Category Archives: Housing Bubble

“The problem is that every house on their block is for sale, too.”

Posted on August 30, 2010 by grim
Posted in Economics, Housing Bubble, Shore Real Estate | 47 Comments

From the NY Post (Hat tip Dan): Town is down on its luxe In this economy, it’s not uncommon for whole neighborhoods to be on the market. But Rumson, NJ, a leafy bedroom community of 7,200 residents, nonetheless stands out: … Continue reading →

There are no American soldiers in Baghdad

Posted on August 29, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 79 Comments

From the NY Times (Hat tip Cindy): Widespread Fear Freezes Housing Market You have to wonder sometimes what they’re smoking over there at the National Association of Realtors. On Tuesday, the self-proclaimed “voice for real estate” released its “existing home … Continue reading →

Bergen and Essex County Mega Comp Killers!

Posted on August 27, 2010 by grim
Posted in Comp Killer, Housing Bubble, New Jersey Real Estate | 296 Comments

Wooooooooo!!! Double comp killer weekend! Might just bring a tear to my eye. From AMHS: Hi Grim. Hello all. I’m a long time lurker—thoroughly addicted to this blog for many, many years now. We just moved into our Montclair REO—-we … Continue reading →

July contracts continue downward trend for NJ

Posted on August 25, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 159 Comments

Jeffery Otteau reports contracts signed, not closed sales. This is a more timely indicator of market activity, since closed sales represent purchase activity from approximately 2 months prior. Contracts is also a forward looking predictor of closed sales over the … Continue reading →

Northern NJ – July Home Sales

Posted on August 24, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 177 Comments

With July Existing Home Sales widely expected to disappoint at 10am this morning, I thought I’d share with you all the equally gloomy Northern NJ data. The local July declines are significantly worse (at least 2-3x) than the consensus estimate … Continue reading →

Housing transitions from cash cow to dog

Posted on August 23, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 112 Comments

From the NYT: Housing Fades as a Means to Build Wealth, Analysts Say Housing will eventually recover from its great swoon. But many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in … Continue reading →

How do we sleep when our beds are sinking?

Posted on August 21, 2010 by grim
Posted in Foreclosures, Housing Bubble, National Real Estate | 95 Comments

From Reuters: Dropout Rate for Mortgage Aid Program Nearly 50%: Treasury The percentage of homeowners dropping out of the Obama administration’s premier housing rescue program rose in July to nearly half of participants, as owners receiving aid continued to struggle … Continue reading →

Hot Potato

Posted on August 20, 2010 by grim
Posted in Housing Bubble, National Real Estate, Risky Lending | 182 Comments

From Housingwire: Fitch: Big Four Banks Face $180bn in Buybacks from Fannie and Freddie Government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae may exercise the right to force the big four banks, JP Morgan, Citigroup, Bank of America, and … Continue reading →

Prices still falling in Morris

Posted on August 15, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 64 Comments

(grim’s note: Yes, the rate of decline may have slowed in from January to June, but that is largely due to the market being goosed by external subsidy, which no longer exists. Look for the rate of decline to accelerate … Continue reading →

600,000 REO homes and rising

Posted on August 12, 2010 by grim
Posted in Economics, Foreclosures, Housing Bubble, National Real Estate | 160 Comments

From CNBC: Foreclosure Math: Shadow Inventory Adds Up It’s the real key to the housing recovery. If we know exactly how much shadow inventory of foreclosed properties will come to market, and we know the general demand, then we can … Continue reading →

PMI: Further home price declines in Northern NJ almost certain

Posted on August 10, 2010 by grim
Posted in Economics, Housing Bubble, New Jersey Real Estate | 196 Comments

From the PMI Group (the mortgage insurance company): Economic and Real Estate Trends – 2010 Q3 (I’m pointing this out because when you are writing insurance against mortgages, it is probably good business to know where home prices are going.) … Continue reading →

Foreclosure prevention garage sale

Posted on August 9, 2010 by grim
Posted in Foreclosures, Housing Bubble, New Jersey Real Estate | 80 Comments

From the Record: Yard sale’s urgent purpose for Teaneck single mom A single mom is trying to keep her Tilden Avenue home by selling some of the things in it. Karen Simmons-Braswell, who bought the white colonial-style home in December … Continue reading →

Development hits new lows in Morris

Posted on August 8, 2010 by grim
Posted in Economics, Housing Bubble, New Development, New Jersey Real Estate | 46 Comments

From the Daily Record: Morris County NJ development dips to historic lows The new towers in Morristown are up, awaiting restaurants and residents. The New York Jets are ensconced in their shiny new headquarters in Florham Park awaiting the arrival … Continue reading →

More homeowners to take a dip, and walk away

Posted on August 5, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 152 Comments

From HousingWire: 20m Borrowers Could Be Underwater before 2012: Deutsche Bank More than 14m borrowers were underwater as of Q110, owing more on a mortgage than the value of the underlying property. But with a further 10.8% decline in house … Continue reading →

Pending home sales at 9 year low, Northeast leads decline

Posted on August 3, 2010 by grim
Posted in Economics, Housing Bubble, National Real Estate | 157 Comments

From CNBC: Pending Home Sales Sink 2.6 Percent in June From the AP: Pending home sales sink 2.6 percent in June he number of buyers who signed contracts to purchase homes dropped in June, as the weak economy and tight … Continue reading →