Monthly Archives: July 2007

“It’s naïve to assume the worst is past us…”

Posted on July 5, 2007 by grim

From Bloomberg: U.S. Subprime Defaults Set to Rise, Credit Suisse’s Parker Says Delinquencies and defaults on U.S. subprime mortgages will keep rising as problems in the housing market persist, said Robert Parker, vice chairman of Credit Suisse Asset Management. The … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 7 Comments

Does the guidance go far enough?

Posted on July 5, 2007 by grim

From Inman: Loan predators remain safe If there was ever a time when federal regulators should be knocking heads it’s now. The plain truth about the subprime meltdown is that investors got greedy and lenders began looking the other way. … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Real Estate Pornography

Posted on July 4, 2007 by grim

Came across an interesting piece out of Sydney. The piece is mainly about the Australian real estate market, but I thought the lead in was an interesting question and could make for an interesting discussion. Are real estate ads ‘house’ … Continue reading →

Posted in General | 53 Comments

NJ Legislators take aim at risky lending and fraud

Posted on July 4, 2007 by grim

From the Record: Lenders: Mortgage proposals fall short Lenders and investors are concerned over legislation taking aim at the mortgage industry in response to the subprime loan crisis. A package of bills under discussion would require mortgage solicitors to be … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | Comments Off on NJ Legislators take aim at risky lending and fraud

Housing slump continues, contracts at 6yr low

Posted on July 4, 2007 by grim

From the Asbury Park Press: Pending sales of homes hit hard in May Pending sales of existing homes in May dropped to their lowest level in almost six years, a real estate trade group said Tuesday, demonstrating the persistence of … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

Not always as they appear

Posted on July 3, 2007 by grim

From the Associated Press: Housing data may mask crisis’ scope It is possible that housing-market data is painting a brighter outlook than reality warrants. Here’s a scary thought about the housing market: Things may be far worse than what’s already … Continue reading →

Posted in Housing Bubble, National Real Estate | 259 Comments

PA Gov. warns on ‘teasers’, ‘payment spikes’

Posted on July 3, 2007 by grim

From the Pocono Record: ‘Teaser’ rates on mortgages expiring Gov. Ed Rendell urges homebuyers with adjustable rate mortgages to prepare for likely steep jumps in monthly payments and to tap state resources if they need help keeping their homes. Adjustable … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

Buybacks send lender into bankruptcy

Posted on July 3, 2007 by grim

From the Seattle Times: Debt buries mortgage lender In April, as he shut down the 300-employee mortgage business he’d built from scratch, Layne Sapp said he hoped to find a buyer who would resuscitate MILA. Instead, the Mountlake Terrace firm … Continue reading →

Posted in National Real Estate, Risky Lending | 2 Comments

“… you would send home prices into a freefall”

Posted on July 2, 2007 by grim

From Bloomberg: Bear Stearns Meets Possums in Georgia as Foreclosures Increase Only the possums are enjoying the backyard of 2035 Lilac Lane in Decatur, Georgia, where Wall Street titan Bear Stearns Cos. is just another homeowner by default. “It’s a … Continue reading →

Posted in Housing Bubble, National Real Estate | 187 Comments

“Yes, this will hurt and hurt badly.”

Posted on July 2, 2007 by grim

A very interesting “Letter to the editor” published in a Guyanese paper: Declining house prices in the USA hit Guyanese home owners Some Guyanese resident in Uncle Sam territory find themselves trapped in another crisis. While there is the comforting … Continue reading →

Posted in Housing Bubble, National Real Estate | Comments Off on “Yes, this will hurt and hurt badly.”

A place for eminent domain?

Posted on July 2, 2007 by grim

From the Press of Atlantic City: Don’t go too far on eminent-domain reform in New Jersey The recent state Supreme Court decision limiting a New Jersey municipality’s power to seize a vacant tract of land for redevelopment has been hailed … Continue reading →

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

Weekend Open Discussion

Posted on July 1, 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 | 257 Comments

Erosion of Owner’s Equity

Posted on July 1, 2007 by grim

From the New York Times: A False Sense of Security? You Must Own a Home THE wonderful world of leverage has lifted homeownership to near-record levels, and we thump our chests with pride at the prosperity and middle-class life that … Continue reading →

Posted in Economics, National Real Estate | 4 Comments

“It’s absolutely unfair.”

Posted on July 1, 2007 by grim

From the Philly Inquirer: Tax hike enrages Haddon Heights Imagine a town where almost all of the homes have “for sale” signs in their front yards, where the mayor and Borough Council are being recalled, and where petitions from angry … Continue reading →

Posted in General | 4 Comments