Monthly Archives: June 2010

SPCS: NY Metro Home Prices Hit New Low

Posted on June 29, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 181 Comments

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 →

$34 million in lost first time homebuyer credits for NJ

Posted on June 29, 2010 by grim
Posted in Economics, New Jersey Real Estate | 181 Comments

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 →

Welcome (Back) Home!

Posted on June 27, 2010 by grim
Posted in Economics, New Jersey Real Estate | 185 Comments

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 →

Doesn’t get worse than West Orange

Posted on June 26, 2010 by grim
Posted in New Jersey Real Estate, Property Taxes | 120 Comments

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 →

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

Posted on June 25, 2010 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 222 Comments

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 →

Another painful decline for housing?

Posted on June 24, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 158 Comments

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 →

Home prices to continue decline

Posted on June 23, 2010 by grim
Posted in Economics, National Real Estate | 283 Comments

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 →

May Existing Home Sales

Posted on June 22, 2010 by grim
Posted in Economics, National Real Estate | 215 Comments

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 →

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

Posted on June 21, 2010 by grim
Posted in New Jersey Real Estate, Politics, Property Taxes | 193 Comments

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 →

NJ Sales Plunge – Realtors Beg For Bailout

Posted on June 19, 2010 by grim
Posted in Economics, New Jersey Real Estate, Politics | 224 Comments

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 →

Government plan to plug Gulf leak with bad mortgages fails

Posted on June 18, 2010 by grim
Posted in National Real Estate, Risky Lending | 131 Comments

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 →

Can’t go wrong with real estate in Jersey

Posted on June 17, 2010 by grim
Posted in New Jersey Real Estate | 208 Comments

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 →

Will consolidation ever happen?

Posted on June 16, 2010 by grim
Posted in New Jersey Real Estate, Politics, Property Taxes | 284 Comments

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 →

Madoff victims screwed by NJ

Posted on June 14, 2010 by grim
Posted in Politics | 240 Comments

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 →

Monday Open Discussion

Posted on June 14, 2010 by grim
Posted in General | 83 Comments

In Vegas betting on the World Cup. Open discussion!