From the Record:
Foreclosure activity up sharply in N.J.
New Jersey’s recent good news of falling home foreclosure rates was interrupted in July, with default activity climbing higher than the national average, according to data from foreclosure information provider RealtyTrac Inc.
Home foreclosure activity rose sharply — by nearly 40 percent — last month statewide compared with a year ago, said RealtyTrac of Irvine, Calif. National foreclosure activity rose 32 percent from the same month last year.
Default filings had declined by 30 percent in the first half of the year, dropping 13 percent in June, 41 percent in May and 3.5 percent in April from those same months a year ago.
“Part of it [July’s dramatic increase] is due to a backlog in the courts, which process these documents,” said Daren Blomquist, RealtyTrac spokesman. “So they were able to catch up on some of the backlog in July.”
Blomquist said RealtyTrac was seeing a similar pattern in other states where foreclosures are filed through the courts, such as in New Jersey. July’s foreclosures of 6,467 homes was the highest since October 2008, he said.
Another factor in the foreclosure rate surge was that relief from the state’s Mortgage Stabilization and Relief Act was coming to an end. That provided several programs and funding to delay foreclosures for troubled homeowners in the hope that they could eventually repay their loans.
“There definitely has been a time when the numbers were looking good in New Jersey,” said Blomquist. “What that legislation did was not a long-term solution for a lot of borrowers.”
He said other states that enacted similar legislation also had temporary drops in foreclosure activity only to see it rebound in a few months.
“It [such programs] slows down recovery and keeps the foreclosure process on these homes in limbo and hanging over the market,” said Blomquist.
In New Jersey, 6,467 residences had foreclosure proceedings against them last month, or one in every 541 houses. Nationwide, 360,149 properties, one in every 355 homes, were in some phase of the foreclosure process.
From RealtyTrac courtesy of the Record:
* Foreclosure filing rates for New Jersey for July, by county:
* Bergen: 1/805 homes, ranked 18th out of 21 New Jersey counties in foreclosure rate
* Passaic: 1/384, ranked third
* Morris: 1/952, ranked 20th
* Hudson: 1/758, ranked 16th
* Essex: 1/375, ranked second
* Union: 1/326, ranked first
From NJBIZ:
July foreclosures up in New Jersey, nation
Foreclosure filings in New Jersey increased 49.25 percent in July from June, part of a national increase in the number of filings, according to RealtyTrac, which tracks and sells foreclosure information.
There were 6,467 filings in the month, equal to one in 541 housing units, according to the report. This ratio ranks 18th highest among the states, while the total was 10th highest.
New Jersey’s filings also reflected a 39.92 percent increase over the number filed in July 2008.
From HousingWire:
FirstAm Sees One in Three Mortgages Underwater in Q209
As of the end of June, more than 15.2m US mortgages representing 32.2% — or roughly one-third — of all mortgaged properties in the country had fallen underwater in a negative equity position.
The proportion of US mortgages underwater in Q209 came in slightly below the 32.5% seen at the end of March, according to data released Thursday by First American CoreLogic.
…
The aggregate property value for loans in a negative equity position and at risk for default reached $3.4trn in June. California claimed the highest share of underwater loans valued at $969bn, followed by Florida with $432bn. New Jersey and Illinois each held $146bn while Arizona followed with $140bn.
According to RealtyTrac, NJ foreclosure activity in July:
4,210 Lis Pendens were issued (Notice of action, delinquency)
1,505 NFS were issued (Notice of Foreclosure/Sheriff Sale)
752 homes were seized by banks as REO, failed auctions (Real Estate Owned)
Don’t worry about the foreclosures. What really matters is that the Dow is up again two days in a row. Can’t you sense the recovery in action.
Ket/Veto,
Quick! What is the R^2 between NJ home prices and the DOW? (Real, otherwise inflation would create some level of confounding error over the long term)
Careful grim
you might get me on a data kick!!!!!!
Will get back to you on the R^2
Economagic would make this so much easier, but I’m not about to pay them $200 a year just to cut/paste. Edit: Oops! Only $50 a year, that isn’t so bad.
We need to build a wiki-database.
gator/stu,
85 Park Unit 304 closed for $434,725!!!
Holy Glen Ridge Comp Killer! And in “The Reserve” too!
It was purchased for $780,000 on 05/08/07.
Some photos of the 85 Park condo:
https://njrereport.com/images/2693043.jpg
Here is an exterior shot of 301, different unit, but essentially the same exterior layout as the far corner, 304. After looking at the interior shot, you’ll be able to figure out which unit it is from the exterior.
https://njrereport.com/images/2672916.jpg
There is another 85 Park unit on the MLS for $755,000 (short sale)
Paid $980,500 for it on 06/01/07! Highest price ever paid in the building I believe.
Good F*cking Luck!
sas, have you ever thrown a molotov cocktail? how easy/difficult is it to trace one of them back to the original hurler?
Just heard an interesting report on Bloomberg.
Most people who partcipate in cash for clunkers had paid of auto’s, now they will have monthly payments higher ins etc, less will be spent for retail.
Unintended consequences I guess
sas, have you ever thrown a molotov c*cktail? how easy/difficult is it to trace one of them back to the original hurler?
Grim,
How many bdrms/baths in the 85 Park Unit 304? I think I remember 2 from the discussion?
10 – hey that was on that hgtv show about the realtors from south orange/ montclair.
Most people who partcipate in cash for clunkers had paid of auto’s, now they will have monthly payments higher ins etc, less will be spent for retail.
Unintended consequences I guess
Good thing they aren’t out buying houses using a similar incentive program.
173.grim says:
August 13, 2009 at 5:42 pm
New thread, up!
Fcuk you. This blog isn’t your personal boot cap, and you sure as hell can’t be a drill sargeant with all that chest hair!
yikes not that I would condone a terrorist act but no it can’t be traced if and only if you break all the glass. Otherwise fingerprints. I must remind you that it would be in your best interest not to pursue an action of that type. Hi homeland security, let it be known I tried to dissuade yikes from showing up on your watch lists.
cripes!
http://www.nypost.com/seven/08132009/news/regionalnews/first_video_of_hudson_mid_air_crash_surf_184400.htm
Sean says:
August 13, 2009 at 9:21 am
Ray – two years – In August 2007 liquidity abruptly dried up in the Shadow Banking System. And who can forget the run on Northern Rock Bank in England in Sept of 07?
i think it was more like sept, too … ill never forget signing the luckiest work contract of my life in july.
ChiFi
I go from giggling about Grim’s chest hair to watching the video of the crash. DH is starting to think I have some issues.
Orion (171, prev. thread)-
The first of the five things I saw was a 200-page printout of DiPasquale and Madoff’s American Express bills in the months preceding Madoff’s arrest. Ruth’s bill was in there, too.
DiPasquale’s was about 30K in the last 30 days; The two Madoffs were over 100K.
And, no, my friend at the SEC didn’t show it to me. It came from a guy in Bridgewater who knows Di Pasquale.
lost (21)-
Go put on a latex dress. That should reassure him you’re ok.
Hey John,
Looks like the beginning of the end of the bond gravy train:
“Ability to raise cash now will keep many zombie corporations alive. GM went under when its borrowing dried up. Ford (F) stayed in business because it had a bigger pile of cash relative to its burn rate.
Thus it’s no wonder that stocks are rallying in the face of record demand for debt, demand that has dramatically reduced long term corporate borrowing costs.
“Liquidity is the name of the game for financial-related firms,” said Guy Lebas, chief economist and fixed-income strategist with Janney Montgomery Scott LLC. “Many issuers as well as buyers realize that the improvement we’ve had in spreads over the last eight weeks marks the final step in the credit rally for 2009.”
23 Day Rally In Corporates
The question now is where to from here? The article notes the investment grade bond rally lasted 23 consecutive days, ending two days ago. The widening today is a statistically irrelevant 1 basis point.
Evidence of a pullback is more readily apparent in junk bonds.
Yields on high-yield, high-risk, bonds relative to benchmark rates widened 14 basis points yesterday to 878 basis points, the third straight day of increases after 16 consecutive days of tightening, according to Merrill Lynch & Co’s U.S. High-Yield Master II index. High-yield notes are rated below BBB- by Standard & Poor’s and less than Baa3 by Moody’s Investors Service. ”
http://globaleconomicanalysis.blogspot.com/2009/08/corporate-bond-spreads-key-to-continued.html
23 Clot
I think I’m going to sell it all.
Naw, man. Gotta let your freak flag fly.
Is there really an aftermarket in latex clothing?
25.lostinny says:
August 13, 2009 at 7:53 pm
23 ClotI think I’m going to sell it all.
lost: isn’t Latex Dress off Violator?
August 6, 2001
While vacationing at his ranch, in Crawford, Texas, Bush is given a Presidential Daily Briefing memorandum whose headline warns that the al-Qaeda terrorist leader, Osama bin Laden, is “determined to strike in U.S.” After being briefed on the document by a C.I.A. analyst, Bush responds, “All right, you’ve covered your ass now.”
Richard Clarke, chief White House counterterrorism adviser: We went into a period in June where the tempo of intelligence about an impending large-scale attack went up a lot, to the kind of cycle that we’d only seen once or twice before. And we told Condi that. She didn’t do anything. She said, Well, make sure you’re coordinating with the agencies, which, of course, I was doing. By August, I was saying to Condi and to the agencies that the intelligence isn’t coming in at such a rapid rate anymore as it was in the June-July time frame. But that doesn’t mean the attack isn’t going to happen. It just means that they may be in place.
On September 4, we had a principals meeting. The most telling thing for me about the attitude of these people was on the decision that had been pending for a long time to resume Predator [remote-controlled drone] flights over Afghanistan, and to now do what we couldn’t have done in the Clinton administration because the technology wasn’t ready: put a weapon on the Predator and use it as not only a hunter but a killer.
We had seen bin Laden when we had it in the Clinton administration, as just a hunter. We had seen him. So we thought, Man, if we could get this with a hunter-killer, we could see him again and kill him. So finally we have a principals meeting and the C.I.A. says it’s not our job to fly the Predator armed. And D.O.D. says it’s not our job to fly an unarmed aircraft.
HC
JJ: my buddy and Karmazan just ran this off the cuff today….
http://finance.yahoo.com/news/SIRIUS-XM-Radio-Prices-prnews-1757703604.html?x=0&.v=1
Star Ledger just picked it up:
http://www.nj.com/business/nj-real-estate/index.ssf/2009/08/nj_foreclosures_rise_dramatica.html
Clot 26 and 27
I don’t hide my freak flag. And yes people buy latex clothing that is pre-worn as long as it’s in spectacular condition, which mine is.
28 ChiFi
That was Blue Dress.
Grim
for 1987 to present:
CS NY Metro Vs S&P RSQ: 0.133
CS NY Metro Vs Dow RSQ: 0.475
Playing with some charts seems to suggest a correlation between A (a function of consumer debt and interest rates) and B (home prices)
obvious perhaps
Chifi – We’re in racing season, legs are shaved, chest is waxed.
Once again grim you illustrate the reason I ride a mountain bike
Pain,
Mountain biking is something you outgrow. After you hit the four-oh, you start asking yourself if you really want to be beating yourself up in the woods in your freetime….not that I shave anything except my face
And I used to sneer at the road weenies too
Grim – Re the Reserve – Holy Cr*p. What were these people thinking? I’m also seeing higher floor Siena listings for sub 500k now. My friends who live there are pissed.
X going on 37 and i still downhill on top of MTB. Nothing like jumping blind off a ten foot rock face with trees on either side of you. Never could do the skinnies, wife like it, she likes going fast. I prefer the joy of terror that comes from freeriding, then again I’m sure riding on the roads in Jersey is much the same rush.
Stopped sneering at the road weenies a long time ago also. To each his own, just never got the shaving and spandies. Unless your a profesional, the 3 tenths of a second gained on reducing your drag coefficient is a little overkill. I have buds who look for areas to fuile off on their road frames to shave grams. That is level of insanity I will never get to.
Stu and I had dinner tonight with our friend from Slummit. Her twice laid off within a year IT project manager husband just started a new position consulting at BOA in Charlotte. He’s been spending the whole work week down there and there is potential that this could be long term. They are now thinking of moving down there – seduced by the 5BR colonial on an acre lot listings for $300k. They bought their house in Slummit for under $400k in 04. It was the cheapest house on the market then – 3BD 1BA about 1400SF. They haven’t improved it a bit, but she’s thinking she can get $500k for it based on the listings of other homes that aren’t selling. She says if they can’t make a “decent profit” on their peak bubble purchase, that they will just hold the house and be long distance landlords. Stu tried to talk some sense into her by explaining the financial requirements for getting a mortgage for a 2nd home, but I’m not entirely convinced any of it sank in.
Oh, and dinner BTW, was pizza and BBQ at Ruthie’s (on Chestnut St in Montclair). Fantastic, but a bummer that tonight’s live blues music was canceled due to the non-existent rain. Every time we think of moving, we find another little gem like this within walking distance of our house.
I plan to play hockey till I’m dead. The only thing I plan to shave is a few mph off of my slapshot.
green shoots?
recession is over?
don’t believe the pump & dump
SAS
Gator, glad you mentioned Ruthie’s. We were actually looking for a quick dinner with friends before going to Brookdale for the concert & fireworks. On that note, do you know if you are allowed to consume wine in the park?
Ruthie’s has a nice outdoor patio. I recommend you eat outside.
Dink – Have you ever been there? The food is quite good and pretty reasonably priced! They are closing for vacation on Saturday and will reopen on the 25th.
Unfortunately I don’t think wine is allowed in the park, but Stu thinks you could probably get away with it.
Stu I’m still playing hockey occasionally also mostly pick up but not in the summer. Boy the kids have gotten much faster, no wait I got slower.
Wine in Brookdale is technically a no no.
http://www.essex-countynj.org/Park_Rules.pdf
Never been to Ruthie’s (actually never heard of it either), but I quickly looked it up after you mentioned it. Perfect location for us tomorrow, and with the nice weather forecasted, the patio should be perfect. We’ll finish our wine there before heading to the park.
Dink – It’s not fancy, but it sure is tasty. Max’s pie- with smoked mozzarella and pesto was great. So was the eggplant, goat cheese and caramelized onion special. Stu gave 2 thumbs up to the BBQ french fries.
Marzullo’s on Grove Street is also a good bet for Italian. Also BYOB.
Painhrtz: My teammates say I accelerate like a turtle. Where I excel is in knowing where to be at the right time and relying on a deceptively fast snapshot. What I can no longer do is get around anyone except for fellow old-timers. I would say that my game stopped improving at 36. My stats would say the same thing. Every year I seem to lose another .1 off my points per game average. I’m now down to .8 from a high of 1.3 in 2004.
Grim,
For anyone who wants to call bottom, realize that until the YOY becomes greater then zero, we haven’t even reached the long drawn out slog portion of the housing correction.
see grim’s historical YOY data
https://njrereport.com/images/july09tracker.gif
The current shape of the chart suggests that we MIGHT be half way to the long plateau. If that is even close to accurate then we are set to see a cumulative drop of 40% – 60% from peak.
Realize that in the last correction in the 90’s, the YOY went positive in 92 after its initial negative dip from the peak around 89. The bottom did not occur until about 1997-99.
Any claims of a real (inflation adjusted) price bottom at this point are nonsensical.
Painhrtz says:
X going on 37 and i still downhill on top of MTB. Nothing like jumping blind off a ten foot rock face with trees on either side of you.
I did that at Mountain Creek once…the closest I’ve ever come to committing suicide..great fun though. I still remember the back wheel popping up towards my head, me grabbing onto a birch tree that was flying by, and my bike cartwheeling about 20 feet down the hill.
Painhrtz says:
That is level of insanity I will never get to.
Unless you’re at the Lance Armstrong level, I don’t really think it matters…especially if you’re a weekend warrior. Unless you’re at zero body fat, you’ve got pounds to shave on your own. A 20 lb bike vs 18 makes no difference if you’re 20 lbs overweight.
Road biking is more like a cruise on a motorcycle. If you have a good bike it takes very little effort to maintain a good pace on a flat road.
John on the NYC subway:
http://www.nypost.com/seven/08132009/news/regionalnews/manhattan/perv_photographed_on_subway_busted_184396.htm
Happy Camper, more Richard Clarke, from a transcript:
JIM ANGLE: You’re saying that the Bush administration did not stop anything that the Clinton administration was doing while it was making these decisions, and by the end of the summer had increased money for covert action five-fold. Is that correct?
CLARKE: All of that’s correct.
ANGLE: So, just to finish up if we could then, so what you’re saying is that there was no — one, there was no [antiterrorism Clinton plan to hand over to Bush]; two, there was no delay; and that actually the first [antiterrorism] changes since October of ’98 were made in the spring months just after the administration came into office?
CLARKE: You got it. That’s right.
foxnews.com/story/0,2933,115085,00.html
And if you had actually read the Presidential Daily Briefing (PDB) from August 2001, you would know it contains ZERO actionable information:
thesmokinggun.com/archive/0409041pdb1.html
But don’t worry, the media hope you (and everyone else) don’t bother to actually read the memo…
saw john rdiding his bike today.
http://imgur.com/hCnAp.jpg
nice head band john