Monthly Archives: October 2010

1991 all over again

Posted on October 30, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 89 Comments

Homework for the weekend, compare and contrast the market in 1991 and the market in 2010. From the NY Times: Jersey’s ‘Gold Coast’ Losing Its Glitter By THOMAS J. LUECK Published: March 24, 1991 THE New Jersey shore of the … Continue reading →

The rising foreclosure resistance movement

Posted on October 29, 2010 by grim
Posted in Foreclosures, National Real Estate | 185 Comments

From CNBC: U.S. lawyer forms foreclosure resistance movement In a stately 19th century mansion in the middle of this former textile mill town, a local political scion has formed a mortgage foreclosure resistance movement. O. Max Gardner III, 65, pioneered … Continue reading →

With a 50% redefault rate, does HAMP even make sense?

Posted on October 28, 2010 by grim
Posted in Foreclosures, National Real Estate, Risky Lending | 160 Comments

From HousingWire: COP: Half of HAMP permanent mortgage mods will redefault Half of the so far nearly 500,000 permanent modifications completed by servicers participating in the Home Affordable Modification Program will redefault, Sen. Ted Kaufman (D-Del.), chairman of the Congressional … Continue reading →

“its either going to look good before getting really bad. Or its just going to keep getting worse.”

Posted on October 27, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 144 Comments

From CNBC: Watch Out for a Housing Head-Fake Later This Year The recent moratoriums on foreclosures may produce some unexpected volatility and unreliability in home price numbers. House prices are now clearing headed downward in much of the country, as … Continue reading →

Otteau says no recovery in 2011

Posted on October 25, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 153 Comments

From the Record: Appraiser: Home prices could drop another 6 percent in 2011 New Jersey home prices will drop another 6 percent in 2011, an East Brunswick real estate appraiser predicted Monday. “This is not a pretty picture, and it’s … Continue reading →

S&P Case Shiller may begin next leg down

Posted on October 25, 2010 by grim
Posted in Housing Bubble, National Real Estate | 116 Comments

From HousingWire: Clear Capital: Home price drop sudden and dramatic Clear Capital said a 6%, two-month decline in home prices represents a magnitude and speed not seen since March 2009. “Clear Capital’s latest data through Oct. 22 shows even more … Continue reading →

Too late for ARC-bitrage?

Posted on October 23, 2010 by grim
Posted in Economics, New Jersey Real Estate | 60 Comments

From the NY Times: ow a Tunnel Would Help New Jersey Home Values WHAT is the real estate value of a one-seat train ride to Manhattan from a station close to one’s home in New Jersey? Leave it to statisticians … Continue reading →

Fed: Home prices “drifting down in northern New Jersey”

Posted on October 22, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 114 Comments

From the Federal Reserve: Beige Book – Second District–New York Construction and Real Estate Housing markets have been mixed but generally stable since the last report. Real estate contacts in both northern New Jersey and western New York State report … Continue reading →

“Why are people surprised that they don’t know what they are doing here either?”

Posted on October 21, 2010 by grim
Posted in Foreclosures, National Real Estate | 197 Comments

From the NY Times: Battle Lines Forming in Clash Over Foreclosures That clash — expected to be played out in courtrooms across the country and scrutinized by law enforcement officials investigating possible wrongdoing by big lenders — leaped to the … Continue reading →

Taking it back

Posted on October 20, 2010 by grim
Posted in Foreclosures, National Real Estate, Risky Lending | 166 Comments

From CNBC: Foreclosed Homeowners Break Into Former Home There’s been a lot of funny business in the mortgage industry. It’s getting less funny by the minute. Danielle and Jim Earl admit they skipped mortgage payments, filed for bankruptcy, and lost … Continue reading →

Housing outlook “deteriorating”

Posted on October 19, 2010 by grim
Posted in National Real Estate, New Development | 146 Comments

From Bloomberg: Builders Probably Began Work on Fewer U.S. Houses in Sign Recovery Delayed Builders in the U.S. probably began work on fewer homes in September, a sign the residential real estate market will be slow to recover from the … Continue reading →

Jersey residents win back $80 million in appeals

Posted on October 18, 2010 by grim
Posted in New Jersey Real Estate, Property Taxes | 177 Comments

From the Daily Record: NJ tax appeals produce windfalls for residents, shortfalls for municipalities Property tax assessment appeals are producing windfalls for property owners in New Jersey, returning about $80 million this year to those who won their cases in … Continue reading →

JPM: Delinquent borrowers are just trying to stall foreclosures

Posted on October 16, 2010 by grim
Posted in Foreclosures, National Real Estate, Risky Lending | 133 Comments

From HousingWire: JPM: Robo-signing now borrower strategy to avoid foreclosure One of the largest investment banks at the center of the robo-signing scandal is claiming that distressed borrowers are using the allegations as a stall tactic to prevent losing their … Continue reading →

Rotten in Denmark (Maine)

Posted on October 15, 2010 by grim
Posted in Foreclosures, Housing Bubble, National Real Estate | 108 Comments

From the NY Times: From a Maine House, a National Foreclosure Freeze The house that set off the national furor over faulty foreclosures is blue-gray and weathered. The porch is piled with furniture and knickknacks awaiting the next yard sale. … Continue reading →

My my my, how times have changed.

Posted on October 14, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 114 Comments

From the Record “Ask the Realtor” section. For those not familiar, this is a staged advertorial section paid for by one of the local Realtor boards. This “column” is usually filled with puffery and “great time to buy” nonsense. Proposed … Continue reading →