March Comp Killer 2!

Morris Comp Killer!

(in progress, keep checking back. Price descending order, so scroll through to see updates)

MLS# 2609747 132 Ormont Rd, Chatham NJ
Purchased: 9/13/2005
Purchase Price: $890,000

Sold: 3/12/2009
Sale Price: $726,000
18.4% below 2005 purchase price

MLS# 2629546 15 Wychwood Rd, Morris Twp NJ
Purchased: 9/12/2006
Purchase Price: $790,000

Sold: 2/26/2009
Sale Price: $690,000
12.7% below 2006 purchase price

MLS# 2564064 16 Ridgeline Dr, Washington Twp NJ
Purchased: 10/30/2006
Purchase Price: $1,026,015

Sold: 3/12/2009
Sale Price: $660,000
35.7% below 2006 purchase price (REO)

MLS# 2624430 44 Buckley Hill Rd, Morris Twp NJ
Purchased: 9/17/2003
Purchase Price: $679,900

Sold: 3/12/2009
Sale Price: $659,500
4% below 2003 purchase price

MLS# 2634721 8 Montgomery Ave, Montville NJ
Purchased: 10/31/2006
Purchase Price: $855,000

Sold: 3/06/2009
Sale Price: $615,000
28.1% below 2006 purchase price

MLS# 2601044 3 Indian Trail Rd, Randolph NJ
Purchased: 6/30/2005
Purchase Price: $675,000

Sold: 2/20/2009
Sale Price: $610,000
9.6% below 2005 purchase price

MLS# 2562052 5 Sky Top Dr, Denville NJ
Purchased: 11/12/2007
Purchase Price: $725,000

Sold: 3/30/2009
Sale Price: $595,000
17.9% below 2007 purchase price

MLS# 2626867 2 Oakwood Ct, Morris Plains NJ
Purchased: 9/25/2007
Purchase Price: $599,000

Sold: 3/19/2009
Sale Price: $572,000
4.5% below 2007 purchase price

MLS# 2615717 13 Chestnut Way, Mount Olive NJ
Purchased: 9/17/2004
Purchase Price: $675,222

Sold: 3/15/2009
Sale Price: $550,000
18.5% below 2004 purchase price (REO)

MLS# 2630946 51 Taft Ln, Morristown NJ
Purchased: 1/12/2005
Purchase Price: $475,000

Sold: 3/27/2009
Sale Price: $415,000
12.6% below 2005 purchase price

MLS# 2608487 1505 Riveredge Ln, Whippany NJ
Purchased: 8/28/2005
Purchase Price: $485,000

Sold: 3/11/2009
Sale Price: $390,000
19.6% below 2005 purchase price

MLS# 2628389 14 Noelle Ct, Lincoln Park NJ
Purchased: 5/20/2005
Purchase Price: $409,000

Sold: 3/30/2009
Sale Price: $375,000
8.3% below 2005 purchase price

MLS# 2570106 11 Tulane Rd, Flanders NJ
Purchased: 12/20/2006
Purchase Price: $360,000

Sold: 3/30/2009
Sale Price: $355,000
1.4% below 2006 purchase price

MLS# 2624525 287 Gettysburg Way, Lincoln Park NJ
Purchased: 5/22/2006
Purchase Price: $389,900

Sold: 3/27/2009
Sale Price: $343,000
12% below 2006 purchase price

MLS# 2628229 3203 Appleton Way, Whippany NJ
Purchased: 9/8/2006
Purchase Price: $401,000

Sold: 3/20/2009
Sale Price: $360,000
10.2% below 2006 purchase price

MLS# 2634669 26 Hillery Dr, Flanders NJ
Purchased: 6/28/2005
Purchase Price: $400,000

Sold: 3/20/2009
Sale Price: $335,000
16.3% below 2005 purchase price

MLS# 2617936 347 Cambridge Dr, Butler NJ
Purchased: 2/28/2006
Purchase Price: $320,000

Sold: 3/17/2009
Sale Price: $301,500
5.8% below 2006 purchase price

MLS# 2617670 17 Arch St, Butler NJ
Purchased: 3/31/2005
Purchase Price: $355,000

Sold: 3/10/2009
Sale Price: $299,900
15.5% below 2005 purchase price

MLS# 2563430 31 Pine Tree Ln, Morris Twp NJ
Purchased: 10/20/2000
Purchase Price: $296,999

Sold: 3/30/2009
Sale Price: $248,000
16.5% below 2000 purchase price! (REO)

MLS# 2647702 13 Petersburg Ct, Oak Ridge NJ
Purchased: 5/10/2005
Purchase Price: $265,000

Sold: 3/30/2009
Sale Price: $238,500
10% below 2005 purchase price

MLS# 2621369 75 Randolph Ave, Mine Hill NJ
Purchased: 3/9/2006
Purchase Price: $390,000

Sold: 3/3/2009
Sale Price: $237,500
39.1% below 2006 purchase price!

MLS# 2595283 68 Wildwood Rd, Oak Ridge NJ
Purchased: 12/1/2007
Purchase Price: $242,000

Sold: 3/3/2009
Sale Price: $225,000
7% below 2007 purchase price!

MLS# 2609166 14 Brookside Ln, Mt Arlington NJ
Purchased: 6/27/2005
Purchase Price: $240,000

Sold: 3/25/2009
Sale Price: $220,000
8.3% below 2005 purchase price!

MLS# 2617944 38 Overlook Ave, Dover NJ
Purchased: 8/30/2002
Purchase Price: $246,000

Sold: 3/30/2009
Sale Price: $195,000
20.7% below 2002 purchase price!

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148 Responses to March Comp Killer 2!

  1. reinvestor101 says:

    FIRST..FINALLY

  2. bi says:

    Omama Wants to Control the Banks
    There’s a reason he refuses to accept repayment:

    The government wants to control the banks, just as it now controls GM and Chrysler, and will surely control the health industry in the not-too-distant future. Keeping them TARP-stuffed is the key to control. And for this intensely political president, mere influence is not enough. The White House wants to tell ’em what to do. Control. Direct. Command.

    http://online.wsj.com/article/SB123879833094588163.html

  3. safeashouses says:

    re101

    You finally won something. How does it feel? Are you going to Disney to celebrate?

  4. Shore Guy says:

    So, I ask again: Which town, county, etc. has cut its budget?

  5. bi says:

    omama: i inherited another mess created by predecessor
    http://www.cnn.com/2009/WORLD/asiapcf/04/05/us.nkorea.reaction/index.html

  6. Stu says:

    Montclair is extremely proud to have cut it’s typical tax increase almost in half. The lame duck town council passed a 7.5% increase last year. The current clowns in power have managed to cut the increase down to a mere 4.5%. Hurrah!

    For our 1923 POS on less than a quarter acre, the increase works out to a paltry $595. I’m gonna celebrate by sending my 14 year-old civic through the car wash.

  7. yome says:

    Bigger U.S. Savings Than Official Stats Suggest
    A closer look at BEA numbers shows that Americans reduced spending by 3.1% in the past year, indicating that the savings rate has risen to 6.4%
    How much have Americans cut back?

    On the face of it, not much. The official data from the Bureau of Economic Analysis say that in February personal spending was down 0.4%, or $40 billion, from the year before. Certainly any drop is bad news, since consumer spending rarely decreases—but $40 billion out of total spending of $10 trillion doesn’t seem like enough to wreak economic havoc.

    A closer look, however, shows that Americans have tightened their belts more sharply than the numbers report. The reason? Official figures for personal spending include a lot of categories, such as Medicare outlays, that are not under the control of households. They also include items, such as education spending, that should be treated as investment in the future rather than current consumption.

    After removing these spending categories from the data, let’s call what’s left “pocketbook” spending—the money that consumers actually lay out at retailers and other businesses. By this measure, Americans have cut consumption by $200 billion, or 3.1%, over the past year. This explains why the downturn has hit Main Street hard.

    http://njrereport.com/index.php/2009/04/05/march-comp-killer-2/#comments

  8. Shore Guy says:

    Stu,

    You note something that drives me to distraction, the characterization of increases smaller than usual as cuts. It is dishonest and people do themselves a disservice by allowing our representatives to get away with it. It is like we are thr spouses of cheating spouses and we know it is going on but figure, if we ignore it for long enough, everything will resolve itself in our favor.

    Any increase, whether or not it is less than inflation is an increase. It may well be justified but an increase is just that.

  9. chicagofinance says:

    My son is enjoying all the pretty pictures of houses.

  10. Shore Guy says:

    We have recently turned our attention to the Kill Devil Hills and Emerald Island areas of the OBX. KDH is up north and runs north & south and Emerald Island is south and runs east & west. We are looking towards sound-side homes (preferably with direct water access), on stilts, and on lots that sit at 30 feet more above sea level. There is severe beach loss down there and oceanside seems a poor choice in the long run.

    Ifanyone has experiences good or bad (actually, especially negative ones) in those areas, we would welcome your thoughts.

  11. Clotpoll says:

    Another sign of the Apocalypse:

    Iceland offers Bjork her own personal island.

    Bjork rejects the offer.

    Hey Grim, don’t know if anyone’s recommended it, but you can’t do better than setting up shop at All Seasons in Calistoga. Food is +++, all the best winemakers hang out there, and the wine shop is one of the best in the US. Also +++ for people-watching. This is the shop where all those winemakers buy the French/Italian stuff that they secretly drink at home.

    It’s also easy to get to Mendocino & Sonoma Coast from Calistoga. If you have the chance, both these places are worth the trip.

  12. Clotpoll says:

    I’d like to offer Bjork her own island. With a fence around it…and no recording studios.

    I’d rather listen to barking dogs.

  13. Clotpoll says:

    Chi (10)-

    Are you playing Depeche Mode while he looks at the houses?

    If so, you may be creating the 21st century version of the Manchurian Candidate.

  14. Shore Guy says:

    From the Business Week article:

    “outlays on durable goods such as automobiles decreased by a deep 10.8%”

    I wonder to what extent this is purely recession related and to what extent this is affected by the perception of an impending change in auto technology. We are in a position where our cars are old enough and have enough miles on them to seriously think of replacing one or more of them. That said, as people who buy and hold onto cars forever, we are not inclined to rush out and buy a purely internal-combustion-powered car. The current hybrids present another option but plug-in hybrid electrics seem like thay may become viable sooner rather than later.

    It is starting to feel like a couple of years ago with TVs, where a number of folks decided to “limp along” with an old CRT rather than replace it with another or jump into what was then very-expensive plasma or LCD sets.

  15. Clotpoll says:

    Stu (6)-

    Why don’t you go for glory and drive it thru the side of your municipal building?

    You can probably get 10-12 hours on CNN out of it.

    “I’m gonna celebrate by sending my 14 year-old civic through the car wash.”

  16. Clotpoll says:

    N Korea launches rocket.

    This should juice the markets.

  17. NJGator says:

    Revelations Prev 157 – It’s possible you could get a reduction, but it’s not guaranteed.

    First off, for this tax year it is too late to file an appeal. April 1 is the deadline.

    Also, was your purchase considered a useable sale – short sales, foreclosures, transfers between family members, etc are not considered an indicator of market value. “Fair market value, in general, means the price a willing buyer
    will pay and a willing seller will accept. The buyer and seller
    must be entirely independent of each other and neither
    compelled to buy or sell.”

    Are there useable sales of similar properties to yours that have sold for more?

    It’s very complex and the system is not set up for it to be easy for you to win.

    I hope that helps.

  18. NJGator says:

    Clot 16 – You are officially my favorite anarchist. And that is saying a lot, because I have come across a lot of loveable anarchists in my day!

  19. Clotpoll says:

    Gator (19)-

    Let it burn! Burn, baby, burn! Burn the MFer down to the ground and start over!

  20. freedy says:

    poor mike ,, might have to close positions at a loss. sad.

    guy called it wrong

  21. Essex says:

    RE takes the podium…the crowd goes wild.

    Man alive it is expensive to live in Chatham…..I don’t feel so bad about the new Scotty Cameron putter I just bought.

    LOL

  22. grim says:

    Heading off to the gym, will finish up later. Still many more to post up.

  23. bi says:

    21#, freedy, mm is already in big doo doo. S&P has been up 6% in first three days of April. due to his high beta bet, he lost at least 10% in last 3 days. long live mm cults!

  24. dblko says:

    Does anyone has experience with arranging a buyer agent rebate in New York?

    I always thought it’s not legal, but according to the department of justice web-page it actually should be possible:

    http://www.usdoj.gov/atr/public/real_estate/newyork.htm

  25. crossroads says:

    #23 grim
    Gym! no road work today? It will put you in the mood for the Tour if Flanders

  26. Jill says:

    Grim, Clot, and other experts: What do you figure this house (click here)is going to go for? I have a friend who is looking to buy and doesn’t want to go over like $365K. House across the street from this one (POS cape, virtually no updates, small dormer for bathroom, crappy landscaping) went for $387.5K recently. This house is nicer — great landscaping, the stone patio is exquisite, good roof. Any thoughts on whether she should even bother looking at this with an intro listing price of $409K?

  27. Dissident HEHEHE says:

    Recession? What Recession?

  28. S.S says:

    Hi All,

    Why is property tax paid with your mortgage payment…why can’t I pay that separately on my own?

  29. Shore Guy says:

    S.S.,

    When you own the house outright, that is just what you will do. Until then, the potential that you will not pay the taxes poses a risk to the lender. To prevent the town from taking the asset before you finish paying te lender back, thelender has you pay them and they make sure the tax liability is addressed

  30. S.S says:

    Thanks shore guy. Is it possible to perform your own title search, analysis and shop for cheaper title insurance?

  31. borat obama says:

    Last

  32. yikes says:

    Shore Guy says:
    April 5, 2009 at 8:45 am

    We have recently turned our attention to the Kill Devil Hills and Emerald Island areas of the OBX. KDH is up north and runs north & south and Emerald Island is south and runs east & west. We are looking towards sound-side homes (preferably with direct water access), on stilts, and on lots that sit at 30 feet more above sea level. There is severe beach loss down there and oceanside seems a poor choice in the long run.

    know it well. friends of the family own a sick house in nags head (milepost 11, maybe?) across the street from the beach. used to go for a week each year.

    i can reach out to them to see what their thoughts are on the area.

  33. borat obama says:

    no more posting ….exc. Order

  34. borat obama says:

    Respect my authriyy… No more postig

  35. SG says:

    Obama’s Big, Bold Bet

    By THOMAS L. FRIEDMAN

    When you total up all the emergency economic policies that Mr. Obama has now put in place — a nearly $800 billion stimulus, mortgage relief, a private-public program for buying up toxic assets and a huge capital injection into the banking system by the Federal Reserve to lower interest rates and expand credit — they constitute one big experiment.

    Together, these policies — call them Obama Rescue Phase I — represent a huge bet that the administration can confine this economic crisis to a really nasty recession, the sort of thing that might constitute a long chapter in an economic history and not a 21st-century Depression that would trigger a whole bookshelf on the theme of: “How Barack Obama Won an Election and Lost an Economy.”

  36. Clotpoll says:

    Jill (27)-

    Don’t know the area.

  37. scribe says:

    Was this posted? from Friday’s WSJ:

    The Return of Jumbo Mortgage

    By AMY HOAK

    Jumbo mortgages became more expensive and harder to come by as the nation’s credit crisis deepened. That might be starting to change.

    “Jumbo” refers to mortgages that are too large to be bought by Freddie Mac or Fannie Mae. The “conforming loan limit” for those government-backed entities is $417,000 in many parts of the country, but goes up to $729,750 in high-cost areas of the continental United States.

    Bank of America recently began trumpeting its jumbo program, offering 30-year fixed-rate jumbo mortgages with rates in the high-5% range. “We decided it was time to really go after that market,” says Vijay Lala, a product management executive for the bank.

    More lenders may soon join in, says Guy Cecala, publisher of Inside Mortgage Finance.

    He says Bank of America appears to have lower jumbo rates than its giant banking competitors Wells Fargo, J.P. Morgan Chase and Citibank. “I suspect the others will slowly follow suit,” Mr. Cecala says.

    http://online.wsj.com/article/SB123889296585690021.html

  38. scribe says:

    From Saturday’s WSJ, rather

  39. Shore Guy says:

    Yikes,

    Thanks, I welcome their thoughts..

  40. Shore Guy says:

    S.S.,

    I have no reason to believe one could not do a title search ones’ self but 1) I doubt a bank would lend based on one and 2) why would one want to give up the legal protection achieved from having a title company do it and insure the results?

    In the final analysis, the cost is not high, and if it makes the difference between being able to afford a home or not then one is not really in the position to afford the home.

  41. yome says:

    #29 Why is property tax paid with your mortgage payment…why can’t I pay that separately on my own?

    Try telling the bank you don’t want to escrow.I have done it after a refi.They make money on the set up fee and holding 1 year + 2 months escrow of your property tax estimate.

  42. yome says:

    #36 SG
    Haven’t we lost the economy a long time ago.There is no way we can pay all these if we don’t tax more and inflate, to get more revenue.
    Before Omama got elected each person in the US owes $180,000 each to pay what we owe and to cover benefits (according to IOUSA)How much will it get up to with Trillions more he wants to spend.Ihave no opinion if what he is doing is right,to get us out of this mess.
    It sure doesn’t look good.I hope my salary will catch up with inflation though its been flat for ten years.Only good is my fix mortgage. Everything goes up it will remain the same.
    I guess borrow more and send it abroad as an hedge.
    Anybody knows how i can do that.

  43. Shore Guy says:

    S.S.,

    The amount one pays in order to escrow the tax money (and in this I count lost interest on the funds) is deminimus, and the escrowing process serves as a form of insurance for the homeowner as well, ensuring that a broken furnace or emergency roof replacement does not leave one short.

    Mrs. Shore and I do not have a mortgage and each January we set aside the tax and insurance money in a dedicated account that we only use for these expenses. The first year we were mortgage free, those tax dates seemed to pop-up out on nowhere, even though we knew when they were.

  44. Curmudgeon says:

    Shore Guy…

    I am a fellow Monmouth resident and have rented a dozen places on the NC shore over the past 15 years or so. We’ve been in Nags, Corolla, KDH on the OBX, but my favorite is downbeach in Salvo for the relative calm. EO is not considered OBX, at least by my family. For what it’s worth, the entire EO area is likely to be under water in a few decades. We have stayed recently on North Topsail, which is nearby. These are all decent to excellent rental options (we have NC family..) but I cannot imagine why anyone would ever consider buying ANYTHING down there. Frankly, the idea of any second home purchase is absurd, IMO. Our family rents a gorgeous 6/4 beachfront on Topsail for $2,000 monthly in September and $1,500 in October. We’ve paid as little as $1,100 for a prime August week in Salvo for a 7/7 beachfront. All of the rentals are extremely well appointed and have hot tubs that are refilled each week (you have to demand that!).

    I don’t read NJRE often enough to know the background of your interest in NC. Is this a second home or potential primary?

    Our family of four takes 6 to 7 real vacations a year and we almost always rent private homes. The massive worldwide glut in second homes guarantees unlimited bargains for those of us that are smart enough to watch the carnage from the sidelines. We leave Thursday for 12 days in the Alps and Lake Como. We are spending about $160/night for a 3 bedroom with extensive balconies and views over the lake and Bellagio in Argegno. In Grindelwald in the Alps, I am paying $130 for a chalet with views of the Eiger from every room. While I realize that April is not prime, the weather is actually lovely and we do always travel off season. With a buyers market like this for the foreseeable future, why would you “turn to the darkside”?

    Look, for my personal interest, I hope more suckers buy vacation homes, so don’t take this post the wrong way. I’m just curious as to your logic..

  45. Curmudgeon says:

    Cindy: my snarky comment from a couple of weeks ago was supposed to be a joke. In fact, I find your commentary to be spot on, relevant and well written. We have lots of friends in Cali and spend about 15 days a year there, so I really appreciate your dispatches from what is truly “Ground Zero” for the whole bubble. Keep it up and thanks also for your dedication to teaching…

  46. Shore Guy says:

    Curmudgeon,

    I would like to learn more about your house rental experiences in NC and overseas, if you are willing. Feel free to get my e-mail from Grim.

    As for the home use, we are looking for something that we can currently use now and then and in 20 years use as a half-year place, with another half-year place on Puerto Rico, Grenada, maybe Belize or such.

    When you say EO, are you refering to Bogue Banks?

  47. yome says:

    SS What i like on paying my own property tax is,some township lets you pay with a credit card without extra charge. That gives you another less than one month to pay the bill.

  48. NJGator says:

    Are the NJ Republicans going to snatch defeat out of the jaws of victory? Not that I want to see Corzine win another 4 year term, but I’ve long believed that faithful that vote in the GOP primary would pick someone so unpalatable to the more socially moderate voters of the state that Corzine could still eke out a win.

    Mulshine is no liberal, and this stuff was actually leaked to the press by another republican.

    SL also has another unfavorable article about Christie’s ethics in today’s paper (will link in a separate post). Ethics is his big issue. This could well have the same effect as Ellen Karcher’s Christmas Tree “Farm” on his election prospects.

    Chris Christie may be hurt by what’s in his closet
    Posted by Paul Mulshine/ The Star-Ledger April 05, 2009 5:08AM

    Perhaps it wasn’t the best day to have a press conference on the subject of ethics.

    On Thursday, Chris Christie held a conference call with journalists. The Republican candidate for governor wanted to discuss what was billed as “his next major policy proposal,” which turned out to be a comprehensive plan for ethics reform.

    Unfortunately for the candidate, two news articles appeared earlier that morning that raised a lot of interesting questions about Christie’s own ethics. One was headlined “Chris Christie’s Closet” and it appeared on the PolitickerNJ website courtesy of Richard LaRossa, a Republican from Mercer County who was once a state senator.

    LaRossa, who is evidently no fan of the former U.S. attorney, wrote: “Chris Christie has a number of issues that will emerge from his closet during both this primary and the general election should he make it that far. One of them will be a situation involving his brother Todd Christie.”

    LaRossa went on to open the closet door and take a peak at a lucrative no-bid contract for legal monitoring that the then-U.S. attorney for New Jersey awarded in 2007 to a former U.S. attorney for the Southern District of New York, David Kelley. It seems that in 2005, Kelley had done what some cynical sorts might have construed as a big favor for Christie’s brother, Todd. He brought civil penalties against him in a case involving allegedly crooked stock-trading practices.

    You might ask: Why was that a favor? Because 14 other similarly situated traders were indicted. All faced jail time if convicted and some had their lives ruined — although in the end, no convictions resulted. Todd Christie, meanwhile, got off with a fine that put just a small dent in the fortune he had built on Wall Street.

    That same morning, an article by Phil Garber appeared in Christie’s local paper, the Observer-Tribune of Morris County. Garber also connected the dots between the Kelley no-bid contract and the prior treatment of Christie’s brother. He included the brothers’ denials of any wrongdoing.

    That subject didn’t come up at the noon conference call with journalists, however. Crusader Christie proposed a number of ethics reforms, many of them long overdue, such as a ban on public employment for elected officials. I pushed the button to ask a question, but didn’t get a chance to do so. And I presume the other journalists hadn’t had a chance to read those articles yet.

    But Christie has some ‘splaining to do, in the immortal words of Ricky Ricardo. The point of ethics laws, as with his suggested ban on public jobs for politicians, is not merely to avoid impropriety, but to avoid the mere appearance of impropriety. And in this case, Christie created the appearance of impropriety every bit as much as Paris Hilton creates the appearance of a celebrity airhead.

    Consider this excerpt from an April 16, 2005, New York Times editorial that appeared shortly after Todd Christie was hit with Securities and Exchange Commission charges rather than an indictment:

    “Mr. Christie ranked fourth in the S.E.C. complaint among the 20 traders who earned the biggest profits at customers’ expense. The top three were indicted, as were 11 traders lower down. We don’t know whether this is a case of how nice it is to have big brothers in high places. But it doesn’t look good.”

    No, it didn’t. And then in November of 2007, this newspaper reported that Christie had handed big-bucks no-bid contracts to several former prosecutors. Most of the attention went to a $50 million monitoring job Christie gave to John Ashcroft, the former U.S. attorney general who had hired him in the early days of the Bush administration. For whatever reason, no one paid much attention to the monitoring contract given to Kelley, who entered private practice not long after not indicting Todd Christie. The value of that contract was not announced.

    Now that people are connecting the dots, however, this can’t be good for Christie. The sole political skill he has shown in this campaign is an ability to dodge questions. Here’s mine: What were you thinking? Christie may deny a quid pro quo, but in the minds of the Jersey voter, “quo” follows “quid” the way “pie” follows “pizza.”

    And the more you look at this thing, the more embarrassing it becomes. I had a talk the other evening with one of the traders who was hit with an indictment despite doing a small fraction of the disputed deals that Todd Christie was accused of. He described how his life was ruined even though the indictment was eventually dropped. In the end there were three acquittals, two guilty pleas were reversed and the government dropped charges against the rest, raising further questions concerning Kelley’s handling of the case.

    I expect many of those questions to come up in the near future. Thursday’s might have been Christie’s first press conference focusing on ethics. But it certainly won’t be his last.

    Why this won’t be going away anytime soon:

    Till now, most of the attention concerning those no-bid contracts has centered on the Ashcroft deal, but the same reporters who covered that deal are familiar with the Todd Christie matter.

    Among those reporters is Jeff Whelan, whose byline appears on dozens of Star-Ledger articles on the matter. Here’s the problem for the Christie campaign: The talented and aggressive Jeff Whelan isn’t a reporter any longer. Three guesses what he’s doing for a living?

    You got it: He’s doing opposition research for the Corzine campaign. I called my old comrade the other day to ask whether the campaign will be dredging this up after June. He wouldn’t comment.

    But I think I heard him chuckling as he hung up.

    http://blog.nj.com/njv_paul_mulshine/2009/04/william_perlmanthe_starledger.html#more

  49. NJGator says:

    Attacks on candidate Christie focus on ethics
    by Josh Margolin and Claire Heininger/The Star-Ledger
    Sunday April 05, 2009, 8:52 AM

    Republican gubernatorial candidate Chris Christie isn’t known for his budget-cutting skills, or his knack for high finance.

    He’s known for ethics.
    Chris Christie

    As U.S. Attorney, Christie fashioned a reputation as a corruption-buster on a crusade to clean up government, an image his campaign touts endlessly.

    But now he is being attacked on the central theme of his political career after accepting thousands of dollars in campaign contributions connected to a law firm to which he awarded a no-bid contract.

    http://www.nj.com/news/index.ssf/2009/04/attacks_on_candidate_christie.html

  50. Sastry says:

    yome says:
    April 5, 2009 at 1:15 pm

    “I guess borrow more and send it abroad as an hedge. Anybody knows how i can do that.”

    Refi and send money out — foreign currency or investment abroad. The risk is that you could get burnt badly if things move against you. Iceland, anyone?

    You seem to be writing off US. I am sure there are some positives going for US :)

    S

  51. yome says:

    #51 Just an hedge to the coming devaluation of the dollar.I think if you are in a cash position inflation will kill the buying power of your money.Credit gives you hedge if done right.

  52. reinvestor101 says:

    Why am I not surprised about this? He’s no longer hiding who is really is.

    Clod, you just confirmed that there’s a devil terrorist deep down inside you and now it just came out for everyone to see it. You and your damn sniveling dog are going to have both of your asses detained.

    Clotpoll says:
    April 5, 2009 at 9:12 am
    Gator (19)-

    Let it burn! Burn, baby, burn! Burn the MFer down to the ground and start over!

  53. Cindy says:

    http://www.doctorhousingbubble.com/

    (46) Curmudgeon – I don’t even remember a “snarky comment from a couple of weeks ago.” It must not have been “snarky” enough. :) Thanks for the nod on my comments and being a teacher. I honestly love what I do.

    I posted Dr. Housing Bubble for you. Check out the second chart of sales done by zip codes – $500T – $599T.
    He comments that he receives emails from frustrated buyers who are waiting for the “50% off” sales on those houses and they haven’t happened here either.

    We are clearing our inventory of foreclosures as they come on the market in the $100T – $250T range with no problems because the salaries here support that. With rising unemployment, he expects to see price drops in the higher price ranges as well. Happy hunting.

  54. reinvestor101 says:

    How much do you wanna bet that damn North Korea and China are locked together at the hipbones with this damn missle launch. How did North Korea get its damn hands on that technology? Answer–China. The same China that’s trying to get rid of our damn dollar and is trying to put us over a damn barrel.

    Hey you damn commies…the rock ribbed American patriots will confront you. If you want your damn money back, you better stop this crap over changing the damn reserve currency and get North Korea to toe the damn line. Once you get in compliance with our demands, we’ll consider giving your damn money back once we’re done with it. What?? You want to know when we’re going to be done with it? Shut the hell up and stop asking stupid questions.

  55. Shore Guy says:

    Watch for congress to rush additional funds to the THAAD program and the other anti-missile programs. Of course, we will borrow this development/deployment money from China — there is a farce of a stage play in here somewhere.

  56. Shore Guy says:

    Grim,

    Usually one would expect to see the largest declines in prices in condos and townhouses but looking at this list it looks like the biggest drops were in SFHs. I did not do any real analysis and wondered what others make of this.

  57. grim says:

    shore,

    I’m skipping around a bit, so don’t look at this as a accurate cross section. I tend to weight heavier towards the SFH properties, since that is where more of the interest is.

  58. sas says:

    “I do not find some of your theories that crazy any more.”

    everything I say in not theory, you just have to know what rock to look under to verify what I say.

    i do sometimes post a post to be a little sarcastic, those posts are pretty obvious.

    Truth is stranger than fiction, think most you blokes have lived long enough to know that.

    on second thought.. why am i justifying myself??

    carry on.
    SAS

  59. yikes says:

    We leave Thursday for 12 days in the Alps and Lake Como. We are spending about $160/night for a 3 bedroom with extensive balconies and views over the lake and Bellagio in Argegno. In Grindelwald in the Alps, I am paying $130 for a chalet with views of the Eiger from every room.

    damn. you sound like a high roller.
    tell Clooney hello at Lake Como!

  60. sas says:

    opps:

    “is not theory”

    SAS

  61. Shore Guy says:

    One more thing to drive down RE values in Cindy’s neck of the woods:

    http://www.guardian.co.uk/world/2009/apr/06/north-korea-missile-launch

  62. kettle1 says:

    for anyone interested:

    employment per field in NJ 1990 to present, from St Louis Fed

    http://www.scribd.com/doc/13991400/NJ-Employment-in-Thousands-of-People

  63. Cindy says:

    Can someone do me a favor – ???

    I forwarded the Kenneth Black interview with Bill Moyers to several friends the other day, one just wrote back and said she couldn’t connect. I tried – even from the PBS website – got “connection interrupted.” Can someone else try and let me know the results? – Thanks ever so much.

  64. kettle1 says:

    Interesting that NJ government as an employer was essentially flat from 1990 – 2000 and then grew by about 100K from the period of 2000-2009

  65. Revelations says:

    NJGator @18,

    Thx for the reply. I actually don’t own a home yet, but looked at one that was recently reassessed @ $30K higher than I was going to offer (taxes jumped by ~$1000). The avg ratio was 100, so was wondering if the lower price would be a useable argument in a tax appeal (according to my calcs). Sounds like you’re saying it would, but that the system is still fraught with obstacles.

  66. Cindy says:

    http://www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm

    Kettle – You might like this posting from Economist’s View. Click on the page and it enlarges…

  67. kettle1 says:

    Cindy,

    the video works for me.

    here is the link to the full transcript of the interview if you want to give them that.

    http://www.pbs.org/moyers/journal/04032009/transcript1.html?print

    It sounds like maybe you messed up the link when you sent it out.

  68. kettle1 says:

    Cindy, thanks, will read the link….

  69. confused in nj says:

    No crime To big To take Away A Public Pension.

    Iteresting list of Public Felons and the Excessive Pensions they receive in jail.

    http://www.buffalonews.com/home/story/630155.html

  70. confused in nj says:

    Hit men collect

    Earlier this year, retired New York
    Even Police Hit men;

    City police detectives Louis Eppolito, 60, and Stephen Caracappa, 67, were convicted of orchestrating murders for the mob while they were police officers.

    Caracappa gets to keep his $63,000 a year pension. Eppolito gets to keep his $47,000 pension.

  71. NJCoast says:

    Just got back from an Open House at the Stanford White manse in the Highlands that Sean posted yesterday. Imagine my surprise when the realtor asked the couple signing in where they heard about the house and they replied the NJ Real Estate Report! He said he’s just a lurker but the comments from the blog brought him down from Jersey City to take a look.

    The house had incredible views and had ample space for multiple families. Lots of cool nooks and crannies and turrets. Too bad one wacky owner renovated and added to this classic seashore colonial with an 80’s disco modern slant. Surely worth $1,500,000 (Original list $5,200,000, but the upkeep and taxes make the home a white elephant.

  72. Cindy says:

    (73) NJCoast – How cool that you went to see it. The pics were fantastic.

    (69) Kettle – Thanks! I did botch the post. Your link worked fine.

  73. confused in nj says:

    Seems like Corzine & Patterson should change Pension Rules so that they deduct time spent; molesting children, murdering people, stealing, etc., from Public Pensions.

  74. NJGator says:

    Revelations 67 – I don’t mean to imply that it can’t be done. I know people in Montclair that have done it. I just wouldn’t count on it as a guarantee. It certainly helps if you have other comps selling at the level of your purchase as well.

  75. Shore Guy says:

    “It certainly helps if you have other comps selling at the level of your purchase as well.”

    Or come bearing gators with you.

  76. Cindy says:

    http://www.guardian.co.uk/business/2009/apr/05/useconomy-regulators

    Could this be true? Remember Clot, I told you I liked this lady – Elizabeth Warren.

    U.S. Watchdog calls for the bank executives to be sacked – Guardian UK

  77. NJGator says:

    77 Shore – Or PowerPoint presentations? I’ve heard they are pretty effective as well :)

  78. NJGator says:

    Grim – If you are looking for a very unique place to eat in Napa, I recommend the following:

    http://www.ubuntunapa.com/

  79. yikes says:

    any guesses at how this pension thing is going to play out? CLEARLY, many issues have to be resolved, and as our debt increased, one would expect it happens SOON.

    between pensions, social security and some of these others programs … the tipping point’s got to be coming in … the next 5 years?

  80. yikes says:

    IRVING, Texas has the right idea.

    http://www.nytimes.com/2009/04/05/us/05immig.html?_r=1&hp=&pagewanted=all

    you wonder why this idea hasn’t spread.

    there was a mention of hazelton, PA in the story, so i googled it … damn

    http://www.cbsnews.com/stories/2006/07/14/national/main1804372.shtml

    add this to the pension story as a hot-button issue in America in the next five years. not to go overboard, but the next few years in this country are going to be pretty pivotal to its growth …

  81. yikes says:

    grim, 82 in mod

  82. kettle1 says:

    Yikes,

    There will have to be some action taken in the next 5 years even if it is to push the problem further down the road. NJ is perilously close to the same situation that California is in.

    Look at the jobs data in the link i posted at #64 (April 5, 2009 at 3:59 pm)

    The higher paying industries are leaving the state and they are being replaced with generally lower paying industries. Without manufacturing and finance NJ is going to have a heck of a time finding money to support the current obligations.
    Then consider the power of NJ unions and political morass.

    NJ will follow california, and very possibly in the next 3-5 years. High earners have been leaving the state for years and now finance and manufacturing (Pharma) are leaving/downsizing in a big way.

    If you look at the data in my link, you will see that NJ is heavily dependent on the service economy model. We all know where that is headed and now we face plummeting tax revenue from real estate as the bubble bursts. If you want to know where this goes watch california

  83. poor guy says:

    grim

    thanks for the comps (+1 for morris ct)

  84. Shore Guy says:

    Gator,

    I laughed aloud when I saw yoir mention of PowerPoint. I can still see the looks on their faces as I went through the presentation, and then asked them about every step of the appeal process, including up through the courts.

    I get the feeling that there are so many people who just take it and will not raise any fuss, and most of he people who do make a fuss will only go so far that when they see they have what could become a monumental pain in the neck before them they are inclined to do what is necessary to make that problem go away.

  85. Shore Guy says:

    I just passed a guy at the side of the road wearing a mask and holding up a sigh that said: Wake up and smell the fascism.

  86. sas says:

    i hate power point.
    it makes one dumb & dumber.

    how? it limits words, and if you limit words, you limit thoughts, ideas, and creativity.

    if you wanna be a robot, than power point is for you.

    SAS

  87. Shore Guy says:

    sigh=sign

  88. gary says:

    For what it’s worth, I visited several open houses in Wyckoff and Ramsey today. The sign-in sheets were full and there were people at each of the houses we attended. I know the weather was great and people were out so take it for what it’s worth. One house in the upper 5 range was on the market for a week and is under Attorney Review but they still held an open house. Another was also in AR listed only for two weeks.

    As I’ve stated, desirable homes in sought after towns are still moving and still in demand. The prices have adjusted a little in these areas but will hold up compared to the rest of the country.

  89. sas says:

    “Wake up and smell the fascism”

    very true.

    but what does that matter, as long as I can get my french fries from the drive thru and I can still watch the boob tube.

    what do I care? it doesn’t effect me or my back yard.

    yeah.. UNC just made a 3 pointer!
    sports, its keeps me from dealing with reality.
    SAS

  90. sas says:

    I see that IOUSA is under the google video as a hot video.

    i think we have discussed this before in the past, but as for me.. I believe IOUSA is a propaganda piece. Its steers you away from the reality of whom pulls the strings and presents itself as we the people or the dumb saps that are to blame. and if you want to get out of debt….the next step would be to then to seek their finacial advice, which of course, comes with a price tag.

    yes, does provide some kibbles of truth & thought. but a good propaganda piece has to have something, otherwise no one would watch.

    SAS

  91. kettle1 says:

    SAS

    stop already with your conspiracy theories. Next thing you know, you will be telling us about aliens at area 51.

    The government has our best interest at heart and the government is more capable of ensuring our well being and prosperity than anyone else. Really, you cant have people doing what ever they want, they may do something that isnt mainstream and politically correct. You cant actually let people fail, someone must be their to protect them from their own mistakes.

    Thats why we need HUB to handle urban development and providing opportunities to te minorities in urban slums, as well as hundreds of other vital tasks that could only be handled by the government, and one that is a democratic government that listens to the voice of the people!

  92. sas says:

    kettle1,

    i know… i know..
    i just live in my mother’s basement and play the Xbox.

    i don’t know anything really about bailouts.

    :P
    SAS

    oh yeah, only suckers call it bailouts, when in reality its a revolving door.

    now, back to the shoot-em up video games…

  93. sas says:

    sure is boring in here tonight.

    SAS

  94. Stu says:

    Agreed

  95. kettle1 says:

    SAS

    lets here a merc story. how about one from mexico!

  96. kettle1 says:

    got any area 51 stories?

  97. Mikeinwaiting says:

    Ket,
    Passed that bank today. New sign “We have money to lend” got demand!

  98. kettle1 says:

    Mike

    I forgot to take that picture:

    BC bob, 3b,

    passed a bank in north jersey over the weekend that had a giant new sign out front:

    “Borrowers Wanted”

    I am not kidding. As BC bob says “got demand”?

  99. sas says:

    “got any area 51 stories?”

    they do some neat stuff there. they fly you in. some neat stuff goes on there. but, its a diversion base.

    The real top secret place goes on at several different locations, and those locations change frequently.
    (some aren’t even in the states).

    I’ve never been there, but i get word.

    but, i do like White Sands, NM.

    i enjoy taken off my shoes and walking in the sand and watch the sunset and at night, watch all the nocturnal animals come out. The animals are white too.

    Interesting how mother nature adapts.

    SAS

  100. Essex says:

    88….Oh SAS….PowerPoint? Just a tool. Don’t Like Words? just use pictures.

  101. stan says:

    Gary — saw a place in westfield today, open house. originally listed at 685k last year, now at 500k. needless to say, when a place would have sold for for 185k more 1 year ago, people will show up. Alas, that is the new comp…….to sell, the other listing must come down.

    to quote the great John Mclane…..”Welcome to the party pal!”

  102. NJGator says:

    Shore – need some advice for the PowerPoint I will task Stu with creating for the appeal. How’s this for showing I will be a PIA? Since it is Montclair, it’s only natural I inject a little class warfare into this for fun.

    From 7/1/07 to the present, I analyzed class 2 property sales and compared to see how close they fell to Montclair’s average ratio of 99.24.

    For homes priced under 1,000,000, I found 443 useable sales. The median assessment/sales ratio for these properties was 100% and the average was 99.24%. 201 of these properties were assessed above the sale price and 51 properties had an assessment to sales ratio below the lower limit of 84.35.

    Now I move on to the more luxurious properties priced above 1,000,000. I found 105 sales above this amount. The median assessment/sales ratio for these properties was 92.33% and the average was 89.53%. Only 16 of these properties were assessed above the sale price and 36 properties had an assessment/sale price ratio below the lower limit of 84.35.

    15% of the higher value homes were overassessed, while 45% of the more modest homes were.

    Now let’s look at the folks who fall below the lower limit (or as I like to call them, the lucky ones who tax bill is being subsidized by the rest of us) 11.5% of the under 1M homes fall into this category, yet 34.3% of the over 1M homes do.

    Now here’s the rather juicy part. None of the 1M+ folks who fall below the lower limit reduced their assessments via appeal. Each of these assessments were set as market value as of 10/1/06 by ASI. Theoretically we have been in a declining market, so you would expect that more of these folks would be over-assessed than under-assessed, but that is not the case.

    The median SP for these super lucky folks is $1550000 and the median assessment/sales ratio is 77.44. That represents an assessment of 352,780 below market value. At Montclair’s tax rate of 2.31%, that is an annual savings of 8,149.

    Does that qualify me for PIA status?

  103. NJGator says:

    One other unusual thing to note. 1/3 of the very low assessed 1M+ homes were noted as non-useable sales category 7 – which means they were supposedly significantly improved after the assessment date. These sales all closed in 2007 or early 2008. One would expect that their 2009 assessment would be substantially higher, as the town would have factored these improvements into the assessment. None of the properties had an increase in assessment.

    The median ratio for these properties was 70.64 and the median sale price was 1928500.

    If I were a cynic, I would think that the town was gaming the system to prop up the average ratio to defend other assessments.

  104. BklynHawk says:

    Grim-
    Thanks for both of these Comp Killers!

  105. Revelations says:

    105 & 106, NJGator,

    Woooww. How/where did you pull all that data??

    Seriously, that’s excellent.

  106. Revelations says:

    Yome @ 52, or anyone else with a solid handle on inflation risk.

    So, the govt’s actions are inflationary. But will high inflation hit us if the employment picture doesn’t improve or continues to deteriorate? We would have to be able to pay the higher prices for them to stick, right? Or am I missing the bigger picture where the rest of the world leaves us behind b/c our US currency won’t buy us all the globally manufactured stuff we used to enjoy?

  107. NJGator says:

    Rev – Go to the Monmouth County Tax Board site, which Grim provides a link to.

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=monm&passwd=data&district=1301&mode=11

    You can download any search into a csv file. Just double check to see how current the data is for the town/county you are searching. Essex County is refreshed once a year, but it was last updated in March 2009.

    I pulled the assessment data for the entire town, as well as all the sales data. You can crunch this within excel, I am sure, but I brought the data into a simple access database to give me some extra querying flexibility. It’s not too difficult to do.

  108. Revelations says:

    Hey, your here!! It’s late and I thought I posting to myself again.

    I didn’t know about the excel format trick on “Select Output Format” — just tried it (does some zip file step), and got the .csv! All this time I never even looked at those options. Thanks for the tip.

  109. NJGator says:

    Yes, it is very cool. And if you put in no criteria, it will give you ever record for the town.

    Pathetic and sad, aren’t I?

  110. Revelations says:

    Not at all. Actually, it seems you are one of the few that will actually get off their rears and stick it to the man! Too many just hang their heads, and allow towns to operate unchecked.. Props to you for sharing your knowledge and arming the next gen of assessment-fighting homeowners!

  111. cobbler says:

    As Homeowners Go Bust, It’s Boom Time for Some in Foreclosure Business
    http://www.nytimes.com/2009/04/06/us/06convene.html?hp

    PALM DESERT, Calif. — The celebration started early Saturday, with poolside music and drinks, as partygoers passed around business cards and compared notes on successful techniques for evicting residents who try to stay in bank-owned property, a process they call “cash for keys.”

    One woman in a T-shirt walked around with a hand-written sign that read “Bank Property” affixed prominently to her chest.

    Welcome to the spring 2009 REOMAC conference, which has attracted nearly 3,000 real estate agents and property managers to this lush desert resort. The crowd brimmed with a gusto that is hard to find in this recessionary era. The hotel bar did more business on Saturday night than it did on New Year’s Eve. Small wonder: These are the people cashing in on the boom in foreclosed properties.

    R.E.O. is industry lingo for “Real Estate Owned,” the term that bankers assign to homes they have taken in a foreclosure. REOMAC is the industry group that serves the mortgage default trade, specializing in selling the busted-up American dream.

    “Things are going tremendously,” said Darren Johnson, an R.E.O. agent from the Detroit area, who has handled about 180 bank property sales in the last year. “It has never been this good.” …

  112. cobbler says:

    This year’s conference is centered on the so-called “REO tsunami,” referring not to any natural disaster but to the man-made one, caused by the flood of as many as 700,000 bank properties now on the market nationwide. There were just 100,000 in 2006.

    The tsunami has leveled off a bit in recent months, because of foreclosure moratoriums imposed by major banks and the Obama administration. But the real estate agents here were told not to worry — the flood will continue for several more years, and probably has not peaked yet.

    In February, nearly 45 percent of the home sales nationwide were R.E.O. or so-called short sales, in which homeowners, under duress, sell a property for less than their mortgage, according to the National Association of Realtors. The sales have intensified a nationwide decline in home values. R.E.O. homes typically sell at a 20 percent discount.

    The convention at the Desert Springs J.W. Marriott formally began on Sunday, with a golf tournament, featuring a “19th hole” bash cosponsored by Coldwell Banker, the giant real estate firm. Other convention-goers were at the resort spa, getting top-priced treatments, like the protein-rich caviar scrub for $185.

    “What we have seen so far is just a hint of what is coming down the pike in the next three years,” Marty Higgins, a San Francisco real estate broker who specializes in apartment buildings, said as he stepped off his golf cart, smoking a cigar.

    For real estate industry service providers — like title insurance companies — the R.E.O. market has become essential if they want to remain in business, which explains why executives like Ron Jones, from a California title company, was walking around offering to send wine to one important Arizona agent.

    “Buyers now have tunnel vision,” Mr. Jones said. “R.E.O. is all they want.”

    The convention’s biggest party was the so-called Tsunami Club event on Sunday night, complete with dancing, craps and blackjack tables, a selection of hand-rolled cigars, a special Scotch lounge and a patio set aside just for networking.

  113. Revelations says:

    Whoa, last line came off a little too cheesy-battle-cry-cheerleader-whatever. But, I’m glad I picked your brain b/c I considered myself to be somewhat savvy with public records, and I was just scratching the surface. Anyway, more people should make use of this free, easily pulled info. Can’t tell you how many people I know own homes here, and they have no idea what their neighbors pay in taxes. I show them this public search site, and they are enthralled.

    Also, for any readers interested in more RE public records, the following is also a good site:

    http://oprs.co.monmouth.nj.us/oprs/clerk/clerkhome.aspx?op=basic

    You can use the tax records search to get Blk and Lot #s or Names, and look up Mtg docs (w/ loan amts), Deed xfers, Lis Pendens, etc.
    Note: You may have to clear your browser caches between viewing documents (I have to) or it may keep showing the same doc.

  114. yome says:

    109 Revelation
    Deflation Dead at BlackRock; Inflation Debt Favored

    http://www.bloomberg.com/apps/news?pid=20601109&sid=auXIqUfOGc7w&refer=home

    3rd world countries inflation is high though unempoloyment is always at depression level.Their currency looses value when the dollar is up or against basket of currency(trading currency).What happens if dollar is not the trading currency?Same as 3rd world i guess.

  115. Clotpoll says:

    confused (72)-

    Good to see the NYC local of the Contract Killers’ Union remains strong.

  116. Clotpoll says:

    Cindy (78)-

    I love Elizabeth Warren. She’s a lone voice of sanity from within the blizzard of free money being launched like confetti.

    Too bad it seems virtually guaranteed that her voice will be suppressed and/or ignored.

    I also have the disquieting feeling that as she unearths wrongdoing (which we all know is there), she may meet an untimely demise.

    If I were her, I’d be looking over my shoulder.

  117. Clotpoll says:

    Cindy (78)-

    This is the kind of talk that could find Ms. Warren in an untimely and unfortunate “accident”:

    “The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous.”

  118. Clotpoll says:

    “Fast and Furious” breaks box office records.

    BAAAAH go the sheeple.

  119. Clotpoll says:

    Pass me those fries, SAS.

    Got any mercury soda? No?

  120. Shore Guy says:

    “500k homes now 200k”

    No. $200k homes are back to being $200k homes after a brief bit of insanity.

  121. reinvestor101 says:

    This is a terrible story. It’s not right to be gleeful over someone’s misery. These sorts of stories really should not be published, let alone repeated.

    safeashouses says:
    April 6, 2009 at 6:37 am
    500k homes now 200k

    from CNN

    http://www.cnn.com/2009/LIVING/04/02/foreclosure.dream.homes/index.html

  122. Dissident HEHEHE says:

    S&P 500 Can’t See Enough Money to Feed Stocks’ Rally (Update1)

    Rathbone Brothers Plc, MFS Investment Management and TD Ameritrade Holding Corp. say the reliance on banks is making them increasingly concerned that the 25 percent gain by the Standard & Poor’s 500 Index since March 9, the steepest rally since 1938, will dissipate. While rising home sales and durable- goods orders show the economy may be bottoming, unemployment and consumer debt as well as prospects that banks will be forced to write down more loans may halt the gain in equities.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=al6lArvbSwuI&refer=home

  123. Shore Guy says:

    re101,

    Stories of people losing their homes are indeed sad; however, they also serve as warnings to others both now and in the future of the dangers of following bubble mentality and either chasing irrational price increases or getting too far into debt.

    There are lessons to be learned, but only if we pay attention to the pain suffered by those who lost out in the current bubble.

  124. Dissident HEHEHE says:

    I’d like to add to that Bloomberg piece the supposed rising home sales and durable goods orders don’t necessarily show anything other than people will buy things when they are heavily discounted to their correct price. An increase of sales at a dramatically narrower profit margin or a loss may get rid of inventory but sure doesn’t help profitability and once the inventory is diminished don’t expect there to be a demand when these clowns try to increase the price again.

  125. kettle1 says:

    revelations,

    Deflation isnt done yet,

    the turn from deflation to inflation will be a whip;lash inducing event due to the amount of money being printed and the rate at which the press is being run.

    The really fun outcome of such a situation is a one two punch. First people get beat down by deflation and then inflation explodes and wacks those who were able to weather deflation..

    The government has only created a trillion or so dollars while deflation has already wiped out several trillion and shows no sign of slowing.

  126. DL says:

    For the board: Have been reading that housing market won’t recover until owning is cheaper than renting. Have not seen any formula that allows you to determine the break even point. Any advice?

  127. kettle1 says:

    DL,

    Someone may want to correct me on this, but i have seen a general rule of thumb as buying is competitive to renting when the purchase price of a home = 10-12X annual rent

    so for a home that you are renting for 2000/month (24,000/yr) a competitive purchase price would be 240K-288K

    This rule of thumb sees to be in the ball park for much of the nation, but in some areas may need to be adjusted. For instance major urban areas such as the northeast and the west coast are historically more expensive. but that

  128. kettle1 says:

    DL,

    a more rigorous approach would be to calculate the carrying costs of owning a home and include various tax liabilities and tax breaks and compare that to rents for similar homes.

    i.e. If the monthly cost of owning a home including property tax, maintenance, etc and including tax breaks corms to 2000 and you can rent a similar place for 1800, then you would probably want to rent.

  129. freedy says:

    mm,, very sad wiped on on gs, bby, cbrl and others.

    guy cant read a chart

  130. chicagofinance says:

    More signs of the coming anarchy….

    After a show-and-tell Friday about how the two Citi Field bullpens are side-by-side, Ron Darling and Keith Hernandez concluded that “bench-clearing brawls can now be fought in right-center.” . . .

  131. chicagofinance says:

    Dissident HEHEHE says:
    April 6, 2009 at 7:54 am
    I’d like to add to that Bloomberg piece the supposed rising home sales and durable goods orders don’t necessarily show anything other than people will buy things when they are heavily discounted to their correct price.

    He: You can learn more with Bloomberg at the their best in one story than with CNBC in a month. The exceptions being Fast Money episodes. However, now that Dylan Ratigan told the morons there to stuff it, I have a bad feeling that the show is going to crater. It has already lost an edge. Let’s see whether is persists.

  132. chicagofinance says:

    freedy says:
    April 6, 2009 at 8:52 am
    mm,, very sad wiped on on gs, bby, cbrl and others.
    guy cant read a chart

    Pesce: Don’t worry, he will soon be into revisionist history. Navellier is deep in the bs abyss as we speak.

  133. exNJpat says:

    I still don’t get why home prices are so high in NJ… the place has basically become a communist police state in the last 30yrs. When I visit family, I get taxed, tolled, and see 15-20 cop car speed traps in a weekend. I’ve not seen that many in 4yrs in PA. All my family is process of leaving. What is left there? I only see emply office buildings, potholes and entire towns taken over by illegal aliens. Seriously, I see permanent downside to NJ home prices…these homes should peal back to 1990 levels.

  134. Stu says:

    I’ll say it for Grim…

    UP!

  135. grim says:

    Up Up Up!

  136. Sue says:

    Continually harping on the same negative stuff over and over seems a little crazy. Truth be told there was a correction and it was needed but for many towns it is basically over.

  137. KareninCA says:

    Sue – you’re realtor, aren’t you? gee, why don’t you bet your *own* money on this prediction, instead of the money of innocent buyers? here’s a thought – offer to make your buyers whole, if they’re underwater in five years. or to pay their mortgage, when they end up in foreclosure.

  138. Stu says:

    Karen,

    All realtors named Sue should avoid this blog like the plague.

  139. 3b says:

    #144 Sue: For many towns it is basically over? Says who, you? the friendly neighborhood realtor?

    No, for many towns it is just getting started, as the level of denial, and its “differeent here” was so great.

    Have you looked at the unemployment levels in NJ, in NYC? Have you seen the msasive loss of fiannce jobs on Wall St, the massive loss of pharma jobs in NJ, the large layoffs in the legal and publishing areas? Do you understand the dismal economic state tht NJ is in, that many towns in NJ are in?

    Have you seen it Sue? Do you havs a clue Sue?

    Who is going to be buying all of these houses for sale in all of our north Jersey towns?

  140. Stock Forum says:

    I will be linking to your site great article.

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