Standoff during Bergen Co. eviction

From the Record:

Gunman surrenders after standoff

The son of a 88-year-old Saddle Brook woman whose house had been sold at foreclosure was arrested after pulling a gun on sheriff’s officers this morning.

Two Bergen County sheriff’s officers eventually talked John Brennan into giving up the weapon, and he was taken into custody.

The homeowner, Beatrice Brennan, was walked out of the house and taken away by ambulance.

eatrice Brennan had lived on the Adriana Street cul-de-sac for decades, neighbors said.

But the house had been refinanced and the loan couldn’t be paid, a real estate agent at the scene said.

The home eventually was sold May 16 at a sheriff’s sale.

The movers, Moving For Less of Union, showed up around 9:45 this morning and were told by two sheriff’s officers posted at the scene to wait until 10 o’clock, under the court’s order, said mover Anthony Shpilnan.

Moments later, John Brennan emerged from the house.

He pulled a .22-caliber handgun from his waistband, and the officers drew their weapons, said Ben Feldman, a spokesman for Bergen County Sheriff Leo McGuire.

Some additional information from the Bergen Jersey Foreclosure Blog:

Saddle Brook man pulls gun during foreclosure eviction

It seems that the woman lived in the home for decades but had recently refinanced the existing mortgage. The foreclosure judgment was over $400,000. According to the foreclosure notice, it looks like the loan was taken out by John J. Brennan, the man that was arrested, not his mom, who owns the house, according to the tax records.

The last transfer seems to be a quit-claim deed. It might be that the son refinanced his mom’s home for some reason.

This entry was posted in Foreclosures, New Jersey Real Estate. Bookmark the permalink.

219 Responses to Standoff during Bergen Co. eviction

  1. grim says:

    From MarketWatch:

    Mortgage applications down 1.5% last week: MBA

    Fewer applicants sought mortgages last week, with the volume of applications down a seasonally adjusted 1.5% compared with the last week of July, the Mortgage Bankers Association reported on Wednesday.

    Measured against the same week last year, applications were down 36.9% on an unadjusted basis for the week ended Aug. 8, the Washington-based MBA said.

    Seasonally adjusted filings for mortgages to purchase homes were flat on a week-to-week basis, while applications to refinance existing mortgages decreased 4.2%, the MBA said.

    The four-week moving average for all loans was down 5.2%, also on a seasonally adjusted basis.

    Mortgage rates for fixed-rate loans rose week over week, with 30-year fixed-rate mortgages averaging 6.57%, up from 6.41%. The average rate on 15-year fixed-rate mortgages stood at 6.17%, up from 6.02%.

  2. grim says:

    From the AP:

    Foreclosure of 88-year-old leads to standoff in Saddle Brook

    Authorities say a son held Bergen County sheriff’s officers at gunpoint as they tried to evict his 88-year-old mother from her foreclosed home.

    Officials say John Brennan threatened two officers with a .22-caliber handgun.

    Officers talked to the 60-year-old, who surrendered after about five minutes when a SWAT team arrived Tuesday.

    Beatrice Brennan had refinanced her two-bedroom, $250,000 home and had fallen behind on payments. The house was sold at a sheriff’s auction in May.

  3. grim says:

    From the WSJ:

    Toll Brothers Posts Revenue Decline
    By DAVID BENOIT
    August 13, 2008 6:39 a.m.

    Toll Brothers Inc. reported continued weakness in the fiscal third quarter, but Chief Executive Robert Toll said the luxury homebuilder sees “growing pent-up demand” for people who have delayed buying the past three years.

    Homebuilding revenue for the quarter ended July 31 fell 34% to $796.5 million. Analysts polled by Thomson Reuters had predicted revenue of $746 million.

    Signed contracts fell 27% as their total value slid 35%, though the cancellation rate continued to fall, declining to 19.4% from 23.8%. The company’s backlog at quarter’s end was down 48% at $1.75 billion.

    Toll Brothers estimates it will have $100 million to $200 million in pretax write-downs for the quarter, mainly land related. Homebuilders have written off billions of dollars of land and land options bought before the housing market cracked. Toll’s land holdings stand at about 48,500 lots, down 47% from a high reached two years ago.

  4. grim says:

    From the Press of Atlantic City:

    Polls finds businesses unhappy in N.J.

    Statewide surveys in the past few months show businesses have an increasingly sour attitude toward New Jersey.

    The latest poll released this week reveals much of the same: 54 percent of those who responded are not satisfied with New Jersey as a business location and 38 percent said state taxes were the biggest issue concerning them. Gas prices were the second-biggest concern at 31 percent; sales volume, 19 percent; cost of supplies, 8 percent; and obtaining credit, 4 percent.

  5. grim says:

    Reporter was three years late with this one…

    From the Bucks County Courier Times

    Buy a house, get a car

  6. reinvestor X says:

    FIRST!

  7. ml-implode.com is reporting rumors ResCap/GMAC is exiting the home-eq business entirely.

  8. House Hunter says:

    foreclosure stadium:
    http://www.cnbc.com/id/26159333

  9. Laughing all the Way says:

    HOUSE SELLS FOR $1

    Ron French / The Detroit News

    DETROIT — One dollar can get you a large soda at McDonald’s, a used VHS movie at 7-Eleven or a house in Detroit.

    The fact that a home on the city’s east side was listed for $1 recently shows how depressed the real estate market has become in one of America’s poorest big cities.

    And it still took 19 days to find a buyer.

    Advertisement

    The sale price of the home may be an anomaly, but illustrates both the depths of the foreclosure crisis in Detroit and the rapid scuttling of vacant homes in some of the city’s impoverished neighborhoods.

    The home, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the nicest house on the block when it sold for $65,000 in November 2006, said neighbor Carl Upshaw. But the home was foreclosed last summer, and it wasn’t long until “the vultures closed in,” Upshaw said. “The siding was the first to go. Then they took the fence. Then they broke in and took everything else.”

    http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360

  10. Laughing all the Way says:

    in mod, JB

  11. chicagofinance says:

    OK – it looks like a covenant default, or technical default, they may actually have enough cash….

  12. Sean says:

    re: shorting

    Our very own Ira Hovnanian should be proud he broke the top 10 in July.

    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aFGsS8sbqDvM

  13. chicagofinance says:

    It sounds as if Chevy’s Mexican and Perkins are also on the radar…..

  14. bairen says:

    I don’t think I would want to live in that Saddle Brook house. The guy may return whenever he gets out of jail.

  15. 3b says:

    #14 I wonder if the Som talked the mother into refinancing?

  16. tbw says:

    She put his name on the deed in 2006

  17. bairen says:

    #16

    I think that’s kind of common for people in their 70’s and 80’s to transfer assets to their children for estate and avoiding con man purposes.

  18. tbw says:

    #17: There is a danger in that, you really have to trust your kids. For instance, I have a sibling that I know would force my mother to sell her house if she were on the deed. To “cash out” of the house you would need all signatures on the deed, correct?

  19. CB in SJ says:

    Troll, nitwit, or both? I am having trouble deciding.

    #6 reinvestor X Says:
    August 13th, 2008 at 8:11 am

    FIRST!

  20. Tom says:

    Thanks grim, was a nice surprise seeing a mention when I came here this morning.

    I updated the story on my blog. According to a comment on the northjersey.com story, it seems the mother did indeed transfer the deed to her son and he took out a loan against it. The comment was supposedly posted by a neighbor that knew the family.

  21. Clotpoll says:

    grim (3)-

    Is bi Bob Toll’s quant?

    “…but Chief Executive Robert Toll said the luxury homebuilder sees “growing pent-up demand” for people who have delayed buying the past three years.”

    Er, Bob…that’s PANT-up demand, pal.

  22. make money says:

    Aug. 12 (Bloomberg) — The U.S. budget deficit widened to a record for July as tax rebates boosted government spending, a slower economy cut revenue and regulators covered insured deposits at failed banks.

    The $102.8 billion deficit last month compares with a shortfall of $36.4 billion in July 2007, the Treasury said in a report issued in Washington. Spending last month rose 27.3 percent to a record $263.3 billion from a year earlier, and revenue decreased 5.8 percent to $160.5 billion.

  23. Orion says:

    re: Esperanza in Asbury Park

    Yesterday I received an e-mail referencing a lis pendens for the Esperanza building. Can anyone here verify this?

  24. Tom says:

    tbw,

    It looks like the mom signed over the house to her son through a quit-claim deed.

    So it would be hard for her to have any legal standing.

  25. Clotpoll says:

    make (23)-

    Oh, yeah. Everything’s looking much better now. Grab your ankles, and get ready for Stimulus/Rebate II.

    Weimar meets Zimbabwe. Good times.

    [sarcasm off]

  26. PGC says:

    Its amazing what is coming out of the woodwork.
    Credit Suisse hit by £5.6m FSA fine after sub-prime rogue trading
    http://www.guardian.co.uk/business/2008/aug/13/creditsuisse.creditcrunch

  27. Clotpoll says:

    Hunter (8)-

    Foreclosure stadium?

    Why not call it “Blunderdome”?

  28. Clotpoll says:

    PGC (27)-

    All the rotten sausage is being vomited up.

  29. NJl$rd says:

    re: GMAC

    Good to know. I have a zero balance HELOC with GMAC in case of the emergency. Now I have to use plan B.

  30. NJLifer says:

    22 Clot,

    The renters that showed restraint are PANTS-UP, the ones that didn’t are now PANTS-DOWN.

  31. Cindy says:

    “Bank Stocks Drop Anew Amid Worry Over Falling Home Prices” – wsjonline – by
    James R. Hagerty and Jonathon Karp

    Under “sparse date” some snipits re: foreclosures…

    “The pain may get worse before it starts to ease. A recent report from Barclays Capital estimates that there are 721,000 bank-owned homes nationwide, up from 112,000 two years ago. Barclays expects the total to rise 60% more before peaking in late 2009.”

    “Financial institutions are acquiring homes through foreclosure much faster than they can sell them. Fannie Mae, a government-sponsored mortgage invester, disclosed last week that it acquired 44,071 homes through foreclosure during this year’s first half but sold only 23,627, leaving a balance of 54,173 as of June 30.”

    “Fannie said it is opening field offices in California and Florida to try to speed sales of such homes and is evaluating offers from unidentified parties interested in “bulk” purchases.”

  32. NJl$rd says:

    Why is there any suggestion buying silver vs. gold in this board? I would rather hoarding silver as it could be used in my kitchen :)

    #33 make

  33. Stu says:

    So it seems like we have enough of a response to make the poker and liquor GTG a go. Let’s shoot for Friday night, August 22nd starting around 7pm. We’ll talk about what each person will bring as we get closer.

    Grim,

    Would you be willing to vet out my email address?

  34. NJCoast says:

    #25 Orion

    Go to the Monmouth County Records website and you’ll see 5 pages of construction liens and lis pendens for Metro Homes Esparanza- Block-176 Lot-1.02

  35. NJl$rd says:

    I’m wondering what’s the cpi in 6 months:

    http://money.cnn.com/2008/08/11/smallbusiness/china_no_longer_cheap.fsb/index.htm?postversion=2008081111

    In China, outsourcing is no longer cheap
    As China makes big moves to improve its environmental and labor conditions, U.S. companies that manufacture there face soaring costs.

  36. stuw6 says:

    Blunderdome?

    Clot, you are a genius.

  37. Fiddy Cents on the Dollar says:

    Re: Esperanza

    The NYT had an article spelling out the problems of this project and the city of Asbury Park in general. Looks like a combo of bad design, bad timing, and bad financing.

    A true trifecta….

    http://www.nytimes.com/2008/07/13/realestate/13njzo.html?_r=3&ref=realestate&oref=slogin&oref=login&oref=slogin

  38. NJGator says:

    So much for Stu spending the whole weekend working on the house, while the Little Gator and I are away in Austin, TX. Yee Haw!

  39. scribe says:

    Tom,

    The house was sold at a sheriff’s sale in May …for how much?

    The story talks about her $250,000 home, but the loan was in excess of $400,000?

    When I read these stories, another obvious question: So what did the son do with the money?

    The emphasis in these stories is always on losing the house, but the obvious question that doesn’t get asked: So what happened to all of that money?

  40. ben says:

    he did what everyone else did with their home equity loans. He had a lot of fun.

  41. stuw6 says:

    Oh come on Gator,

    It’s only Friday night!

  42. PGC says:

    Don’t know if this was posted before. Shame we don’t have Pret to dissect the charts. I’ll leave the analysis to others.

    http://www.federalreserve.gov/boarddocs/SnLoanSurvey/200808/

  43. Sybarite101 X says:

    Repost from yesterday’s thread for more exposure:

    Question for applicance gurus:

    My parents’ refrigerator just kicked the bucket, after only 5 years. Frigidaire.

    What are the most reliable brands, in your experience?

    TIA

  44. Tom says:

    scribe,

    There were no bids at the auction, it went back to the bank.

    I think the son might have lost his home a few years ago to foreclosure in Burlington. I’m not sure though. I did see a foreclosure somewhere around there for someone with the same name.

  45. PGC says:

    Scary.

    From the FT

    The Greenwich survey found that 55 per cent of respondents had stopped using one or more financial institutions, other than Bear Stearns, as a counterparty on credit trades due to concerns about solvency, although it did not name them. Many had cut back their use of credit default swaps, the most common type of credit derivative.

    http://www.ft.com/cms/s/0/ef75a636-67cc-11dd-8d3b-0000779fd18c.html

  46. BC Bob says:

    “growing pent-up demand”

    I’m confused. Was Bob Toll talking about the cancellation rate, or maybe outside of RE, scooter sales?

  47. tbw says:

    Re: Refrigerators: Go to your local library and see what the Consumer Reports buying guide says

  48. hughesrep says:

    46

    Years ago I ran the kitchen and appliance department in a Lowes. I seemed to have the fewest problems with Maytag, but that was when they were still made in Iowa.

    Whirlpool bought Maytag a few years ago, so I don’t know if the quality is still there, I think they are made in Mexico now at the Whirlpool plant.

    A slight step down were the Whirlpools and GE’s, they were made in Mexico at the time, but still very well built, with only a few occassional problems.

    If you go to Sears and get a Kenmore, make sure you find out who actually made it. It is just a GE, Whirlpool, or Frigidaire in disguise. There used to be website that listed the manufacturer of Kenmores by model number, but my Google-fu is weak today.

    Frigidaire bites for every appliance.

  49. JoeR says:

    Sybarite –

    I have a GE Profile refrigerator that I purchased in 2004 – never worked quite right, cooling always hit or miss. Condenser fan died 2 weeks ago. I ended up buying a little fan from HD and put it behind the fridge blowing on the condenser. Fan runs 24/7, but is quiet and now the temperature stays consistent.

    Wouldn’t buy another GE. (Also, my GE dishwasher had a recall last year – they gave me $75 towards a new one)

    I have a KitchenAid refrigerator at another house. I bought it used in 1998 and it is still running today.

    My parents had a Ford Philco refrigerator that they bought new in 1971. They used it as their primary refrigerator until they got rid of it late last year….

    IMO, newer stuff is junk.

  50. BC Bob says:

    Make/Clot,

    I’m digging.

  51. ben says:

    Asbury Park is doomed again. They had a nice little run and managed to fill their abandoned commercial district with retailers and restaurants. Now that their real estate vitalization is dead and the shore industry is not booming, despite the beautiful weather this summer, you’ll see those places all abandoned again in a few years.

  52. BklynHawk says:

    Sybarite-
    This is not a direct answer to your question, but have you thought of subscribing to Consumer Reports online edition and just searching their archive? It’s only $26 for a year. Seems worth it and they’re a great source.

  53. scribe says:

    Tom,

    Thanks

  54. BC Bob says:

    “Asbury Park is doomed again.”

    Ben,

    Not another rendition of; “My City’s in Ruins”?

  55. BklynHawk says:

    53-
    JoeR, you mentioned older refrigerators. The 1967 GE refrigerator we used just gave out on us last year. The reason I know it was from 1967. There was a sticker on the side that said “Golden Wheat and Avocado colors available in spring 1968.”

    Also, was walking by a appliance repair place in upstate NY and saw the oldest fridge I’d ever seen. The condenser was the size of an old biplane engine. Stopped in and it was still running. The shop owner said it was from the early 30’s and ran on Sulphur Dioxide. He had thought about selling it, but said if it ever leaked the smell would be horrendous. So, he kept it to keep soda’s cold and store employees’ lunches. (I can’t remember the manufacturer).

  56. stuw6 says:

    I went with a GE based on Consumer Reports and am pretty satisfied with it. I bought it based on a bunch of research which yielded interesting results. Essentially, the highest rated appliance makers varied by the type of fridge. GE was supposedly the best freezer on top and that is what we wanted. It also had the water dispenser inside as well as a traditional icemaker which saves a lot of room over the outdoor dispenser.

    I purchased it as well as an oven and washer from Rainbow Appliance who had the best prices by far. I ordered off of their website.

  57. 3b says:

    Clot: Question for you. A house in my town sold for 430K in May of 06.

    It is now offered by the Realtor as a short sale at 359k.

    All of the houses in the area are the same, except some have been updated/renovated over the years.

    In your opinion is the 359K offered price now the comp for the other houses in this 2 block area?

    If the house sells for less than 359K, does that become the new comp?

  58. NJl$rd says:

    Do we have any sign of doing better in NJ?

    #49

  59. stuw6 says:

    I have one of those college dorm cube refrigerators bought in 1977 that was passed down from my 6 older siblings to me plugged in at work. You want to talk indestructible? It’s a Sanyo. I also have a 13″ Zenith color TV from 1984 that is still cranking. It has knobs!

  60. reinvestor X says:

    THIS IS A CHEAPSKATE SCAM designed to get all of you to buy his groceries for the next couple of months. Stu is too young to come up with this on his own, so undoubtedly the master cheapskate, 3bonehead, has his hands all over this.

    Notice that the first thing he says is “We’ll talk about what each person will bring”. You all would be wise to question him VERY closely on what happens to the food and drinks that aren’t used? Do you get them back?

    All I know is this: If this were legitimate, he would be providing the damn food.

    Stu Says:
    August 13th, 2008 at 10:36 am
    So it seems like we have enough of a response to make the poker and liquor GTG a go. Let’s shoot for Friday night, August 22nd starting around 7pm. We’ll talk about what each person will bring as we get closer.

    Grim,

    Would you be willing to vet out my email address?

  61. Tom says:

    JoeR,

    Condenser fans are pretty cheap and easy to replace. Should be able to find them for $30-$40 online.

  62. Nom Deplume says:

    [32] lifer

    Are those the Pants made of Crush Valor?

  63. NJl$rd says:

    There was a big shake-up in mrs.NJl$rd workplace. Quite a few MD in structure finance division got axed this time.

    I think it’s an Inevitable result of the legal settlement between the rating agency and the SEC. Part of the agreement you’ll see tighter criteria in the street.

  64. NJGator says:

    reinvestor X 64 – No worries. You will not be scammed. You are not on the authorized list allowed to get my address.

  65. Nom Deplume says:

    [64] re

    you know, you don’t have to attend. I’m sure that will be all right with everyone.

    Same goes for the Brigadoon GTG. It’s a long trek, and I will certainly understand if it is inconvenient.

    Re: Poker GTG – I’m out; travelling to MD shore next morning with the Missus and the little DePlume.

  66. stuw6 says:

    I don’t know REtard.

    My momma always taught me that you should never go empty-handed to a neighbors home.

    Seems like you are the cheapskate who has been mooching of the neighbors for years.

  67. Al says:

    stuw6 Says:
    August 13th, 2008 at 11:20 am
    I have one of those college dorm cube refrigerators bought in 1977 that was passed down from my 6 older siblings to me plugged in at work. You want to talk indestructible? It’s a Sanyo. I also have a 13″ Zenith color TV from 1984 that is still cranking. It has knobs!

    You rpobably paying a lot more/year in electricity for this TV (unless you are not using it very often)..

    Old refirirators lasted a lot longer as they were build with a lot less electrical components, and non-energy efficient electrical motors were designed to last vs. being energy efficient.

    Plus – one you passed 10 year old mark on old appliances they almost never broke – all bad components break in the first 5-10 years :)

  68. lookout below says:

    Longtime lurker, second-time poster. Awesome site, with great contributors.

    So here’s a question – is a realtor who uses photoshop to cover up a major characteristic of a property guilty of fraud?

    Take a look at the pics for MLS 2554027.

    These are new condos on the Verona, Caldwell, Essex Fells border that sit maybe two feet away from 50MPH traffic on Bloomfield Ave. (and for what it’s worth, laughably listed as being in Essex Fells)

    But when you look at the exterior photo in the listing, busy 4-lane, double yellow-lined Bloomfield Ave has mysteriously disappeared, replaced instead by a generous coating of new blacktop.

    Notice also where the shadows from the trees abruptly stop at the curb.

    Classy.

  69. Sybarite101 X says:

    Thanks for all of your insights. I’m a bit leery of CR, that’s why I haven’t subscribed, but I suppose it can’t hurt to use them as an additional source of input.

    I have to say, the fridge they’re using as a backup in the garage must be 20-30 years old, and runs like a top. And the fridge I had in my last apt must have been from the 60’s or so, with the freezer being inside the fridge, and is still running fine with the new tenants. I think that one was hotpoint.

    I’m just shocked that a $1200+ fridge can crap out in ~5 years. Absolutely ludicrous.

  70. kettle1 says:

    Al,

    its the bathtub curve

    http://tinyurl.com/6o9xcj

    you have a high initial failure rate at the begining of the life cycle, you level off, then the failure rate increase again at the far end of the life span

  71. NJl$rd says:

    Could you go and check it out for me? I won’t be able to make it – all excuses. Until then I can not agree with you 100%.

    #64 reinvestor X Says:
    August 13th, 2008 at 11:20 am

    THIS IS A CHEAPSKATE SCAM

  72. NJGator says:

    Lookout 72 – I know those condos. I never actually believed they were going to be houses, because I couldn’t imagine anyone wanting to live all of 3ft off of Bloomfield Ave.

  73. make money says:

    Why is there any suggestion buying silver vs. gold in this board? I would rather hoarding silver as it could be used in my kitchen :)

    Nice. Silver Countertops. That’s a value added renovation.

    I like Gold as a currency. End of discussion.

  74. Nicholas says:

    My mother-in-law bought a washer from Sears (Frigidair) and it broke after about 4-5 years use.

    Repair-man came out for 75 dollars and turned the nob on the front of the machine, watched it fill up, then make a funny noise as it went into spin cycle. He began to fill out paperwork. He was there for less then 15 mins and said “Yep, you have bad bearings, it will cost 900$ to replace them”. Keep in mind that a new washer sold for 600$.

    Turns out he was wrong, very wrong. He knew exactly what had happened because every front-loading washing machine sold by Frigidair in that model broke the same way and it wasn’t the bearings.

    I searched the internet, found the common problem, and looked up a solution. I took apart the washer, ordered replacement parts, and put it back together. Cost me 250$ in parts, six hours repair time (I’m a novice) and all reports indicate that the machine will last another 4-5 years before failing from the same problem again.

    I won’t buy another appliance from Sears nor will I ever call them for repairs. I am interested in people who tell the truth and don’t mind working for a living.

  75. make money says:

    BC,

    I love it when you’re digging. I’m already in a whole covered with this stuff.

  76. Sybarite101 X says:

    Nicholas,

    Was it the spider failure? My grandma’s Frigidaire washer failed within 4-5 years too, and when we opened it up the spider had fractured into several pieces. Turns out they used a cheap, brittle metal for that part and it seems to fail pretty often.

  77. Hard Place says:

    Fridges –

    I just replaced a GE Profile that crapped out after about 6 years. Didn’t bother having someone diagnose the problem, because everything was starting to break. The condenser appeared to go in and out and eventually just gave out. Also the seals were ripping off the edge and the interior plastic racks were breaking at the screw connections.

    Instead bought a Maytag. POS crapped out on me three weeks ago. Fan broke, so freezer was cold, but refrigerator did not go cold. Lost a lot of food. Was quite pissed. Warranty repairman said no parts available. After waiting for two weeks, took some yelling at the service rep on the phone and they finally said they would overnight the parts to the warranty repair people. So why did they not do this in the first place to keep a customer satisfied.

    Now I don’t know what to buy next? The reason I chose the Maytag was because of Consumer Reports reliability. That went out the window after this experience.

  78. Hard Place says:

    Oh, I had the Maytag for 4 months before it crapped out.

  79. stuw6 says:

    Before I replaced the oven, the electric pilot (starter) would not work. I brought in a repairmen and he fixed it for $200. One month later, it stopped working again. I will seriously push my son into being a plumber or electrician the second he shows signs of not being an academic.

  80. skep-tic says:

    for those with an interest in CT:

    for the first 6 months of 2008:

    Greenwich sales of single-family homes were down 33 percent to 270, from 403 a year ago. Median price down 4.9 percent to $1.95 million, from $2.05 million in 2007.

    Stamford single-family home sales down 39.4 percent to 206 from 340 in 2007.
    Median price dropped 12.2 percent to $620,000, from $706,000.

    http://www.stamfordadvocate.com/realestate-section/ci_10135461

  81. BC Bob says:

    Make,

    I was spread short oil/long gold. Now flat oil, just long gold. I am using $800 Dec as my stop. If it sells thru there, I’m taken out. I will then place a buy stop at the same level. I love 20% pullbacks, when the long term technicals are not affected by the move. My time horizon on this, from entry in 03, is 12-15 years. When these cycles turn, the duration seems like it’s forever. That said, all that really matters is market action.

    ALL DISCLAIMERS.

  82. stuw6 says:

    Naked short selling ended today for the Fav 19. Check out the results! BAC down 7%, C down 4.2%, WB down 6.19%, WM down to 4.07 with another 5.4% haircut, FNM down 4.3%.

    How long before Paulson gets a phone call from his friends at GS to renew the ruling?

  83. Tom says:

    Yesterday, some guy posted a comment on my blog regarding, I’m just going to say a way to pay your mortgage faster using a HELOC and some software and hopefully don’t get stuck in mod.

    Doesn’t seem like a great idea to use debt to help get out of debt so I made a spreadsheet using a way to do something similar using a savings account instead and made it available on my site.

    My background isn’t in finance so I was wondering if any of you, that know more, have any thoughts on what I suggest or the original program?

  84. From CR/Reuters , Countrywide option-ARMs deteriorate further.
    The fun parts;
    1 in 8 are 90+ days late
    72% are making less-than-full payments
    BAC won’t honor CFC debt

  85. Mitchell says:

    #42 Scribe:

    I wondered that as well. I bet there is some similarities to this.

    ‘Extreme Makeover’ house faces foreclosure
    Harper family used home as collateral for a $450,000 loan
    http://www.msnbc.msn.com/id/25888546/

    This Feb. 2005 picture shows the Lake City, Ga. home which was the subject of the “Extreme Makeover: Home Edition” television show. More than 1,800 people helped demolish the Harper family’s decrepit home and replace it with this sparkling four-bedroom mini-mansion that towered over ranch and split-level homes in their Clayton County neighborhood. But three years later, the home has become the latest victim of the foreclosure crisis after the family used it as collateral for a $450,000 loan. The two-level home is set to go to auction on Aug. 5.

  86. #88 – That should be BAC won’t guarantee CFC debt.

  87. BC Bob says:

    “72% are making less-than-full payments”

    tosh[88],

    Wow! I didn’t realize that it was this high. 2009-2011, resets on prime/alt-a, will be the final keg of dynamite. Total bank losses will approach/exceed $2T, we are at approx $500B at this time. It will be a total bloodbath, probably worse that I imagined.

  88. #91 – I didn’t either, but it’s not that surprising. This is the keg that will detonate the NYC-burbs.

  89. Tom says:

    BC Bob,

    I don’t know, I think we may find out that a lot of the prime is more like chuck.

  90. skep-tic says:

    I guess it depends on your definition of “detonate,” but I think this is already happening in the NYC burbs. Transactions are down 40+% YoY in many areas, and in many places down 50% from peak volume. This is with prices down double digits from peak and pretty low interest rates for qualified buyers. The point is that 10% off and 6.5-7.0% mortgage rates clearly isn’t nearly enough to clear the market. Buyers are not jumping back in and will not without major price reductions

  91. kettle1 says:

    BC bob, make, et al

    The trillions are adding up, 2 trillion here, 2 trillion there, and pretty soon we are talking real money.

    Can the Fed pump out enough money to match the destroyed wealth plus an additional sum in order to inflate our debts downward without sparking runaway inflation?

  92. skep-tic says:

    I think it is becoming increasingly apparent that no one can prop up house prices. I think we are coming to the point where the federal government will decide which institutions are too big to fail and which are not (to the extent they haven’t already) and then simply directly prop up those institutions, rather than trying to indirectly do this by propping up house prices. Homeowners will be thrown under the bus because there is simply no other feasible choice available.

  93. #95 – kettle1 – The Fed has been pumping out the cash for a year now and it isn’t reaching the consumer. I think we’re going to get deflation regardless of the Fed’s actions.

  94. NJl$rd says:

    Hmm.. I thought one of the greatest invention in finance is to use paper/plastic instead of gold? Who’s still using gold as (implication) currency since the Brentenwood agreement was broke by US in 1971??

    #77 make money Says:
    August 13th, 2008 at 11:43 am

    Why is there any suggestion buying silver vs. gold in this board? I would rather hoarding silver as it could be used in my kitchen :)

    Nice. Silver Countertops. That’s a value added renovation.

    I like Gold as a currency. End of discussion.

  95. Sean says:

    Senator Bunning is gunning for Bernanke.

    http://www.wbko.com/home/headlines/26893864.html

  96. Tom says:

    “Can the Fed pump out enough money to match the destroyed wealth plus an additional sum in order to inflate our debts downward without sparking runaway inflation?”

    kettle1,

    I don’t think so. The wealth wasn’t real. It’s gone. The inflated home prices weren’t real, they’re gone too. The only ways to keep that wealth I think would just devalue the dollar further and just keep up the illusion of wealth. We have to get back to making things and making money offf of those things, not just making money by moving money. It doesn’t seem like a good idea to become a middle man.

  97. scribe says:

    Maybe while John’s out of town, we could have a ReInvestor knock-off contest.

    He seems to be unnaturally obsessed with toilet paper and left-overs.

  98. NJl$rd says:

    I’m afraid to say, the wealth is NOT destroyed. It’s more like a money scam and then spent recklessly by the citizens of this empire.

    Unfortunately, every other cheapstakes like me would have to pay for it.

    #95 kettle1 Says:

    Can the Fed pump out enough money to match the destroyed wealth plus an additional sum in order to inflate our debts downward without sparking runaway inflation?

  99. kettle1 says:

    tosh,

    i agree, but have been having a friendly ongoing debate with make and a few others about deflation/inflation

    NJL$rd

    Gold is the currency of last resort, among many other charateristics. The exact function of gold depends on the market conditions at the time you try to sell it. It can be a hedge, it can be a store of value, or it can be a losing proposition. It all depends on how you use it. gold has also been accepted as currency for the majority of human history.

  100. BC Bob says:

    kettle [95],

    The fed has lost control after 28 years of artifically stimulating the markets. No econmomy can exist, long term, on constantly compounding debt and cheap credit. We are too deep in piles of do-do. Unfortunately, all that you can do is deleverage and make a concerted effort to eliminate debt.

    The monster now has too many tentacles. The fed realizes this. It’s not a liquidity problem, never was, it’s strictly about solvency. The only cure is to allow the business cycle to run it’s course. Many have never experienced this, don’t know if they can cope. It will be a real wake up call.

  101. BC Bob says:

    “Hmm.. I thought one of the greatest invention in finance is to use paper/plastic instead of gold?”

    [98],

    How’s it working?

  102. BklynHawk says:

    Sybarite-
    Again, this isn’t exactly answering your question, but I’ve experienced Bosch vacuums first hand and can vouch for how well they are made. My neighbor has a Bosch dishwasher (got with a slight scratch that you can’t see) and swears by it. They have a refrigerator line called Integra.

  103. NJl$rd says:

    ReInvestor is the best contributor to the economic and the board. While his wealth is being distroyed as housing going down, there is no point to punish him in this board again.

    Besides, he’s being really really funny and make me laugh :)!!

    #101 scribe Says:
    August 13th, 2008 at 12:33 pm

    Maybe while John’s out of town, we could have a ReInvestor knock-off contest.

    He seems to be unnaturally obsessed with toilet paper and left-overs.

  104. BklynHawk says:

    Sorry, meant Evolution. Integra is more specialized refrigeration units (like wine coolers, etc.)

  105. NJl$rd says:

    We could print any many possible greenback (paper) and issue any many possible credit card (plastic). In the future, we don’t even need paper or plastic as we have computer now. All your wealth is just a number in the bank’s computer memory.

    There is no need for the gold as a currency as more (intrinsic value).

    #105 BC Bob Says:
    August 13th, 2008 at 12:37 pm

    “Hmm.. I thought one of the greatest invention in finance is to use paper/plastic instead of gold?”

    [98],

    How’s it working?

  106. skep-tic says:

    the market for Bosch vacuums must be pretty small. anyone who could spend that much on a vacuum likely doesn’t do much vacuuming

  107. Nicholas says:

    Yes,

    It was the Spider Failure. There was a large buildup of soap/residue on the arms which held moisture against the arms. They oxidized and weakened the arms leading to eventual failure when the machine went into the spin cycle.

    Origionally it was due to them using poorly constructed materials. This one had the upgraded version of the same tub and it failed also. It is a design flaw really, they shouldn’t have left any crevices for soap or water to settle on the interior basket.

    Sybarite101 X Says:
    August 13th, 2008 at 11:47 am
    Nicholas,

    Was it the spider failure? My grandma’s Frigidaire washer failed within 4-5 years too, and when we opened it up the spider had fractured into several pieces. Turns out they used a cheap, brittle metal for that part and it seems to fail pretty often.

  108. stuw6 says:

    I’ve heard nothing but repair nightmares with the Bosch washers. They’re selling point is the stainless interiors which really provide little value except that they don’t discolor like the plastic tubs.

  109. skep-tic says:

    interesting article from the WSJ:

    Japan’s Bank Crisis Is Combed for Lessons
    By YUKA HAYASHI
    August 13, 2008; Page C2

    TOKYO — As concerns about the mortgage crisis have engulfed U.S. financial institutions, some experts are looking for lessons from Japan’s experience fighting a major banking crisis a decade ago.

    For years, Japanese regulators avoided big bailout plans as the public opposed using tax money to save bankers who had profited from lending to property speculators. But when the failure of two big financial institutions threatened to cause a panic in 1997, regulators implemented what is now considered the most effective of their measures: guarantee virtually unlimited amounts of public funds, so that banks could boost their capital to write off bad loans more aggressively.

    “The problem was the government tried to save everyone,” says Naoko Nemoto, a banking analyst for Standard & Poor’s in Tokyo. “They should have taken steps to encourage the exit of the weakest players.”

    *********

  110. BC Bob says:

    “We could print any many possible greenback (paper) and issue any many possible credit card (plastic). In the future, we don’t even need paper or plastic as we have computer now. All your wealth is just a number in the bank’s computer memory.”

    [109],

    You are describing the Greenspan/Bergabe mess.

    That RE wealth, stored in your/any computer has just evaporated by approx $4T.

  111. kettle1 says:

    NJ$lrd

    wealth is destroyed. When i default on the 500K mortgage and the bank can only sell the house for 300K, then 200K has been destroyed. Its all based on fractional reserve banking. When you put $100 in a saving account at the local bank they loan $90 of your deposit. Those loans go one the books as assets. IF the loans disappear so do the assest, or a significant portion of said asset.

  112. chicagofinance says:

    Sean Says:
    August 13th, 2008 at 12:28 pm
    Senator Bunning is gunning for Bernanke.

    Is that supposed to be a toungue twister?

  113. stuw6 says:

    ChiFi:

    A friend of mine who lives and works in Manhattan was looking for a financial adviser as he is 10 years away from retirement and needs tons of advice as he is not financially savvy, although he is a pretty good saver. His income level is probably between 80K and 100K.

    Where should he look for such a person? Any advice would be greatly appreciated. He as well as I am clueless as to where to find one and how to gauge their value.

  114. chicagofinance says:

    BklynHawk Says:
    August 13th, 2008 at 12:38 pm
    Sybarite-
    Again, this isn’t exactly answering your question, but I’ve experienced Bosch vacuums first hand and can vouch for how well they are made.

    The Bosch vacuum rocks! It is also quiet so you can use it even when the baby naps….we have the stick with a HEPA filter…it is like having a mega-dust-buster…..

  115. BC Bob says:

    NJ$lrd,

    Assets get pummeled but wealth remains constant? Interesting theory? How about the asset gets obliterated but the debt remains. What next?

  116. make money says:

    TOSHIRO[97],

    The fed and hank realized this last winter and hence Stimulus Package was born. put money directly into consumers hands and inflate the GDP.

    They are working and trying to do their best in instilling confidence into the US economy and it’s markets.

    Will they succeed? Lets say that they’re not the favorit ein vegas judging by the amounts of shorts out there.

  117. NJl$rd says:

    I see what you’re saying. But the question for the difference of 500k and house: where was it from and where it went?

    In a simple explanation, the bank (bag holder) just lost $200k to the original seller. It’s not destroyed. But the original seller may waste those $200k gain on bmw,boat,etc, that’s spent! And the $200k wasn’t even there if you don’t overpay the house (with bank,appraiser approval).

    #115 kettle1 Says:
    August 13th, 2008 at 1:02 pm

    NJ$lrd

    wealth is destroyed. When i default on the 500K mortgage and the bank can only sell the house for 300K, then 200K has been destroyed.

  118. House Hunter says:

    clot 29…and it is of Katrina proportion. all the statistics in the world don’t give you the impact…amazing.

  119. House Hunter says:

    post from yesterday..just interested:
    to the realtors out there…just a general question. If a home has septic, and it obviously is either not passing inspections or borderline passing, why do most sellers try to make the buyer pay? a few years ago my brother received money in escrow, and in other cases I have not heard of the buyer fixing that kind of thing. I have two examples lately of people that say 1) I refuse to fix it, that is why the house is priced so low (not really) 2) I will pay for half…now come on, last quote I heard was for $42,000. How would someone come up with the down payment and the po*per as well. I suppose I feel this is an essential part of the home that the seller should be responsible for..

  120. chicagofinance says:

    stuw6 Says:
    August 13th, 2008 at 1:05 pm

    ChiFi:
    A friend of mine who lives and works in Manhattan was looking for a financial adviser as he is 10 years away from retirement and needs tons of advice as he is not financially savvy, although he is a pretty good saver. His income level is probably between 80K and 100K.

    Where should he look for such a person? Any advice would be greatly appreciated. He as well as I am clueless as to where to find one and how to gauge their value.

    stuw6: Before I answer completely, I will let the masses chime in, because everyone will have an opinion.

    I will be biased based on my own background. The person has to have a CFP, and once that is established, check the person’s record for any incidents or disciplinary action. Basically, there shouldn’t be any…

    There are two major organizations out there, one is the FPA and other is NAPFA.

    I will leave it there and let the wave of responses begin. Ultimately, I will tell you in advance that people are going to be very authoritarian in their opinions, but in the end does that really help you find help? We’ll see……

    I will respond more fully later….

  121. Al says:

    kettle1 Says:
    August 13th, 2008 at 11:36 am
    Al,

    its the bathtub curve

    http://tinyurl.com/6o9xcj

    you have a high initial failure rate at the begining of the life cycle, you level off, then the failure rate increase again at the far end of the life span

    Gotta Love Internet – everything have a name.

    I like “Bathtub Curve” – there is a nice ring to it, and it can have both short cross-section and long-cross-section as well…

    then the failure rate increase again at the far end of the life span
    – unfortunatelly this describes my 1994 camry…

  122. NJl$rd says:

    BC, what’s the definition of your assets here? RE,Bonds I may suppose?

    It’s a mess I have no double. But if your wealth is allocated on those overflated asset in the wrong time, hey sorry you just get scammed out of your wealth.

    #119 BC Bob Says:
    August 13th, 2008 at 1:06 pm

    NJ$lrd,

    Assets get pummeled but wealth remains constant? Interesting theory? How about the asset gets obliterated but the debt remains. What next?

  123. Can someone offer some advice on a property I’m bidding on?

    I think I finally found my dream home, but of course I don’t want to overpay.

    Any thoughts on MLS #2506566?

  124. kettle1 says:

    NJSlrd

    You seem to be missing the idea behind fractional reserve banking.
    perhaps we agree to disagree

  125. BC Bob says:

    “BC, what’s the definition of your assets here?”

    NJl$rd,

    It does not make any difference, any asset.

  126. Victorian says:

    Damn…some hard hitting truth here.

    The Decline of the American Empire
    – Roubini
    http://www.rgemonitor.com/roubini-monitor/253323/the_decline_of_the_american_empire

    ” By now the US is the biggest net borrower in the world – running current account deficits still in the 700 billion dollars range – and the biggest net debtor in the world with its foreign liabilities now over 2.5 trillion dollars.

    The trouble with these twin deficits is multi-fold. First, superpowers and empires – like the British Empire at its peak – tend to be net lenders – i.e run current account surpluses – and be net creditors, not net debtors; The decline of the British Empire started in World War II when the British fiscal deficits in the war and the current account deficits turned that empire into a net borrower and a net debtor both in its public debt and external debt. That financial switch into an external debtor and borrower position was also the reason for the decline of the British pound as the leading reserve currency. And the British twin deficits were being financed by a rising economic and financial power that was a net lender and a net creditor, the US.”

  127. ADA says:

    CF #124

    “check the person’s record for any incidents or disciplinary action”

    Is there an easy way to do this? thanks in advance.

  128. kettle1 says:

    Bank Stocks Drop Anew Amid Worry
    Over Falling Home Prices
    By JAMES R. HAGERTY and JONATHAN KARP
    August 13, 2008; Page A1

    Banks are selling foreclosed homes in some cases for less than half the price they fetched two or three years ago. The cuts are coming as the U.S. banking sector, slogging through its worst crisis in decades, bites the bullet out of fear that prices will keep falling.

    One example of the deep price cuts on foreclosures: A 1,230-square-foot home in Corona, Calif., was sold by a unit of investment bank Credit Suisse in June for $198,000, down from $450,000 when the property sold in a regular transaction in December 2006.

    notice the stock performance charts halfway down the page
    http://tinyurl.com/58rzmm

  129. BC Bob says:

    “Except for budget wonks in love,” The Washington Post writer Frank Ahrens wrote last week of our film, “I.O.U.S.A. hardly counts as a date movie. The film’s thrilling action sequence has a guy going to a refrigerator for a Tab. There are no car chases and nothing blows up.

    “Except, possibly, for the entire economic future of the United States.”

    As the Aug. 21 premiere of I.O.U.S.A nears we’re seeing a passionate groundswell of interest among radio talk show hosts, congressional candidates, and some of the biggest bloggers on the web. MTV is orchestrating a “rock the vote” style campaign for the film. And the social networking sites, FaceBook and MySpace are getting in on the action trying to reach the young people who will be left with the bill for our current reckless trend of fiscal irresponsibility.

    William Lawson, a gentleman who’s running for the 4th district seat in North Carolina, bought out I.O.U.S.A. ’s entire showing in Raleigh. Apparently, he liked the premise of the film so much he thought all of his potential voters ought to see it for free. We’re trying to set up a similar screening for a congressional candidate in New Hampshire.

    The national attention I.O.U.S.A is getting is pretty exciting. But it doesn’t end there. The BBC and Australian Broadcast Corporation are also following the story. And the BBC has requested an interview with us to understand the objectives of the film. If we’re not careful we may have an international blockbuster on our hands…

  130. Sybarite101 X says:

    127

    You’re kidding, right?

  131. Fiddy Cents on the Dollar says:

    lifelongrenter :127

    It would be helpful if you told us what town or county your dream home is located.

    The MLS is sliced up by county in NJ and that number you cited could be listed in several MLS. There are local area experts in basically every county in Jersey on this board. They will point you towards good recent comparable sales.

  132. Sybarite101 X says:

    135

    he was joking; it’s a $5k trailer in jefferson.

  133. Sybarite101 X says:

    re: Bosch Appliances

    I think my dad is a fan of Bosch, but does anyone have any first-hand experience with them?

  134. Nicholas says:

    Mortgage Payment Information
    Down Payment: $500.00
    Amount Financed: $4,500.00
    Monthly Payment: $29.94
    (Principal & Interest ONLY)

    Since you are putting LESS than 20% down, you will need to pay PMI. This could add $2.48 to your monthly payment.
    Monthly Payment: $32.41
    (Principal & Interest, and PMI)

    Let’s say that your property’s assessed value is 85% of what you actually paid for it – $4,250.00. This would mean that your yearly residential taxes will be around $59.50 This could add $4.96 to your monthly payment.
    TOTAL Monthly Payment: $37.37
    (including PMI and residential tax)

  135. Sybarite101 X says:

    Nicholas,

    Yep, same thing happened with my Grandma’s washer. Detergent built up on the spider and it eventually cracked; I think a heavier duty spider could have averted the issue too.

    No more frigidaire for my family.

  136. Nicholas says:

    Seems like a sweet deal to me…

  137. Trailer? Are you sure? The remarks said it’s an ideal starter home and must be seen. I have to admit, it does look an awful lot like a trailer.

    I thought $5,000 was a bit too cheap for a dream home.

    I was inspired to find the cheapest home I could in NJ after reading this: http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360

  138. Against The Grain says:

    Re: #123
    “If a home has septic, and it obviously is either not passing inspections or borderline passing, why do most sellers try to make the buyer pay”

    The seller will take the negotiating position that the buyer is getting the benefit of a new septic. Sometimes it works.

  139. Nicholas, that $37.37 a month as list price. I was hoping to knock them down a bit, although the remarks point out it’s convenient to Lake Hopatcong, so they might not want to budge.

    I’m a first-time buyer. If I get the place at list, do I still get my $7,500 credit from Congress?

  140. #143 – Offer them list, but only if they include a set of Cragars.

  141. Clotpoll says:

    Stu (36)-

    Aargh! Can’t come. Preseason soccer tournament.

    My life is dominated by “F’s”: football, Fannie, Freddie, foreclosures.

  142. reinvestor X says:

    The damn commie ruskies are lying. They said that they agree to the ceasefire, but they’re still going deeper into Georgia. This is bullshlt. This is what happens when you send a pantywaist like Sarkosy to do a man’s job.

    Our military is getting into the act though with a humanitarian mission. Our planes are flying in to deliver aid and to help this democratic society escape the grasp of this brutal bear.

    They had better not touch a hair on our planes or their azz is grass. The bottom line is that little runt Pukin has gone too damn far and Uncle Sam is about to rein him in.

  143. Nicholas says:

    Lifelongrentor,

    Unfortunately I don’t believe that a mobile home qualifies as Real Estate.

    The other problem is that in a mobile home you have to worry about ground rent. I know quite a few people that live in trailer parks. In the more upscale trailer parks ground rent can be 400 or more per month.

    I went camping last week in Pennsylvania and I was surprised at the sheer number of individuals that lived in mobile homes at the campground. They had pressure treated wood decks permanently attached with 2-3 cords of wood stacked nearby. Clearly not vacationing.

    New side of American Housing?

  144. Clotpoll says:

    3b (61)-

    Yes, yes and yes.

  145. 3b says:

    $148 clot: That is what I thought.So if the house sells at lets say 325k. Then we are looking at about a 25% decline in prices in about 2 years

  146. Clotpoll says:

    vodka (95)-

    “Can the Fed pump out enough money to match the destroyed wealth plus an additional sum in order to inflate our debts downward without sparking runaway inflation?”

    Hey! The faster we can ramp up inflation, the sooner the inflationary spiral will turn over into a deflationary disaster.

    Problem solved!

  147. Nicholas,

    Oh well, so much for dream home and plan to profit from my $7,500 tax credit.

  148. tbw says:

    “toshiro_mifune Says:
    August 13th, 2008 at 2:36 pm
    #143 – Offer them list, but only if they include a set of Cragars.

    lol…and a Jensen stereo system

  149. NJl$rd says:

    Point taken. However, creating wealth through fractional reserve banking, is not the sustainable way to create wealth.

    #128 kettle1 Says:
    August 13th, 2008 at 1:31 pm

    NJSlrd

    You seem to be missing the idea behind fractional reserve banking.
    perhaps we agree to disagre

  150. WaveGoodbye says:

    Is there a South Jersey equivalent to GSMLS.com, specifically for shore properties?

  151. BC Bob says:

    Damn Aussie’s. Can’t they just play along?

    “Aussie Bank to Bring America’s Biggest Bankers to Their Knees?”

    “July 25 was a particularly bad day for Australia’s four biggest banking stocks. In a matter of hours, $16.2 billion in stockholder value was erased from existence—the worst fall since Black Monday in October 1987.”

    “Investors jumped ship following the decision by the National Australia Bank to take a 90 percent write-down on a chunk of mortgage-backed assets that were supposedly aaa-rated. Yet, the full implications of the announcement were largely missed by the media. To them, July 25 was just one more bad day in a bad year in which Australian financial stocks ground lower and lower.”

    “But now nab has let the cat out of the bag. nab has revalued its package of U.S. mortgages down to about 10 cents on the dollar. Now U.S. banks will face pressure to similarly down-mark the value of their portfolios of mortgages. The losses could be huge.”

    http://www.thetrumpet.com/index.php?q=5365.3712.0.0

  152. tbw says:

    http://www.momls.com

    monmouth county mls

  153. BC Bob says:

    “However, creating wealth through fractional reserve banking, is not the sustainable way to create wealth.”

    NJl$rd,

    Don’t want to speak for Kettle, however, what do you think Kettle is saying? Sounds like you’re preaching to the choir.

    What is the exact point you are trying to make?

  154. chicagofinance says:

    ADA Says:
    August 13th, 2008 at 1:45 pm
    CF #124

    “check the person’s record for any incidents or disciplinary action”
    Is there an easy way to do this? thanks in advance.

    http://www.cfp.net/search/

  155. BC Bob says:

    “The bottom line is that little runt Pukin has gone too damn far and Uncle Sam is about to rein him in.”

    50.5,

    How do you rein in one of your bankers?

  156. NJl$rd says:

    If economic turn south at the speed it does, we’re not that far away from the $1 house than you expect. (Disclaimer: I don’t want to see that too as I stakes in NJ)

    The sad story is that, most of the buyers in today’s market still under-estimate the down-size risk such as this as of yet.

    #141 lifelongrentor Says:

    I was inspired to find the cheapest home I could in NJ after reading this: http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360

  157. chicagofinance says:

    Obvious Hawk & I do with the vacuums….

    My general guess, they are probably like German cars. Just freakin’ excellent to use, but not the most reliable and costly to fix. Our vacuum is only 18 months old, so I cannot make a case for reliability. Everyone loves their washer/dryers with the same caveats.

  158. chicagofinance says:

    Sybarite101 X Says:
    August 13th, 2008 at 2:24 pm
    re: Bosch Appliances
    I think my dad is a fan of Bosch, but does anyone have any first-hand experience with them?

    sorry, meant to paste this…

  159. NJl$rd says:

    The wealth is not ‘destroyed’ in this country. It’s actually ‘spent’ aways by a bunch of irresponsible citizens.

    #158

  160. BC Bob says:

    “The wealth is not ‘destroyed’ in this country. It’s actually ’spent’ aways by a bunch of irresponsible citizens.”

    Destroyed, gambled away, pissed away, bad investments, over-leveraged, retracing to its real, fundamentally based origin, etc..

    What does it matter? Wealth, real or imagined, is destroyed, yet the debt remains. Again, my point, the debt remains.

  161. Victorian says:

    165 – BC Bob-

    Do you see any light at the end of the tunnel? or is this the end of the world as we know it?
    As thousands of jobs will be lost when this is all done and dusted, where will we find jobs for all these IBankers, operations personnell etc., who have only known these jobs for all their life/career.

    This definitely does not bode well for the U.S wherein 70% of the GDP is consumer spending. But will other countries fare any better? UK and Europe are in as much of a mess as us. We are beginning to see the symptoms of the malaise in Japan and Australia.

    Who is safe?

  162. NJl$rd says:

    Well you get a point the end result would be similar whatever the terms is.

    My point is that, we need to exam closely and understand the process of how those ‘wealth’ be ‘destroyed’ before a possible solution.

    #165 & kettle1

    Can the Fed pump out enough money to match the destroyed wealth plus an additional sum in order to inflate our debts downward without sparking runaway inflation?

  163. Jamey says:

    I know we were talking fridges earlier, but I just have to give a shout-out to my new Weber grill. Amazing piece of over-engineering. Fab customer service/support, too.

    Fool what I am, I blew three bills on a Char-Broil at HD. It looked sturdy–heavy-duty brass burner elements; grate bars approx 3/8″ thick; medium-gauge stainless cladding on the hood and side burner cover; etc. (Char-Broil USTA to make a solid grill–my best friend’s dad had one when we were tykes; 30 years later, he’s still using the same one, having changed only the fuel hose and the burner knobs).

    Anyhow, after six summers, during which I slavishly covered the damn thing when not in use, and kept its working parts clean, it explodes into a fireball, taking 3lbs of drumsticks and 1/3 of a hydrangea with it.

    Maybe I could have fixed the Char-Broil (assuming they could be bothered to get the parts from Malawi or the Marianas), but that’d be bad money after good. So I wheeled the still beautiful corpse out to the curb on trash day — and some guy in Fred Sanford’s pickup took it within a half-hour, thereby assuaging my guilt over adding to NJ’s landfill problems. On the recommendation of friends and reliable strangers alike, I sprung for the least costly US-made Weber. Am now in carcinogenic flame-roasted veggie/tofu/fish heaven.

    (Hmmm, throw in a few knife-fights, some d-list celeb name dropping, a flagon of grain alcohol, a tranny or two, and this could be a John story… But then, any story could be a John story with the above embellishments.)

  164. BC Bob says:

    Victorian [166],

    Good points.

    Who is safe? Probably those 6 feet under?

  165. Jamey says:

    ps: Big fan of my Bosch dishwasher. Had it for seven years. Quiet. VERY efficient user of water and energy.

    Plus I luv its inscrutable design–minimal controls mounted on the top edge of the door.

    Only problem I can think of is its lack of a child-proof latch. Have a Frigidaire fridge, also seven-years-old. No complaints. In fact, I rather like it.

  166. reinvestor X says:

    50.5,
    How do you rein in one of your bankers?

    I don’t care if they are investing in treasuries, that does not give Pukin the right to take over another country’s damn pipeline. They’re just simply going for themselves and we need to stop them. We just can’t come out and say we’re gonna whup their azz. Let them attack one of our military planes on the humanitarian mission and we’ll dust the floor with those damn commies. It’s one thing to pick on a little country like Georgia, it’s quite another to muck with the USA.

  167. Jamey says:

    Stu: I can’t attend poker nite. In fact, I’m not even sure I’d belong, being only an itinerant poster who can’t read a brokerage statement. But I may FedEx a bag of hamburger buns, some marshmallows, and a large sachet of Pat O’Brien’s Hurricane mix (still made with sugar, not HFCS!), just to piss off reinvestor.

  168. Al says:

    reinvestor X Says:
    August 13th, 2008 at 3:46 pm
    50.5,
    How do you rein in one of your bankers?

    I don’t care if they are investing in treasuries, that does not give Pukin the right to take over another country’s damn pipeline. They’re just simply going for themselves and we need to stop them. We just can’t come out and say we’re gonna whup their azz. Let them attack one of our military planes on the humanitarian mission and we’ll dust the floor with those damn commies. It’s one thing to pick on a little country like Georgia, it’s quite another to muck with the USA.

    Just for Kicks as I do not believe ReetardestorX is real person, but rather Grims alter Ego/Arch-nemesis:

    Isn’t USA is on the other side of the globe???

  169. BC Bob says:

    “My point is that, we need to exam closely and understand the process of how those ‘wealth’ be ‘destroyed’ before a possible solution.”

    NJl$rd,

    Possible solution? There’s a better chance of Ted Williams winning the 2009 batting title. Come to think of it, maybe not a stretch since he is frozen upside down.

    No mystery, whether it’s Tulip Bulbs, 1920’s, 1987, dot com, RE bubble, it’s the same. Greed/Fear. As long as the psychology survives and you have dolts controlling paper currencies, the problem will never be solved. Bubbles/busts, really nothing to exam. We have disected every contributing factor regarding this bust, over the last 3 years.

  170. NJl$rd says:

    It’s not going to be that easy. The war with Russia could be the last draw of camelback. I have 2 small kids to be raised so I don’t think it’s a good idea.

    #171 reinvestor X Says:

  171. stuw6 says:

    I have not witnessed too many attendees to the poker and liquor GTG. Is anyone able to attend or should we shelf the idea until the fall when most peoples social calendars let up?

    I’ll send out a roll call tomorrow and we’ll decide from there I guess.

  172. kettle1 says:

    NJ$lrd,

    we seem to agree in general terms. the wealth, however it is gone, is gone. and as BC said, the debt remains. not a good prospect.

    Victorian:

    I believe that the world as we know it is in the processing of changing; it the beginning of the end. not the end of the world, just the conditions we are used to.
    The US and most of the world have been in an expansionary bubble of sorts since WWII We have gotten to a point whee our excesses are no longer sustainable and it is time to pay the piper.
    This is not Armageddon, but the period of change will likely be harsh to all as we learn that consumerism in not a sustainable lifestyle in term of economics or any other measure.

  173. NJl$rd says:

    I remember once upon a time we have a Great Depression in this country. Maybe we could be inspired by that piece of history for a solution?

    #174 BC Bob

  174. NJl$rd says:

    I agree with that.

    #177 kettle1 Says:
    August 13th, 2008 at 4:00 pm

    NJ$lrd,

    we seem to agree in general terms. the wealth, however it is gone, is gone. and as BC said, the debt remains. not a good prospect.

  175. ADA says:

    Thanks again CF.

    No disciplinary history for my guy. Now if I could just get him to make me some money. Or just lose less.

  176. Victorian says:

    177 – Kettle.

    I am currently reading “The Selfish Gene” – Richard Dawkins and cannot help but marvel at the way evolution has built all species in such a way as to make optimum use of the resources available.
    What we are following right now is not an “Evolutionary Stable Strategy”.

  177. NJl$rd says:

    I’m watching my wallet closely now at this point as a matter of fact. It’s bad to be taxed once. It’s worse to be taxed over and over again.

  178. kettle1 says:

    NJL$rd

    yes we could look to the great depression for a few hints, but this time is also very different. We have have accumulated massive amounts of social and financial garbage. The system is very sick and cannot be healed until the garbage is expelled.
    What makes this situation even more perilous is that the global economies are highly integrated. while some countries were spared the brunt of the great depression, any depression we experience at this point has a high probability of becoming a global event. europe is already on the downslope and if both the US and europe enter a depression the rest of the world will follow.

  179. reinvestor X says:

    Guess what? People are on to your little cheapskate scam because I’ve warned them.

    I have not witnessed too many attendees to the poker and liquor GTG. Is anyone able to attend or should we shelf the idea until the fall when most peoples social calendars let up?
    I’ll send out a roll call tomorrow and we’ll decide from there I guess.

  180. kettle1 says:

    Vic,

    the human species is the classic toddler with a lighter. we either figure out how to use it properly or burn the house down. only time will tell.

  181. BC Bob says:

    “Yields on mortgage securities guaranteed by Fannie Mae rose this week to about their highest relative to Treasuries since March amid concern that defaults are spreading to prime and Alt-A mortgages from subprime loans.”

    “Fannie’s current-coupon 30-year fixed-rate bonds currently yield 6.04 percent, 212 basis points more than 10-year Treasuries, according to data compiled by Bloomberg. That’s 26 points from the 22-year high of 238 basis points reached March 6, a week before the Federal Reserve engineered a bailout of Bear Stearns & Co. A basis point is 0.01 percentage point.”

    “The credit crisis is broad, deep, and global, and it is not likely to end soon,” Richard Bernstein, Merrill Lynch & Co.’s chief investment strategist, wrote in a note to clients. “The problems are certainly not limited to large U.S. institutions that are overexposed” subprime mortgages.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aSd.jYHbrgeY&refer=home

  182. bairen says:

    #185 reinvestorx

    If you go, perhaps you can bring your own TP.

  183. stuw6 says:

    reinvestor is not welcome in my home, unless he agrees to rent the upstairs apartment. From what I heard, he doesn’t use TP.

  184. Nicholas says:

    The Devil tells a Real Estate Agent, “Look, I can make you richer, more famous, and more successful than any Real Estate Agent
    alive. In fact, I can make you the greatest agent that ever lived.”

    “Well,” says the Real Estate Agent, “what do I have to do in return?”

    The Devil smiles, “Well, of course you have to give me your soul,” he says, “but you also have to give me the souls of your children, the souls of your children’s children and, as a matter of fact, you have to give me the souls of all your descendants throughout eternity.”

    “Wait a minute,” the Real Estate Agent says cautiously, “What’s the catch?”

  185. kettle1 says:

    from the article make money linked to earlier today

    The euro is running gin the red and in potentially just as much trouble as the US dollar. The question is when does the public figure out that the warm liquid on their back isnt rain? i would guess that there will be some sort of trigger event that will wake the public to up current situation. then things get interesting.

    heck 1/3 of people are currently underwater! the implications are mind boggling when you actually consider the consequences of this. most Americans had 80-90% LTV during the great depression! we now have 1/3 of “home owners” at (-) Negative LTV

    The Fed has already invoked Article 13 (3) – the “unusual and exigent circumstances” clause last used in the Great Depression – to rescue Bear Stearns. The US Treasury has since had to shore up Fannie and Freddie, the world’s two biggest financial institutions.

    Europe’s turn will come next. We will discover that Europe cannot conduct such rescues. There is no lender of last resort in the system. The ECB is prohibited by the Maastricht Treaty from carrying out direct bail-outs. There is no EU treasury. So the answer will be drift and paralysis.

  186. rhymingrealtor says:

    Stu,

    I think it’s a great idea and a very comfortable enviroment, however I will be on vacation on the 22nd.

    Thank you

  187. 3b says:

    Stu: after Labor Day would be better for me if possible.

  188. Nicholas says:

    Kettle,

    I’m flattered that you used part of my euphemism, “don’t pi$$ on my back and tellme its raining”.

    Gives me a warm fuzzy.

  189. skep-tic says:

    #191

    “Europe’s turn will come next. We will discover that Europe cannot conduct such rescues. There is no lender of last resort in the system. The ECB is prohibited by the Maastricht Treaty from carrying out direct bail-outs. There is no EU treasury. So the answer will be drift and paralysis.”

    sweet– one step closer to me getting a place in Tuscany (there’s currently nothing available)

  190. Nicholas says:

    “Don’t try and feed me a mayonnaise sandwich”

    Is a classic handed down in my family. It has deep socio-economic roots in my clan.

  191. BC Bob says:

    “The Fed has already invoked Article 13 (3) – the “unusual and exigent circumstances” clause last used in the Great Depression – to rescue Bear Stearns. The US Treasury has since had to shore up Fannie and Freddie, the world’s two biggest financial institutions.”

    Kettle,

    In addition to this close to $1.5T, TSLF and TAF. Cash for trash. Why was there a storm regarding the fed’s $29B bailout of Bear, yet not boo regarding this?

  192. Nicholas says:

    Don’t you know that:

    It’s a great time to buy! ™
    It’s different here!™
    Buy now before it’s too late! ™
    Interest rates are at an all-time low! ™
    Real estate is a great investment! ™
    How else can you get tax deductions? ™
    Renting is throwing money away! ™
    Real estate is local! ™
    It’s the media’s fault! ™
    This time it’s different! ™

  193. kettle1 says:

    198 nick,

    mayo and vienna sausage sandwich’s were a child hood staple given my southern roots, or mayo and chips, or mayo and……….

  194. Tom says:

    sweet– one step closer to me getting a place in Tuscany (there’s currently nothing available)

    The houses are passed down from generation to generation, it’s very hard to find anything there.

  195. kettle1 says:

    BC Bob 199,

    The powers that be ( including the media) are well aware of what they are facing at this point. The name of the game is say only what you have to in order to maintain the status quo, no more no less.
    Call me cynical, but i feel that even the bears such as roubini know how deep in we really are but do not want to be the one to yell fire. they may mention the scent of smoke, but no one in the public light will yell fire until the place is already a 5 alarm inferno and everyone is running for the door.

    just for fun image the public response if the media and gov where to acknowledge that we are insolvent and have no manufacturing base as we sold or offshored all of it.

  196. NJLifer says:

    #199

    You fogot the best one ever…

    They’re not making any new land. ™

  197. NJLifer says:

    I meant ‘forgot’. Not that there’s anything wrong with ‘fogot’.

  198. Sybarite101 X says:

    182

    Good choice. Also check out “Unweaving the Rainbow” if you like that one.

  199. Nicholas says:

    I have 11 brothers and sisters.

    On extended road trips in a white Volkswagon Van, Mom would make a stack of bologna and mayonnaise sandwiches and put them back in the plastic bread sack, sealed with a twist tie.

    We wouldn’t even stop for lunch while driving and she would pull out that sandwich stack and start passing them back. If you were unfortunate enough to be pushed into the hole at the back of the van often 3-4 people would have touched your sandwich before it got to you.

    More often then not, the bologna would be missing and all you got was a “mayonnaise” sandwich.

    With all the threat you can muster, you angrily spit, “DON’T try and feed me a mayonnaise sandwich”.

  200. skep-tic says:

    “sweet– one step closer to me getting a place in Tuscany (there’s currently nothing available)

    The houses are passed down from generation to generation, it’s very hard to find anything there.”

    absolutely nothing available in all of Tuscany. one can only hope for economic apocalypse to free up inventory

  201. kettle1 says:

    NJ Lifer,

    problem solved

    http://tinyurl.com/63ll2h

    coming to a neighborhood near you ( in 2 to 4 years)

  202. Nicholas says:

    The bologna still had the red ribbon attached…

    Those were some good times.

  203. kettle1 says:

    another intersting question:

    during the great depression the birth rates in the US and in effected european countries dropped about 15%.
    The US population is already “graying” and we are just at replacement birth rate.
    if we enter a real depression the long term consequences for seniors and people dependent on entitlement programs have a little problem. we could see a noticeable population contraction. in turn this means that housing will not recover as supply will continue to be greater then demand, even if you start to level entire nieghborhhods.

  204. kettle1 says:

    Nick,

    i didnt know that you werent supposed to eat the red ribbon on the bologna until about 8th grade when a friend told me ;) i had almost the same experience in 18 hr marathon road trips! only 3 of us though

  205. Clotpoll says:

    (207) Nick-

    I’d like to hear John’s definition of a “mayonnaise sandwich”.

    Isn’t English the best language? Same words…different meanings.

  206. kettle1 says:

    clott 213,

    i reckon that would involve twins, liquor and missing clothing

  207. Clotpoll says:

    vodka (214)-

    Those are three very congruent concepts.

  208. kettle1 says:

    emergency announcement by bernanke!!!!!

    http://tinyurl.com/55mp6b

  209. bairen says:

    #213 & #214

    Don’t forget “Da funk”

    also being cheap, a pos car, a celebrity sighting, and one of john’s buddies doing somethig embarassing or smelly.

    Plus lots of body fluids

  210. Nom Deplume says:

    [215] Clot, [168] Jamey

    Boy, I think my John stories were pretty good if people are confusing the facts in mine for the real John stories.

    There were never any twins. Damn! But I don’t think John had any either, least not that I read.

  211. Orion says:

    NJCoast (37)

    Thanks! Those 5 pages do tell a tale.

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