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Monthly Archives: June 2010
SPCS: NY Metro Home Prices Hit New Low
Unlike the rest of the country, prices here are still falling. Remember folks, the SPCS NY Metro Area includes most of Northern NJ. From the Wall Street Journal: A Look at Case-Shiller, by Metro Area The S&P/Case-Shiller Composite 20 home … Continue reading
Posted in Economics, Housing Bubble, New Jersey Real Estate
181 Comments
$34 million in lost first time homebuyer credits for NJ
From the Record: Tax-credit deadline looms for prospective homebuyers Luis Ponce of Union City is closing on a Westwood home Wednesday — he hopes. If the closing is delayed, Ponce and his wife won’t qualify for a federal tax credit … Continue reading
Posted in Economics, New Jersey Real Estate
181 Comments
Welcome (Back) Home!
From the Record: Riding out the recession at Mom’s Angelo Onello III, a 28-year-old civil engineer and musician, would like to move out of his parents’ place in Ramsey. But he’s not willing to pay as much as $1,200 a … Continue reading
Posted in Economics, New Jersey Real Estate
185 Comments
Doesn’t get worse than West Orange
From the NY Times: Property Taxes Inhibit Sales in West Orange FOR many years this community enjoyed popularity as a less expensive alternative to those Essex County towns on the direct train line to Manhattan. These days, however, something uncomfortably … Continue reading
Posted in New Jersey Real Estate, Property Taxes
120 Comments
Here she comes. Watch out boy she’ll chew you up.
From the NY Times: Analysts Question a Threat by Fannie Fannie Mae’s decision to begin punishing people who walk away from their unpaid mortgages could prove difficult to sell to the public and might be impossible to execute, housing and … Continue reading
Posted in Housing Bubble, National Real Estate, Risky Lending
221 Comments
Another painful decline for housing?
From Bloomberg: Betting Who’s Right on Housing: Baker-Whitney vs Maki-Harris Dean Maki, chief U.S. economist at Barclays Capital, says the worst is over for the U.S. housing sector. Dean Baker, co-director of the Center for Economic and Policy Research, expects … Continue reading
Posted in Economics, Housing Bubble, National Real Estate
158 Comments
Home prices to continue decline
From Bloomberg: Whitney Says She Sees ‘Double Dip’ in Housing Market The U.S. housing market will experience a second recession, forcing banks to post additional loan-loss reserves, analyst Meredith Whitney said. “Most investors are not baking in a double-dip in … Continue reading
Posted in Economics, National Real Estate
283 Comments
May Existing Home Sales
From Bloomberg: Sales of Existing Homes in U.S. Probably Climbed on Tax Credit Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said … Continue reading
Posted in Economics, National Real Estate
215 Comments
Lower cap looks likely, but will it be 2.9% or 2.5%?
From New Jersey Newsroom: Sweeney to propose 2.9 percent cap on N.J. property tax hikes Contending a cap on property tax hikes needs “realistic numbers,‘’ Senate President Stephen M. Sweeney (D-Gloucester) Monday will introduce a proposal to set a cap … Continue reading
Posted in New Jersey Real Estate, Politics, Property Taxes
193 Comments
NJ Sales Plunge – Realtors Beg For Bailout
From the NY Times: Reviving a Housing Market in a Swoon ACCORDING to the early evidence, the New Jersey residential market went a bit weak in the knees in May — or even swooned — after the federal home buyer … Continue reading
Posted in Economics, New Jersey Real Estate, Politics
224 Comments
Government plan to plug Gulf leak with bad mortgages fails
From CNN/Money: 75% of modified home loans will redefault Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday. Between 65% and 75% of loans that are … Continue reading
Posted in National Real Estate, Risky Lending
131 Comments
Can’t go wrong with real estate in Jersey
From the Star Ledger: Defendants in N.J. mortgage fraud ring tried to take more than $5M from banks, feds say They applied for mortgages using phony pay stubs showing wages never earned. They forged tax documents and bank statements. And … Continue reading
Posted in New Jersey Real Estate
206 Comments
Will consolidation ever happen?
From the Star Ledger: Gov. Christie says property tax cap could force N.J. town, school district mergers New Jersey’s notorious but beloved patchwork of towns and school districts could be transformed under a new limit on annual property tax increases, … Continue reading
Posted in New Jersey Real Estate, Politics, Property Taxes
283 Comments
Madoff victims screwed by NJ
From the Record: Kelly: N.J. refuses to return Madoff victims’ overpaid taxes If you invested with convicted Ponzi scammer Bernie Madoff and you live in New Jersey, you may have gotten robbed twice. First, Madoff fleeced you. Then, Trenton likely … Continue reading
Posted in Politics
240 Comments
Monday Open Discussion
In Vegas betting on the World Cup. Open discussion!
Posted in General
82 Comments