms for prospective homebuyers Luis Ponce of Union City is closing on a Westwood home Wednesday — he hopes. If the closing is delayed, Ponce and his wife won’t qualify for a federal tax credit … Continue reading

Posted in Economics, New Jersey Real Estate | 181 Comments

Welcome (Back) Home!

From the Record: Riding out the recession at Mom’s Angelo Onello III, a 28-year-old civil engineer and musician, would like to move out of his parents’ place in Ramsey. But he’s not willing to pay as much as $1,200 a … Continue reading

Posted in Economics, New Jersey Real Estate | 185 Comments

Doesn’t get worse than West Orange

From the NY Times: Property Taxes Inhibit Sales in West Orange FOR many years this community enjoyed popularity as a less expensive alternative to those Essex County towns on the direct train line to Manhattan. These days, however, something uncomfortably … Continue reading

Posted in New Jersey Real Estate, Property Taxes | 120 Comments

Here she comes. Watch out boy she’ll chew you up.

From the NY Times: Analysts Question a Threat by Fannie Fannie Mae’s decision to begin punishing people who walk away from their unpaid mortgages could prove difficult to sell to the public and might be impossible to execute, housing and … Continue reading

Posted in Housing Bubble, National Real Estate, Risky Lending | 221 Comments

Another painful decline for housing?

From Bloomberg: Betting Who’s Right on Housing: Baker-Whitney vs Maki-Harris Dean Maki, chief U.S. economist at Barclays Capital, says the worst is over for the U.S. housing sector. Dean Baker, co-director of the Center for Economic and Policy Research, expects … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 158 Comments

Home prices to continue decline

From Bloomberg: Whitney Says She Sees ‘Double Dip’ in Housing Market The U.S. housing market will experience a second recession, forcing banks to post additional loan-loss reserves, analyst Meredith Whitney said. “Most investors are not baking in a double-dip in … Continue reading

Posted in Economics, National Real Estate | 283 Comments

May Existing Home Sales

From Bloomberg: Sales of Existing Homes in U.S. Probably Climbed on Tax Credit Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said … Continue reading

Posted in Economics, National Real Estate | 215 Comments

Lower cap looks likely, but will it be 2.9% or 2.5%?

From New Jersey Newsroom: Sweeney to propose 2.9 percent cap on N.J. property tax hikes Contending a cap on property tax hikes needs “realistic numbers,‘’ Senate President Stephen M. Sweeney (D-Gloucester) Monday will introduce a proposal to set a cap … Continue reading

Posted in New Jersey Real Estate, Politics, Property Taxes | 193 Comments

NJ Sales Plunge – Realtors Beg For Bailout

From the NY Times: Reviving a Housing Market in a Swoon ACCORDING to the early evidence, the New Jersey residential market went a bit weak in the knees in May — or even swooned — after the federal home buyer … Continue reading

Posted in Economics, New Jersey Real Estate, Politics | 224 Comments

Government plan to plug Gulf leak with bad mortgages fails

From CNN/Money: 75% of modified home loans will redefault Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday. Between 65% and 75% of loans that are … Continue reading

Posted in National Real Estate, Risky Lending | 131 Comments

Can’t go wrong with real estate in Jersey

From the Star Ledger: Defendants in N.J. mortgage fraud ring tried to take more than $5M from banks, feds say They applied for mortgages using phony pay stubs showing wages never earned. They forged tax documents and bank statements. And … Continue reading

Posted in New Jersey Real Estate | 206 Comments

Will consolidation ever happen?

From the Star Ledger: Gov. Christie says property tax cap could force N.J. town, school district mergers New Jersey’s notorious but beloved patchwork of towns and school districts could be transformed under a new limit on annual property tax increases, … Continue reading

Posted in New Jersey Real Estate, Politics, Property Taxes | 283 Comments

Madoff victims screwed by NJ

From the Record: Kelly: N.J. refuses to return Madoff victims’ overpaid taxes If you invested with convicted Ponzi scammer Bernie Madoff and you live in New Jersey, you may have gotten robbed twice. First, Madoff fleeced you. Then, Trenton likely … Continue reading

Posted in Politics | 240 Comments

Monday Open Discussion

In Vegas betting on the World Cup. Open discussion!

Posted in General | 82 Comments