Monthly Archives: March 2007

NJAR 2006 Q4 Data

Posted on March 15, 2007 by grim

NJAR has released the 2006.Q4 data, it can be found on the NJAR website: New Jersey Home Sales Report (PDF) (click to enlarge) (click to enlarge) (click to enlarge)

Posted in New Jersey Real Estate | 32 Comments

A “disaster of even greater magnitude”

Posted on March 15, 2007 by grim

From Inman News: If foreclosures are the earthquake, watch out for the credit crunch tsunami The impacts of the current rise in mortgage delinquencies and foreclosures will be plain to see. Hundreds of thousands of families — even millions — … Continue reading →

Posted in Risky Lending | 4 Comments

NJ orders NC to cease and desist

Posted on March 14, 2007 by grim

From the NJ Department of Banking and Insurance: DOBI issues cease and desist order against mortgage lender The New Jersey Department of Banking and Insurance issued legal documents Tuesday ordering New Century Mortgage Corp. to stop doing business in the … Continue reading →

Posted in Risky Lending | 2 Comments

The Big Shakeout

Posted on March 14, 2007 by grim

From the Record: Subprime defaults shuts mortgage firm Bergen County mortgage banker David Sadek was riding high a year and a half ago, serving sushi and shish kebab to investment-banking clients aboard his yacht A Loan at Sea. His firm, … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 183 Comments

Just who created the problem?

Posted on March 14, 2007 by grim

From the Associated Press: Congress eyes tougher standards for subprime market Congress is eyeing tougher standards for risky, higher-interest home loans made to people with blemished credit records as defaults surge and lenders to the so-called subprime market see their … Continue reading →

Posted in Risky Lending | 2 Comments

Lereah’s New Book

Posted on March 13, 2007 by grim

Found this on Amazon.com this afternoon, I wonder when Lereah changed his tune… This new book is due to be released on April 3rd, 2007. I’m not the first to find it, the book has already been “tagged” by a … Continue reading →

Posted in Housing Bubble | 66 Comments

Dark clouds over subprime

Posted on March 13, 2007 by grim

From Bloomberg: U.S. Subprime Mortgage Delinquencies at 4-Year High Subprime borrowers fell behind on their mortgages at the highest rate in four years in the fourth quarter and delinquencies rose on all types of U.S. home loans, the Mortgage Bankers … Continue reading →

Posted in Housing Bubble, Risky Lending | 7 Comments

Aiding and abetting the subprime industry

Posted on March 13, 2007 by grim

From the NY Post: BEAR MINIMUM Bear Stearns is being blasted by a leading independent research shop that says the Wall Street titan’s robust purchase of subprime mortgages has helped fuel the sector’s meltdown. Describing the firm’s buying activity as … Continue reading →

Posted in Risky Lending | 69 Comments

NJ “slipping into a state of fiscal paralysis”?

Posted on March 13, 2007 by grim

From the Philly Inquirer: Treasurer: N.J. needs new revenue sources The state treasurer argued yesterday that New Jersey’s ability to pay for important but unmet needs could rest on whether it can make money off assets such as toll roads, … Continue reading →

Posted in Economics, Politics, Property Taxes | 4 Comments

$653m budget shortfall for NJ

Posted on March 13, 2007 by grim

From the Asbury Park Press: Proposed budget could face a $653M shortfall The no-new-taxes state budget proposed by Gov. Corzine could face a $653 million shortfall, the nonpartisan Office of Legislative Services estimated Monday. Most of the gap predicted by … Continue reading →

Posted in Economics, Property Taxes | Comments Off on $653m budget shortfall for NJ

North Jersey February 2007 Residential Sales

Posted on March 12, 2007 by grim

Preliminary February sales and inventory 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 … Continue reading →

Posted in New Jersey Real Estate | 196 Comments

“A New Shade of Bull Sh*t”

Posted on March 12, 2007 by grim

From the Wall Street Journal: At a Mortgage Lender, Rapid Rise, Faster Fall Ruthie Hillery was struggling to make the $952 monthly mortgage payment for her three-bedroom home in Pittsburg, Calif., last summer when a mortgage broker called. The broker … Continue reading →

Posted in Risky Lending | Comments Off on “A New Shade of Bull Sh*t”

“The full impact hasn’t hit yet.”

Posted on March 12, 2007 by grim

From Bloomberg: Foreclosures May Hit 1.5 Million as U.S. Housing Bust Deepens Hold on to your assets. The deepest housing decline in 16 years is about to get worse. As many as 1.5 million more Americans may lose their homes, … Continue reading →

Posted in Risky Lending | 4 Comments

“Taking care of business: Does it cost too much?”

Posted on March 12, 2007 by grim

From the Asbury Park Press: Make MSNBC pay up Nearly a decade ago, MSNBC opened its headquarters in Secaucus, promising to provide jobs in New Jersey for 15 years, thanks to a generous taxpayer-funded business incentive program. But with its … Continue reading →

Posted in Economics | 2 Comments

Trading Houses

Posted on March 12, 2007 by grim

From the South Sentinal: Need a different house? Some S. Floridians are trading as a way to beat the soft market Two or three years ago, a South Florida homeowner looking to move could find a property, sign the papers … Continue reading →

Posted in National Real Estate | Comments Off on Trading Houses