Monthly Archives: April 2007

Condo crunch continued

Posted on April 15, 2007 by grim

From Centre Daily: Condos feeling mortgage crunch At Glen Waye Gardens Condominiums in Silver Spring, Md., 21 owners are more than 30 days behind on their monthly condo fees. Two other owners have not paid since they bought their units, … Continue reading →

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Beginning of the housing hangover

Posted on April 15, 2007 by grim

From the Morning Call online: Hangover starts after real estate bender Brad Cottrell was a paramedic when a friend introduced him to the high-rolling world of high-interest mortgage lending. Within three years of landing a job with Ownit Mortgage Solutions … Continue reading →

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“How about dropping the whole “American Dream” cliche?”

Posted on April 14, 2007 by grim

From the Motley Fool: Quick Take: Realtors Under Fire It’s nice to see the New York Times (NYSE: NYT) step up and give the National Association of Realtors, and its head optimist, David Lereah, a poke it so richly deserves. … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

Journal Square redevelopment

Posted on April 14, 2007 by grim

From the Jersey Journal: Harwood brings in a partner for 2-tower project at Square The two-tower development planned for Jersey City’s Journal Square now has two partners sharing the risk, burden – and potential rewards – of building the $400 … Continue reading →

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The problem with condos

Posted on April 14, 2007 by grim

From News10.net: Early Buyers Feel Condo Conversion Sting Owners who bought “luxury” condo conversions at the peak of the market now complain their complexes still feel like apartments. … Signs and banners in front of the complex advertise “luxury” condominiums … Continue reading →

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Affinity fraud? Predatory lending?

Posted on April 14, 2007 by grim

From the Voice of San Diego: Foreclosure Wave Said to Hit Latinos Hard Rosa Gonzalez used to pay cash for everything. She passed up credit cards offered her at Sears. When she wanted to buy something, she saved up enough … Continue reading →

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“It will be the worst spring season…since the 1991 recession.”

Posted on April 13, 2007 by grim

From Reuters: Subprime mess, supply to sour spring housing market The flowers may be blooming this spring, but the U.S. housing market is wilting. An unwieldy supply of homes for sale and significantly tighter underwriting standards from lenders, ignited by … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 26 Comments

Central Jersey foreclosures soaring

Posted on April 13, 2007 by grim

From the Home News Tribune: Mortgage crisis hits home in N.J. A Joint Economic Committee report released Wednesday revealed that four Central New Jersey counties combined to be among the top 50 metropolitan areas with the highest foreclosure rates in … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 4 Comments

Asset bubbles and human nature

Posted on April 12, 2007 by grim

From Bloomberg: Housing Bubble Accomplices Preparing for Death: Caroline Baum Each asset bubble has features and sponsors unique unto itself. Some folks went wild over tulip bulbs in 17th century Holland while others flipped over not-as- yet-constructed Florida condominiums almost … Continue reading →

Posted in Housing Bubble, National Real Estate | 142 Comments

11% of Bergen-Passaic subprime loans late

Posted on April 12, 2007 by grim

From the Record: Late mortgage payments rise in N.J. Nearly 11 percent of homeowners with subprime mortgages in the Bergen-Passaic region were at least 60 days behind in their payments in February, a congressional report released Wednesday shows. That’s up … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 12 Comments

Subprime in the City

Posted on April 12, 2007 by grim

From the NY Post: SUB-PRIME LOAN BUBBLE IN CITY A startling 50 percent of homeowners in five of the city’s poorest neighborhoods are holding sub-prime mortgage loans, it was reported yesterday. NYU’s Furman Center for Real Estate and Urban Policy … Continue reading →

Posted in National Real Estate, Risky Lending | 5 Comments

A bubble in commercial RE?

Posted on April 12, 2007 by grim

From the NY Times: Developer That Bought Times Building Puts Up For-Sale Sign, Hoping to Triple Its Money What a difference 885 days make. This week, Tishman Speyer Properties put the historic headquarters of The New York Times Company on … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

Real home prices to decline through 2008

Posted on April 11, 2007 by grim

From the National Association of Realtors: Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, but higher loan standards will slow the housing … Continue reading →

Posted in Economics, National Real Estate | 103 Comments

This is the best time to rent

Posted on April 11, 2007 by grim

From the NY Times: A Word of Advice During a Housing Slump: Rent A promotional spot for the National Association of Realtors came on the radio the other day. The spot, introduced as something called “Newsmakers,” was supposed to sound … Continue reading →

Posted in Housing Bubble, National Real Estate | 91 Comments

Sellers stuck in 2005

Posted on April 11, 2007 by grim

From the Morning Call: It’s a buyer’s market The average price of an existing home in the Lehigh Valley fell slightly in March as the rising number of houses for sale gave buyers more choices and power to negotiate prices. … Continue reading →

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