Monthly Archives: July 2007

“Credit derivatives…finally being tested…are performing poorly.”

Posted on July 31, 2007 by grim

From the Financial Times: Subprime woes hit credit markets The cost of insurance against credit defaults hit record levels on both sides of the Atlantic on Monday amid concerns that some investors were being forced to sell assets to cover … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 226 Comments

“It’s perfect deniability”

Posted on July 31, 2007 by grim

From the Boston Globe: Tangle of loans feeds foreclosure crisis Each month, Stephen and Kim Martinelli sent their mortgage payment to Chase Home Finance, and when they fell behind, it was Chase that launched foreclosure proceedings, with an auction of … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Will it stay or will it go?

Posted on July 31, 2007 by grim

From NJ.com: Corzine says rebates will continue next year As the first of $2.2 billion in property tax rebate checks moved through a sorter at the Treasury Department’s plant in West Trenton today, Gov. Jon Corzine said he would deliver … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 3 Comments

“Perceptions are what create value”

Posted on July 30, 2007 by grim

From the Record: Will the value of Paramus homes drop? Tainted soil found at West Brook Middle School months ago has some Paramus homeowners concerned that their property values will drop. So far, there’s no hard evidence that prices in … Continue reading →

Posted in New Jersey Real Estate | 236 Comments

Not all boroughs bucking the trend

Posted on July 30, 2007 by grim

From the New York Daily News: City’s not quite home free When it comes to the one-two punch of risky mortgages gone bad and a housing slump, New York has largely bucked the national trend. But there are troubling signs … Continue reading →

Posted in National Real Estate, Risky Lending | 4 Comments

Contained?

Posted on July 30, 2007 by grim

From Bloomberg: Five Signs That Subprime Infection Is Worsening: Mark Gilbert The collapse in subprime mortgages doesn’t pose “any threat to the overall economy,” U.S. Treasury Secretary Henry Paulson said last week. He would, wouldn’t he? He’s hardly going to … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 4 Comments

Weekend Open Discussion

Posted on July 27, 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 | 332 Comments

“Housing is bust, and wishful thinking cannot unbust it anytime soon”

Posted on July 27, 2007 by grim

From Bloomberg: Franco Is Still Dead, and Housing Is Still Bust The latest round of housing statistics — sales, starts, homebuilders’ outlook surveys and earnings reports — offered little hope that residential real estate would be back on its feet … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 133 Comments

“It’s a double whammy for banks and brokers”

Posted on July 27, 2007 by grim

From the Wall Street Journal: Wall Street’s Double Trouble Faulty Mortgages, Debt-Risk Jitters Weigh on Banks By APARAJITA SAHA-BUBNA July 27, 2007; Page C5 Wall Street is dealing with the twin problems of faulty home loans and decreased demand for … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | Comments Off on “It’s a double whammy for banks and brokers”

Resetting loans offer no reprieve

Posted on July 26, 2007 by grim

From Reuters: Mortgage delinquencies seen peaking in 2008 The credit quality of U.S. mortgages is set to weaken substantially through the remainder of 2007 and well into next year, with delinquencies peaking in mid-2008, Moody’s Economy.com said on Thursday. Delinquencies … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 2 Comments

Housing recovery “won’t start before 2008 at the earliest”

Posted on July 26, 2007 by grim

From the Wall Street Journal: The State of the Slump Tighter Credit Helps Keep Housing Inventories Rising, Though Some Hard-Hit Cities See Signs of a Turnaround By JAMES R. HAGERTY and RUTH SIMON July 26, 2007; Page D1 Tighter credit … Continue reading →

Posted in Housing Bubble, National Real Estate | 526 Comments

Buyers looking for stability

Posted on July 26, 2007 by grim

From the Record: Housing news bleak Demand for new housing is still declining and won’t start to rebound until 2008, the chief economist of the National Association of Home Builders said Wednesday. “The big question is: Is this ball still … Continue reading →

Posted in Housing Bubble, National Real Estate | Comments Off on Buyers looking for stability

“They’re too big”

Posted on July 26, 2007 by grim

From the Herald News: Clifton planners want to restrict huge homes Some residents say large homes on small lots are eyesores that can ruin the character of a neighborhood. In an effort to prevent more outsized homes from being built, … Continue reading →

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

“[T]he housing market will not turn around any time soon”

Posted on July 26, 2007 by grim

From the Home News Tribune: Home sales plunge in July Sales of existing homes fell in July for a fourth consecutive month, further evidence that housing troubles are far from over. The National Association of Realtors reported Wednesday that sales … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | Comments Off on “[T]he housing market will not turn around any time soon”

Housing recovery postponed until 2009

Posted on July 25, 2007 by grim

From the New York Times: Top Lender Sees Mortgage Woes for ‘Good’ Risks Countrywide Financial, the nation’s largest mortgage lender, said yesterday that more borrowers with good credit were falling behind on their loans and that the housing market might … Continue reading →

Posted in Housing Bubble, National Real Estate | 264 Comments