Monthly Archives: October 2009

NJ September Unemployment 9.8%

Posted on October 14, 2009 by grim

From the Record: State’s jobless rate climbs to 32-year high of 9.8 percent in September New Jersey’s unemployment rate rose to 9.8 percent in September, the highest since 1977, state labor officials said today. The rate matched the national rate. … Continue reading →

Posted in Economics, New Jersey Real Estate | 50 Comments

Will the housing credit become untouchable?

Posted on October 14, 2009 by grim

If critics think the credit is so supportive, what are the chances that the credit becomes not only permanant, but as untouchable as the mortgage interest deduction? From CNN/Money: Push on to expand $8,000 tax credit Congress is considering proposals … Continue reading →

Posted in Economics, National Real Estate | 213 Comments

NEWSFLASH! Taxes are high in Millburn

Posted on October 13, 2009 by grim

Thought this was obvious, especially since the average home price is over a million. Hard to swallow an argument about a “poor homeowner” who can’t afford taxes when you are talking about Millburn. How about you sell the house and … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 225 Comments

Foreclosures no longer a “low-end” trend

Posted on October 12, 2009 by grim

From the Wall Street Journal: Foreclosures Grow in Housing Market’s Top Tiers New data suggest that foreclosures are rising in more expensive housing markets. About 30% of foreclosures in June involved homes in the top third of local housing values, … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 173 Comments

South Jersey slammed by foreclosures

Posted on October 11, 2009 by grim

From the Courier Post: Foreclosure bites South Jersey hard When first-time home buyer Derrick Hannah saw a three-bedroom ranch home in Willingboro, he fell in love with its spotless kitchen and its expansive backyard with a patio. But, a couple … Continue reading →

Posted in Foreclosures, South Jersey Real Estate | 83 Comments

Wealthy foreigners buying homes?

Posted on October 9, 2009 by grim

From the NY Times: Overall, International Interest in U.S. Real Estate Has Waned Despite plummeting prices, international interest in United States property cooled in the last year, according to an annual survey by the National Association of Realtors, a U.S. … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 314 Comments

Home Prices To Recover … By 2020 (or 2030)

Posted on October 8, 2009 by grim

From Reuters: The Flood of Foreclosures Shows No Sign of Ebbing Every 13 seconds in America, there is another foreclosure filing. That’s the rhythm of a crisis that threatens to choke off hopes for a recovery in the U.S. housing … Continue reading →

Posted in Foreclosures, Housing Bubble, National Real Estate | 293 Comments

NJ Rep. Scott Garrett Pushes for FHA Risk Reduction

Posted on October 7, 2009 by grim

From HousingWire: Bill Raises Required Down Payment to 5% for FHA Loans A bill introduced in Congress Monday would increase the minimum down payment for Federal Housing Administration (FHA)-insured mortgages from 3.5% to 5%. The FHA Taxpayer Protection Act of … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 183 Comments

Apartment vacancies near record highs

Posted on October 6, 2009 by grim

From Reuters: US apartment vacancy rate hits 23-year high-report The U.S. apartment market in the third quarter turned in one of its weakest performances ever as the national vacancy rate hit a 23-year high despite being propped up by landlords … Continue reading →

Posted in Economics, National Real Estate | 265 Comments

Backlash on the horizon? Or is it already here?

Posted on October 5, 2009 by grim

From the NY Times: As Property Taxes Become a Real Burden, Can Backlash Be Far Off? The list from census data isn’t all that surprising, but there it is. Westchester County, No. 1. Nassau, No. 2. Hunterdon and Bergen in … Continue reading →

Posted in New Jersey Real Estate, Property Taxes | 275 Comments

Weekend Open Discussion

Posted on October 3, 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 | 158 Comments

“The taxes were so high, and the houses we were finding that were affordable were junk”

Posted on October 2, 2009 by grim

From the Daily Record: Leaving Morris County — and New Jersey Kathleen Dooley-Breslin and her husband wanted something larger than the 2,000-square-foot house they owned in Denville before starting a family. So, like some other couples, they looked south — … Continue reading →

Posted in Economics, New Jersey Real Estate | 337 Comments

“It’s not going to be an easy slog from here.”

Posted on October 1, 2009 by grim

From the APP: Report: U.S. has net loss of 1.3M private-sector jobs The United States has a net loss of 1.3 million private-sector jobs this decade, a dismal employment performance not seen since the 1930s era that was defined by … Continue reading →

Posted in Economics | 323 Comments