Monthly Archives: June 2006

Some Builder Incentives May Violate RESPA

From RealtyTimes: Home Builder “Incentives” to Buyers Under Federal Scrutiny by Kenneth R. Harney Have you ever wondered how home builders can offer such generous incentives — thousands of dollars worth of upgrades, closing cost contributions and other financial goodies … Continue reading

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May New Home Sales Down 5.9% YOY

From the U.S. Census Bureau: NEW RESIDENTIAL SALES IN MAY 2006(PDF) Sales of new one-family houses in May 2006 were at a seasonally adjusted annual rate of 1,234,000, according to estimates released jointly today by the U.S. Census Bureau and … Continue reading

Posted in General | 88 Comments

“Mortgage brokers, prepare your résumés”

From the Wall Street Journal: A Housing Slowdown Can Put the Brakes on a Job Sector But Open Other Opportunities By MARK WHITEHOUSE Mortgage brokers, prepare your résumés. And while you are at it, highlight any experience you’ve had in … Continue reading

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Cliffside Park Exercises Eminent Domain

From the Record/Herald: Cliffside taking 12 properties By PETER J. SAMPSON The borough has condemned a dozen properties in a downtown redevelopment area slated for new shops, restaurants and high-rise apartments and is gearing up to take a Fairview parcel … Continue reading

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Jersey Traffic to Worsen

From the Daily Record: No easy solution for projected traffic crunch BY KEN SERRANO It’s what most road commuters have learned to expect: more traffic and a longer drive to work and home. That’s the prognosis for people traveling on … Continue reading

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Weekend Open Discussion

Observations about your local areas, comments on news stories or the New Jersey housing bubble, 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. … Continue reading

Posted in General | 144 Comments

So What’s My Monthly Payment?

From Yahoo Finance: How the Monthly Mentality Messes Up Your Wealth by Laura Rowley Housing prices are coming down in my New Jersey town, with properties virtually flooding the market, compared to summers past. This tempts me to surf the … Continue reading

Posted in General | 15 Comments

Southwest Hoboken Redevelopment Zone Established

From the Hoboken Reporter: Southwest redevelopment area established The goals for the southwest corner of Hoboken are easy enough to express. It’s a traffic-clogged, flood-prone, park-starved area that has century-old sewers. It could use traffic planning, new open space, and … Continue reading

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Minnesota on Jersey

This one comes to us all the way from the Grand Forks Herald: Cooling off on the Jersey shore When it gets hot in Minnesota, people head to the lake. When it gets hot in New York City, the masses … Continue reading

Posted in General | 10 Comments

Lowball! 6/11 – 6/24

Lowball! takes a look at home sales over the past week from a very different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the seller … Continue reading

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Prudent Lending

If there was ever a sign that the market has topped, and is struggling to stay afloat, here it is. From the Financial Times: Lenders set to launch the ‘five-minute mortgage’ A number of specialist mortgage lenders are drawing up … Continue reading

Posted in General | 4 Comments

No Pool For Rule Breaker

From the Record/Herald: Feud keeps Ridgefield family from using pool Theodoros “Ted” Papas has the nicest pool on the block. His 5-year-old daughter calls it “the beach.” Some in the neighborhood call it the “Taj Mahal” of pools. But no … Continue reading

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Price Reduced! 6/4 – 6/22

Welcome to another edition of Price Reduced! For all the newcomers to this blog, Price Reduced! takes a look at a handful of significant price reductions across Northern NJ. The purpose of this exercise is to serve as proof that … Continue reading

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More On Hovnanian’s Jersey City Development

Update on the Hovnanian/Equity Residential development in Jersey City. From the Record/Herald: The two towers By HUGH R. MORLEY Two 500-foot towers with 901 housing units will rise above the Jersey City waterfront as a more affordable alternative to Manhattan, … Continue reading

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Housing Bubble Impacting Insurance Premiums?

From the AP: Homeowners Far Away Pay Katrina’s Damage The letter begins: “We’re writing to you with what we know is unfortunate news about your Allstate Insurance.” Startled, Marie Collins reached for her glasses, then a magnifying glass and pored … Continue reading

Posted in General | 15 Comments