Fri 13 Nov 2009
Sign of the times (Or how $415,000 became $895,000 and ended up $330,000)
Categories: Housing Bubble , New Jersey Real Estate , Risky LendingStep 1: Buy a house for $415,000 (April, 2000)
Step 2: Cash out to the tune of $600,000 (June, 2005)
Step 3: Sell out and profit, a 115% gain in 6 years seems reasonable (May, 2006)
MLS# 2276951
10 Brookvale Road, Kinnelon NJ (Smoke Rise)
Listed: 5/11/2006
List Price: $895,000
Step 4: Hmm, didn’t plan on step 4 (June, 2006)
Step 5: No problem, so the profit is just a bit lower than expected. (Thru the end of 2006)
MLS# 2276951
Reduced to : $695,000 (not much left after commission and expenses)
Days on Market: 190
Expired
Step 6: Too late for Step 5 (December, 2008)
Step 7: Bank dumps it (October, 2009)
MLS# 2687193
Listed: 6/1/2009
Original List Price: $494,900
Reduced to: $428,000
Days on Market: 101
Sale Price: $330,000
frist!!!!!!!!!!!!!
From the Daily Record:
Hanover postal facility could close
A conveyor belt propelled catalogs and cards through the West Jersey Processing and Distribution Center on Tuesday morning, processing them en route to mailboxes whose ZIP codes start with 079 or 078.
More than a million pieces of mail are processed at the center every day, and during the holiday season the workload doubles, plant manager Joseph Maloney said. Virtually all of the processing is automated, and about 320 employees in the facility transport the mail, and feed and maintain the machines.
But even as the facility gears up toward the peak of the holiday season, the plant on South Jefferson Road in the Whippany section of the township is facing possible closure. Amid a sharp drop in mail volume across the country due to e-mail and a down economy, the Postal Service is trying to better match its resources and workforce to the workload, officials said.
From the NYT:
New York Times News Service to Cut Jobs and Relocate
The New York Times News Service will lay off at least 25 editorial employees next year and will move the editing of the service to a Florida newspaper owned by The New York Times Company, the newspaper and the Newspaper Guild said Thursday.
A spokeswoman for The Times, Diane McNulty, said 25 of 30 news service jobs would be eliminated at the main office in New York, with five employees retaining their positions. The guild put the number of jobs to be cut at 28. Some of the layoffs were scheduled for February and the rest for May.
The layoffs do not count toward the planned elimination of 100 jobs in The New York Times newsroom. That 8 percent reduction is to take effect by the end of the year.
From Bloomberg:
U.S. Treasury Confident Congress Will Increase Debt Ceiling
The Obama administration is confident Congress will raise the country’s debt limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.
The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.
The administration’s request, higher than a proposed increase already passed in the House of Representatives, would get the government through the November 2010 midterm congressional elections without needing another increase. Earlier this month, Treasury officials acknowledged they’ll need more borrowing room by year-end to avoid market disruptions.
“Market participants still remain on edge, especially since many have concerns over the rising debt loads that were kicked off this year,” said George Goncalves, chief fixed- income rates strategist in New York at primary dealer Cantor Fitzgerald LP.
From HousingWire:
Temporary Jumbo Loan Limits Extended Through 2010
The temporary increased maximum loan limits originally set to expire at the end of the year will remain in place through 2010, according to the Federal Housing Finance Agency (FHFA).
The limits for conforming jumbo loans eligible for purchase by the government-sponsored enterprises (GSEs) was set at $417,000 for single-family homes by the Economic Stimulus Act of 2008 (ESA) and the Housing and Economic Recovery Act of 2008 (HERA), but were set to expire at the end of 2009.
For those who think foreclosure is a quick process, please review the difference between the Lis Pendens date (the first step in foreclosure), and the Sheriff Sale (the last step).
LPF: 6/22/2006
SHR: 12/30/2008
#6 grim
do you think they were working w/ the bank to try and stay? I would that added to the process. The timeline doesn’t add up for that though. Banks weren’t asked to work w/ people that early on
Re#4 Debt ceiling
The wrecklessness in this government is disgusting.
Our children will never know how great a country
America once was.
I wish I could find a house like that around here for 330.
We actually talked about it on the blog a few months back.
And I did talk to more than 1 blog reader about it.
I really thought it would go for close to the $425k mark.
I never thought it would have sold for that low of a price.
#10 - never thought it would have sold for that low of a
price.
Perhaps all the copper was torn out!!
Perhaps all the copper was torn out!!
That’s a good point. What was the condition of the house when it finally sold?
3: NYT had News Service?
Step 1: Collect underpants
Step 2: ?
Step 3: Profit!
The resemblance to the dot-com mania has never been clearer.
That’s a good point. What was the condition of the house when it finally sold?
That 1.41 acres of dirt is worth the sale price alone.
15 Grim
That 1.41 acres of dirt is worth the sale price alone.
OK but that doesn’t answer my question.
Might have been trashed, no idea, there were no interior pictures on the last listing. The 2006 shots looked decent, although not for the asking price at the time.
Can’t possibly be worse than 274 Long Meadow in Smoke Rise. The owners up and left last winter without shutting off the water. Every pipe burst, massive flooding, the home was almost completely destroyed.
That sold for $320,000 in August of this year. Was purchased for $675,000 in September of 2005.
From Bloomberg:
Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000
Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.
The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.
The drop in buying plans points to the risk that the recent stabilization in housing will unravel without government help. In a bid to sustain the recovery, Congress passed and the administration signed a bill last week to extend jobless benefits and incentives for first-time homebuyers, adding a provision that also made funds available to current owners.
“Uncertainty over the housing tax credit sent some tremors through the market in recent weeks,” Michael Larson, a housing analyst at Weiss Research in Jupiter, Florida, said before the report. “But now that Congress has extended and expanded the credit, we should see demand pick back up.”
I’ll put money on the FTHB credit becoming permanent next year.
Anyone want to take a bet against me?
#19 - Anyone want to take a bet against me?
Nope. While we’re guessing, how big is the next stimulus package going to be?
Sooooooooooooooooooo big!
So 274 Long Meadow became nothing more then a shell and it sold for 320.
I think I’m going to be a de-commissioned missile silo. http://www.missilebases.com/properties
CalculatedRisk has an FHA report on DAP and its problems.
A fun quote;
Yeah, I thought they’d wait until another stock market drop before Quantative Easing II but Bergabe might start that up again before anything like that happens. I am sure his whole US/China sitdown is about how we can mutually destroy our currencies.
Does anybody here work at Bank of America? Congrats, if Corzine becomes CEO your job security just went through roof because as NJ residents we can all vouch that he does not fire or layoff anybody.
Just found out late yesterday that a client of mine- whose short sale approval is not going well- called the mitigator directly and told her that if the approval didn’t come before cold weather, they’d shut off the heat and leave.
My first reaction was to get angry at the client, but I checked it. That was actually a brilliant move. I think we will get approval now.
Ever been in a house where every single radiator has burst?
Looks like a machine gun massacre after it happens.
I think we’re on a track now on which the only real x-factor is trying to game when, how and where the doomsday event hits.
President Barack Obama said Thursday he’ll host a White House summit next month on combating the joblessness that continues to drag on a struggling economy.
How nice, don’t you think? Yes, continue to talk about it, that will solve everything. How’s that $775,000,000,000 stimulus package working? Didn’t you create 1,000,000 jobs and hold that U6 rate under 8%? Here’s a thought, why not give every incentive possible to small and medium sized companies to expand and hire? Drop the campaign rhetoric, Barry, or the proletarians might discover that it was all a ruse.
26 Clot
That sounds like something I would do. I think it was the right move. If the mitigator has a clue, he/she will get things rolling before their house is destroyed.
29 Gary
I think you’ve become immune to your meds. Maybe chat with the doc about increasing? :)
lost,
I just did a 50mg shooter, I should be could in 3… 2… 1… ahhhh…. :)
could = good
Hahaha, now they are bringing that Khalid Sheik Muhammad dude to NY for a show trial. I guess they found the dog and pony show for the sheeple to keep their eyes glued on while they empty their wallets;)
So some of you who have been waiting 5 years already to buy a house are just going to keep waiting for the mother of all implosions to come? Sort of like waiting for Godot isn’t it?
Where do you all buy your patience and do they sell in bulk quantity?
Maybe the chosen one will give this a read before his summit:
Mish Unemployment Projections Through 2020 - It Looks Grim
Inquiring minds are interested in figuring out how long it might take to get back to “full employment” defined as 5%.
http://globaleconomicanalysis.blogspot.com/2009/11/mish-unemployment-projections-through.html
“U.S. Treasury Confident Congress Will Increase Debt Ceiling”
[4],
Ceilings get raised, floors get lowered. Got demand.
“Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000″
[18],
The previous low was right before handouts for houses was implemented. The same can be seen, on the chart, for cash for clunkers. If you don’t bribe them, will anybody show up? Got demand?
One other item, kiss your purchasing power bye-bye.
One Theme Bob
32 Gary
What do I have to do to get you to share?
“Here’s a thought, why not give every incentive possible to small and medium sized companies to expand and hire?”
Gary,
Who’s their lobbyist, how much is put in the kitty?
Why not print $10T and buy every mortgage? It may be cheaper in the long run.
New York is THE CENTER of the finance and media universes. Anyone who is anyone is located here. As such, NY will NEVER suffer the same kind of downturn as lesser cities. It is different here.
After all, it is not like this kind of work can be performed just anyplace, say Florida for instance.
How does China rig up 8% GDP growth? Easy. Build cities, then leave them vacant. This one was built to hold 1mm residents…and it’s empty:
http://www.youtube.com/watch?v=0h7V3Twb-Qk&feature=player_embedded
This is all going to end well.
lost,
When the government healthcare plan kicks in, we’ll have all the free meds we want along with the encouragement to “off” ourselves as quickly as possible as to lessen the burden on the system. ;)
“Increase Debt Ceiling”
Does anyone actually believe there is a cieling? Every time we approach it, Treasury says “increase it or we will default and the world will crumble.” Until congress tells an administration, “NO!,” there will never be any incentive to live within 4x our means.
“Increase Debt Ceiling”
Does anyone actually believe there is a cieling? Every time we approach it, Treasury says “increase it or we will default and the world will crumble.” Until congress tells an administration, “NO!,” there will never be any incentive to live within 4x our means.
#41 - As such, NY will NEVER suffer the same kind of downturn as lesser cities. It is different here.
NY is lucky that the traditional media is doing so well.
… on a related note. Do you think the TV industry, looking at what is going on with newspapers and magazines, know they’re next?
Gary
Well I hope the plan kicks in soon then. I’m not sure my job will outlast the insurance covering the injury I’m being treated for right now.
“. This one was built to hold 1mm residents and its empty”
We can send them our illegals. They work cheap and should fit in well.
Shore (48)-
Probably hard to find a good burrito or chimichanga in Mongolia.
There will come a time when many industries rralize there is no compelling reason to be located in a particular location. Let’s take fashion for instance, the entire industry could up and move to Utica, Akron, etc., drive costs way down, improve the quality of life for the workers who actually make the stuff; the designers could still liveand frolic in The City with no adverse consequences to the business while driving down the costs of operations.
The media is the same way. Everything is traveling via electrons and photons anyway. There is little reason, beyond inertia, to keep the majority of editors and technical staff in a highrise building in midtown Manhattan.
#18 So are we going to have to make the tax credit permanent?
“This one was built to hold 1mm residents…and it’s empty:”
Clot,
No demand. They have all packed up,on their way here, buying up the mold coast.
Grim looked at that house 3 months ago, I disagree the dirt is worth the price, kinnelon makes its budget every year onthe smoke rise taxes. Interior was not trashed but needed major renovations. Who knows what was behind the walls. I love smoke rise security we practically needed an escort to get to the house. I wouldn’t have paid more than 250 for it based on the major updates it needed, but congratulations to the new knife catcher
How bad is the job market? There was a guy interviewing yesterday at the place where I’m contracted for a Business Analyst position. It’s a contract position as they all are now, so companies don’t have to give you benefits and toss you away in a fleeting moment without notice. The position pays $22 per hour. Yup. That should get you that “starter” 3bd/2th home listed at $550,000 with no problem at all, don’t you think? For those of you that haven’t lost your job yet, prepare yourself for the new society. If you think it can’t happen to you, think again.
CAPITAL ONE CAPITAL VI 08.87500% 05/15/2040 MAKE WHOLE
New Issue 014043DAB7
Price 100
This should be a major sign of how disfunctional mortgage market is. Capital One which is actually a pretty good bank that passed stress test with flying colors and is in Too Big Too Fail Club does a new 30 year bond issuance with week with almost a 9% coupon, yet they are lending money out in 30 year mortgages at 5% thanks to uncle sam’s voodoo and zombie fannie and freddie.
#35 Better question is do we even want one any more? No upside and 10K minimum a year in property taxes.
Renting is the new black.
John (55)-
Capital One is insolvent.
35.
Seneca, after 5 years I’ve grown attached to my big, fat down payment.
Seneca #35 - you work at CS? (re: Godot reference)
54- gary- I try not to get discouraged but realistically I feel like I will never see my old salary again. So, I just have to move on from there and re-adjust my expectations. But expectations are one thing and paying one’s bills are another. There are still plenty of people living in their little bubble thinking it can never happen to them. Or, they might just be in that denial state.
I love that endlessly used arrest shot of him. He’s the only guy I’ve ever seen with more chest hair than grim.
34.Dissident HEHEHE says:
November 13, 2009 at 8:03 am
Hahaha, now they are bringing that Khalid Sheik Muhammad dude to NY for a show trial. I guess they found the dog and pony show for the sheeple to keep their eyes glued on while they empty their wallets;)
49.Schumpeter says:
November 13, 2009 at 8:37 am
Shore (48)-
Probably hard to find a good burrito or chimichanga in Mongolia.
strumpet: I think you could still end up with a good case of the runs….
How much is the economic value of that make whole call?
55.John says:
November 13, 2009 at 8:44 am
CAPITAL ONE CAPITAL VI 08.87500% 05/15/2040 MAKE WHOLE
New Issue 014043DAB7
Price 100
Bost: I have to suck it up. You are correct…the retail sales have come out…they have sucked…market has shrugged it off. Supports your opinion that what we are witnessning is a crock of sh!t.
That said, you can argue pretty strongly that we could have had a b!tch of a selloff on these numbers….instead we stand firm…..following my thesis….
Earnings Season in Home Stretch
http://www.zacks.com/commentary/12697/Earnings+Season+in+Home+Stretch
CWS Commentary:
“In other words, cost-cutting has been the major force driving earnings and earnings surprises. However, the costs to one company are either the revenues of another company or someone’s paycheck, which is then spent to create revenues for firms. The bottom-up data coming out of all these individual firms seems to confirm what we have been getting from the government’s macro statistics. The economy is growing due to increases in productivity. Higher GDP with fewer workers.”
I want to get some of this stimulus money. Anyone know how I can get a government loan to buy farmland then get paid by the government to not grow crops on it?
#35 - I think there are some of us that have another insight the NAR does not peddle about what it is to have a house, ‘home’. Most of it has nothing to do with a physical possession to which you hold title.
gary says:
November 13, 2009 at 8:43 am
“How bad is the job market? There was a guy interviewing yesterday at the place where I’m contracted for a Business Analyst position. It’s a contract position as they all are now, so companies don’t have to give you benefits and toss you away in a fleeting moment without notice. The position pays $22 per hour. Yup.
…. For those of you that haven’t lost your job yet, prepare yourself for the new society. If you think it can’t happen to you, think again.”
So spot on I have to laugh now or I’ll cry.
And wait until the contract/employee squeezers show “better” numbers to Wall Street and are more competitive in the short term so other companies paying actual salaries have to follow suit in order to stay in the game.
Of course eventually, median salaries will be half what they are now, plus those same companies will be worthless shells full of panicked “employees” but what the hell, GDP shows growth, the money guys are pleased and investors can always take their money elsewhere.
Gary -and probably 100 people applied for that $22/hr business analyst contract. If they are smart, they’ll offer $18/hr next time.
Chi [64],
There’s not been a selloff because the market is now focused in a different area.
At this time, it’s strictly a dollar/multi national’s trade. I luv stocks that garner 50% of their revenue overseas, saddled with little debt.
You want to watch these for indicators;
FXA
FXC
BZF
XLE
GLD
Euro/Yen cross
When these start to crack with the yen gaining in the cross, versus the euro, it may be time to pound the pavement/or hedge. IMO, I would rather hedge. I think any dollar rally, although can be violent, will be short lived.
Chi,
By the way, we have actually been talking the same trade, just different vehicles.
“I want to get some of this stimulus money.”
Bairen,
Create a song.
http://www.youtube.com/watch?v=yGfQk9XXm24
A fun article from the Time Online about the rise in middle-class shoplifters.
/disclaimers; It’s the UK, the Times, etc, etc, etc.
26: If it comes to it, I wonder if threatening to have a sea wall removed from a vacant lot would get any traction?
“California is in a league of its own, but New Jersey also faces a steep climb out of the recession, according to a new study by the Pew Center on the States. Others in fiscal peril are Arizona, Nevada, Oregon, Florida, Illinois, Michigan, Wisconsin, and Rhode Island, the study authors warned.”
Anybody else finds a common theme with these failed states wrt voting patterns?
Ah the Era of Hope and Change.
Florida and Arizona have been turning blue because of out-taxed dems from failed states, especially NJ and CA have been moving in and bringing in their voting habits.
Captial One is a very good bank with excelent ratios and reserves, they dumped their subprime dog before complete collaspe and bought Northfork bank which is was a good conserative bank with a good management team. COF is the sympbol. I only own one teanie weinie 1k COF bond bought at an odd lot discount so I have really no stake in firm. But it is no citi, gmac, MI, Zions, BAC crap hole it is a pretty well run bank.
Schumpeter says:
November 13, 2009 at 8:55 am
John (55)-
Capital One is insolvent.
From NYT: Pfizer walks away from New London after the town goes to the SCOTUS for landmark eminent domain case:
“From the edge of the Thames River in New London, Conn., Michael Cristofaro surveyed the empty acres where his parents’ neighborhood had stood, before it became the crux of an epic battle over eminent domain.
City Councilman Robert M. Pero said, “I’m sure that there are people that are waiting out there to say, ‘I told you so.’”
“Look what they did,” Mr. Cristofaro said on Thursday. “They stole our home for economic development. It was all for Pfizer, and now they get up and walk away.”
That sentiment has been echoing around New London since Monday, when Pfizer, the giant drug company, announced it would leave the city just eight years after its arrival led to a debate about urban redevelopment that rumbled through the United States Supreme Court, and reset the boundaries for governments to seize private land for commercial use.
Pfizer said it would pull 1,400 jobs out of New London within two years and move most of them a few miles away to a campus it owns in Groton, Conn., as a cost-cutting measure. It would leave behind the city’s biggest office complex and an adjacent swath of barren land that was cleared of dozens of homes to make room for a hotel, stores and condominiums that were never built. . . .”
I think that in New London, payback is gonna be a b1tch.
And going forward, I think that Pfizer’s stiff-arm after the town went to the mat in Kelo means that the idea of a municipality doing another project of this sort is gonna earn local leaders the same sort of treatment that Gov. Hutchinson got in colonial Massachusetts.
75
Florida and Arizona have Republican governors, as do Nevada and RI.
Florida and Arizona also have Republican controlled legislatures.
safe:
“I want to get some of this stimulus money. Anyone know how I can get a government loan to buy farmland then get paid by the government to not grow crops on it?”
If you promise to bring in underage prostitutes from South America, ACORN will kindly help you.
Gary -
The position pays $22 per hour. Yup.
Wow! That is lower than Offshore rates. Looks like the process of wage equalization has begun.
This should provide a fillip to RE prices
78: 9 of 10 failed states voted for Obambi and have been turning blue for the last several years.
dow 6000 before dow 11000
http://finance.yahoo.com/tech-ticker/article/371145/Forget-11000-Dow-Heading-for-6000-and-GE-Still-a-Short-Charles-Ortel-Says?tickers=GE,^GSPC,^dji,PIN,GLD,SPY,DIA&sec=topStories&pos=9&asset=&ccode
i hope this doesn’t happen.
[78] hughesrep.
That is true, but Jamil is also correct. Those states are turning bluer, just as NH did when all of us m@ssholes moved there. I guess you can call them purple.
The whole blue/red thing is also misleading. When you look at county level voting maps, it is pretty apparent that no state is solidly one color or another, and I don’t recall that one candidate ever got more than 2/3 of the voters in a state (could be wrong there but doubt it).
That, BTW, is one reason I don’t foresee a secession happening without an absolute cataclysm that galvanizes voter sentiment in a particular state or region while other states or regions are diametrically opposed. It’s fun to debate secession, but it is, in reality, an exercise in fiction.
Okay, this is OT, and just for fun.
(apologies to the resident brits on the board, but I didn’t make this up)
“Britons Among ‘Ugliest People,’ Dating Site Says
Britons are among the ugliest people in the world, according to a dating Web site that says it only allows “beautiful people” to join.
Fewer than one in eight British men and just three in 20 women who have applied to BeautifulPeople.com have been accepted, an e-mailed statement from the site showed.
Existing members of the “elite dating site” rate how attractive potential members are over a 48-hour period, after applicants upload a recent photo and personal profile.
Swedish men have proved the most successful, with 65 percent being accepted, while Norwegian women are considered the most beautiful with 76 percent accepted, the site said.
The way that BeautifulPeople.com accepts new members is simple. A potential member applies with a photo and a brief profile. Over 48 hours, existing members of the opposite sex vote whether or not to admit them, the site said.
Options are: “Yes definitely,” “Hmm yes, O.K,” “Hmm no, not really” and “No definitely not.”
The site was founded in 2002 in Denmark and went live across the globe last month. Since then, the site has rejected nearly 1.8 million people from 190 countries, admitting just 360,000 new members.
“I would say Britain is stumbling because they don’t spend as much time polishing up their appearance and they are letting themselves down on physical fitness,” Beautiful People managing director Greg Hodge said. “Next to Brazilian and Scandinavian beauties, British people just aren’t as toned or glamorous. . . . ”
Had my fun, now I gotta get back to work while I still have a job.
[66] safe,
looking into it. It’s one way to fund the Nompound (really!)
(now I really have to get back to work).
Grim, others.
I’m just about to sign on the dotted line for a refinance on our Montclair Multi. We are stripping off 5 years from the loan making it a 20-year. Loan amount is 350K and the best quote I could obtain was 4.75 rate with $3320 closing costs, no points.
It works out to a monthly increase if $130 to shorten the loan by 60 payments. Seems to be a no-brainer to me.
Just looking for a sense-check or someone who knows a broker who might beat those rates?
Jamil = broken record
If Acorn didn’t exist, McCain still would have lost by a landslide. Give it up already. You lost. Accept it you doofus.
Jamil, if this was an island I am pretty sure you would be kicked off by now.
Is it taboo to comment on the topic of the original post? (Nt that the various and sundry tangent discussions aren’t enjoyable.)
NJ.com (via Google) puts a business called “Robinson Franklin Group, so-called “general management consultants” at that address. I’m going to have to presume that lag time of getting these things into search engines means that “Robinson Franklin” was the foreclosed owner. I suppose it’s fashionable to call yourself a self-employed “consultant” upon becomming unemployed while trying to tread water, but could anybody realy value such ‘management’ counsulting services that in practice appear to distill to ‘buy high, go broke’?
By the way, we have actually been talking the same trade, just different vehicles.
BC,
I represent the buy real sh*t and hold it safe away from gubmints reach. Very primitive and highly effective aproach for a grashopper/flipper/speculator/dumb and lucky SOB like myself.Now that Shiny has surpassed S&P500 I’m just counting the years before we get to DOW.
Wake me up when we get to 1:1 ratio or Lebron and/or Dwade sign.
35.Seneca says:
November 13, 2009 at 8:03 am
So some of you who have been waiting 5 years already to buy a house are just going to keep waiting for the mother of all implosions to come? Sort of like waiting for Godot isn’t it?
Where do you all buy your patience and do they sell in bulk quantity?
The home that sold in 2005 for $700k will be mine in 2010 for $350k. I pay it off in 7 years while the RE ‘genius’ c. ‘05 is still sucking wind. He’s dealing with recast fully amortizing payments on his option arm while I’m buying planes and other toys for cash.
Patience is rewarded handsomely in a capitalist economy. Ever was it thus.
WHAT IS TODAY?
http://www.youtube.com/watch?v=Af1h4ibpKJA
Yikes,
That could well happen. Even Yamada was saying the max upside at this point is Dow 11000 and S&P 1200.
Nom [84],
Time for a vote recount;
http://www.wallpaperbase.com/wallpapers/celebs/elizabethhurley/elizabeth_hurley_58.jpg
ulqin-albani: I can’t believe how much the Nix suck a55. I can’t even watch it. I can’t believe that I am not even willing to sit down and watch 5 minutes. I still remember running around Scores during my bachelor party doing the LJ-sign in 1999.
make money says:
November 13, 2009 at 10:59 am
Wake me up when we get to 1:1 ratio or Lebron and/or Dwade sign.
My favorite bachelor party moment was during my cousin’s in NYC. We were trying to bargain to get 15 guys into the place on W 23rd right by West Street, and one of the guys vomits all over the glass door entrance……big chunks of calamari, spaghetti, marinara etc……it was the closest I had come to pissing my pants since I was 6 years old.
@Nom[83];
In ‘84, DC (not a “real” state, I know)went for Mondale 85/14, when Reagan carried 49 states and only Mondale’s own Minesota (49.7/49.5) kept it from being 50-state sweep.
DC can, will, has, and will henceforth and evermore, go more than 2/3 democratic. Tells you alot about DC, don’t it?
-Moose
BC Bob says:
November 13, 2009 at 11:03 am
Nom [84], Time for a vote recount;
Hugh Grant is defective…..so she doesn’t mangia chorizo…WTF?
“I still remember running around Scores during my bachelor party doing the LJ-sign in 1999.”
Chi;
http://www.youtube.com/watch?v=Uloj3EQb0kQ
12 reasons unemployment is going to 12 percent from David Rosenberg.
1. For the first time in at least six decades, private sector employment is negative on a 10-year basis (first turned negative in August). Hence, the changes are not merely cyclical or short-term in nature. Many of the jobs created between the 2001 and 2008 recessions were related either directly or indirectly to the parabolic extension of credit.
2. During this two-year recession, employment has declined a record 8 million. Even in percent terms, this is a record in the post-WWII experience.
3. Looking at the split, there were 11 million full-time jobs lost (usually we see three million in a garden-variety recession), of which three million were shifted into part-time work.
4.There are now a record 9.3 million Americans working part-time because they have no choice. In past recessions, that number rarely got much above six million.
5. The workweek was sliced this cycle from 33.8 hours to a record low 33.0 hours — the labour input equivalent is another 2.4 million jobs lost. So when you count in hours, it’s as if we lost over 10 million jobs this cycle. Remarkable.
6. The number of permanent job losses this cycle (unemployed but not for temporary purposes) increased by a record 6.2 million. In fact, well over half of the total unemployment pool of 15.7 million was generated just in this past recession alone. A record 5.6 million people have been unemployed for at least six months (this number rarely gets above two million in a normal downturn) which is nearly a 36% share of the jobless ranks (again, this rarely gets above 20%). Both the median (18.7 weeks) and average (26.9 weeks) duration of unemployment have risen to all-time highs.
7. The longer it takes for these folks to find employment (and now they can go on the government benefit list for up to two years) the more difficult it is going to be to retrain them in the future when labour demand does begin to pick up.
8. Not only that, but we have a youth unemployment rate now approaching a record 20%. Again, this is going to prove to be very problematic for employers in the future who are going to be looking for skills and experience when the boomers finally do begin to retire.
9. The gap between the U6 and the official U3 rate is at a record 7.3 percentage points. Normally this spread is between 3-4 percentage points and ultimately we will see a reversion to the mean, to some unhappy middle where the U6 may be closer to 15.0-16.0% and the posted jobless rate closer to 12%. This will undoubtedly be a major political issue, especially in the context of a mid-term elections and the GOP starting to gain some electoral ground.
10. But when we do start to see the economic clouds part in a more decisive fashion, what are employers likely to do first? Well, naturally they will begin to boost the workweek and just getting back to pre-recession levels would be the same as hiring more than two million people. Then there are the record number of people who got furloughed into part-time work and again, they total over nine million, and these folks are not counted as unemployed even if they are working considerably fewer days than they were before the credit crunch began.
11. So the business sector has a vast pool of resources to draw from before they start tapping into the ranks of the unemployed or the typical 100,000-125,000 new entrants into the labour force when the economy turns the corner. Hence the unemployment rate is going to very likely be making new highs long after the recession is over — perhaps even years.
12. After all, the recession ended in November 2001 with an unemployment rate at 5.5% and yet the unemployment rate did not peak until June 2003, at 6.3%. The recession ended in March 1991 when the jobless rate was 6.8% and it did not peak until June 1992, at 7.8%. In both cases, the unemployment rate peaked well more than a year after the recession technically ended. The 2001 cycle was a tech capital stock deflation; the 1991 cycle was the Savings & Loan debacle; this past cycle was an asset deflation and credit collapse of epic proportions. And economists think that the unemployment rate is in the process of cresting now? Just remember it is the same consensus community that predicted at the beginning of 2008 that the jobless rate would peak out below 6% this cycle.
http://blogs.reuters.com/james-pethokoukis/2009/11/11/12-reasons-unemployment-is-going-to-at-least-12-percent/
Chi [98],
Will never figure out that one?
1. For the first time in at least six decades, private sector employment is negative on a 10-year basis (first turned negative in August). Hence, the changes are not merely cyclical or short-term in nature. Many of the jobs created between the 2001 and 2008 recessions were related either directly or indirectly to the parabolic extension of credit.
Sean,
Spot on.
#42 Whoever posted that last night from Al Jazeera of all places was a great find.
100 Sean: “12 reasons unemployment is going to 12 percent from David Rosenberg.”
Simpler reasons:
1: Barack Obama
2: Nancy Pelosi
92 CHifi
My father’s birthday!?
A little dated, however, the only update; it’s worse.
“The Federal Reserve’s ‘solution’ to the debt problem is the problem. It has resulted in the Federal Reserve doubling the monetary base of the United States over the span of a mere
nine months. Rather than stimulate the real economy, the QE program has instead resulted in increasing weakness in the international market for US bonds - the proof of which can be
seen in the chart below. Bond investors are running for the exits, and our discussion above confirms what we see in this chart. Traditional buyers of US bonds are now sellers, and they
are exercising a non-confidence vote in the US dollar and in US debt.”
http://www.sprott.com/Docs/MarketsataGlance/June_2009.pdf
If Unemployment was at 50% and we all had stay at home wives we could live like the guys in Mad Man, drinking, smoking and all kinds of fun in the office.
Make [90],
This baby is just starting to crawl. Who knows where the next $100-200 will be. It doesn’t matter. The foundation has been laid. Wait until this thing goes parabolic.
We have witnessd the greatest equity bubble in the US, Nasquack, and the greatest RE bubble in our history. In the future, we will witness the greatest hard asset bubble ever.
These markets went thru a 20 year bear market where dow/gold went from 1-1 to 42-1. In past commodity cycles, on avg, the subsequent bull market lasted 75% of the time of the preceding bear. 2015-2016?
You picked a fine time to leave me Jamil
[97] moose
Yes, I was aware of that, and yes, DC is not a state. It is, rather, part of MD for voting analytics IMO.
Still curious to know if any state did go more than 67% in the modern era in a presidential race. I honestly don’t know. I will concede that a state that is close to that mark is decidedly blue or red, but that, again, is misleading since voters will disregard party based on issues that are important to them. Rather, I think that demographics other than party affiliation are better predictors of elections.
Since there is an employment theme, here is some data from my world:
“2009 Worst Year for Lawyer Headcount in 3 Decades, Says ‘NLJ 250′ Survey
The United States’ largest law firms this year suffered the deepest cuts in their attorney numbers since The National Law Journal began tracking their census figures more than 30 years ago.
The total number of attorneys working at the top 250 law firms plunged by 5,259 lawyers. . . .
The results of the 32nd annual National Law Journal survey of the nation’s 250 largest law firms provide a vivid picture of the toll that the economic recession exacted from law firms this year. The 4.0 percent decline in the total number of attorneys marked only the third time that the lawyer count among the group has dropped since the NLJstarted collecting headcount data in 1978. The last time totals backslid was in 1993, when they dipped by 0.9 percent. The first decline was in 1992, when they fell by 1 percent. The tally this year wipes away nearly one-third of the growth that firms made during the past five years and puts many of them well below levels they enjoyed in 2005.
The number of attorneys in 2009 sank to 126,669 lawyers, compared with 131,928 attorneys last year. In 2008, the number of attorneys increased by 4.3 percent.
. . . The firm with the largest percentage decrease was No. 95 Fried, Frank, Harris, Shriver & Jacobson, which declined by 26.4 percent to 468 attorneys from 636 in 2008. Last year, the firm held the No. 58 slot in the rankings. The firm losing the greatest number of attorneys was Latham & Watkins, which shed 444 lawyers. It had 1,878 attorneys this year, compared with 2,322 in 2008, for a 19.1 percent decline.. . .
Not surprisingly, associate ranks were hit hard by work force reductions. The percentage of those attorneys shrank by 8.7 percent, to 61,733 from 67,648 last year. . . . .
At the same time, partner employment, as a whole, remained unscathed. The number of partners in 2009 was 53,468, compared with 52,980 in 2008, an increase of 0.9 percent. Among the top 50 firms, 30 increased their partner totals. The results confirm that law firms’ strategy in managing the downturn was to save the partners — and partnerships. “The cuts made were done primarily to preserve workloads for partners,” said Ward Bower, a consultant with Altman Weil. And perhaps troubling to clients, “it suggests that work done by partners is work that associates could do,” he added. . . .”
http://www.law.com/jsp/article.jsp?id=1202435276422
I left that last para. in on purpose. I had observed in the last downturn that partners will hoard work; after all, they have to stay billable also. So the associates get the crumbs from the tables.
That can’t sit too well with the GCs I know, and I suspect that they will get pretty activist about partner billing when they see more partner hours and less associate hours. At least one hopes.
86. Stu
I went through a refi with tops credit on my multis, I got jerked around on both points and rate by more than one broker, to the point that I had terms changed up just as I was about to give them my credit card for the appraisal.
If your deal is solid, take it then give me the name and number of your guy/gal, please!
Stu, one more ? My take on rentals is that they are all about cash flow in the now. Why not do a 30 and get more monthly income? I’m not following, I’ve never approached rentals as an equity play.
make (90)-
Love watching any team D’Antoni coaches.
Inevitably, he transforms one guy into a world-beating, conscienceless gunner…while the rest of the team plays in hyperdrive, trying to feed the gunner.
Too bad none of his teams have any idea how to play defense.
BC (101)-
Simple explanation is, Hugh Grant’s gay.
Extremely gay.
Like, this is news??
http://www.nytimes.com/2009/11/13/business/economy/13fha.html?_r=1&th&emc=th
dz (103)-
I couldn’t believe Al-Jazeera was using a Chinese reporter (with an English accent) to tell an embarrassing story about a brand-new ghost town meant to hold a million people.
Surreal.
Can we send SAS to whack Jamil?
I’ll put up the first $500 of the bounty.
Orion (115)-
The 10-megaton plutonium bomb has been primed to perfection.
All we need to do now is get a fruity drink & a pair of good sunglasses. Should be quite a show when FHA blows sky high.
“We have no reserves and record defaults…but, we need no bailout”.
FHA will make Phony/Fraudy seem like Berkshire-Hathaway.
And now, a few words from our partner in the biggest circle jerk ever:
“President Hu Jintao said China is doing what it can to fire up demand at home so that the world’s third-largest economy is less reliant on exports.
“Our focus in countering the crisis is to expand domestic demand, especially consumer demand,” Hu said in a speech on the sidelines of the Asia-Pacific Economic Cooperation forum, which culminates this weekend with meetings of Pacific Rim leaders, including President Barack Obama and Japanese Prime Minister Yukio Hatoyama.
China, which saw 8.9 percent growth in the last quarter, will continue with reforms aimed at improving living standards and reducing social burdens such as educational fees and health care that inhibit spending by frugal Chinese consumers, Hu said.
Such moves by China and other developing economies are seen as crucial for ensuring a sustained global recovery, given the weakness of the U.S. consumer market.”
What will happen once every subsistence farmer in China has a flat screen? Sounds to me like these guys are just kicking the can down the road in a less-sophisticated form than we are.
Schumpeter (120)
I wonder if O’s trip to Asia has anything to do with begging, pleading, imploring them to keep buying our debt….
lest the bomb explodes, poof, poof.
Barb,
It is all about the cash flow, but keep in mind that we plan to take on somewhere in the order of another 400K worth of debt by the Spring when we go for our next place, so it really doesn’t matter that much that we are shortening this one a hair. Ultimately, it’s more about obtaining the 4.75% APR then our current 5.5%. You can only get that low of a rate on a multi on a 20 year or less with excellent credit. I have shopped it around a lot all ready.
We fully expect to be cash flow positive on our place + the tax breaks that comes with slum lording. Looks like we should come in net ($600) minus maintenance.
Really, it is only an extra $100 per month so no real big whoop either way.
orion (122)-
Sure, they’ll keep buying our asswipe: with short maturities.
Anything longer than the lifespan of a flea? Looks like they prefer shiny.
This won’t end well. And, we all know how it will end. I just wonder if all the 16th century diseases will come back when we’re all blasted back to the 16th century financially.
From article posted at #115.
“As recently as a few weeks ago, the F.H.A. had said that even under the bleakest economic forecast, its cash cushion would quickly recover. On Thursday, it abandoned that position.”
Oops, we didn’t know the situation was this bad. Sound familiar?
Please, mister, will you buy my 30-year bond?
10? 5?
stu, the 20 year/low interest makes sense, Any idea what they are offering on a 30 with great credit?
10? 5? No thanks. How ’bout 7 month?
SRS below $9. That means it’s time for Schumpy to take a taste.
orion (129)-
How about 7 minutes?
Schump [121],
That’s the game plan, correct the imbalances. $10 a day slaves will replace the US consumer and become the world’s engine of growth? What are we exporting that will have them jumping? Yao Ming posters?
Five Things: Two Economies, One Deflation
http://www.minyanville.com/articles/deflation-fed-inflation-barrick-disney-gold-dollar-depression-depew/index/a/25419
Barb, I don’t know, but I can give you the digits. Get my email from Grim please.
Schumpy…Aren’t you nervous?
I hate this economy. Everything I worked for has been taken from me by the real estate terrorists. They started in on this economy three years ago and have been allowed to destroy every damn thing I worked for. Now they’ve elected a socialist and want to jam government takeovers down my damn throat.
Let’s get something straight, I don’t need the damn government trying to tell me what to do with my healthcare. Those damn socialists in Washington need to be getting the damn economy back on track. Getting this thing on track means a favorable market for selling my damn real estate. It also means the restoration of jobs in the damn real estate industry. It’s not right for those who contributed so much to the economy to be in the damn position of their noses pressed up against the window looking at the real estate terrorists trying to rip people off buying on the cheap.
I’m so pissed off, I can’t see straight. There had better not be ANY town hall meetings anywhere near me this evening. If there is, someone is gonna have HELL to pay.
China, which saw 8.9 percent growth in the last quarter, will continue with reforms aimed at improving living standards and reducing social burdens such as educational fees and health care that inhibit spending by frugal Chinese consumers, Hu said
There’s something VERY wrong when the damn commies can enjoy 8.9% growth while rock ribbed American patriots suffer. Those commies are getting away with an unfair advantage.
We need to have a policy to free Taiwan from their clutches. Let’s see them grow at 9% if they have to fight to keep Taiwan.
That’s just another issue I’ll be bringing to my nearest town hall tonight.
#136 - I’m sorry re, we elected the wrong type of socialist. Surely it can’t be all bad though? They’re going to extend the first time homebuyers tax credit. That’s good, isn’t it?
#83 - Nom, the reason that the secession talk is ridiculous is primarily because the states suggested for it are the biggest suckers on the Federal teat. Either from cash or federal contracts, usually defense spending.
Comrade Nom Deplume says:
November 13, 2009 at 10:41 am
‘(apologies to the resident brits on the board, but I didn’t make this up)
“Britons Among ‘Ugliest People,’ Dating Site Says
“I would say Britain is stumbling because they don’t spend as much time polishing up their appearance and they are letting themselves down on physical fitness,” ”
No need to apologize, I would say it is probably true, especially compared to Scandinavians and ESPECIALLY the Danes who seem to have won the genetic lottery.
WTF? I am sitting in a Starbucks, first some guido a%%hole is wearing so much cologne that my jacket still stinks 10 minutes after he leaves….then this older couple comes in and sits down….he gets a doppio espresso and the woman turns to him and says “do you need a Percocet with that?”…he says “Thanks”…..
gary: you are a trailblazer!!!!!!
#136 - I’m sorry re, we elected the wrong type of socialist. Surely it can’t be all bad though? They’re going to extend the first time homebuyers tax credit. That’s good, isn’t it?
What??? That damn tax credit ain’t gonna do jack for me. It does not extend to purchase of investment property so it doesn’t do a damn thing for someone who wants to flip. If they want to help people like me, they need to restore the damn credit market back to where the hell it was 3 years ago. If I had that, I’d be able to solve my own damn problems without the socialist government trying to jam something down my damn throat.
@35:
“Where do you all buy your patience and do they sell in bulk quantity?”
Every time I get the itch to buy after perusing Realtor.com, I email the listing agent and ask what the property taxes are.
That kills any and all urges to purchase.
“It’s not right for those who contributed so much to the economy to be in the damn position of their noses pressed up against the window”
50.5,
Cheers.
Did you mean to say noses pressed to the floor?
The end is nigh….
Jeter a wino….
http://www.nypost.com/p/pagesix/celebrity_photos/derek_jeter_big_screen_cameo_HAUnrIHKNBtbI829udviXL?photo_num=1
http://www.nytimes.com/2009/11/14/world/asia/14pstan.html
I wonder what the odds are that Delta/NEST teams will need to rush in at some point to secure the special weapons in Pakistan? My recollection is that the Pakistanis refused to take our advice to install permissive action links on them, for fear that we would somehow disable them from afar, and that they rely on rudimentary safing, such as steel balls, lengths of chain, perhaps barometric fusing, etc., to prevent unintended detnation. Unfortunately, these are easily overcome by the likes of UBL and his ilk.
New source of waterfront property? It is certainly out of the way:
http://arstechnica.com/science/news/2009/11/nasa-announces-significant-quantities-of-water-on-the-moon.ars
http://www.nypost.com/p/pagesix/celebrity_photos/derek_jeter_big_screen_cameo_HAUnrIHKNBtbI829udviXL?photo_num=10
@60:
“Or, they might just be in that denial state.”
NJ: The Denial State.
I like it.
137
Its the redistribution of wealth. Glad to see you are awake and dont let the politically correct ever shut you up. Vote the mother f#ckers out.
Just bumped into an ex-friend (ex partly because she was mad at me 3 years ago for daring to suggest that homes would decrease in value) who POSITIVELY INSISTS that everything is AOK and with the $8000 credit, NOW really would be a good time to buy.
No she isn’t a realtor either.
And no she couldn’t admit that I was right 3 years ago either.
Yes, the Chinese financial system is more disfunctional than the US one. People salivate over those foreign currency reserves, but they aren’t just assets they also represent liabilities. The banks are all government controlled, and they lend politically, and every few years have to get recapitalized by the government. Chinese people keep depositing money in the banks because there are no alternatives and the principal is govt guaranteed. But everybody with money buys real estate as a second bank account. They don’t even care about finishing or furnishing the apartments half the time, and don’t bother much with renting them out. They just collect empty concrete apartments like gold coins.
I follow the steel industry. More than 50% of the world’s steel this year was made in China, and nearly 40% of it went into real estate. It’s been that way for the past 7-8 years, so they think it’s normal to build stuff that way. This year a lot of the steel is supposed to be going into public works, but it’s still less than real estate. The weird thing is that even though steel production set new records in China, the steel companies still lost money. There’s always too much capacity. Now they build bullet trains between cities, government banks fund it so nobody really cares how much investment it takes. And by the way, most of this investment at the local level gets funded by the government selling land to property developers.
There is a lot of unsustainable stuff going on in China besides making and exporting things to indebted Americans.
The real crisis in China will eventually be a banking and property crisis.
Property prices in Chinese cities are as high or higher than in NJ, while the average income is much lower, and the economy is pretty highly dependent on construction.
#142 - they need to restore the damn credit market back to where the hell it was 3 years ago.
That’s just not fair. Helicopter Ben is trying his little heart out. Why, he’s up all night with Timmy trying to figure out ways to give free money to banks. Your problem is with mean old man Dimon! It’s him that’s not lending out and cash. The grinches at Goldman even href=”http://dealbreaker.com/2009/11/goldman-sachs-officially-cance.php”>canceled christmas.
Face it re, the market is dead but it isn’t from the lack of help.
Also, couldn’t you just reduce your asking price a bit? Maybe sell to a nice Indian couple.
Wireless phone help….
I want to upgrade my phone under a Verizon plan.
I do not want a crackberry or iPhone, but I get enough texts at my phone number from people who just assume that I will easily text back.
Verizon is more than willing to give me anything with a QWERTY keyboard, but the working assumption is that I am going to upgrade my plan. I just rather have the QWERTY just so that in a pinch, I can fire back a text easily.
Anyone have a preference on one of the tweener phones that has a QWERTY but is not a crackberry?
Tosh - interestingly enough, the UK doesn’t (yet) have the same levels of unemployment that we have.
[140] lisoosh,
I don’t disagree.
If you recall, in an excursus some time ago, I included that factor among the centripedal forces that would foster union over dissolution. It is a singularly strong factor, perhaps one of the strongest.
That, however, assumes the gravy train keeps rolling. Will the chair still stand if one leg is kicked out?
Topic for a book perhaps, but as I said, a work of fiction.
“The real crisis in China will eventually be a banking and property crisis.
Property prices in Chinese cities are as high or higher than in NJ, while the average income is much lower, and the economy is pretty highly dependent on construction.”
Andy Xie was on Bloomberg a couple weeks ago discussing the same. The Chinese banks are running out of “prime” borrowers and have begun their own “subprime” in the past year.
l: You should fire back what clot said several days ago…..anyone with even a passing interest in buying has already bought, and you should be storing canned food and MRE’s for the nuclear winter……
lisoosh says:
November 13, 2009 at 2:24 pm
Just bumped into an ex-friend (ex partly because she was mad at me 3 years ago for daring to suggest that homes would decrease in value) who POSITIVELY INSISTS that everything is AOK and with the $8000 credit, NOW really would be a good time to buy.
Stu,
I make that out to about $1,385 interest and $876 principal in the first month. Is there Is there any cnance of taking that $130 a month saved, adding another $60 to it each month and essentially pay 13 payments a month? That would take off several more years.
So I just witnessed a line around the block of people aka sheep waiting to get a Swine flu shot like their lives depended on it. I told my wife, ” look at these idiots. What would make them wait on line to get a shot with a known 1:100,000 chance of Guillian Barre?” Especially when the manufacturers waived liability. Did that set off red flags? Nope.
Yuri Besmenov KGB. Demoralization complete. The inability of the people to make logical decisions based on facts.
Get the Fat #ss Americans a bucket of fried chicken, chips, a 2 liter Pepsi, and cable tv and you can do anything to them.
Shore
Buy now or be priced out of water forever
They aren’t making any more moon
If you sign a contract now we can get you a nice new crater with both mars and earth views.
Close proximity to tranquility base
[111] grim
Grim, 111 in mod. No idea why. Perhaps the “L” word? (”lawyer”)
[158] chi
“and you should be storing canned food and MRE’s for the nuclear winter……”
which reminds me that I have to install shelves in my basement this weekend.
Chi been relatively happy with my env2. good keyboard and battery life. Broke the front screen but that was my fault not the phones. with the new droid coming out the other phones have gotten relatively cheaper
@86:
“I’m just about to sign on the dotted line for a refinance on our Montclair Multi. We are stripping off 5 years from the loan making it a 20-year. Loan amount is 350K and the best quote I could obtain was 4.75 rate with $3320 closing costs, no points.
It works out to a monthly increase if $130 to shorten the loan by 60 payments. Seems to be a no-brainer to me.
Just looking for a sense-check or someone who knows a broker who might beat those rates?”
Does that extra $130/month include the $3320 you’re paying out of pocket?
What would the difference be if you didn’t refi and instead paid an extra $130 (plus a share of that $3320 if not factored into the $130) towards your principal each month?
This is good for a laugh (though I thought Bugattis were made in Italy?)
“Police say a low-flying pelican distracted a driver in Texas, causing him to veer off a road and drive his million-dollar sports car into a salt marsh.
La Marque police Lt. Greg Gilchrist says the man claimed he lost concentration while driving his French-built Bugatti Veyron on Wednesday because the bird swooped into sight.
Gilchrist says the driver dropped his phone, reached down to pick it up and strayed into the brackish water in La Marque, about 35 miles southeast of Houston.
Gilchrist does not know if the car can be salvaged but conceded that “salt water isn’t good for anything.”
4.625% 30 year fixed thanks to helicopter Ben last winter.
I was paying double principal but stopped and have been buying gold and oil instead with the savings. Debt is good in the Weimar Republic.
150.ByeByeAmerica says:
November 13, 2009 at 2:23 pm
137
Its the redistribution of wealth. Glad to see you are awake and dont let the politically correct ever shut you up. Vote the mother f#ckers out
I’m glad to see another like minded individual here in a sea of liberals and these damn Rockefeller republicans. If you’re going to be a damn member of the republican party, you damn well better be 100% in. To hell with these lukewarm republicans who vote for the socialist and then start wringing their damn hands when he jams government takeovers down everyone’s throat. I can’t stand these damn turncoats and the first thing we need to do is boot them from the damn party.
Unless they’re prepared to be pure and true, the hell with these turncoats
“10? 5? No thanks. How ’bout 7 month?”
0% interest on any timeframe is still 0. Makes more sense to keep it in the old checking account at this point.
re: #160 - errrrr… the odds of dying of the FLU in your lifetime are 1 in 62.
168.
Make sure you are an independent. It makes both parties nervous.
Watch the assault that is going to happen on the NEA (the union that takes money from teachers)
Licking my chops.
Meter and Shore:
You guys both offered excellent suggestions, but I suspect that the lower interest rate 5.5 down to 4.75 is the better deal than paying extra principle at 5.5!
I also get a greater benefit from the tax break on the mortgage interest as I am solidly in the worst bracket for deductions. Trust me folks…When your income breaches the 200 mark, looking for tax savings is like searching for a Jamil post that does not contain a mention of Acorn.
Anyone want to try to calculate the math on this equation? I tried and couldn’t really come up with the proper Alegbra. PERT right?
Any musicians in the house who are looking for a tax deductible trip to Costa Rica may find this of interest:
http://www.ascap.com/calendar/Default.aspx?action=display&ID=1896
153.toshiro_mifune says:
November 13, 2009 at 2:26 pm
#142 - they need to restore the damn credit market back to where the hell it was 3 years ago.
That’s just not fair. Helicopter Ben is trying his little heart out. Why, he’s up all night with Timmy trying to figure out ways to give free money to banks. Your problem is with mean old man Dimon! It’s him that’s not lending out and cash. The grinches at Goldman even href=”http://dealbreaker.com/2009/11/goldman-sachs-officially-cance.php”>canceled christmas.
Face it re, the market is dead but it isn’t from the lack of help.
Also, couldn’t you just reduce your asking price a bit? Maybe sell to a nice Indian couple.
Guess what?? You’re starting to “bother” me with these damn questions and comments. Look, let’s keep thngs real simple ok?
The damn credit markets aren’t functioning wholly due to the actions of real estate terrorists who started negative talk a few years back. This ain’t got a damn thing to do with JP Morgan, Goldman or anyone else who’s been victimized by these dirtbags. All the Fed has tried to do is help these poor companies who were victimized while our socialist president has been trying to give away our damn money to a bunch of lazy asses who don’t want to get a job and who don’t want to get their own healthcare. Instead, they want me to pay for them.
Let’s get something straight–NO ONE IS GONNNA JAM HEALTHCARE DOWN MY THROAT AND MAKE ME PAY.
I’ll renouce my citizensip before I let them do that to me.
Stu,
The tax deduction is no reason to avoid paying extra principal. In the end, one pays more in interest than one saves in taxes.
172.
I would take the 4.75 for sure and I would take on more mortgage so long as it doesnt stress your budget. Take the additional cash and buy gold, silver, or oil.
Do you think the Chapmans will like my song.
I drive slow on the L-I-E
I am just hoping to D-I-E
I go 30 mph in my Rabbit
I guess that is a bad Habit
Oh Look a Big Truck
I think I am about to get #ucked
My name is Harry Chappin
That truck that crushed me
just gave me a new name
You can call me scrapin Chappin
http://www.ascap.com/calendar/Default.aspx?action=display&ID=1896
174.
They arent going to make you pay but they will send you to prison. Once your done you will be a felon. Good times in America.
Bucket of fried chicken anyone?
“I’ll renouce my citizensip before I let them do that to me.”
As they say in programming: this is a feature, not a bug.
Ok, I found a mortgage calculator that allows you to factor in extra payments to the principle.
doing the extra $130 per month on top of my current mortgage payment reduces the 25 year loan to 22 and 3 months. It’s almost a year worse than that if you simply make one extra payment a year of $1560.
Of course, this calculator is not an exact science since it’s calculating the amortization tables based on a 25-year loan with extra payments, vs. a 20-year loan without. What I really need to check is the financial impact of an extra payment starting in the 6th year of a 30 year loan.
Ultimately, I still think the refi is significantly cheaper over the length of the loan.
Those f*king idiots actually going outside of their homes. Don’t they know that the chance of dying of a bee sting are 1-100,000?
And those other ignorant dolts driving around all day in cars don’t they know the odds of dying in a Motor Vehicle Accident are 1 in 100 in a lifetime? Crap today could be the day, quick pull over the car I am gonna walk. Wait the chances of getting killed crossing the street are 1 in 40,000. Ahhhhhhhh!
“The tax deduction is no reason to avoid paying extra principal. In the end, one pays more in interest than one saves in taxes.”
True Shore, and I appreciate the advice. Just looking to find some balance. My total assets, if I throw in my retirement assets, would easily allow Gator and I to buy the home outright.
As for collecting debt in the current economy of a deflating dollar. I think $750,000 of mortgage debt is enough leverage for our household. This should be our total sometime before the tax credit expires ;)
Sean, you sound like one of the fools that waited in line. LMAO. Dont worry the govenment will take care of you.
Fing moron. LOL.
Sean,
May favorite are the shark attack numbers.
You are 325 times more likely to be killed by a deer than by a shark.
Yet I know many people who won’t swim in the ocean because of a fear of a shark attack.
A couple of things:
1) The job market was crap long before Obama was elected. We have been on a race to the bottom since 1980. The internet boomlet was simply a brief respite. I don’t know how anyone thinks the economy will ever recover when no one can earn a living.
2) Follow-up on question yesterday regarding inspection contingency. Contract DOES have this contingency, but inspection report shows MAJOR multiple water infiltration points and other serious problems that spooked buyer so buyer has no confidence that seller will do appropriate repairs. I told buyer that he has to let the process play itself out or get sued. Atty thinks sellers will be unwilling to do the repairs and it will be moot.
Also, couldn’t you just reduce your asking price a bit? Maybe sell to a nice Indian couple
And I missed this little cute commment. I’d rather put on gasoline underdrawers, strap on some C-4 and parachute into hell, BEFORE I’D EVER REDUCE MY ASKING PRICE. I don’t give a tinkers damn who buys it, BUT NO ONE IS GONNA TAKE MY HOUSE FOR NOTHING.
Nice job with your mortgage lock bye bye. We locked in 5.5 in October of 2004, which was quite a sweet deal at the time. Keep in mind, most lenders charge an extra quarter to the interest rate for a multi-unit mortgage loan vs. a single family due to the vacancy risk.
The rates just haven’t dropped low enough except for a few dips under 5% where it would have made sense for us to refinance for any savings when one considers the closing costs.
You did well with your loan. Did you actually get that rate without buying any points?
Not as much advice, as points to ponder when making the decisions.
also, “doing the extra $130 per month on top of my current mortgage payment reduces the 25 year loan to 22 and 3 months. It’s almost a year worse than that if you simply make one extra payment a year of $1560.” don’t forget the closing costs NOT paid by just paying extra.
I suspect that your balance makes it worth the refi, but were it me, I would plow the saved $, and the extra $15week into the mortgage, just for the sake of knocking a few more years off without any pain whatsoever. I know that that approach flies in the face of the borrow as much as possible crowd, and I appreciate their position; however, for a principal residence, which this still is for you (or could become again if you end up walking away from a different mortgage at some point), I prefer to be debt free.
Shore guy,
I understand your position. Especially considering that the mega debt collecting mentality here could be completely wrong.
Once again, thanks for the perspective.
187.
Yeah that was no points. My closing cost were similiar to yours. I was 8 months into a 30 year at 5.87 and then helicopter Ben dropped some treats off to me so I took them. No brainer. My monthly payments dropped by 200 bucks a month and my principal payment increased by 100 bucks based on the amortization schedule. I was making double princpal payments but stopped because I now realize my mortage is my best defense against the coming inflation.
4.75 is still great. If you need a broker I can give you a recommendation.
http://www.nytimes.com/2009/11/10/science/10patch.html
BC
I feel some charts coming on…… Later 2nite
Shore,
You and I have the same mentality regarding debt destruction but these are unusual times. If interest rates go up to 18-25% like the early 80’s early payment on a sub 5% mortgage is going to look silly. I understand your logic though.
ByeBye - re: “my mortage is my best defense against the coming inflation.”
You are a real bright flashbulb I see.
What happens when your home does not appreciate in the next 10 years but inflation is a mild 5% a year?
“my mortage is my best defense against the coming inflation.”
Texas hedge.
What do you think will happen to property taxes in a high-inflation environment?
194.
No home appreciation in 10 years? What is your logic?
Keep getting your swine flu shots, I think the mercury is getting to your head.
Training video for North Hunterdon girl’s soccer….
http://www.abcnews.go.com/Video/playerIndex?id=1710092
What do you think will happen to property taxes in a high-inflation environment?
You have the potential for a positive feedback loop there.
Damn, I want to short this market but how can you when they’re just printing more money to buy more stock?
Stu that is why I shoot deer just trying improve my odds of being offed by them ; )
In other news wife and I may have finally found a home we both agree on. I’m doomed to be a debt slave again.
195.
Good question re: property taxes. That is the biggest dillema of them all. At the shore we arent governed by Communists like in North Jersey. We will cut every stinkin government employee possible before we ever pay more. In my town we cut 2 million in spending over the past year by eliminating government jobs. The mayor was reelected easily as a result.
Excellent point though.
Meanwhile, the pigeons keep chirping away…..
Realtors: home prices to rise 4 percent in 2010
Realtors’ economist sees resale home values, sales rising in 2010
By Alex Veiga, AP Real Estate Writer
On 2:22 pm EST, Friday November 13, 2009
Buzz up! 16
Print
SAN DIEGO (AP) — Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday.
Home resales are projected to total 5.7 million next year, up from an estimated 5 million this year. Prices will climb 4 percent after a projected decline of 13 percent this year, according to Lawrence Yun, chief economist for the trade association.
“Going into 2010, I anticipate that prices will also begin stabilizing or begin to modestly improve,” Yun told the audience at the association’s annual conference and expo in San Diego.
The housing market’s rebound has been aided by an aggressive federal intervention to lower mortgage rates and bring more buyers into the market. Home resales rose in September to the highest level in more than two years, something Yun said shows buyers are eager to get back into the market.
A federal tax credit of up to $8,000 for first-time
#200 - wife and I may have finally found a home we both agree on
Good luck and enjoy!
re #194 - no logic simply an example….
After the 80s real estate bubble housing prices were flat for 10 years.
And to Grim’s point about property taxes, they are estimated to double in the next decade, so who you gonna call the ghostbusters?
What now, you gonna call me a moron again and do a LOL!
Listen you want to come out swinging fine, just make sure the punch lands.
#196 I lived in my first house for 10 years, and did not make a dime, not one dime, zilch nada, nunca, zero.
In fact I sold it for $2500 less than I paid for it 10 years prior,, and made substanial imrprovements too.
In of course a blue ribbon Bergen co train town;just saying.
I apologize….correct link…
chicagofinance says:
November 13, 2009 at 3:26 pm
Training video for North Hunterdon girl’s soccer….
http://abcnews.go.com/Video/playerIndex?id=9032161
Danzud,
You can’t play this market based on fundamentals.
It would be like trying to kick a field goal to win the Super Bowl, but they only put 2 points up on the board as you find out the NFL changed the scoring rules during the 4th quarter.
I hate to give John a big head, but his too big to fail strategy was absolutely brilliant. I wish I played along.
“I hate to give John a big head, but his too big to fail strategy was absolutely brilliant. I wish I played along.”
I have to agree. Chalk one up for Belmar.
151) “Just bumped into an ex-friend”
Lish, If this whole crash has taught me only one thing its that you cant talk re with anyone, especially friends.
It may all be economics and fundamental math equations to you but the minute you suggest that prices will not continue to climb at astronomical rates, your closest friends will most likely look at you like an American-hating anti-christ. I’ve seen it too many times and thats one reason why i only talk RE here now. And then when i see how overly-negative everyone here is, i understand why all my friends dont want to talk re with me either. lol.
Grim - if you are still thinking of Tennessee, the People of Walmart site has posted some updates.
http://www.peopleofwalmart.com/?paged=9
204.
Property taxes cant continue to go up. There has been no private sector job growth in the past 10 years in NJ. That is 0, meanwhile government jobs have increased by 55,000. This is the critical point. Christie has to make big decisions and if Lonegan has a hook in him, which I think he does then spending is going to come down drastically. Sucks for the government worker losers but hey why should they be different.
The alternative to doing nothing is to take the hit and move out of the state. I Christie doesnt make the hard decisions then thats exactly what I will do. Better to lose 50k up front then to lose multiples of that over 10 years. Ill move my business to another state. Already discussed and the only thing keeping me here is family.
Grim Correction:
“What do you think will happen IN NEW JERSEY to property taxes in a high-inflation environment?”
On a lighter note, I present actual proof as to why the 70’s may have been a cooler decade than now.
The Fed’s airheaded bubble orthodoxy
For many investors, in fact, the cost of money is effectively less than zero, as economist Nouriel Roubini likes to point out. If you borrow dollars at near zero percent interest in the United States, exchange the dollars for Thai bhat, and invest the bhat in government bonds paying 4 or 5 percent, you not only get the benefit of the interest rate arbitrage but you also gain when you sell the bond and exchange the bhat back into dollars that have since depreciated. Roubini calls it “the mother of all carry trades,” and in recent months he calculates that it has been generating annualized returns for investors of 50 to 70 percent.
This carry trade is now so widespread that it has become a major factor driving down the value of the dollar against many other currencies and driving up the flow of hot money into a number of developing countries. Not only has it spawned stock, bond, or real estate bubbles in those countries, but it’s also driven up the value of their currencies to the point that their exports are less competitive relative to countries, including China, that peg their currencies to the U.S. dollar. To counteract these trends, central banks in Thailand, South Korea, Russia and the Philippines have intervened in currency markets, buying up dollars and selling their own currencies. Hong Kong has tightened up on lending rules, while Brazil has put a 2 percent tax on capital inflows. Taiwan has banned foreigners from making certain types of bank deposits.
There’s no way to know how long all this can continue before one of these bubbles finally bursts, the dollar spikes upward and investors all rush to unwind their trades at the same time. But it is a good guess that it will last as long as the Fed and other central banks indicate there is no end in sight for the current cheap-money regime. The longer they wait, the bigger the bubbles, and the bigger the mess to clean up.
re #211 - ByeBye “spending is going to come down drastically”
Sure it will, it has in the past right?
No worries this one is not a trick question.
[212] bye
My solution is to refinance the state debt into bonds maturing at least 20 years from now. Keep rolling it over. Issue new bonds for everything. Long maturities.
My plan is to have exited the state by the time that can stops rolling.
“Property taxes cant continue to go up. There has been no private sector job growth in the past 10 years in NJ. That is 0, meanwhile government jobs have increased by 55,000. This is the critical point. Christie has to make big decisions and if Lonegan has a hook in him, which I think he does then spending is going to come down drastically. Sucks for the government worker losers but hey why should they be different.”
Welcome to NJ. You appear to be new here.
Let me ask you this: you are the proud owner of a new home in the Denial State (TM). What exactly are you going to do when the above logic fails to pan out and instead your property taxes are rising by 10 to 15% per year?
China’s economic miracle is a fragile one
Which brings us back to that pile of cash building up in Chinese coffers. China has grown to its current size, as do most “young” economies, by exporting cheap goods to richer countries. In its case, this has resulted in the biggest trade surplus in history. The proceeds of that surplus have to go somewhere but, rather than buying General Electric, the country’s leaders have splurged it in the currency markets, doing whatever they can to keep their currency, the renminbi, down.
Such a policy made sense when China had an economy that was relatively underdeveloped, and was trying to shield nascent exporters from volatility; but now, by keeping assets artificially cheap, it serves to exacerbate the bubble that is building up as a result of those low US interest rates. And while this approach worked when consumers here and in America would spend on Chinese exports, that is no longer assured. As if this weren’t dangerous enough, the authorities have also taken to trying to pump up the economy further by channelling cheap credit to companies.
There could hardly be a more reliable recipe for an asset bubble, and too many economists assume that the omnipotent Chinese leaders know better. In reality, this bubble is being allowed to grow by a Communist party which is well aware that, if economic growth drops below a certain level, their positions could become less secure; the authorities are also less in control than they would like to be.
China is not alone. Brazil, India, and a host of other countries are following a similar trend. The Buenos Aires stock exchange has more than doubled in the past six months. Brazil recently imposed controls on the amount of foreign cash allowed into the country, in a bid to dampen speculation. But a Chinese collapse would be disastrous for the global economy in a way Japan’s slump never was; Chinese growth is one of the few things supporting global growth at the moment.
There is a simple way to stem the expansion of this bubble: China should allow its currency to appreciate, and bear down on its economy by raising borrowing costs. Both tactics would depress economic growth and risk social unrest, which terrifies a Communist party feverishly obsessed with suppressing any whiff of dissent. But, in avoiding difficult decisions now, China’s rulers are setting themselves up for an even more violent reaction if and when this asset bubble eventually implodes.
[172] stu
“looking for tax savings is like searching for a Jamil post that does not contain a mention of Acorn.”
Stop it; my sides are aching!
“Swine Flu shots… Bucket of fried chicken anyone?”
SAS - is this you steroids?
#214 - Tosh, you might be on to something. (Hat tip to Barry).
The Hubbert Peak Theory of Rock, or, Why We’re All Out of Good Songs
Veto,
I want to email you something. Can you forward your email address thru JB.
Acorn is a great name as they are all nuts.
#85 nom,
And with Mrs Obama so interested in organic foods, perhaps converting conventional farmland to organic could increase the subsidies. Especially since I believe it takes a few years for conventional farmland to be cleansed and converted to organic.
New Reality TV Show on MTV called!
Wait for it!!!!! Drum Roll Please!!!
Jersey Shore!
http://www.youtube.com/watch?v=cRAWU7HmfAQ&feature=player_embedded
#222 - I saw that the other day. I tend to side with the theory that the Rolling Stone 500 list is evidence that RS is edited by dinosaurs.
Also,
Saab is closing 81 of its 218 US dealers.
Sean,
They must have taken the idea from the Guido Beach video in the link list off to the side of that.
223 - sounds good, check your hotmail. thanks!
And folks tell me that Dirty Jersey by Chunky Pam isn’t representative of the state…
http://www.youtube.com/watch?v=jY4SF8xWKFo
Chi (207)-
Old news. Unfortunately, there was an assault and near-riot after my son’s team’s away game last Sunday. The other team instigated it. They also played two overage players, not in an attempt to win, but to take out as many of our guys as they could (fortunately, they could not).
While we were getting ourselves together to leave, the other team’s crowd surrounded the ref and told him they were going to kill him. At that point, somebody dialed 911, so we got an escort out.
Other team has been suspended from the league for the rest of the year, and multiple red cards/extra suspensions were handed out.
All this, for 12 y/o kids. Unbelievable.
sean, growing up in toms river, i just assumed every benny was a guido. then i realized that wasnt totally true. its really only the ones that frequented seaside heights.
all summer long, wearing leather wrist watches in the sand, shouting at eachother’s faces from point blank. i always wondered what they were arguing about. now, finally, if i watch the show, i can find out. what a treat.
I don’t understand point of soccer. Like millions of kids play it and only a handful of scholorships exist yet every dad acts like their fat little pudgie kid is next David Beckham.
The other Dads are koo koo. I went to a game my daugher was in and I used to bring my Wall Street Journal, Chair, Coffee and blackberry. I would get dirty looks reading paper, I did not do it during important parts. what am I supposed to watch time outs and practice like it is a superbowl.
THE END IS NIGH…..
http://www.youtube.com/watch?v=cRAWU7HmfAQ&feature=player_embedded
So will the Jersey Shore show have a positive or negative impact on re values at the shore?
#234 - Someone had a link to an old commercial for Brigatine Castle in that link. Good lord does that bring back memories.
I do not know whether you can access this….
Halloween Tax Lesson
http://www.youtube.com/watch?v=-qf81QT4-0g
230. “…they like to keep the lights off when they wyckoff to me…” PRICELESS!!!
US Airways Flight 1549 Flight Video Simulation
http://hoboken411.com/archives/16055
218. I heard the new Assemblyman from White Plains today on NPR….will taxes go down? Uh….sure….maybe….naw.
Get your swine flu shots.
Bucket of Fried Chicken: check
2 liter pepsi: check
Doritos: check
Cable tv: check
Swine Flu shot recommended by the CDC: check
We are all set for recovery. Americas finest ready to roll.
WASHINGTON (AP) — Federal health regulators have found tiny particles of trash in drugs made by Genzyme, the second time this year the biotechnology company has been cited for contamination issues.
The Food and Drug Administration said Friday that bits of steel, rubber and fiber found in vials of drugs used to treat rare enzyme disorders could cause serious adverse health effects for patients.
Despite those problems, the FDA said the products would remain on the market, because there are few alternative treatments.
FDA regulators say doctors should closely inspect vials for particles before injecting them into patients. Doctors should return the product to Genzyme if they suspect contamination, the agency said. Physicians should also watch for potential allergic reactions, blood clots and other problems in patients.
Baxter has a lab in the Ukraine. Go investigate whats going on in the Ukraine. Americans are so fing dumb.
back in history, deficits were bad..
“Change! Obama’s Monthly Deficit Tops Bush’s Yearly Deficit”
Dont mind me. I wont hesitate to shoot my load of truth on your chin.
Oh man I sure wish Geo. Bush would have been able to get a third term…cause he was like….super effective….Yeah….
243. WTF is wrong with you?
247. Life sucks when you take the rose colored glasses off doesnt it. Go do the research and stop blaming Bush. Im no fan of him.
I’m no fan of the human race.
BBA: If the Spice Girls, Backstreet Boys and Britney Spears were the kill shots on grunge music in the 1990’s, the appearance of Bush was the first hollow point shot in the torso…..
ByeByeAmerica says:
November 13, 2009 at 6:12 pm
247. Life sucks when you take the rose colored glasses off doesnt it. Go do the research and stop blaming Bush.
Wonder how Pelosi (she of the “culture of corruption” dig at the GOP) is gonna spin this?
“ALEXANDRIA, Virginia (CNN) – Former U.S. Rep. William Jefferson was sentenced Friday to 13 years in prison followed by three years of supervised release for his conviction last summer on 11 counts of corruption.
There is no punitive fine but he will have to pay $1,100 in special assessments.
Jefferson did not speak in court on advice of his counsel.
The case against the former nine-term Louisiana congressman included allegations of influence-peddling and the discovery of $90,000 in cash in his freezer. . . .”
[242-250]
Time for a GTG Cage Match!!!
We were not sold out last week or last month…this shit has been a systematic dismantling of the country….by the “elites”….
Comrade.
gtg? where when?
im in this time.
Sex Panther Cologne. 60% of the time, it works every time.
chi 239-
Very cool. Thanks.
John (233)-
Save yourself the embarrassment and stop there.
“I don’t understand point of soccer.”
confused,
re genzyme and contamination.
Genzyme is not the only one. My job consists partially of trying to clean up that sort of mess for companies.
Tip of the iceberg my friend. welcome to The jungle, 2.0 that is, ala upton sinclair
From the FDIC:
IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of Century Bank, Federal Savings Bank, Sarasota, Florida
Century Bank, Federal Savings Bank, Sarasota, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.
…
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million. IBERIABANK’S acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Century Bank, FSB is the 121st FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Flagship National Bank, Bradenton, on November 6, 2009.
a number of drugs on the market have issues but are allowed to stay on the market due to lack of alternatives. I have done work for one particular drug company that basically refuses to fix their problem knowing that the FDA wont shut them down and that they make more money paying the fine and selling the drug, then fixing the problem.
From the FDIC:
IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of Orion Bank, Naples, Florida
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million. IBERIABANK’s acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Orion Bank is the 122nd FDIC-insured institution to fail in the nation this year, and the eleventh in Florida. The last FDIC-insured institution closed in the state was Century Bank, Sarasota, FL, earlier today.
Two for one?
257. I played soccer in the seventies. Running game pure and simple. Rigorous sport. Later I played college rugby. Much rougher but the parties were waaay more fun.
The Vioxx scandal woke me up to the antics of Big Pharma. The swine flu nonsense has taken it to a whole new level. I no longer want granite counter tops, I simply want Americans to make logical decisions based on facts.
Oh, and as far as the GTG goes. Better hold it outside because I will be carrying open.
“Fat little pudgie kid” soccer player, for John:
http://www.youtube.com/watch?v=uOK0nUpAdMI
261: Orion holds the note to a commercial property we own. Guess we’re the only suckers paying.
251: Cold, hard cash.
258.kettle1 says:
November 13, 2009 at 7:43 pm
confused,
re genzyme and contamination.
Genzyme is not the only one. My job consists partially of trying to clean up that sort of mess for companies.
Tip of the iceberg my friend. welcome to The jungle, 2.0 that is, ala upton sinclair
Kettle1, couldn’t agree more. I learned back in 2000 to check everything they give, me when they put me in the hospital with bad meds. I also learned along the way that you can’t rely on your doctor or pharmacist 100% of the time, regarding meds. Classic example is doctor recommending Shingles Vaccine for people who have had Shingles based upon marketing brochure, without reading FDA Approval document Q&A #10 which says “not for people who have had Shingles”. It’s your body, do your own research.
We need a GTG at Guido beach.
http://www.youtube.com/watch?v=5weU2olAl-E&feature=related
Scroll forward to 4:22 she is priceless.
Where are they now?
http://www.youtube.com/watch?v=2eqCBCUawKY&feature=related
This stuff is addictive!
PGC, that was as painful as it was irresistable.
This is the youth that will pay off our massive debts and lead us toward greatness.
http://www.youtube.com/watch?v=k8OXzKmJUVY&feature=related
Feds take over Orion, Williams is out, IberiaBank is in
http://www.keysnet.com/212/story/160259.html
Orion began as First National Bank of the Florida Keys and later moved its corporate headquarters to Florida’s Southwest coast, opening new branches and growing rapidly with the real estate boom in Naples and Fort Myers during the 1990s.
It retained branches in Marathon, Key West and Key Largo.
Dow Jones Newswires reported Friday afternoon that the Federal Reserve board of governors stepped in after the bank reported significant losses in the third quarter.
I’ll claim two. Kai Tek and Tiomen.
http://travel.aol.com/travel-ideas/galleries/worlds-scariest-runways?ncid=AOLCOMMtravdynlprim0675&icid=main|compaq-desktop|dl4|link3|http%3A%2F%2Ftravel.aol.com%2Ftravel-ideas%2Fgalleries%2Fworlds-scariest-runways%3Fncid%3DAOLCOMMtravdynlprim0675
Tiomen was on the leading edge of a tropical storm and I thought I was about to die. The pilot had us off anbd wheels up in about three minutes.
re: 83 Nom
McCain got over 60% of the vote in 5 states, none over 2/3. over 65% of vote in OK.
Obama had over 60% of vote in 10 states, including over 2/3 in both Vermont and Hawaii
Nicolas Cage loses 2 homes in foreclosure auction
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.
Birmingham, Ala.-based Regions Bank purchased Cage’s 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage’s 2523 Pataniya Street property appraised at $3.3 million in the Garden District.
New Orleans’s civil Sheriff Paul Valteau said no other bids were made on the houses.
Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage’s former business manager, set up the corporation so that Cage’s name would not appear on the mortgage documents — a common strategy among celebrities.
Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices.
Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired.
The suit said Levin “lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
The suit went on to say Cage has “discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin’s gross misconduct.”
A reporter’s calls to Levin’s office for comment were not immediately returned.
CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month.
The actor, who’s known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database.
Cage’s publicist Annett Wolf said she had “no information and can’t help” when reached for comment.
http://finance.yahoo.com/news/Nicolas-Cage-loses-2-homes-in-cnnm-1304107173.html?x=0&.v=2
Nicolas Cage loses 2 homes in foreclosure auction
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.
Birmingham, Ala.-based Regions Bank purchased Cage’s 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage’s 2523 Pataniya Street property appraised at $3.3 million in the Garden District.
New Orleans’s civil Sheriff Paul Valteau said no other bids were made on the houses.
Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
http://finance.yahoo.com/news/Nicolas-Cage-loses-2-homes-in-cnnm-1304107173.html?x=0&.v=2
Trapped in moderation for some reason….Nic Cage loses 2 homes in New Orleans to Foreclosure.
http://finance.yahoo.com/news/Nicolas-Cage-loses-2-homes-in-cnnm-1304107173.html?x=0&.v=2
The end is nigh….
Dr. Jerk-yl
http://www.nypost.com/p/news/local/dr_jerk_yll_sperm_probe_B3xXf64HBDp7UUW443S9aM
Dammit, I hate it when a weak knee socialist president acts like a damn hangdog when facing the damn commie Chinese. I don’t give a tinker’s damn about North Korea, they’re not the damn problem—China is.
Obama goes over there and mentions human rights, but what about the damn rights of Taiwan who is chafing under the hands of the stinking Chinese. Those damn commies achieved 9% growth with their begger thy neignbor policies and it needs to stop dammit.
TOKYO - President Barack Obama declared Saturday that an era of American disengagement in the globe’s fastest-growing region is over and warned that the U.S. and its Asian partners “will not be cowed” by North Korea’s continued defiance over its nuclear weapons and other provocations.
“It should be clear where that path leads,” Obama said. “We will continue to send a clear message through our actions, and not just our words: North Korea’s refusal to meet its international obligations will lead only to less security, not more.”
Calling for greater U.S. engagement in Asia, Obama said Americans should not fear a robust China, but he cautioned that all nations must respect human rights, including religious freedoms.
http://www.msnbc.msn.com/id/33885964/ns/politics-white_house
[253] veto
Would like 12/4 in NJ somewhere, if some of the board can come out and play.
After all, I have unfinished business with some of y’all.
[264] byebye,
This is not an open carry state.
Thought you should know.
If I have a problem with someone here, I plan to man up mano a mano, not chill the prospect of robust debate.
[269] pgc
fckin classic. Is that what the shore is about?
[257] kettle
that genzyme thing is already hot news in pharmaland.
A friend of mine is a senior atty at Genzyme. I can’t imagine what she is having to deal with right now.
Here is why I would never move to Belmar.
http://www.youtube.com/watch?v=9RfUMBgfhn0
“The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage’s 2523 Pataniya Street property appraised at $3.3 million in the Garden District.”
It’s Prytania Street, not Pataniya, previously a Catholic chapel. And it was previously owned by Anne Rice. If these “reporters” are going to write, maybe some fact and spell checking is appropriate.
My favorite small hotel was on Prytania Street. It is now closed but had perhaps the best courtyard in NOLA.
Living in belmar is fine. Is there a silly season? Sure, but it only lasts for a few months. I suppose if one pines for the beach during summertime, Belmar is not the place to live. I, on the other hand, live for the desolation and solitude of the colder beach months where on the beach it is just me, a straggling sand piper, and a mist rolling off the ocean.
I lived in Belmar for years and encountered just a handful number of days with real issues. Heck, some inland neighborhoods have bigger noise, etc. issues than Belmar and other Shore communities.
284 Shore
Do you remember the name of the hotel?
the movie 2012 was absolute crap. (and i usually don’t mind this sort of movie.)
that being said … when the SHTF (earthquakes, shifting plates, etc) there was nothing anyone could do. all the food and weapons you had didnt matter.
worldwide tsunamis followed and wiped out most anyone else. or, in clot’s words, ‘nobody will be spared.’
since the world is ending in 2012, im going out to buy a ferrari today.
287 Yikes
Thanks for the info. I was planning on going to see it. I guess we’ll be waiting on Netflix instead.
Likely start for 2012 will be IRAN nukes.
I’m finally coming around to the idea of attending a GTG (yeah, alert the media) you folks are too cool not to meet.
My vote though is that we BOWL!!!
279:
Thank u for putting someone in their place regarding carry permits.
Debate? I just want to drink. I will talk about anything but the law. BTW I like the GTG idea of going to a “target range”. Got to be one located in close vicinity to a brewery.
Maybe I have to make a choice between guns and beer.
http://newobservations.net/2009/11/01/property-values-set-to-fall-43-percent/
It’s as simply as X, Y, Z - Check out that trend line.
Actually, the premise upon which this movie is based is not far fetched. There’s plenty of evidence of periodic destruction of our planet from a celestial event that occurs over a very long time interval. That’s one of the reasons why the ancients were so focused on measuring astronomical events and time the way they did.
287.yikes says:
November 14, 2009 at 7:01 am
the movie 2012 was absolute crap. (and i usually don’t mind this sort of movie.)
that being said … when the SHTF (earthquakes, shifting plates, etc) there was nothing anyone could do. all the food and weapons you had didnt matter.
worldwide tsunamis followed and wiped out most anyone else. or, in clot’s words, ‘nobody will be spared.’
since the world is ending in 2012, im going out to buy a ferrari today.
294 re101
Sucks when you forget to change the name before you hit the submit comment button…
292 Morph
You’ve obviously never lived in the south. LOL
“Maybe I have to make a choice between guns and beer.”
More Homebuyers Consider Buying Bank-Owned Property
The lure of deep discounts, and the promise of investment opportunity, are the prime motivators behind today’s real estate buying decisions. A quarter of all home shoppers would like to buy a foreclosure, making it the number one motivator for buyers. Buyer optimism, and property affordability, are driving the latest recovery in the housing market for both homebuyers and investors, most of whom anticipate value appreciation on purchases within five year’s time.
According to the survey, 23.6% of all prospective homebuyers and investors believe that prices are as low as they can go, and 18.7% want to take advantage of foreclosure bargains. Also, 21.2% want to take advantage of the great selection of homes for sale in their community, while 14.2% are concerned that interest rates are on the rise.
“This latest Homeownership Survey validates what many had hoped to see in the housing markets – affordable prices and ample inventories are restoring the appeal of real estate to investors while providing opportunities for first time home buyers to enter the market,” said Errol Samuelson, the CEO of Move. “In today’s environment, regardless of whether you’re an investor or interested in purchasing a home to live in yourself, residential real estate is a more attractive investment today for many than it has been in recent years.”
The Housing Boom and Bust
Sowell also raises an interesting argument that I haven’t heard before. He says that the boom in real estate prices was really a local issue, and that most communities across the country did not see prices rise much more than inflation and incomes. In localities such as coastal California, Miami, Phoenix, Las Vegas, etc. land use restrictions were put in place to limit the land available for building homes. For example, in bubble areas such as San Mateo County in California, more than half of all land is designated as “open space” and cannot be developed. In places like Houston and Dallas, which have no such restrictions and which have seen incomes rise faster than the national average, there was no housing bubble. He argues that such land use restrictions are often put in place by wealthy elites in the name of environmental friendliness, smart planning, or protecting the community from urban sprawl. It has the secondary effect of artificially raising the home values for the people that already live in the community. Furthermore, he argues that these restrictions are unconstitutional, as it allows people to restrict building on land (the “open spaces”) that they do not own.
Whatever its shortcomings economically, what government job creation programs can do politically is create a large class of people beholden to the government and likely to vote for those who gave them jobs in hard times. The political success of the New Deal is beyond dispute. That FDR could be re-elected in a landslide in 1936 and re-elected again to an unprecedented third term in 1940, despite never having gotten unemployment down into single digits during his first two terms, is a sign that President Obama may also be able to succeed politically, even if his policies turn out to be an economic disaster for the country as a whole.”
dotty herman say home prices are up in the
ny/nj area,,,by her own feel.
so,, what gives?
N.J. at risk of economic calamity, study says
By Adrienne Lu
Inquirer Trenton Bureau
New Jersey made it onto an undesirable top-10 list yesterday, ranking high among the states most at risk of economic calamity, according to a national research group.
California is in a league of its own, but New Jersey also faces a steep climb out of the recession, according to a new study by the Pew Center on the States. Others in fiscal peril are Arizona, Nevada, Oregon, Florida, Illinois, Michigan, Wisconsin, and Rhode Island, the study authors warned.
The states’ “fiscal situations are widely expected to worsen even when the national economy starts to recover,” the report said.
New Jersey’s “math does not add up,” according to the report.
The collapse of Wall Street last year further decimated New Jersey’s economy. The state’s long-term debt of more than $44 billion is characterized in the study as “eye-popping,” and is among the highest per-capita debt loads in the country. The state’s pension funds also are severely underfunded.
On a scale of 1 to 30, with California the worst at 30 and Wyoming the best at 6, New Jersey scored 23 and Pennsylvania 11. The national average was 17.
#299 Who is dotty herman?
The Radio Personality,, don’t you know
She;s a Real Estate expert,, know to tell
all here loyal listeners what to do.
in other words, a RE, whore
http://www.dottieherman.com
scariest runways
Belgrade, Fall 96. Skimmed the burned out shell of a jet at the end of the runway on arrival which I’m told to ignore since it’s only there to roll out on the tarmac to prevent military planes from landing.
Told not to ignore the wild dogs running alongside the plane when pulling my luggage from below.
295.willwork4beer says:
November 14, 2009 at 9:49 am
294 re101
Sucks when you forget to change the name before you hit the submit comment button…
Look, I don’t have to talk about real estate terrorists like you exclusively do I? Although you people are always a concern, there’s other stuff that interests me. Ok?
Now run along. You’re starting to bother me.
I plan to refinance my current mortgage. What are the best rates for 30-year fixed or 7 or 5 year ARM.
Can you recommend some mortgage brokers?
Thanks.
The best rate I can find now is
1) 30-year fixed: 4.75
2) 7-year ARM: 3.875
3) 5-year ARM: 3.5
One day closer to oblivion.
305 re101
That’s more like it.
Just try to remember to write “damn” a few more times in your next post.
bidding wars, is this women dottie crazy
http://www.musicthinktank.com/blog/how-to-ruin-your-music-career-in-7-easy-steps.html
The focus is the music industry but the lessons transfer to other areas.
#296 Just remember, in most of the country, “Alcohol Tobacco and Firearms” refers to a government agency. In the south, it’s a convenience store.
Your daily schadenfreude:
Must watch TV at 2 PM today on A&E. A most classic “Flip This House”. The Finnegans go from 3,000-square-foot Spanish Renaissance dream in San Clemente to backyard trailer..seriously!
Everything selfish, pathetic and downright delusional about the RE bubble all in one episode. Unfortunately, Armando is involved but he actually tries to help with their disaster. Slapping time comes when wife fights over “smooth stucco”.
I still like the idea of a GTG at an open house in a tony neighborhood with an insane asking. We all go in a riff on the details and asking. Then we point at the realtor on the way out and do a Nelson “HA-HA!”
Here an idea for the GTG. How about we find an overpriced POS Cape somewhere and shoot it up from the street.
usually agree w/ you shore, but this wont ever happen
Shore Guy says:
November 13, 2009 at 8:40 am
There will come a time when many industries rralize there is no compelling reason to be located in a particular location. Let’s take fashion for instance, the entire industry could up and move to Utica, Akron, etc., drive costs way down, improve the quality of life for the workers who actually make the stuff; the designers could still liveand frolic in The City with no adverse consequences to the business while driving down the costs of operations.
somehow, Jamil the clown will find a way to spin this politically:
‘d o u c h e’ sure is being used on TV a lot these days
http://www.nytimes.com/2009/11/14/business/media/14vulgar.html?_r=1&scp=1&sq=douche&st=cse
316 Yikes
They’re also cursing in other languages more. I’m amazed at some of the things I’ve heard over the last couple of months.
“usually agree w/ you shore, but this wont ever happen”
Wall Street v. Greenwich, Stamford, and NJ Gold Coast.
Quality of life and cost issues drove these moves, and technology made them possible. When you no longer need to settle at day’s end by rolling a crate of securities down the street you no longer need proximity.
Where’s the recession?? Where’s the 10% unemployment rate?
Take my lead and buy a house now, before you get outbid, like one of these people.
Bidding Wars Resume
http://www.nytimes.com/2009/11/15/realestate/15Cov.html
Here ya’ go……
http://www.nypost.com/p/news/local/stay_tuned_for_sen_dobbs_frv1LoaONlL2lygWOqZ6hL
Duh…
http://online.wsj.com/article/SB125807017854346243.html
Builders Downsize the Dream Home
Dedicated to Clot:
(due to the terms zombie bank and living dead)
http://www.economist.com/opinion/displaystory.cfm?story_id=14803171
“The living dead”
“Citigroup seems to be in retreat but has given no clear sense of how it will get rid of the third of its balance-sheet it says is “non-core”. Bank of America (BofA) seems to think it has done America a favour by getting bigger on the taxpayer’s tab, while the biggest financial zombie of all, American International Group, oscillates between retrenchment and rebirth, depending on who is in charge on any given day.”
Load up on Pycnogenol for your health care tool box. It seems to cover many ailments, with minimal side effects. Should be good pre & post 2012.
Seriously folks the next moron that spouts Armageddon talk is officially a retard. Our lot is to suffer on this earth a long long long time. Only the good die young.
“Get busy Living….or get busy dying!”
http://www.financialpost.com/675200.bin?size=404×272
324.
what Essex said. Armageddon is so 1999.
“Hindery Says True U.S. Unemployment Rate Is About 20%: Video”http://www.clipsyndicate.com/video/playlist/3359/1179418?title=financial_smart_5
Seems like all the news stations are upset with the terrorist trials in NY. They finally agree on something.
two more weeks for Case Shiller release.
I’m pretty sure thats when we commence the descent in NY Metro.
Nom, 12/4 gtg.
My vote is New Brunswick. Old Man Raffertys…
***I think he ‘overpaid’…for the car!
By Philip Read/The Star-Ledger
November 13, 2009, 5:26PM
NEWARK — A Vailsburg Middle School guidance counselor was sentenced to a year in jail today for torching his BMW, as well as a friend’s, as part of a scheme to defraud insurers, the Essex County Prosecutor’s Office said.
judge-torkwase-sekou.JPGJohn O’Boyle/The Star-LedgerSuperior Court Judge Torkwase Sekou in a May photo in Essex County. Superior Court Judge Torkwase Sekou, sitting in Newark, imposed a 364-day sentence on Kenyetta O’Bryant, a 38-year-old North Plainfield man who holds a doctorate, worked as an adjunct professor and had worked as a counselor at the Newark school.
“It was just pure greed,” Michael Morris, the assistant prosecutor who handled the case, said of the motive.
On Sept. 28, O’Bryant plead guilty to charges of third-degree arson and third-degree insurance fraud for setting his 2002 BMW ablaze in Weequahic Park to collect the insurance money after first reporting the luxury car stolen in Elizabeth, officials said. He owed nearly $35,000 on the vehicle, officials said.
#302 Moo Moo!!!
#315 That is what has been said about many things over the years and still they happened.
Nobody would have thought we would be in the mess that we are in now, and yet we are and it happened.
333.3b says:
November 14, 2009 at 7:58 pm
#315 That is what has been said about many things over the years and still they happened.
Nobody would have thought we would be in the mess that we are in now, and yet we are and it happened.
After Divestiture AT&T Upper Management eliminated AMPS (AT&T Mobil Phone Services), because they though wireless was a Fad and would never catch on.
how do you owe 35 grand on a 7 year old beemer? Are they giving out Helocs for German luxury cars these days? More proof for me that most folks with Phd are not that bright.
I won’t be at the GTG as I’ll be in vegas, but Old Man Raffertys charged me $13 for a Guinness and a Bass on Thursday Night. Captain cheapo thinks there are much better options in NB.
At what point people start refusing to pay the property taxes??
Offered price $190K with 7K taxes.
http://www.weichert.com/20884732/
It’s crazy to me that a $200K home has $8K in taxes.
http://www.realestate.com/NJ/Roselle-Park/25419668—Roselle-Park-NJ-07204-2716083-home-for-sale.aspx
bye (314)-
I’ve suggested from the beginning that we meet at a vacant building on the Mold Coast, armed with drinks and Krylon.
No takers on that, so I doubt shooting up a house will find any takers here.
chi (320)-
I’d almost feel compelled to go vote for anyone who could make Menendez go away. That guy is a straight-up racketeer.
However, I thought the same thing about Christie the day he announced his candidacy, and by the time election day rolled around, I was as sick of him as I ever was of Corslime.
SAS [328],
22%.
Bigger problem, avg hr work week is at record lows. Dead man walking for many years. 30 million unemployed/ underemployed, incomes falling and credit tightening further. Asian savers will be the new drivers, while our purchasing power is destroyed? That’s armageddon.
1990 and the mid 70’s can’t hold a candle to this baby. We have not had a dress rehearsal for what’s coming down the pike.
It will be a long walk home.
Woohoo!!!! Another great future pension obligation coming our way…..
Oh, he didn’t make the full pension number of years. Too bad…..
http://www.dailyrecord.com/article/20091114/COMMUNITIES/91113056/1203/Jersey-City-employee-caught-in-Morris-Passaic-Web-sex-sting
Frank do you read the articles you post you sh*tbird?
The bidding wars are for places listed 30% off their highs.
re: New Brunswick GTG
I’d suggest the Japanese on George Street.
Great food, nice bar.
also the Skylark Diner on Rt 1 in Edison is a fun place and makes awesome martinis. Nice interior design, like a 60s James Bond airport.
BC (341)-
Asian savers? I love Paulson’s solution to that: teach them how to become idiot shopaholics like us.
The walk home is gonna be so long we’re not gonna make it back in our lifetimes. I pray my kids might.
few project 2008 natural developed 2009 article
trends safari report increase didn relation
I really liked your blog!