Author Archives: grim

King Murphy

From NJ101.5: NJ’S MURPHY SIGNALS POSSIBLE WHITE HOUSE RUN With speculation intensifying that President Joe Biden will not seek a second term, Gov. Phil Murphy is raising his profile for a potential White House bid. A $2 million ad blitz … Continue reading

Posted in Politics | 127 Comments

Good thing we don’t need to commute anymore

From the Star Ledger: Canceled trains were due to an ‘illegal job action’ by engineers, NJ Transit says NJ Transit officials said an “illegal job action” triggered a rash of canceled trains throughout the day on Friday after locomotive engineers failed to … Continue reading

Posted in New Jersey Real Estate, Unrest | 90 Comments

Just wait until rents follow…

From Fortune: Mortgage rates hit 6.3%—the real cost to buy a house has officially spiked over 50% in just 6 months Heading into the year, Fannie Mae predicted that the average 30-year fixed mortgage rate would climb from 3.1% to 3.3% by the … Continue reading

Posted in Mortgages, National Real Estate | 176 Comments

Worth breaking something

From Bloomberg: Fed Mulls ‘Game Changer’ to Jolt Inflation: Decision Day Guide Federal Reserve Chair Jerome Powell, who’s carefully telegraphed interest rate hikes over four years, looks likely to abandon gradualism and move more forcefully to stamp out inflation along … Continue reading

Posted in Economics, Politics, Unrest | 156 Comments

Mortgage Rate Bloodbath

From Mortgage News Daily: Mortgage Rates Surge Well Into the 6% Range After One of The Worst Days in Decades It’s hard to quantify just how bad today was for mortgage rates because there’s no quality day-over-day mortgage rate data from before … Continue reading

Posted in Economics, Mortgages, National Real Estate | 161 Comments

Different this time?

From Business Insider: The Great Recession misled millennials: It made them think high home prices will eventually come down History often repeats itself — but when it comes to the current housing market, don’t hold your breath.  If you were … Continue reading

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 155 Comments

Let’s get those steaks sizzling – if you can afford it

From CNBC: Consumer price inflation in May expected to run sizzling hot as energy, food and rent rose Economists expect inflation in May continued to burn white hot, with energy, food, rent and health-care costs all rising. According to Dow … Continue reading

Posted in Economics, Politics | 147 Comments

Remember these guys from Bloomberg?

From Barrons: This Fund Promised Market-Beating Returns. Now It Has Filed for Bankruptcy. Brian Casey, who was appointed NRIA’s independent manager in late April, said in a first-day motion Wednesday that the Chapter 11 petition aimed to buy the Secaucus … Continue reading

Posted in Lowball, Where's the Beef? | 108 Comments

“Tappable Equity” at $207,000 per Homeowner

From CNBC: Housing wealth gains a record $1.2 trillion, but there are signs the market is cooling Homeowners are in the money, and it just keeps coming. Two years of rapidly rising home prices have pushed the the nation’s collective … Continue reading

Posted in Demographics, Economics, Mortgages, National Real Estate | 287 Comments

Not sure I’d trust Zillow

From Marketwatch: I’m a senior economist at Zillow. Here are 3 things home buyers should know about the housing market now Buyers should prepare for higher monthly costs There’s no doubt that mortgage rates are rising quickly after hitting a … Continue reading

Posted in Demographics, Economics, National Real Estate | 171 Comments

Barry says no recession

From the Big Picture: Are We in a Recession? (No) Are we heading into a recession? According to quite a few observers, this is almost no longer a question, but rather seems to be a fait accompli. I am skeptical, but … Continue reading

Posted in General | 214 Comments

Blame COVID

From CNN: The ‘Great Reshuffling’ played a big part in pushing home prices higher  The pandemic changed the way people lived and, for many, where they lived. Working from home was a significant driver of this “Great Reshuffling” and accounted for … Continue reading

Posted in Demographics, Economics, Employment, National Real Estate | 171 Comments

Sorry, you missed the top

From Fortune: The housing market just slid into a full-blown correction, says top economist Mark Zandi Moody’s Analytics chief economist Mark Zandi is ready to call it. He tells Fortune that we’ve officially moved from a housing boom into a “housing correction.” The … Continue reading

Posted in Economics, Housing Bubble, New Jersey Real Estate | 21 Comments

At the top now?

From CNBC: Home listings suddenly jump as sellers worry they may miss out on the red-hot housing market Sharply higher mortgage rates have caused a sudden pullback in home sales, and now sellers are rushing to get in before the … Continue reading

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

Yeah Right

From NJ1015: GOP plan for ‘once-in-a-lifetime opportunity’ to cut NJ taxes Assembly Republicans want to cut income taxes as part of the new state budget, part of a four-pronged plan for responding to an unprecedented surge in state revenues and … Continue reading

Posted in Economics, Employment, New Jersey Real Estate, Politics | 302 Comments