Monthly Archives: March 2007

Is the decline over or just beginning?

From NJBIZ (Great site if you aren’t already a visitor):

Posted in New Jersey Real Estate, Risky Lending | 35 Comments

New Home Sales at 7 year low

From MarketWatch: New-home sales fall to 7-year low in February Sales of new-homes unexpectedly slowed again in February, falling 3.9% to a seasonally adjusted annual rate of 848,000, the lowest since June 2000, the Commerce Department reported Monday. Economists surveyed … Continue reading

Posted in Economics, New Development | 52 Comments

Subprime deals “falling apart”

From Newsday: Not prime time to buy Bay Shore resident Thomas Vitti is getting over the threshold just under the wire: If he and his wife don’t close on their new home in Islip Terrace by the end of the … Continue reading

Posted in Risky Lending | 72 Comments

2007 foreclosures expected to be up 33%

From BusinessWeek: The Forecast for Foreclosures Michele Johnson is no stranger to desperate phone calls, but lately they’ve become an even more regular occurrence. Johnson, who is chief executive of the Consumer Credit Counseling Service of Southern Nevada & Utah, … Continue reading

Posted in Risky Lending | 6 Comments

Weekend Open Discussion

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 | 197 Comments

Foreclosures rapidly rising

From the Philly Inquirer: Subprime loans start inflicting pain By now, you’ve likely heard that mortgage delinquency and foreclosure rates are rising rapidly. Fourth-quarter 2006 statistics from the Mortgage Bankers Association of America show an increase of 57 basis points … Continue reading

Posted in Risky Lending | 2 Comments

Boardwalk North

From the Hudson Reporter: Slots in the swamp Manzo, whose district includes all of Bayonne and parts of Jersey City, put his cards on the table when he explained his initiative and the potential benefits of bringing the gaming industry … Continue reading

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

Lowball! March 2007

Welcome to another edition of Lowball! Lowball! takes a look at home sales from a 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 … Continue reading

Posted in Lowball | 19 Comments

February Existing Home Sales

From Bloomberg: Home Resales in U.S. Rose 3.9% Last Month to 6.69 Million Rate Sales of previously owned homes in the U.S. unexpectedly rose in February at the fastest pace in three years, a sign the housing market is still … Continue reading

Posted in Economics | 172 Comments

Will Subprime Self-regulate?

From the St. Louis Post Dispatch: Reform, not rescue As homeowners by the millions fall behind on their subprime mortgages, cries for a government bailout are starting to echo through Washington. That would be a very bad idea. It would … Continue reading

Posted in Risky Lending | 7 Comments

Passaic County to sell golf course

From the Herald News: Paterson Freeholders OK layoffs, sale of golf course; taxes won’t go down The Passaic County freeholders voted Thursday to begin a process that could culminate in 200 to 300 county employees losing their jobs and the … Continue reading

Posted in Politics, Property Taxes | 1 Comment

What to do when foreclosure is looming?

From USA Today: Foreclosure hurts long after home’s gone, so cut a deal while you can If you’re lying awake at night, fretting about whether you’ll lose your house to foreclosure, you may not be the only insomniac on your … Continue reading

Posted in National Real Estate, Risky Lending | 5 Comments

Buying your vote?

A letter from Rob Kealey published in the Courier Post: Two choices Is your vote for sale? Our legislators, who are all up for re-election, think so, and they want to buy it in this year’s bloated $33.3 billion budget. … Continue reading

Posted in Politics, Property Taxes | 1 Comment

Down payments in style again

From Bloomberg: Subprime Loan Meltdown Engulfs Even Borrowers With Good Credit The subprime credit crunch is beginning to ensnare even borrowers with good credit. Lenders are increasingly refusing to lend to homebuyers who can’t make a down payment of more … Continue reading

Posted in Risky Lending | 104 Comments

“New Jersey has shed 900 jobs in 2007”

From the Record: 6,200 positions lost; cold snap blamed New Jersey lost 6,200 jobs in February, more than wiping out the January employment surge, state officials said Wednesday, as colder weather than normal hurt the construction and hospitality industries. That … Continue reading

Posted in Economics | 9 Comments