Monthly Archives: April 2007

Subprime resets to peak

Posted on April 11, 2007 by grim

From the OC Register: Subprime resets to peak through April 2008 More homeowners with subprime adjustable-rate mortgages face tests of their ability to handle higher monthly payments starting later this year, RBS Greenwich Capital Markets Inc. said. Rates on about … Continue reading →

Posted in Risky Lending | Comments Off on Subprime resets to peak

Rippling through Jersey

Posted on April 10, 2007 by grim

From the Herald News: Ripple effects just starting to show Fading investments. Boarded-up homes. Job losses. Plunging property values. A risky mortgage market that boomed starting in 2000 is now crumbling. The ripple effects are far-reaching, and they are starting … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 182 Comments

NJ mortgage scam hits home

Posted on April 10, 2007 by grim

From the Herald News: Mortgage scam turns 40-year dream into a nightmare for Paterson family “Are you Ms. Marshall?” Wilhemina Marshall remembers the contractor in the dark sunglasses asking, after he found her family in their temporary apartment. “We’ve seen … Continue reading →

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

Fraud fueled boom

Posted on April 10, 2007 by grim

From the Washington Post: Housing Boom Tied To Sham Mortgages The man was one slick fraud artist. Phillip Hill lured people to fancy cocktail parties in a $1.9 million mansion. He asked to use their names and credit histories in … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

The faces of foreclosure

Posted on April 9, 2007 by grim

From the Christian Science Monitor: Foreclosure’s shadow falls across diverse set of US homeowners Victor Castro bought his home four years ago, expecting the move would bring stability. The Massachusetts janitor thought he would no longer move from rental to … Continue reading →

Posted in National Real Estate, Risky Lending | 112 Comments

From boom to bust

Posted on April 9, 2007 by grim

From Newsday: Readjusting mortgages As the slide in housing from boom to bust continues, congressional attention is focusing on the skyrocketing numbers of home foreclosures caused by the collapse of the “subprime,” or high-credit risk, mortgage market. It’s not a … Continue reading →

Posted in Housing Bubble, Risky Lending | 1 Comment

Avoiding foreclosure

Posted on April 9, 2007 by grim

From the Poughkeepsie Journal: Avoid home foreclosure — at any cost If you’re lying awake at night, fretting about whether you’ll lose your house to foreclosure, you may not be the only insomniac on your block. More than 2.1 million … Continue reading →

Posted in National Real Estate | 4 Comments

Bargain foreclosures?

Posted on April 9, 2007 by grim

From the Courier Post Online: Beware risky foreclosed homes You’re a would-be buyer who’s been sitting stubbornly on the sidelines, having seen home prices soar to nonsensical levels, waiting for their inevitable fall back to Earth. Eventually, you say, the … Continue reading →

Posted in National Real Estate | 3 Comments

Weekend Open Discussion

Posted on April 8, 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 | 419 Comments

No insulation from subprime

Posted on April 8, 2007 by grim

From the Trenton Times: Feeling the ripple effect For months, the news from the subprime lending industry has been relentlessly negative, as more and more borrowers with bad credit have fallen behind on their monthly payments — and one lender … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Footing the bill for misbehavior

Posted on April 8, 2007 by grim

From the NY Post: GARDEN STATE ROBBERY Say this for New York’s governors and Legislatures: For all the fiscal shenanigans they’ve perpetrated since time immemorial, they’ve always been smart enough to keep their greedy little hands off of the state’s … Continue reading →

Posted in Politics | 4 Comments

“If one thing goes wrong, the whole thing comes tumbling down”

Posted on April 8, 2007 by grim

From the Pocono Record: Monroe Co. foreclosures double in first quarter A big chunk of homes sold in Monroe County so far this year were houses in foreclosure. In 2006, foreclosed homes accounted for 9.6 percent of all home sales … Continue reading →

Posted in Risky Lending | 5 Comments

“It’s the year of the housing hangover”

Posted on April 7, 2007 by grim

From the NY Times: Housing Slump Pinches States in Pocketbook State tax revenues around the country are growing far more slowly this year and in some cases falling below projections, a result of the housing market slowdown that has curbed … Continue reading →

Posted in National Real Estate, Property Taxes | 3 Comments

Debtor Society

Posted on April 7, 2007 by grim

From the Washington Post: The Subprime Meltdown and the Ownership Society A huge percentage of the easy-money mortgages issued to low- and moderate-income families in the past few years are going bad. This has led to bankruptcies for the big … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

Condos hit by subprime shakeout

Posted on April 7, 2007 by grim

From the Washington Post: Condos Feel the Mortgage Crunch At Glen Waye Gardens Condominiums in Silver Spring, 21 owners are more than 30 days behind on their monthly condo fees. Two other owners have not paid since they bought their … Continue reading →

Posted in Risky Lending | 1 Comment