Monthly Archives: June 2009

“It bit us in the end.”

Posted on June 15, 2009 by grim

From Reuters: Is the housing bust about to take Manhattan? New York City real estate prices are looking increasingly shaky as instability in two of the city’s sexier submarkets — second homes in the Hamptons, and new condos in Manhattan … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 62 Comments

Unemployed Underemployed

Posted on June 15, 2009 by grim

From the NY Times: At the Shore, Trying to Add ‘Corndog Fryer’ to a Long Résumé As the unemployment rate climbed this spring, thousands of recently laid-off workers descended upon the resort communities along the Jersey Shore looking for summer … Continue reading →

Posted in Economics | 249 Comments

Fitch Ratings: Home prices to bottom in 2010

Posted on June 14, 2009 by grim

From Fitch Ratings: Fitch Takes Various Actions on 543 2005-2008 U.S. Subprime RMBS Deals Fitch Ratings has taken various rating actions on 543 2005 through 2008 vintage U.S. subprime RMBS transactions in the course of its ongoing review of subprime … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 118 Comments

“There’s a level of hopelessness to the phone calls now”

Posted on June 11, 2009 by grim

From Bloomberg: Option ARMs Threaten U.S. Housing Rebound as 2011 Resets Peak Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 360 Comments

Northern NJ May Home Sales

Posted on June 8, 2009 by grim

Preliminary May 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, North Jersey Real Estate | 327 Comments

Shiller: [T]he decline may well continue for some time

Posted on June 8, 2009 by grim

From the NY Times: Why Home Prices May Keep Falling By ROBERT J. SHILLER HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time. Even the federal government … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 212 Comments

The Tale of Two Bubbles

Posted on June 7, 2009 by grim

Hot off the presses from Kettle and Veto! Two Bubbles – NJ OFHEO Home Price Index Historical Analysis (click to enlarge) (click to enlarge) (click to enlarge)

Posted in Economics, New Jersey Real Estate | 38 Comments

Weekend Open Discussion

Posted on June 5, 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 | 475 Comments

Treasury Secretary Geithner Underwater

Posted on June 4, 2009 by grim

From Bloomberg: Geithner Rents Westchester Home After Failing to Sell U.S. Treasury Secretary Timothy Geithner is renting his home in Westchester County, New York, for $7,500 a month after failing to find a buyer, according to data on the Westchester-Putnam … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, Politics | 315 Comments

NJ Home Price Tracker – May Revisited

Posted on June 2, 2009 by grim

The New Jersey Home Price Index Tracker has been updated to include: OFHEO 2009 Q1 Home Price Index OFHEO 2009 Q1 Home Price Index (Purchase) NJAR 2009 Q1 Median Home Price Added historical data on the HPI to better illustrate … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 345 Comments

Councilman proposes big fines for unmaintained foreclosures

Posted on June 1, 2009 by grim

From the Home News Tribune: In Middlesex Borough, $500 daily fine possible if foreclosed properties aren’t maintained A proposed ordinance could ensure foreclosed properties are kept up in the absence of a live-in owner at the threat of a $500 … Continue reading →

Posted in Foreclosures, New Jersey Real Estate, Politics | 322 Comments