Monthly Archives: June 2010

OMG! Realtors at risk of losing commissions!

At risk of losing credit: 55,000 – 75,000 Grim’s estimate of lost sales: 18,300 – 25,000 (~33.33% loss) Median Home Price (April): $173,000 Average Commission: 5% Lost Commissions: $158,295,000 – $216,250,000 Cost to us: $440,000,000 – $600,000,000 From the WSJ: … Continue reading

Posted in National Real Estate | 415 Comments

June Beige Book

From the Federal Reserve: The Beige Book Second District–New York Construction and Real Estate Housing markets have been steady to somewhat firmer since the last report, with the gains largely attributed to the soon-to-expire home-buyer tax credit spurring demand at … Continue reading

Posted in Economics, New Jersey Real Estate | 275 Comments

BoA moves towards short sales

From HousingWire: Bank of America Puts Short Sales Ahead of REO Bank of America, one of the largest lenders in the U.S., has instituted a policy of liquidating as many assets saddled with defaulted loans as possible before repossession, said … Continue reading

Posted in Housing Bubble, National Real Estate, Risky Lending | 236 Comments

Tuesday Open Discussion

Heading down to Delaware for the day, and I should have already hit the road. Therefore: Tuesday Open Discussion You know the rules, have fun.

Posted in General | 224 Comments

Even G-D not spared in real estate slump

From the Star Ledger: Recession causes houses of faith to flood N.J. realty market The latest entries in the New Jersey real estate market feature some unusual amenities. A two-floor building in Seaside Heights comes with a baptismal pool, as … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 235 Comments

We’ll meet again, don’t know where, don’t know when

From the Star Ledger: After tax-credit expiration; NJ pending home sales dip Pending sales of New Jersey homes dropped by the greatest margin since February 2009 — when the U.S. economy shed more than 726,000 jobs, according to an East … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 209 Comments

Prices Never Fall In NYC

From Bloomberg: Manhattan Empty Condos May Become Rentals as Leases Beat Sales When Richard J. Bailes and his family paid $4.1 million in March for a four-bedroom apartment in the glass and steel Georgica on Manhattan’s Upper East Side, just … Continue reading

Posted in Housing Bubble, National Real Estate | 388 Comments

10.7% of NJ loans delinquent or in foreclosure

From the WSJ: New Jersey Leads Tri-State in ‘Seriously Delinquent’ Mortgages New Jersey’s mortgage loans that were “seriously delinquent,” meaning they are 90 days or more delinquent or in the foreclosure process, stood at 10.73% during the first quarter, leading … Continue reading

Posted in Foreclosures, New Jersey Real Estate | 242 Comments

Morgan Stanley: Long Road Home for Housing

From Housing Watch: Home Price Recovery Will Take Three Years, Morgan Stanley Says There’s more pain ahead for the housing markets, according to a recent report from Morgan Stanley. How likely is this nightmare, and what can you do with … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 256 Comments

Free rent!

From the NYT: Owners Stop Paying Mortgages, and Stop Fretting For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has … Continue reading

Posted in Housing Bubble, National Real Estate, Risky Lending | 353 Comments