Monthly Archives: August 2013

Why a private mortgage market might not be a good idea

Posted on August 13, 2013 by grim

From the NYT: In one bundle of mortgages, the subprime crisis reverberates A subprime deal came back to haunt Fabrice Tourre, a former Goldman Sachs trader, when a federal jury in Manhattan found him liable for civil securities fraud. He … Continue reading →

Posted in Foreclosures, Housing Bubble, Mortgages, Risky Lending | 247 Comments

Has the housing ship sailed?

Posted on August 12, 2013 by grim

From the WSJ: Did You Miss Your Chance to Make a Real-Estate Killing? Only a year and a half ago, none other than Warren Buffett told CNBC he would invest in “a couple hundred thousand” single-family homes if it were … Continue reading →

Posted in Economics, Housing Recovery, National Real Estate | 137 Comments

List High – Sell Higher

Posted on August 11, 2013 by grim

From the WSJ – HAT TIP CHIFI: Should Home Sellers Overprice or Underprice Real-Estate Listings? “The Price Is Right” isn’t just a game show. It is a mental strategy real-estate agents use to get the most money when listing a … Continue reading →

Posted in Economics, National Real Estate | 16 Comments

Will North Jersey prices be pulled up by NYC?

Posted on August 9, 2013 by grim

From the Star Ledger: Manhattan homes are harder to buy. Hello, New Jersey? For Manhattanites, the grass is greener on the Jersey side. A recent survey by Miller Samuel shows it’s become more difficult to buy a nonluxury home – … Continue reading →

Posted in Economics, North Jersey Real Estate, NYC | 70 Comments

Subprime sausage machine proposed to replace Freddie & Fannie

Posted on August 8, 2013 by grim

At what point did we all forget the “Private Mortgage Market” was the machine that brought on the subprime crisis? Folks, this is the same machine that perfected the NINJA loan (No Income, No Job, No Assets), and whose financial … Continue reading →

Posted in Mortgages, Risky Lending | 106 Comments

Asking prices start to cool

Posted on August 7, 2013 by grim

From Trulia: Bubblephobes, Rejoice: Asking Home Prices Declined in July First Signs of Slowdown: Prices Down 0.3% Month-over-Month Asking home prices decreased 0.3% in July – the first month-over-month decline since November 2012. Although monthly changes can be volatile, quarter-over-quarter … Continue reading →

Posted in Economics, Housing Recovery, National Real Estate | 140 Comments

Are we sure eliminating F&F is the best approach to reforming mortgage finance?

Posted on August 6, 2013 by grim

From Reuters: Obama to back mortgage finance reform to speed housing recovery President Barack Obama will propose overhauling the U.S. mortgage finance system in a speech on Tuesday, weighing in on a tangled and polarizing problem that was central to … Continue reading →

Posted in Economics, Housing Recovery, Mortgages, Politics, Risky Lending | 204 Comments

New research indicates Gen-Y testicle size rapidly decreasing

Posted on August 5, 2013 by grim

Blame it on the Soy Phytoestrogens and BPA? From MarketWatch: Women leave nest, men stay with parents As more adults decide to live with mom and dad, young men appear to be less willing to fly the nest than women, … Continue reading →

Posted in Demographics, Economics, National Real Estate | 174 Comments

North Jersey Contracts – July 2013

Posted on August 3, 2013 by grim

Here it is! The first look at pending home sales (contracts) for Northern NJ. (Source GSMLS, except Bergen- NJMLS) – Updated with 2011 Data July Pending Home Sales (Contracts) ——————————- Bergen County July 2011 – 594 July 2012 – 775 … Continue reading →

Posted in Economics, Housing Recovery, North Jersey Real Estate | 23 Comments

Richmond, CA moves forward with nuclear option loan mods

Posted on August 2, 2013 by grim

From CNN/Money: California city’s drastic foreclosure remedy: Seizure The California city of Richmond said Tuesday that it’s ready to take an extraordinary step in its bid to stop foreclosures — threatening to wrest mortgages from the investors who now control … Continue reading →

Posted in Foreclosures, Mortgages, Politics, Risky Lending | 98 Comments

June contracts up 10% year over year

Posted on August 1, 2013 by grim

From the Otteau Group: June Purchase Activity Slower, But Still Strong Home purchase demand in New Jersey recorded another double digit-increase in June with a 10% rise in signed purchase-contracts compared to one year ago (YOY). Considering last year’s 17% … Continue reading →

Posted in Economics, Housing Recovery, New Jersey Real Estate | 69 Comments