Monthly Archives: June 2007

The first downturn for many agents

Posted on June 8, 2007 by grim

From USA Today: Housing slowdown smacks Realtors hard Chris Beach often works through lunch and seldom leaves the office before 9 p.m. So far this year, he’s taken 2½ days off from work. And he hesitates now to take vacations, … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

Encap future uncertain

Posted on June 8, 2007 by grim

From NorthJersey.com: Top aides OK’d risky EnCap deal Senior officials in the McGreevey and Codey administrations signed off on a $212 million loan for the troubled EnCap golf project, even though subordinates warned that the cut-rate financing was a risk … Continue reading →

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

Part of the exodus

Posted on June 7, 2007 by grim

From the Philly Inquirer: With taxes flying through the roof, N.J. retirees face a painful decision Fifty years of my life have come and gone. My youngest child has graduated from college, and my husband, who is five years my … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 354 Comments

Mortgage market manipulation

Posted on June 7, 2007 by grim

From the Wall Street Journal: The Sure Bet Turns Bad Funds Howl As Bear Stearns Buys Mortgages By KATE KELLY and SERENA NG June 7, 2007; Page C3 Just a few months ago, bets against securities backed by shaky subprime-mortgage … Continue reading →

Posted in National Real Estate | 3 Comments

High-end market “market has started to feel the pinch”

Posted on June 7, 2007 by grim

From Newsday: Inventories for multimillion-dollar houses are up, and it’s taking longer to sell them Are the rich getting restless? You might be too if you had multimillion-dollar digs waiting to be sold. Prices for some swanky pads on Long … Continue reading →

Posted in Housing Bubble, National Real Estate | 12 Comments

Insuring the shore

Posted on June 7, 2007 by grim

From the Wall Street Journal: HURRICANE WARNINGS As Insurers Flee Coast, States Face New Threat ‘Last Resort’ Carriers Could Shift Liability To the Broader Public By LIAM PLEVEN June 7, 2007; Page A1 As hurricane season gets under way, a … Continue reading →

Posted in National Real Estate, New Jersey Real Estate | Comments Off on Insuring the shore

Affordable suburbs

Posted on June 7, 2007 by grim

From the Courier Post: Urban mayors call for changes to promote affordable housing A group of urban mayors issued several demands Thursday before they could support legislation eliminating the practice in which richer suburban towns pay poorer cities to take … Continue reading →

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

Sign of the slump or just a gimmick?

Posted on June 6, 2007 by grim

From the Jersey Journal: Condo auction has buzz going Traditionally, when developers have problems selling the last of their units and run out of rabbits to pull out of their hats, they turn to an auction to unload the properties … Continue reading →

Posted in National Real Estate, New Development | 218 Comments

Housing Inventories Sharply Higher

Posted on June 6, 2007 by grim

From the Wall Street Journal: Rise in Home Inventory Continues to Hurt Prices By JAMES R. HAGERTY June 6, 2007; Page D3 Growing inventories of unsold homes continue to weigh on the U.S. housing market, portending more downward pressure on … Continue reading →

Posted in Housing Bubble, National Real Estate | 4 Comments

New Jersey Primaries

Posted on June 6, 2007 by grim

From NJ.com: Six incumbent legislators lose primary battles Six state lawmakers facing primary challenges saw their days in the Legislature numbered while 11 incumbents faced down primary challenges and were poised to return to Trenton. … In Essex County’s 28th … Continue reading →

Posted in Politics | 1 Comment

CT Home Sales Fall in April

Posted on June 6, 2007 by grim

From the New Haven Register: Home sales down in market correction The number of single-family homes sold statewide continued to slide in April, falling 3.5 percent compared with a year ago, The Warren Group reported Tuesday. Statewide, 2,751 homes sold … Continue reading →

Posted in National Real Estate | Comments Off on CT Home Sales Fall in April

Tighter standards = Fewer loans (go figure)

Posted on June 5, 2007 by grim

From Bloomberg: Bernanke Says Tighter Lending Will `Restrain’ Housing Demand Federal Reserve Chairman Ben S. Bernanke said tighter lending standards for mortgages will “restrain” housing demand for longer than policy makers anticipated. The Fed chairman noted that the housing slump … Continue reading →

Posted in Economics, National Real Estate | 186 Comments

“Don’t kick us when we’re down. “

Posted on June 5, 2007 by grim

From Forbes: Home Builders Hit The Hill On Wednesday, 1,300 home builders will call on Capitol Hill as part of a legislative conference organized by their trade group, the National Association of Home Builders. They’ll do so against a grim … Continue reading →

Posted in National Real Estate, New Development | Comments Off on “Don’t kick us when we’re down. “

(Almost) Banning dual office holding

Posted on June 5, 2007 by grim

From the Cherry Hill Courier Post: Corzine likely to sign ban on holding 2 offices Gov. Jon S. Corzine said a proposed ban on dual officeholding that would carve out exceptions for politicians who already hold two or more elected … Continue reading →

Posted in Politics | 3 Comments

Comparing real estate busts

Posted on June 4, 2007 by grim

Interesting graphic from the NY Times comparing the late 80’s/early 90’s real estate bust with the current cycle: This gives us some perspective on how long the current downturn will take to play out. An oldie but goodie: Home Prices … Continue reading →

Posted in Housing Bubble, National Real Estate | 202 Comments