http://njrereport.com Real Estate, Economics, and Politics Fri, 20 Nov 2009 03:42:03 +0000 http://backend.userland.com/rss092 en From the Record: N.J. troubled mortgages grow to 14.5% As unemployed homeowners struggled to pay their mortgages, the percentage of New Jersey loans in foreclosure or at least a month behind on payments hit 14.5 percent in the third quarter, the Mortgage Bankers Association said Thursday. That means that almost one of ... http://njrereport.com/index.php/2009/11/19/1-out-of-7-nj-mortgages-in-trouble/ From the Star Ledger: Economic Indicators point to an uneven housing recovery As the New Jersey real estate market tries to get its footing back, more evidence was released this week showing the terrain is uneven. New home building in the Northeast hit the skids last month, but at the same time ... http://njrereport.com/index.php/2009/11/19/nj-housing-recovery-not-so-clear/ From the WSJ: Mortgage-Delinquency Rate Rose to New High in 3rd Quarter Mortgage delinquencies rose for the 11th straight time to a new high in the third quarter, although the rate of increase again relaxed a bit, credit information company TransUnion reported Tuesday. "Until the housing market can consistently demonstrate several months of ... http://njrereport.com/index.php/2009/11/18/%e2%80%9cdelinquency-rates-are-rising-and-expected-to-peak-at-record-levels%e2%80%9d/ From the WSJ: Trump Abandons Casino-Control Bid Donald Trump, whose name is synonymous with Atlantic City gambling, abandoned his bid to regain control of the three New Jersey casinos that bear his name. He and his daughter Ivanka Trump reached a settlement with a group of creditors they were battling for control ... http://njrereport.com/index.php/2009/11/17/third-time-is-a-charm/ From the Record: Passaic County jobless rate hit 11.7% in Sept. Passaic County's unemployment rate of 11.7 percent in September was the highest in New Jersey, and the second highest in the New York area, federal figures released Monday show. The county lagged only Bronx County, with a rate of 13.3 percent, the ... http://njrereport.com/index.php/2009/11/17/passaic-hudson-unemployment-top-state/ From the Daily Record: Getting together in the Chesters? A bit of New Jersey history has a chance to be made in Chester Borough and Chester Township. If all goes according to plan, residents in both towns will vote next November on becoming one. Both tonws would have to approve for a ... http://njrereport.com/index.php/2009/11/16/if-it-wasn%e2%80%99t-going-to-happen-here-i-wonder-if-it%e2%80%99s-going-to-happen-anywhere/ This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week but never posted them up, let’s have them. Also a ... http://njrereport.com/index.php/2009/11/15/weekend-open-discussion-166/ Step 1: Buy a house for $415,000 (April, 2000) Step 2: Cash out to the tune of $600,000 (June, 2005) Step 3: Sell out and profit, a 115% gain in 6 years seems reasonable (May, 2006) MLS# 2276951 10 Brookvale Road, Kinnelon NJ (Smoke Rise) Listed: 5/11/2006 List Price: $895,000 Step 4: Hmm, didn't plan on step ... http://njrereport.com/index.php/2009/11/13/sign-of-the-times/ From the WSJ: US Foreclosure Filings Up 19% In Oct, But Positives Seen The number of U.S. properties for which a foreclosure filing was received grew 19% in October from a year earlier, but declined for the third month sequentially, an indication the foreclosure tide may be turning. ... Foreclosure filings - default notices, ... http://njrereport.com/index.php/2009/11/12/october-foreclosures-up-19/ From the National Association of Realtors: Metropolitan Area Existing-Home Prices and State Existing-Home Sales Metropolitan Area / Q3 Year over Year Price Decline Allentown-Bethlehem-Easton, PA-NJ / Down 6.1% Atlantic City, NJ / Down 10.4% New York-Northern New Jersey-Long Island, NY-NJ-PA / Down 14.1% New York-Wayne-White Plains, NY-NJ / Down 13.9% NY: Edison, NJ -/ Down 8.9% NY: ... http://njrereport.com/index.php/2009/11/10/new-jersey-home-prices-down-in-q3/ From NJBIZ: Fearing a commercial real estate crisis Distress among commercial real estate mortgages in New Jersey is intensifying, with more properties in the state going back to the lenders. Some industry insiders say a crisis may be in the works if the economy continues to falter. “You’re certainly seeing an increasing rate ... http://njrereport.com/index.php/2009/11/10/fearing-a-crisis-its-already-here/ From the Star Ledger NJ Voices Blog: Sussex Borough and Wantage: A tough sell on N.J. town mergers In a leafy corner of the state, far from the epicenter of a nasty gubernatorial election, voters from the Sussex County towns of Sussex Borough and Wantage quietly mulled a merger of the two ... http://njrereport.com/index.php/2009/11/09/towns-have-a-choice-we-can-do-it-ourselves-or-wait-for-the-state-to-do-it-for-us/ From the Philly Inquirer: N.J. has been hit hard by the recession From 2004 through the end of 2007, the go-go years of the national real estate bubble, New Jersey's private-sector job growth was just 2 percent, less than a third of the national growth of 6.5 percent. ... And since the recession started ... http://njrereport.com/index.php/2009/11/08/what-recession/ From the NY Times: Broader Measure of Unemployment Stands at 17.5% For all the pain caused by the Great Recession, the job market still was not in as bad shape as it had been during the depths of the early 1980s recession — until now. With the release of the jobs report on ... http://njrereport.com/index.php/2009/11/07/unemploymentunderemployment-reaches-175/ From the WSJ Developments Blog: It’s (Almost) Official: Home Buyer Tax Credit Extended, Expanded Congress voted on Thursday to extend the tax credit and President Obama plans on signing it into law Friday morning. The $8,000 credit will apply to all contracts, for homes up to $800,000, entered into before April 30, ... http://njrereport.com/index.php/2009/11/06/save-housing-at-any-cost-again/