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Monthly Archives: April 2008
First Quarter GDP, FOMC on tap
From Bloomberg: Economy in U.S. Probably Expanded at Slowest Pace in Five Years The U.S. economy probably grew in the first quarter at the slowest pace in five years as consumer and business spending faltered and the housing slump deepened, … Continue reading
Posted in Economics, National Real Estate
244 Comments
Reasons to be a renter
From the Allentown Morning Call: Five good reasons to be a renter No risk. Owning a home can be a risky business, and there are no guarantees that it will be a good investment. Lots of people who got in … Continue reading
February S&P Case Shiller Home Price Index
According to S&P Case Shiller, NY Metro Area home prices are down 6.6% in the past year, and down 8.05% from the peak set in June of 2006: (click to enlarge) From Standard and Poor’s: Steep Declines in Home Prices … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
223 Comments
Zell: “This country needs a cleansing”
From Bloomberg: U.S. Foreclosure Filings Double in First Quarter U.S. foreclosure filings more than doubled in the first quarter as payments rose for subprime adjustable mortgages and falling home prices left property owners unable to sell or refinance without losing … Continue reading
Posted in Housing Bubble, National Real Estate, Risky Lending
8 Comments
“People just don’t know what to do”
From the Bridgeton News: Mortgage payments in trouble Housing foreclosure rates are rising quickly throughout Cumberland County, with rates in Bridgeton, Millville and Vineland already surpassing the national average, according to representatives at the Tri-County Community Action Agency and Affordable … Continue reading
“What began as a housing slowdown in 2006 turned into crisis by the end of 2007”
From the Courier Post: Expert: Housing downturn has another year An economist and a consultant painted a less than rosy picture of the fiscal health of New Jersey and the people who call it home during an annual look at … Continue reading
Posted in Economics, Housing Bubble, New Jersey Real Estate
96 Comments
Otteau April Newsletter & Weekend Open Discussion Part II
From the Otteau Group: ECONOMY & CREDIT CRISIS SPOILING SPRING HOUSING MARKET New Jersey home sales in March ran well below last year’s pace despite an increase above the February level. In March, contract-sales activity ran 27% below one year … Continue reading
Posted in General
213 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
312 Comments
The “heartwarming side of the housing bust”
From the WSJ: The Brighter Side of Housing Amid Downturn, ‘Unaffordable’ Is Within Reach By JAMES R. HAGERTY April 24, 2008; Page D1 And now for the heartwarming side of the housing bust: It’s helping some people buy homes that … Continue reading
Posted in Housing Bubble, National Real Estate
325 Comments
LoanPerformance: NJ home prices down 5-10%
From First American CoreLogic: First American CoreLogic Releases Febuary 2008 LoanPerformance House Price Index (click to enlarge) Philadelphia, PA CBSA 3-Month -1.47% 12-Month -1.14% Edison, NJ CBSA 3-Month -1.36% 12-Month -4.67% New York-White Plains-Wayne, NY-NJ CBSA 3-Month -0.80% 12-Month -3.34% … Continue reading
Just who is crazy (or the pessimist)?
Three years ago, during the peak of the housing bubble, I went out on a limb and offered up my forecast on where New Jersey home prices would go. That number was down 30%, and it caused quite a stir. … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
55 Comments
Existing Home Sales down 19% in March
From Bloomberg: U.S. Existing Home Sales Fell in March; Prices Lower Sales of previously owned homes in the U.S. fell in March as loan restrictions and the prospect of further price declines kept buyers away. Purchases dropped 2 percent, less … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
328 Comments
“This is a very significant economic storm that we have entered into”
From the Asbury Park Press: N.J. job growth low, report says New Jersey’s private-sector job growth ranked 41st nationwide each of the past two years in a sign that its high costs drove employers away, Rutgers University economists said in … Continue reading
Posted in Economics, Housing Bubble, New Jersey Real Estate
4 Comments
Too big to fail
From CNN/Money: The trillion-dollar mortgage time bomb Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac. Although few are predicting an … Continue reading
Posted in Housing Bubble, National Real Estate, Risky Lending
290 Comments
Good-bye rebate!
From the AP: Property tax rebates — touted as not being “an election year gimmick” — now ready to be cut They’ve talked of keeping parks and the state agriculture department open and maybe boosting aid for towns and cities, … Continue reading
Posted in New Jersey Real Estate, Politics, Property Taxes
3 Comments