Monthly Archives: July 2007

NJ retiree obligations skyrocket to $58b

Posted on July 25, 2007 by grim

From the NY Times: $58 Billion Shortfall for New Jersey Retiree Care In 1994, New Jersey decided to stop setting aside money in a fund to pay for health care for its retired public workers. The savings paved the way … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 5 Comments

Overwhelming support, but only in the face of higher taxes

Posted on July 25, 2007 by grim

From the Courier Post: N.J. would rather sell roads than hike taxes New Jersey residents overwhelmingly oppose the leasing of state assets, such as the lottery or the New Jersey Turnpike, to fix the state’s fiscal problems. That is, unless … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 4 Comments

“The crisis”

Posted on July 24, 2007 by grim

From Reuters: Enough subprime, let’s talk housing debacle:James Saft Troubles are surfacing with loans made to better-off U.S. homebuyers in a worrying trend that indicates what’s been termed “The subprime crisis” may need to be rebadged “The housing crisis” and … Continue reading →

Posted in Housing Bubble, National Real Estate | 375 Comments

NJ DOBI issues statement on Subprime

Posted on July 24, 2007 by grim

From the New Jersey Department of Banking and Insurance: BULLETIN NO. 07-15 – STATEMENT ON SUBPRIME MORTGAGE LENDING On July 17, 2007 the Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR), and the National … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 10 Comments

“Why does it cost $6,000 more per year to educate my child?”

Posted on July 24, 2007 by grim

From the Record: Hearing on River Dell breakup draws 500 An overflow crowd of 500 residents attended a public hearing Monday night on a proposal to dissolve the River Dell Regional School District, a sign that the issue has struck … Continue reading →

Posted in Politics, Property Taxes | 3 Comments

“Trenton Makes, the World Takes”

Posted on July 24, 2007 by grim

From the APP: Corzine’s global warming initiatives just smoke and mirrors With Al Gore watching, Gov. Corzine signed the Global Warming Response Act into law earlier this month. That makes New Jersey the third state, following California and Hawaii, to … Continue reading →

Posted in New Jersey Real Estate, Politics, Property Taxes | 7 Comments

In the midst of “the greatest real estate slump in history”?

Posted on July 23, 2007 by grim

From Inman News: The housing market: How bad will it get? Speculation, rampant building, risky loans, overborrowing and escalating prices propelled the housing market to an unprecedented peak — and are now counted among its greatest failings. The “soft landing” … Continue reading →

Posted in Housing Bubble, National Real Estate | 294 Comments

Lenders of last resort

Posted on July 23, 2007 by grim

From the Wall Street Journal: States Aim to Stem Tide Of Home Foreclosures With Funds for Refinancing By THADDEUS HERRICK July 23, 2007; Page A2 Hoping to slow the quickening pace of home foreclosures, about a half-dozen states are setting … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

“When you sell on your own, you need to be as creative as possible”

Posted on July 23, 2007 by grim

From the NY Daily News: Advertising a house special In a city obsessed with real estate, wearing your floor plan on your chest is a sure attention-grabber. So Linda Longo dons a sandwich board and parades around Park Slope most … Continue reading →

Posted in National Real Estate | Comments Off on “When you sell on your own, you need to be as creative as possible”

NJ thrifts suffer as housing turns soft

Posted on July 23, 2007 by grim

From the Record: Mortgage woes hurt thrifts Northern New Jersey thrifts, which rode the home-buying and refinancing booms to record profits in the early 2000s, are now proving the adage that what goes up comes down. Shares in Hudson City … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | Comments Off on NJ thrifts suffer as housing turns soft

Weekend Open Discussion

Posted on July 22, 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 | 468 Comments

Risky loans fall out of favor

Posted on July 22, 2007 by grim

From the Record: Refinancing replaces ARM loans Faced with rising monthly payments, many homeowners who took out adjustable-rate mortgages a couple of years ago now want to refinance into fixed-rate loans. “People are moving toward safe and secure fixed-rate mortgages,” … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 5 Comments

South Jersey housing slump continues

Posted on July 21, 2007 by grim

From the AP via ABC: Phila. area home sales fall, housing remains in slump A report from a real estate brokerage says home sales in the Philadelphia area fell by nine-point-five percent in the first half of the year. The … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | Comments Off on South Jersey housing slump continues

Too little too late?

Posted on July 20, 2007 by grim

From the Herald News: N.J. may home in on broker rules A consortium of 26 states took steps earlier this week to protect future homeowners from getting saddled with the risky mortgages that have left thousands of New Jersey residents … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 15 Comments

Newark “land grab” halted

Posted on July 20, 2007 by grim

From the New York Times: Judge Stops Newark Redevelopment Project A New Jersey judge effectively killed an ambitious downtown redevelopment project in Newark yesterday, ruling that the city’s decision to condemn 14 acres of property on behalf of a private … Continue reading →

Posted in New Development, New Jersey Real Estate | 15 Comments