Monthly Archives: February 2007

NJ Property Taxes up 7% in 2006

Posted on February 28, 2007 by grim

From the Daily Record: NJ property taxes soar higher The average property tax bill in New Jersey topped $6,300 last year, a 7 percent increase in what were already the nation’s highest property taxes, according to new state figures. Even … Continue reading →

Posted in Property Taxes | 7 Comments

January New Home Sales Plunge

Posted on February 28, 2007 by grim

From Marketwatch: New-home sales plunged 16.6% to 937,000 in January Sales of new homes plunged 16.6% in January to a seasonally adjusted annual rate of 937,000, the Commerce Department reported Wednesday. It was the lowest sales pace in four years, … Continue reading →

Posted in Economics, National Real Estate | 189 Comments

Will the last one out turn off the lights?

Posted on February 28, 2007 by grim

From the Philly Inquirer: Population trend is state’s loss New Jersey’s economy is slow-growing, but it continues to generate extraordinarily high incomes. In 2005, New Jersey had the highest median household income among the 50 states. If New Jersey were … Continue reading →

Posted in Economics | 11 Comments

NJ renters see property tax relief

Posted on February 28, 2007 by grim

From Newsday: Renters to get more tax relief in Corzine budget plan Some New Jersey renters will get more than four times as much property tax relief as they got last year under Gov. Jon S. Corzine’s proposed budget. Details … Continue reading →

Posted in General | 5 Comments

Risk back on the table

Posted on February 28, 2007 by grim

From Bloomberg: Risk Returns, Not Just to the Subprime Market: Caroline Baum Problems in the subprime loan market have been front-page news for weeks, with a total of 27 mortgage lenders going belly up since December, according to The Mortgage … Continue reading →

Posted in Risky Lending | 2 Comments

January Existing Home Sales

Posted on February 27, 2007 by grim

From CNN/Money: Home price slump continues Housing prices continued to fall in the latest reading on the battered real estate market released Tuesday from an industry trade group. The median price of an existing home sold in January was down … Continue reading →

Posted in Economics, National Real Estate | 296 Comments

Don’t worry, it’s different here.

Posted on February 27, 2007 by grim

From the Detroit News: Can’t sell, so owners give bank the homes Alan and Alyson Wirgau live in a cute ranch on a quiet suburban street next to an award-winning school. There’s a new roof above their heads, a new … Continue reading →

Posted in Housing Bubble, National Real Estate | 10 Comments

Subprime shakeout spilling over?

Posted on February 27, 2007 by grim

From the Wall Street Journal: Housing Sector May Be Knocked By Mortgages Investors looking to see whether trouble in risky mortgages will spill over into the broader housing market could find solace in today’s home-sales report. But such complacency would … Continue reading →

Posted in Risky Lending | 4 Comments

Transforming the JC skyline

Posted on February 27, 2007 by grim

From the AP via the Asbury Park Press: 3-section tower for Jersey City his design for a 52-story tower across the Hudson River from Manhattan, internationally acclaimed architect Rem Koolhaas wants to inspire social interaction, life and energy. The building’s … Continue reading →

Posted in New Development, New Jersey Real Estate | 1 Comment

The bust is just beginning

Posted on February 26, 2007 by grim

From Bloomberg: Housing Slump May Force Fed to Pare Annual U.S. Growth Estimate The U.S. may be saddled with more sluggish growth than the Federal Reserve expects as the economy struggles to shake off a lingering hangover from the housing … Continue reading →

Posted in Economics, National Real Estate | 222 Comments

Redeveloping Cities and Suburbs

Posted on February 26, 2007 by grim

From the Philly Inquirer: New Jersey’s Future For years, developers have plowed under New Jersey’s orchards and farms to build office parks and suburban mansions. But if growth continues at its current pace, the Garden State will be built-out in … Continue reading →

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

“It was beautiful back here and then they came along”

Posted on February 26, 2007 by grim

From the Press of Atlantic City: A big mess in the backyard When Mario Schlenger looks out through the square glass panes in his kitchen doors, he sees a ghost town. No one lives in the half-finished homes along Monet … Continue reading →

Posted in New Development, New Jersey Real Estate | Comments Off on “It was beautiful back here and then they came along”

Weekend Open Discussion

Posted on February 25, 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 market, open house reports, etc. If you have any questions you wanted to ask earlier in the week … Continue reading →

Posted in General | 441 Comments

High-end market slump accelerating?

Posted on February 25, 2007 by grim

From the Record: A tale of two housing markets Two years ago, builder Meron Sason paid $1.5 million for a small Cape Cod on a wooded lot in Saddle River, tore down the home, and started to build a luxury … Continue reading →

Posted in New Jersey Real Estate | 2 Comments

Unhappy with taxes? Vote with your feet.

Posted on February 25, 2007 by grim

A letter to the Asbury Park Press: Top wage earners pay a fair share The writer of the Feb. 14 letter “Reform formula basically unfair” would like people earning more to pay more in taxes. Well, they already do. The … Continue reading →

Posted in Property Taxes | 12 Comments