Monthly Archives: September 2007

“Things are destined to get worse before they get better.”

Posted on September 7, 2007 by grim

From James W. Hughes and Joseph J. Seneca at the NJ Voices blog: Housing slump promises more budget woes The current housing slump is destined to worsen, according to the National Association of Realtors’ index of pending sales of existing … Continue reading →

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

“I’ll have my day in court.”

Posted on September 7, 2007 by grim

From the New York Times: 11 Arrested in New Jersey Corruption Inquiry Eleven current or former public officials, including two members of the State Assembly, were charged Thursday with taking thousands of dollars in bribes in exchange for promising municipal … Continue reading →

Posted in Politics | 7 Comments

“There’s still a lot of pain . . . ahead of us.”

Posted on September 6, 2007 by grim

From the Philly Inquirer: Home-sales indicator hits a low A near-record low for an index that forecasts home sales in the short run suggests borrowers in expensive areas are struggling to finalize home purchases amid mortgage-market troubles. The National Association … Continue reading →

Posted in Housing Bubble, National Real Estate | 166 Comments

Cracking down on risky loans

Posted on September 6, 2007 by grim

From the Wall Street Journal: Congress Takes Up Mortgages One Proposal to Protect Homeowners May Chill Secondary Debt Market By JAMES R. HAGERTY, KARA SCANNELL and SARAH LUECK September 6, 2007; Page A7 Congress returned from vacation with a series … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Cracking down on risky loans

Credit crunch or risk aversion?

Posted on September 6, 2007 by grim

From the Wall Street Journal: Conventional Mortgage Has Lenders Competing By JILIAN MINCER September 6, 2007; Page D6 While subprime and jumbo mortgage loans are drying up, there is plenty of cash flowing to borrowers with stellar credit who want … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Credit crunch or risk aversion?

North Jersey August Residential Sales

Posted on September 5, 2007 by grim

Preliminary August sales and inventory data for Northern New Jersey is in. Please note that this data is subject to revision. The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound … Continue reading →

Posted in Economics, New Jersey Real Estate | 157 Comments

Home slump reality hard to swallow

Posted on September 5, 2007 by grim

From the Record: Yearning for good old days of 2005 If there’s one thing that home sellers hate to hear, it’s: “Your house is worth less than you think.” But that’s exactly the message that real estate agents in North … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 2 Comments

Commercial poised to fall?

Posted on September 5, 2007 by grim

From Bloomberg: Commercial Real Estate in U.S. Poised for 15 Percent Price Drop U.S. commercial real estate prices may fall as much as 15 percent over the next year in the broadest decline since the 2001 recession as rising borrowing … Continue reading →

Posted in Economics, National Real Estate | 2 Comments

How will NJ cope?

Posted on September 5, 2007 by grim

From the WSJ: Housing Slump Strains Budgets Of States, Cities By AMY MERRICK September 5, 2007; Page A1 Tremors from the housing market’s slump are straining the budgets of state and local governments from coast to coast, sending officials scrambling … Continue reading →

Posted in National Real Estate, Property Taxes | 3 Comments

“Why should government favor today’s owners over tomorrow’s buyers?”

Posted on September 4, 2007 by grim

From the LA Times: Is America really pro-bailout? President Bush announced his intention last week to reach out a hand to the “many Americans” who “may have been misled” in the sub-prime mortgage market. Two days earlier, presidential hopeful Barack … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 166 Comments

Following housing “into a slump”

Posted on September 4, 2007 by grim

From Bloomberg: Recession Risk Rises as Consumers Feel Pain of Tighter Credit The pain from higher borrowing costs may be spreading as consumers and businesses follow investors in shying away from risk, increasing the odds of a recession. “While there … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 2 Comments

Remittances fall, sign of the slump

Posted on September 4, 2007 by grim

From the Herald News: Fewer sending cash home, agencies say Late summer is usually a time when Jose Cordero of Passaic sends extra money home to his family in Mexico. … When work is steady, Cordero wires home about $300 … Continue reading →

Posted in General | 15 Comments

“This sacred cow should be the biggest casualty of the recent mortgage crisis.”

Posted on September 4, 2007 by grim

From the Baltimore Sun: Homeownership: the sacred cow of U.S. housing policy As we pick through the debris caused by the subprime lending fiasco, it is pertinent to ask how we got into this mess. Dodgy lending practices, unreliable risk … Continue reading →

Posted in Housing Bubble, National Real Estate | Comments Off on “This sacred cow should be the biggest casualty of the recent mortgage crisis.”

NJ: Lagging the nation

Posted on September 3, 2007 by grim

From the Home News Tribune: State’s high taxes, debt contribute to hard times Despite the recent downturn in financial markets and mounting concerns about the health of this country’s home mortgage and housing industries, the national economy has expanded at … Continue reading →

Posted in Economics, New Jersey Real Estate | 41 Comments

Lowball! Bergen County 7/1-9/2

Posted on September 3, 2007 by grim

Welcome to another edition of Lowball! Lowball! takes a look at home sales from a different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the … Continue reading →

Posted in Lowball | 38 Comments