Monthly Archives: January 2007

Weekend Open Discussion

Posted on January 7, 2007 by grim

This is the time and place to post 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 … Continue reading →

Posted in General | 368 Comments

Is density the answer?

Posted on January 7, 2007 by grim

From the Asbury Park Press: More densely developed housing can address state’s ills New Jersey has the nation’s highest population density, which at 1,134 people per square mile is 14 times the national average. New Jersey’s population density is higher … Continue reading →

Posted in New Development, New Jersey Real Estate | 22 Comments

Unfinished Business

Posted on January 7, 2007 by grim

From the Asbury Park Press: $100G sought from builder Soon after Kara Homes declared bankruptcy, contractors at Woodlake Greens in Lakewood packed up and pulled out their bulldozers. Left behind were 113 unfinished homes, roads to be graded and mountains … Continue reading →

Posted in New Development, New Jersey Real Estate | Comments Off on Unfinished Business

Northern NJ December 2006 Residential Sales

Posted on January 5, 2007 by grim

Preliminary December sales data for Northern New Jersey is in.. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the graph, it is set to 1000, not to zero. … Continue reading →

Posted in Economics, New Jersey Real Estate | 178 Comments

Cape May County sales down 30% in ’06

Posted on January 5, 2007 by grim

From the Press of Atlantic City: Fewer properties change hands in county as market cools Nearly 30 percent fewer properties were bought and sold in Cape May County last year compared with 2005, confirming a definite cooling in a previously … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 2 Comments

Are RCAs “a cancer”?

Posted on January 5, 2007 by grim

From the Courier Post: Roberts takes aim at housing inequalities Those who earn low and middle incomes could find it easier to move into wealthy communities under a controversial proposal by state Assembly Speaker Joe Roberts. Roberts, D-Camden, says rich … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate | 2 Comments

“This city is coming back”

Posted on January 5, 2007 by grim

From the New York Times: Along a Newark Street, Signs of Urban Renewal Carolyn Whigham stood on Dr. Martin Luther King Jr. Boulevard and took in the landscape of tattered brownstones, trash-strewn lots and skinny addicts by the front door … Continue reading →

Posted in New Development, New Jersey Real Estate | 11 Comments

November Pending Home Sales Fall

Posted on January 4, 2007 by grim

From the National Association of Realtors: November Pending Home Sales Pending Home Sales fell 0.5% in November, nationwide, down 11.4% year over year. The Northeast saw a monthly decline of 2.8%, down 9.6% year over year. Yet another sign that … Continue reading →

Posted in Economics, National Real Estate | 149 Comments

Housing … funk?

Posted on January 4, 2007 by grim

From the Allentown Morning Call: Housing funk weighed on Fed Heightened concern about the harsher-than-expected housing slump was a key factor in the Federal Reserve’s decision to hold interest rates steady last month. Minutes of the Fed’s deliberations show that … Continue reading →

Posted in Economics, Housing Bubble | 39 Comments

More on the tax cut and cap package

Posted on January 4, 2007 by grim

From the Record/Herald: New hurdle to tax relief: caps on local spending North Jersey homeowners will still get a promised property tax credit this year, but there is a new hitch: Lawmakers must also approve a plan that would force … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 4 Comments

Reductions and mergers and caps, oh my!

Posted on January 3, 2007 by grim

From Bloomberg: New Jersey Governor, Lawmakers Close to Agreeing on Tax Cut New Jersey Governor Jon Corzine and Democratic legislative leaders said they have made “significant progress” toward providing homeowners with a 20 percent reduction in the state’s highest-in-the-nation property … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 11 Comments

Pay no attention to the rising foreclosure rate

Posted on January 3, 2007 by grim

From NJBIZ: Home Mortgage Foreclosures Soar Rising foreclosure rates in New Jersey are likely to remain on the upswing in 2007, but experts say the odds are slim that the increases will signal a crisis for the state’s housing market … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 125 Comments

Rent-controlled goes condo

Posted on January 3, 2007 by grim

From the Jersey Journal: Advocates: Housing crisis getting worse The conversion of a rent-controlled Central Avenue apartment building into condominiums has raised questions about the availability of affordable housing in Hudson County’s still-hot residential real-estate market. Originally built by the … Continue reading →

Posted in Economics, New Jersey Real Estate | 1 Comment

Hudson County Pipeline

Posted on January 3, 2007 by grim

From the Jersey Journal: BUSTIN’ OUT ALL OVER THE PLACE With Donald Trump and the CEO of Reebok making a splash in Hudson County’s real estate market, 2006 was the year of the heavy hitter. The star power brought notoriety … Continue reading →

Posted in New Development, New Jersey Real Estate | 3 Comments

“Market conditions continued to weaken…we have not yet seen tangible evidence of a market recovery”

Posted on January 2, 2007 by grim

From the AP: Lennar Sees Weaker 4Q Earnings Results Homebuilder Lennar Corp. said Tuesday its fourth-quarter results will be hurt by inventory valuation adjustments and writeoffs. The company said it sees a quarterly loss of 88 cents to $1.28 per … Continue reading →

Posted in National Real Estate, New Development | 125 Comments