Comments on: New Jersey housing demand “sluggish and lacking momentum”

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By: still_looking

still_looking — Fri, 30 Jul 2010 10:14:56 +0000

[snip] Earlier today we noted that the biggest buzz on Wall Street is the recent suggestion by MS and ML’s Harley Bassman that the GSEs should provide some form of autorefi program to take borrowers to market rates. As this would impact a vast majority of the 37 million of mortgages outstanding backed by the government, not only would this housing stimulus have a huge impact on consumption appetites, but it would be a political coup as all of a sudden the administration would find tens of millions of giddy homeowners who are paying far less monthly, and quite satisfied with the way Obama has handled things. It is thus likely that this program will take off shortly (if at all) just before the mid-term elections to neutralize all the pent up discontent focused on the administration. Yet there may be less than meets the eye. As Market News points out, over the past 24 hours Wall Street has gone into overdrive analzying the consequences, both positive and negative, of such a move. Below are the conclusions.

First, here is how the pricing action in various MBS tranches occurred:

Premium MBS bonds went down in price because this refi concept stoked speculation that primary mortgages with higher rates will get paid off soon and the higher coupon MBS that backed those mortgages would be called back. This paper would be replaced with lower coupon MBS that would then be backing primary mortgages at lower rates. [/snip]

zero hedge dissects it – I’m off to work, so can’t read the whole thing right now.

By: still_looking

still_looking — Fri, 30 Jul 2010 10:12:09 +0000

grim,

did you see the refi to market rates story yet?

By: grim

grim — Fri, 30 Jul 2010 09:58:00 +0000

1. If a house has an offer(s) on it, why won’t the sellers agent tell you (or your realtor) the amount(s)?

a) Violates the privacy of any other bidders. If I was bidding against you, I wouldn’t want you to know my bid.
b) Isn’t in the best interest of the seller.
c) Sometimes price isn’t the only factor (contingencies, buyer qualifications, closing times, etc).
d) Indirectly, they do. If they say too low, try again, you aren’t even near the other offer. If they counter, it is an amount higher than the other offer.

2. Why would sellers refuse more offers after they’ve received, say, three offers?

Chances are the seller has found a buyer to transact with.

I’ve seen plenty of sellers turn down higher offers in attorney review simply because they feel it inappropriate to screw over a buyer they’ve already been moving forward with. Somewhat courtesy on behalf of the buyer’s agent as well, since it does take a bit of effort to get a contract together, delivered, etc. If it stands no chance, why bother?

By: Revelations

Revelations — Fri, 30 Jul 2010 04:49:14 +0000

Ok, I guess they might not want to share in atty review since a number might get sticky if the deal fell through, but wouldn’t they want to invite higher bids by advertising the number? Or would that antagonize the current buyer?

Neither #1 nor #2 happened to me recently, but I’ve always wondered…

By: Revelations

Revelations — Fri, 30 Jul 2010 04:38:33 +0000

Hi All,

Questions for the realtors:

1. If a house has an offer(s) on it, why won’t the sellers agent tell you (or your realtor) the amount(s)? If this is to avoid “anchoring” future offers, why would they not share the amount if in attorney review?
2. Why would sellers refuse more offers after they’ve received, say, three offers?

By: New in NJ

New in NJ — Fri, 30 Jul 2010 03:51:11 +0000

#134 Confused

Or, in many parts of the country, fall behind in HOA dues. They’ll take your house faster than FK or tax delinquencies.

By: chicagofinance

chicagofinance — Fri, 30 Jul 2010 03:46:53 +0000

You are a suicidal alcoholic and you concern yourself with convenience?

Final Doom says:
July 29, 2010 at 6:56 pm
chi (125)-

Actually, it was Man City. And they got their butts kicked by the Red Bulls.

Better they take the drive to Philly and go to games there. Red Bull Arena is nice, but you have to park half a mile away and walk there. No parking lots next to the stadium.

By: NJGator

NJGator — Fri, 30 Jul 2010 03:04:32 +0000

Thanks.

By: 30 year Realtor

30 year Realtor — Fri, 30 Jul 2010 02:57:24 +0000

11 forest shows as under contract

By: grim

grim — Fri, 30 Jul 2010 02:53:08 +0000

Under Contract

By: NJGator

NJGator — Fri, 30 Jul 2010 02:45:59 +0000

Can someone with GSMLS access let me know if 11 Forest in Glen Ridge is Under Contract or Withdrawn?

Thanks.

By: Confused in NJ

Confused in NJ — Fri, 30 Jul 2010 02:22:56 +0000

133.grim says:
July 29, 2010 at 9:39 pm
To maximize skills and resources, having a nompound in a small, insular community is essential.

The legal construct of ownership is irrelevant in the post-armageddon world.

Why bother preparing when I can just beat you up and take your nompound?

That exists today. You fall behind on property taxes and the Sheriff reposesses your house. You don’t own anything as the Government can take it at will.