Monthly Archives: June 2007

Jersey struggles to keep up

Posted on June 26, 2007 by grim

From the AP: Poll says NJ cost of living rising beyond incomes Most New Jersey families struggle to keep up with the state’s rising cost of living, according to a poll released today. The Monmouth University/New Jersey Monthly Poll, found … Continue reading →

Posted in Economics | 10 Comments

May Existing Home Sales

Posted on June 25, 2007 by grim

From the AP: Home Sales Hit Slowest Pace in 4 Years Reflecting further housing troubles, sales of existing homes fell in May to the lowest level in four years while the median home price dropped for a record 10th consecutive … Continue reading →

Posted in Housing Bubble, National Real Estate | 190 Comments

Tax Gimmicks

Posted on June 25, 2007 by grim

From NorthJersey.com: Rebates not a cure for property tax burden Come Election Day, state lawmakers are counting on you to remember how good it feels to tear open an envelope from the state with a check inside, with your name … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 1 Comment

“The crisis will continue to loom large”

Posted on June 25, 2007 by grim

From the Wall Street Journal: Subprime Crisis Is Likely To Continue Its Sting By DEBORAH LYNN BLUMBERG and ANUSHA SHRIVASTAVA June 25, 2007; Page C4 Bond investors will keep one eye on the Federal Reserve and the other on the … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Weekend Open Discussion

Posted on June 23, 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 | 325 Comments

Lowball! May 23 – June 23, 2007

Posted on June 23, 2007 by grim

Welcome to another edition of Lowball! Lowball! takes a look at home sales from a different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the … Continue reading →

Posted in Lowball | 42 Comments

Frequency of large income declines increases

Posted on June 22, 2007 by grim

From the Wall Street Journal: Incomes Suffer More Volatility Amid Heightening Risks, Families Find Ways to Cushion Blows By GREG IP June 22, 2007; Page A4 Weighing in on an intensifying debate on income insecurity, three economists — including two … Continue reading →

Posted in Economics | 2 Comments

Subprime Horror Stories

Posted on June 22, 2007 by grim

From the Philadelphia Inquirer: The Subprime Implosion Horror stories concerning so-called subprime mortgage loans have become common as more and more financially unsophisticated borrowers find themselves unable to pay their house notes. Adjustable interest rates have risen and balloon payments … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Consumers simply do not understand their own mortgages

Posted on June 22, 2007 by grim

From the Baltimore Sun: FTC finds many borrowers don’t grasp mortgage terms With mortgage delinquencies and foreclosures soaring, federal researchers have identified a key contributing factor: Large numbers of consumers simply do not understand their own mortgages – especially subprime … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Wave of foreclosures hits LI

Posted on June 22, 2007 by grim

From Newsday: Forestall foreclosure A wave of mortgage defaults and foreclosures has arrived on Long Island in the wake of the collapse of the subprime mortgage market. Hit by ballooning mortgage payments, many Long Islanders – especially first-time homeowners and … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

No skin in the game? Nothing to lose.

Posted on June 21, 2007 by grim

From BusinessWeek: Time to Give Up the House? For generations, homebuyers have had one simple rule drilled into their heads: Whatever happens, keep paying the mortgage. If you don’t, you risk losing your house and all the equity you’ve built … Continue reading →

Posted in Housing Bubble, Risky Lending | 220 Comments

Home [sellers] are still in for a tough year

Posted on June 21, 2007 by grim

From CNN/Money: When bad loans get worse More than $1 trillion worth of adjustable rate mortgages (ARMs) will be hit with higher reset rates this year, and that could add up to big trouble for many homeowners. Already, the rate … Continue reading →

Posted in Housing Bubble, Risky Lending | 14 Comments

“What would collapse of hedge funds mean?”

Posted on June 21, 2007 by grim

From the NY Post: BEAR MART SALE Merrill Lynch yesterday followed through with its plan to auction off assets belonging to a collapsing Bear Stearns hedge fund, providing more drama to a bond market that’s already licking its wounds from … Continue reading →

Posted in Risky Lending | 1 Comment

What the heck is the ABX?

Posted on June 21, 2007 by grim

From the Wall Street Journal: Index With Odd Name Has Wall Street Glued; Morning ABX.HE Dose By CARRICK MOLLENKAMP June 21, 2007; Page C1 When an upstart company called Markit Group Ltd. started indexes of the subprime-mortgage market last year, … Continue reading →

Posted in Risky Lending | Comments Off on What the heck is the ABX?

“It’s a blood bath”

Posted on June 20, 2007 by grim

From Bloomberg: Mortgage Rate Rise Pushes U.S. Housing, Economy to `Blood Bath’ The worst is yet to come for the U.S. housing market. The jump in 30-year mortgage rates by more than a half a percentage point to 6.74 percent … Continue reading →

Posted in Housing Bubble, National Real Estate | 272 Comments