Monthly Archives: April 2007

Buyer’s market on LI?

Posted on April 18, 2007 by grim

From Newsday: LI home buyers feeling in control It’s still a buyer’s market on Long Island but less so in Queens, according to the latest report on housing sales and prices. Statistics compiled for the real estate brokerage Prudential Douglas … Continue reading →

Posted in National Real Estate | 1 Comment

Don’t forget to vote

Posted on April 17, 2007 by grim

From the Home News Tribune: School vote matters New Jersey is holding its annual school board elections today, the one moment of the year when voters have a direct say in how their tax dollars are spent and how much … Continue reading →

Posted in New Jersey Real Estate, Politics, Property Taxes | 24 Comments

“This is the greatest April storm on record”

Posted on April 17, 2007 by grim

From the Record: Flooding leaves 2 dead, 1,700 evacuated Flooding from a fierce spring nor’easter that pummeled North Jersey for a second straight day Monday could get worse before it gets better, forecasters and local officials said. More than 1,700 … Continue reading →

Posted in New Jersey Real Estate | 82 Comments

Most flood claims will be denied

Posted on April 17, 2007 by grim

From the Record: Insurance claims likely to be denied Otterstedt Insurance Agency in Englewood Cliffs helped about 100 homeowners file insurance claims Monday, but most of them will likely be denied. Most of the claims were from people with flooded … Continue reading →

Posted in General | 3 Comments

Fannie and Freddie to offer rescue loans

Posted on April 17, 2007 by grim

From the Wall Street Journal: Fannie, Freddie Will Offer Lifelines To Struggling Subprime Borrowers By DAMIAN PALETTA April 17, 2007; Page A12 The top executives for mortgage-finance giants Fannie Mae and Freddie Mac plan to unveil alternatives that would help … Continue reading →

Posted in Risky Lending | 13 Comments

Expanding homeownership or predatory lending?

Posted on April 17, 2007 by grim

From USA Today: Subprime lenders’ big gifts helped lawmakers The nation’s top subprime lenders, including New Century Financial (NEWC), which has filed for Chapter 11, have lavished generous donations on homeownership programs sponsored by black or Hispanic members of Congress. … Continue reading →

Posted in Risky Lending | 1 Comment

Bankruptcy no longer an option?

Posted on April 17, 2007 by grim

From the Philly Inquirer: Filings for bankruptcy decline 70 percent Bankruptcy filings plunged 70 percent last year after changes to federal rules made it more expensive and burdensome to file for protection from creditors. The Administrative Office of the United … Continue reading →

Posted in Economics, General | 1 Comment

Out of the woods?

Posted on April 16, 2007 by grim

From Investment News, by Bill Gross: The U.S. housing market’s grim reality Well, not so fast — at least for some of them, it seems. Home prices, as measured by the Chicago-based National Association of Realtors, have gone down by … Continue reading →

Posted in Housing Bubble, National Real Estate | 97 Comments

Just who is the victim?

Posted on April 16, 2007 by grim

From Bloomberg: Subprime Mess Produces Unqualified Victims The story line of the newest American financial debacle is now clear: President Bill Clinton eased lending standards to encourage the rich people who run the mortgage market to embrace poor people with … Continue reading →

Posted in Risky Lending | 12 Comments

Jersey City is back

Posted on April 16, 2007 by grim

From USA Today: Model of urban future: Jersey City? Once, this was a city of browns and grays. Railroads owned a third of the land, and trains rumbled night and day to the cacophonous riverfront. Factories belched fumes and leaked … Continue reading →

Posted in New Jersey Real Estate | 10 Comments

Thinning the herd

Posted on April 16, 2007 by grim

From Inman News: Realtor ranks expected to shrink this year This year, membership in the National Association of Realtors is expected to drop after nine consecutive years of growth. And good riddance, say some real estate professionals — fewer agents … Continue reading →

Posted in National Real Estate | 3 Comments

Weekend Open Discussion

Posted on April 15, 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 | 356 Comments

The reality of buying

Posted on April 15, 2007 by grim

From the Philly Inquirer: Short-timer may not want to buy toured Northern Liberties on Wednesday with a friend who is house-hunting. Boy, there’s a lot going on there: big condo buildings under construction, old rowhouses being gutted and rehabbed, funky … Continue reading →

Posted in Economics, National Real Estate | 13 Comments

NJ subprime lenders not immune

Posted on April 15, 2007 by grim

From the Record: Subprime lenders shrink in N.J. Rose Mortgage Chief Executive Officer Ralph Vitiello and two colleagues were the only ones left last week at the 7-year-old subprime mortgage banking firm in Parsippany, which in January employed 60 people.”We’re … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 2 Comments

Builder bankruptcies on the horizon?

Posted on April 15, 2007 by grim

From Bloomberg: U.S. Homebuilders Face Bankruptcy Risk in ’08, Lawyers Say The collapse of the subprime mortgage market may push some big U.S. homebuilders toward Chapter 11 beginning next year, according to bankruptcy advisers and lawyers who specialize in the … Continue reading →

Posted in National Real Estate, New Development | 1 Comment