Monthly Archives: March 2007

January Pending Home Sales Fall

Posted on March 6, 2007 by grim

From Bloomberg: Pending Sales of Existing Homes in U.S. Fell 4.1% in January Fewer Americans signed contracts to buy previously-owned homes in January, suggesting lingering weakness in the housing market. An index of signed purchase agreements fell 4.1 percent, the … Continue reading →

Posted in Economics, Housing Bubble | 3 Comments

Lack of housing threatens NJ’s future

Posted on March 6, 2007 by grim

From the Record: Providing basic housing for New Jerseyans going outside suburban box In 1975 the state Supreme Court ruled that municipalities could not use zoning to control housing development, effectively mandating that affordable housing had to be available in … Continue reading →

Posted in New Development, New Jersey Real Estate | 16 Comments

Cracking down on corrupt politics

Posted on March 6, 2007 by grim

From the Daily Record: N.J. Senate panel OKs anti-corruption bills New Jersey lawmakers, under federal investigation for their spending of public money, approved legislation today that would toughen the penalties for officials found guilty of corruption. The Senate Budget Committee … Continue reading →

Posted in Politics | Comments Off on Cracking down on corrupt politics

Hamilton projects to be razed

Posted on March 6, 2007 by grim

From the Herald News: Alexander Hamilton homes marked for demolition The Alexander Hamilton Housing Development, the city’s largest remaining high-rise public housing complex, has been approved for demolition. In its place, the Paterson Housing Authority will build 201 townhouses, including … Continue reading →

Posted in General | Comments Off on Hamilton projects to be razed

The new suburbs

Posted on March 5, 2007 by grim

From the Herald News: Ex-city dwellers see new light in suburbs Charlene Drakeford had a few bones to pick last November. She said during a Prospect Park Borough Council meeting that a brick had been thrown through the rear window … Continue reading →

Posted in New Jersey Real Estate | 166 Comments

“Poor New Jersey”

Posted on March 5, 2007 by grim

From the Record: Public sick of dual office officials In New Jersey, local politicians don’t just lobby the Legislature. They are the Legislature. Twenty state lawmakers, or one in six, also hold an elected town or county post. But these … Continue reading →

Posted in Politics | 4 Comments

Cleaning up NJ politics

Posted on March 5, 2007 by grim

From the Asbury Park Press: Panel to consider anti-corruption legislation State senators today will consider creating new anti-corruption laws to help taxpayers recover money lost through impropriety. The Senate budget committee is slated to consider bills that would make it … Continue reading →

Posted in Politics | 1 Comment

Weekend Open Discussion

Posted on March 4, 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 | 464 Comments

Still a long way from the bottom

Posted on March 4, 2007 by grim

From Slate: Bubble, Bubble, Toil, and Trouble As the housing boom comes to an increasingly ugly end, the parallels between the real-estate industry today and the technology industry in 2000 and 2001 are astonishing. Blogger Barry Ritholtz last month posted … Continue reading →

Posted in Housing Bubble | 5 Comments

Mixed use the answer to the housing ‘shortage’?

Posted on March 4, 2007 by grim

From the Asbury Park Press: Mix of housing styles paves way to healthy economy Mixed-use communities and density are tickets to providing the economic stability our state needs. The alternative is continuing high housing prices, continued sprawl, people leaving the … Continue reading →

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

Take the money and run

Posted on March 4, 2007 by grim

From Bankrate.com: Does that big mortgage get you down? Take the equity and run If you live in a high-cost metropolitan area, the equity in your home can buy a heightened lifestyle somewhere else. Although in certain parts of the … Continue reading →

Posted in National Real Estate | 2 Comments

Will Highlands result in higher taxes?

Posted on March 4, 2007 by grim

A letter to the Star Ledger: Highlands Act will raise property taxes A letter writer last week was absolutely correct the Highlands Act will limit population growth. So at first blush, it sounds plausible it should also keep the county … Continue reading →

Posted in General, Property Taxes | 32 Comments

Subprime under scrutiny

Posted on March 2, 2007 by grim

From the AP: Fed: Use Caution in Subprime Mortgages Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and closely evaluate borrowers’ ability to … Continue reading →

Posted in Risky Lending | 2 Comments

Cracks forming on Wall Street?

Posted on March 2, 2007 by grim

From Bloomberg: Goldman, Merrill Almost `Junk,’ Their Own Traders Say Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley, which earned a record $24.5 billion in 2006, suddenly have become so speculative that their own traders are valuing … Continue reading →

Posted in Risky Lending | 1 Comment

Alt-A mortgage market beginning to show cracks

Posted on March 1, 2007 by grim

From the Wall Street Journal: Mortgage Defaults Start to Spread New Data Show That Nontraditional Loans Are Beginning To Haunt Borrowers With Midlevel Credit; Prime Still Fine By RUTH SIMON and JAMES R. HAGERTY March 1, 2007 The mortgage market … Continue reading →

Posted in Risky Lending | 147 Comments