Sat 27 Jun 2009
“It’s not going to be a rapid recovery.”
Categories: Economics , Housing Bubble , National Real EstateFrom CNBC:
Five Reasons Housing Market Still Hasn’t Recovered Yet
What happened to the housing recovery?
Despite hopes that the market would begin showing signs of life this spring, the latest housing data suggests otherwise. Instead, the sector remains stubbornly moribund—trapped in a spiral of declining prices, increasing mortgage rates, unemployment and several unforeseen factors.
And with many experts believing that a real estate rebound is critical for the overall economy to recover, patience with housing is beginning to wear thin.
“We’re dealing with a problem that probably took us eight years to get into and expecting to get out of it in eight minutes, and it’s just not going to happen,” says Rick Sharga, analyst for RealtyTrac, which follows real estate trends. “The frustration might be more self-induced or self-inflicted than necessarily something the real world would create.”
Experts cite various reasons for the continuing problems with housing and say it’s unrealistic to expect a full recovery anytime soon.
Economists have all been pretty consistent in that they expect the housing market to bottom out at the end of this year or the beginning of next year,” Sharga adds. “It’s not going to be a rapid recovery.”
Experts break housing’s problems into five key areas.
1) Unemployment
…
2) Credit Availability
…
3) Price Pressures
…
4) Appraisals
…
5) Short Sales
Well, we’ve put offers on 4 houses in the past month (not in NJ). 3, the seller’s apparently did not want to give their house away, so we abruptly cancelled negotiations and moved on to the next house (plenty of fish). One signed contract for a lovely house at $95/sq ft fell through on inspection (I didn’t feel like fixing the foundation). Sellers still generally seem to be in an alternate reality, so we may rent another year. I’m sure we’ll be making even lower offers on the same houses next year. They’ll still be on the market.
In early ‘07, I begged a friend not to buy, but she was getting married, which apparently necessitates buying. So she bought a 1BR in Tenafly for $310 in March ‘07 and moved in with hubby. The first baby came in summer of ‘08, but they stayed in the place with the crib in the LR. The second baby is on the way, and the need to move to a bigger place has caused some unpleasant facts to be recognized. A couple of blocks away, a complex of new housing was built with all sorts of amenities, and it includes 100 1BR apts. Only 60 have sold, and the other 40 are apparently languishing on the market with an asking price of $275K, not selling at all. I feel really bad for my friend, because they’ve got three choices: (1) live as a family of 4 in a 1BR apt; (2) mail the keys to the bank after taking a rental or (3) sell for ~$250 and find $50K to send to the bank (unless the bank will take a short sale at a 20% loss - Clot? JB?). I still can’t, for the life of me, imagine how a 1BR could ever have sold for $310 in Tenafly
Comments lost?
How about housing hasn’t recovered because even the cheapest 3 bedrooms in a nice town are 3.5 to 4x median income. As prices drop, people on the sidelines realize they don’t have to worry about being priced out forever.
Hey safe. I’ve always read your handle as “safe a$$ houses”. :)
I’m continuing to be patient. I’m always patient. I have been patient before.
Sorry I missed the GTG. Haven’t been to one since Johnny Utah’s in the city. Any Brigadoonian’s (nee Westfieldites (Ray? Nom de Geurre?) interested in a beer or two at the Jolley Trolley this evening?
A friend called me and asked me what he should offer on a house listed at 599 in Manalapan. I told him nothing. He said seriously what should he offer. He gave me the address, I looked it up and told him it sold for 602k in 2007, why would you offer anything near that? I told him if prices are down 10, 15%, even higher in the hoity toity towns of north Jersey,I doubt Manalapan has somehow magically gone sideways for the last 2 years.
#5 Sirrentsalot,
You have a twisted mind. I respect that :P
And welcome back to regularly posting
Sellers still generally seem to be in an alternate reality..
And it will remain this way because you still have too many f*cking idi*ts who “need” to live in Upper Cheekyville with the help of Daddy. Price is not an issue when a backstop is available. Precious jumps up and down and says goody goody while signing on the dotted line so, as a result, some fat f*ck up the block thinks his dank, rancid smelling dump should go for the same price.
Re the article:
Can someone please tell Lawrence Yun to SHUT THE F*** UP!!!!
So buyers are taking advantage of the situation by submitting low ball offers. Funny, I guess I should have listened to my realtor and bought a house last year. Because at the height of the market is the only fair price.
Piss off Weichert.
Ah. . . I feel better now.
Where did I put my meds?
#10 gary,
I think daddy’s ability to help is going away. The stock market is still way down, cd rates are under 3%, and daddy’s home equity line has been slashed. There have been a few articles about the hipsters in Brooklyn having their daddy dollars slashed or eliminated.
safe [12],
Precious doesn’t care, Daddy better find a way or else she can’t show off baby Graydon in her Stokke Stroller by the duck pond in the center of town while her blond pony tail is pulled through the back of her Red Sox cap because hubby sh*thead went to school in Boston.
Oh - by the way - before I started making offers, I interviewed a number of realtors. The interviews began by my saying “if you quote yun or Lereah or any NAR talking point, the interview’s over. If you use the word ‘bottom’ or tell me it’s a good time to buy, the interview’s over. And if you ever try to negotiate my offer higher before presenting it to the seller, or use the phrase ‘the seller will be offended’, you’re fired. And no, I won’t sign a contract.” Even after that speech, the first idiot tried to explain that ‘X city is different because….’. The interview ended. The result is that we have a pretty good realtor.
Sir Rentsalot [14],
F*cking Excellent!! :)
hey does anyone have a good site for rentals in somerset or union ? I look at craigslist but not much there for these areas. any assistance appreciated.
12 safe - and if daddy’s job isn’t gone, his bonus certainly is.
13 gary - one of your greatest posts. Bravo!
Gary,
http://www.realtor.com/realestateandhomes-detail/15871-Sw-Hampshire-Ter_Portland_OR_97224_1109378877
Please describe this one for our enjoyment.
http://market-ticker.denninger.net/archives/1162-More-Front-Running-Where-Are-The-Cops.html
Can anyone explain what “/ES” is?
I understand the article but I don’t know what the chart is charting…
sl
gary,
My sides hurt from laughing…
sl
re 20
I think it’s the mini S&P 500 on some exchange.
And I ran across the Chicago Mercantile exchange membership sales page. You, too, can have a seat on their exchange for a mere 900,000 or so… least that’s what it seems like.
sl
Sir Rentsalot,
I like your interview technique. I almost chose a realtor in my area and TOLD her some of the things you said and she seemed on board. That said, I haven’t looked into other realtors really. I need to get on that.
I also told her that I’m not really ready to start working with her regularly because I’m not willing to pull the trigger until at least a few months.
I’m looking in several train towns such as maplewood, south orange, millburn, summit, westfield, etc etc. The missus and I drove around Summit and Millburn today. We’re shopping in “starter home” territory. The median sales price right now in Summit is 488. $488k puts you firmly in the $hithole category. I’m beginning to think that the wife and I aren’t summit material (or millburn, chatham, madison, etc.). I find it incomprehensible that people are still paying these prices for these turds. …And the wife and I make well over the median. I refuse to believe that these prices are in any way sustainable.
“I find it incomprehensible that people are still paying these prices for these turds. …And the wife and I make well over the median.”. We’re paddling the same boat, goon my brother. Don’t forget the DB paper grim linked to the other day saying NYC area (and I’ll say that includes Summit, Millburn, Brigadoon, Madison etc.) will fall 40% from this March. They’re late to the table, but they’re finally eating the entree. If I were buying in nnj, I’d wait another two years (bc bob, can I get a “praise jesus”?). How long have prices been falling in this neck of the woods. A year? 18 months? An all downturns, let alone the one that follows the stupidest RE bubble ever, prices take a couple or more years to fall, and then a couple or more to go flat (meaning not buying remains the correct economic play), so let’s assume we’re just entering the portion of the roller coaster ride where everyone throws up their hands and screams as we plunge toward terminal velocity, and the guy in the front holding the back starts to vomit his
underwater guts out.
That would be “holding the bag”. Pardon the bberry typos.
” I refuse to believe that these prices are in any way sustainable.”. They’re not. I promise. And the last time I used the phrase “I promise” on this blog was sometime in early ‘07 when I promised that many major banks would go insolvent. It didn’t happen the following day, but as I’ve always said, I’m Patient.
“My sides hurt from laughing…”. Looking - me too. Gary’s righteous anger has kept me sane for lo these three years. I’d say I’m still looking too, but that’s only true in the literal sense. In the fugurative sense, I’m patient.
Sir Rent, You, being Patient and ensconced in NJ, it is quite good to see you back. It has been quite some time.
I think Gary should do YouTube videos of his rants. Really could be a potential biz for him.
Thanks, wag
Six Reasons Housing Market is Recovering and prices have no way to go but up:
1. Prices have dropped a lot.
2. Affordability is at all time high.
3. Mortgage rates are at all time low.
4. Inventories are going down.
5. Recession is over.
6. Unemployment has peaked.
So buy now, before prices go up just like in 2005.
#24,
goonsquad, look in Monmouth Co, 4 bedroom house on a big lot, right by a train station will cost you $300K, pool included.
Crime in Maplewood and South Orange is up big time, unles the house comes with a gun, don’t even think about it.
Were you patient in the literal sense, my glass also high’d be raised.
33 frank. Jackass. 4 of the items on the list are unsubstantiated assertions. The other two are bald-faced lies.
Sir Rentsalot says:
June 27, 2009 at 6:37 pm
“Don’t forget the DB paper grim linked to the other day”
Every investment bank, plus many other credible analysis shops with Wall Street clients, publish home price forecasts. A new one comes out every week. The only reason why the DB report featured prominently on this blog is because njreport posters focus extra attention on data that confirms their views.
At the same time, njrereport posters apply excessive scepticism to data that inconveniences their stances. For example, when positive comps are posted to the blog, these comps are studied until a reason can be found to dismiss them. When a reason cannot be found, the explanation given is that a typographical error has occurred in the tax records.
“How long have prices been falling in this neck of the woods. A year? 18 months?”
We can observe several sources of home price data for this area. One set of data that garners a lot of excitement is the S&P/Case-Shiller home price index. Here’s the latest one:
http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_052619.xls
According to this data, house prices in the New York area peaked in 2006, the same time prices peaked in Phoenix, Las Vegas, Miami, and Los Angeles.
“big lot, right by a train station”. Mmmmm - love that diesel smell, the music of the train whistle and the banging of the tracks, and the commuters’ empty coffee cups strewn about the yard. Plus, it’s safe for kids! (Can you say “attractive nuisance”? I thought you could!)
36 pat - that too
36 pat - cheers, then.
Lurkerd - “According to this data, house prices in the New York area peaked in 2006, the same time prices peaked in Phoenix, Las Vegas, Miami, and Los Angeles”. Maybe you are unaware that in spring of 2008, new yorkers received the largest annual bonuses ever. Maybe you are also unaware that, in spring of 2009, not only did they receive crap for bonuses, but many of the employers that paid them the previous year no longer even exist. No, my friend, you may keep your head in the sand, but that won’t stop NYC from hurtling over the edge.
Further, the data you cite do not include NYC apts. Manhattan did not peak in 06.
I toured a townhome in a uber haughty mid-town direct train town this afternoon (the one with the top 5 ranked high school).
Owner paid over $800k for it, brand new, during the bubble.
Asking is currently in the very low 5’s. Down something like 35% from peak.
Not bad. Too bad the taxes are insane.
jb
Sir,
Yay! We’ve been “patiently” waiting for you! :)
[lifts a glass to you! >clink< ]
sl
oh, and almost forgot…f.uck frank.
grim,
nice dog. seems Alpine stole your chest hair though… too bad. Chifi will be disappointed. :)
well…. off to another night of fun.
cheers
sl
Sir - I’m aware of the Wall Street bonus cycle. In the other markets I identified, house prices have fallen by 52%, 50%, 47%, and 40% from the peak.
New York area house prices have fallen by 19%, even less for condos.
How do you explain the relative resilience of the New York area housing market, especially in light of the fact that New York is the epicenter of the country’s economic collapse?
Sir - New York area condos peaked a few months earlier, in February 2006 according the S&P/Case-Shiller data. Most condos in the New York area are located in New York City. Condo prices in the New York area have fallen by 11%.
I acknowledge that this data inconveniences your stance. But you’re a regular njrereport poster now! So make yourself at home by dismissing the S&P/Case-Shiller data while insisting your view - against credible evidence - is the correct one.
Lurkerd - “How do you explain the relative resilience of the New York area housing market, especially in light of the fact that New York is the epicenter of the country’s economic collapse?”. I don’t think you read what I wrote. In spring of 2008, new yorkers received the largest annual bonuses ever. In spring of 2009, not only did they receive crap for bonuses, but many of the employers that paid them the previous year no longer even exist. Since it’s apparently not obvious, last year NYers had more money than God. This year they don’t. The economic downturn in NYC, in terms of the pocketbooks of people (you know, those thinks on two legs that buy houses), didn’t begin until it became clear that bonuses in respect of fiscal ‘08 would be either small or nonexistent. Now, to your apparent belief that New York is the epicenter of the economic collapse. The fall in real estate prices caused Wall Street to collapse. You seem to be under the mistaken impression that the reverse is true.
48 lurker - I’ve been posting on njrereport since before you went by the handle “pretorius.” And meaningful data for Manhattan apts are not available to anyone. You may feel free to insist that CS’s “NY area” data are a proxy for Manhattan, but they’re, you know, not.
“Wall Street bonus cycle”. What a phrase! So, on the upswing, do you suppose bonuses at Merrill, Lehman and bear will return to 2008 levels this year, or next? Or is it Citi that you’re counting on to lead the revival of the “Wall Street bonus cycle”? I was thinking about going back and looking at the last few “Wall Street bonus cycle” peaks, like 07/08, to see what they were like, but then I decided to go catch a unicorn instead.
Grim 44 - The Reserve? I remember seeing a listing in there a while bck with about 20k in taxes and $700/month in common charges.
safe, maybe gary should start a virtual scrapbooking site with personalized commentary.
/Insert picture folder here.
For an additional fee, click to select captions:
“Bad-@ss”
“Jersey”
“Southern”
“Really pissed-off”
“Don’t even go there”
“I’m already going to Hell, so…”
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#52 - Yep, very nice places, I was impressed. About a block or so to the midtown line.
But to pay $2300 a month in Taxes & Maintenance?
I’d need to get one of those fancy Wall St. jobs and give up a car to make that monthly nut worth it.
MLS # 2693043 is a really stunning place.
Not surprised it went ARIP this afternoon, I presume the couple after me jumped at it.
Seller offered to pay 3 years property tax on it. That’d come to more than $50k.
Which means, net, that place is selling for somewhere near $420k? Double ouch.
Given the comps on these, this one was about 35% off peak too.
How is affordability measured?
Does it mean a house should cost no more than 2.5X annual income? Does it mean the monthly cost (mortgage, insurance & taxes) shouldn’t be more than 25% monthly income(gross/net)?
56 renter - “affordability” means whatever frank says it means, silly!
Forgive me, I forget these things.
Grim 54 - Egads that’s pretty steep. At the GTG last night, Nom almost lost his drink when I told him that some of the relatively modest places on Forest Ave came with a tax bill of 20k.
To all the realtors
How much value does a 4th bedroom add to a home, all other things being equal?
My brother-in-law (an IB in GS) has been looking for a house in Ridgewood. About 3 weeks ago, he spotted an old 2-FAM (with 5.5K rental income) listed for 775K. He immediately gave an offer of 740K. The owner (who holds and RE license) didn’t accept the offer. So brother-in-law increased to offer to 760K. I argued with him about his offer suggesting that 760K is too much for a junk house even in Ridgewoods standards. But he was very determined to buy the house. Last week, the house was inspected and appraised. Yesterday, we learned that he decided not to buy the house. We were very curious about why on earth he might have changed his mind about buying this house. Later on, we learned that the house was appraised for 600K! Could you believe that? The listing price of the house is almost %25 more of the appraisal value.
I am sure the owner already knew that but of course she didn’t tell anyone, hoping that once a potential buyer signs the contract, it is unlikely that they’ll change their mind.
But brother-in-law did.
We need more patient investors and more patient politicians. At least we have a patient poster.
still_looking
Thanks for the good advice.
All doc’s should do consults over a hearty ale! :)
I am sure the owner already knew that but of course she didn’t tell anyone, hoping that once a potential buyer signs the contract, it is unlikely that they’ll change their mind.
The lender would ask the buyer to put up a significantly larger down payment in this situation. Most buyers would have no choice but to walk away from the contract under the financing contingency.
“does it mean a house should cost no more than 2.5X annual income”
I don’t know that I subscribe to the proposition that a house should not cost more than 3x income. That said, the mortgage should not go above that amount; and. all housing costs should not go above 30% of income. Thus, high taxes have a serious depressive effect on affordability.
Julia,
Even with a hefty dp it would be an instant case of being underwater. Yikes!
“seems Alpine stole your chest hair though too bad”
If anyone needs any, I can ship anyplace in the U.S. Rates are negotiable.
#64 grim
At that point the lender doesn’t care what the property will appraise for, as long as the mortgage is below the apprised value. In this case if the buyers were putting 20% down, the bank is looking at $590K mortgage on a 600K property. AS the buyer is putting down a chunk of change, I say they would pull the trigger even in todays market.
61 julia - glad he backed out. But those IB decision-trees are a hoot.
“e, I say they would pull the trigger even in todays market”
Even if they determine there is a good prospect that the house will only be worth 550 or less one year later?
64 grim - right. Of course. The decision was taken out of his hands.
[61] continued
Well, the story doesn’t quite end there. As I said, the owner of that Ridgewood house is a realtor and she has been harassing me last couple of weeks about showing some bargain (!) houses in Ridgewood area. She doesn’t know that the person that she was trying to sell her house was my brother-in-law. Last Friday, I receied an email from her. She sent me a listing. I opened the listing to see that it is the house that my brother-in-law was supposed to buy. I immediately called her. I didn’t tell her about my brother-in-law or anything. I just said “Oh, I thought that this house has just been sold?”. She said “well, the buyer changed his mind in the last minute, he had some family issues”. Of course she didn’t mention anything about apprasial.
I told everything to my husband. Remember, last week I told you guys about a house that my husband’s realtor cousin was trying to sell us. My husband is sooo, well, I don’t know what to say. He is so naive. Everytime I tell a nasty story about crook realtors, he backs them up saying that “Ohh, they are trying to take make a living, honey…”
I am so disgusted with realtors. I can’t stand them. I wish trulia and zillow were more transparent. I hope more and more houses will be listed with their actual addresses in NJMLS.com. I hope, by the time, I get to buy a house, I won’t have to work with an idiot realtor! I absolutely hate them.
Shore - we will happily report back on Bermuda.
Incidentally, this is Lil Gator’s second trip on the Dawn. His very first cruise ever in 2006 was on the Dawn. He has since been on the Pearl, Jewel and Star.
We are “slumming” it in a balcony cabin this trip :) Best experience ever was on the Jewel when our friends got upsold into the ginormous Owner’s Suite. It had access to the courtyard and it was quite a treat.
” I hope more and more houses will be listed with their actual addresses in NJMLS.com.”. This really is the pits. Where I am looking to buy, every listing includes the address, the total square footage, the lot size, etc.; it’s a nice change from NNJ listings, which are a f’ing joke. It’s astounding, really. Few industries can get away with this sort of crap. It must be like Wall Street before the Securities Act. And nevermind the whole pretense of being an agent when you’re actually the seller! Someone needs a lawsuit right between the eyes.
Even better, the google-maps truck has been down every single street in the area, so whenever I see a listing that I’m interested in, I can go to the address and take a virtual walk around the entire neighborhood. Saves a lot of time when you find that there are projects or a gas station next door to that lovely ante bellum victorian.
#72
Don’t hate the player, hate the game. The realtor is just trying to feed his/her children with a ‘do whatever it takes’ attitude. Ofcourse, you don’t have to listen to them at all.
38.lurkerd says:
June 27, 2009 at 8:42 pm
At the same time, njrereport posters apply excessive scepticism to data that inconveniences their stances. For example, when positive comps are posted to the blog, these comps are studied until a reason can be found to dismiss them. When a reason cannot be found, the explanation given is that a typographical error has occurred in the tax records.
lurkerd: Your diatribes are all well and good until you consider:
(1) I am considered a clownish and naive optimist on these board, or else a dimestore hack;
(2) I stand behind my assertion that your comp was a piece of garbage, and I provided circumstantial evidence to make my point.
It appears that you should read your own posts, then take your criticisms of others and apply them as constructive feedback that you need to consider.
Geez, chi - didn’t realize he was referring to you. Ha!
“Strains in pensions systems, in both private and public provision, threaten to turn the financial crisis of the past two years into a social crisis lasting for decades, the Organisation for Economic Co-operation and Development warned on Tuesday.”
http://www.ft.com/cms/s/0/4301d326-5feb-11de-a09b-00144feabdc0.html?nclick_check=1
SAS
But I still don’t get lurkerd’s point.
1 or 2 comps (even if valid) with price growth from ‘06 means what? That overall, NJ prices are actually rising?
And since prices held up better from ‘06 to now, that means they won’t fall more?
Lemme guess.. based on a comp from lurkerd and frank’s made-up indicators. You guys should get jobs in gov’t.
[24] goonsquad
“I’m looking in several train towns such as maplewood, south orange, millburn, summit, westfield, etc etc. The missus and I drove around Summit and Millburn today. We’re shopping in “starter home” territory. The median sales price right now in Summit is 488. $488k puts you firmly in the $hithole category.”
Large part of the houses in these towns are pre-WW2. Back then there was little if any middle class there, so there had been a big gap between the well-off houses (which even now go for 800K+ assuming the location is OK) and their servants houses which are basically upgraded shacks and which you justifiably don’t want to buy. You may want to look for 1960s developments which are relatively minor part of these towns - but there always something on the market, and some of them may be priced right. Otherwise, move a bit westward on I-78 - New Providence, Berkley Hts, Gillette, Stirling, etc. are largely 1950s - 1960s and much more homogeneous (only few McMansions, no “old money”). Tons of houses under or around 500K. The downside is that there are no downtowns to talk about, though restaurants, shops, etc. are there but only as strip malls.
Julia (72)-
Seems like the only idiot you’ve referenced in your stories so far would be your husband.
Julia, there are good Realtors out there. It’s too bad your hubby has simply chosen to work with one who’s dead-set on giving him a butt-banging.
Disclaimer: lurkerd is employed in the dirty-water hot dog industry.
Gotta go. Time to sacrifice a chicken and pray that Brazil doesn’t play Pato today.
#72,
“I am so disgusted with realtors. I can’t stand them.”
You are right about realtors, they are all scam artists. These are people that can not find a real job, making living like the rest of us, so they decided to scam people by selling them homes that they can not afford. Knowing many realtors, I can tell you they are all liars, crooks and out for them selfs. The profession should be banned and all of them should be send to a gaol island.
Summer has arrived in Hoboken, the RE market is hot.
15 under contract this week vs. 8 last week.
No links this time, Hudson County MLS will not allow links to be posted on a free website. Another reason RE agents are bunch of &ss holes. They are censoring information so they can rip-off future buyers and sellers. Send them all to jail!!!.
“(1) I am considered a clownish and naive optimist on these board, or else a dimestore hack;”
You forgot pompous @ss
Hey, CF’s come a long way. Remember when he spent long, non-productive hours defending himself on that hobo re site? I was kind of proud of his honorable die-trying-to-change-a-nincompoop behavior. I got banned after only three flaming posts over there.
#68 - That is not the case.
Given a purchase price of $740,000 and a 20% down payment of $148,000, the loan amount would be $592,000.
If the appraisal came in at $600,000, the lender would be lending $592,000 on a property worth $600,000. In essence, the net downpayment would have been reduced to roughly 1.3%.
In order to bring the DP back up to a level that sufficiently covers the lender, the buyer would be responsible for “bridging the gap”. For example, In order to make that DP back to conforming levels, the buyer would need to cough up an additional $92,000, bringing the total DP up to $240,000.
I suppose you are partially correct, if the buyer was already putting down $240,000, or somewhere near 35% down, the lender would have enough skin to allow the loan through and they wouldn’t raise an issue.
What I say to ChiFi I say out of love.
Remember, the V in LTV is typically calculated using lower of appraisal or contracted purchase price.
sir rentsalot
simple answers to simple questions…..
sir rentsalot,
you lost me at hello…
i couldn’t follow all the posts.
SAS
Julia - I agree with clotpoll at 84. If you’re willing to hunt, you can find a good buyer’s realtor. Admittedly they’re not easy to find. You have to be patient.
Although, frank, for the proposition that realtor’s are lying frauds, you’re Exhibit A.
“From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great”
http://zerohedge.blogspot.com/2009/06/goldman-sachs-engineering-every-major.html
SAS
“Lemme guess.. based on a comp from lurkerd and frank’s made-up indicators. You guys should get jobs in gov’t”. I dunno. They seem more qualified for jobs in banking. Or mortgage origination. Or both.
Kettle: indeed.
Sir 97
Please refer to him by his real name.
that “f.uck frank.”
sl
I’m not saying that housing has bottomed,but I finally bought a home. I did need to buy because I have two boys, and one will be starting first grade in the fall. My wife and I are older parents, but we saved a good deal of money when we were double income and kidless. Anyway, we were looking in the Ridgewood and Glen Rock area - I didn’t want to spend more than $400,000 because I make around $100,000 a year and my wife is staying home with the kids. Of course, to even think about buying in these areas required us to go over $400,000 - and even then - nothing really nice. So, we expanded our search to Oradell and River Edge. Anyway, we finally found a home in River Edge. It was listed for $450,000 - but they lowered the price to $419,000 and we settled at $407,500 (my thinking - with the first time home buyer credit I actually did get the home below $400,000!) We are going to put around $15,000 worth of work to make it perfect for us. It is a 3 bedroom - but really nice and updated. Do I think prices will continue down - yes I do. However, this was really the first home which I felt I could afford on a $100,000 salary (with a very substantial down payment) in a nice North Bergen area which was nice. So, maybe - just maybe - housing is finding some kind of bottom. I’m thinking that homes in the 300,000s and 400,000s might not go down all that much moving forward - but the homes more up on the food chain will - but who knows. However, if I didn’t have kids I probably wouldn’t buy a home now. What is going to be wierd for me is that now that I am a homeowner - I guess I’m going to want home prices to stop falling and going back up. So, do I know support our gov’t irresponsible policies to keep home prices elevated??!!! I’m torn.
It does not matter if the sellers asking price is ridiculously high what matters is how much the appraisal comes in.For this is what the bank will go by in lending you the money unless the buyers pocket is deep willing to come up with the differece.NO?
grim: When you get a chance, can you give me the status on mls# 2907658?
#70 Even if they determine there is a good prospect that the house will only be worth 550 or less one year later?
Is it that not the reason appraisals are coming in low.That is what Yu is crying about from the previous thread.
Congrats, barry. Since you stayed within your means, and assuming you have room for the “next” kid, you can stay there for 10 years and not worry about what the market does.
Hey guys.
I’m relatively new to ny/nj area. I’ve lived in WA state (Seattle area) without any income tax, property taxes for a pretty good 4 bdr house that a friend bought was $5k (house costed 460k in a very nice & desirable suburb).
Here i see that folks pay 11% state and city income tax, pay $8-$10 toll on each bridge and tunnel, and OMG - people seem to be paying $20k in property taxes.
How is this sustainable? And why nobody here ever complain or do something to get taxes lower?
107 - Among NJ’s many problems is home rule where over the past 150 years, each neighborhood decided that it could govern itself better than the people down the street. that’s why we have towns within towns (donut holes like Metuchen and Edison), adjacent towns with the same name (chatham twp and chatham boro, morris town and morris township), and tiny, no reason to be a town, towns like guttenburg, teterboro, victory gardens.
so we’ve cut up the 4th smallest state into 566 separate municipalities. There is some sharing of services going on but for the most part the number of redundancies are staggering and the most expensive may be the schools. not only that but historically each town has developed its own master plan so they all have industrial areas, business districts, etc. that are not contiguous, causing further strain on services.
a protracted crisis over several decades may turn the tide but this ‘I can do it better than you’ mentality is inbred into our culture. And now with the state built out we’re stuck with our current infrastructure.
107
Due to the high cost of living here it is really hard to live on just one partner’s salary. So I feel we are on a constant treadmill. You can’t really step off. I was really lucky to be able to stay home for a few years when my children were young but I see less and less of that now. That being said, I do love all the choices of things to do around NJ so I understand why people stay. I think you just get used to it after awhile and you still moan and groan but you stay put anyway.
108 - Thanks for explanation. That would explain the 20k in property taxes.
But how do you explain the state/city income taxes? NJ is increasing taxes on folks above 500k and creating a new slab of folks b/w 400-500k. I am not in that range, but i figure it will drive out some chunk of folks in that range. The taxes are in 6-9% range in nj and 11% if you live in any of the 5 boros. And it is not that they dont have sales tax, they have similar sales taxes as a non-income tax state such as WA or Texas. How does a state like WA (blue state) levy no state income tax or tolls on roads and still do well, whereas nj/ny are taxing it’s citizens to death and still it seems they havent taxed enough (given their budget problems)
So how do you justify these steep state income taxes, given that they have sales taxes too?
109 - That being said, I do love all the choices of things to do around NJ so I understand why people stay.
Hmmmm. What are the choices you are talking about here - which you cannot have in a city like Seattle, Houston or Tampa?
aj [107],
Welcome to The People’s Fascist State of New Jersey. It’s different here, plain and simple. We pay for the honor of being superior, contemptuous and prestigious. Here’s the deal: your children must be named either Archer, Graydon, Blaine or Prescott, you must vacation only at LBI, you must vote “yes” on your school budget annually to preserve your imaginary blue ribbon status, you must pick apples in the fall in Warwick, NY only with your college alma mater sweatshirt tied securely around your waste and you must pick a lawn service and favorite car wash facility within 30 days of moving into your over-priced home. There will be no references to the NY Mets, domestic beer or an American car company. Any questions?
110 - it takes a lot of money to mismanage a poorly designed and haphazardly developed state.
@102 Barry Henson — I am in almost the exact same boat as you, with a 7 mo old and 140K annual income for us both. Grandma + Grandpa live 7 min away from the house we are under contract for, price may be 417K, so — yeah — we are gonna pay through the nose, but man, it’s gonna be great living in a cute town with an easy commute to NYC. We saved up enough for a DP and asked all four in-laws fork over $$ to help add to it, which they did.
I don’t blame people for waiting for prices to drop further, but the timing felt good to us, and in the end, it’s got to feel right.
#90 Pat
I got banned after only three flaming posts over there.
I think you posted on one of my tongue in cheek threads. I asked why are the upper floors more expensive than the lower floors in high rises. I actually got a lot of serious responses. And I think you posted something about the f.ked borrowers hitting the ground harder when they jumped.
Humm,
Train Towns empty spots in the commuter lots.
http://www.nytimes.com/2009/06/28/nyregion/28train.html?_r=1&hpw
“Charles Harris, a 71-year-old insurance agent, walks a quarter-mile from his Ardsley home to a bus that takes 10 minutes to get him to the station, and then waits another 20 minutes for the 7:58 to Grand Central Terminal.
Door to door, Mr. Harris said, “it takes me an hour and a half to get 21 miles.”
This is from the NYT article above. Clearly, life at its best. And this is a “good” commute? Well, it is certainly better than the trip from south of Long Branch.
WHat a waste of one’s life.
Anyone sending their kids to summer camp?
Swine flu has infected more than a million Americans, federal health officials said Friday, and is infecting thousands more every week even though the annual flu season is well over.
That total of those who have already been infected is “just a ballpark figure,” said Dr. Anne Schuchat, director of respiratory diseases at the Centers for Disease Control and Prevention, adding, “We know we’re not tracking every single one of them.”
Only a tiny fraction of those million cases have been tested, Dr. Schuchat said. The estimate is based on testing plus telephone surveys in New York City and several other locales where the new flu has hit hard.
A survey in New York City, she said, showed that almost 7 percent of those called had had flu symptoms during just three weeks in May when the flu was spreading rapidly through schools. If that percentage of the city has had it, then there have been more than 500,000 cases in the city alone, though most have been mild enough that doctors recommended nothing more than rest and fluids.
The flu has now spread to many areas of the country, Dr. Schuchat noted, and the C.D.C. has heard of outbreaks in 34 summer camps in 16 states.
About 3,000 Americans have been hospitalized, she said, and their median age is quite young, just 19. Of those, 127 have died.
The median age for deaths is somewhat higher, at 37, but that number is pushed up because while only a few elderly people catch the new flu, about 2 percent of them die as a result.
Of those who die, Dr. Schuchat said, about three-quarters have some underlying condition like morbid obesity, pregnancy, asthma, diabetes or immune system problems. Even those victims, she said, “tend to be relatively young, and I don’t think that they were thinking of themselves as ready to die.”
The new flu has now reached more than 100 countries, according to the World Health Organization. The world’s eyes are on the Southern Hemisphere, which is at the beginning of its winter, when flu spreads more rapidly. Australia, Chile and Argentina are seeing a fast spread of the virus, mostly among young people, while one of the usual seasonal flus, an H3N2, is also active.
Five American vaccine companies are working on a swine flu vaccine, Dr. Schuchat said. The C.D.C. has estimated that once the new vaccine is tested for both safety and effectiveness, no more than 60 million doses will be available by September. That means difficult decisions will have to be made about whom to give it to first.
http://www.nytimes.com/2009/06/27/health/27flu.html?hpw
“Anyone sending their kids to summer camp?”
We found one in NC tha sounds nice. It is near the coast, offers a great fitness program, and promises to build character. It is called Camp Lejeune and I hear it is also rated as one of the safest places in NC.
111
My response: Beaches, 4 seasons in a moderate climate, lots of theater (only matters to those who go, which I do), and, in my case, family roots. Oh, and good pizza places. Don’t kid yourself- I have lived elsewhere and it just ain’t available.
NY Times says RealEstate has hit bottom in Hudson county.
The Hudson County condo market has been slowly improving since January, according to the latest data. Sales prices have held fairly steady this year, down by less than a percentage point. And Jeffrey Otteau, whose company, the Otteau Valuation Group, analyzes residential sales statistics for brokers, said that in downtown Jersey City, the site of Crystal Point, the pace of condo sales had more than doubled since January.
http://www.nytimes.com/2009/06/28/realestate/28njzo.html?ref=realestate
House Whine,
I understand those points and the draw of the area. Of course for some, family is reason enough to go far, far away.
Also, although we have access to an amazing array of activities at our fingertips in NJ, it is often too big a pain in the @$$ to take advantage of. For many, they would be better off moving away and coming back to the City on a series of trips each year to see plays and “suck the marrow,” as it were, out of the city.
111 - the Korean food is way better here in the NYC/Philly area than Seattle (I spent my entire vacation there looking for a decent place). I shudder to think what its like, if it even exists, in Tampa or Houston.
Camp-Ugh. That’s what my parents threatened me with if I got out of line.
Summers for me were a string of unstructured days where I would meet up with friends at the beach and just play. As a kid it would be romps in the ocean for hours at a time. As a teenager it would be romps in the lifeguard shack.
gary,
What’s with the apple picking in Warwick, NY?
Can I go, too? :)
NJC,
My dad used to threaten the same thing.
There is nothing like being a teenager at the beach. The other thing I used to love was being on the water nearly every day.
“As a teenager it would be romps in the lifeguard shack.”
The dunes of IBSP were always a hit too.
Great day yesterday at the beach. Winds from the west made for clean water and great curls.
A beach wedding at 6PM just managed to get their I Do’s done before a torrential thunderstorms arrived.
Just as good today. Water is unusually warm for this time of summer.
Is it martini time yet?
It is ALWAYS martini time. Especially a pear one.
Keeping any performers fed this week?
“Water is unusually warm for this time of summer.”
I hope we can avoid a red tide this summer. THat always seems to happen with warmer-than-usual water.
For anyone looking to limit their exercise routine to six minutes:
http://well.blogs.nytimes.com/2009/06/24/can-you-get-fit-in-six-minutes-a-week/?pagemode=print
117 shore - that’s one of the reasons why I’m moving where my commute will be 10 minutes door to door.
scribe [125],
The word is that Warwick, NY has the haughty apples. ;)
Billy Mays died too. Strange week. Looks like the same thing might have happened to him as Natasha Richardson.
111/120 I’d add the New York Philharmonic, the Metropolitan Opera, which matter to me.
121 Sean - prices have stabilized? I didn’t think so.
JOHANNESBURG — You don’t get many chances to meet Brazil in the final of the world’s third-biggest soccer tournament for national teams (after the World Cup and the European Championship). Which is why the U.S. has a chance to make history on Sunday in the title game of the Confederations Cup (2:25 p.m. ET, ESPN, Univisión), the first final in a major tournament in the history of American men’s soccer.
what the heck is a pear martini?
“Billy Mays died too. Strange week. Looks like the same thing might have happened to him as Natasha Richardson”
Who are these people, and should I be worried that I do mot know?
not
Awesome break for the 2nd GOAL!!!!!
USA leads by 2-0
Now that is something I never knew. Blogs like this really add to our understanding.
RE: “Seller offered to pay 3 years property tax on it. That’d come to more than $50k.”
That $50K will go unrecorded, of course, and as others buy houses on the same street they’ll be using a comp falsely inflated by $50,000.
Such “credits” (repair “credits” too) should either be outright illegal, or at a minimum deducted from the sale price recorded at town hall.
Shore, Billy Mays is this guy…
http://www.youtube.com/watch?v=-dvzgLXa-dI
He was a self-made man as far as I know — from zero to multimillionaire.
RIP.
144 qwerty - yep - just another instance of fraudulent information purposefully foisted on oother buyers in order to increase the amount borrowed on the instant property. Also another instance of using the house as an atm. Instead of having a lower mtg, they have a higher mtg and cash.
129.Shore Guy says:
June 28, 2009 at 1:34 pm
It is ALWAYS martini time. Especially a pear one.
Shore: ever hang out at the bar at Amanda’s in Hoboken? It is not a bar per se, just a waiting area for the restaurant…..
Brazil 3 USA 2
“He was a self-made man as far as I know — from zero to multimillionaire.
”
Anyone who does that, without breaking the law, has my admiration. I still don’t know him, but I do admire him. I heard on the radio that he was on the US Air flight that had a hard landing yesterday and stuff crashed down onto his head from the overhead bins.
Chifi,
I have never spent any time in Hoboken. Please tell me about Amanda’s.
Yom,
Is that a final?
yap :(
aj,
don’t be a knucklehead, go back to WA state, just don’t live in Seattle neither… thats way overpriced too.
the last thing you wanna do to yourself, that happend like me and the rest of the saps on this blog. We are god damn stuck here.
get out now! run and never come back nor look back.
you will thank me,
SAS
Another week passes.
Frank remains an uber-douchebag.
http://realestate.yahoo.com/promo/what-your-home-will-be-worth-in-2012.html;_ylc=X3oDMTFuMjJkaDJtBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNob21lLXdvcnRoLTIwMTI-
Interesting piece with no real conclusion, but still thought provoking…
http://www.nypost.com/seven/06282009/postopinion/opedcolumnists/dont_get_that_college_degree__176545.htm?&page=0
150.Shore Guy says:
June 28, 2009 at 4:45 pm
Chifi, I have never spent any time in Hoboken. Please tell me about Amanda’s.
shore: Very nice place, but is a little stilted and straight-laced. It hard when they have Anthony David’s around the corner, which has a ton more flair.
To give you a visceral opinion, really attractive woman who is kind just OK in the sack.
http://www.amandasrestaurant.com/
See the c-cktail menu…….they have these clear glass vats on the bar with fruit sitting in the vodka…
Pear Infused Tequila Margarita - Tequila infused with dried pears, fresh lime juice and Triple Sec
Also, this is nice, but they skimp a little on the portions, so it is good…not great..value…
http://www.amandasrestaurant.com/menus/menu_edinnerp.htm
chi (158)-
Make mine aged Patron, neat, in a snifter. Can’t tell it from XO-level Cognac…and it’s a helluva lot cheaper.
IMO, if you dunk fruit in tequila, it is either crap tequila…or, it’s being turned into tequila for people who don’t like tequila.
SAS (153).
Good point. Right now i dont really have any family/friends bond here - so I pluck myself out relatively easily.
But my issue is that i just switched to Finance as career (dont flame me - i didnt create any of those mbs :) ). So if not nyc, where else to go? I mean which other city/area has substantial Finance industry and is not screwed up in terms of taxes/affordability?
lurkerd says:
June 27, 2009 at 8:42 pm
At the same time, njrereport posters apply excessive scepticism to data that inconveniences their stances. For example, when positive comps are posted to the blog, these comps are studied until a reason can be found to dismiss them. When a reason cannot be found, the explanation given is that a typographical error has occurred in the tax records.
Not sure I get you, lurk.
So you can look around and find evidence to back up your claim. And someone on NJ re can look and find the exact same amount of evidence (or more) to back up their claim.
im not sure what you’re arguing. there is a lot of opinion here, and some of this stuff is purely subjective. talk to 50 economists and 25 will say inflation is coming, 15 may say hyper inflation, 5 may say no inflation, and 5 may say deflation.
then what?
160 clot - yes! But maybe I only say that because I’m at the bottom of a large Costco bottle of 1800.
lurk -
my point is that, and if you have been in the northeast market lately, you will know this -
* houses priced right will sell
* buyers have the advantage (too many to list here)
* nobody is sure when this will end
* from 2006-2008, this board has called much of the carnage, and it has helped a lot of folks make a lot of money
I’m late.Did everybody start their shots?
realtors:
- bumped into 2 seedy ones prior to finding a good one (lady). i just think you have to be up front with them.
she didnt do a ton in finding us a place - we were checking realtor.com weekly to see new listings, and we met up with her at the open house. she was helpful, though, in dealing with the sellers RE agent, who was mostly an idiot.
tell them you’re aware of how to find comps. tell them you are savvy and follow the local market.
AJ - I have a solution for you: Bucks County, PA. if you work in NYC, it’s a 2 hr commute, though.
Taxes are prolly half; more house and yard.
we looked long and hard at NJ and the taxes scared us away. 20k now … what will they be in 10 years?
Just back from Bucks. Spent the day in Sesame Place. It was very quiet for a 90deg day and the schools are out.
They are now giving 30% off food with season passes. They must be gearing up for a bad summer.
#91 grim
I’ll take the partial. If you hit 35% of the purchase price, the appraisal starts to become meaningless. Unless it is a cookie cutter property, you could be creating your own comp.
My purchase last year did not have an appraisal. That surprised me the most.
PGC,
Is the Royce still across the street from the park?
Pat
“something about the f.ked borrowers hitting the ground harder when they jumped.”
That is why you fit in so well here.
This should be part of the blogs “Comment hall of fame” just behind “pant up demand” and “there will be no more write downs”
Is the Royce a hotel or restaurant?
We bailed from Sesame and called ahead to Murphy’s Beef and ale house for pickup.
Amandas in Hoboken is good. But if you get a chance try and get into Augustino’s just up the street. Even if you have to sit at the bar, the food is worth it.
#162, yikes,
then what? then I conclude that the grade level of your math is no more than the level of my english. take your example, it can be easily drawn the general opinion is inflation. but i would take contrarian actoin as always.
> talk to 50 economists and 25 will say inflation is coming, 15 may say hyper inflation, 5 may say no inflation, and 5 may say deflation.
then what?
AJ, if you are young, single and working in the city you should live in Manhattan. Rent an apartment within walking distance of your office. It is hard to beat the quality of life you can have, and having no transportation expenses will offset the higher rent you pay.
Greetings from the Norwegian Dawn. All is well here on the high seas. Check in was a breeze due to Stu’s degenerate status. Our balcony cabin is quite nice and Lil Gator gives 2 very big thumbs up to the T-Rex Kids pool.
We managed to get Lil Gator to go to Kids Camp and I am enjoying my French Martini (also free due to Stu’s degenerate statusu while watching Stu p*ss away my winnings from my 4 deuce hit on Deuces Wild.
2 days until Bermuda.
174 bi “it can be easily drawn the general opinion is inflation. but i would take contrarian actoin as always.” As long as we agree that most people, as always, think you’re wrong.
171 pgc: ‘This should be part of the blogs “Comment hall of fame” just behind “pant up demand” and “there will be no more write downs”’ That must be a typo. No one could have said anything so stupid.
Congrats, gator n stu
Bi, I gotta admire your gumption. I would think somebody who had been so humiliatingly wrong about, well, everything, would be too embarrassed to keep posting on this blog.
PGC-We always hit those ale houses in Florida to catch up on hockey. Great places on NFL Sundays. Never been to the ones in PA yet.
And bi, by all means, a strong riposte would be to point out that I’ve posted to much, so have at it.
160.Clotpoll says:
June 28, 2009 at 6:23 pm
chi (158)- Make mine aged Patron, neat, in a snifter. Can’t tell it from XO-level Cognac…and it’s a helluva lot cheaper.
clot: My wife before she retired to mommy duty was a devout Corazon Reposado drinker. That and Tanqueray Up /w 3-4 olives.
Story: The only Ritz-Carlton I’ve ever visited that didn’t evoke immediate oral and rectal evacuation was the one in the Zona Hotelera in Cancun. The host was this Swiss guy that was tripping over himself to please my wife. He served us some huge flight of tequilas and tossed us some mini-souffle with a molten chocolate center. I have no recollection of how we returned to our hotel.
One of my wife’s career defining moments was on a business trip to San Jose Costa Rica. She was considered the straight laced HR police-person by all of the execs from Canada, Chicago and South America. Anyway, she hangs out with the heavy hitters of the company, and has a cigar and is drinking scotch neat. These old school guys were floored. She walked on water after that one. We saw it in her paychecks for years afterward…..as an aside, she kicks a%%, but you need more than that in NYC.
184 - yeah, and I’m sure that mrs. chi is smokin’ even before she picks up the cigar didn’t hurt. Not that that’s an HR-friendly thing to say….
bi says:
June 28, 2009 at 9:03 pm
#162, yikes,
then what? then I conclude that the grade level of your math is no more than the level of my english.
as usual, you’re missing the larger point. but i have low expectations when it comes to you, so this is no surprise.
BOHICA, Baby. B.O. has a little something for the middle class, you can see it better if you bend over the couch:
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802408.html
Wear something frilly and it won’t seem as bad.
Gator/Stu,
Enjoy.
shore [187]
Talking about medical plans, the most expensive ones are not necessarily ones with most services (v1-agra, homeopathy, acupuncture, you name it) covered - but those with zero copays for anything. I think it is logical to tax the benefit above certain (should be high enough, but not what our “servants” are enjoying)level - not for fiscal reason but because it encourages a shift to the plans where the employee has some “skin in the game”. Whether this is what BO administration has in mind, is a different story - but I wouldn’t poo-poo the concept just from the reflexive dislike of prez or congress.
Out looking at homes today and a genius from Burgdoff told us how Chatham and Madison are red hot with multiple offers and bidding wars. She claims over 160 properties have sold or gone under contract since April 1. “Chatham will not go down much if at all as the train to midtown will keep it high” I asked her what about the lost jobs and she told me that people in Chatham have not been affected.
Dreamer or liar?
Cobbler - another major factor is what level of cost is deemed “usual and necessary”, particularly for out-of-network costs. Likewise wrt maximums. Employer-provided healthcare is income (as the wsj posits every time they calculate union pay) and has always enjoyed special tax status. The fact is that employer-provided health is a monumentally stupid means of delivering healthcare, and renders USA industries thoroughly non-competitive with foreign producers who do not have to shoulder such an idiotic cost.
And, of course, our current system sucks b@lls in terms of health outcomes as well.
190 - Shelley: Yes. This has been another edition of Simple Answers To Simple Questions.
good news everyone ! jim cramer says recession is over and housing has reached the bottom ! time to buy ! don’t wait or you will be priced out again ! UNBELIEVABLE !!!!!! DO PEOPLE REALLY BELIEVE THIS SH.. ? CRAMER , NAR , CNBC , REAL ESTATE AGENTS ? NOTHING BUT SPINNING LIARS !
I’ve tried telling people for the past 5 years to get out of real estate.
I sold my home at the peak of the market back in September 2005, a condo my ex-wife and I had bought for $134,500 in April 1999 only to turn around and sell for $299,000. It wound up being the highest priced condo to sell in that complex. That said, I backed out of a deal in a home that she wanted to buy that same year… a 13 room home for $420,000 which I backed out of a day before closing. The realtor and seller both mocked me, saying I’d be sorry and I laughed at them both and said, “I’ll be sure to look you both up in the next few years and see who’s laughing then?” I don’t have to tell you the rest…
As for renting? Well, good reason I am divorced as my ex didn’t agree with me on anything. Having a son, I wanted to ensure his future through wise investments (bought silver bullion at $8/oz., unloaded 1/2 at $21 like Buffet did) and now, ready for this? I found a 5 bedroom, 3 bath, 2 car garage, furnished home (with a Steinway and more) on an acre in the Oak Hill section of Middletown for… (drum roll please) $1,200/month, after I spoke to the landlord and told him of my current situation. Funny thing is, he came down from $1,800/mo.. Oh, and he pays for security, landscaping, water and sewer, LOL!!! And I’ve made changes to the place (new carpet, paint, etc.) and he deducts it from the rent… AWESOME!
Add to that it I was lucky enough to find a six figure job with IBM of all things after being out of the industry for 5 years or more…
Why am I bragging? Point is… DON’T LISTEN TO THE MEDIA AND FOLLOW OTHER SHEEPLE OFF A CLIFF! I simply prayed, believed God would meet my needs and all of the years that I payed it forward, helped others, donated money, went out of my way and more has come around full circle.
DON’T WORSHIP MAMMON… Make sure you have spiritual stock and make it through what’s coming after this October. OOFFAA. You haven’t seen ugly yet!