Monthly Archives: March 2007

Welcome to the new site

Posted on March 11, 2007 by grim

Welcome to the new site! The name change, http://njrealestatereport.com , is just temporary, but it will take a few days for the necessary changes to propagate across all the name servers across the internet. Unfortunately, this is entirely out of … Continue reading →

Posted in General | 25 Comments

Weekend Open Discussion

Posted on March 11, 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 | 284 Comments

Don’t count on the funk ending quickly

Posted on March 11, 2007 by grim

From the NY Post: HOMESICK MARKET With the spring selling season about to hit, homeowners looking to sell and pocket a huge profit are hoping the real estate funk ends quickly. But, experts say, don’t count on it. “It’ll probably … Continue reading →

Posted in Housing Bubble | 3 Comments

NJ home prices down 10-20%?

Posted on March 10, 2007 by grim

From the New York Times: Why Sellers May Be Disappointed HOME sellers beware. Despite what real estate industry data might suggest, sales prices were down by 10 to 20 percent around the state last year — and prices are still … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 37 Comments

Gloom, Doom & Boom!

Posted on March 9, 2007 by grim

From Time/CNN: The Markets’ Pain Isn’t Over Yet By Mr. Gloom and Doom, Marc Faber At major turning points, stock markets move in precisely the opposite direction to the one the herd expects based on the prevailing fundamentals. Bull markets … Continue reading →

Posted in Economics, Housing Bubble | 3 Comments

Monster House

Posted on March 9, 2007 by grim

From the Jersey Journal: Home plan is altered, but not enough for neighbors To a father/son development team, the two-family house going up at 91 Gifford Ave. in Jersey City represents a good investment and a home where they might … Continue reading →

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

“We have found neighborhoods with abandoned homes, 200 at a shot”

Posted on March 8, 2007 by grim

From Bloomberg: Fed Warned on Foreclosures as Mortgage Growth Cools Federal Reserve Chairman Ben S. Bernanke and other policy markers were warned that rising mortgage foreclosures are likely to get worse, as the central bank reported the slowest pace of … Continue reading →

Posted in Risky Lending | 15 Comments

“The biggest fear is that the trouble will move up the food chain.”

Posted on March 8, 2007 by grim

From BusinessWeek: The Mortgage Mess Spreads The canaries in the coal mine are keeling over fast. After years of easy profits, the $1.3 trillion subprime mortgage industry has taken a violent turn: At least 25 subprime lenders, which issue mortgages … Continue reading →

Posted in Risky Lending | 104 Comments

Interesting look into foreclosures

Posted on March 8, 2007 by grim

From the Denver Post: Nonbank lenders lead foreclosure data The standard profile of a mortgage that went into foreclosure in Colorado last year: an adjustable-rate loan with an average value of $202,000 made by a nonbank lender between 2003 to … Continue reading →

Posted in Risky Lending | 1 Comment

Mortgage fraud on upswing

Posted on March 8, 2007 by grim

From the Philly Inquirer: FBI dealt with more mortgage fraud The number of mortgage-fraud cases investigated by the FBI almost doubled in the last three years, reflecting a problem that is “pervasive and growing,” the bureau said yesterday in its … Continue reading →

Posted in Risky Lending | 2 Comments

Subsidies expire? Jump ship.

Posted on March 8, 2007 by grim

From the Asbury Park Press: MSNBC receives $1.5M from New York City Cable channel MSNBC, which recently announced plans to leave New Jersey after receiving more than $8 million in state subsidies and tax breaks, is now in line for … Continue reading →

Posted in Economics, Politics | 13 Comments

NY state housing market slows in January

Posted on March 8, 2007 by grim

From the NY Post Star: Housing market slumping slightly The New York state housing market has started the year a bit on the slow side, with sales of existing single-family homes dropping 14.2 percent from December 2006 to January 2007. … Continue reading →

Posted in National Real Estate, New Jersey Real Estate | Comments Off on NY state housing market slows in January

2007 to “suck”

Posted on March 7, 2007 by grim

From MarketWatch: Home builders tighten their belts While an uncertain housing market anxiously monitors the spring selling season for hints of a turnaround, home-builder chief executives are keeping a close eye on their costs and the overhang of unsold homes … Continue reading →

Posted in Housing Bubble, New Development | 32 Comments

Wednesday Open Discussion

Posted on March 6, 2007 by grim

No, it’s not the weekend yet. I’m going to be flying up to Buffalo, NY early Wednesday morning, so updates will be likely be scarce. In the interim, feel free to use this thread as an open discussion. If anyone … Continue reading →

Posted in General | 142 Comments

Horses long gone

Posted on March 6, 2007 by grim

From Bloomberg: As Housing Goes Bust, Lenders Become Predators?: Caroline Baum Congress is gearing up for hearings on predatory lending, the latest chapter in its long history of barn-door-closings on already-departed horses. Just some background in case anyone hasn’t picked … Continue reading →

Posted in Politics, Risky Lending | 129 Comments