Monthly Archives: June 2007

Subprime “on the block”

Posted on June 14, 2007 by grim

From the Wall Street Journal: Bear’s Fund Is Facing Mortgage Losses Bond Sale Set for Today in Attempt to Raise Cash; Woes Could Be Another Sobering Sign for Market By KATE KELLY and SERENA NG June 14, 2007; Page C1 … Continue reading →

Posted in National Real Estate, Risky Lending | 334 Comments

“Even well-educated people have trouble figuring it out.”

Posted on June 14, 2007 by grim

From the LA Times: Loan data proves baffling to many, FTC says If you were confused by the disclosure forms your mortgage lender gave you, you’re far from alone, according to the Federal Trade Commission, which says the industry can … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Defining “blight”

Posted on June 14, 2007 by grim

From the Record: Ruling limits use of eminent domain New Jersey towns will have a harder time seizing private property for redevelopment after the state Supreme Court ruled Wednesday that targeted property must be blighted and not merely underused. The … Continue reading →

Posted in New Development, New Jersey Real Estate, Politics | 3 Comments

Saying “no” to unqualified borrowers

Posted on June 13, 2007 by grim

From Bloomberg: Subprime Crash Squeezes First-Time Buyers Out of Housing Market Josh Tullis, who in his eight years as a senior loan officer rarely felt compelled to reject a first-time home buyer’s mortgage application, is saying “no” in 2007. Tullis’s … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 282 Comments

Lehigh market slumps in May

Posted on June 13, 2007 by grim

From the Express Times: Home sales decline 20 percent in area Home sales in the Lehigh Valley fell by one-fifth in May compared with last year, the latest data shows. Adding to the slowdown, homes that do sell are staying … Continue reading →

Posted in Housing Bubble, National Real Estate | 5 Comments

Realtytrac: May foreclosures up 90 percemt

Posted on June 13, 2007 by grim

From Bloomberg: U.S. Mortgage Foreclosure Filings Rise 90% in May U.S. foreclosure filings surged 90 percent in May from a year earlier as more homeowners fell behind on their monthly mortgage payments, RealtyTrac Inc. said. There were 176,137 notices of … Continue reading →

Posted in Housing Bubble, National Real Estate | 4 Comments

Harvard: It is too early to determine when the housing slump will end.

Posted on June 12, 2007 by grim

From the San Diego Union Tribune: Housing slump into ’08 likely, study finds The implosion of the subprime mortgage market is likely to prolong the national housing slump, Harvard University researchers said yesterday in their annual report on the state … Continue reading →

Posted in Housing Bubble, National Real Estate | 269 Comments

It’s [not] a buyer’s market

Posted on June 12, 2007 by grim

From the Allentown Morning Call: It’s a buyer’s market The number of new listings for homes in the Lehigh Valley hit an all-time high in May, providing prospective buyers with enough selection to be choosier and make offers below asking … Continue reading →

Posted in National Real Estate | 4 Comments

North Jersey May Residential Sales

Posted on June 10, 2007 by grim

Preliminary May sales and inventory data for Northern New Jersey is in.. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the graph, it is set to 1000, not … Continue reading →

Posted in New Jersey Real Estate | 224 Comments

Weekend Open Discussion

Posted on June 10, 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 | 610 Comments

Water-use tax on the horizon?

Posted on June 10, 2007 by grim

From the Record: Water tax can’t tap legislative support One sure way of protecting the state’s water-generating Highlands land is to buy it, but state funding sources are running dry. And that has led to renewed calls for a water-user … Continue reading →

Posted in New Jersey Real Estate | Comments Off on Water-use tax on the horizon?

Morning-after regrets

Posted on June 10, 2007 by grim

From the Boston Globe: The subprime barn door HOME FORECLOSURES are on the rise, and lenders specializing in subprime mortgages — that is, loans for homebuyers with blemished credit — have been evaporating left and right. At long last, lawmakers … Continue reading →

Posted in Housing Bubble, Risky Lending | 2 Comments

So much for “quick and painless”

Posted on June 9, 2007 by grim

From the Wall Street Journal: RIPPLE EFFECT Economists See Housing Slump Enduring Longer Downturn Is Expected To Keep Growth Tepid; Retailers Feel the Pinch By JAMES R. HAGERTY, JONATHAN KARP and MARK WHITEHOUSE June 9, 2007; Page A1 Economists are … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 2 Comments

Appraisers under scrutiny

Posted on June 9, 2007 by grim

From Crain’s New York Business: Mortgage appraiser ensnared in Cuomo probe Vanderbilt Appraisal Co. became the third Manhattan-based firm to be subpoenaed by New York state Attorney General Andrew Cuomo in his widening probe of possible fraud in the huge … Continue reading →

Posted in Housing Bubble, National Real Estate | Comments Off on Appraisers under scrutiny

Do Realtors add value or not?

Posted on June 8, 2007 by grim

From the NY Times: One City’s Home Sellers Do Better on Their Own It sounds like the setup for a dull economist’s joke. Who gets the better deal: the cautious economist who sells his house through a real estate agent, … Continue reading →

Posted in Economics, National Real Estate | 10 Comments