Comments on: Mixed Bag: Nov. Unemployment Rate Stable, But 9k Jobs Lost

By: db

db — Thu, 17 Dec 2009 10:18:30 +0000

Snowblowers ..spray auger and chute with silicone ,you’ll never have to worry about clogging !

By: Essex

Essex — Thu, 17 Dec 2009 10:02:36 +0000

81. at some point banks will actually pay people to move to Cleveland.

By: Punch My Ticket

Punch My Ticket — Thu, 17 Dec 2009 05:11:28 +0000

Want some help with your real estate? Move to Cleveland.

But wait, there’s more

More severely stressed borrowers in many hard-hit areas have gotten even more radical deals. There are even some who are having their debts forgiven entirely.

“The interest rates they’re offering [delinquent borrowers] are a lot lower than they used to be,” said Tanya Davis, a foreclosure prevention counselor for Empowering and Strengthening Ohio’s People (ESOP) in Cleveland. “They cut them to 0% for three years, then 2% for a year, then 4%, capping out at 5%. I have a case where they lowered the interest rate to zero for the entire life of the loan.”

Lenders are very reluctant to repossess properties in the worst hit parts of cities such as Cleveland, according to Jim Rokakis, treasurer of Cuyahoga County, where Cleveland is located. “Rather than going to a sheriff’s sale, some banks are just giving back the houses,” he said.

Rosie Brooks, a retired hairdresser, has been paying off her house for more than 20 years, but it hasn’t been easy since one of her daughters came down with leukemia 10 years ago.

“She was very sick and that cost me every dollar I had,” she said. “I got behind.”

She had paid $38,000 for the house and had refinanced the loan a couple of times. By last year, her mortgage balance was more than $42,000. She no longer works and is dependant on Social Security. The payments became impossible to afford.

She contacted ESOP, and her counselor, Scott Rose, knew her lender was unusually sympathetic. Three weeks later, Rose was able to tell Brooks that he had gotten her a workout — and it was a real dream.

The bank forgave her entire debt in exchange for a one-time payment of just $3,000, which Rose was able to obtain through a loan from the county’s foreclosure-prevention program.

http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm

By: brewcrew

brewcrew — Thu, 17 Dec 2009 04:40:26 +0000

For the past 2 years I have been watching a house in my neighborhood (4bed 3bath ranch on 100×100 on major road) slowly grind down from $565,000 down $365,000 and now it is off the market, still vacant. Just when I think sellers may finally be getting the picture, another house less than a mile away (3bed 2bath ranch on 100×80 on another major road) just came on the market. Price? $479,000.

*facepalm*

By: danzud

danzud — Thu, 17 Dec 2009 04:36:02 +0000

Another goodie……..

James Bednar says:
January 30, 2007 at 8:30 am
From MarketWatch:

Countrywide net income falls 3%

Countrywide Financial Corp. said Tuesday fourth-quarter net income for the three months ended Dec. 31 fell 3% to $622 million, or $1.01 a share, from $639 million, or $1.03 a share in the year-ago period. Revenue climbed 6% to $2.76 billion. Analysts surveyed by Thomson Financial forecast earnings of $1.03 a share and revenue of $2.8 billion, on average. Looking ahead to 2007, the mortgage giant said it expects continued pressure on margins as mortgage origination volumes decline. The Calabasas, Calif. company is preparing for increased borrower delinquencies and continued credit deterioration. “We believe, however, that 2007 will likely be the trough year of the current housing cycle and that 2008 should represent the beginning of upward trends associated with the next cycle,” Countrywide said.

By: danzud

danzud — Thu, 17 Dec 2009 04:33:01 +0000

A little stroll down memory lane…..

Clotpoll says:
November 1, 2006 at 6:32 am
Hey, I’m proud to be subhuman! It’s sorta cool…like those cavemen in the Geico commercial.

Deadman, glad to see you’ve unearthed the “coercion” in which we’ve engaged. Funny how all that undue pressure led to the highest homeownership rates in history and created such tremendous wealth. Yeah, we suck. And market manipulation? My clients- buyers and sellers- don’t (and never have) really listened to me that much. Look at the numbers of sellers out there attempting to still get ridiculous prices; are THEY listening to their agents? I wish we could manipulate as well as you allege. It’s almost a standing joke in most RE offices…emotional market players pretty much shut out all voices of reason at “crunch time”.

Not to make light of the pain of many who purchased late-market via toxic loans and other risky vehicles, but methinks everyone’s estimates of how many people are going to be wiped out in this downturn are a little high. Runs are more apt to occur in highly-liquid assets, not illiquid assets like homes (cash-out refi and HELOCs notwithstanding).

By: danzud

danzud — Thu, 17 Dec 2009 04:18:58 +0000

Stu,

Would you put your kids through the Little Falls school system? Cedar Grove I can see but Little Falls? If you have heard good things about their schools, I’d like to know but I have held off looking there because I didn’t think the schools were that good.

By: Vikram

Vikram — Thu, 17 Dec 2009 04:15:51 +0000

When it comes to Citi, you can go a lot farther down the food chain there to find bloat and mediocrity

By: Barbara

Barbara — Thu, 17 Dec 2009 04:07:06 +0000

72. Stu
EXACTLY, Im not fond of east of Elm, but I can tell you this is the first *love it in my gut* house in all the years we’ve been looking. Not perfect, needs plenty of work but it cal all be brought back and the space can be organized perfectly for us. Tough call, real heartbreaker.

By: Stu

Stu — Thu, 17 Dec 2009 04:05:20 +0000

Madison has some gorgeous old victorians on it if I recall, but I’m not terribly fond of that part of town. A little close to Elm Street and the problems that come with it.

By: confused in NJ

confused in NJ — Thu, 17 Dec 2009 03:57:47 +0000

I’ve had a Honda Single Stage Snow Blower, a Craftman 24″ Two Stage and now an Ariens 20″ Two Stage. The Honda Single Stage was excellent. The Crafsman Two Stage 24″ was so/so, had a lot of problems with it including cracked block. The Ariens (5520) 20″ Two Stage is excellent. Had to order it from Ariens, as I wanted the 20″ with 6 Foward & 2 Reverse Gears and a larger engine. Home Depot sells the (520) which is single speed. I needed the 20″ to clear the cars getting it out of my garage entrance.

By: Barbara

Barbara — Thu, 17 Dec 2009 03:57:02 +0000

stu,
I like your and gator’s take on things, and your perspective weighs in for sure, I’ll yet you know about that lowball ;)

By: dennis

dennis — Thu, 17 Dec 2009 03:56:51 +0000

Thanks PGC and Stu. I will continue my search judiciously. I’ll keep in touch as I go.

By: Barbara

Barbara — Thu, 17 Dec 2009 03:55:40 +0000

Stu, its on Madison. I do have a kid in 1st and a baby. I am getting mixed reviews of the school by long time Montclairians, I forgot to mention, this also gives me pause. My son is smart but quirky, not at all typical and I could see him falling through the cracks.

By: Stu

Stu — Thu, 17 Dec 2009 03:54:18 +0000

Damn…and I watched an episode already. You can tell how much of an impact it had had on me.