NJ tops in foreclosures

From RealtyTrac:

1.65 Million U.S. Properties Receive Foreclosure Filings in First Half of 2010 According to RealtyTrac

1st Half YOY Change in Foreclosure Notices
New Jersey – Up 52.97%

2nd Quarter YOY Change in Foreclosure Notices
New Jersey – Up 75.48%

June 2010 YOY Change in Foreclosure Notices
New Jersey – Up 79.51%

2nd Quarter Bank Reposessions
New Jersey – 2,846 Properties

June 2010 Bank Reposessions
New Jersey – 896 Properties

June 2010 Sheriff Sale Notices
New Jersey – 937 Properties

From Bloomberg:

U.S. Home Seizures Rise 38% to Record as Banks Process Backlog

A record 269,962 U.S. homes were seized from delinquent owners in the second quarter as lenders set a pace to claim more than 1 million properties by the end of 2010, according to RealtyTrac Inc.

Home seizures climbed 38 percent from a year earlier and 5 percent from the first quarter, the Irvine, California-based data company said today in a statement. More than 1.65 million properties received a foreclosure filing, including notices of default, auction and bank repossession, in the first half. That was up 8 percent from the first six months of 2009.

“Foreclosures haven’t peaked yet,” Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies in Cambridge, Massachusetts, said in a telephone interview. Unemployment suggests that bank repossessions may climb for another six to nine months, he said.

One in 78 U.S. households received a foreclosure filing in the first half, and filings surpassed 300,000 for the 16th consecutive month in June, RealtyTrac said. A total of 529,633 homes were seized by lenders — the last stage of the foreclosure process — in the first half, said Daren Blomquist, the data firm’s marketing manager.

California led in total filings as 340,740 properties got a notice, down 15 percent from the previous six months and almost 13 percent from a year earlier, according to RealtyTrac.

Florida was second with 277,073 properties, down 9 percent from the previous six months and up 3 percent from the first half of 2009. Arizona was third at 91,484, down almost 2 percent from the previous period and up by a similar proportion from a year earlier.

Other states among the 10 highest totals were Illinois at 85,223; Michigan at 78,509; Georgia at 71,949; Texas at 64,883; Nevada at 64,429; Ohio at 59,927; and New Jersey at 36,542.

This entry was posted in Foreclosures, National Real Estate, New Jersey Real Estate. Bookmark the permalink.

153 Responses to NJ tops in foreclosures

  1. grim says:

    From the Washington Post:

    U.S. homes repossessed by banks set to hit record 1 million this year

    The number of American homes repossessed by banks hit a record high in the second quarter of the year, putting the number of foreclosures on track to hit a record 1 million by the end of 2010.

    Bank repossessions increased 5 percent from the previous quarter and 38 percent from the second quarter of 2009 to 268,962, according to data released early Thursday by RealtyTrac, an Irvine, Calif., firm that tracks the foreclosure market.

    But while the number of homes in the final stage of the foreclosure process increased, the number of new filings fell. Both default and auction notices were down on a month-over-month and year-over-year basis.

    The new foreclosure data do little to dispel worries about the stability of the economic recovery, as dismal indicators such as declining retail sales and lowered growth forecasts from the Federal Reserve continued to pile up this week.

  2. grim says:

    From the WSJ:

    US Foreclosure Filings Down Slightly In June; Up 8.3% In 1H

    The number of properties in the U.S. receiving a foreclosure filing fell slightly in June, closing out a quarter in which they were little changed and a first half that saw an 8.3% increase from a year earlier, according to market researcher RealtyTrac.

    “The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions,” noted RealtyTrac Chief Executive James J. Saccacio.

    He added the “roller coaster pattern” of foreclosure activity over the past year demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties continues to threaten the fragile stability of the housing market.

  3. grim says:

    From CNBC:

    Foreclosures Decline in June But Are Still at Record Levels

    Foreclosure fillings fell in June, the third straight month of declines, but still remain at record levels, according to a report released Thursday.

    Foreclosure fillings dropped 2.81 percent in June from the previous month and 6.98 percent from the previous year.

    In all, 313,841 properties generated a foreclosure notices. One in every 411 homes in America received a foreclosure notice in June, according to foreclosure database website RealtyTrac, which released the report. (Foreclosure notices are defined as a default notice, auction sale notice or bank repossession.)

    While month-over-month and year-over-year foreclosure fillings are decreasing, the numbers are still coming off record highs, said Rick Sharga, senior vice president of RealtyTrac.

    “We’re on pace to set another record with foreclosures this year,” said Sharga. At this pace, he said, foreclosures are set to reach 3.2 million by the end of the year, which would be a record high.

    It’s the 16th straight month that foreclosures have been over 300,000. For perspective, Sharga said that in 2005, before the housing crisis, there were over 500,000 foreclosures in the entire year.

  4. still_looking says:

    (insert evil laugh here)

    sl

  5. grim says:

    Some nice Bergen County homes on the block tomorrow:

    Date/Address/Judgement

    3 WOODFIELD LANE SADDLE RIVER $1,234,644.74
    (Were asking $1.8 million in 2007)

    76 WALNUT ST. WEST MAHWAH $857,908.84
    (Sold for $955,000 in 2006, around 800k in loans))

    158 DEERHAVEN RD. MAHWAH $657,277.55
    (Were asking $949k in 2004)

    56 WHITNEY ST. CLOSTER $543,099.9
    (Sold for $630k in 2007, don’t deal with this one when it goes REO, owned by Chase/WAMU)

    18 BIRCHWOOD COURT UP SADDLE RIVER $734,594.08
    316 PIERMONT RD. NORWOOD $869,963.95
    19 OAKDENE AVE. CLIFFSIDE PARK $911,307.95
    608 LINCOLN BLVD. WESTWOOD $526,904.28
    34 JACOB ROAD WASHINGTON TWP $723,343.07
    47 BIRCH ST. ENGLEWOOD CLIFFS $926,045.3
    50 BRIARWOOD AV. NORWOOD $1,661,022.28
    250 HAVEN RD. FRANKLIN LAKES $1,078,596.66
    196 WEST CLINTON AVE. TENAFLY $579,829.33

  6. still_looking says:

    should we go look?

    :)

    sl

  7. freedy says:

    Grim: May i have your offical Spring selling season result? good ,bad, etc

  8. grim says:

    Not worth it, most have seconds and the banks are going to bid up to their upset amount, which is going to be more than the property is worth right now.

    This is why almost every sale is tagged at $100. Bank took it back, outstanding loan amount is higher than what the property is worth.

    http://bcsd.us/sheriff_sold.aspx

    There just isn’t any value there, let the banks take them back.

  9. yo'me says:

    The timing of George Steinbrenners death may have ensured that the New York Yankees franchise stays in the family.

    Because of a lapse in the federal estate tax, Steinbrenners family is saving about $500 million that they would have otherwise had to pay Uncle Sam. The 45 percent tax expired in January and starts up again in 2011 at 55 percent.

    The 80-year-old Steinbrenner died yesterday after a massive heart attack in Tampa, Fla. He was credited with building the Yankees, perhaps the most storied team in baseball, back to a number 1 franchise during his 37 years as owner. A controversial figure, he was also an iconic figure in New York sports and pop culture.

    If Steinbrenners family would have had to pay the death tax, which the government formerly collected nine months after the persons death, they would have likely had to sell their most valuable asset a 55 percent stake in the Yankees parent company.

    Other assets, like the Steinbrenner family farm in Ocala, Fla., which brings in about $5 million in revenue a year, or their $4 million home in Tampa, just dont add up, according to The New York Post.

    Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax, according to the Center on Budget and Policy Priorities. The repeal of the tax is sapping about $55 billion in revenue from the federal government. This year, about 4,500 families with very large estates will be receiving as much in annual tax reductions as 140 million taxpayers, according to the Washington-based nonprofit.

    When former Miami Dolphins owner Joe Robbie died, his family sold their share in the football franchise to pay the $45 million they owed in taxes.

  10. grim says:

    Grim: May i have your offical Spring selling season result? good ,bad, etc

    I’d say started on par with last year, but towards the tail end the tax credit pulled so many sales in that the season, as a whole, wasn’t bad from a volume perspective. Nothing like what we saw during the bubblicious years (2005, etc), so don’t get too excited there.

    Prices were largely flat year-over-year, which is probably pretty good, all things considered. There was, maybe, a small amount of year over year price increase in a few towns, that coincided with the end of the tax credit contract period. Expected, however the price gains didn’t exceed what would be expected by inflation. I don’t expect that to be sustained any longer, given current sales volumes.

    Unfortunately, contracts completely fell off a cliff in May, when the credit expired, and June really wasn’t any better. Now, you’ll need to look at contracts over the rest of the year to understand the real impact of the buyer credit expiring. You can’t just look at the next two months. Why? The impact is greatest to the first time homebuyer, and because first timers are a necessity in the market, by allowing move-up buyers to, well, move-up, it’s going to take a few months to clearly show the impact of removing that “multiplier”.

    If there was no tax credit, I’d say this spring season was good, with clear signs of stabilization in the market, both from a volume and price perspective. However, given the fact that the market needed to be goosed/juiced for this to happen, I’ve got to knock that down (We spent more than a billion dollars and all we got was a “not bad”). It’s clear that the market was supported by an artificial floor, the floor is gone. What do you think happens now?

  11. grim says:

    Bergen County had their worst June in 15 years:

    Bergen County Contracts/Sales (From NJMLS)

    June 1996: 1005UC/871S
    June 1997: 954UC/942S
    June 1998: 1021UC/1081S
    June 1999: 912UC/1102S
    June 2000: 858UC/949S
    June 2001: 950UC/944S
    June 2002: 897UC/929S
    June 2003: 1101UC/870S
    June 2004: 1123UC/1173S
    June 2005: 1259UC/1205S
    June 2006: 1015UC/1030S
    June 2007: 1013UC/951S
    June 2008: 843UC/803S
    June 2009: 1074UC/794S
    June 2010: 842UC/1110S

  12. grim says:

    Essex County had their worst June in 10 years (could be longer, I just don’t have the data):

    Essex County Contracts/Sales (From GSMLS)

    June 2001: 547UC/501S
    June 2002: 402UC/458S
    June 2003: 525UC/508S
    June 2004: 593UC/677S
    June 2005: 621UC/617S
    June 2006: 487UC/567S
    June 2007: 463UC/516S
    June 2008: 416UC/438S
    June 2009: 418UC/371S
    June 2010: 367UC/438S

  13. still_looking says:

    “what do you think happens now?”

    Wile E Coyote and the Cliff.

    sl

  14. grim says:

    And given the Mortgage Bankers Purchase Applications numbers we’re seeing, July isn’t going to be much better.

  15. Nomad says:

    Grim – do you think we are going to see another decline in housing prices?

    Seems to me that fundamental household finances are weaker now as the burden of the current economic burden has weaked most of us and tired all of us. Seems like this whole mess is building up potential energy which weighs us down more and more which to me translates into an acclerated decline in home values as well as an accelerated decline in the economy.

    Do you see the possibility of a 20%+ decline in home values in the next 2-3 years?

    The new site looks great by the way.

  16. Nomad says:

    delete “burden of the current economic burden” and replace with “burden of the current economy”

  17. Mr Wantanapolous says:

    “It’s clear that the market was supported by an artificial floor, the floor is gone. What do you think happens now?”

    [10],

    Same as it ever was; ceilings get raised, floors get lowered.

  18. Final Doom says:

    My former best agent left in June to pursue a lucrative new career as a bank teller.

    22 years in the biz, had been averaging 200K+/yr in commissions.

    That should tell you all you need to know.

  19. whipped says:

    Moving to Jersey and was looking for a house to buy for about a year. Sellers are still in the clouds. The result: just signed a rental lease for one year…waiting for more price drops…

  20. Yikes says:

    House that went on the market in our neighborhood a few months ago suddenly went off the market. Nobody is sure if it sold or what. However, the owners are starting to put a lot of trash out, so everyone is guessing it did sell.

    Funny intel on one of our new neighbors – the guy and his wife tried but failed to get into the neighborhood TWICE in last year. lowballs on the first two houses were rejected, and they finally gave up lowballing and paid asking … and it was accepted.

    /Bucks County anecdata

  21. wtf says:

    (18) 200K/yr for 22 years or 200K/yr during bubble years?

  22. jj says:

    Bond of the Day, at Fidelity in inventory. Have not had one in a long time, but this firm is know as the other berskshire!! Great Company, full disclsure I own it, but then again I own every bond B rated or higher paying over 9.5%. I love them all.

    16 days to go to Ambac drinks. Lets see if Chifi jumps all over this bond pick.

    LEUCADIA NATL CORP JR SB DEF DB 8.65000% 01/15/2027
    Price (Ask) 92.000
    Yield to Worst (Ask) 9.627%
    527288AT1

  23. grim says:

    I’m not sure what the half-life is of an NJ agent, but I’ll tell you that for many, the bubble years are all they know. You could have had a pretty good 10 year run starting in the mid to late nineties.

    Aside from lifers, and long time brokerage owners, this is the only down market they’ve ever known.

  24. nj escapee says:

    not the end of the world. life goes on. prices here down maybe 70% from peak. foreclosures / short sales – those people eventually move out and new people many of them renters move in. adults go to work and kids still play and go to school.

  25. jj says:

    Chifi, stop me before I buy again. Why is this bond still 9.6% when the company has some pretty good assets, something stinks or it is just plain old undervalued. I never hear anything in paper about LUK

    DJ Moody’s Raises Leucadia National Rating Outlook On Liquidity

    Source: DJ
    Date: 06/30/10

    06/30 15:04 =DJ Moody’s Raises Leucadia National Rating Outlook On Liquidity

    DOW JONES NEWSWIRES

    Moody’s Investors Service raised its ratings outlook on Leucadia National Corp. (LUK) to stable, citing improvements in its performance, the valuation of its investments, and the sizeable liquidity that allows the diversified holding company to finance its weaker operations if necessary.

    Leucadia–which engages in a variety of businesses, including manufacturing, telecommunications, property management and insurance–owns about 28% of Jefferies Group Inc. (JEF), an investment bank, and 25% of AmeriCredit Corp. ( ACF), an auto-finance provider.

    The rating agency also noted management’s successful investment track record, its willingness to divest and its conservative approach to investing additional capital in weaker operations.

    Moody’s rates Leucadia at B1, four steps below investment grade, pointing to low levels of profitability in some operating units and the company’s reliance on asset price appreciation to increase shareholder wealth. The outlook previously was negative.

    Last month, Leucadia reported it swung to a first-quarter profit as revenue climbed 50%.

  26. meter says:

    Someone please remind me again why I continue to (even half-heartedly) look for a home in NJ.

    Given the spiraling tax burden, NJ should give away homes for free. Use the Gillette model.

  27. grim says:

    Wow nice jobless claims numbers today, but within consensus. Empire state manufacturing numbers, not so good, big downside surprise. Although you can argue it still showed expansion, albeit at a much slower pace.

  28. meter says:

    I can’t make sense of this. We should worry about inflation? Deflation? This guy seems confused.

    http://www.cnbc.com/id/38255206

  29. Final Doom says:

    Great. Just great.

    “China just announced that its Q2 GDP came in at 10.3%, just below a consensus estimate of 10.5%. Surprisingly, for some odd reason the market seems to believe this “data.” Although in retrospect, based on China’s bottom up GDP goalseeking, the number, which we will show in a second is completely irrelevant, could very easily be true, based on two just announced stunners about the Chinese economy. The first comes from Fitch, which in a report released today titled Informal Securitisation Increasingly Distorting Credit Data, uncovers that China has in fact been massively underrepresenting the actual amount of new loans in the first half of 2010, courtesy of precisely the kinds of securitization deals that blew up half of our own banking system: “Adjusted for informal securitisation activity, Fitch estimates that the net amount of new CNY loans extended in H110 was closer to CNY5.9trn, or 28% above the official figure of CNY4.6trn…on a flow basis the volume of credit being shifted off balance sheets in recent times has been large and rising. Activity also is largely concentrated among just a few dozen banks, and institution-specific exposure is often much higher.” And some are wondering why China’s AgBank was scrambling to raise $20 billion via a hurried IPO… Yet this data pales in comparison with disclosure from a recent article in South China Morning Post, in which an economist at the Chinese Academy of Social Sciences noted estimates from electricity meter readings that there are about 64.5 million empty apartments and houses in urban areas of the country! This number is five times larger than the roughly 12 million in total US public (3.89 million) and shadow (8 million as estimated by Morgan Stanley) home inventory available currently. Forget Stephen Roach – China is covertly funding and creating a housing bubble that is at least 5 times as big as that of the United States. We leave it up to you to imagine the consequences of that particular bubble’s bursting…”

    http://www.zerohedge.com/article/china-has-been-covertly-funding-housing-bubble-five-times-larger-us-65-million-vacant-homes-

  30. meter says:

    @29 -

    I don’t see why that’s a big problem. It’s a communist country. The government can give those empty homes away to citizens. Like a huge, unprecented, public works program.

  31. maylook1day says:

    Grim, any contract/sales data on Union County? – thanks.

  32. Nomad says:

    Can anyone recall the name of a cooperative organic farm in the Princeton / Mercer County area? Used to shop at one of the NJ farmers markets and this farm had a nice stand there. Telling friends about it, they asked for the name and I do not recall.

    Thanks,

  33. Final Doom says:

    meter (30)-

    By your line of reasoning, we don’t have a problem, either. We can just keep printing money.

  34. jj says:

    One of my stupid new neighbors who bought in July 2006 threw in towel today and put up for sale sign, nice 120K loss.
    Plus he spent 40K on RE taxes and made 48 months of mortgage payments on a house falling in value $3,000 a month, every month for 4 years. The American Dream.

    Other neighbor who bought in Aprile 2006 stopped watering his lawn and lawn service, when is he going down?

    Funny, part is none of neighbors ever talked to these people, they bought around two or three months after peak and were already down 10K by closing, must figured they would not hang on to long any how. My favorite is the knucklehead blue collar worker next door who is 42. Left his wife at 34, marries insanely hot blonde younger blonde at 36, buys 618K house at 38 and renovates it, knocks her up at 40, now at 42, he is carrying a 500k mortgage with 12k taxes with a new mercedes in a driveway has a one year old son, two older kids soon going to college and a wife who does not work. But when I look out my window she looks hot in the bikini, then again, no work, she works out, only one baby and she is like 34 why not. Maybe he should have stayed with old wife. That poo-tang is killing him.

  35. Mr Wantanapolous says:

    “That poo-tang is killing him.”

    JJ,

    Is the poo-tang TBTF?

  36. Final Doom says:

    Same as it ever was.

    “That poo-tang is killing him.”

  37. jj says:

    “That poo-tang is killing him”.

    Basically, whole housing crisis in a nut shell.

    Man wants to keep hot wife happy, wife wants huge mcmansion house, bank lends man 100% of money to buy house, Man loses Job, man loses house and hot wife.

    Circle of life caused by poo-tang.

  38. Cindy says:

    http://www.ritholtz.com/blog/2010/07/the-4-trillion-dollar-question-2/

    From TBP

    “..Between 2002 and 2006, US home builders went on a construction binge, building 12 million new homes while the number of households went up by just 7 million. The painful legacy is a massive oversupply of houses relative to the number of households…”

  39. Libtard In the City says:

    Poo-tang?

    It’s Poontang you tards.

    Poo tang sounds like some strange brown liquid that an astronaut might drink.

  40. Juice Box says:

    Just remember new home sales annual pace hit a low not seen since 1983.

    An optimist might conclude that new home sales only as bad as in 1983, except that the economy was only one quarter the size of 2010. This means the housing market is actually four times as bad than the housing downturn that occurred at the end of the early 1980s.

    And we are only just getting started, with 103 months of Shadow Inventory in NJ.

    Who says you can’t go home?

  41. Juice Box says:

    So the CIA now admits they paid that Iranian scientist $5 million for info.

    How do I get a payoff like that?

    http://www.washingtonpost.com/wp-dyn/content/article/2010/07/15/AR2010071501395.html

  42. jj says:

    So is that how you white people say it? In the hood we call it POO-TANG
    Libtard In the City says:
    July 15, 2010 at 9:51 am
    Poo-tang?

    It’s Poontang you tards.

  43. Libtard In the City says:

    My hood experience was pretty much my freshman year at Montclair State College. I was roomed with one dude from Lizbit (Elizabeth) and the other from Nork (Newark). For the most part they simply shortened it to ‘poon’. They definitely did not shorten it to ‘poo’. I mean, come on…”Did you get some fine poo last night?”

    Which reminds me of a funny story which these two brothas never let me forget for my entire freshman year. One night after we turn the lights off early in the Fall semester, my roommate asks me, “Hey Stu, did you ever get with a girl and bust a nut?” Having absolutely no clue what he was talking about, I tried to play it cool (East Brunswick cool that is) and translated his question literally to the best of my ability. I said, “Bust a nut? That sounds pretty painful so probably not.” Needless to say, they laughed for about an hour before telling me what it meant. I think I chose to move to Montclair primarily to spare Lil Gator from experiencing the same predicament. There really IS a lot to appreciate in other cultures.

  44. Libtard In the City says:

    The stock market is dropping today. Is that possible?

  45. Libtard In the City says:

    And the ten-year is back under three again. Well that didn’t take long.

  46. Anon E. Moose says:

    Comment numbering! WTG, Grim!

  47. A.West says:

    JJ,
    The head of Leucadia once sent me two crates of wine from the company’s vinyard asset. An old friend of mine and former boss is one of his best buddies, both have houses in Telluride, Co. They wanted to hire me to start up a new business idea.
    Sounds attractive on the surface, but I only get a 5% after tax yield. I guess that beats the negative 2-3% after tax yield I get from the bank or government.

  48. cooldude says:

    hey now!!!

  49. Mr Hyde says:

    Morning all.

    A little far afield, but can anyone here comment on the Rockport MA RE market at all? I’m not looking to jump in at this time, but am curious about that market.

  50. Shore Guy says:

    Stu,

    Interday no longer matters, not as long as things go up at the end of the day. Remember, up is up, regardless of how thinly traded the market may be.

  51. jj says:

    Good Stuff, to me sounds like a decent bond considering the yield. You should see the horrid C rated stuff that come up with same yield.

    A.West says:
    July 15, 2010 at 10:31 am
    JJ,
    The head of Leucadia once sent me two crates of wine from the company’s vinyard asset. An old friend of mine and former boss is one of his best buddies, both have houses in Telluride, Co. They wanted to hire me to start up a new business idea.
    Sounds attractive on the surface, but I only get a 5% after tax yield. I guess that beats the negative 2-3% after tax yield I get from the bank or government.

  52. Shore Guy says:

    Ket,

    I don’t know about RE prices but I do love to watch the cormorants feed in the harbor.

  53. Shore Guy says:

    Ket,

    One thought on topic, it strikes me in all the looking we have done up and down the east coast that anytime one has a big population center near a relatively-short coastline, the prices go haywire. Too many people with high incomes chasing too many quiet beach towns or oceanfront or lagoon lots.

  54. Anon E. Moose says:

    Juice Box [41];

    My thoughts, in no specific order: CIA turned an informant out like that? They must have found out his info was bad. They expect us to beleive the money wasn’t beyond repatriation before he gave up the goods? I think we been had! Plus, who’s going to trust them (us) enough to work with them (us) for any amount of money if they would do this?

  55. House Hunter says:

    interesting, home owners associations taking over titles
    http://www.cnbc.com/id/38260141

  56. Mr Hyde says:

    House

    HOA’s are generally evil in my opinion

  57. Mr Hyde says:

    House,

    from the linked article

    It’s not just about mowing the lawns and shoveling the snow, these communities are often safer and cleaner and appreciate in value faster because of that.

    i.e it about keeping the lower socioeconomic groups out of the neighborhood….

  58. jj says:

    you should read good story about Patrick’s Pub in Little Neck that used to be a big hang out in the 1960′s and 1970′s for pro sports players and their assorted bookies and stuff. The “Irish Bartender” was one of the heads of the CIA and the drunks at the bar told him all types of stuff not realizing who they were talking too.

  59. still_looking says:

    Is it too early for scotch?

    just wondering.

    sl

  60. Mr Hyde says:

    SL

    ABSOLUTELY NOT!

  61. House Hunter says:

    Hyde, some of the fees are like paying an extra tax bill

  62. relo says:

    55: Yep, gotta read the docs (especially if you’re not gonna pay).

  63. Shore Guy says:

    Re. HOAs:

    To paraphrase that great American philosopher, Groucho Marx, I would not join any HOA that would have me as a member.

  64. Shore Guy says:

    “Yep, gotta read the docs”

    Whenever we see a place we would seriously consider, we ask whether there is a HOA and, of so, we ask for a copy of the HOA agreement. As a rule, people had more rights in the USSR.

  65. Comrade Nom Deplume aux maison says:

    [9] yo’me

    “. . . Because of a lapse in the federal estate tax, Steinbrenners family is saving about $500 million that they would have otherwise had to pay Uncle Sam. The 45 percent tax expired in January and starts up again in 2011 at 55 percent. . . .”

    Okay, I DEMAND Congress reinstate the estate tax and make it retroactive at least to the day before George died.

    I’m all for harassing anything even remotely associated with the Yankees.

  66. Comrade Nom Deplume aux maison says:

    [65] shore

    true dat. As soon as I heard HOA, I walked. Even renting in an HOA community was a hassle.

  67. Comrade Nom Deplume aux maison says:

    I foresee poo-tang landing in the NJREReport lexicon, along with pant-up demand and crush valor.

  68. Final Doom says:

    plume (68)-

    Worst of all, I think I could write an absolutely filthy paragraph using all three terms:

    poo-tang
    pant-up demand
    crush valor

  69. Final Doom says:

    Add in Stu’s “bust a nut”, and it’s a veritable Bukowski-level festival of filth.

  70. Mr Hyde says:

    Nom,

    Perhaps poo-tang is the correct term if your into “riding the dirt road”. it would be any easy way to discriminate between various activities.

    Hey man i got some nice poontang last night
    Vs
    Hey man i got some nice pootang last night .

    2 very different activities….

  71. Comrade Nom Deplume aux maison says:

    [69] doom,

    Better get on it; I’m sure JJ already has a phrase in mind.

  72. relo says:

    OT – Ok, here’s a loaded question: We have family in from out of town w/ boys in their early teens. Any suggestions on where to take them this weekend? We’ve done the NYC thing and a bunch of other stuff. The following are off limits for them so I will pre-empt (no offense, as I would partake personally):
    - Gun range shoot around.
    - Sussex County foreclosure tour.
    - Bada Bing.
    - Urban bike path/ER tour.
    - Pagan Biker chick rally.
    - Beginner’s landmine deployment.

    Thanks in advance.

  73. DL says:

    Juice, the Iranian walked, CIA puts out bogus story that he pocketed $5mil before he lands in Iran while he claims he was tortured. Who are the mullas going to believe? This guy will be dead in a week.

    Just had a friend who bought in Doylestown, will pass on the details when we meet.

    I cannot envision buying a house for asking. Seems most in the NJ/PA area selling their mortage, not their house.

  74. DL says:

    From an espidoe of Cheers as quoted by Fraiser Crane:
    “Everybody have fun tonight,
    Everybody wang chung tonight.”

  75. Libtard In the City says:

    Relo:

    Space Farms/Tillman’s Ravine hike if they are in to the outdoors.

  76. prtraders2000 says:

    73 How ’bout a trip to the beach with a drive by of the Jersey Shore house in Seaside. I couldn’t believe the sudden burst of energy out my wife’s niece when I showed her. She took a picture on the phone and the thumbs didn’t stope for an hour.

    Avoid the beach in Seaside and hit Island Beach State Park just down the road.

  77. Shore Guy says:

    ” hit Island Beach State Park just down the road”

    IBSP is the best beach in NJ. If you are not going swimming, just hanging on the beach, go to the lower areas where it can be like having a private beach. There is very limited parking at IBSP so if coming from a long distance, go early so as to avoid geting there only to have the place closed to any more cars.

  78. Shore Guy says:

    ” This guy will be dead in a week.”

    Suicide, or unfortunate accident.

  79. jj says:

    AHHHH the Pagan Motorcycle gang. I remember a day back far far ago where we picked up a pair of Pagan gals in the smithhaven mall, took them to 7/11 picked up a case and took them back to my friends room. My buddy on next bed was about to do it, when he was about to ask that famous question, before he could ask Pagan girl goes, you are in luck I am already pregant just stick it in. AHHHHH, how classy.

  80. jj says:

    Come to think of it, a few Pagan Biker Chicks might be just what the boys need.

  81. Nomad says:

    Househunter, thanks for the info on #61

  82. Libtard and the City says:

    This is the intro from an email I just received from a local realtor.

    Dear Stuart,

    Take a look at this week’s selections. There are some new listings and several price reductions that add up to a great deal! With interest levels hovering at record lows, now is a terrific time to get into the market.

    [Isn't it always a terrific time to get into the market?]

  83. Mr Hyde says:

    Thought of the day:

    If the Depression was not exited until the excess productive capacity worldwide was destroyed during world war II, how much excess production must be destroyed to accomplish the modern equivalent…. Consider the scale of that.

    Any chance of an equivalent would require large sections of asia be reduced to rubble.

  84. Libtard and the City says:

    Nomad,

    You may want to start collecting plumbing estimates for all of the organic roughage your septic system is not used to.

  85. Final Doom says:

    Stu (85)-

    You should send that agent a package bomb.

  86. Libtard and the City says:

    Clot:

    What the heck does this mean?

    “With interest levels hovering at record lows”

  87. Final Doom says:

    Lib (89)-

    It means, “I haven’t had a closing in three months, and I’m grasping at straws in an attempt to suck you into a deal”.

    “What the heck does this mean?”

  88. jamil says:

    Comrade: “Okay, I DEMAND Congress reinstate the estate tax and make it retroactive at least to the day before George died.”

    Too much work and this is too important to be delayed by some constitutional nitpicking.

    Obambi can just decide this as we have actual imperial presidency already (now where have I heard this before?).
    Simply confiscating Steinbrenners money is perfectly fine. It belongs to the PEOPLE anyway, represented by Chairman Obambi.

  89. Final Doom says:

    It could also mean, “I am an expert at pushing on a string”.

  90. Final Doom says:

    Of course, jj may interpret that phrase as “hoovering at very low levels”…in which case, we’ve just triggered at least 10-12 more posts here.

  91. relo says:

    83: Can you make an introduction? Nah, Mom is pretty strict. She’s already like a deer in the headlights from being around my kids. Going to be a long, lecture-filled plane ride home for those two.

  92. jj says:

    A little more sucking means a little more closing.

    It means, “I haven’t had a closing in three months, and I’m grasping at straws in an attempt to suck you into a deal”.

  93. jcer says:

    Doom, Stu, he is really thinking interest in purchasing homes is at all time lows.

  94. chairman says:

    66:

    Too much work and this is too important to be delayed by some constitutional nitpicking.
    O can simply confiscate George’s money, just like he can fire CEOs or bypass law when paying bondholders. The money belongs to the people anyway, represented by Chairman O himself.

  95. relo says:

    82: For reference, how many beers does it take before you take a Pagan Biker chick at her word?

    you are in luck…just stick it in

    http://www.youtube.com/watch?v=_16Ompp2xtY

  96. jj says:

    Re 97 – a lot.

  97. Mr Hyde says:

    JJ 97

    I thought that is what the Houdini was for? And for a talented player like you i am sure you could pull of an angry pirate!

    Google terms from home on urban dictionary terms are NSFW

  98. Libtard and the City says:

    I’m so psyched. Uncle Floyd is coming to Montclair on Sunday night at 8pm for the Our Lady of Mt. Carmel fundraiser street festival. Now that’s diversity.

  99. jj says:

    How did you know about my Angry Pirate move?

    I thought that is what the Houdini was for? And for a talented player like you i am sure you could pull of an angry pirate!

  100. yo'me says:

    SAN FRANCISCO (MarketWatch) — Oil has stopped leaking from the blown well in the Gulf of Mexico for the first time since April, The Associated Press reported Wednesday, citing BP PLC /quotes/comstock/13*!bp/quotes/nls/bp (BP 39.21, +0.29, +0.75%) . Earlier in the day, BP said it started performing an integrity test on the well following the placement of a new containment cap on it over the weekend. The stoppage of the leak is a part of the integrity test, which could last from six to 48 hours, and not a permanant fix to the blown well

  101. Mr Hyde says:

    JJ

    a real playa wraps up ATW with an angry pirate. When you are about to finish up in the greek isle you initiate the houdini following into an angry pirate.

  102. jj says:

    If BP blows again I guess I will have to kick them in the knee

  103. Shore Guy says:

    “poo-tang”

    Tasts like $hit, But, BOY! is it good for you.

  104. jj says:

    just dont go south of the mouth

  105. Yikes says:

    i can assure you that you haven’t see anything this disturbing today.

    http://www.youtube.com/watch?v=D6PdyVrHO9g&has_verified=1

    2 pregnant woman fighting in the middle of the day at a burger king in oakland. then, around the 6:30 mark, a guy jumps in after 1 of the women spits on his car.

  106. Mr Hyde says:

    Yikes 108

    Do you still disagree with doom’s outlook after seeing that video?

  107. 1987 Condo Buyer says:

    #89, perhaps he meant “interest rate levels”

  108. The chairman says:

    Okay, I DEMAND Congress reinstate the estate tax and make it retroactive at least to the day before George died.

    Too much work and this is too important to be delayed by some constitutional nitpicking.
    O can imply confiscate Steinbrenners money. The money belongs to the PEOPLE anyway, represented by the Chosen One.

  109. The chairman says:

    Okay, I DEMAND Congress reinstate the estate tax and make it retroactive at least to the day before George died.

    Too much work and this is too important to be delayed by some constitutional legalese.
    O can imply take Steinbrenners money. The money belongs to the people anyway, and the people are represented by Chairman O.

  110. Shore Guy says:

    Steinbrenner had to go for, there is just one Boss.

  111. Yikes says:

    Shore Guy says:
    July 15, 2010 at 12:30 pm

    “Yep, gotta read the docs”

    Whenever we see a place we would seriously consider, we ask whether there is a HOA and, of so, we ask for a copy of the HOA agreement. As a rule, people had more rights in the USSR.

    I actually like HOAs. I agree you don’t want a place so uptight that the HOA is 10 pages long … but I do like the idea of your neighbor not being able to put up some hideous gigantic yellow shed, or park a boat in the street year-round, or things of that nature

  112. Mr Hyde says:

    Yikes 114

    You dont own your neighbors property. if he wants a polka-dotted shed it really shouldn’t be your business. property ownership carries risks. having niegbhors who like polka-dotted sheds is one of those risks.

  113. Yikes says:

    Mr Hyde says:
    July 15, 2010 at 5:34 pm

    Yikes 108

    Do you still disagree with doom’s outlook after seeing that video?

    which outlook?

  114. Yikes says:

    Mr Hyde says:
    July 15, 2010 at 7:10 pm

    Yikes 114

    You dont own your neighbors property. if he wants a polka-dotted shed it really shouldn’t be your business. property ownership carries risks. having niegbhors who like polka-dotted sheds is one of those risks.

    Not if there’s an HOA in place! There are plenty of neighborhoods where a polka-dotted shed is perfectly acceptable. I don’t want to be in one of those places. Where do they draw the line?

  115. grim says:

    Good lord Christie, think of the children!

    Gov. Christie to impose a $175,000 salary cap for school superintendents

    Governor Christie said Thursday that he plans to stop “exorbitant” pay for school superintendents by capping the vast majority at his own $175,000 salary.

    “I don’t think there should be a superintendent of schools in the state of New Jersey who makes more than the governor,” he said.

    The typical superintendent in Bergen and Passaic counties earns about $185,000 — and some make more than $250,000 — so many would face substantial pay cuts when their current contracts expire.

  116. Fabius Maximus says:

    #66 Nom

    Typical, you jut can’t admit that when it comes down to it you were always just too cheap to compete with him.

    http://mlb.fanhouse.com/2010/07/15/source-luxury-tax-will-limit-red-sox-ability-to-add-at-trade-d/

  117. Mr Hyde says:

    Yikes

    Where do they draw the line?

    On your property boundary or violation of relevant laws.

    You want to be a property owner without the associated risk. As a result of joining a property encumbered by an HOA you mitigate said risk at the cost of now “owning” a property twice subordinated to the will of the state (property taxes) and the will of the HOA.

    This isnt a personal attack just an observation. To each their own. I would personally rather deal with a pink house and polka-dotted shed then an HOA any day of the week.

  118. Mr Hyde says:

    Grim,

    Cant wait to see how leaky that superintendent salary cap is…. maybe we need to hire the same contractors BP is using to come plug our leaks.

  119. borat obama says:

    Whre is recesion

  120. Mr Hyde says:

    Maybe these guys can help:

    http://www.bootsandcoots.com/

    apparently they are the best in the world at plugging leaks!!!

  121. borat obama says:

    Hoboken on fire

  122. borat obama says:

    Hii. Fiveee

  123. grim says:

    You know, I got into an argument once with an idiot politician from the south (ain’t they all?), about school superintendent salaries up here.

    He justified it by equating it to a company, with an employee count equivalent to the total number of teachers and students. See? Big company, if this person were running an equivalently sized company, they would be making a similar salary. I quickly realized supers in his district were paid pretty well too.

    Ok, perhaps that makes sense. But since when does Walmart count it’s customers as employees I asked. The teachers are the only employees, and their job is to provide the service of education. The students are their customers. You don’t count your customers. The super’s job is to ensure the service is performed, period.

    Obviously, when you subtract the students from the count, the salary is significantly less justifiable (the count declines by at least an order of magnitude).

    He said I didn’t understand.

  124. grim says:

    Anyone familiar with the GE Geospring (electric heat pump water heater)? Someone had mentioned it to me a few months back, but never looked into it. There was a piece that mentioned it in the NYT that piqued my interest again.

  125. Comrade Nom Deplume aux maison says:

    [111] chairman

    “Too much work and this is too important to be delayed by some constitutional legalese.
    O can [s]imply take Steinbrenners money. The money belongs to the people anyway, and the people are represented by Chairman O.”

    You’re right. I forgot we no longer have rule of law.

  126. Comrade Nom Deplume aux maison says:

    [119] minimus

    “when it comes down to it you were always just too cheap to compete with him. ”

    Hell yeah. I can’t afford tickets, let alone a team.

  127. Comrade Nom Deplume aux maison says:

    Still looking, I don’t seem to have your email. Email me at nomdeplumenj@gmail.com

    Thanks

  128. Comrade Nom Deplume aux maison says:

    [127] grim,

    Was it a republican or democratic southern politician?

  129. grim says:

    Idiot before democrat

  130. Yikes says:

    Mr Hyde says:
    July 15, 2010 at 7:51 pm

    You want to be a property owner without the associated risk. As a result of joining a property encumbered by an HOA you mitigate said risk at the cost of now “owning” a property twice subordinated to the will of the state (property taxes) and the will of the HOA.

    This isnt a personal attack just an observation. To each their own. I would personally rather deal with a pink house and polka-dotted shed then an HOA any day of the week.

    Yeah, we’re definitely on the opposite end of this issue. I’ve heard of brutal HOAs – the kind where you can’t put your garbage can out before x o’clock, and it had to be picked up before y o’clock. Had a buddy who was renting and the renter would do seemingly innocuous things that would draw fire from the old folks who lived in the community and watched everyone’s move. That’s no fun.

    But I definitely like some accountability in my neighborhood. As you said, to each his own. No right or wrong answer on this one.

  131. New in NJ says:

    Regarding HOAs, don’t forget the fines for leaving your garage door open, and having to file a plan and a petition before you can plant a bush.

    And the fact that you can’t dry your clothes naturally because a clothesline is verboten.

    Incidentally, 10 pages would be a lightweight covenant. I’ve seen 50-pagers before.

  132. New in NJ says:

    And some tell you that you can’t have more than two pets, neither of which can be more than 25 pounds. It sounds like a joke, but I assure you that it is not.

  133. Ben says:

    136, once we saw an ad in craigslist asking to borrow someone’s Beagle under 20 lbs so they could get it weighed at the vet by the homeowners association approved vet. His Beagle was over 25 pounds and he was going to pull a switch before the weigh in.

  134. Ben says:

    My wife and I refuse to buy any property with a HOA. Kinda crappy since that is really the only new housing outside of giant McMansions in the past 10 years.

  135. New in NJ says:

    I’d rather look at a polka dot shed.

  136. Pat says:

    We were told to repaint our front door.

    The door and frame were slightly more “yellow” than the “white” around the windows.

    Yeah, keep waiting on that one. We got the message, now goeatchurdonuts.

    I told them I was menopausal and they could knock again at their own risk.

  137. Pat says:

    Next year, we’re definitely going with polka dots.

    I might even put the Pennsylvania Polka in my proga-rammable doorbell.

  138. Pat says:

    jb, the new format is either really, really bad, or really, really good.

  139. Final Doom says:

    Just sit on your porch with a 30-30 on your lap.

  140. Smathers says:

    I love all the HOA’s that ban American flags. Same mentality as the folks on Wall Street.

  141. Pat says:

    The problem with sitting out with a little lap gun is that it’ll draw attention to my HOA-violating porch swing.

    We have one of those little glider things out there and it’s agin the rules. But the sensory kid does her math twice as fast if she’s swinging.

    My pink and white petunias don’t help, either. Sorry lot, they are.

    Fortunately, we have a neighbor up the block who runs around without her meds on other peoples’ bicycles and wears black electrical tape across her cheeks while she shakes her fists at the ride-on bus.

    It distracts the automatons.

  142. still_looking says:

    well optimum email has been kaput since 1o am yesterday. we’ll see what today brings.

    yes. I have become an insomniac. not good.

    sl

  143. still_looking says:

    Pat 146

    I had a neighbor who used to burn plastic off copper wire, shot animals in his yard and threw the carcasses in our garden and was generally a miserable bast.ard. His yard looked like a junkyard with a back shed that spewed thick black smoke all day long.

    sl