Monthly Archives: September 2010

One in seven homes sold in NJ in some stage of foreclosure

From the Record: 15% of NJ homes sold in second quarter were in foreclosure process About 15 percent — or one in every seven — homes sold in New Jersey during the second quarter were in some stage of the … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 154 Comments

New Jersey Home Price Tracker – September 2010

The New Jersey Home Price Index Tracker has been updated to include: * July S&P Case Shiller (Aggregate, Tiered, Condo) (click to enlarge) (click to enlarge) S&P Case Shiller NY Metro Commutable Area Home Price Index Low Tier (Under $289395) … Continue reading

Posted in Economics, New Jersey Real Estate | 205 Comments

August contracts down 25% year over year

From the Otteau Group: Recent Housing Slump Extends to 4 Straight Months Purchase contracts to buy a home in New Jersey fell by 25% in August compared to one year ago as the housing market continues to weaken in the … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 190 Comments

“But the market didn’t improve.”

From the Star Ledger: Home prices flat in first half of year, but may be headed lower A three-year slump in North Jersey home prices leveled off in the first half of 2010, as the federal tax credit helped increase … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 80 Comments

For Sale! … Or Rent!

From the NY Times: As Sales Slump, Rental Stock Rises IN New Jersey, those big suburban homes that used to be called exemplars of the American dream of homeownership are increasingly available for a monthly fee. Houses with yards and … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 114 Comments

Fixing debt with more debt

From the Courier Post: State to get $112M to halt foreclosures Program that will help unemployed and underemployed homeowners make their monthly mortgage payments for up to 24 months, state officials said Thursday. Since 2006, foreclosures have jumped nearly 200 … Continue reading

Posted in Foreclosures, New Jersey Real Estate | 233 Comments

“Housing is showing no ability to move to the upside”

From Bloomberg: Sales of U.S. Existing Homes Probably Climbed to Second-Lowest on Record Sales of existing homes in the U.S. probably climbed in August to the second-lowest level on record, indicating housing remains depressed a year after the economic recovery … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 124 Comments

No quick recovery from recession

From the Star Ledger: Economists: New Jersey’s recovery will be slow The regional economy will go through tough times for several more years before it emerges from the post-recession slump, two economists said Tuesday. The state and nation are unlikely … Continue reading

Posted in Economics, New Jersey Real Estate | 85 Comments

MERS problems behind GMAC halt?

From the NY Times: GMAC Halts Foreclosures in 23 States for Review GMAC Mortgage, one of the country’s largest and most troubled home lenders, said on Monday that it was imposing a moratorium on many of its foreclosures as it … Continue reading

Posted in Foreclosures, National Real Estate | 153 Comments

Moodys: Housing prices to fall until Q3 of 2011

From HousingWire: Moody’s downgrades billions in RMBS, more to come Moody’s Investors Service issued another slew of ratings changes yesterday afternoon and earlier today, downgrading tens of billions of dollars of Alt-A and subprime residential-mortgage backed securities. The lower ratings … Continue reading

Posted in Economics, Foreclosures, Housing Bubble, National Real Estate | 187 Comments

Welcome to Fall

From the NYT: A Cool Summer for Housing THE fall real estate season is under way, and the school of hard realities is in session. “The sales data is telling us nothing good,” said the market analyst Jeffrey G. Otteau. … Continue reading

Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 146 Comments

“That’s so done.”

From the WSJ: Reluctant Realtors: Fannie, Freddie Two years after they were taken over by the federal government, Fannie Mae and Freddie Mac face a new challenge: The mortgage-finance giants are becoming two of the nation’s largest home sellers at … Continue reading

Posted in Foreclosures, Housing Bubble, National Real Estate | 156 Comments

“A long if not lost decade”

From the NY Post: Going down The drop in US home prices — which are already down 28 percent since 2006 — could languish until 2013 as a massive 12 million homes in a shadow inventory still have to clear … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 165 Comments

Montclair resident pleads guilty in $45m ponzi

From Bloomberg: NJ woman pleads guilty in $45 mln Ponzi scheme A New Jersey woman on Tuesday pleaded guilty to running a $45 million Ponzi scheme in which she promised to invest money in real estate, but instead gambled some … Continue reading

Posted in Housing Bubble, New Jersey Real Estate | 169 Comments

“We are managing to a view that home prices are more likely to be headed down rather than up”

From the Huffington Post: Home Prices Set To Fall Further: Richard Fairbank, Capital One CEO Speaking at the Barclays Capital 2010 Global Financial Services Conference, Capital One CEO Richard Fairbank was pessimistic about the housing market and about consumer demand … Continue reading

Posted in Economics, Foreclosures, Housing Bubble, National Real Estate | 150 Comments