From the Daily Record:
Report: 1 in 7 N.J. homeowners owe more than property is worth
Nearly one in seven New Jersey homeowners owe more on their mortgage than their property is worth, according to a recently released nationwide study.
New Jersey, though, fared significantly better in the third quarter than the national average, in which nearly 23 percent of U.S. homeowners were grappling with negative equity.
The study by First American CoreLogic, a real-estate information company in California, is reflected in the ongoing phenomenon of “short sales” – the term for when the proceeds from a house sale are insufficient to pay off the mortgage. In New Jersey, there were 290,838 mortgages, or 15.4 percent, in which the homeowner owed more than the value of their property as of September.
The study did not look specifically at Morris County – data was created at the ZIP code level, the company said – but provided breakdowns for two regions in New Jersey. In Atlantic City-Hamilton, 14,155 mortgaged properties, or 19.54 percent, were in negative equity. In Trenton-Ewing, 12,534 properties, or 14.88 percent, were in negative equity.
“Negative equity continues to be pervasive and to impact almost every segment of the housing market,” said Mark Fleming, chief economist with First American CoreLogic.
…
Steve Alessandrini, vice president of corporate communications for Weichert Realtors in Morris Plains, was encouraged by New Jersey’s loan-to-value ratio … the amount of the mortgage expressed as a percentage of the value – of 62 percent.“New Jersey actually had one of the lowest loan-to-value ratios. That’s a good sign that, collectively, New Jersey homeowners are not overly leveraged,” Alessandrini said.
He added that, for many homeowners with negative equity, the problem might prove self-correcting.
“The largest number of people who are currently under water are those who have bought their homes in the last few years. If they’re going to be in their home seven to 10 years, that’s not likely to be a problem when it comes time to sell,” Alessandrini said.
Frist!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
First one sinks, then one drowns.
Tear Down That House
By PAUL O’NEILL
Published: December 8, 2009
PRESIDENT OBAMA has put job creation on the front burner — he outlined his new plan in a speech yesterday, and at last week’s jobs forum he said he was “open to every demonstrably good idea” to put Americans back to work.
Well, here’s a proposition: Cities and towns across the country are the default owners of hundreds of thousands of abandoned and derelict single-family houses, apartment buildings and factories. These places are a blight on our communities.
The federal government should reimburse cities and towns who hire people from the unemployment rolls to tear down these structures, clean up the properties and, if there is no immediate buyer for them, to turn them into green spaces.
Not only will this create jobs, it will also provide lasting economic value as the properties get placed back on the tax rolls. And the program would give clear evidence that the taxpayers’ (borrowed) dollars are producing a tangible public benefit. To encourage participation, Washington might consider giving cities and towns a 25 percent bonus — beyond reimbursing them for what they spend on reclamation. We could get such a program running by early next year, and it could run through, say, mid-2011.
http://www.nytimes.com/2009/12/09/opinion/09oneill.html?hp
“New Jersey homeowners are not overly leveraged,”
How does this break down with respect to those who purchased at different times, say: Pre 1990, 1990-2000, and 2001-2005, 2005 to present?
Grim…..am I to assume you are watching Big Wave surfing? Man alive. I gotta hand it to you. MAD PROPS!!!
Well i’m sold the condo.
i’m out of the condo.. sold it
great to be a renter,, out for the first time in many years of owning in NJ>
only sorry i missed the top by a few years.
screw the banks before they screw you, and they will
“The largest number of people who are currently under water are those who have bought their homes in the last few years. If they’re going to be in their home seven to 10 years, that’s not likely to be a problem when it comes time to sell,” Alessandrini said.
Hey d1ck, it’s a good time to buy, remember that one? How about, “buy now or be priced out forever!” Remember that one, d1ck? Hey d0uche, how about this one, “it’s different here, we’re insulated!” Or my favorite, “it’s contained to subprime!” Do us a favor and shut the f*ck up.
Volcker: Only Financial Innovation Has Been “ATM Machine”
http://www.ritholtz.com/blog/2009/12/volcker-only-financial-innovation-has-been-atm-machines/
This old man needs to be gagged. He speaks too much truth.
Greece, Spain, Ireland, GB, Italy. Yet, Trichet warns of a tighter policy? Not a chance. It’s a race to the bottom for cuurencies.
“Only Financial Innovation Has Been “ATM Machine”
He,
Classic.
Sheila Bair take note:
China Executes Rogue Trader, Millions Still Missing
China on Tuesday executed a former securities trader for embezzlement, the first person in the industry to be put to death, but millions of yuan are still missing, a state newspaper said.
Yang Yanming was sentenced to death in late 2005 and took the secret of the whereabouts of 65 million yuan ($9.52 million) of the misappropriated funds to his grave, the Beijing Evening News said.
http://cryptogon.com/?p=12537
All of a sudden unemployment looks so much better than that Shanghai transfer.
China on Tuesday executed a former securities trader for embezzlement, the first person in the industry to be put to death.
When do we start on this side of the planet? It would look like an assembly line.
cobbler (3)-
Will never happen. It makes sense, is good policy and would probably save money in the end.
The goal of every rung of gubmint in the US is to destroy the middle class.
BC (11)-
We’ve already seen what happens when Trichet allows the EU to get behind in the race to the bottom. He gets bum-rushed by his constituents.
From CR;JPMorgan: 200,000 HAMP Mods Offered, Only 2% Permanent
, that’s 4,300 loans. IIRC JP had really tight credit standards that they bragged about.
Also from the above link, business down across the board; cards, loans, etc. Except the equities rally.
It’s all about to go ka-blooey:
“Social unrest across Europe is growing as Euroland’s economy collapses faster than the United States’, the result of falling exports and a weaker fiscal response. The controversial title of this brief is based on a belief that the nature of the euro itself limits Euroland’s fiscal policy space. The nations that have adopted the euro face “market-imposed” fiscal constraints on borrowing because they are not sovereign countries. Research Associate Stephanie A. Kelton and Senior Scholar L. Randall Wray foresee a real danger that these nations will be unable to prevent an accelerating slide toward depression that will threaten the existence of the European Union (EU).
Unlike the case where the U.S. federal government rescued New York State, however, the procedure to bail out a member state is unknown. The ECB is practically prohibited from taking over the debts of member states, and, although it is impossible to surmise what the ECB might do in a crisis, there is enough uncertainty to create the possibility of a (bank) run stemming from an individual member’s debt. And, as discussed, there is no central fiscal authority that has anything like the responsibility of the U.S. Treasury.”
http://globaleconomicanalysis.blogspot.com/2009/12/eu-ready-to-bailout-greece-debt.html
Schump [19],
It’s a keg of dynamite. I think we should be monitoring the fed’s swap lines with the EU. Print, print, print.
Only 1 in 7 N.J. homeowners owe more than property is worth.
Where’s the recession?
10 of 10 car owners are underwater, but they still pay for the cars.
Frank doesn’t see any difference between being 30k in the hole vs 300k in the hole.
He also doesn’t understand that owning a depreciating asset such as a car doesn’t prevent one from relocating, retiring, or any number of things that require massive capital and flexibility.
Figures.
The recession is in your grey matter.
“When do we start on this side of the planet? It would look like an assembly line.”
Gary,
Take a #;
“SEC sues 3 former officers of Irvine subprime lender New Century Financial”
http://www.latimes.com/business/la-fi-new-century8-2009dec08,0,6820399.story
#21 Not quite true. Some people pay cash for their cars. Y’oughta try it.
“10 of 10 car owners are underwater, but they still pay for the cars.”
Idiot[21],
10 of 10 revolving cc debt holders are also underwater. Yet, the majority still pay. Their cc and auto’s are their lifeline. A 600K house now worth 450K? Walk.
14%, and growing, is a huge #.
http://money.cnn.com/2009/12/09/real_estate/home_value_loss/index.htm
Home Values Plummet $500 Billion
“Residential real estate owners suffered another down year, but losses were much lower than 2008.”
Greece vs. US
Greece unemployment at 8%, deficit 3%
US unemployment at 10%, deficit 9%
And Greece gets downgraded. Life is not fair.
19.Schumpeter says:
December 9, 2009 at 8:24 am
It’s all about to go ka-blooey:
strumpet: You are the Nidal Malik Hasan of economic blogs…..calm down before you open fire on the headquarters of ReMax….
That is a lot of dishes….
27.frank says:
December 9, 2009 at 9:12 am
Greece vs. US
Greece unemployment at 8%, deficit 3%
US unemployment at 10%, deficit 9%
And Greece gets downgraded. Life is not fair.
Need a job??? move to Mexico.
http://cwcs.ysu.edu/resources/cwcs-projects/defacto
Give me an economic problem, any economic problem, and the root of that economic problem is Greek….
http://www.youtube.com/watch?v=VL9whwwTK6I
http://news.yahoo.com/s/ap/20091209/ap_on_go_co/us_bcs_congress
House panel considers college football playoffs
“A top official of the Bowl Championship Series says there are more important things for Congress to worry about than pressing for a playoff system for college football.”
No doubt – but at least they won’t be spending our money.
In October, 21% of homeowners were underwater, meaning they owe more than their homes are worth. That’s down from 23% a year earlier.
The second-half recovery may be just a temporary reprieve for housing values, however.
“Unfortunately, we believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high.”
All I could say is thank goodness we’re insulated and prices only go up here.
“Thats down from 23% a year earlier”
Hummm. After record numbers of foreclosures, loan modificationd, and straegic defaults we have only reduced the number of underwater home owners a small amount and this is a GOOD sign? Methinks it is not.
“Assuming a 28% tax bracket, the effective yield on a 4% yield muni is 5.56. 20 year treasuries are yielding about 4%. A lousy 1.5% is all you get for the additional risk that a municipal bond blows up. I hardly see how it can possibly be worth it.”
Shumpty, this is from the mishe article posted last night calling muni bond bubble. i have a problem with it even though I recognize the fiscal crisis that states are facing.
First the whole per capita debt comparison to california is misleading. GO credits do consider population – its one ratio of about 50 ratios they look at but they do more than look at the shere number of people. They analyze the age, education, labor skills, competitiveness, wealth, income levels migration patterns, etc.
Also, the comparison above in quotes talking about the risk premium of muni bonds is deceiving. They are reffering to AAA muni yields – not the same as cali and nj.
Yes muni bonds are facing a challenge and a good argument can be made for a muni bubble but this article was one of Mishe’s tabloid pieces. he is one step away from covering the tiger woods crisis.
Shore [34],
Add in trillions, fiscal and monetary policy. It is actually dreadful. The only solution is to let it burn to the ground. However, our leaders have adopted Japan’s policy. Enjoy the slog.
http://www.istockphoto.com/file_thumbview_approve/6705600/2/istockphoto_6705600-postage-stamps-japanese-turtle-japan.jpg
“Greece unemployment at 8%, deficit 3%
US unemployment at 10%, deficit 9%
And Greece gets downgraded. Life is not fair.”
Gee Frank, this is some analysis you’ve constructed.
I have no idea why you would need to look at any more than two data points to calculate a sovereign rating. Its not like there are lots of moving parts or anything.
As an ex new jersey resident (mainly because of cost of living), I just wanted to let everybody know that it’s sunny and in the mid 80’s in south florida today :)
think we could get the ‘Beast of Kandahar’ to do a fly over of newark or camden ?…http://news.yahoo.com/s/afp/20091208/pl_afp/usaviationmilitarydrones_20091208212912
U.K., U.S. Top Aaa Ratings Tested by Debt Burdens, Moody’s Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=av16pDNNrMig
Moodys to Spain; See if Greece can make some room in the fail boat.
Tosh/Veto,
Shoes dropping everywhere.
BC, im worried these credit downgrades will cause ripple effect into s/t dollar strength. I have one finger on the shiny eject button.
I can’t remember which slasher film it was (late 70s/early 80s) where some nutjob went nuts on people and finally, after slaying the killer during a bloody night where all but two people get killed, the two protagonists are resting peacefully in a rowboat on glasslike lake at dawn. The camera slowly zooms in on our restful and relieved duo and then BAM the killer rises up out of the lake and lashes out at them.
I keep getting the feeling that we have gotten through a financial storm but the danger is just waiting to reemerge. All the time, BHO and congress are playing soft and sweet music trying to calm us.
I’d feel better if they were playing Ozzy or Anthrax, for then I would know they were not trying to lul us into a false sense of security.
Cindy (32)-
Is there a more compelling proof that our futures are in the hands of monkeys?
Veto [43],
The dollar is way oversold and can certainly bounce. That was one of the reasons I sold and hedged gold. However, after the oversold condition is alleviated, what will prop it up on a long term basis?
I am looking for more weakness in shiny as an opportunity to get long again.
Treasury extends TARP to Oct `10.
veto (37)-
This is due to the inability of Frank’s brain to hold more than one simple, linear thought at a time.
http://tinyurl.com/ya2za5k
“I am looking for more weakness in shiny as an opportunity to get long again.”
was hoping you would say that.
“Only Financial Innovation Has Been “ATM Machine”
Clasicc. I would also add the turbo engine and the fifth gear on the printing presses.
sunshine (38)-
Weather today in Cuba is probably similar to yours. Also, your state’s economy is beginning to resemble Cuba’s.
Enjoy your mojitos and Bolivars.
“And Greece gets downgraded. Life is not fair.”
Greece should set up their own credit rating agencies and start downgrading the debt of other countries.
” at least they wont be spending our money”
Don’t be so sure. The push for a playoff will have a negative impact on certain existing bowl games. Having been part of a bowl team, I have seen up close how intertwined these games are with the economies of the hosting communities. I would not be surprised to see some “bridge funding” to help offset any local economic effects of a congressionally-mandated (or encouraged) playoff.
Of coutse, onc could argue that certain bowls, made part of a playoff, would do better, as would their host communities, but this will be ignored as we throw cash at San Antonio because the Alamo Bowl is no longer as “important.” It is only fair and can be paid for by a tax on Nom and Chifi.
Veto [49],
It has closed higher, yoy, every year since 2001. During this time there have been huge declines. In early 2008, it pulled back approx $360. For the umpteenth time, during that decline, those that never saw it coming called a top. Many are reacting the same now.
This market is notorious for vicious declines. This same pattern has played out since the bull run began. It will continue to trade the same in the future. A top or a much needed retracement?
During this run, each move has resulted in higher highs, higher lows. When there is too much enthusiasm, the market does what it does best, throws all the late comers and weak longs overboard. At the same time, huge short positions are established. You know the rest of the story.
Manage your position and don’t overtrade.
Shore (53)-
My call is for football to fail as a major sport.
Agree with whoever said the NHL will be the first to go, though.
BC (54)-
Next time I get married, it’s to puts. ;)
Won’t be able to take my Winnebago to the Tractor Supply Store Persimmon Bowl when I have to maintain a hard perimeter around my primary domicile and can’t board my pit bulls at the local kennel.
Is there something worth shooting at in Camden other than the Aquarium?
Schump,
College Football right?
WASHINGTON (AP) — Treasury Secretary Timothy Geithner announced Wednesday that the administration will extend the government’s financial bailout program until next fall.
Whew! Bonuses saved, lobby groups paid in full, perk jobs for buddies secured. It’s all for the children, you know.
44 Shore
Sounds like one of the Friday the 13th movies.
Gary [60],
I thought all the banks passed the stress test with flying colors?
Next fall? I guess they are getting ready for the next shoe.
BC, i fear that the next shoe will have the leg attached.
[40] veto
A canadian passport is starting to look a lot more sensible.
[57] schump
It’s all that perimeter building that makes Tractor Supply a screamin’ buy.
“Its the stuff you need out here.”
Basically, Smith and Hawken for Ruralpolitans.
http://thehill.com/homenews/administration/71353-mark-penn-got-6-million-from-stimulus
Nearly $6 million in stimulus money was paid to two firms run by Mark Penn, Hillary Clinton’s pollster in 2008.
Federal records show that $5.97 million from the $787 billion stimulus helped preserve three jobs at Burson-Marsteller, the global public-relations and communications firm headed by Penn.
[53] shore
“It is only fair and can be paid for by a tax on Nom and Chifi.”
No hablo americano.
http://www.nypost.com/p/news/local/manhattan/cozy_crazy_couple_makes_tight_studio_R15ToNFTaJE3c17zkw4efP
Zaarath and Christopher Prokop — and their two cats — live in the smallest apartment in the city, a 175-square-foot “microstudio” in Morningside Heights the couple bought three months ago for $150,000.
At 14.9 feet long and 10 feet wide, it’s about as narrow as a subway car and as claustrophobic as a jail cell. But to the Prokops, it’s a castle.
“When you first see it, the first thing you say is, ‘Holy crap, this place is small,’ ” said Zaarath, 37, an accountant for liquor company Remy Martin. “But when I saw it, all I could think of is, I can do something with this. This is perfect for us. We love it.”
Feeding Chris Brown today. Clot can I borrow some of your combat gear?
I guess London RE will not be saved by banker’s bonuses?
LONDON (MarketWatch) — British Chancellor of the Exchequer Alistair Darling on Wednesday said the government would impose a one-time 50% tax levy on all banker bonuses over 25,000 pounds ($40,700)
“Nearly $6 million in stimulus money was paid to two firms run by Mark Penn, Hillary Clinton’s pollster in 2008.”
Qwerty,
Maybe the bow and arrow manufactuers, also recipient’s of stimulus $, could use Mark Penn as target practice?
NJC,
Who’s Chris Brown?
NJC (69)-
Why don’t you just put a razor blade in his dessert?
make (59)-
Yeah, college.
68 – Qwerty, That apt is disgraceful. They should be ashamed of themselves. they have two cats for crying out loud.
jeans stored in the kitchen cabinet.
Uhhh.
I will admit when i moved out of the east village in college, my roomate’s gf moved in and they made my old room a walk in closet.
ML #2938547
This house is in Westwood, it’s a short sale. Oh, and the owner is a realtor. Just saying.
BC (72)-
Beats up girls.
“Beats up girls.”
Schump,
Maybe he should adjust. Maybe he could borrow Tiger’s driver?
NJC,
What kind of music does the “beats up girls” guy sing?
If he is like most guys I have ever heard of who beat women, he only does it to the ones he loves. (Sick fu(k$ that they are.) So, I expect you are safe.
62 BC Bob
All I know is I’m still keeping an eye on SKF for a chance to recycle the shoe leather…
Frank, where is it?
http://www.epi.org/page/-/pdf/120409-factsheet.pdf
From the Record:
North Jersey Salvation Army sees spike in need
Carol Wilson, a field representative for the Salvation Army, has also seen a “big increase” this year in both the number of needy people and in the level of assistance requested in Passaic, Bergen, Morris, Warren and Sussex counties.
Part of this spike are those who recently lost their jobs and are still struggling to regain employment, Wilson said. Some may have thought they could still afford Christmas gifts, but as the holiday grows nearer, have realized the need to reach out for assistance from the Salvation Army.
…
With requests for food and services up at least 40 percent this year in Passaic County alone, Capt. John Stewart of the Salvation Army in the Paterson area said that he sent out the bell ringers to shopping centers two weeks early and brought in donations that not only gave a jump on holiday gifts but gave some food for Thanksgiving.
…
Nancy Wellbrock, developer director for Salvation Army in New Jersey, said that as of late September, the total number of social service cases was up 9.2 percent; the total number of persons served rose by 7 percent; and the number of first-time clients showed a 15 percent spike. People are seeking a boost with everything from food to utilities and emergency lodging too. In the Paterson area, Stewart also offers an afterschool program for the working poor as well as a summer camp.
Does anyone here from Monmouth County think this will work. I don’t, but wouldn’t mind if it did.
LONG BRANCH — The city’s proposed ferry service — which would be developed in conjunction with its new Millennium Pier and entertainment complex — would not necessarily compete with services already in place in Monmouth County’s Bayshore region, planners said.
Currently, SeaStreak provides daily year-round ferry services from Atlantic Highlands and Highlands to Pier 11 Wall Street and E. 35th Street.
But services from Long Branch would expand that, said officials, who also note that with the Long Branch train station only minutes away, travelers have an option on days the oceanside ferry does not run.
“Compared to the Highlands terminal, the Long Branch ferry terminal will offer more
amenities,” said Brian Dowling, a financial consultant for the city, referring to Pier Village and the ferry’s proximity to the city’s train station. “There is not much (to do) in
Highlands while you are waiting for the ferry.”
The city’s feasibility study maintains the city would attract enough daily riders to make a ferry service possible, although Malcolm McLaren, who was hired Tuesday by the city to design and engineer the pier’s first phase, envisions more than one operator, with some ferries specializing in excursions and some to be more commuter oriented.
http://www.app.com/article/20091127/NEWS/91128019/1004/NEWS01/Proposed+Long+Branch+ferry+touted+
circuling around.
140 private jets flown in and copenhagen can’t accomodate all of them at the airport, so they have to fly to other airports, and drive in to Copenhagen hundreds of extra miles, leaving a Dinosaur size carbon footprint, while they ordered their 1200 Limos, and ONLY 5 asked for hybrids, to chauffer around Copenhagen. Again these Limos are coming from elsewhere because there isn’t nearly enough in Copenhagen. Has Hot Air Al Gore F@@Rted yet, and really put the conference over the top in global warming.
make (84)-
These people have one agenda, and it ain’t about saving the planet.
They want to scare you and me to death, then use the opportunity created by the mass panic to control our lives and subjugate future generations.
If AQ wanted to be of some real use, they’d get busy in Copenhagen right now.
86 – Shumpz, Between this comment and the one the other day about voting with bullets, how are you not getting water boarded right now?
#83 r says:
I keep watching Pier Village and wondering what will happen. It seems doomed unless I am fooling myself. Constant ads on Craig’s List and a lot of empty windows. Are there many people in Monmouth County who want to live in these rentals? And who will support this ferry? I’m mystified.
Between 7 and 9 o clock in the morning, december 9, 2009 this strange thing happened in the skies above Norway. Thousands of people saw this, took photos and filmed it and posted to their blogs. It appeared in the east, moving westwards.
It was described as a spiral moving light, completely silent. After about 1 minute or so, the light disappeared and seemed to dissolve, leaving a grey mist/halo expanding, then dissolving. The green/blue lighttrail remained for hours. People describing it as frightening/exciting and beautiful.
Norwegian defence say they dont know what it is. Russians say they have not launched any rockets, neither have the Norwegian Andøya rocketsite.
It is not Aurora borealis, and not a meteor since it remained in the skies for more than 2 minutes. Russian, Swedish and Norwegian rocket sites report they have not fired any rockets. Nobody knows what this is.
Between 7 and 9 o clock in the morning, december 9, 2009 this strange thing happened in the skies above Norway. Thousands of people saw this, took photos and filmed it and posted to their blogs. It appeared in the east, moving westwards.
It was described as a spiral moving light, completely silent. After about 1 minute or so, the light disappeared and seemed to dissolve, leaving a grey mist/halo expanding, then dissolving. The green/blue lighttrail remained for hours. People describing it as frightening/exciting and beautiful.
Norwegian defence say they dont know what it is. Russians say they have not launched any rockets, neither have the Norwegian Andøya rocketsite.
It is not Aurora borealis, and not a meteor since it remained in the skies for more than 2 minutes. Russian, Swedish and Norwegian rocket sites report they have not fired any rockets. Nobody knows what this is.
http://translate.google.com/translate?js=y&prev=_t&hl=en&ie=UTF-8&layout=1&eotf=1&u=http%3A%2F%2Fwww.vg.no%2Fnyheter%2Fvaer%2Fartikkel.php%3Fartid%3D596359&sl=no&tl=en
85. Shump, be aware of multiple great deceptions that could propel us into world governance.
Foolish…
r says:
December 9, 2009 at 12:55 pm
Does anyone here from Monmouth County think this will work. I don’t, but wouldn’t mind if it did.
LONG BRANCH — The city’s proposed ferry service — which would be developed in conjunction with its new Millennium Pier and entertainment complex — would not necessarily compete with services already in place in Monmouth County’s Bayshore region, planners said.
Veto,
You are assuming Schumpeter doesn’t like waterboarding. It could be part of his workout regimen. Tough guys used to eat glass, now its recreational waterboarding.
89 – AlGore,
That is the most obvious photoshop job i have ever seen in my life. Did you lift that from the cover of the enquirer?
As far as I’m concerned, my economic life is over. Whatever I will have between now and the day I die, I pretty much have.
My only two goals are now preservation of capital and setting up my kids so that they aren’t debt slaves their whole lives. When this whole thing shakes out, billions of people will be indentured their entire lives to gubmints all over the world.
One world, under fascism. I can smell it, it’s so close.
BTW, don’t be surprised when the US mortgage market fully collapses in about 2-3 months. New Phony/Fraudy guidelines have now rendered DU unusable. All kinds of pipelined loans are being rejected right-and-left the past few days. We just had a 18-LTV, 22% back ratio loan blown out this AM.
Seems like all the banks know the next shoe is about to drop.
Clot, problem is you’re a go getter. You should stop that nonsense and join the ranks of the lower middle class. kick your feet up, have the upper middle class slaves work for you.
Excuse me now ive got to stop watching this blueray dvd and get off the couch and cash these wic coupons in for some deep aged cheese and a 6 pack of sierra nevada.
Seems like all the banks know the next shoe is about to drop.
This is precisely why I picked up some more SRS on Monday. let the good times roll.
I know of only one way to preserve the capital I accumulated, that’s shiny.
Another Westfield Comp Killer
210 Lynn Lane (New Construction 2007)
Date
4/25/2007 $1,660,000
11/30/2009 $1,150,000
To be fair, the seller may be under a little pressure to sell, but he is currently living rent free while he serves his time for securities fraud.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ai6yE1ZZqTp4&refer=home
gld
here is a confusing article. must be written by a techinical analyst.
http://www.minyanville.com/articles/gold-dubai-etf-bullion-tonnes-dollar-euro-comex-shares/index/a/25822/from/yahoo
92. The youtube videos are there for your perusal. I can only share information. Your conclusions are yours. Time is getting short get prepared.
Clot,
I used to support Encompass systems. My company tried to launch its own DU/decisioning applicaton. It was very sophisticated with credit pulls, pricing and customized client guidelines (WAMU, JPM etc). One of the more interesting projects but completely unmanageable. Good idea in 2005 quickly became a bad idea in 2006. The daily guideline changes crushed us. Been out of the loop for several years but I can imagine the s*it show today.
bystander (100)-
You have peered into the abyss. I’m so, so sorry.
It’s interesting that our Government believes they can peacefully reason with Terrorists, who get seven virgins in the afterlife, for blowing themselves up. It’s also interesting that the Government considers these people to be an anomaly, even though their numbers are Legion and they have hated us since about 900 AD? Maybe the members of Goernment need to take mandatory courses in History and Common Sense.
99- “The youtube videos are there for your perusal. I can only share information.”
Gore, are you kidding or what? Ive played arcade games that look more realistic than that video.
The Long Branch ferry idea sounds ludicrous. I can’t imagine the costs of building and maintaining a ferry terminal on the ocean. There are no other oceanside artificial harbors that I can think of in NJ. Wonder why??
For all the folks that think this little upward blip in the economy means we might be getting near the bottom, forgetaboutit: lots of good info and a few #s to boot. The agony continues
http://www.nakedcapitalism.com/2009/11/ivy-zelman-“home-prices-are-going-back-down”.html
104. which video? I thought it was photoshopped as well but there were thousands of witnesses.
I have no way of verifying if it was real or not. The point is dont let deceptions lead this country into global governance. Global Warming now climate change is a deception. There will be more.
we need two different MLS. Your standard “I’m in debt up to my eyeballs in this thing and the bank is the real homeowner here anyway.” Then there should be an “I own 70% or more of this, lets make a deal” MLS.
Al,
thats definately photoshopped and the video – the one attached to 89 looks like a little kid created it.
The witnessess they speak of on that link prob dont exist.
There are all sorts of crazy info about crop circles and bigfoot on the internet if you look for it.
“There was an occasion near the close of 1910 when I was as secretive, indeed as furtive, as any conspirator. I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System. We were all told to leave our last names behind us. We were told further that we should avoid dining together on the night of our departure. We were instructed one at a time … where Senator Aldrich’s private car would be in readiness, attached to the rear end of the train for the South. Once aboard the private car, we began to observe the taboo that had been fixed on our last names. Discovery, we knew, simply must not happen, or else all our time and effort would be wasted. The goal was to establish a private bank that would control the national currency. The challenge was to slip the scheme to the representatives of the American people. Earlier, it had been called the Aldrich Bill and received effective opposition.
The planners of the revised bill titled it ‘The Federal Reserve Act’ to mask its real nature. It would create a system controlled by private individuals who would control the nation’s issue of money. Furthermore, the Federal Reserve Board, comprised of twelve districts and one director (the Federal Reserve Chairman) would control the nation’s financial resources by controlling the money supply and available credit, all by mortgaging the government through borrowing. The plan worked. The Federal Reserve Bill was held until December 23rd. (two days before Christmas) before it was presented to the House and Senate. Only those senators and congressmen who had not gone home for the holidays – those who owed favors to, or were on the payroll of the bankers – were present to sign the legislation. The name ‘Federal Reserve Bank’ was designed to deceive and it still does. It is neither federal, nor is it owned by the government. It is privately owned. It pays its own postage like any other corporation. Its employees are not civil service. Its physical property is held under private deeds and is subject to local taxation, unlike government property.”
The U.S. Securities and Exchange Commission (SEC), established by the Securities Exchange Act of 1934, together with the Securities Act of 1933, was designed to promote stability in the American capital markets and to improve protection for investors, following the stock market crash in October, 1929. The Commission has a staff of 3,500 located in its Washington headquarters, as well as in eleven regional offices throughout the country. Within the Commission’s mandate is the responsibility to oversee the inspection of securities firms, brokers, investment advisors and rating agencies. It is in this area where the commission has experienced the most difficulty in recent times. Since the resignation of Chairman Harvey Pitt in November, 2002, after only a15-month tenure, the Commission’s effectiveness in this responsibility seems to have been steadily deteriorating. Indeed, this slippage culminated in the revelation of the Bernie Madoff ponzie scheme fraud of a year ago, wherein the SEC had been alerted to this situation many times, but neglected to investigate. The Commission’s website asserts that “In the wake of the Madoff fraud, the SEC’s Office of the Inspector General launched an internal investigation in December, 2008, to determine why the agency did not detect the scheme.” Long Wave Analytics suggests that the answer to that question lies in the staffing of too many junior personnel, not enough staff with investment experience and too many lawyers who never worked a day of their lives in the investment industry.”
http://www.zerohedge.com/article/longwave-group-why-fed-must-be-abolished
Veto,
Take it with a grain of salt. Part of the globalists plan is to create panic and crisis.
“Part of the globalists plan is to create panic and crisis.”
Al, Wake the heck up already. If someone is smart enough to take over the world, ‘they’ can photoshop a damn picture and make it look realistic.
you are looking for conspiracy in a real estate blog.
Schumpter
93. As far as I’m concerned, my economic life is over. Whatever I will have between now and the day I die, I pretty much have.
We don’t agree on a lot, but after a lot of go go go in my 20s and part of my thirties, I have concluded that the screeching halt isn’t because I can’t figure out the next step, the next step is deliberately being moved out of my reach.
Ferry access via an ocean pier:
To get past the breakers, it would need to be pretty long. Then, one would need to contend with swells. I can just picture people trying to deal with boarding or leaving a ferry that is pitching up and down in mild 3′ swells (6′ difference between top and bottom) let alone heavier (not at all uncommon) seas.
Belmar, or Manasquan/PPl, with protected harbors would be far better choices. Belmar is also better because of its proximity to 138, 18, and the Parkway.
“In a couple of years as U.S. debt explodes, as German debt explodes, and they’re all going to be pushing difficult levels, they’re really going to start thinking. ‘Hmm. Do we really want to cast this safety net?’ We’ve got to scale back,” says Rogoff, also co-author of a new book, “This Time Is Different: Eight Centuries of Financial Folly.” The book outlines how periods of boom and bust are marked by bouts of overspending and mounting debt, whether by consumers, banks or governments — just like the current crisis.
Should American taxpayers be worried? Financial crises in Asia during the late 1990s and in Latin America during the ’80s largely were regional affairs but higher U.S. inflation is almost a certainty.
Rogoff, however, is more certain about the future of California, a state strapped by rising expenses and falling tax revenues. They’ll be on the brink of default repeatedly, Rogoff says.
http://finance.yahoo.com/tech-ticker/article/387122/Sovereign-Debt-Defaults-Likely-Over-Next-Several-Years-Says-Rogoff?tickers=xlf,EEM,VWO,TIP,GLD,IEV,%5EDJI&sec=topStories&pos=9&asset=&ccode=
“The name ‘Federal Reserve Bank’ was designed to deceive and it still does. It is neither federal, nor is it owned by the government. It is privately owned”
Schump,
Nor does it have any reserves.
“Belmar is also better because of its proximity to 138, 18, and the Parkway.”
Shore,
Not to mention D-Jai’s for the SI crowd.
BAC repaid all TARP. Wow, how difficult is it to make money when you can borrow money at close to 0% and buy T-bills at 2% with no limits.
This is a great game they play while the inflation gets exported and the world pays for bonuses through inflation.
Nor does it have any reserves.
BC,
Where did all the shiny go?
Not to mention D-Jai’s for the SI crowd.
NJ would be Pennsylvania without Wall Street and Staten Island crowd.
Make [118],
Leased out; 4-5X’s more than supply.
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2009/HUDNo.09-226
Clot,
You had mention that all the mortgage slime and subprime is BS through HUD. Spot on.
“Wow, how difficult is it to make money when you can borrow money at close to 0% and buy T-bills at 2% with no limits.”
Make,
Better yet, you can sell your crap to the fed and receive full value, while the market priced the same crap at .22/dollar. Or, carry the same crap on your books for full value, mark to fantasy. Why would anybody need tarp?
The end is nigh….
http://www.nydailynews.com/news/2009/12/09/2009-12-09_teachers_pet__each_other_naked_lust_was_part_of_their_lesson_plan_at_high_school.html
make (121)-
When FHA goes, the mushroom cloud will reach the moon.
I can’t imagine a ferry shaving off much time from Long Branch. It’s about 75 minutes from Long Branch via train to Penn Station, slightly slower than the Highlands Ferry which is an hour to midtown, and only 8 miles from Long Branch.
The Mayor of Long Branch must be looking of ways to spurn more condo development and lure people from NYC.
chi (123)-
Those two should be promoted. :)
Why would anybody need tarp?
BC,
I’m in a process of getting TARPED. I’ll let you know how it goes.
Shore Guy says:
December 9, 2009 at 3:38 pm
Ferry access via an ocean pier:
Belmar, or Manasquan/PPl, with protected harbors would be far better choices. Belmar is also better because of its proximity to 138, 18, and the Parkway.
shore: good point; Long Branch is completely cut off from everything but the train – 36 and the shore roads are not for commuting….
Chi [123],
New meaning; teacher’s pet.
A brief interlude for anyone here who has an interest in Hoboken or Toll (ChiFi?) – an anonymous letter to a local blog from a unit owner in one of the luxury projects. Before you decide to click, know that it contains no data or analysis, just griping.
http://hoboken411.com/archives/33296
re: TARP
The best TARP idea I heard was to lay a huge tarp over the financial district and allow no one to leave until the mess is fixed.
From #130;
“The City should hold Toll accountable for the way Toll has us living next to a dump”
You should hold yourself accountable for buying a dump.
Scousers beaten at the death by Fiorentina.
This team could go bust at any second. Watch them sell off Torres, Gerrard, et al.
127: Looks like I’m getting in line shortly. Somehow I don’t think it’s going to go as well for me as it did for GS.
Don’t hit the sell button on gold just yet. Here come some fun reports:
12/11: jobless claims, retail sales (barf!), business inventories
12/14: manufacturing (ugh), trade imbalance
12/16: housing starts
Hey I found out where Belmar Johnny’s been hiding:
http://popwatch.ew.com/2009/12/04/jersey-shore-mtv/
NJ has got it easy . 1 in 7 underwater? ha.
here in vegas its 9 out of 10. and most of those are at least 100k underwater.
Alright, these teachers’ benefits are really getting out of control now….
123
Well, as the article states, they were “Two female Romance language instructors.”
And here, all these years, I thought “romance” indicated that they came from Latin.
138 – Teachers with benefits?
i just sold my Underwater condo yesterday
glad to be out and a renter.
what a process
freedy is your credit dinged? by how much?
Also how much down payment did you lose?
OT: Company holiday party tonight. Nothing to add, just trying to give John a segue.
long story, credit is dinged. did not
pay the mortgage and heloc for about a year. was not a short sale nor a foreclosure,, i settled with the bank
i screwed them before they screwed me
and i walked away with money at the close
This will be big news in Carbonhagen and State Media tomorrow. Probably New York Times front-page article /sarc
http://www.europol.europa.eu/index.asp?page=news&news=pr091209.htm
“Carbon Credit fraud causes more than 5 billion euros damage for European Taxpayer”
“The European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities. ”
Carbon trading will be the next big fraud bubble eagerly pushed by Wall Street, congressional kleptocrats and every scam artists from Nigerian mafia family to Al Gore.
144. I just closed my account of 10 years where I was a “premier” client…(didn’t mean shit) from my large bank (holder of Heloc) and it cost me .25%. I was tired of having them control ‘when’ i paid. Now they’ll get paid from another bank and kiss my sweet ass….cause I will pay when I want to.
sx (146)-
Maybe someday, you’ll pay them with a bullet.
147. Heh heh….naw…I just vote with my feet and drive a aggressively. I totally feel like you in terms of being ‘done’ with consumption though. Reluctantly though.
One more thought. It is fun to ‘dump’ these completely interchangeable crap-ass firms….cell phone providers, cable companies, banks…they call it ‘churn’…they all suck and they KNOW it.
OK, sign of my aging…or sign of the apocalypse:
At a non-profit meeting tonight. Recording secretary of the board is 28 y/o, Maryland grad. Stopped the meeting twice, first to explain what a potluck dinner is, the second time to define “altruism”.
Am I just a cranky old ass, or is that a little scary?
Did John lose his job?
151….Geezus that would truly mean we are closer to ever than the big day of reckoning.
Yeah you are cranky…I find that condition kicks in about the same time you realize that “this is it…”
#150 schumpeter,
A little of both? :)
Essex,
Why do all the stay at home moms in Essex County seem to constantly talk on their cell phones while they drive around town in their suvs? I think it’s even worse here then in Basking Ridge/Warren area.
What could they possibly be talking about?
155. Most of these women have never left their respective towns so they have lots of friends from high school to chat with. One reason I stopped riding a motorcycle.
#156 essex,
It’s scary seeing them yapping away as they roll through stop signs, drive on the wrong side of parking lots, etc. I was almost hit head on in the spring when one crossed a double yellow line in Somerset county.
I’m not a lawyer, but I am not sure she has a leg to stand on.
http://www.watoday.com.au/world/strangebuttrue/woman-sues-over-drinkfuelled-leg-amputations-20091210-kksh.html
157. I actually like to buzz them…and watch them wake up. I know. I need to grow up.
Back to the lesbi@n (or bise-xu@l female) teachers. As a straight male, the topic deserves mandates, actually more attention.
This just goes to show that we need to raise teacher salaries. It is a shame that these women could not afford to get a hotel room.
Back to the l-e-s-b-i- -an (or b-i-s-e-x-u-a-l female) teachers. As a straight male, the topic deserves mandates, actually more attention.
This just goes to show that we need to raise teacher salaries. It is a shame that these women could not afford to get a hotel room.
Apparently it finally got through moderation.
Sorry about the duplicate post.
Clot, scary is as scary does.
Advance token to nearest liquor store. Collect $40 for identifying living Barbie.
#97,
“Another Westfield Comp Killer” House like this for $1M+??
Where’s the recession?? where’s the housing bust?
Need a job?? Move to Australia.
Australian Employment Soars for Third Straight Month
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLaC_8sBRRKc&pos=1
maybe a repeat….
A piece on china’s empty city
http://www.youtube.com/watch?v=0h7V3Twb-Qk#t=1m15s
No RE bubble there!!!!
Al Gore: “104. which video? I thought it was photoshopped as well but there were thousands of witnesses.
I have no way of verifying if it was real or not”
Claims about photoshopping are coming from photo-deniers.
I just carried out extensive calculations (though I can’t share the data) and the results have been peer-reviewed by my alter ego. The Debate has Ended. There is now a scientific consensus that the the event is true and it did happen in Norway.
The UK pre budget announcement was intereting today. The US and NJ should take a long look at this. The Gvmt will probably lose he election next year, but are swinging for the fences.
http://www.guardian.co.uk/uk/2009/dec/09/darling-soaks-rich-and-us
As punishment for the City, he also imposed a populist one-off 50% tax on bankers’ bonuses of more than £25,000. The Tories said they would not oppose the measure, which would also impose a levy on the banks who choose to reward their staff instead of building up cash reserves.
But after the well-publicised raid on the City, Darling delivered a surprise measure to claw £3bn a year from modestly paid workers. Everybody earning more than £20,000 would be affected by a half a percentage point increase in NI from April 2011.The rise will cost a worker on the average UK income of £25,000 a year an extra £4 a week.
As for Ireland, well they needed to get a bit more drastic.
http://news.bbc.co.uk/2/hi/business/8402551.stm
Mr Lenihan announced savings in 2010 of:
• 1bn euros on the public sector pay bill. Public servants will face pay cuts, ranging from 5% on those earning 30,000 euros to 15% on those earning more than 200,000 euros
• 760m euros on social welfare
• 980m euros on day-to-day spending programmes
• 960m euros on investment projects.
But he said the pay cuts in the public sector would not apply to existing public service pensioners.
He also reduced the rates of child benefit by 16 euros per month, bringing the lower rate to 150 euros per month and the higher rate to 187 euros per month.
And he introduced a carbon tax, equivalent to 15 euros per tonne.
Other taxation measures include switching to a simpler income tax system with just two charges on wages, and bringing VAT down to 21% from 21.5%.
Excise on beer, wine and spirits was reduced, but there was no change in tobacco tax.
Corporation tax – which has been a draw for foreign investors in the Irish Republic over the last few years – was held at 12.5%.
150.Schumpeter says:
Stopped the meeting twice, first to explain what a potluck dinner is, the second time to define “altruism”.
potluck: being fortunate to have someone mix dubage into your casserole
altruism: the response of a computer when you simultaneously hit the “alt-R-U” keys.
Rep Scott Garrett made an interesting point in a Warren County Town Hall Conference Call tonight from D.C. He acknowledged that the Pelosi mandate “that all American must purchase Health Insurance (a product)”, is Unconstitutional. If allowed, the Government can then add anything as a mandate for it’s citizens to purchase. Assuming this gets implemented, he will join others in filing suit in Federal Court, declaring it Unconstitutional. I had previously sent this concern to Lautenburg and Mendez, but unfortunately they are not familiar with American Law.
Will they have a Hunter S Thompson drinks menu?
http://www.guardian.co.uk/business/2009/dec/04/rolling-stone-magazine-to-open-restaurant
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