Monthly Archives: June 2007

New guidelines for subprime

Posted on June 30, 2007 by grim

From the Philadelphia Inquirer: A move to ensure people can repay Banking regulators completed guidelines yesterday that call on lenders to strictly evaluate borrowers’ ability to repay home loans. The guidance, issued by the Federal Reserve and the four other … Continue reading →

Posted in National Real Estate, Risky Lending | 13 Comments

Auction Fever

Posted on June 30, 2007 by grim

From the Wall Street Journal: Homes Going Once, Going . . . Auctions Are Bustling for Houses, Including Some Historic Gems; How to Keep From Getting Burned By RUTH SIMON and JONATHAN KARP June 30, 2007; Page B1 With the … Continue reading →

Posted in Housing Bubble, National Real Estate | 2 Comments

Quick housing recovery seems unlikely

Posted on June 29, 2007 by grim

From Kiplinger: More Woes For Housing Forget about a housing recovery later this year. In fact, odds are that the residential property slump will extend into 2008, as beleaguered homebuilders slowly unload a mountain of unsold houses and prospective buyers … Continue reading →

Posted in Housing Bubble, National Real Estate | 7 Comments

The Ratings Game

Posted on June 29, 2007 by grim

From Bloomberg: S&P, Moody’s Hide Rising Risk on $200 Billion of Mortgage Bonds Standard & Poor’s, Moody’s Investors Service and Fitch Ratings are masking burgeoning losses in the market for subprime mortgage bonds by failing to cut the credit ratings … Continue reading →

Posted in Risky Lending | 4 Comments

Corzine signs $33.5B budget

Posted on June 29, 2007 by grim

From NorthJersey.com: Corzine signs $33.5B budget, looks to future Governor Corzine signed a $33.5 billion budget Thursday, trimming just over $10 million in legislative requests, and then turned his attention resolutely toward the fiscal future. The budget calls for no … Continue reading →

Posted in Politics | 2 Comments

Kara emerges, Karagjozi ousted

Posted on June 29, 2007 by grim

From the APP: PLAN OFFERS HOPE TO BUYERS Kara Homes Inc. plans to emerge from bankruptcy within the next several months with a new name, a new owner and fewer developments, according to documents filed Thursday with U.S. Bankruptcy Court. … Continue reading →

Posted in New Development, New Jersey Real Estate | 1 Comment

“The subprime market is a total unmitigated disaster “

Posted on June 28, 2007 by grim

From Dow Jones: Subprime Mortgage Woes Just Beginning, Fund Manager Warns An end isn’t anywhere in sight to the meltdown in subprime mortgage markets, the chief investment officer at Los Angeles-based TCW Group Inc. warned a gathering of investment professionals … Continue reading →

Posted in National Real Estate, Risky Lending | 177 Comments

Sluggish population growth in NJ

Posted on June 28, 2007 by grim

From NJ.com: Census: NJ population still growing slowly Only one municipality in New Jersey saw double-digit growth last year, and only about half the towns in the state showed any growth at all, according to U.S. Census Bureau updates that … Continue reading →

Posted in Economics, New Jersey Real Estate | 2 Comments

Good times

Posted on June 28, 2007 by grim

From the Wall Street Journal: Ranks of Rich in U.S. Grow at Faster Pace By DAISY MAXEY June 28, 2007; Page D6 The ranks of the richest Americans expanded last year at an increased pace, driven by a strong economy, … Continue reading →

Posted in Economics | 1 Comment

The meteoric rise of subprime

Posted on June 27, 2007 by grim

From the Wall Street Journal: LENDING A HAND How Wall Street Stoked The Mortgage Meltdown Lehman and Others Transformed the Market For Riskiest Borrowers By MICHAEL HUDSON June 27, 2007; Page A1 Twelve years ago, Lehman Brothers Holdings Inc. sent … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 19 Comments

Separating real estate fact from propaganda

Posted on June 27, 2007 by grim

From Forbes: Don’t Buy That House The dream of owning your own home is as American as apple pie–and (supposedly) better for you. Over and over, we are told that homeownership will make you happier, healthier and wealthier. Heck, it’s … Continue reading →

Posted in National Real Estate | 286 Comments

“Everything is expensive here”

Posted on June 27, 2007 by grim

From the Herald News: Cost of living a challenge in N.J. Every week, Giuseppe Morello sadly watches the bills whittle away at his salary as a pipe-fitter. First comes the $170 a week for health insurance, as his job doesn’t … Continue reading →

Posted in Economics, New Jersey Real Estate | 14 Comments

Borrower’s Protection Act of 2007

Posted on June 26, 2007 by grim

From MarketWatch: Subprime market needs more rules, advocates say Greater regulation is needed to ensure that America’s most vulnerable home-loan borrowers are protected from unscrupulous lenders, as well as confusing and pricey mortgages, consumer advocates said Tuesday. “We have a … Continue reading →

Posted in National Real Estate, Risky Lending | 3 Comments

May Otteau Report

Posted on June 26, 2007 by grim

From the Otteau Valuation Group: SALES REBOUND IN MAY BUT STILL LAG LAST YEAR Contract-sales in New Jersey increased by 1,090 homes in May, a 14% increase, above the April level as the housing market continues to struggle with low … Continue reading →

Posted in Economics, New Jersey Real Estate | 250 Comments

S&P/Case-Shiller: April Home Prices Fall 2.1%

Posted on June 26, 2007 by grim

From MarketWatch: Home prices fall at fastest rate in 16 years Home prices in 10 major U.S. cities dropped at the fastest pace in 16 years in the 12 months ending in April, according to Standard & Poor’s Case-Shiller home … Continue reading →

Posted in Economics, National Real Estate | Comments Off on S&P/Case-Shiller: April Home Prices Fall 2.1%