Monthly Archives: April 2011

Mr Bednar Builds His Dream House

Open topic for discussion this weekend: Grim buys a house, closing is at 1. Has jb lost his mind? Jumped too soon? Timed the bottom? Screaming deal? What does it mean when the most hated person in NJ real estate … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 217 Comments

NJ voters reject cap busting tax increases

From the Star Ledger: All but two N.J. towns vote to reject raising property taxes over Gov. Christie’s 2 percent cap Voters rejected property-tax increases in 12 municipalities today, while two towns approved special ballots to exceed the new 2 … Continue reading

Posted in New Jersey Real Estate, Property Taxes | 166 Comments

Homeownership back to pre-boom levels

From the WSJ: Home Ownership Rate Drops to 1998 Level The housing market’s woes continue forcing people into rentals, further depressing the home ownership rate in a nation that now has fewer homeowners than were created during the housing boom. … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 38 Comments

“There is very little, if any, good news about housing”

From Bloomberg: Home Prices in 20 U.S. Cities Drop Most in More Than Year on Foreclosures Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 90 Comments

Just where the hell is this market going?

From the WSJ: New Home Sales Up From Record Low Sales of new homes increased in March from a record low a month earlier, a small boost for a struggling part of the U.S. economy. Sales grew 11.1% on a … Continue reading

Posted in Housing Bubble, National Real Estate, New Development | 108 Comments

Best borrowers take the biggest hits

From the NYT: Fallout From a Poor Credit Score IF you want to see how quickly you can ruin a great credit score, just skip a mortgage payment. … Missed mortgage payments, serious loan delinquencies, loan modifications, short sales, foreclosures … Continue reading

Posted in Foreclosures, National Real Estate, Risky Lending | 140 Comments

“In this market it’s not even worth trying to sell…we won’t get our investment back”

From the NY Times: In a Slow Economy, Rentals Zoom THE uncertain economy, combined with a depressed housing market and tight credit standards, has fostered an increase in residential leasing in Westchester and nearby counties — a trend so pronounced … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 264 Comments

March Home Sales – Recovery or not?

From the WSJ: US March Existing-Home Sales Up 3.7% From February Sales of previously occupied homes in the U.S. rose slightly in March at the start of the crucial spring selling season, but prices were weak, suggesting that any recovery … Continue reading

Posted in Economics | 136 Comments

Mortgage delinquencies fall – Jersey near top

From HousingWire: National delinquency rate drops again in March: LPS The national delinquency rate continued to fall in March, according to the “First Look” report from Lender Processing Services, down to 7.8%. The report provides month-end mortgage performance statistics from … Continue reading

Posted in Foreclosures, National Real Estate, Risky Lending | 214 Comments

If you are a contrarian, is it time to buy?

From Bloomberg: Americans Shun Most Affordable Homes in Generation as Owning Loses Appeal Victoria Pauli signed a one-year lease last week to stay in her rental home in Fair Oaks, California. She had considered buying in the area, where property … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 218 Comments

QRM – Kicking the market when it is down?

From HousingWire: Risk retention will produce higher quality mortgages, depress housing: S&P The new risk-retention rule will produce higher quality originations, as intended, but will also constrict lending and further depress the housing market, according to Standard & Poor’s. The … Continue reading

Posted in Economics, Mortgages, National Real Estate | 103 Comments

Does everyone on the low-end want to sell, or does nobody want to buy?

From the NY Times: Lower-Priced Homes Lagging The supply of unsold inventory with asking prices under $400,000 was 26 percent greater than at this time last year, according to a new report by the Otteau Valuation Group, which analyzes multiple … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 102 Comments

Casting a shadow on the recovery

From HousingWire: New York shadow inventory extends past ten years (click to enlarge) The shadow inventory in the state of New York — properties with mortgage borrowers more than 90 days delinquent — will take around 154 months to clear. … Continue reading

Posted in Economics, Foreclosures, National Real Estate, New Jersey Real Estate | 328 Comments

Foreclosures drop sharply, but not because the market is improving

From CNN: Foreclosures off 30% this year On the surface, the foreclosure crisis seems to be easing. The number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according … Continue reading

Posted in Foreclosures, Housing Bubble, National Real Estate | 206 Comments

BOA CEO: Don’t bank on your house

From Reuters: BofA CEO: Owners shouldn’t look at home as an asset Homeowners may need to look elsewhere for long-term investment returns as housing prices in some areas may not rebound long-term, Bank of America Corp Chief Executive Officer Brian … Continue reading

Posted in Economics, National Real Estate | 209 Comments