Foreclosure prevention garage sale

From the Record:

Yard sale’s urgent purpose for Teaneck single mom

A single mom is trying to keep her Tilden Avenue home by selling some of the things in it.

Karen Simmons-Braswell, who bought the white colonial-style home in December 2006, held a yard sale Saturday to raise money to help with house payments that are in arrears. The sale continues today.

“It’s a small start, but a start,” Simmons-Braswell, 43, said of the effort to save the house. “I’m praying that there’s a miracle with my name on it.”

Simmons-Braswell is one of many New Jerseyans struggling. The number of New Jersey homes going into foreclosure for the first time was up 45 percent in the first half of the year, compared with the same period in 2009, said Jeffrey Otteau, an East Brunswick real estate analyst and appraiser.

Unemployment remains high, job creation has been slow and banks and investors in mortgage funds “are becoming more proactive in terms of initiating foreclosure actions,” he said.

Simmons-Braswell, who has two sons, received a foreclosure intention notice in May. She said she is behind on her mortgage with EMC Mortgage Corp. by about 15 months and owes an estimated $60,000.

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

80 Responses to Foreclosure prevention garage sale

  1. grim says:

    Comp killers mainstream now?

    Only wish they published the 2007 purchase price, to quantify what “they were going to take a bit of a hit” really means.

    Purchased: 1/19/2007
    Purchase Price: $1,235,000

    Sold: 7/9/2010
    Sale Price: $1,080,000

    Loss: Greater than $200,000

    From the Record:

    Added info for appraiser kept Closter sale on target

  2. grim says:

    From CNBC:

    Trend of US Mortgages ‘Under Water’ Drops

    A smaller percentage of U.S. homeowners were saddled with “underwater mortgages” in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate Web site Zillow.com said on Monday.

    Fewer homeowners with so-called underwater mortgages — where the amount owed on the mortgage exceeds the home’s value — is nevertheless a positive for the housing market as it could portend fewer defaults and foreclosures down the road.
    The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.

    “While fewer homeowners were underwater in the second quarter than the first, it is not yet time to break out the champagne bottle,” Stan Humphries, Zillow chief economist, told Reuters in an interview.

    “While some of the downward pressure on negative equity is coming from stabilization in home value trends, the larger factor is the enormous volume of foreclosures occurring within the stock of homes in negative equity,” he said.

  3. crossroads says:

    Unemployment remains high, job creation has been slow and banks and investors in mortgage funds “are becoming more proactive in terms of initiating foreclosure actions,” he said.

    I have ” friend” who is 2 yrs behind on primary home and an investment home. I can’t find either home listed with the sheriff’s foreclosure list but his father is politically connected in the county don’t know if that would help. They have been on the list before.

  4. Juice Box says:

    Foist!

  5. serenity now says:

    There was a story on here months back about a lady from NJ who was
    selling “foreclosure cakes” to pay the mortgage – anybody know how
    that one worked out?

    I also know someone 2+ years unemployed – with an expensive home.
    I wonder if sending in “partial payments” to the bank keeps the boogey man
    away.

  6. grim says:

    There was a story on here months back about a lady from NJ who was
    selling “foreclosure cakes” to pay the mortgage – anybody know how
    that one worked out?

    The linked story mentions that the apple cake lady donated a cake to the sale.

  7. House Whine says:

    5- I think I say that “cake lady” on tv two weeks ago talking about her new business. She looked great. So I guess it did all work out.

  8. Final Doom says:

    sn (5)-

    Banks generally won’t accept partial payments when the borrower is in arrears.

  9. Final Doom says:

    All the underwater homeowners can eat cake.

  10. satara says:

    When will we stop giving the sink away?

    How much can the US save if they forego US Aid while we are in need? How many countries promised the same way?

    Washington, DC– The Board of Directors of the U.S. Government’s Millennium Challenge Corporation (MCC) has approved a $434 million compact with the Government of the Philippines to reduce poverty through economic growth

    http://www.mcc.gov/mcc/press/releases/release-080510-mccapprovesphilippines.shtml

  11. Smathers says:

    Cake lady’s cakes.
    http://www.bakemeawish.com/angela-logan-mortgage-apple-cake.php

    Seems like a lot of money for mail order to me.

    Another lunatic who believes Jesus will get them out from the financial hole they’re in.

    http://www.lugaluda.com/angela-logan-mortgage-apple-cake/

    The “left” believes in hope and diversity, the “right” believes in Jesus and small business. Both are being fools having their money taken from them by big business and Wall Street.

    I pity the fool.

  12. Final Doom says:

    “…the longer China avoids looking in the mirror, and continues to “feed the monkey” the worse off it will be when no amount of incremental cheap money can forestall the collapse. Which in itself is a very comparable predicament faced by our own administration and central bank. But before we present the Quinn article, we will take a brief detour into Michael Pettis’ recent observations on the pitfalls association with a monetary heroin addiction.”

    http://www.zerohedge.com/article/observations-chinas-bubble-or-lose-lose-reality-financial-cocaine-addiction

  13. Final Doom says:

    smathers (11)-

    The lady made an effort to get out from under, instead of skipping payments, buying ICrap and waiting for the sheriff sale. If I remember the story correctly, she also nearly screwed herself with the town code enforcement in the beginning by turning her kitchen into a commercial operation. I give her a lot of credit.

    If you care to bait religion, please go after the Jews. It would be much more up your alley.

  14. Final Doom says:

    Mark Hurd’s cougar hunt is biggest story on CNBC today.

    Utter swill.

  15. Mr Hyde says:

    Doom

    The big news today….. Remington is having a sale on the model 750!

  16. Libtard in the City says:

    “If you care to bait religion, please go after the Jews. It would be much more up your alley.”

    I noticed that too.

    I really find it hard to believe that the cake lady made it. I’m not accepting this as fact until someone proves it to be. Meanwhile, in other news, a mere 17,000 auditioned for American Idol at the Izod Center on Saturday.

  17. Painhrtz says:

    Lib can’t find jobs may as well try the delusional, talent lottery

  18. Mr Hyde says:

    Doom 12

    The answer for china is the same as the answer for the US. WAR.

    Its the only answer that allows bubbles of such astronomical size to unwind without the public malice and discontent being directed at TPTB. War allows the discontent and malice to be refocused to an external opponent

  19. Mr Hyde says:

    Pain, Lib

    Here’s the funny thing…. Even with the economy the way it is i know 2 different people who are looking to hire who simply cant find qualified candidates. One of the people hiring is looking for phama engineering types and complains to me regularly about the poor quality candidates. The second is looking for direct care staff for groups homes.

    Both complain that they dont get many applications and of the applications they get most are poorly or not qualified for the position.

    It seems to be quite the paradox that in the middle of a depression they cant fill positions.

  20. homeboken says:

    So the lady in the article is 15 months behind on her mortgage payements. Let’s presume that she does have some income, what did she do with the money that she didn’t send to the bank?

  21. Mr Hyde says:

    Pain,

    Question of the day,

    remington 750 or browning stalker?

  22. Mocha says:

    “More than 104,400 people flew out of Moscow yesterday, topping the previous 2010 record of 101,000, according to the Federal Air Transportation Agency……..Moscow set a daily heat record of 33.3 degrees Celsius (92 degrees Fahrenheit) at 1:00 p.m. today, the seventh such record this month and the 19th of the summer, said Tatyana Pozdnyakova, a spokeswoman for the city’s weather service”

    Bunch of Mary’s.

  23. grim says:

    15 months behind and she holds a garage sale now?

    The cake lady at least had a business model, what is the garage sale lady going to do when she runs out of belongings to sell?

    I can’t imagine even making enough money for a single payment doing this.

  24. Comrade Nom Deplume aux maison says:

    [19] hyde

    “It seems to be quite the paradox that in the middle of a depression they cant fill positions.”

    Given the quality of education at the public school level, with declines starting in the early 80’s, and corresponding declines in colleges shortly thereafter as the uneducated and unprepared arrived at their doors, I am not surprised.

    We may well see an uptick in hiring of older workers, once the surplus of them is high enough to crush unreasonable expectations, because they bring much more to the table than their younger counterparts. Just my opinion.

  25. Comrade Nom Deplume aux maison says:

    Cheery thought for the Day:

    “The mid-summer rally is over and stocks will begin a downward leg before bottoming in October, as the world economy is in what looks like a Great Depression, Robin Griffiths, a technical strategist at Cazenove Capital, told CNBC Monday.

    “Equities are for losers and bond markets for winners. Equities are simply for people who like losing money,” Griffiths said.

    “A double-dip is inevitable and imminent, as Keynesian stimulus measures have never worked anywhere. We are in the equivalent of a Great Depression following 3 years of credit crisis,” he added. . . . ”

    /snip

    Guy sounds a lot like JJ

  26. Ben says:

    “Here’s the funny thing…. Even with the economy the way it is i know 2 different people who are looking to hire who simply cant find qualified candidates. One of the people hiring is looking for phama engineering types and complains to me regularly about the poor quality candidates. The second is looking for direct care staff for groups homes.”

    Not surprising to me. You are looking at the first products of the No Child Left Behind generation entering the workforce. These kids don’t receive a quality education in k through 12 and then they come to the University and get pushed through. The quality of your average college grade has taken a severe nosedive in the past 10 years.

  27. Cindy says:

    http://www.hsdent.com/blog/2010/08/08/spending-savings-income-debt-jobsits-all-related/

    Pretty straight forward stuff..

    People are spending less because it fits their way of life…
    We will continue with slack demand, we will continue deleveraging, and it will take time.
    Manage down to a lower level…

    To me that sounds like we need to acknowledge our situation, accept it and formulate a plan.

    Everything up to now has been hogwash.

  28. Cindy says:

    Have a great day all. Off to work.

  29. a mad as hell reinvestor101 says:

    Those damn commies tried to threaten us with their new dong missile, but it looks like we going to show them who has the biggest damn dong. We’re teaming up with Vietnam to show those damn commie Chinese a thing or two. This is a damn good start, but is still a chickenshit move. Real men go to Shanghai or Hong Kong to conduct a damn war game if you want show them a robust dong.

    BOARD THE USS GEORGE WASHINGTON – Cold War enemies the United States and Vietnam demonstrated their blossoming military relations Sunday as a U.S. nuclear supercarrier cruised in waters off the Southeast Asian nation’s coast — sending a message that China is not the region’s only big player.

    The visit comes 35 years after the Vietnam War as Washington and Hanoi are cozying up in a number of areas, from negotiating a controversial deal to share civilian nuclear fuel and technology to agreeing that China needs to work with its neighbors to resolve territorial claims in the South China Sea.

    The USS George Washington’s stop is officially billed as a commemoration of last month’s 15th anniversary of normalized diplomatic relations between the former foes. But the timing also reflects Washington’s heightened interest in maintaining security and stability in the Asia-Pacific amid tensions following the sinking of a South Korean warship in March, which killed 46 sailors. North Korea has been blamed for the attack, but has vehemently denied any involvement.

    Last month during an Asian security meeting in Vietnam’s capital, Hanoi, U.S. Secretary of State Hillary Rodham Clinton also angered China by unexpectedly calling on the Communist powerhouse to resolve territorial claims with neighboring Southeast Asian countries over islands in the South China Sea.

    “The strategic implications and importance of the waters of the South China Sea and the freedom of navigation is vital to both Vietnam and the United States,” Capt. Ross Myers, commander of the George Washington’s air wing, said aboard the ship Sunday as fighter jets thundered off the flight deck above.

    “I’m certain that the Chinese government and the Chinese people are trying to protect their interests,” he added when asked about China’s increased aggressiveness within the area. “It is more important for Vietnam (and) its partners to establish that they have an equal right to economic prosperity and peace within the region as well.”

    http://news.yahoo.com/s/ap/20100808/ap_on_re_as/as_vietnam_us_military_mates

  30. dim says:

    As someone who joined the workforce in the late 90s and watched the market run so far ahead of income/savings that home ownership seemed a fantasy, this site has been a refuge for sanity.

    Even through the ’08 and ’09 “dip”, however, I didn’t see things really correcting in the NYC MSA. At least not to the point that I could afford to buy. Now, however, things are starting to get close… but I wonder. What would happen if the FHA/Fannie farce were to collapse? How can things be truly sustainable? If the Fed Govt is still the only interested buyer of mortgages after 2+ years, will that model of lending be sustainable (okay – begging the question here because it obviously can’t be taxpayer supported for an indefinite period) and if it is shelved, what could possibly follow besides an all out collapse of housing prices?

    My bigger question is – mostly for grim – if you really saw hope for the RE market at some point, would you have it in you to be positive and say folks should start to move into RE or do you think folks would be hard-pressed to move beyond the negative perspective that pervades here? I know it’s hard for me as a potential buyer to be positive.

  31. Mr Hyde says:

    Dim

    If the Fed Govt is still the only interested buyer of mortgages after 2+ years, will that model of lending be sustainable (okay – begging the question here because it obviously can’t be taxpayer supported for an indefinite period) and if it is shelved, what could possibly follow besides an all out collapse of housing prices?

    Look at the early 1900’s. Mortgages were on average about 20% LTV. If we were to see that again, then the prices of homes would have to adjust downward such that people could actually accumulate 80% of the home price in a reasonable time. You would also see housing become much less “liquid” then it it is now. You might have an average home price of 100K which seems cheap but if you have to front 80K and have substantially lower wages then now, that could still be expensive.

  32. Painhrtz says:

    Hyde neither do not like autoloading hunting rifles. Prefer a bolt action. shoot and old school Savage model 110. I can put 5 rounds down range at a hundred yards accurately about 2 seconds behind my buddy’s Rem 750

  33. Mr Hyde says:

    test

    test

    test

  34. cooldude says:

    test
    test
    test

  35. Mr Hyde says:

    Pain,

    How do you like the modern 110’s? Is it just the older models that have such a good rep?

  36. grim says:

    Re101

    Stop using the formatting tags.

  37. Outofstater says:

    Matt Simmons has died of a heart attack, or drowning, take your pick.

    http://www.zerohedge.com/article/matt-simmons-has-died-heart-attack

  38. Libtard in the City says:

    Dim,

    “What would happen if the FHA/Fannie farce were to collapse?”

    They will never be allowed to collapse, unfortunately. I put these issues out of mind since we have already witnessed the gubmint playbook in action. As long as foreign investors are willing to buy our debt, then continued bailouts and stimulus will be the standard method of crisis resolution. If we continue down this path, eventually there will be so much government assistance supporting so many sectors that the whole facade of the US being the safest place to invest will come collapsing down and with it will go what is left of our economy. Whether you own a home or rent at this point will be inconsequential.

    These scenarios often run through my head as well Dim. Especially the deflation/inflation impact on having a lot of mortgage debt. The only thing that I am certain of is the continued governmental policies that will maintain economic uncertainty. Since one can’t make an accurate determination of what is best for their situation, one is better off closing their eyes and ears and just diving in head first. That is my current strategy. If my thoughtless decision proves to be the wrong one, the Dim’s and Grim’s of the world (who acted prudently) will be forced to bail me out. It just can’t work the other way. The imprudent have no means of helping out the prudent. Better to err in the direction of greater financial upside. No?

  39. chicagofinance says:
  40. Mr Hyde says:

    Libtard

    The imprudent have no means of helping out the prudent

    Sure they do! As first wave bullet catchers!

  41. Painhrtz says:

    Hyde, newer 110’s are great the accutrigger is awesome. The older savage folks such as myself had already done triggers on ours so no need to upgrade. Accuracy is on par between both. Best shooting factory gun right out of the box.

  42. Xroads says:

    Let’s presume that she does have some income, what did she do with the money that she didn’t send to the bank?

    The 2 people I k ow in foreclosure don’t seem to be saving it’s party on! Type of attitude. I would hink those who strategically default will save for 2 years putting themselves in somewhat decent shape and taking advantage of a bad situation

  43. I figured Liz Warren would buy it before Matt Simmons.

  44. “The problem that nobody is talking about, yet everyone continues keeping a close eye on, namely the trillions in commercial real estate under water, is quietly starting to reemerge. In the attached letter from the Commercial Real Estate lobby, it reminds politicians that the hundreds of billions in loans that mature in the next several years won’t roll on their own, and we see the first inkling of the lobby asking congress for much more taxpayer aid, in this case in the form of Shelley Berkley’s proposed legislation to “enable banks to convert troubled loans into performing assets through modest tax incentives to attract new equity capital to existing commercial real estate projects.” The letter tacitly reminds that there are thousands of regional banks whose balance sheets are chock full with underwater commercial real estate…”

    http://www.zerohedge.com/article/commercial-real-estate-lobby-ask-taxpayer-aid-help-recapitalize-banks-saddled-billions-undew

  45. Libtard in the City says:

    The warranty on our Xterra expired about 7,000 miles ago. We do all routine maintenance at the 30-60-90K intervals and change the oil every 5K. The engine light went on yesterday. Took it in this morning to the mechanic and all 4 catalytic converters are shot due to the failure of the anti-knock sensor, which also needs to be replaced. Apparently, a lot of gas was burning in the converters and not in the engine. The total damage is a little over $4,000. In this one repair, we have now surpassed the total amount of dollars spent on all of routine maintenance we have spent on Lightning McQueen since 1995. Good times. We obviously need another cash for clunkers program, like right now!

  46. Al "Fat Thumbery" Gore says:

    Matt Simmons is dead. Died of a heart attack in his pool at home. Same way Bernies Madoffs buddy died. Telling the truth is a dangerous game these days. We are so f_cked.

    http://www.kjonline.com/news/Energy-expert-Simmons-dies-in-North-Haven.html

  47. al (46)-

    We are in the last days of a dying empire. TPTB can’t figure out anything better to do than bump off people who dare to speak the truth.

  48. Painhrtz says:

    Lib what year, if it is 1999-2004 the 3.3L sucks. I have a 2000 frontier. Repairs have been brutal but I refuse to get rid of it because no one makes a truck that small anymore

  49. chicagofinance says:

    doooooohhhhh!!!!!!!!!!!!!!!

    http://www.peterluger.com/ourporsteak.cfm

  50. Anon E. Moose says:

    A single mom is trying to keep her Tilden Avenue home by selling some of the things in it.

    Man may find it expedient from time to time to burn his furniture, but he should not persuade himself that he has discovered an viable new way to heat his house.

  51. NJGator says:

    Pain 48 – It’s a 2004.

  52. jj says:

    Nice, but it is a recession, so this week I am taking a bunch of folks to Angelo and Maxies for steak and drinks, I am cutting back, but Peter Lugar is my best friend. Can’t wait for next stock rally for Lugars.

    Next week the recession is so bad I get to meet Klecko and Namath on field before Jets/Giants game. After Jersey Boys sing national anthem I have to run for my seat
    Sure sign of a recession when the money people consider me a money person. Ha Ha. In 2007 I couldn’t even get the guy in the Chevy dealership to wait on me

    chicagofinance says:
    August 9, 2010 at 1:35 pm
    doooooohhhhh!!!!!!!!!!!!!!!

    http://www.peterluger.com/ourporsteak.cfm

  53. jcer says:

    My 2003 pathfinder was a major POS, the one I had before it was great. Mine had all kinds of issues while it was under warranty and Nissan refused to cover it. Nissans used to be good cars, not so much any more. I traded that sucker in and feel bad for the next person who bought it.

  54. Libtard in the City says:

    jcer,

    Captain Cheapo checked the warranty and the catalytic converters are covered. Not the anti-knock sensor. I think I just saved us 3.5K (phew). Back into Lightning McQueen for the next couple of days I suppose.

  55. NJGator says:

    Lib 54 – Lil Gator will not allow you to call it that unless you give paint the obligatory eyes and 95 on it.

  56. Mr Hyde says:

    Libtard

    an xterra has 4 cats, really? What are you running in that thing, a big bore V 12?

  57. Mr Hyde says:

    Libtard

    Be VERY careful if you look at using after market cats. Some cause more problems then they solve.

  58. Fabius Maximus says:

    #45 Stu
    How did this start? Rough idle or no power on acceleration. Did they tell you all the codes that came out of the obd reader.

    Light comes on and the next day you need $4K work sounds like a Short Hills mechanic. The job he is quoting is a lot of work, but I would be supprised if you actually need it.

    To start with I woud clean the EGR valve check the vacumn lines. Clean all the sensors in the air inake with brake cleaner to remove the carbon build up. Pull the battery for 10mins to clear the codes and see if it comes back. If it does replace the O2 sensors before you go for cats and the knock sensor.

    If the cats are bad tell them to replace only the bad ones and that you want the old ones. They have a very high scrap value.

  59. Libtard in the City says:

    I’m going to the dealer so I’m using whatever they give me. I imagine that the replacement cats should have some sort of warranty. I’m headed over there now as a matter of fact.

  60. Libtard in the City says:

    Fab,

    I trust the guys down at Firestone who did the diagnostics. The dealer is where the warranty work must be performed so it will act as a second opinion. As much as the dealer wants the warranty work, I would think corporate would come down hard on them if they were doing it unnecessarily. I can’t imagine corporate doesn’t have some sort of program to make sure this isn’t occurring. I do appreciate all of the advice offered here though.

    As Firestone explained it, the anti-knock sensor was probably bad and the gas was burning in the cats and killed them. The only thing I’ve heard lately was a little rattle when the auto transmission shifted gears. No loss of power and surprisingly better gas mileage lately. And if I’m not paying for the work, I see little harm in replacing all of the cats if they are genuine parts and not aftermarket which wouldn’t happen at a dealer.

  61. Painhrtz says:

    hyde the 3.3 has to pre-cat directly attached to the manifolds and conventional catylytic converters. could never get headers for the motor because it circumvents the emissions controls. Gator that stinks. the 4.0 in the 2005 is a much better motor. Glad it is covered.

  62. Fabius Maximus says:

    Stu

    I wish you well, but suspect that you have 0% chance of getting this covered. The emmisson warranty will only really cover manufacturing flaws in the cat itself. The only way they will cover will be for failing an emmission test where the cat is proved to be the only defective part. Anything less is bad mainainence.

  63. Anon E. Moose says:

    http://finance.yahoo.com/news/Woman-in-HP-scandal-saddened-apf-2930421160.html?x=0

    Article on the woman making harrasment claim against HP that forced CEO Mark
    Hurd to step down. Says she feels bad, never wanted him to lose his job. No word on her dropping the lawsuit, however.

    Fisher has also worked as a saleswoman, an executive at a commercial real estate company, and as an actress. She appeared in some racy R-rated movies in her 30s and most recently was on a dating show called “Age of Love,” in which women competed for the attention of tennis star Mark Philippoussis.

    So from real estate sales babe to Skinemax soft-core star to “corporate greeter”. What a career arc.

  64. jj says:

    Just go to junkyard, put used stuff in and sell sell sell.

  65. Anon E. Moose says:

    Random tax question – can a nominal renter write off an interest on RV financing as primary residence?

  66. jj says:

    Anon E. Moose says:
    August 9, 2010 at 3:11 pm
    Random tax question – can a nominal renter write off an interest on RV financing as primary residence?

    Yes and a boat too, as long as their is a toliet and a bad. rich folks write off RVs and Yachts interest as second homes all the time.

  67. NJGator says:

    Fabius 62 – Stu already went to the dealer. They are covering the cats. They aren’t covering the anti knock sensor. Out of pocket will now be about $1,000 (including charge from Firestone for the diagnostics) instead of $4500. Still hurts, but the pain is a little more manageable now.

  68. chicagofinance says:

    I’m surprised no one mentioned this here. RBC is two blocks from my office…
    http://www.nj.com/yankees/index.ssf/2010/08/red_sox_rookie_and_former_red.html

  69. freedy says:

    student debt has now exceeded credit card debt. Now what?

  70. Shore Guy says:

    Just listened to some of the Frampton sound check, and now back on the porch with some nice cold pain killers. May or may not be worth walking up to see the show later, so far the porch swing seems more inviting.

  71. NJGator says:

    As Gator posted, all is good with the repairs. Still p1ssed that Firestone charged me $122 to read the computer. I told them I would have to think twice about coming back. Pep Boys will do the diagnostics for free I heard. The sensor replacement is about $300 more at the dealer than at Firestone. What a surprise. They have already oiled the bolts to remove the 4 cats. They should be done with the work tomorrow. I made the warranty coverage by a little under 3,000 miles. As for the emissions failing to get the coverage, they performed an emission test and said the emissions were at 15% of what is needed to pass state guidelines. All in all, I’m pretty happy with the results. I wish I went to the dealer first as that would have saved me $122, but I hate dealers and their repairs are always overpriced. I suppose next time the check engine light goes on, I’ll go to Pep Boys for the reading. It really shouldn’t be this way. How hard would it be for them to provide a number on a small l.e.d. display under the hood or in the dash. Of course, they would lose the opportunity to charge you for other things that you really don’t need fixed.

  72. Shore Guy says:

    “if you really saw hope for the RE market at some point, would you have it in you to be positive and say folks should start to move into RE or do you think folks would be hard-pressed to move beyond the negative perspective that pervades here? I know it’s hard for me as a potential buyer to be positive”

    I can’t speak for anyone else, although I am certain that I do:

    I do not come here for negativity and I do not try to be negative. The fact is, we want an additional property. We just refuse to over pay for one. We work hard and are taxed at high levels so every $10,000 or $50,000 or $100,000 in over pricing just costs us too much in time and effort for us to throw away.

    We hate condos but for grins looked at some today, nice beach views, but WAY too small and WAY overpriced. One was a 2 BR, and the one BR was large enough for a single twin bed and maybe, just MAYBE a night stand — no room for a dresser.

    When prices reflect what I believe to be reality, I will be happy to say things are well with the world.

  73. gary says:

    Unemployment remains high, job creation has been slow and banks and investors in mortgage funds “are becoming more proactive in terms of initiating foreclosure actions,” said Otteau.

    Didn’t this d1ck call a bottom like, a year and half ago? Didn’t he and his butt buddy Larry Yun call for appreciation beginning in 2010?

  74. Anon E. Moose says:

    dim [30];

    I think your observations are another vote for going small – get the hell out of NYC MSA. If housing is 1/3 of my gross income, and the price of comparable housing goes down by 50%, then I can afford to work for 18% less and be no worse off.

    Also since you mention Fannie/Freddie/FHA, consider that inexpensive areas are suffering the effects of job losses, not unavailability of financing. Until the bubble, the conforming limit was $417,000, which is more than twice as much as necessary in 85% of the country, and still plenty good for middle class housing in the coastal areas — if prices reflect sanity and incomes. Raising it to $729k was a mistake, and sop to the blue states. Don’t let parochialism fool you into thinking America is NJ. That much money buys three pretty nice houses in most of America, and people living there probably think if you can afford a $750k house, you could probably scrape by with a $650k house and live without them paying to guarantee your mortgage.

    The real high-wire acts are the people who bought $650-750k pedestrian shacks in 2005, hoping to cash out with 15% per year appreciation in 10 years. That house is their tombstone.

  75. chicagofinance says:

    Dude: at the risk of sound like a sh!tcan, your belly aching about the $122 is off base. Yeah they pressed a button and spit out something with no effort, but the charge is more of a fully loaded cost that has to be amortized across all use, not to mention the overhead of running their scam shop.

    71.NJGator says:
    August 9, 2010 at 4:47 pm
    I wish I went to the dealer first as that would have saved me $122, but I hate dealers and their repairs are always overpriced. I suppose next time the check engine light goes on, I’ll go to Pep Boys for the reading. It really shouldn’t be this way. How hard would it be for them to provide a number on a small l.e.d. display under the hood or in the dash. Of course, they would lose the opportunity to charge you for other things that you really don’t need fixed.

  76. Smathers says:

    74.

    Would love to do it. But the problem is that the rest of the country is going to hell in a handbasket. Conservatard paradises like Las Vegas, Phoenix, Florida? Good lord. The culture of obesity and geezus in places like that is hard to stomach to begin with but they are near apocalyptic in terms of jobs and economic conditions. Yes, the greater NYC area is way overpriced, yes I spend too much on my rent but the rest of the country is in free fall collapse. For the educated, talented and lucky there are some possibilites here.

    The trick is to walk the tightrope and take advantage of what can be gotten here. Otherwise this board is filled with hypocrites and lunatics who are better off moving to Geezus land or, for that matter, The People’s Republic of Zion right now.

  77. grim says:

    Raising it to $729k was a mistake, and sop to the blue states.

    From what I’ve heard around, this has had little to no impact. In fact, most find that these newly conforming loans demand rates higher than what a good credit borrower can arrange a jumbo for. $417k is still the magic number.

  78. Fabius Maximus says:

    Stu,

    Good result on your warranty. Although with NJ scrapping the inspections, you also have the straight pipe option.

    A cheap reader is always good to have, if the car won’t start and you can’t drive to the dealer or PepBoys.

    http://www.amazon.com/Autel-MaxiScan-MS300-OBD-II-Scan/dp/B001LHVOVK/ref=sr_1_2?s=automotive&ie=UTF8&qid=1281393616&sr=1-2

    My Bad luck today was a speeding ticket on the way home. Do I plead down to two points and take a test or do I go for zero points Obstruction and six tickets to the PBA Beefsteak. The town have their Beefsteaks in The Browstone in Patterson so I have a tough choice to make.

  79. grim says:

    I don’t just do real estate, I read codes too (OBD-II). I do require beer though.

    My Pathfinder had similar issues. My truck was the last year of the old body style, with the vq35 engine.

    The two front cats were attached to the manifold, and came unbonded. They wanted to replace the entire manifold at some outrageous price. I talked to my local mechanic and he let me know there was a service bulletin put out for a repair. The repair was some high tech adhesive and stainless clamps, but it did the job. Funny that the dealer didn’t bring this very low cost option up, even though they had no problem delivering the parts to my mechanic.

    When I confronted the dealer and inquired about obtaining a new manifold not having this design feature, I was told that the part was not modified, and would have the same problem in the future.

    A few months later it stalled on me at speed on the highway, that wasn’t fun.

    Traded it in that weekend. I won’t keep a car I don’t trust.

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