Monthly Archives: March 2011

The cost of open space

From the Star Ledger: In many N.J. towns that undergo revaluations, homeowners end up paying more open space taxes In the nation’s most densely populated state, Garden State residents value their space. But they may not be so thrilled about … Continue reading

Posted in New Jersey Real Estate, Politics, Property Taxes | 219 Comments

Signs of life in the condo market?

From the NY Times: A Thaw in the Condo Market LAST month a few strong blips indicated a quickening pulse on the New Jersey condominium market. Or maybe just a pulse. There were 15 sales in four weeks at one … Continue reading

Posted in Economics, New Development, New Jersey Real Estate | 157 Comments

Not a good start for employment in 2011

From the APP: NJ unemployment 9.1%; state lost 13,000 jobs in January New Jersey lost 17,000 jobs in 2010 and another 13,000 jobs in January, the state reported today, in a sign that the economic recovery didn’t generate enough momentum … Continue reading

Posted in Economics, Employment, New Jersey Real Estate | 251 Comments

“A property is worth what a buyer is willing to pay.”

From the Star Ledger: Fawn Hill Farm sold for bargain price You know the luxury property market is struggling when one of New Jersey’s most lavish estates sells for barely one-quarter of its original listing price. Fawn Hill Farm, the … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 132 Comments

How many bailouts need to fail before they realize it won’t work?

From CNBC: More Borrowers Underwater: Why We Should Care Falling home prices at the turn of the year pushed more borrowers into a negative equity position, meaning they owe more on their mortgages than their homes are worth. In Q4, … Continue reading

Posted in Employment, Housing Bubble, National Real Estate, Politics | 87 Comments

It doesn’t matter what you call it, prices are still falling

From HousingWire: Nameless, formless crisis enveloping nation’s home price indices Fears of a double dip in housing are giving away to a realization that the nation’s mortgage markets are facing a much colder reality — something that will not so … Continue reading

Posted in Economics, Housing Bubble, National Real Estate | 142 Comments

The other real estate market

From CNN/Money: Who’s buying homes? The rich The rich are different from you and me: They’re buying real estate. After four straight years of declines, sales of million-dollar homes and condos rose last year in all 20 major metro areas, … Continue reading

Posted in Economics, National Real Estate | 156 Comments

Permanent shore residents cash out and leave

From the Philly Inquirer: Housing boom a bust for Shore populations It was 2004 when Lorraine McCarthy, a full-time resident of this Cape May County resort, sold her duplex a block from the boardwalk and decamped to the mainland. “The … Continue reading

Posted in Economics, Shore Real Estate | 63 Comments

Goodbye 30 year?

From the NY Times (Hat tip Shore): Without Loan Giants, 30-Year Mortgage May Fade Away How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, … Continue reading

Posted in Employment, Mortgages, National Real Estate, Politics | 187 Comments

March Beige Book

From the Federal Reserve: Beige Book – Second District–New York Summary The Second District’s economy appears to have expanded at a modest pace since the previous report. Business contacts in most industries report stable to improving conditions and express widespread … Continue reading

Posted in Economics, New Jersey Real Estate | 149 Comments

Kick the can…

From the WSJ: Housing Market Masochism The U.S. housing market is still wheezing: The Case Shiller home-price index has fallen for five consecutive months and 22.5% of all residential properties with a mortgage are in negative equity, according to CoreLogic’s … Continue reading

Posted in Employment, Housing Bubble, National Real Estate | 95 Comments