Monthly Archives: August 2010

6.67% of mortgage holders late in Q2

Posted on August 17, 2010 by grim

From Forbes: Late mortgage payments spike in 2Q vs year ago The rate at which U.S. homeowners fell behind on their mortgage payments remained stubbornly elevated in the second quarter. In the three months ended June 30, the number of … Continue reading →

Posted in Economics, Foreclosures, National Real Estate, New Jersey Real Estate, Risky Lending | 96 Comments

Fannie reform unlikely as housing dips again

Posted on August 16, 2010 by grim

From the WSJ: Housing Ills Cloud Debate on Fannie All year long, the Obama administration has defended its decision to postpone the debate over the fate of Fannie Mae and Freddie Mac by arguing that it first needed to put … Continue reading →

Posted in Economics, National Real Estate, Risky Lending | 116 Comments

Prices still falling in Morris

Posted on August 15, 2010 by grim

(grim’s note: Yes, the rate of decline may have slowed in from January to June, but that is largely due to the market being goosed by external subsidy, which no longer exists. Look for the rate of decline to accelerate … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 64 Comments

600,000 REO homes and rising

Posted on August 12, 2010 by grim

From CNBC: Foreclosure Math: Shadow Inventory Adds Up It’s the real key to the housing recovery. If we know exactly how much shadow inventory of foreclosed properties will come to market, and we know the general demand, then we can … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble, National Real Estate | 161 Comments

…and cue bailout # 67 – The “Hardest Hit Fund”

Posted on August 12, 2010 by grim

And again our leaders confuse liquidity and solvency. You can’t fix a solvency problem with a liquidity solution. A poorly run company has a cash flow problem, and can’t meet their debts. Their business model is busted, and they barely … Continue reading →

Posted in Economics, Foreclosures, New Jersey Real Estate | 125 Comments

PMI: Further home price declines in Northern NJ almost certain

Posted on August 10, 2010 by grim

From the PMI Group (the mortgage insurance company): Economic and Real Estate Trends – 2010 Q3 (I’m pointing this out because when you are writing insurance against mortgages, it is probably good business to know where home prices are going.) … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 197 Comments

Pointless policy or stimulus?

Posted on August 10, 2010 by grim

From the Record: State housing stimulus merely reshuffles dwinding stack of cash IMAGINE YOUR boss suddenly announced that the company would be giving $5 to the next 20 employees who took their lunch breaks, and that the money would be … Continue reading →

Posted in Economics, New Jersey Real Estate | 59 Comments

Newark makes a list!

Posted on August 9, 2010 by grim

From WalletPop: 10 Worst Places to Live 1. El Centro, California 2. Cleveland, Ohio 3. Detroit, Michigan 4. Las Vegas, Nevada 5. Oklahoma City, Okla. 6. Los Angeles, California 7. Phoenix, Arizona 8. Newark, New Jersey Where to start for … Continue reading →

Posted in New Jersey Real Estate | 59 Comments

Foreclosure prevention garage sale

Posted on August 9, 2010 by grim

From the Record: Yard sale’s urgent purpose for Teaneck single mom A single mom is trying to keep her Tilden Avenue home by selling some of the things in it. Karen Simmons-Braswell, who bought the white colonial-style home in December … Continue reading →

Posted in Foreclosures, Housing Bubble, New Jersey Real Estate | 80 Comments

Development hits new lows in Morris

Posted on August 8, 2010 by grim

From the Daily Record: Morris County NJ development dips to historic lows The new towers in Morristown are up, awaiting restaurants and residents. The New York Jets are ensconced in their shiny new headquarters in Florham Park awaiting the arrival … Continue reading →

Posted in Economics, Housing Bubble, New Development, New Jersey Real Estate | 46 Comments

Jerseyans more optimistic! (about what?)

Posted on August 6, 2010 by grim

From Newsroom New Jersey: New Jerseyans more positive about state, but not like in the ’90s It’s official! Garden State dwellers are feeling a little more optimistic about the state according to a Fairleigh Dickinson/Public Mind poll released Wednesday. The … Continue reading →

Posted in Economics, New Jersey Real Estate | 149 Comments

More homeowners to take a dip, and walk away

Posted on August 5, 2010 by grim

From HousingWire: 20m Borrowers Could Be Underwater before 2012: Deutsche Bank More than 14m borrowers were underwater as of Q110, owing more on a mortgage than the value of the underlying property. But with a further 10.8% decline in house … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 152 Comments

Pending home sales at 9 year low, Northeast leads decline

Posted on August 3, 2010 by grim

From CNBC: Pending Home Sales Sink 2.6 Percent in June From the AP: Pending home sales sink 2.6 percent in June he number of buyers who signed contracts to purchase homes dropped in June, as the weak economy and tight … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 158 Comments

NJ’s “new normal” an unwelcome reality

Posted on August 3, 2010 by grim

From Bloomberg: NJ Assembly panel to discuss possible shortfall Just weeks after New Jersey’s current budget went into effect, a dispute is simmering over projections of a possible $10.5 billion shortfall when officials start compiling next year’s spending plan. The … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics | 97 Comments

Greenspan: Double dip “possible, if home prices go down.”

Posted on August 2, 2010 by grim

From the LA Times: Alan Greenspan: A drop in home prices could lead to second recession Former Federal Reserve Chairman Alan Greenspan said over the weekend that a decline in home prices could derail an already slowing economic recovery and … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 119 Comments