Monthly Archives: July 2008

“We used to think of the Hamptons as insulated and that’s not the case”

Posted on July 30, 2008 by grim

From Bloomberg: Hamptons Home Prices Fall on Wall Street Jobs, Economic Outlook Home prices in the Hamptons, the summer haven of New York financiers and socialites, fell almost 12 percent in the second quarter from a year earlier as Wall … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 354 Comments

S&P: Home Prices Drop 15.8% in May

Posted on July 29, 2008 by grim

From Standard and Poor’s: Record Low Annual Declines Recorded in May 2008 for the S&P/Case-Shiller Composite Home Price Indices Data through May 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. … Continue reading →

Posted in General | 358 Comments

[S]upplies remain so ample that potential buyers generally can take their time.

Posted on July 29, 2008 by grim

Time for another get together. Mark your calendars, cancel your trips, and tell the inlaws to buzz off. This Saturday, August 2nd at 5pm Shannon Rose – http://www.theshannonrose.com/ 98 Kingsland Road, Clifton NJ ————————————– From the WSJ: Amid Housing Slump, … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 97 Comments

But will they take the losses?

Posted on July 28, 2008 by grim

From the WSJ: Housing Bill Relies on Banks To Take Loan Losses Lawmakers Pressure Lenders to Pitch In To Curb Foreclosures By DAMIAN PALETTA July 28, 2008; Page A3 WASHINGTON — The housing rescue bill passed by the Senate Saturday … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 289 Comments

Weekend Open Discussion

Posted on July 25, 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 | 500 Comments

June Existing Home Sales at 10 Year Low

Posted on July 24, 2008 by grim

From Bloomberg: Sales of U.S. Existing Homes Fell to 4.86 Million Rate in June Sales of previously owned U.S. homes fell in June to the lowest level in a decade, signaling tumbling real-estate prices and consumer confidence are hurting demand. … Continue reading →

Posted in Economics, National Real Estate | 328 Comments

Wednesday Open Discussion

Posted on July 23, 2008 by grim

From the WSJ: Lawmakers Agree on Outline of Big Housing Pact Bill Includes Relief For Fannie, Freddie; Tense Negotiations By MICHAEL R. CRITTENDEN and DAMIAN PALETTA July 23, 2008; Page A3 House and Senate leaders have largely hammered out a … Continue reading →

Posted in General | 349 Comments

North Jersey June 2008 Residential Sales

Posted on July 22, 2008 by grim

Preliminary June sales and inventory data for Northern New Jersey (GSMLS) 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 … Continue reading →

Posted in Economics, New Jersey Real Estate | 350 Comments

Watching the watchers

Posted on July 21, 2008 by grim

From the WSJ: FDIC Faces Mortgage Mess After Running Failed Bank Subprime Lender Made Problem Loans On Regulators’ Watch By MARK MAREMONT July 21, 2008; Page A1 Federal officials heap much of the blame for the subprime mortgage mess on … Continue reading →

Posted in Housing Bubble, National Real Estate, Risky Lending | 397 Comments

A “mountain of debt”

Posted on July 20, 2008 by grim

From the NY Times: Given a Shovel, Americans Dig Deeper Into Debt For decades, America’s shift from thrift could be summed up in this familiar phrase: When the going gets tough, the tough go shopping. Whether for a car, home, … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 123 Comments

Weekend Open Discussion

Posted on July 18, 2008 by grim

Happy Recession Hour GTG (Get Together) Friday, July 18th 5:30pm Johnny Utah’s ( http://www.johnnyutahs.com ) 25 West 51st Street, NY Cancel your f’n plans, I don’t want to hear excuses. ——————————— This is the time and place to post observations … Continue reading →

Posted in General | 372 Comments

NJ: Recession until 2010

Posted on July 17, 2008 by grim

From Newsday: Forecast says NJ in recession until early 2010 New Jersey is more than a half-year into a mild recession that should end in early 2010, according to a Rutgers University economic forecast released Wednesday. The state will lose … Continue reading →

Posted in General | 441 Comments

“The days of wine and roses are over”

Posted on July 16, 2008 by grim

From Bloomberg: New 20% Down Payment Makes Savers From Profligate U.S. Spenders The U.S. housing crisis may accomplish what years of parental hectoring couldn’t: Turn Americans from spenders into savers. Spending will fall because homeowners can no longer use rising … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 339 Comments

I, For One, Welcome Our New Mortgage Overlords

Posted on July 15, 2008 by grim

From the LA Times: Fed slaps new rules on mortgage lenders The Federal Reserve clamped down hard on mortgage lenders Monday, issuing rules designed to curb the sorts of risky and deceptive lending practices that helped trigger the subprime mortgage … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 375 Comments

Short Sale Salvation

Posted on July 14, 2008 by grim

From the Press of Atlantic City: Short sales saving more locals from foreclosure An alternative to foreclosure for some homeowners called a short sale is becoming more common in southern New Jersey, according to attorneys who handle such transactions. Short … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 276 Comments