Monthly Archives: February 2008

Zandi: Home prices to fall 20%

Posted on February 20, 2008 by grim

From Reuters: Economy.com sees home prices down 20 percent A rapidly deteriorating U.S. economy will cause home prices to drop by 20 percent peak-to-trough, a leading economist said on Wednesday. Mark Zandi, chief economist and co-founder of Moody’s Economy.com, said … Continue reading →

Posted in General | 44 Comments

“[Subprime] defaults are spiking well before resets come into play”

Posted on February 20, 2008 by grim

From CNN/Money: Subprime loans defaulting even before resets For months, we’ve fretted about the Armageddon that will hit when subprime adjustable rate mortgages start resetting to much higher interest rates. What’s happening is even worse: Many of these loans are … Continue reading →

Posted in Housing Bubble, National Real Estate, Price Reduced | 231 Comments

Can the Fed prevent recession?

Posted on February 20, 2008 by grim

From the Wall Street Journal: Our Economic Dilemma By MARTIN FELDSTEIN February 20, 2008; Page A15 Although it is too soon to tell whether the United States has entered a recession, there is mounting evidence that a recession has in … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 1 Comment

Corzine may cut 3,000 jobs

Posted on February 20, 2008 by grim

From the NY Times: Corzine Is Said to Weigh Cutting 3,000 Jobs and One Department Faced with a worsening economy, Gov. Jon S. Corzine is considering reducing the state’s work force by 3,000 employees and closing at least one department … Continue reading →

Posted in Politics, Property Taxes | 5 Comments

Short-term memories

Posted on February 19, 2008 by grim

From the Wall Street Journal: When Nerves Get Short, Credit Gets Tight By JON HILSENRATH February 19, 2008; Page C1 One aspect of this credit crisis has a familiar ring to it. All around, investors and lenders are getting squeezed … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 255 Comments

Eliminating the property tax “rebate”

Posted on February 19, 2008 by grim

From Newsday: Democratic lawmakers: End most property tax rebates Three Democratic lawmakers on Monday proposed axing property tax rebates for most homeowners to help control state spending and avoid Gov. Jon S. Corzine’s proposed toll increases. Sen. Jeff Van Drew … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 6 Comments

Always a great time to buy or sell!

Posted on February 19, 2008 by grim

From the New Jersey Association of Realtors: Realtors say New Jersey home sales are healthy Sales volume of existing single family homes, condominiums and co-ops in the fourth quarter of 2007 are stable. According to statistics released by the National … Continue reading →

Posted in Humor, New Jersey Real Estate | 4 Comments

A “good time for consumers to be especially wary”

Posted on February 18, 2008 by grim

From the New York Times: No Lull in Mortgage Pitches The mortgage market may be in a historic upheaval, but mortgage companies continue to pump out upbeat advertisements. brags in its ads that “No one can do what Countrywide can” … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 177 Comments

“It started with mortgages, but it’s spilling over.”

Posted on February 18, 2008 by grim

From the Washington Post: From Foreclosure Signs to Auto Repo Lots Reina Bolanos got a loan for her used Honda Odyssey in 2006 on what appeared to be favorable terms: $16,000 without a down payment. Though the 8 percent rate … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 6 Comments

Weekend Open Discussion – Part II

Posted on February 16, 2008 by grim

Now Open, Part II! Prior weekend thread closed due to comment overflow.

Posted in General | 234 Comments

Weekend Open Discussion

Posted on February 15, 2008 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 | 400 Comments

No, really, which way is up?

Posted on February 15, 2008 by grim

From the Trenton Times: Housing’s mixed bag No doubt, the New Jersey housing market has seen better days. But while home prices across the country continued to plunge during the last three months of 2007, New Jersey has shown surprising … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 9 Comments

Realtors: Home prices post biggest-ever quarterly drop

Posted on February 14, 2008 by grim

From CNN/Money: Home prices in steepest quarterly drop Home prices continued their plunge during the last three months of 2007, setting a real estate trade group’s record for the biggest-ever quarterly drop. . The national median price drop of 5.8%, … Continue reading →

Posted in Housing Bubble, National Real Estate | 156 Comments

Which way is up?

Posted on February 14, 2008 by grim

From the Wall Street Journal: When Home Values Don’t Mesh February 14, 2008; Page A2 Predicting how much worse the U.S. housing market will get is tough. The future is never certain. But when it comes to home prices, getting … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 92 Comments

“No one wants to make the first move”

Posted on February 14, 2008 by grim

From the Asbury Park Press: Main St. makeover shifts to low gear BELMAR — A $500 million plan to raze and rebuild much of the downtown will take longer than the 10 years to complete that borough officials had previously … Continue reading →

Posted in New Development, New Jersey Real Estate | 2 Comments