Monthly Archives: February 2011

January contracts post new low

From the Otteau Group: Multiple snow storms and the painfully slow pace of economic recovery combined to reduce New Jersey home sales in January by 22% below the prior year’s pace as the housing market turns the corner heading toward … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 107 Comments

Homeownership goes the way of the Hula Hoop

From CNBC: Fewer in US Deem Homeownership a Safe Investment Homeownership as an investment is no longer the rock-solid foundation for the American Dream it once was, according to a survey released on Monday by the firm the government created … Continue reading

Posted in Economics, National Real Estate | 103 Comments

Cocky sellers drop prices at the shore

From the NY Times: A Low Tide for Home Sales in the Shoreline Market FOR the shoreline real estate market, by unvarying tradition, spring arrives early. Sometime in mid-January, in all four coastal counties — Monmouth, Ocean, Atlantic and Cape … Continue reading

Posted in Employment, Housing Bubble, Shore Real Estate | 275 Comments

Anything to be optimistic about in the January home sales numbers?

From Barrons: Depressed Home Prices Boost Sales Sales of existing U.S. homes rose a seasonally adjusted 2.7% from December to January, to a better-than-expected 5.36 million, according to the National Association of Realtors. That figure is an eight-month high and … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 166 Comments

New Jersey Home Price Tracker – February 2011

The New Jersey Home Price Index Tracker has been updated to include: * December 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 $287,359) … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 218 Comments

SHOCKER: Realtors lied about home sales

(Of course this isn’t the first time someone caught them, see: NAR: 4% Quarterly Gain is (Oops) Actually a 30% Loss. In retrospect, maybe that wasn’t a one-time mistake at all, but an example of a systematic manipulation of data.) … Continue reading

Posted in Housing Bubble, National Real Estate | 169 Comments

Just when you thought we’d finally started dancing at the bottom

From Yahoo News: New Jersey Foreclosures Expected to Rise 20 Percent in 2011 CBS’s New York affiliate reported that despite improvements in the economy, foreclosures in New Jersey are expected to increase 20 percent this year. Kevin Wolf, who works … Continue reading

Posted in Foreclosures, New Jersey Real Estate | 118 Comments

The rich are alright

From the NY Times: In Market Reports, Some Affluent Towns Do Better Than Others AFFLUENT towns are different from other towns. Their citizens have more money, of course, and their homes have more value. But some affluent towns are different … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 260 Comments

Optimism about remodeling a reason to be optimistic about housing?

From CNBC: It May Be Time to Believe in Housing Again It’s hard to know what to believe in the housing market today, with so many conflicting data reports, some analysts claiming the market has hit bottom, and others seeing … Continue reading

Posted in Economics, National Real Estate | 166 Comments

Will rising rates destroy any chance of recovery?

From CNN/Money: Don’t sweat rising mortgage rates Will rising interest rates slam the door on a fragile housing recovery? No — though that only underscores just how grim the housing picture is. The rate on the 30-year conforming mortgage has … Continue reading

Posted in Economics, Mortgages, National Real Estate | 161 Comments

No more mortgage interest deduction?

From HousingWire: Mortgage interest tax deduction may be in danger President Obama’s 2012 budget proposes an across-the-board 30% cut to itemized deductions for high-income taxpayers. This includes the mortgage interest tax deduction. Currently, interest on a mortgage taken out to … Continue reading

Posted in Employment, National Real Estate, Politics | 115 Comments

NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale

From the Press of Atlantic City: Bottom Lines: Foreclosures in New Jersey now take an average 849 days We have started to feel the consequences of the robo-signing controversy. There was nationwide concern that the expedited processing set up by … Continue reading

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

Sell Hamptons, buy LBI, and move your pied-a-terre to Hoboken

From the WSJ: Out-of-State Owners Could Face Tax Bill Connecticut and New Jersey residents with a Hamptons summer cottage or a Manhattan pied-a-terre are about to get a nasty surprise: New York state wants more taxes from them. A New … Continue reading

Posted in Economics, New Jersey Real Estate, Politics | 139 Comments

NJ delays foreclosure hearing again

From the Star Ledger: Foreclosure court hearing postponed a third time For the third time in nearly a month, the state has postponed a hearing for six of the country’s biggest mortgage lenders that have been called to court to … Continue reading

Posted in Foreclosures, New Jersey Real Estate | 68 Comments

Zillow: Big drop in fourth quarter home prices

From Inman: Real estate prices close out 2010 in tailspin U.S. home prices fell 2.6 percent from the third quarter of 2010 to the fourth, the biggest drop in nearly two years, according to a report by property portal Zillow. … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 158 Comments