From the Gloucester County Times:
Pa. out-hustling N.J. in battle for business
Gov. Jon Corzine, flanked by some of his top advisers, invited eight of the state’s top real estate executives to the governor’s mansion for coffee and Danish one day last March to hear their take on the wobbly world of economic development in New Jersey.
At first, the discourse was deferential and measured. Then it was Zygi Wilf’s turn.
“I develop real estate in 38 states,” Wilf said, according to two people who were in the room. “This is the worst.”
Corzine sipped his coffee and offered no response.
Wilf, who is also owner of the Minnesota Vikings, did not return phone calls requesting an interview for this story. But his remarks to Corzine reflect what many real estate executives are saying privately: New Jersey is losing out on scores of real estate projects, and thousands of jobs that go with them, to neighboring states aggressively courting new business.
And while Corzine, former chief executive of Goldman Sachs, promised a business-friendly approach to government, the name that takes center stage is Pennsylvania Gov. Ed Rendell.
In five years in office, the hard-charging Rendell has implemented an aggressive development strategy and takes a hands-on approach, unafraid to pick up the phone or visit CEOs looking to relocate or expand their operations.
…
Where New Jersey has 225 employees dedicated to the task of economic development, Pennsylvania has close to 400, according to spokesmen for each state.“Ed Rendell is not content to take our warehouse, pharma and biotech offices,” New Jersey real estate attorney Ted Zangari told Corzine at the Drumthwacket breakfast. “He’s now launched a new initiative Wall Street West, where he’s looking to attract redundant data centers and backup trading floors.”
…
“The eastern counties of Pennsylvania have become the new New Jersey,” Rutgers University economics professor Joseph Seneca said. “First the people go, then the jobs go.Some of this trend can be attributed to interstate sprawl, a natural westward expansion from Manhattan through a built-out Garden State. But Seneca said Rendell has some good selling points when recruiting businesses: “lower property taxes, lower income taxes, lower corporate taxes, cheaper housing and cheaper labor.”
what could nj expect? its a welfare state
Alot of people I know my age (28ish) that are not professionals ( Masters JD MD ect ) headed west to PA and never looked back.
The bad news is my getting time to get out there and visit and vice versa. Even more so with the LI bridges and tolls for their friends back “home”
this headline had been spun, but the article is more telling:
“OPEC president blames ethanol for crude-price rise
Khelil again predicts price climbs, citing biofuels, weak dollar, tensions”
http://tinyurl.com/5wjptk
“The price of oil will rise again in the coming weeks,” Chakib Khelil — the Algerian energy minister and currently president of the Organization of Petroleum Exporting Countries — said in an interview with an Algerian newspaper. “We have to follow the evolution of the dollar, because a 1% fall in the dollar means $4 more on the price of oil.”
“Alot of people I know my age (28ish) that are not professionals ( Masters JD MD ect ) headed west to PA and never looked back”
you mean, kids born & raised out here actually move out of their parents house?
ha ha!
I gotta see it to believe it.
most kids in their 20 somethings that were born and raised out here in NJ are still suckin thumbs & wetting the bed in Mom’s house.
but hey, they drive a BMW & wear 300 jeans amd goto Buttafuco’s tan salon.
SAS
“GM may be mulling thousands of job cuts’
http://tinyurl.com/5ucclz
SAS
“EnCap’s bankruptcy filing risks $50M in N.J. funds”
http://tinyurl.com/56l9wp
Here is Corzine property tax relief you are waiting for:
“Households earning up to $100,000 will average $1,115, as they did last year.
But households earning between $100,001 and $150,000 will average $665 after getting $960 last year.
Those between $150,001 and $250,000 will get nothing after getting $745 last year.”
http://www.phillyburbs.com/pb-dyn/news/112-07022008-1557647.html
while some of you dumb conservatives argue with the aging hippie liberal douche about if we should drill for more oil….
The private banking cartel called the Federal Reserve prints money like its going out of style to save its own banking members, devalues the dollar and is the real reason gas costs rise. DOLLAR DEVALUATION.
“N .J. Dems oppose offshore oil drilling”
http://tinyurl.com/5fssyl
SAS
“Without Funds, N.J. Hospitals Face Crisis”
http://tinyurl.com/68cx26
stop treating illegals, for starters.
send them over to their consulats.
we’re crazy,,, is it any wonder we have people leaving.
I’m giving up on the Passaic River Biathalon. Why didn’t anyone ever tell me about this?
Chess boxers slug it out
A RUSSIAN man has been crowned world champion in the novelty sport of chess boxing, a game that requires equal skill at moving pawns and throwing punches.
Mathematics student Nikolai Sazhin, 19, competing under the name “The President” knocked out a 37-year-old German policeman Frank Stoldt, who served as a peacekeeper in Kosovo until recently.
The loser said he was simply too punch-drunk to fend off checkmate.
“I took a lot of body-blows in the fourth round and that affected my concentration. That’s why I made a big mistake in the fifth round: I did not see him coming for my king,” he said.
Coming to a Brigadoon near you:
“Drug kingpins cashing in on suburbs’ spoils
The comfort and security of affluent areas are selling points for criminals, officials say.”
http://www.philly.com/philly/hp/news_update/20080707_Drug_kingpins_cashing_in_on_suburbs__spoils.html
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/07-07-2008/0004844126&EDATE=
TransUnion.com: National Auto Loan Delinquency Rates Decline Nearly 18 Percent
http://www.youtube.com/watch?v=43Wcbd0dJpQ
There, you’ve been let in on the big secret.
We can relate to this NJ/PA debate:
Lived in NYC, and about a year ago, seriously looked to buy in North Jersey. Went to one foreclosure auction, and drove around North Jersey looking at houses. The plan was for the wife to get a new job covering NJ instead of NYC, and I’d commute into the city.
We scrapped it, mostly because a) insane NJ taxes, b) incredibly overpriced NJ homes, c) fear NJ will be bankrupt in a decade, d) a lot of the fears expressed about NJ on this blog.
Wife got a job covering NJ, but we live in Bucks County, and i started my own business. We’re renting and looking to buy early next year when our lease is up. Schools: Bucks Cty schools are great, and you can afford to live in a nice house; in Bergen, a 400-500k house in Glen Rock/Ridgewood was, we thought, not worth it.
Only 90 mins from NYC, and 40 from Philly. Already found a terrific sushi joint, and now all I need is a solid indian food spot.
Couldn’t be happier.
/sell job over
Try Wednesday at Uduppi Dosa. I haven’t made it there yet, but the owner did toss us out of there on a Saturday for taking chicken.
chicagofinance Says:
July 6th, 2008 at 11:53 pm
FYI – Avenue in Pier Village has an early bird special which is a complete joke it is so inexpensive for full value.
http://www.leclubavenue.com/menu/prefix_menu.pdf
http://www.youtube.com/watch?v=rvPiOUkWcDk
I wonder why this one never caught on in the states?
bucks is a different world,,,much nicer
than this dump called NJ.
worth the change.
NJ,,, been a welfare state now for years.
may never get back to the glory it once had.
thank the leadership in Trenton
From The Record
Kelly: Myrtle’s come-on
The billboard rises from the Meadowlands swamps like a giant protest placard.
“Stop paying high taxes,” it proclaims.
But this is not a political broadside – and certainly not the work of a New Jersey resident.
This new billboard comes from the mind of a South Carolinian, Brian Cotner.
He sells real estate.
In Myrtle Beach.
Some of his best customers, he says, are from New Jersey.
…
Cotner has heard those weary sighs from the Garden State. And from those sighs, he found his real estate mantra.
“No question about it – weather and taxes,” says Cotner. “That’s the message I hear again and again when I’m in New Jersey.”
Try Wednesday at Uduppi Dosa. I haven’t made it there yet, but the owner did toss us out of there on a Saturday for taking chicken.
Good call! Thanks Pat.
If I had complaints about Bucks, so far, they would be as follows:
-have to drive a bit for really great restaurants
-it’s very white here (dont see many other ethnicities)
-it’s very quiet
I really missed NYC for the first two weeks, but then got over it. But I’ve heard maybe two car alarms go off in a few months here; maybe heard 5-10 a day in NYC.
“We can relate to this NJ/PA debate:”
You lived in NYC and you call NJ taxes high? lets get real here.
“Life is like a CDO… you never know what you’re gonna get.”
OT: From The Record
Next up for Corzine: How to fund transportation projects
So now that legislators and Governor Corzine have sealed up a new state budget and approved borrowing $3.9 billion without voter approval for school construction, what’s next?
For legislators, not much. They’re taking the summer off.
For Corzine, his attention turns back to transportation funding.
Mayors, meanwhile, claim homeowners are about to get slammed.
Corzine said he plans in the coming weeks to unveil a revised plan to fund transportation projects. He won’t comment on what that plan might unveil, but it’s expected to involve another bid to increase highway tolls to pay for highway, bridge and mass transit work.
The state transportation fund is to become consumed by debt in 2011, and the state faces an Oct. 1 federal deadline to find its share of money for a new Hudson River rail tunnel.
The federal government has expressed a willingness to contribute $3 billion to the $7.5 billion project, with New Jersey and the Port Authority of New York and New Jersey paying the rest.
The Democratic governor earlier this year proposed significantly increasing highway tolls for the next 75 years to pay state debt and fund transportation, but that plan lacked public and legislative support.
He continues to express hesitancy about increasing the gas tax, but said ideas such as placing tolls on highways that now are free are worthy of consideration.
More at the link above
“IndyMac: Significant Seizure Chatter – Is This the End? Finally!”
http://mrmortgage.ml-implode.com/
I’m trying to find words that describe this. I just get a big “WOW” and a big “WHY?”
http://newjersey.craigslist.org/fur/741069814.html
I would love to see the rest of the house.
re: #20
There are 8,370 listings for sale in Myrtle Beach on Realtor.com. How’s that for inventory?
Went to an open house on Sunday. Flipper basically took a beautiful 1900s era house and put in gawdy Home Depot quality kitchen and bathrooms. Wants $500,000 for it. Yard has absolutely no landscaping either. Good luck!
You lived in NYC and you call NJ taxes high? lets get real here.
Rented.
30 Laughing
Did you live in Manhattan or another borough?
CHICAGO – For the first time, an influential doctors group is recommending that some children as young as 8 be given cholesterol-fighting drugs to ward off future heart problems.
It is the strongest guidance ever given on the issue by the American Academy of Pediatrics, which released its new guidelines Monday. The academy also recommends low-fat milk for 1-year-olds and wider cholesterol testing.
grim (11)-
The first rule of Fight Club is, you do not talk about Fight Club.
Gotta love it! After you clean up in this sport, you can move on to this:
http://video.google.com/videoplay?docid=7838340965302059755
From Reuters
Europe banks set for big Q2 writedowns-analysts
UBS and other European banks are set to unveil billions more euros in writedowns on assets hit by the U.S. subprime crisis and credit crunch, although second quarter losses should be less than the previous quarter, analysts said.
#20 SC billboard
I saw this for the first time on my way up from the shore this past Friday morning and chortled. After recently visiting Myrtle Beach for the first time, I can sum up the area in two words:
Redneck Riviera
I saw that billboard on the way to the mini gtg Sat. Very fitting.
They guys on the TV said that the RE market has hit bottom and some of the areas that were affected the worst have started their uptrend!
NOW IS THE TIME TO BUY!
#36 doughboy:uptrend!
Hysterical!!
BreadBoy,
Who are “they guys” you post about?
I saw on TV that if you order NOW you not only get TWO sets of dinner knives for the price of one but a sharpener as well!
NOW IS THE TIME TO BUY poorly made cutlery!
DoughBoy,
I better hurry and get my checkbook.
“The guys on TV said it?”
It has gotta be true then.
I forget the name of the company that he was with. I think it started with a N. Something like Nor, ner… oh yeah, NAR, that’s it. He was wearing a fancy suit, and talking all nice but he got angry at the host of the show when they started talking about “facts”; whatever they are.
He seemed like a nice man and he said that now is the time to buy!
Maybe he was trying to say now is a better time to buy than last year or the year before. The only problem was that last year and the year before he was saying now is the time to buy.
I doubt his sincerity.
I just logged in and saw Grim’s lead.
I am NOT SURPRISED that PA is eating NJ’s lunch. I have been saying the same thing on this board for months now.
So here is our message for Trenton: As Will Smith said in “I, Robot,” “somehow, I told you so just doesn’t quite say it.”
#39 gary: Yes, becasue this will nto last, and charm abounds!!!
Half of SkyView Rahway units under contract. And I am sure they will all close and the rest will fly off the shelf before year’s end. See, not everyone wants to live in Bucks County.
http://tinyurl.com/5forut
“Representatives also said they have an agreement in principal with a national steakhouse brand that’s well known in New Jersey to occupy the restaurant at Carriage City, and expect to make an announcement in the next 30 days.”
..any guesses?
3b,
Yes, and this charmer has generated a lot of interest!
45
Sizzler?
I see that idea for a Monmouth county GTG after Labor Day picked up traction last night (see the tail end of the Weekend Discussion thread)
What I had in mind was somewhere that shows off the natural beauty of our little corner of the state (Ocean or River Views, glorious sunsets).
Something that was easy for our northern brethren & sistren to get to (Parkway South, make a left at the proper Exit, drive east til your front tires get wet).
chifi….that menu link to Le Club Avenue in Pier Village looks very interesting. Do you have a connection there?? Someone who could guarantee a huge table with a view? Maybe a discount on the booze tab??
Hugh (47)
Hahaha!
45
Burger King?
Saw an ad for “Luxury Rentals” in a realtors window near the PATH.
Fee Waived
1 Month free rent
“Smell the new”
Another condo conversion down the tubes….
Rich,
I saw your comment the other day about you explaining to your bride about meeting people in person at the GTGs. Especially about me… LOL! That was funny! Let your significant other know that I’m only slightly creepy. :)
Kettle1 or any other scientists,
Any thoughts on this?
http://money.cnn.com/2008/07/01/smallbusiness/blacklight.fsb/index.htm
BlackLight’s physics-defying promise: Cheap power from water
An entrepreneur with $60 million in venture funding says he’s found an endless source of cheap energy. Trouble is, it violates the laws of quantum physics.
48
Sunsets in Belmar is pretty easy to get to. I think there are two turns after getting off of the Parkway?
I haven’t been there in a few years, more of a drinks on the deck during happy hour kind of place.
#46 gary: Yes,and it probably has multiple bids, so make your best offer now.
And what ever you do, please do not insult the seller as this delightful POS cape hass been lovingly ignored for 50 years.
53
“Trouble is, it violates the laws of quantum physics.”
Seems a lot like the empty promise of cold fusion.
great point from the posted interview yesterday with Forstmann:
**********
““Buffett once told me there are three ‘I’s in every cycle. The ‘innovator,’ that’s the first ‘I.’ After the innovator comes the ‘imitator.’ And after the imitator in the cycle comes the idiot. Which makes way for an innovator again.” So when Mr. Forstmann says we’re at the end of an era, it’s another way of saying that he’s afraid that the idiots have made their entrance.”
*********
Plenty of idiots to go around in this thing, but biggest are (1) mortgage lenders doing absurd subprime and pay-option ARMs and (2) late-bubble flippers who had no idea just how tough being a genuine “real estate investor” is.
Wow. When did this board become Bigot Central?
skep, did you notice one missing “i” word – ‘investor’?
Without investor, as in the WB himself, you can’t seed the greed.
Funny that he left that out.
#34
Another reason why I’m not interested in moving to SC.
http://www.cnn.com/2008/US/07/07/sclicense.plates/index.html
Jill (58):
“Wow. When did this board become Bigot Central?”
Whaddya mean?
#59 Pat
The idiots/investors did most of the damage in this bubble. Rolling out option arm and liar loans when housing is at an all time high, or buying the securities backed by those loans would qualify as being an idiot in my book.
Yeah, how come every once in a while somebody comes along and points the B finger around?
We’ve got AL, who dislikes new immigrants. But he’s an immigrant. We’ve got jack/mark/pesche with the triple commas, who hates everybody equal. We’ve got reinvestor, who only hates people who post on this board. I could go on. If everybody hates everybody else equal, is it right to call it bigotry?
bairen, I’m thinking there’s a difference between investors and speculators (referred to as “idiots” by WB.
Without true investors, you can’t have idiots.
His love triangle again falls back to a bunch of squares.
San Francisco Fed President Yellen stated that core inflation is likely to rise as businesses pass on higher costs to consumers and housing prices likely fall well into 2009. The confluence of inflation and depressed home values has a dampening effect on consumers’ spirits as families spend more despite a diminished sense of wealth.
Pat Says:
July 7th, 2008 at 12:00 pm
Yeah, how come every once in a while somebody comes along and points the B finger around?
We’ve got AL, who dislikes new immigrants. But he’s an immigrant. We’ve got jack/mark/pesche with the triple commas, who hates everybody equal. We’ve got reinvestor, who only hates people who post on this board. I could go on. If everybody hates everybody else equal, is it right to call it bigotry?
Please do not generalise:
I do not hate All New immigrants.
I hate immigrants, who come to the USA and bash everything here – culture, people habits, laws. They are the ones who are greatly accelerating USA slide into a thirld world country.
Just go do “Downtown” Iselin – looks like freaking ghetto – dirty and unkept, but with Hindi writing everywhere. I was told by many people who was born there, that 30-40 years ago that it was very nice little town, with homy feel. I can ptrobably name quite a few more immigrants communities which suffered the same fate. I understand that compare with slums of Delhi, Calcutta, Mumbai and other cities this is still beautufull but is that what immigration should bring???
Or go to Russian part of Brooklyn – freaking soviet union all over again.
If you like you home country so much why come here?
I am all for new immigrants who want a new and better life for themselves. They need to come to US, assimilate, learn the language and call themselves AMERICANS – not Mexicans, Indian, Russians, Chineese and so on….
If they come to this country to make money while destroying it – yes I am against it.
And you can tell me all you want but what I see is that American born non-ethnic people are being discriminated by immigrants.
But they get what they deserve – thay are ignorant, and do not fight for their rights.
Al (66)-
“I hate immigrants, who come to the USA and bash everything here – culture, people habits, laws. They are the ones who are greatly accelerating USA slide into a thirld world country.”
Al, we don’t need immigrants like the ones you reference above to turn us into a Third World country.
We’re doing it to ourselves.
Avenue would be perfect for a Monmouth gtg. Happy Hour is everyday from 4-6 (longer on weekdays) and it includes every gin/vodka martini for $5. The drinks are large and the bartenders are great. They also discount their specialty drinks. Excellent malpeques for $1.50 and littlenecks for $.75.. As noted previously, the early bird specials (cash only) are an amazing value.
The view is amazing. The only downsides:
-Some snotty hostesses
-Paulie Walnuts and family are occasional visitors (but, hey, it’s the Dirty Jerz’ Shore!)
Al:
You need help, dude.
Is the Monmouth County gtg going to be during the summer or after Labor Day?
Off topic: A few days ago there was some discussion about CORN GLUTEN vs conventional pesticides and fertilizers.
YES, the corn gluten works as a non-toxic weed suppressor (and it fertilizes also)! We’ve applied for three years once a year in the spring (when the forsythia bushes bloom) and every year our lawn looks better and better (and no toxins to worry about) – very green, even in the dead of summer.
People with an obsesson for perfect lawns apply it twice a year (the second time in late summer). It can be bought online or from Old Hook Farm (Westwood, NJ?),
A very safe and easy lawn care solution, and cost effective if done once or twice a year.
P.S. For Some reason Indian people react very negativelly to my posts…
I wonder Why….
30 Laughing
Did you live in Manhattan or another borough?
Manhattan for 2.5, then Brooklyn for 2.5. Laughably, the rent was higher in Brooklyn (1700 for a tiny 2 bedroom vs. 1950 for a 2 bedroom).
Al, you are no different than any other bigot. The last good boat of immigrants was the one my pappy/grandpappy was on, since then only crap immigrants come through.
Freddie is the new Bear/Lehman?
Down > 20%!!!
Laughing
It’s amazing how that happened isn’t it? I do miss living in the city though.
What is up with Freddie and Fannie?
Hedge fund go bust? Insolvency rumors?
A post on CR says
“Rumor is that demand for Freddie’s preferred was “tepid” based on a DJ headline – and all hell broke loose!”
C < $16. Ouch.
Massive layoffs here, what a happy Monday.
FNM down %20 – I thought it was going to be a quiet day too.
skf >$170 !!
sl (crying in my coffee right now…)
NNJ Says:
July 7th, 2008 at 1:00 pm
Al, you are no different than any other bigot. The last good boat of immigrants was the one my pappy/grandpappy was on, since then only crap immigrants come through.
my great-grandpappy is buried in a field in northern russia – we don’t even know location, after hiding away from commies for 25 years. My grandpappy died in WWII – killed somewhere in eastern europe in 1944, my farther in buried in russia.
And I am not saying I am ideal or normal – but at least I am trying. I am not asking for bilingual school system or 10 languages drivers licence office instructions, I am not asking for special treatment as minority, or sending kids back to India in Fear that they would DATE in USA!!!
If my posts hurt your feeling it is because you recognise your own patterns in what I describe.
Again -the last thing i want it so generalize – any nationality/nation has a lot of great people, immigrants or not.
I am against the ones who consider US as a cash cow and not as their new homeland.
Anyways I am off, enough of immigration talk from me.
Al,
What was your reason for immigrating?
NNJ (74)-
“The last good boat of immigrants was the one my pappy/grandpappy was on, since then only crap immigrants come through.”
Ha! So true.
My family’s on the other side of the spectrum: I have lineage back to the Mayflower, but all that means is that all our alcholism, insanity, degenerate behavior & inbreeding has had countless generations with which to reinforce itself.
Freddie Mac, Fannie Mae Plunge on Capital Concerns
Freddie Mac and Fannie Mae plunged in New York Stock Exchange composite trading on concern the two largest mortgage-finance companies may need to raise more capital.
Lehman Brothers Holdings Inc. analysts said in a report today that an accounting change may force Fannie Mae to add $46 billion of capital and Freddie Mac to add $29 billion. Speculation that the companies may need to make further writedowns also weighed on the stock, said John Tierney, a credit strategist at Deutsche Bank AG in New York.
“There’s a lot of apprehension about writedowns,” Tierney said. “If they have writedowns, they have to raise capital. How much do they raise and how easily can they do that? Those are the questions that everybody is asking.”
RE: #77
Grim – proboblay just a backlog of “unprocessed” CDS contracts.
NNJ,
The last good boat of immigrants was the one my pappy/grandpappy was on, since then only crap immigrants come through.
Things would have been so much better if we had stopped your grandpappy from getting off the boat :)
80 Grim
That doesn’t include you does it?
I think it was Clot who called FRE/FNM bankruptcy out here about 6 months ago..
<>
It’s amazing how that happened isn’t it? I do miss living in the city though.
Nothing like living in NYC. Brooklyn doesn’t compare. If i were single, i’d have stayed in NYC. I’d also have some mounting debt and still be pissing away $100 every night i went to a bar … but oh the joy!
I had a good run, i recommend it to all young people (lol, i’ve only barely crept into my 30s). nothing like some time in your 20s in NYC.
For those of you thinking of a beach house purchase:
I found this on an LBI realtor’s site. These are all the 1Q 2008 closes for LBI. Prices are still obscene, but note that every single listing closed at below asking price for this quarter, so maybe there’s some light at the end of the tunnel approaching:
LBI South
http://www.lbirealestatenews.com/beach_haven_solds.htm
LBI North
http://www.lbirealestatenews.com/north_end_solds.htm
LBI Central
http://www.lbirealestatenews.com/new_page_9.htm
No, not me. A number of friends were part of the group.
Who Killed the Economy (Fill out your brackets):
http://www.portfolio.com/interactive-features/2008/06/Who-Killed-The-Economy
I thought that socalistic government was gone, but then looked closer at New Jersey government and what do I find…
A good first step would be a rule that the legislature could not pass any new laws for at least 10 years. All they could do is reform existing laws.
Second step, require the state to cut 40% from its budget over the next 2 years. Anything less and the governor and legislative leadership should step down in favor of people who can get the job done.
njbear
Things would have been so much better if we had stopped your grandpappy from getting off the boat :)
——————————————
Then who would defend NJ here?
Vic (91)-
Yep. I feel like f-in Nostradamus. I also now don’t feel too bad about being late to the SKF party.:)
Of course, at the end of all this, there’s nothing to feel good about. It’s gonna be you and me paying the tab for this clusterf*&k.
Wasn’t bi’s latest short-term recommendation to go long the financials?
How short is short-term? Did you mean short the financials in the long-term?
Illegal Status may be the way to go, once they start pumping all the Legal Children with Statin Drugs.
93 Gator
Thanks for posting that. Though it’s still not enough to convince DH.
[86] Clot,
Were you one of my trust clients????
And in that vein, STT is down to 58. That is ridiculous. If you want a “financial” that gets beat down with banks, but doesn’t have the risk profile of banks, and relies mostly on fee income that is constant, this is a buy signal. I haven’t bought any since I worked there, but at this price, I am sorely tempted. It won’t ever skyrocket, but it won’t ever go under either.
IMHO, unless you WS wonks have a different take, STT is a buy.
my $0.02
101 Lost – Still too early, but looks like things are starting to turn. The rental season seems pretty bad too. The place where we stay still has availability for most of August through the end of the season.
397 NNJ: Defending NJ? What exactly are you defending?
Are you accusing us of not loving our state? We do, that is why we want to see the critical problems that the state has addressed.
Claiming that NJ is close to NYC, is not defending NJ.
#103 NJGator: Lots of rentals left for August,and even late July in LBI, and in Spring Lake too.
Not to mention lots of houses for sale In Spring Lake , and foreclosures too.
Plume (102)-
Trust client? Not anybody in my family. Why put your affairs under management when you can go blow it at the horse track?
STT = baby, tossed with bathwater
Too bad, they are a good outfit. Like Hudson City, too…but waddya do? Buying it is suicide.
Who said there are not jobs on Wall St??
Analyst class started today and thousands of new jobs were created.
Wall St. job market is still strong.
#107 frank
You are frigging delusional.
frank (107)-
Analyze this.
njrebear Says:
July 7th, 2008 at 1:18 pm
Al,
What was your reason for immigrating?
Sorry about the long post below, but you HAD to ASK?
Main reason: I hate giving bribes, stealing, taking bribes and breaking laws.
In Russia/Former soviet unions you are expected to do so. All economy is under-the table style. If you are not in it with other thieves/ criminals you are out. There is no “honest” way of living. Everybody gives/takes bribes.
Kind of reminds me of NJ politicians/ municipalities….
I had to give my first bribe to a doctor (MD) when I was 10 years old.
Second – I wanted better stability/quality of life for my kids.
I just did not see any stability in Russia/Soviet Union in foreseeable future. People of power – whoever they might be – change the rules all the time and they can come and take anything you own anytime. That’s why Russian Rich people all trying to steal as much as they can as fast as they can and run away from the country.
And third – I did not like Russian people mindset – everybody is sneaky and tries to bend the rules/avoid them – it makes everybody life a lot harder:
For example – you need to go to doctors clinic. It opens at 8AM. Instead of having sign-up sheet it is first come – first serve bases. First “smart person” comes at 6AM, and forms a line. Next “smart person” – thinks ok I need to be there at 5:55 to get in before this guy… Everyone is doing the same.
As a result in order to get to see a doctor you need to be there at 5AM and stand in-line for 3 hours.
And it is the same way with EVERYTHING. Any paperwork places, governmental offices, utilities, police – EVERYTHING.
And don’t get me started on drinking, vandalism, corruption, and Russian army/prison systems.
10 years old I knew that I will immigrate. I did not know where or when, but I knew that I just do not want to live in that country.
Disclaimer: When I say Russia – at the time it was Soviet Union, I lived in Russia during collapse, I saw tanks shooting parliament building from 1 mile away in Moscow, my family grew our own food for 2 years as there was no food to buy , we lived 3 winters with no heat or water in our apartment, I gave over 120 bribes in 12 years, I was making living at 14 by unloading railroad freight trains with bags weighing more than me (granted I was skinny), and I nearly escaped serving 2 years in Russian Army in small unit in Siberia.
Why did I immigrate?
look the bottom line on nj is illegals have
‘
help kill the state. anyone with eyesight
can see what has happened to these towns.
you think iselin is bad,,, go to Palisades Park, Lodi, Elwood Park,,, North Arlington,
Englewood,Garfield, Wallington,
and these are the Bergen county towns,,
these are S holes,
These US banks have it easy. They raise capital on a whim.
Shares in the buy-to-let lender touched new lows of 41p – down 17% – before closing at 42p as concerns about the implications for the slowdown in the mortgage industry weighted on the share price.
The shares are trading below the 55p level at which B&B is asking investors to back its £400m rights issue – restructured for the third time in two months
The bank originally announced a rights issue at 82p on May 14 only to restructure it on June 2 when it issued a profits warning and admitted its chief executive Steven Crawshaw was too ill to work.
http://www.guardian.co.uk/business/2008/jul/07/bradfordbingleybusiness
and not far behind,,,
Fort Lee,Fairview,(Actually a mexican town)
N.Bergen, W.New York,
If you want to brand me a bigot fine. However, to act as if there are not clearly certain immigrant groups that have reckless disregard for important social, societal and business norms in the Unites States is simply not accurate.
To assume that such blatant disregard is irrelevant to social and business interactions is supposing way too much.
I am always cognizant of various issues given my background, socio-economic status, and origin. However, my stints in business school and consulting cemented the obvious. To describe a good many of these people as completely Machiavellian is being generous. To use pejoratives such as classless, tactless, ruthless, alienating, missing a moral compass, potentially ineffective or incompetent, etc. in many instances seems highly appropriate.
As John Wayne said, if you call your self and Irish-American, Italian-American, German -American etc etc, what you are saying is that you are a divided American.
I think he put out an album of him reading/singing this stuff.
[106] Clot,
thought I would ask. Had a lot of mayflower families for clients back then.
Getting tossed out with the bathwater has always been the bane of STT. I always looked at that as a buy signal since the street kept doing it and I kept buying it. I have never lost money on it.
This beatdown is not unprecedented either, and by current basis is about 8 bucks a share on shares I bought in the 90’s (it wasn’t 8 bucks then but three stock splits later it is). My only issue is when to get in, not whether to get in.
3b 105 – The lack of rental income might jush push a few more owners on the brink over the edge.
We did notice lots of for sale signs – even more than usual – last week on the island. We’ll have to watch and see what the credit crunch and the difficulty obtaining insurance will do to the market.
Al, if iselin is bad, why don’t move to newark, irvington or trenton?
@26 PGC: The indoor swing is an Indian thing. You have to remember Indian culture is several thousand years old. It only seems odd when you put pieces of Indian culture in a suburban US house.
Coming this Fall new reality show: Immigrants vs Immigrants.
#107 frank: I am right in the middle of this KRAP;everyday. You have absolutely no idea what you re talking about.
Thousands of layoffs across the “street”,and hiring freezes at all firms. Jobs are being filled only if there is absolutely no other recourse.
Please do not discuss those things of which you know nothing about.
Through the years I have alwasy loved those who never worked on Wall St, who for reason seemed to be experts. So comical.
Sorry if this already has been posted hereabouts:
On the Path to a Housing Rebound
http://promo.realestate.yahoo.com/on-the-path-to-a-housing-rebound.html
WTF. No, seriously, W. T. F.?!
I just wish some of my neighbors would cut the lawn and buy a shrub and flowerpot or two.
You can always tell an immigrant neighborhood by it’s cold blandness….lawn going up to the walls of houses with nothing being done to make it nicer.
#124
Yeah, I mean, can’t they put a trans-am on blocks or something to liven it up? Come on!
wasn’t frank trying to convince us that a house that lost 5% is beating inflation by 2% when you have 7% inflation?
#119 MJ
Interesting, I had this down as bad Italian baroque.
Does not suit getting paired with the sofa set.
Mark:
Englewood, Pal Park, Ft Lee? Sh*tholes?
Maybe not up to your obviously refined tastes (and parts of Englewood are pretty gnarly–especially since they abut parts where the entry fee is north of $1.5 mm), but I think you overstate your case a bit.
From MarketWatch
Yellen warns U.S. could hit another rough patch
The fragility of the U.S. housing and bank system could further throw a kink into financial markets before an anticipated recovery in 2009, said San Francisco Federal Reserve President Janet Yellen on Monday, with commodities presenting their own set of troubles.
…
Comparing the situation in housing, financial markets and commodity prices to the three witches that set the stage for subsequent mayhem in Shakespeare’s “MacBeth,” Yellen said it “seems likely” that housing prices and construction prices will continue to fall well into next year.
123, that is not the entire issue here. You need to know the culture relative to clutter. A flower pot could be considered clutter.
If you’re talking about Indians, then go on over and check out inside. No clutter.
I mentioned the guy buying the loveseat instead of the sofa at the furniture store. Well, you know me. Guess what I did.
“Hi. Can I ask you a question? What’s up with the loveseat instead of buying the couch????”
He told me that he fits on the smaller one. He did not need all of the extra sitting room.
Anyone who doesn’t have the concrete drunk leaning on a lamp-post and a few fake deer is just unamerican LOL
Don’t forget the rear of the old lady leaning over into the garden too.
englewood s been over for a while now.,,
except for the Jewish population…
its over,,,, take a walk on the wild side.
its fading fast
Al…
Preface: I’m not Indian, or an immigrant. I was born in wealthy suburbs of NJ, of both recent and distant European ancestry. My wife was born in India, and recently naturalized. She lived in Bucks county until we got married, and now we live in NJ. Our daughter is born in NJ.
The dynamics Edison and Iselin are influenced by many factors. The Indian population there is a recent phenomenon, and the decline of Edison and Iselin occurred long before that, the factors leading to and causing its decline were certainly not the fault of its newest residents. It is precisely because these were depressed, run-down, formerly nice places that less wealthy but still ambitious Indians were attracted to them! The Indians there have, in fact, created a new main street, with a thriving small business district. These towns truly are better off with the Indian influence than without. Without them, things would be worse. There are people, perhaps not in your social group, actually drive from out of state to come /visit/ Edison and Iselin now. That is remarkable.
That said, my wife and I do NOT want to live in Edison or Iselin. They are still run down. They have not been restored to their former glory, and we do not see that happening soon, if ever. It is also true many of the Indians there are already satisfied, sated, happy that their life is better than it would have been had they remained in India. And that life may not be up to our standards. Some of them don’t know how to care for and maintain or improve their housing, but that’s unsurprising considering the circumstances they were raised in, that of their ancestors.
America is a very new country. Everything here, if not Native American, is imported, new, and quite temporary. America disposes of entire towns and cities like it disposes of the containers for McDonald’s Big Mac burgers. It is silly to expect folks to immigrate to and assimilate. Everything you like about America exists because the people who came before you did not assimilate but brought the culture they wanted with them. In fact, aboriginal America was systematically eliminated!
Expecting immigrants to come to America and love its existing policies and politics is actually an un-American sentiment. America is about eliminating the obstacles to living how you want, not about bending to the establishment.
America is change. Where and how America fails to change is where it hurts or dies. Where and how it changes and adapts, it thrives.
To be an American is to embrace change, or at least to navigate change to your advantage.
It is very hard to see America for what it is, whether your vantage point is from within or without, whether you’re a new citizen or your family has been here for generations. But whatever it is, somehow, America is still the place to be.
but the best of the lot of sh holes is
fairview… talk about third world.
[122] W.T.F.? Eventually, people will start buying again. Do they do it now, next year or in the following year? No matter when, the odds are they get in at a better price than they would have, had they bought 1 or 2 years ago. If they are going to buy and hold for at least 5-10 (closer to 10) then its not an awful time to start looking for bargains (estate sale, divorce, relocation etc).
Too many people want to catch the knife as it hits the floor. If you can, great.
for the most part, immigrants to me represent all that is best about this country. I say this as someone whose family has been here since the 1600s. The people who are born here are like this country’s children. They often don’t appreciate how good they have it and how fragile this nation really is. Immigrants are like your spouse– they have chosen to marry you understanding your flaws but appreciatinig you for your greater good. I will take ten immigrants who work their *sses off any day over any one of the significant category of U.S. citizens who were born here and are incredibly lazy and still think everyone else owes them something
#130 x-underwriter
How about the little boy statue that pees into a fountain? There is one of those on the front lawn of a house a few blocks from me.
“I am right in the middle of this KRAP;everyday. You have absolutely no idea what you re talking about.”
Walk out outside and look at all the munchkins in suits, guess who they are? Wall St. new hires, there is thousands of them today.
You have absolutely no idea what you re talking about, big firms are still hiring, not as much as a year ago but jobs are plentiful.
x 53
interesting, while its improbable that he has begun producing energy with new physics, its certainly not impossible. The next step would be for an independent verification to prove that energy is being generated in the method he claims and not in some other process. Other fantastic claims have been made before and it turned out that the process was actually a known process.
Even if this guy is 100% correct, the devil is in the details! there are a large number of techs that look great on bench scale but do not scale up for various reasons. Scale up can be the hardest part and typically takes 10 – 20 years to go from lab bench to industrial scale.
It would be a huge leap if this guy is correct as it points to new physics that is currently considered bunk by mainstream science.
Mainstream science has been wrong before, but only time will tell with this.
the rest of the world will have to wait for evidence until the fall of 2009, when the business promises to install its cells in power plants. Whether or not Mills’ team meets that deadline will likely determine how BlackLight goes down in history – as a revolutionary startup or a flop 19-years in the making.
I guess we’ll see in a year or two
#136
“You have absolutely no idea what you re talking about, big firms are still hiring, not as much as a year ago but jobs are plentiful.”
so jobs are plentiful compared to what?
Just love it when the freepers start yapping about illegals.
The business-minded folk hire them to save money(good pro-business conservatives like our current president even want amnesty), and the same people complain about them.
Cognitive dissonance. Look it up.
“so jobs are plentiful compared to what?”
Anyone that wants a job can get one.
frank– so your argument is that fewer people want a job this year than last?
NNJ (120)-
“Coming this Fall new reality show: Immigrants vs Immigrants.”
Do the winners get to fight Kimbo Slice?
For that, I will tune in.
#141 frank
Why has unemployment gone up to 5.5% in NJ?
How long does it take someone who wants a job to get one? 1 week? 1 month? 6 months? do they make as much or more in their new job? Inquiring minds wnat to know
“Why has unemployment gone up to 5.5% in NJ?”
Talk to your government, all I know is that recruiters are calling me weekly.
frank– do these guys not want jobs?
“It wasn’t just “a bunch of associates” who got fired last week from DB. Apparently a whopping thirty percent of first year analyst got canned on Wednesday, bonus day.”
http://dealbreaker.com/2008/07/layoffs_watch_08_deutsche_bank.php
Just a FYI – I had a conversation with my cousin over the weekend who is a pediatrician. He said he’s now getting cases of whooping cough, TB and there are cases popping up across the country of polio. He’s had his practice for 18 years and the last few years have seen a signifcant increase with these cases. He also said his repeated attempts to inform the CDC of his concerns has fallen on deaf ears. I’m just telling you what he told me.
http://tinyurl.com/6k392q
Opinion
gary, does he say whether or not it’s immigrant-related, or if it’s non-immigrants afraid of vaccines>
http://biz.yahoo.com/prnews/080707/aqm060.html?.v=52
Pat,
He said definitely the lack of vaccinations is a big reason. I suppose he means other cultures who don’t believe in it, or just don’t have that regulation or means. I don’t really know any more than that. He said he thinks it makes sense to have some sort of Ellis Island type scenario or some sort of checkpoint at least just to determine who’s coming and going… and what they’re carrying.
re: #137 & #53 – Cheap power from water
Perhaps we should start up a company that markets Flux capacitors, and then sell them to Realtors with a guarantee to raise commissions to 2005 levels.
#147 gary,
Australia has a campaign warning that Whooping Cough is spreading.
There’s been an increase in polio cases in Indonesia due to lack of immunizations in kids.
Also people with TB stop taking the antibiotics when they feel better, even though they are not cured. This is leading to the spread of TB and drug resistant strains.
Legal immigrants are required to provide proof of vaccinations and undergo medical test prior to arrival to US.
#147 Actually Gary, this has been well documented, and even in yes, the MSM. Many parents are afraid to vaccinate their children due to the rise in Autism, and their fears of the vaccine connection.
There’ve been many widespread outbreaks recently – and no – not in immigrant communities.
I have a friend who was chose not to vaccinate her child – due to fears of health effects from vaccines, and sadly, her child came down with whooping cough. Even more sadly, her expert pediatriciac care in NYC misdiagnosed it repeatedly (she was told it was environmental, asthma, had all sorts of city inspectors to the building looking for furnace leaks, etc…). She went on vacay in Brazil, and that’s where her child was diagnosed and treated.
NNJ,
Great. Problem solved.
“do these guys not want jobs?”
Who cares that 30% got canned? Losers got the boot and 70% still have jobs and today another few hundred got new jobs. Look at the big picture.
#147 Gary, a friend of mine who works at the CDC in Atlanta was here last week to give training on how to detect whooping cough. Talking to her.. it seems the CDC is very aware of what you just mentioned.
There’ve been many widespread outbreaks recently – and no – not in immigrant communities.
His office is in Paterson. Just saying.
Don’t wory folks the illegal aliens only want your dollars so they can send money home to famlily, boy will they be surprised soon when Western Union won’t take dollars anymore!
Half to two-thirds of US Currency is held overseas. The only place that will take US dollars will be the US. Outflow will turn to Inflow.
#136 frank: ia mhere every day dude, and forget abotu the suits, we only wear those for the msot part only when we go to meetings, its been that way sicne the late 90’s.
Are you telling me my business? Again you are comical?
Frank the numb nuts who is not in the business, is telling the guy who is in and has been in the business, what is going on.
Repeat after me frank, the street is not hiring, OK.
I know youa re deperate to belive otherwise becasue it ties in with your real estate is fine nonsense, and everybody on Wall Street will be buying in NJ. etc. etc.
But again repeat after me frank, the street is not hiring.
Give me the list of firm’s that are hiring frank, and no Wal-Mart does not have a broker-dealer division.
Now tell me what line of business you are in, so I can update you on what is going on in your industry.
Question for the forum, especially for RE agents:
Is there a standard accepted price difference in percentage terms between what condos sell for vs co-ops (all things being equal such as location, sq. footage, quality of construction etc.)? Is there any resource or research that compares prices of condos and co-ops in NNJ that you could point me to?
Many thanks in advance for any help.
reporting from Swan and Dolphin in Disney,
Everyone here is from europe and latin America. Unbelivable.
On the 4th, Magic kingdom was closed as it reached capacity. It was literaly a zoo, chaotic experience.
Everyone is spending money.
Don’t underestimate the foreign consumer.
3000 cuts at Indymac
http://theimbreport.com/
We will retain about 1,100 employees in loan servicing in Kalamazoo and Austin; 350 in our servicing retention group in Irvine and Kansas City; 800 at Financial Freedom, primarily in Irvine, Sacramento, and Atlanta; 400 in our Southern California retail and web bank; 500 in portfolio management and administration, largely in Pasadena; and 250 in discontinued businesses
>>
What about those in NJ?
They are calling Frank’s recruiter.
Half to two-thirds of US Currency is held overseas. The only place that will take US dollars will be the US. Outflow will turn to Inflow.
Il Correcto! Our enemies and everyone else that wall street has screwed for the past 15 yrs(nasdaq and mbs,cdo) hold us captive.
Nj bear,
According to the Implode-O-Meter site:
“The entire Marlton, NJ office is apparently being shut down”
“Indy Mac is closing TODAY. The entire Marlton NJ office is apparently being shut down and their other operations offices are closing. All wholesale operations are gone.”
http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html
bystander,
Just found out about it. :)
So can we officially call this selling season a bust at the end of this month? Inventory hasn’t ballooned as much as I would have expected, but looks like lots of sellers took to the sidelines, given sales didn’t ring upwards. I’ll be closely watching asking price action this fall.
MM 164 –
“Don’t underestimate the foreign consumer.”
Looks like the USA is becomig the world’s outlet mall and theme park. My Danish ex and her current beau had a ball at the Woodbury Commons shopping center. They don’t need clothes for years.
This FNMA and FHM action could be the nail in the coffin for the RE market. If they further tighten underwriting standards due to their concerns with their capital levels, it will put a noose around the RE market. Mortgage risk spreads will be higher along with less loan availability. Not a good combo for RE sellers.
#170 hardplace: I think we can say the season ended right before 4th of July.
And yes it was a bust. Lots of listings expired unsold, but I believe you will see many of them come back again after Labor Day.
3b – Naw, these sellers will probably hang it up until next year, when they try to get 2005 prices in 2009. That’s of course if they have not been foreclosed upon yet.
Florham Park now has a house below 400k
There’s another 1 at 455.
I think houses similar to the one at 399 were being listed at 625k back in March/April 07.
I think some realtors need to take remedial math.
http://newjersey.craigslist.org/rfs/745704602.html
5 luxury condos? Funny, I only count 4.
Only 3% drop in NY area. We are such gloom and doom proponents.
Home Prices Fall in 23 of 25 U.S. Metropolitan Areas
http://www.bloomberg.com/apps/news?pid=20601110&sid=aUKNXKCNLhGA
Did someone mention cognitive dissonance earlier?
“The U.S. believes in a strong dollar policy,” Bush said at a news conference with Japanese Prime Minister Yasuo Fukuda yesterday. The economy of the U.S. remains fundamentally strong even as growth has slowed, he said.
3% drop in NY area. Where’s the gloom and doom??
RE market is still on fire in NJ.
Jmac, we are slowly becoming a third world country where people go on vacation and buy cheap stuff. kind of like going to Mexico in the 90’s but instead of Mexican made stuff we sell cheap Chinese junk.
frank – My comments were sarcasm laden. Yours is delusional.
“5 luxury condos? Funny, I only count 4.”
HOBOKEN is so HOT one of them sold while he was writing the ad!!!
:))
HEHEHE, don’t laugh for some reason which escapes me, sales in Hoboken are still relatively strong. Given that some disproportionate percentage of residents is employed by Wall St firms you would think sales would be hurting, but I keep seeing the signs with under contract stickers and have been in the market here for a year or so and good inventory is few and far between. Now the situation is improving elsewhere but Hoboken has been slow to change. Inferior locations in Hoboken, i.e “dead presidents” section is not moving too quickly which is a welcome change.
X,
regarding blacklight energy:
Nasa has done experiments based on some wilder physiscs ideas that showed real results. The problem is/was that modern physics cannot fully explain the results and the inventors physics conflicts with what is currently accepted.
WHile DARPA may continue to play with some of this stuff NASA tends to drop it, on the basis that if they cannot explain how it works, then it doesnt help them.
Although last i heard there were 1 or 2 researchers playing with some physics that deal with reducing the force of gravity (what would popularly be called anti-gravity). Apparently some russian physicist was able to show results and caught nasa’s attention.
Frank-
I hear the demand for margin clerks on WS is quite strong.
However, margin clerking is stressful and doesn’t pay very much. I think the money and excitement are much better in repossessing cars.
vodka (184)-
I want to believe…
I spent a Summer (long ago) as a repo man. Good times.
clott,
look into DARPA then, they play with all of the way out idea’s and concepts. they figure a 90% failure rate is worth the 10% pay off of next gen physics and tech. Most things are classified once DARPA funds them though, so they drop off the radar.
DARPA is the group that created the internet, although they were called ARPA then.
clott,
it was recently in the news that DARPA was playing with a laser system that can cause you to hear voices since at least the early 80’s….. All of those claims of “CIA in my head” arent so crazy anymore eh?
http://blog.wired.com/defense/2008/02/report-nonletha.html
to the other hobokenites….
Is it just me or does Michael Klein have every listing in town??
I have a business at the jersey shore and I’m hoping for big things from Canadians. Everything is on sale to them.
As for bigoted, I hate the Mets. Any day that wagner blows a save is a good day.
Biggest misstatement of the day:
“In February, IndyMac posted the first annual loss in its 23-year history, which led the company to suspend its dividend on common shares as it attempts to ride out the mortgage crunch. But despite all the lender’s troubles, Mr. Perry has insisted that mortgage brokers and home lenders are not the only ones responsible for the nation’s credit and housing woes. In February, he listed “systemic problems” and the government’s “over-stimulation of the housing market” as role-players, adding that “IndyMac and most home lenders were not ‘greedy and stupid.'””
HEHEHE, don’t laugh for some reason which escapes me, sales in Hoboken are still relatively strong. Given that some disproportionate percentage of residents is employed by Wall St firms you would think sales would be hurting, but I keep seeing the signs with under contract stickers and have been in the market here for a year or so and good inventory is few and far between. Now the situation is improving elsewhere but Hoboken has been slow to change. Inferior locations in Hoboken, i.e “dead presidents” section is not moving too quickly which is a welcome change.
I think it’s happening exactly like the downturn in the late 80’s/early 90’s. The rot starts at the edges of the NYC metropolitan areas (the suburbs), and creeps in. Due to it’s proximity to NYC, Hoboken will fall when Manhattan does.
TO AL,
Menlo park mall is to Americans what Iselin is to Indians. And I hate Menlo park mall. I want it removed and turned into a horse farm
JCER (189),
Do you have access to stats or is this an observation on your part?
Rich
willowbrook could be turned into a camp
for illegals
Real estate in Bergen County (per the NJMLS data) is on fire.
It’s burning DOWN.
First Half Stats
Year Sold U/C*
1991 3,151 4,794
1992 3,591 4,966
1993 3,542 4,919
1994 3,940 5,180
1995 3,235 4,639
1996 3,500 5,359
1997 3,834 5,253
1998 4,246 5,882
1999 4,364 5,494
2000 4,054 5,189
2001 3,822 5,019
2002 4,545 5,468
2003 4,139 5,344
2004 4,652 5,844
2005 4,796 6,026
2006 4,024 5,167
2007 4,134 5,110
2008 2,889 3,849
*Under Contract = Pending Sales
Sales down 40% from peak in 2005, U/C down 36% from peak in 2005
Median price is down 6% from the peak in 2006
Rich,
That’s amazing. The credit crunch seems to really be limiting activity.