Monthly Archives: October 2007

“You can’t just try for a higher price because you really want it”

Posted on October 17, 2007 by grim

From the Record: Sellers urged to set lower prices Realtors often warn sellers about the danger of overpricing a house. Now they have evidence to show skeptical clients: research by Jeffrey Otteau, an East Brunswick appraiser. He found that in … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 4 Comments

“We have not yet seen fully the impact of the credit shock…”

Posted on October 17, 2007 by grim

From Reuters: 2008 mortgage originations to hit 8-year low: MBA Mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals, according to a forecast released on Wednesday … Continue reading →

Posted in Housing Bubble, National Real Estate | 1 Comment

“Every year you stay here, it gets a little tougher.”

Posted on October 17, 2007 by grim

From the APP: State of mind: Half want out: Poll: Many New Jerseyans want to leave state, citing cost of living Frederick J. Huffenus wants to leave his heart in New Jersey and move to South Carolina. Huffenus, 63, a … Continue reading →

Posted in Economics, New Jersey Real Estate | 12 Comments

“The state will be short more than $3 billion next year. Go cut your budgets.”

Posted on October 17, 2007 by grim

From the Philly Inquirer: Corzine’s early shot may mean fiscal war With Halloween just around the corner, the governor of New Jersey is sending a shiver through the state. He may not have been dressed the part, but Gov. Corzine … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 1 Comment

Rahway Comp Killer

Posted on October 16, 2007 by grim

Today’s Comp-killer comes to us from Rahway, NJ. It is a 2 bedroom, 2 full/2half bath end-unit townhome in a newer development (Riverwalk). It was purchased in July of 2006 for $450,000. The unit returned to market on 8/8/2007, at … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 213 Comments

“I would like to know what those damn things are worth”

Posted on October 16, 2007 by grim

From Bloomberg: Bernanke Says Housing to Remain `Drag’ on U.S. Growth Federal Reserve Chairman Ben S. Bernanke said the housing slump will be a “significant drag” on U.S. growth into next year, though evidence of a broader impact on spending … Continue reading →

Posted in Economics, National Real Estate | 1 Comment

Otteau Fall Workshop – Real Time Blogging

Posted on October 15, 2007 by grim

I’ll be blogging from the Otteau Valuation Group Fall Workshop this morning. We’ll try something new today, Real-Time Blogging. I’ve got broadband, and I’ve got a power plug, so I’ll be blogging throughout the presentation, which runs from 9:30 until … Continue reading →

Posted in National Real Estate, New Jersey Real Estate | 126 Comments

Killing the Realty Transfer Fee

Posted on October 15, 2007 by grim

From the Press of Atlantic City: Realtors group beats drums against tax This may be a difficult time to sell a house, but it’s a good time to try to kill a proposed local-purpose tax on house sales. With prices … Continue reading →

Posted in New Jersey Real Estate | 16 Comments

Rescuing SIVs

Posted on October 15, 2007 by grim

From the Wall Street Journal Rescue Readied By Banks Is Bet To Spur Market By CARRICK MOLLENKAMP, DEBORAH SOLOMON and ROBIN SIDEL October 15, 2007; Page A1 The high-stakes plan to rescue banks from losses on mortgage securities amounts to … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Nomura out of U.S. subprime

Posted on October 15, 2007 by grim

From Reuters: Nomura to exit US mortgage business, post big loss Nomura Holdings, Japan’s largest brokerage, said it would pull out of the U.S. residential mortgage-backed securities market and cut its U.S. work force by about 30 percent, pushing it … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Nomura out of U.S. subprime

Weekend Open Discussion

Posted on October 14, 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 | 180 Comments

Borrowers facing “tough times”

Posted on October 14, 2007 by grim

From the Home News Tribune: Many home owners suffer under high-interest loans Expensive, high interest rate mortgage loans continued to grab a larger share of the market last year, and thousands of homeowners like Paul and Elizabeth Duncan are feeling … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 12 Comments

“Times are tough in the mortgage-lending business.”

Posted on October 14, 2007 by grim

From the Record: Lender laws in works Times are tough in the mortgage-lending business. Not only are brokers and bankers coping with a severe credit crunch and a slowdown in loan applications, but they are facing legislation and rule changes … Continue reading →

Posted in New Jersey Real Estate, Risky Lending | 3 Comments

Fixed rate too ‘boring’ for Gen X?

Posted on October 12, 2007 by grim

From Bloomberg: Tie Me Up, Tie Me Down to Fixed-Rate Home Loan There’s nothing wrong with fixed — the fixed-rate mortgage, that is. As the mortgage crisis has unfolded, everyone has blamed the new-fangled mortgages: Interest-only, pick-a-payment, subprime ARMs, Alt-As … Continue reading →

Posted in National Real Estate, Risky Lending | Comments Off on Fixed rate too ‘boring’ for Gen X?

Who benefits from an open house?

Posted on October 11, 2007 by grim

From the Record: Do open houses really sell? Every Sunday, “Open House” signs sprout on the lawns of houses all over North Jersey. But do open houses actually sell properties? Realtors don’t always agree. I’ve been in business for 22 … Continue reading →

Posted in New Jersey Real Estate | 246 Comments