Monthly Archives: April 2008

“We’re in the middle of a recession…”

Posted on April 9, 2008 by grim

From Bloomberg: U.S. Economy to Stall as Consumer Spending Cools, Survey Shows Economic growth in the U.S. will come to a halt in the first six months of 2008 as consumer spending cools, a Bloomberg News survey showed. The world’s … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | Comments Off on “We’re in the middle of a recession…”

Who to save when we can’t save them all?

Posted on April 9, 2008 by grim

From the AP via the Philly Inquirer: Democrats are split on a subprime bailout Democrats are split over how to respond to the housing debacle, with House leaders focusing on helping homeowners who face foreclosure while the Senate moves to … Continue reading →

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

February Pending Home Sales

Posted on April 8, 2008 by grim

From the AP: Pending Home Sales Hit New Record Low The National Association of Realtors says pending U.S. home sales fell to the lowest reading on record in February, signaling the housing market distress is not yet over. The Chicago-based … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 239 Comments

“No sensible policy, he maintains, could have prevented the housing bubble.”

Posted on April 8, 2008 by grim

From the Wall Street Jounal: His Legacy Tarnished, Greenspan Goes on Defensive Future of U.S. Financial Reform Is at Stake; ‘I Am Right’ By GREG IP April 8, 2008; Page A1 WASHINGTON — Alan Greenspan’s reputation is under siege, and … Continue reading →

Posted in Housing Bubble, National Real Estate | 5 Comments

Covered with gloom

Posted on April 7, 2008 by grim

From the Associated Press: Poll finds New Jerseyans feeling gloomy on economy Economic woes have New Jerseyans gloomy, a new poll has found. Forty-nine percent of respondents in the poll issued Monday by Fairleigh Dickinson University’s Silberman College of Business … Continue reading →

Posted in Economics, New Jersey Real Estate | 276 Comments

“In this business, a deal is not done till it’s done.”

Posted on April 7, 2008 by grim

From the Record: More deals falling through Deal — or no deal? Does a signed contract mean the property will actually sell? In a volatile housing market, the answer these days is “not necessarily.” “You start earning your commission the … Continue reading →

Posted in New Jersey Real Estate | Comments Off on “In this business, a deal is not done till it’s done.”

Weekend Open Discussion – Part II

Posted on April 6, 2008 by grim

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

Posted in General | 90 Comments

Weekend Open Discussion

Posted on April 4, 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 | 218 Comments

Northern NJ March Residential Sales

Posted on April 3, 2008 by grim

Preliminary March 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 | 392 Comments

Liquidity lost

Posted on April 3, 2008 by grim

From the New York Times: Unsold Homes Tie Down Would-Be Transplants Dr. Michele Morgan migrated last fall from Detroit to Phoenix, taking a job as a psychiatrist. She expected her husband, Sam Kirkland, to soon join her, since he was … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 3 Comments

$38 Billion Dollar Bailout

Posted on April 2, 2008 by grim

NAR Existing Home Sales Estimate (February 2008) – 5,030,000 (1) Census New Home Sales Estimate (February 2008) – 590,000 (2) Total Home Sales Estimate – 5,620,000 Less ineligible existing homes – 1,666,000* Less ineligible new homes – 195,000* *(Total investment/vacation … Continue reading →

Posted in Economics, National Real Estate | 71 Comments

World Recession?

Posted on April 2, 2008 by grim

From Bloomberg: IMF Cuts Global Forecast on Worst Crisis Since 1930s The International Monetary Fund cut its forecast for global growth this year and said there’s a 25 percent chance of a world recession, citing the worst financial crisis in … Continue reading →

Posted in Economics, National Real Estate | 339 Comments

Reform or sleight of hand?

Posted on April 2, 2008 by grim

From the APP: Corzine wants $260M to replenish jobless trust fund Gov. Corzine said Tuesday he wants to move $260 million from the current state budget to shore up the unemployment trust fund and avoid a trigger that would mean … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics | 3 Comments

The Silver Tsunami

Posted on April 1, 2008 by grim

From the Wall Street Journal: Americans Delay Retirement As Housing, Stocks Swoon Nest Eggs Shrink, Deferring Dreams; ‘Freaked Out’ Elite By JENNIFER LEVITZ April 1, 2008 As the falling real-estate and stock markets erode their savings, many aging Americans are … Continue reading →

Posted in Economics, National Real Estate | 426 Comments

Two years out?

Posted on April 1, 2008 by grim

From Gallup: Americans Not Expecting Quick Economic Turnaround

Posted in Economics | Comments Off on Two years out?