Monthly Archives: July 2007

North Jersey June Residential Sales

Posted on July 15, 2007 by grim

Preliminary June 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 | 406 Comments

Signs under scrutiny

Posted on July 15, 2007 by grim

From the Record: Towns restrict ‘open house’ signs “Open house” signs posted by real estate agents are coming under more scrutiny, with a few towns imposing tougher restrictions. This week, officials in Wood-Ridge are scheduled to introduce an ordinance that … Continue reading →

Posted in New Jersey Real Estate | Comments Off on Signs under scrutiny

“I wound up with a foreclosure notice. What am I to do?”

Posted on July 15, 2007 by grim

From the NY Daily News: Borrowing nightmares Carol David was sure her dream of home ownership was about to come true when she answered an ad offer to move into a house 30 days after making a $10,000 down payment. … Continue reading →

Posted in National Real Estate, Risky Lending | 3 Comments

Where is the “doom and gloom”?

Posted on July 14, 2007 by grim

From the NY Times: Demand for Offices, but Not Homes As for the residential market, the latest report from the Otteau Appraisal Group, Mr. Otteau’s East Brunswick-based firm, is downbeat. “Any significant recovery will likely be pushed off until 2008 … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 3 Comments

Kaplan sues Highlands

Posted on July 14, 2007 by grim

From the Express Times: Builder fights Highlands A lawsuit filed Friday in Superior Court in Warren County seeks to invalidate the state Highlands preservation act on the grounds that it blocks the construction of affordable housing. The complaint was filed … Continue reading →

Posted in New Development, New Jersey Real Estate | Comments Off on Kaplan sues Highlands

“It’s a great time to buy or sell a home.”

Posted on July 13, 2007 by grim

From the NY Sun: National Housing Horror Gets Gorier Although some real estate markets, such as New York City’s, are percolating, it’s clear that the national housing horror show is far from over. If anything, it’s getting gorier. As one … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

“[H]e chose to cheat the people of Newark and the citizens of New Jersey.”

Posted on July 13, 2007 by grim

From the New York Times:

Posted in Politics | 4 Comments

“You’re only sunk if they go KerPlunk!”

Posted on July 13, 2007 by grim

From Bloomberg: CDOs Lose Their Marbles; Credit Cries `KerPlunk!’ Investors asking how many beans make four in the market for collateralized-debt obligations are realizing that the likely answer is three if you’re lucky, fewer if you’re not. … “Their models … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | Comments Off on “You’re only sunk if they go KerPlunk!”

“Its going to get worse before it gets better.”

Posted on July 12, 2007 by grim

From the NY Post: HEDGE HORROR SUBPRIME MELTDOWN COULD WIPE OUT BILLION$ As home foreclosures ricochet through Main Street in rising junk mortgage meltdowns, Wall Street is facing a separate barrage that could swamp its first rich victims – hedge … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 321 Comments

Subprime fears cause dollar slump

Posted on July 12, 2007 by grim

From Bloomberg: Dollar Falls to Record Low on Concern Mortgage Losses to Spread The dollar fell to a record low against the euro and dropped versus the yen on speculation losses on debt backed by U.S. subprime mortgages will spread. … Continue reading →

Posted in Economics, National Real Estate | 2 Comments

Redefining blight

Posted on July 12, 2007 by grim

From the APP: Appellate court rules Belmar can’t take Freedman’s Bakery for redevelopment Freedman’s Bakery is not “blighted” and cannot be forced to participate in the borough’s planned downtown redevelopment project, putting at risk a $500 million proposal to virtually … Continue reading →

Posted in New Development, New Jersey Real Estate, Politics | 2 Comments

Encap stiffs the state

Posted on July 12, 2007 by grim

From the Record: A defiant EnCap denies obligation to pay state $16M EnCap Golf Holdings, which failed to meet a Tuesday deadline for committing $16 million to ensure full cleanup of the Meadowlands landfills, has told the state it does … Continue reading →

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“The housing correction … is back on a downward course”

Posted on July 11, 2007 by grim

From Globe and Mail: No end in sight for U.S. housing slump So much for the U.S. housing slump bottoming out. Grim profit warnings yesterday from three companies whose fortunes are closely tied to housing – Home Depot Inc., Sears … Continue reading →

Posted in Housing Bubble, National Real Estate | 244 Comments

“There’s no consensus on where the market price is.”

Posted on July 11, 2007 by grim

From Bloomberg: Subprime Losses Drub Debt Securities as Credit Ratings Decline On Wall Street, where the $800 billion market for mortgage securities backed by subprime loans is coming unhinged, traders are belatedly acknowledging what they see isn’t what they get. … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Racism or generalization?

Posted on July 11, 2007 by grim

From the APP: Loan rates high for minorities despite incomes Higher income does not protect blacks and Hispanics from receiving mortgage loans with above-market rates, a new study by a group pushing for reforms to lending laws says. The report, … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Racism or generalization?