Comments on: NJ: March unemployment steady at 4.8%

By: Mitchell

Mitchell — Thu, 17 Apr 2008 14:41:50 +0000

#27
The Grade for the property in ZIP Code XXXXX is Low Risk as of Thursday, April 17, 2008 10:40:23 AM

No A-D just Low Risk. WooHoo!

By: RentininNJ

RentininNJ — Thu, 17 Apr 2008 12:52:01 +0000

Good thing most NJ’s newly minted private sector jobs are in the exciting field of “food services”. The employee discount at Bennigans can serve as a very effective hedge against food price inflation.

With inflationary pressures rendered a non-issue for NJ’s growing army of food service workers, the overhang of half-a-million-dollar starter capes should be snapped up pretty quickly. Better get one while you still can.

By: BklynHawk

BklynHawk — Thu, 17 Apr 2008 10:08:20 +0000

#38 Sean-

Make it about two hours south and west and we’ll talk.

By: Sean

Sean — Thu, 17 Apr 2008 03:34:46 +0000

Anyone interested in an REO car wash?

http://www.us.hsbc.com/1/2/3/business/borrowing/real-estate/for-sale

By: Sean

Sean — Thu, 17 Apr 2008 03:22:46 +0000

My brother the (former) mortgage broker and I had a “convo” today, and it looks like another bailout will occur to my detriment.

There go my dreams of owning another boat again.

Question for the crowd, do sailing skills get rusty or is it like riding a bicycle?

By: Mikeinwaiting

Mikeinwaiting — Thu, 17 Apr 2008 02:58:42 +0000

X 35 Why just raise taxes! Lets see the public sector sustain itself, with little help by taxing the hell out of low payed service sector. NJ’s recipe for disaster.
Heavens to murgatroid, exit stage left.

By: x-underwriter

x-underwriter — Thu, 17 Apr 2008 02:28:40 +0000

Public sector jobholding expanded by 700 over the month led by an increase in local government (+900), which includes municipal and county level employees.

Yep, the government is doing everything it can to contain costs and taxes. Shouldn’t they be one of the groups laying off?

By: Blodbath in Winter 2007

Blodbath in Winter 2007 — Thu, 17 Apr 2008 01:49:57 +0000

Not totally related: Had my brother in town this weekend, and he owns 5 firearms. We went to the gun range (my first time, quite an experience). He was leaning toward Obama, and then i mentioned her take on the assault rifle ban (he has one).

Him: “Really? Wow. Great. I bought his AR15 cheap, and I bet it would go for big bucks on ebay!”

So that’s one vote …

By: ADA

ADA — Thu, 17 Apr 2008 01:46:00 +0000

blood,

Its amazing she got it right under all that sniper fire.

By: Blodbath in Winter 2007

Blodbath in Winter 2007 — Thu, 17 Apr 2008 01:43:59 +0000

Grim – just curious …. are you actively looking? If so, how close have you come? Not necessarily concerned with specific properties, just the mindset ….

By: Blodbath in Winter 2007

Blodbath in Winter 2007 — Thu, 17 Apr 2008 01:34:54 +0000

Your ponies are lies. Just like mommies at Christmastime.

She got it right in her book. Unlike Obama and the sketchy pastor.

By: Mikeinwaiting

Mikeinwaiting — Thu, 17 Apr 2008 01:34:09 +0000

BC Let’s just move the sheeple to the other pen for shearing.

NJcpa Thanks for the link can’t wait to share it with the re agents I know. All is well they are busy! My sisters a**. My town has a D.

By: BC Bob

BC Bob — Thu, 17 Apr 2008 01:24:55 +0000

miw[26],

Their lies could choke a horse. Just a colossal fraud.

By: Mikeinwaiting

Mikeinwaiting — Thu, 17 Apr 2008 01:18:35 +0000

BC 26 Hear hear.

By: NJcpa

NJcpa — Thu, 17 Apr 2008 01:15:15 +0000

Looks like most zip codes in NJ are now designated as a “declining market” by loan underwriters.

http://decliningmarkets.gmacrescap.com/
type in your ZIP code to get a score.

I’m looking to buy in the Cedar Grove, North Caldwell, or West Caldwell areas, and they are all rated “D” which means the mortgage underwriters automatically take 5% off the appraisal and is the lowest rating. Grades A through C have no impact on LTV, but tell the underwriter the risk level of the particular area.

I’ve been renting since ’04 knowing these prices do not hold water with incomes in NJ. Most houses in the 500K range need a ton of work, and 600K seems to be the house type I would buy, but I’d like to see another 5-10% drop before buying.

Does anyone have an affordability index quarterly from ’03 – ’08? I think the last downturn in NJ (early 90’s) the index got as high as 90, and during the hot periods as low as 60, but I’m not sure where it is now. Once we hit that 80-90 area, then we’ll know it’s time to jump in.