Author Archives: grim

Sales slump, prices still rising

Posted on September 22, 2023 by grim

From ABC News: Home sales fell again in August as homebuyers grapple with rising mortgage rates Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a … Continue reading →

Posted in Demographics, Economics, Housing Bubble, Mortgages, National Real Estate | 115 Comments

Can’t afford to buy here, can’t afford to rent here

Posted on September 21, 2023 by grim

From Patch: Most Expensive Places To Rent In NJ: Some Pay Over $3K Per Month Here are the 20 most expensive places to rent in New Jersey: 

Posted in Economics, New Jersey Real Estate | 140 Comments

Wages Up!

Posted on September 20, 2023 by grim

Seems like given the current inflation conditions, we’re in a politically advantageous time to push for minimum wage increases without much noise: Florida’s minimum wage increases this month Montgomery County Introduces Bill To Phase Out Tipped Minimum Wage Connecticut’s minimum … Continue reading →

Posted in Economics, Employment, National Real Estate | 24 Comments

Hike or Stay?

Posted on September 19, 2023 by grim

From the NYT: Fed Creeps Toward Next Phase in Its Fight Against Inflation Federal Reserve officials are expected to leave interest rates unchanged at their meeting on Wednesday, buying themselves more time to assess whether borrowing costs are high enough … Continue reading →

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

I prefer the term over-asset’ed

Posted on September 18, 2023 by grim

From Fortune: House poor is back: ‘the new normal for the foreseeable future’ While many first-time home buyers struggle to afford a down payment on a house in today’s market, one of the long-term affordability issues centers on monthly payments … Continue reading →

Posted in Crisis, Demographics, Economics, Housing Bubble, Mortgages | 60 Comments

Tick Tick Tick

Posted on September 17, 2023 by grim

From NJ1015: NJ ADDS JOBS, UNEMPLOYMENT RATE EDGES UP New Jersey’s unemployment rate ticked up in August. The New Jersey Department of Labor and Workforce Development announced on Thursday that the number of jobs in the state grew by 12,300 … Continue reading →

Posted in Demographics, Economics, Employment, New Jersey Real Estate | 33 Comments

Blame the boomers!

Posted on September 15, 2023 by grim

From Fox: Why are home prices so expensive? Blame the boomers, Barclays says U.S. home prices across the country are surging even with the astronomical rise in mortgage rates, putting ownership out of reach for millions of Americans.  The spike … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 68 Comments

Lonely at the top

Posted on September 14, 2023 by grim

From ATTOM: New Jersey And Illinois Have Highest Concentrations Of Housing Markets At Risk Of Declines ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Impact Report spotlighting county-level housing markets around the United … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate, New Jersey Real Estate, NYC, Philly | 74 Comments

Sorry about your paycheck

Posted on September 13, 2023 by grim

From the WSJ: U.S. Incomes Fall for Third Straight Year Surging inflation gobbled up household income gains last year, making 2022 the third straight year in which Americans saw their living standards eroded by rising prices and pandemic disruptions. Americans’ inflation-adjusted … Continue reading →

Posted in Crisis, Demographics, Economics, Employment, National Real Estate | 57 Comments

NJ DOM on track to break new lows

Posted on September 12, 2023 by grim

From Redfin: New-Jersey Housing Market Overview

Posted in Demographics, Economics, Housing Bubble, New Jersey Real Estate | 78 Comments

New home prices might not be what they seem

Posted on September 11, 2023 by grim

From Wolf Street: Mortgage-Rate Buydowns by Homebuilders Are Now All the Rage to Prop Up Sales, Lowering Effective House Prices in a Big Way, but Don’t Get Picked Up by House Price Data Homebuilders don’t have the luxury of outwaiting … Continue reading →

Posted in Economics, Mortgages, National Real Estate, New Development, Risky Lending | 35 Comments

Affordable? Not today.

Posted on September 9, 2023 by grim

From Yahoo Finance: US Housing Affordability Remains at a Record Low, NAR Says The National Association of Realtors housing affordability index was unchanged at 87.8 in July, matching the lowest level in data back to 1989. A level of 100 … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 86 Comments

Lazy millennials already gave up

Posted on September 8, 2023 by grim

From Redfin: Redfin Survey: 1 in 5 Millennial Respondents Believe They’ll Never Own a Home Nearly one of every five (18%) millennials and 12% of Gen Zers who replied to a recent housing survey believe they will never own a … Continue reading →

Posted in Crisis, Demographics, Economics, Employment, National Real Estate | 111 Comments

What happens to NYC rents now?

Posted on September 6, 2023 by grim

From the NYT: New York City’s Crackdown on Airbnb Is Starting. Here’s What to Expect. New York City officials on Tuesday are expected to start enforcing strict new regulations that limit residents’ ability to rent out homes through platforms like … Continue reading →

Posted in Demographics, Economics, New Jersey Real Estate, NYC | 159 Comments

Pay up or walk, suckers.

Posted on September 5, 2023 by grim

From the Star Ledger: Timing was key in sale of N.J. home for $205K over asking price Location may be the key word in real estate but, like anything else, timing can also make a difference. A house in Closter … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, New Jersey Real Estate | 63 Comments