Monthly Archives: September 2007

100,000 Affordable Homes

From the Asbury Park Press: Corzine must get cracking on promise for low-cost homes In recently published reports, Gov. Corzine made some dismaying remarks regarding the promise he made in his 2005 gubernatorial campaign, and often repeated since, to develop … Continue reading

Posted in New Development, New Jersey Real Estate | Comments Off on 100,000 Affordable Homes

Predatory… borrowers?

From the Boston Globe: Predatory borrowers THERE IS little doubt that the unraveling of the housing market will cause significant hardship to many homeowners who believed that the American dream would never turn on them or their biggest financial investment. … Continue reading

Posted in Housing Bubble, National Real Estate | 279 Comments

Sluggish state job growth continues

From the Record: N.J. job growth sluggish New Jersey added 500 jobs in August, a small increase accompanied by a drop in unemployment, state officials said Wednesday. The unemployment rate fell to 4.3 percent from 4.6 percent in July, a … Continue reading

Posted in Economics | 1 Comment

Double digit price declines?

From CNN/Money: Double-digit home price drops coming Over the next few years, more than three-quarters of the nation’s housing markets will suffer a decline in home prices. Many will experience double-digit hits in a forecast that has worsened considerably in … Continue reading

Posted in Housing Bubble, National Real Estate, New Jersey Real Estate | 82 Comments

“Don’t count on it.”

From the New York Times: Will the Fed Reverse the Housing Slump? The Federal Reserve sent the stock market soaring yesterday. So can it stop the decline in house prices, too? Don’t count on it. From the late 1960s until … Continue reading

Posted in Housing Bubble, National Real Estate | 244 Comments

Recession nearing?

From Bloomberg: Fed Cuts Rates to Address Greater of Two Evils: Caroline Baum No central banker wants to have “recession” on his resume. With that in mind, and with the odds of one rising, Treasury yields tumbling, housing imploding, credit … Continue reading

Posted in Economics | 1 Comment

No more easy money

From the Courier Post: With credit crunch, location does matter You’ve heard about how the credit crunch has made it harder for many types of buyers to afford a home or qualify for a mortgage. First-time buyers. Those moving up … Continue reading

Posted in National Real Estate, Risky Lending | Comments Off on No more easy money

No Fire Sale in Rumson?

A number of folks have emailed and posted that Ara Hovnanian has listed his Rumson, NJ home for sale. Ironically, the home was listed on the same weekend his company held the “Deal of the Century” sale to reduce inventory … Continue reading

Posted in Housing Bubble, New Jersey Real Estate | 38 Comments

A new tax on New Jersey home sales

From NJBIZ: Battling a New Levy On Home Sellers The New Jersey Association of Realtors (NJAR) has launched a $500,000 advertising and information campaign to protest legislation that would allow municipalities to assess their own fees on the sale of … Continue reading

Posted in Economics, New Jersey Real Estate, Politics | 3 Comments

“But what if the prosperous stop prospering and don’t feel like playing?”

From New York Magazine: Is New York’s Real Estate Bubble About to Pop? A bubble’s destiny is to burst. Otherwise, it’s not a bubble. This year, however, the New York housing bubble—the ominously overinflated market that experts have been warning … Continue reading

Posted in Housing Bubble, National Real Estate | 159 Comments

Too much hope?

From the Wall Street Journal: Too Much Hope May Be Pinned On Rate Cut By E.S. BROWNING September 17, 2007; Page A1 Investors are putting a lot of hope in the Federal Reserve’s ability to ride to the rescue tomorrow. … Continue reading

Posted in Economics, National Real Estate | 3 Comments

Appreciation not always positive

From the Daily Record: Morris County told: Rising land prices hurt farming The rising value of preserved farmland and the increasing number of purchases by buyers seeking to create estate farms could be pricing farmers out of the business, according … Continue reading

Posted in Economics, New Jersey Real Estate | Comments Off on Appreciation not always positive

“The days of liberal lending are over”

From the Record: Falling appraisals hurt deals The buyer agreed to pay $890,000 for a Wyckoff town house. But the appraiser said the property was worth only $840,000. Spooked by the lower valuation, the buyer cut her offer to $825,000, … Continue reading

Posted in New Jersey Real Estate, Risky Lending | 111 Comments

Be sure you don’t “miss the market”

From the Daily Record: To sell house, price it right “Do you know how many four-bedroom, 2 1/2-bath, two-car garage Colonials are for sale just in Parsippany right now?” asked Nancy Doyne, an agent at Weichert, Realtors corporate headquarters in … Continue reading

Posted in New Jersey Real Estate | 2 Comments

Weekend Open Discussion

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 | 337 Comments