Monthly Archives: October 2010

1991 all over again

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

Posted in Economics, Housing Bubble, New Jersey Real Estate | 89 Comments

The rising foreclosure resistance movement

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

Posted in Foreclosures, National Real Estate | 185 Comments

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

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

Posted in Foreclosures, National Real Estate, Risky Lending | 160 Comments

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

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

Posted in Economics, Housing Bubble, National Real Estate | 144 Comments

Otteau says no recovery in 2011

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

Posted in Economics, Housing Bubble, New Jersey Real Estate | 153 Comments

S&P Case Shiller may begin next leg down

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

Posted in Housing Bubble, National Real Estate | 116 Comments

Too late for ARC-bitrage?

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

Posted in Economics, New Jersey Real Estate | 57 Comments

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

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

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

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

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

Posted in Foreclosures, National Real Estate | 197 Comments

Taking it back

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

Posted in Foreclosures, National Real Estate, Risky Lending | 166 Comments

Housing outlook “deteriorating”

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

Posted in National Real Estate, New Development | 146 Comments

Jersey residents win back $80 million in appeals

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

Posted in New Jersey Real Estate, Property Taxes | 177 Comments

JPM: Delinquent borrowers are just trying to stall foreclosures

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

Posted in Foreclosures, National Real Estate, Risky Lending | 133 Comments

Rotten in Denmark (Maine)

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

Posted in Foreclosures, Housing Bubble, National Real Estate | 108 Comments

My my my, how times have changed.

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

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