Monthly Archives: October 2007

One last gasp

Posted on October 5, 2007 by grim

From the Record: Foxtons hunts buyer for listings Foxtons, the failed discount real estate company, is looking for another company to buy its 4,400 sale listings. The seven-year-old company announced last week that it was going out of business because … Continue reading →

Posted in New Jersey Real Estate | Comments Off on One last gasp

Mortgages “going delinquent at the fastest rate this decade”

Posted on October 5, 2007 by grim

From the Financial Times: Subprime defaults fastest in decade US subprime mortgages written during the first half of the year are going delinquent at the fastest rate this decade, according to a report from Moody’s on Thursday that analyses home … Continue reading →

Posted in National Real Estate, Risky Lending | 1 Comment

Traders betting on home price declines

Posted on October 4, 2007 by grim

From the WSJ: Home-Price Outlook Takes Another Shot Trading on CME Indicates a Decline Into Late 2011 By JAMES R. HAGERTY October 4, 2007; Page D6 The outlook for house prices is getting even gloomier as traders on the Chicago … Continue reading →

Posted in Housing Bubble, National Real Estate | 129 Comments

High on taxes

Posted on October 4, 2007 by grim

From Forbes: America’s Priciest Property Taxes After navigating a tight credit market and securing a home loan, a big property tax bill really hurts. And nowhere is it felt more than in New York and New Jersey, where residents pay … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 2 Comments

A Subprime Katrina?

Posted on October 4, 2007 by grim

From the Financial Times: Democrats call for mortgage ‘tsar’ Democratic leaders in the US Congress called on Wednesday for the appointment of a “mortgage tsar” to co-ordinate government response to the home loan crisis. Harry Reid, Senate majority leader, and … Continue reading →

Posted in Housing Bubble, Politics | 2 Comments

Northern NJ – September Contracts Tumble

Posted on October 3, 2007 by grim

The Northern New Jersey real estate market continued to slump in September, with contracts for sale falling by the worst amount this year. September contracts fell approximately 21.5% year over year (GSMLS) and 25.7% (NJMLS) , with the largest declines … Continue reading →

Posted in Economics, New Jersey Real Estate | 149 Comments

Mortgage finance and foreclosure forum

Posted on October 3, 2007 by grim

From the New Jersey Department of Banking and Insurance (DOBI): DOBI announces public forums, education plan to address mortgage lending issues The Department of Banking and Insurance today announced a series of measures designed to address recent difficulties experienced by … Continue reading →

Posted in New Jersey Real Estate | 5 Comments

August Pending Home Sales Decline

Posted on October 2, 2007 by grim

From CNN/Money: Pending home sales at record low The meltdown in the mortgage market in August dried up the supply of buyers for homeowners looking to sell their homes, as an industry group report showed the lowest level of homes … Continue reading →

Posted in Economics, National Real Estate | 174 Comments

Greenspan: A long way to go

Posted on October 1, 2007 by grim

From Reuters: Long road to recovery for housing market: Greenspan The housing market has a long way to go before stabilizing after the subprime crisis, spelling bad news for consumers in the world’s biggest economy, former Federal Reserve chief Alan … Continue reading →

Posted in Housing Bubble, National Real Estate | 5 Comments

An “accident waiting to happen”

Posted on October 1, 2007 by grim

From Reuters: UBS takes $3.4 billion credit hit Swiss banks UBS and Credit Suisse joined the ranks of casualties from a global credit crunch on Monday, fuelling fresh concern about the depth of the crisis. … UBS unveiled $3.4 billion … Continue reading →

Posted in Housing Bubble, National Real Estate | Comments Off on An “accident waiting to happen”