Monthly Archives: January 2009

Weekend Open Discussion

Posted on January 30, 2009 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 | 435 Comments

Bergen County Comp Killers!

Posted on January 29, 2009 by grim

Hat tip to Rich in NNJ for pulling this list together! Make sure you thank Rich for his hard work! BERGENFIELD 90 LINCOLN AVE SOLD: $388,000 12/12/2006 SOLD: $262,000 1/9/2009 CLIFFSIDE PARK 268 WAYNE AVE SOLD: $410,000 2/6/2004 SOLD: $345,500 … Continue reading →

Posted in Comp Killer, Housing Bubble, New Jersey Real Estate | 386 Comments

But will it work?

Posted on January 29, 2009 by grim

From the Wall Street Journal: House Passes Stimulus Package The House passed an $819 billion tax-and-spending bill Wednesday, in a recession-fighting effort that would extend the reach of the federal government across the U.S. economy by reshaping policy on energy, … Continue reading →

Posted in Economics, National Real Estate, Politics | 509 Comments

New Jersey Condos – A Look At The Last Crash

Posted on January 28, 2009 by grim

(This is a repost of a piece I posted in August of 2006) Decided to spend some time going through the tax records to see if I could determine how condos were affected during the last real estate crash. I’m … Continue reading →

Posted in Housing Bubble, New Jersey Real Estate | 375 Comments

S&P: New York Commutable Area Home Prices

Posted on January 27, 2009 by grim

Updated the S&P Case Shiller Home Price Index graphs with the November release data. These graphs show all indicies for the NY Metro Commutable Area. As the name implies, this price index covers regions that are within commutable distance to … Continue reading →

Posted in Economics, New Development, New Jersey Real Estate | 69 Comments

S&P Case Shiller – November home prices fall 18.2%

Posted on January 27, 2009 by grim

From the AP: S&P: Home values post 18.2 pct annual drop in Nov. A closely watched index shows home prices dropped by the sharpest annual rate on record in November. The Standard & Poor’s/Case-Shiller 20-city housing index released Tuesday tumbled … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 224 Comments

South Jersey jobless rates hit double digits

Posted on January 27, 2009 by grim

From the Press of Atlantic City: Region’s jobless rates still worst in state for month of December Jobless rates in southern New Jersey counties – already the highest in the state – jumped by a fifth in December to double-digit … Continue reading →

Posted in Economics, New Jersey Real Estate | 88 Comments

December sales down 3.5% YOY, median price down 15.3%

Posted on January 26, 2009 by grim

Just a quick note on the regional data: Northeast was the worst performer in terms of sales in December. Seasonally adjusted sales down 1.4% from the prior month and 14.3% from last December. Significantly worse than the -3.5% year-over-year figure … Continue reading →

Posted in Economics, National Real Estate, New Jersey Real Estate | 314 Comments

Comp Killer Sunday Football Edition

Posted on January 25, 2009 by grim

Today’s comp killer comes to us courtesy of Luxist Turns out football superstar Terrell Owens is significantly underwater on his Moorestown, NJ estate. His property, on Cove and Landing in Moorestown, was purchased in May of 2004 for an astounding … Continue reading →

Posted in Comp Killer, Housing Bubble, New Jersey Real Estate | 101 Comments

Nowhere Zen New Jersey

Posted on January 24, 2009 by grim

From the Wall Street Journal: The Hidden State of Culture New Jersey is America’s secret treasure-house of culture. If that strikes you as a proposition out of an absurdist play, consider a sampling of the gifted figures who have either … Continue reading →

Posted in General | 209 Comments

Glut of foreclosed homes waiting to hit the market

Posted on January 23, 2009 by grim

From CNN/Money: Flood of foreclosures: It’s worse than you think Housing might be in worse shape than we think. There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 181 Comments

Good news for renters, not so good for landlords

Posted on January 23, 2009 by grim

From BusinessWeek: Rents Drop Nationwide as Vacancies Spike The economic crisis has opened up opportunities for apartment tenants. The inventory of vacant apartments is expanding, and rents are dropping quickly in major metros across the country. For renters with leases … Continue reading →

Posted in National Real Estate, New Jersey Real Estate | 314 Comments

FHFA: November Home Price Fall At Record Pace

Posted on January 22, 2009 by grim

From MarketWatch: Home prices fall record 1.8% in November U.S. home values dropped at the fastest pace on record in November as the fury of the financial storm hit housing market. Home prices fell a record 1.8% in November, according … Continue reading →

Posted in Housing Bubble, National Real Estate | 120 Comments

NJ Unemployment Skyrockets to 7.1%

Posted on January 21, 2009 by grim

From the New Jersey Department of Labor and Workforce Development: New Jersey’s Estimated December Employment Fell by 15,200 Unemployment Rate Rose to 7.1 Percent TRENTON, January 21, 2009 – The effects of the national recession are having an increasing impact … Continue reading →

Posted in Economics, New Jersey Real Estate | 205 Comments

“[N]o broad recovery until at least 2010”

Posted on January 21, 2009 by grim

From the WSJ: Builders Predict More Housing Pain REAL ESTATE JANUARY 21, 2009 By JIM CARLTON The worst U.S. housing downturn since World War II is likely to deepen further this year, with no broad recovery until at least 2010, … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, New Development | 194 Comments