Category Archives: New Jersey Real Estate

Thank you William!

Posted on September 2, 2010 by grim
Posted in New Jersey Real Estate | 115 Comments

A letter to the editor printed in the Mahwah Suburban News, written by William P. Deegan Jr. Letter: Question accuracy of real estate story After opening the [Aug. 19] Mahwah Suburban News, your [real estate section] item’s large headline, “Local … Continue reading →

New Jersey Home Price Tracker – August 2010

Posted on August 31, 2010 by grim
Posted in Economics, New Jersey Real Estate | 161 Comments

The New Jersey Home Price Index Tracker has been updated to include: * June S&P Case Shiller (Aggregate, Tiered, Condo) * Q2 FHFA Home Price Index (HPI, Purchase Only) * Q2 NJAR Home Price Index (Statewide Median) (click to enlarge) … Continue reading →

Case Shiller Day!

Posted on August 31, 2010 by grim
Posted in Economics, National Real Estate, New Jersey Real Estate | 132 Comments

From Reuters: US home prices to eke out small June gain U.S. home prices likely eked out a small gain in June, but a rise would represent the final tail-winds of the homebuyer tax credit that ended in April rather … 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 →

High-end short sales!

Posted on August 19, 2010 by grim
Posted in New Jersey Real Estate | 188 Comments

MLS# 2781150 78 May Dr, Chatham Original List: $2,795,000 Asking: $2,290,000 DOM: 300ish Purchased in 2007 for $2,955,000 MLS# 2790238 765 Ewing Ave, Franklin Lakes Original List: $4,250,000 Asking: $2,199,000 DOM: Forever (No Pic) MLS# 2776442 9 Peach Tree Place, … Continue reading →

NJ unemployment rises in July

Posted on August 18, 2010 by grim
Posted in Economics, New Jersey Real Estate | 46 Comments

From Bloomberg: New Jersey’s Unemployment Rate Increases for the First Time Since December New Jersey’s unemployment rate rose to 9.7 percent in July, the first monthly increase since December as municipalities cut payrolls to balance budgets. Employers shed 21,200 positions … Continue reading →

Altos: NY Metro July Prices Down, Inventory Up

Posted on August 17, 2010 by grim
Posted in Economics, New Jersey Real Estate | 55 Comments

(grim’s note: While the Altos numbers are a welcome addition, realize that they are month over month numbers, which tend to exhibit strong seasonality with regards to price and inventory. These numbers are hard to use (and potentially confusing/misleading) without … Continue reading →

6.67% of mortgage holders late in Q2

Posted on August 17, 2010 by grim
Posted in Economics, Foreclosures, National Real Estate, New Jersey Real Estate, Risky Lending | 95 Comments

From Forbes: Late mortgage payments spike in 2Q vs year ago The rate at which U.S. homeowners fell behind on their mortgage payments remained stubbornly elevated in the second quarter. In the three months ended June 30, the number of … 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 →

…and cue bailout # 67 – The “Hardest Hit Fund”

Posted on August 12, 2010 by grim
Posted in Economics, Foreclosures, New Jersey Real Estate | 125 Comments

And again our leaders confuse liquidity and solvency. You can’t fix a solvency problem with a liquidity solution. A poorly run company has a cash flow problem, and can’t meet their debts. Their business model is busted, and they barely … 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 →

Pointless policy or stimulus?

Posted on August 10, 2010 by grim
Posted in Economics, New Jersey Real Estate | 59 Comments

From the Record: State housing stimulus merely reshuffles dwinding stack of cash IMAGINE YOUR boss suddenly announced that the company would be giving $5 to the next 20 employees who took their lunch breaks, and that the money would be … Continue reading →

Newark makes a list!

Posted on August 9, 2010 by grim
Posted in New Jersey Real Estate | 59 Comments

From WalletPop: 10 Worst Places to Live 1. El Centro, California 2. Cleveland, Ohio 3. Detroit, Michigan 4. Las Vegas, Nevada 5. Oklahoma City, Okla. 6. Los Angeles, California 7. Phoenix, Arizona 8. Newark, New Jersey Where to start for … Continue reading →