Monthly Archives: May 2007

April Existing Home Sales

Posted on May 27, 2007 by grim

(Note: This is the weekend open discussion) From the National Association of Realtors: April Existing Home Sales (PDF) Key data: April Annual Sales Rate down 2.6% vs. last month April Annual Sales Rate down 10.7% vs. last year April Inventory … Continue reading →

Posted in Economics, National Real Estate | 207 Comments

It isn’t a couple of years ago, and the market has changed.

Posted on May 27, 2007 by grim

From the Hartford Courant: Seller Won’t Accept Agent’s Advice On Price, Need For Repairs Q. My real estate agent won’t go along with the price we want to ask for our house. He says that it is too high for … Continue reading →

Posted in National Real Estate | 1 Comment

Enbracing affordable housing

Posted on May 27, 2007 by grim

From the Home News Tribune: More affordable homes, please New Jersey got yet another well-deserved wake-up call a week ago when a three-judge appellate panel unanimously ruled that the Meadowlands Commission is responsible for ensuring affordable housing be built on … Continue reading →

Posted in National Real Estate, New Jersey Real Estate | 2 Comments

Still hoping for a quick recovery

Posted on May 26, 2007 by grim

From the New York Times: It’s Spring. Somebody Tell the Buyers. IT’S spring, the traditional time for hope and growth in residential real estate sales. But beyond the borders of New York City, there are indications that a wintry chill … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 5 Comments

1980’s Real Estate Collapse Revisited

Posted on May 25, 2007 by grim

From the Boston Globe: Housing slump may rival late ’80s The Massachusetts housing market will remain in a slump, and by the time it hits bottom about a year from now, prices will have dropped 14 percent from the peak … Continue reading →

Posted in Housing Bubble, National Real Estate | 12 Comments

Home price declines predicted for ’07

Posted on May 25, 2007 by grim

From CNN/Money: Big drop in home prices predicted Most industry watchers agree that home prices will continue to slide before they recover, but now some economists say they’ve got a long way to fall before bouncing back. David Wyss, chief … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

RE Firms sued over illegal kickbacks

Posted on May 25, 2007 by grim

From the Wall Street Journal: Suit Says Real Estate Firms Took Kickbacks By JAMES R. HAGERTY May 25, 2007; Page A2 The Justice Department filed a suit against two big real-estate brokerage firms, accusing them of receiving illegal kickbacks for … Continue reading →

Posted in National Real Estate | 1 Comment

The socialization of risk

Posted on May 24, 2007 by grim

From the Bulletin: Let’s Bail On Financial Bailouts In his 1994 book, Money of the Mind: Borrowing and Lending in America from the Civil War to the Age of Milken (New York Noonday Press), James Grant presents a tour de … Continue reading →

Posted in Economics, New Jersey Real Estate, Risky Lending | 179 Comments

A “license to lie”

Posted on May 24, 2007 by grim

From the Wall Street Journal: Mortgage Brokers: Friends or Foes? Amid Mounting Defaults, State and U.S. Lawmakers Weigh Measures to Make Profession More Accountable to Borrowers By JAMES R. HAGERTY The political debate over how to deal with a surge … Continue reading →

Posted in Risky Lending | 4 Comments

Additional housing-related layoffs expected

Posted on May 24, 2007 by grim

From the Record: Housing slowdown leads to job cuts The housing slowdown has led to thousands of job cuts, with more to come, the Mortgage Bankers Association said this week. Construction has been hit hardest, with a loss of 45,000 … Continue reading →

Posted in Economics, New Jersey Real Estate | 6 Comments

Where are home prices headed?

Posted on May 23, 2007 by grim

From BBVA USA: Are house prices bound to adjust further? (PDF) (The PDF contains a number of interesting charts) After eleven years of steady increase, housing prices have shown clear signs of weakness in an environment where population and employment … Continue reading →

Posted in Economics, National Real Estate | 151 Comments

Gambling away the nest egg

Posted on May 23, 2007 by grim

From CNN/Money: Retirement interrupted Walking along a pier in Daytona Beach with their youngest grandson on a recent Saturday afternoon, Steve and Carol Daimler stopped to see what fish the locals were catching. The fishermen wowed 10-year-old David with a … Continue reading →

Posted in National Real Estate | 9 Comments

“The housing slump isn’t over yet after all.”

Posted on May 23, 2007 by grim

From the Boston Globe: Housing market suffers downturn The housing slump isn’t over yet after all. After getting off to a strong start in 2007, home sales in Massachusetts fell 1.7 percent in April compared to the same period last … Continue reading →

Posted in Housing Bubble, National Real Estate | 4 Comments

“These days, I bet a lot more people wish they had a bigger savings account”

Posted on May 22, 2007 by grim

From MarketWatch: Rich don’t save either The low to no savings rate in the United States extends to rich people too. It isn’t just low and middle-income people who find it difficult saving money — people who earn a lot … Continue reading →

Posted in Economics | 21 Comments

“We’re not going to be able to help everybody.”

Posted on May 22, 2007 by grim

From the Courier Post Online: Home loan help stalls in N.J. Senate An effort to have the state provide up to $500 million in loans to homeowners struggling to pay high-interest rate mortgages stalled Monday as proponents considered how to … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate, Risky Lending | 164 Comments