Under Pressure

Pressure pushing down on me
Pressing down on you
no man ask for
Under pressure – that burns a building down
Splits a family in two
Puts people on streets
It’s the terror of knowing
What this world is about
Watching some good friends
Screaming let me out
Pray tomorrow – gets me higher
Pressure on people – people on streets
(Under Pressure, Queen)

From the WSJ:

Homes Under Pressure

Those looking for signs of a recovery in New Jersey home values may need to take the long view, as more than 100,000 homeowners are dealing with foreclosures that are stalled in court and another 48,000 are way behind on mortgage payments.

The numbers were among the results of a national mortgage delinquency survey released this week that suggest a backlog of unresolved foreclosures in New Jersey could be a drag on home prices for years to come.

“Foreclosures place downward pressure on neighborhoods,” said Jeffrey G. Otteau, an appraiser and housing consultant. “Home prices are falling fastest in those urban and rural markets most affected by foreclosures.”

Sarah G. Laks, who runs a real estate and construction business, fought in court to head off a foreclosure auction on her five-bedroom home in Lakewood, NJ. She said the backlog of foreclosures was “hurting the building industry,” and she blamed the backlog on the difficulties in negotiating reduced payments with banks.

The delinquency survey, by the Mortgage Bankers Association, found that 8.1% of homes in New Jersey were in foreclosure in the third quarter.

It ranked second, after Florida, in the percentage of mortgages in foreclosure, surpassing Nevada, which was hard hit during the downturn. New York ranked fifth among all states, with 5.7% of homes in foreclosure, while Connecticut ranked ninth, with 4.8% reported in foreclosure. The figures are based on a survey of all homes with mortgages.

The high rankings were reported even though the region was spared the worst of the housing downturn, and has shown strong signs of stabilization: The shares of homeowners with newly delinquent mortgages were below average in the region, and a small fraction of those in Florida and Nevada.

The foreclosure figures were so high in the region because New York, New Jersey and Connecticut all require that foreclosures be handled through court proceedings. These in turn were delayed by complaints about robo-signing: bank employees signing documents without knowing they were accurate.

In New Jersey, major banks suspended most mortgage filings last December, until banks could demonstrate that there were no irregularities in their foreclosure practices. The banks were permitted to resume mortgage activity in August and September, but an appellate court decision in August added new requirements and uncertainty for banks, further delaying many foreclosures, court officials said.

This entry was posted in Economics, Housing Bubble, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

29 Responses to Under Pressure

  1. D says:

    Good morning, Mike!

  2. Mike says:

    Good Morning New Jersey and especially you D

  3. Mike says:

    This Sarah G Laks expects the world to stand by for her by stalling her foreclosure? For someone who was in the real rstate & construction business she played her greedy role too now it’s coming back to bite her in the butt. When I googled her name she was also trying to weasel her way out by saying her mortgage that was issued in 2004 was not valid either.

  4. freedy says:

    If corzine can get away with stealing 600m why not the rest of us?

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  6. The way the game is rigged now, you’re crazy not to scam, steal and default.

  7. Shore Guy says:

    This might be appropriate to the current economic and housing situation:

    Talking Heads, Burning Doen the House


  8. Comrade Nom Deplume says:

    (11) shore

    I’m thinking “life during wartime” is apropos.

  9. gary says:

    I’m starting to see “3” handles in some Upper Bergen County towns.

    Any questions?

  10. grim says:

    9 – Naive Melody

    Home is where I want to be
    Pick me up and turn me round
    I feel numb – born with a weak heart
    (So I) guess I must be having fun
    The less we say about it the better
    Make it up as we go along
    Feet on the ground
    Head in the sky
    It’s ok I know nothing’s wrong . . nothing

  11. I have no motivation.

    Where is my motivation?

  12. Sterling Grey Matters says:

    Talking Heads – Houses in Motion

    I’m walking a line-Visiting houses in motion
    I’m walking a line-Just barely enough to be living
    Get outa the way-No time to begin
    This isn’t the time-So nothing was done
    Not talking about-Not many at all
    I’m turning around-No trouble at all
    Two different houses surround you, ’round you
    I’m walking a line-Divide and dissolve.

  13. “However, learning that everyone (with two exceptions) has given up on Europe’s financial system should send a shudder through the back of everyone who still is capable of independent thought – because said otherwise, the world’s largest economic block is becoming unglued, and its entire financial system is on the edge of a complete meltdown. And just to make sure that various fringe bloggers who warned this would happen over a year ago no longer lead to the hyperventilation of the venerable NYT, below, with the help of Goldman’s Jernej Omahan, we bring to our readers the complete annotated and abbreviated beginner’s guide to the pan-European bank run.”


  14. Shore Guy says:

    Home. Home again.
    I like to be here when I can.

  15. Shore Guy says:

    Of course, a fiscally-prudent person in the world today is a Stranger in a Strange Land.

  16. Comrade Nom Deplume says:

    Meat, fab,

    Watching Liverpool-Chelsea?

  17. Comrade Nom Deplume says:

    Also learned Piers Morgan is a Gooner fan. Knew there was a reason I didn’t like him.

  18. relo says:

    Standing in the shower thinking
    About what makes a man
    An outlaw or a leader
    I’m thinking about power…
    The ways a man could use it
    Or be destroyed by it
    The water hits my neck
    And I’m pissing on myself…

    In the shower

    Standing in the shower thinking
    About a man I know don’t like me
    He don’t like the place I’m headed
    Same place he’s headed…
    I know he’d beat me to it
    If he could but he won’t do it
    But he would man
    If he could…
    And the water is piping hot..
    The water is piping hot
    It beats upon my neck
    And I’m pissing on myself…

    In the shower

  19. Comrade Nom Deplume says:

    Well meat, you said you’d take a loss to Man City, but that were ugly.

  20. nj escapee says:

    excellent program now playing on cspan 2. Pat Buchanan and Ralph Nader. replays at midnight

  21. Shore Guy says:

    I have thought this for months, and I am glad to see it getting discussed this way:



    When Harry Truman and Lyndon Johnson accepted the reality that they could not effectively govern the nation if they sought re-election to the White House, both men took the moral high ground and decided against running for a new term as president. President Obama is facing a similar reality—and he must reach the same conclusion.

    He should abandon his candidacy for re-election in favor of a clear alternative, one capable not only of saving the Democratic Party, but more important, of governing effectively and in a way that preserves the most important of the president’s accomplishments. He should step aside for the one candidate who would become, by acclamation, the nominee of the Democratic Party: Secretary of State Hillary Clinton.

    Never before has there been such an obvious potential successor—one who has been a loyal and effective member of the president’s administration, who has the stature to take on the office, and who is the only leader capable of uniting the country around a bipartisan economic and foreign policy.


    We write as patriots and Democrats—concerned about the fate of our party and, most of all, our country. We do not write as people who have been in contact with Mrs. Clinton or her political operation. Nor would we expect to be directly involved in any Clinton campaign.

    If President Obama is not willing to seize the moral high ground and step aside, then the two Democratic leaders in Congress, Sen. Harry Reid and Rep. Nancy Pelosi, must urge the president not to seek re-election—for the good of the party and most of all for the good of the country. And they must present the only clear alternative—Hillary Clinton.

    Mr. Caddell served as a pollster for President Jimmy Carter. Mr. Schoen, who served as a pollster for President Bill Clinton, is author of “Hopelessly Divided: The New Crisis in American Politics and What It Means for 2012 and Beyond,” forthcoming from Rowman and Littlefield.

  22. Shore Guy says:

    It is hard to see how anything bad could come from this practice:


    Freaked out about the insecurity of its nuclear arsenal, the Pakistani military’s Strategic Plans Division has begun carting the nukes around in clandestine ways. That might make some sense on the surface: no military wants to let others know exactly where its most powerful weapons are at any given moment. But Pakistan is going to an extreme.

    The nukes travel “in civilian-style vehicles without noticeable defenses, in the regular flow of traffic,” according to a blockbuster story on the U.S.-Pakistan relationship in The Atlantic. Marc Ambinder and Jeffrey Goldberg write that tactical nuclear weapons travel down the streets in “vans with a modest security profile.” Somewhere on a highway around, say, Karachi, is the world’s most dangerous truck.



  23. NWNJHighlander says:

    Shore Guy

    You realize that one of the pollsters who wrote that article has been a Clinton family confidant for almost 20 years right?
    Schoen, who was a pollster for President Bill Clinton, and he and his partner Mark Penn basically created the “traingulation” polling and positioning of Bill Clinton after the ’94 “Contract with America” midterms.
    Also, Mark Penn was the head strategist of Hillary Clinton’s 2008 Primary Campaign.

    Just a little bias.

    Bring back the Hefty Lefty. Eli and Corzine should share a jail cell once they finish sharing a condo building. Criminal incompetence.

  24. It was a good read, thanks for the share.

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