Monthly Archives: February 2011

January contracts post new low

Posted on February 28, 2011 by grim

From the Otteau Group: Multiple snow storms and the painfully slow pace of economic recovery combined to reduce New Jersey home sales in January by 22% below the prior year’s pace as the housing market turns the corner heading toward … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 110 Comments

Homeownership goes the way of the Hula Hoop

Posted on February 28, 2011 by grim

From CNBC: Fewer in US Deem Homeownership a Safe Investment Homeownership as an investment is no longer the rock-solid foundation for the American Dream it once was, according to a survey released on Monday by the firm the government created … Continue reading →

Posted in Economics, National Real Estate | 103 Comments

Cocky sellers drop prices at the shore

Posted on February 25, 2011 by grim

From the NY Times: A Low Tide for Home Sales in the Shoreline Market FOR the shoreline real estate market, by unvarying tradition, spring arrives early. Sometime in mid-January, in all four coastal counties — Monmouth, Ocean, Atlantic and Cape … Continue reading →

Posted in Employment, Housing Bubble, Shore Real Estate | 282 Comments

Anything to be optimistic about in the January home sales numbers?

Posted on February 24, 2011 by grim

From Barrons: Depressed Home Prices Boost Sales Sales of existing U.S. homes rose a seasonally adjusted 2.7% from December to January, to a better-than-expected 5.36 million, according to the National Association of Realtors. That figure is an eight-month high and … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 169 Comments

New Jersey Home Price Tracker – February 2011

Posted on February 22, 2011 by grim

The New Jersey Home Price Index Tracker has been updated to include: * December S&P Case Shiller (Aggregate, Tiered, Condo) (click to enlarge) (click to enlarge) S&P Case Shiller NY Metro Commutable Area Home Price Index Low Tier (Under $287,359) … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 219 Comments

SHOCKER: Realtors lied about home sales

Posted on February 22, 2011 by grim

(Of course this isn’t the first time someone caught them, see: NAR: 4% Quarterly Gain is (Oops) Actually a 30% Loss. In retrospect, maybe that wasn’t a one-time mistake at all, but an example of a systematic manipulation of data.) … Continue reading →

Posted in Housing Bubble, National Real Estate | 169 Comments

Just when you thought we’d finally started dancing at the bottom

Posted on February 21, 2011 by grim

From Yahoo News: New Jersey Foreclosures Expected to Rise 20 Percent in 2011 CBS’s New York affiliate reported that despite improvements in the economy, foreclosures in New Jersey are expected to increase 20 percent this year. Kevin Wolf, who works … Continue reading →

Posted in Foreclosures, New Jersey Real Estate | 120 Comments

The rich are alright

Posted on February 18, 2011 by grim

From the NY Times: In Market Reports, Some Affluent Towns Do Better Than Others AFFLUENT towns are different from other towns. Their citizens have more money, of course, and their homes have more value. But some affluent towns are different … Continue reading →

Posted in Economics, Housing Bubble, New Jersey Real Estate | 263 Comments

Optimism about remodeling a reason to be optimistic about housing?

Posted on February 17, 2011 by grim

From CNBC: It May Be Time to Believe in Housing Again It’s hard to know what to believe in the housing market today, with so many conflicting data reports, some analysts claiming the market has hit bottom, and others seeing … Continue reading →

Posted in Economics, National Real Estate | 168 Comments

Will rising rates destroy any chance of recovery?

Posted on February 16, 2011 by grim

From CNN/Money: Don’t sweat rising mortgage rates Will rising interest rates slam the door on a fragile housing recovery? No — though that only underscores just how grim the housing picture is. The rate on the 30-year conforming mortgage has … Continue reading →

Posted in Economics, Mortgages, National Real Estate | 169 Comments

No more mortgage interest deduction?

Posted on February 15, 2011 by grim

From HousingWire: Mortgage interest tax deduction may be in danger President Obama’s 2012 budget proposes an across-the-board 30% cut to itemized deductions for high-income taxpayers. This includes the mortgage interest tax deduction. Currently, interest on a mortgage taken out to … Continue reading →

Posted in Employment, National Real Estate, Politics | 115 Comments

NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale

Posted on February 13, 2011 by grim

From the Press of Atlantic City: Bottom Lines: Foreclosures in New Jersey now take an average 849 days We have started to feel the consequences of the robo-signing controversy. There was nationwide concern that the expedited processing set up by … Continue reading →

Posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate | 114 Comments

Sell Hamptons, buy LBI, and move your pied-a-terre to Hoboken

Posted on February 11, 2011 by grim

From the WSJ: Out-of-State Owners Could Face Tax Bill Connecticut and New Jersey residents with a Hamptons summer cottage or a Manhattan pied-a-terre are about to get a nasty surprise: New York state wants more taxes from them. A New … Continue reading →

Posted in Economics, New Jersey Real Estate, Politics | 139 Comments

NJ delays foreclosure hearing again

Posted on February 10, 2011 by grim

From the Star Ledger: Foreclosure court hearing postponed a third time For the third time in nearly a month, the state has postponed a hearing for six of the country’s biggest mortgage lenders that have been called to court to … Continue reading →

Posted in Foreclosures, New Jersey Real Estate | 68 Comments

Zillow: Big drop in fourth quarter home prices

Posted on February 9, 2011 by grim

From Inman: Real estate prices close out 2010 in tailspin U.S. home prices fell 2.6 percent from the third quarter of 2010 to the fourth, the biggest drop in nearly two years, according to a report by property portal Zillow. … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 159 Comments