Home price outlook not rosy

From MacroMarkets:

Home Price Expectations Continue to Dim

“For the third consecutive month, the consensus from the experts indicates weakened overall
confidence in the U.S. housing recovery, with only 21% of our panelists now predicting positive growth in prices nation-wide for 2010, and average expected cumulative price appreciation through 2014 falling almost one-third since our inaugural survey just three months ago,” said Robert Shiller, MacroMarkets co-founder and chief economist.

Although the average projections of the survey panel have continued to dim, a wide range of views among some of the survey panelists persists, and the August survey data confirms that a path to housing recovery remains intact. Terry Loebs, MacroMarkets managing director reported, “The slope of the expected recovery path, although flattening, remains positive and implies a $1.4 trillion gain in aggregate U.S. homeowner equity from current levels by the end of 2014, assuming that other relevant factors such as mortgage debt levels do not change.”

From HousingWire:

House Price Outlook Continues to Dim

Based on today’s report that found new home sales plunged to record lows in July housing analysts said they may have been too conservative in estimations in this case, but are keen not to make the mistake again.

The just released August MacroMarkets home price expectations survey, compiled from 107 responses of a diverse group of economists, real estate experts, investment and market strategists, is titled “Home Price Expectations Continue to Dim.”

The MacroMarkets index is assuming house price declines for the remainder of the year, with cumulative negative activity likely until 2012 and beyond.

This entry was posted in Economics, National Real Estate. Bookmark the permalink.

185 Responses to Home price outlook not rosy

  1. grim says:

    Their pre-bubble trend line appears poised to go parabolic.

  2. Essex says:

    Please take all of the analysts out back and cane them.

  3. grim says:

    Added my own line, just felt right. Kind of an economic graffiti.

  4. crossroads says:

    can we all add a line? I would like mine sloping downward and hell written in the bottom right corner and real estate never goes down at the top

  5. Cindy says:

    http://www.ritholtz.com/blog/2010/08/ceelos-fk-you/

    Whatever you do – DON’T PLAY THIS AT WORK!

    Clot @ #1

    I heard this little ditty over the weekend and …talk about a catchy tune.

  6. grim says:

    #6 – You made my morning, that is fantastic.

  7. Cindy says:

    Well watch out Grim @ #8 because I’m telling you, the tune is so catchy – you’ll be walking around sort of singing it….and well – That isn’t working out for me.

  8. Final Doom says:

    grim (4)-

    Where’s the shark and the stick man?

  9. still_looking says:

    Doom, see #7

    sl

  10. Final Doom says:

    Uh, just saw #7. Classic.

  11. still_looking says:

    More like, Devil-dude from South Park and the falling stick men (and women.)

    sl

  12. still_looking says:

    Why do I keep hearing the rattle of heavy chains and a heavy ball approaching??

    Man, I need to lay off the scotch…

    sl

  13. Final Doom says:

    sl (14)-

    That’s the sound of oblivion, filtered through a fifth of scotch.

  14. Final Doom says:

    cindy (6)-

    #1…with a bullet.

  15. Mr Wantanapolous says:

    “Abercrombie & Fitch Shuttering 110 Stores”

    Someone wake up Frank. Let him know the line, which he is still standing in, will not be moving. Shop is closed.

    The long unwind continues. The duration and severity of the decline will be much worse that most can imagine.

    http://www.costar.com/News/Article.aspx?id=EAD2426EC22F531AD68F688FBB26E46D#num1

  16. Mike says:

    No. 6 Good One Cindy

  17. Final Doom says:

    BC (17)-

    First, Frank loses his job in the hedge fund’s cafe. Now, he loses his job counting heads at A & F.

    Fortunately, there’s always a booming business in squeegeeing windshields at the Holland Tunnel.

    I guess job insecurity has cut into Frank’s time to blog here.

  18. Final Doom says:

    I need a Mexican quant…quick!

  19. Sas3 says:

    Satara, previous thread…
    “I said SSI not SS>I am sure you know the diff”

    My bad. Didn’t know the other stuff is also called SSI till now.

  20. Shore Guy says:

    “Home price outlook not rosy”

    What is not rosy about falling prices?

    When car prices fall, we are glad.
    When food prices drop, we are glad.
    When energy costs drop, we are glad.
    When clothing cost drop, we are glad.
    When education costs drop, first pigs will fly, then we will be glad.

    The only reason we worry about housing prices dropping is because people over-borrow to buy houses. Perversely, the over-reaching, the over-borrowing, leads to increased demand and, thus, increased prices.

    Lower prices are a good thing.

  21. 250k says:

    The pre-bubble trend line is for those of you looking in Brigadoon.

  22. Mr Wantanapolous says:

    “The only reason we worry about housing prices dropping is because people over-borrow to buy houses.”

    Shore,

    Nobody cares about the sheeple. It’s all about the banks.

    “Cause down the shore everything’s all right”

  23. Hell is Frozen says:

    Sastry, you know you’ve entered the matrix when all roads lead to free food and shelter.

  24. Shore Guy says:

    “It’s all about the banks”

    Yup. /nd the next time a huge one teeters, the USG should capitalize a new one, and take all the good assets from the fsiling one and give it to the new bank, and then let the old bank, its management, and investors get crushed.

    THAT, would discourage poor practices and over-risky behavior.

  25. Essex says:

    Greetings from Maine! Been here all week.
    A stellar day today. The rains have stopped.
    Bailey Island is the destination.

  26. Mr Wantanapolous says:

    Shore,

    I think we should buy a bank.

  27. Final Doom says:

    Too bad that the Federal Reserve is the ultimate bad bank.

    We will play this hand until civilization is destroyed.

  28. Essex says:

    27. Shore Guy for FED Chair!

  29. Final Doom says:

    Audit the Fed…then end it!!!!

  30. Mr Hyde says:

    Shore,

    It depends on the source of the declining prices. Modern economics is primarily based on continuous inflation. if prices are dropping due to the leveraging of Asian slave labor then the price drop is a good thing. if prices begin to drop due to deflation then you will have the economists and politicos screaming bloody murder. To bad that continuous inflation robs the average joe of the value of their assets while enriching those who have first access to the money supply. Of course there is the little problem that fiat currencies dont work very well if you dont have some level of continuous inflation.

  31. All "H-Train" Hype says:

    For those interested in the whole Greece debacle, the credits spreads are widening again even with a trillion dollar backstop. Good thing their recession is not as bad a forcasted.

    http://www.bloomberg.com/apps/quote?ticker=GGGB10YR:IND

  32. Shore Guy says:

    Clot,

    There is no needs to audit it. It is a fiction of sorts to say it has books. It creates money when it needs to and exchsnges whatever it wants for money in order to allow things tp move forward.

    I say, let the Fed buy back every bit of treasury debt and then just burn the bonds. Poof, all USG debt goes away.

  33. Shore Guy says:

    He’s Outlaw Ben. He’s Outlaw Ben. Can you hear him? Can you hear him?

  34. Mr Hyde says:

    Shore,

    A better question. Why do we pay a private entity to issue our sovereign currency? Have the FED buy up all USG debt and then burn the FED to the ground with its board of governors locked inside.

  35. Final Doom says:

    hyde (37)-

    Can we squeeze in Greenspan before locking the doors?

  36. Mr Wantanapolous says:

    Get rid of the fed. The only purpose they serve is to create bubbles and busts.

    Why are the called the federal reserve? They are a private entity with zero reserves.

  37. Mr Wantanapolous says:

    However, don’t mess with the fed until gold is 2,500.

  38. Final Doom says:

    You’re trapped in a mine, half-a-mile down. It will take months for rescuers to reach you. You are in a space the size of a 1 BR NYC apartment. What is the first thing the outside world tells you?

    Lose some weight, bitch.

    http://abcnews.go.com/International/wireStory?id=11479043&cid=ESPNheadline

  39. Mikeinwaiting says:

    Doom, talk about a crash diet.

  40. Cindy says:

    http://www.businessinsider.com/jobless-claims-26-august-2010

    Did anyone say it yet? Jobless claims “unexpectedly” better.

  41. jamil says:

    Pay freeze for public parasites..Maybe there is Hope and Change after all (for this country I mean).

    “Federal workers have become a new flashpoint in the fight between Republicans and Democrats on the economy.
    House and Senate Republicans already have offered legislation to freeze the salaries of the 2 million federal employees through amendments to economic stimulus bills being ushered through Congress by Democrats. Each effort has failed due to opposition from Democrats”

  42. NJGator says:

    A tale of two council people. Quotes from last Tuesday’s Montclair Council Meeting:

    Councilman Cary Africk also weighed in: “I just want everyone to understand that the budget this year is not acceptable to me. West Orange has a zero percent budget increase this year. I don’t know how they do it but they do it. The long-term solution is reorganization and slimming down.”

    He went on to say, “We have to question how we spend money. For everything we spend money on, we have to ask ourselves, ‘do we really need this’? I just have that constant concern.”

    —Councilor Kathryn Weller-Demming called people’s attention to the anniversary of the ratification of the 19th Ammendment. She stated that people should take a moment to remember that on August 26, 1920, women were granted the right to vote. She suggested that people commemorate the date with programs and events that would mark the date.

    http://montclair.patch.com/articles/town-council-meeting-august-24-2010

  43. Mikeinwaiting says:

    Gator typical bleeding heart dribble, 19th amendment great thing. Now get over it you f88ken a88.
    —Councilor Kathryn Weller-Demming called people’s attention to the anniversary of the ratification of the 19th Ammendment. She stated that people should take a moment to remember that on August 26, 1920, women were granted the right to vote. She suggested that people commemorate the date with programs and events that would mark the date.

  44. Juice Box says:

    re #20 – You forgot Frank was a big cheerleader for the Hoboken Condo Market as well. There are now dozens of 2 bedrooms for sale under the 400k mark, way way under water about 30% from peak. I would think Frank just might be sitting on one or two of those flips.

    I also think Jorge the Mexican quant he hired back in 2007 was promoted to Frank’s job after killing it by figuring out that nonrandom events can wreak havoc on models. So he scaled his bets and made a killing for the Hedge Fund and is now driving a Bugetti Veron that Frank now has to hand wash weekly as part of his new duties as Go-Fer at the fund.

  45. homeboken says:

    I’d rather celebrate the 21st Amendment.

  46. NJGator says:

    Mike – I’m all for the 19th Amendment. However I see no need for my elected representatives to waste time babbling about it while it’s almost September, and we still have no friggin budget, and this waste of space is going to happily vote for a 10%+ budget increase.

  47. NJGator says:

    Meanwhile Stu continues to contribute witty repartee to Baristanet.

    “Spending 40 million on a school that will serve 350 students is criminal. A school that was and is wholly unneeded. Keep believing that Montclair schools are top ranked and worth every penny we pay for them. Keep believing that an appointed school board is the best value for our educational dollar. We built a 40 million dollar school and my son is entering a magnet school with a global studies theme that can’t afford a single foreign language teacher. Yup…money well spent. Someone can correct me if I’m wrong, but I think their librarian is now a teacher as well. At least the kids at Bullock can listen to piped in music when they eat lunch, while my son learns to speak Spanish from a book on tape.”

    New NJ Monthly Rankings are out and for our $110M+ spend/year, Montclair HS is ranked a less than impressive 94th in the state. We can’t even claim to be the highest ranked integrated school district anymore, as the mediocre South Orange/Maplewood Columbia HS has now moved up to 75th. And I know full well about the mediocrity of Columbia. A close relative recently taught there and he would not willingly send his own kids there.

  48. Shore Guy says:

    “New NJ Monthly Rankings are out and for our $110M+ spend/year, Montclair HS is ranked a less than impressive 94th in the state. ”

    What edo you expect? With cheapskates like you and Stu refusing to “pay what it takes” to rise in the rankings. I don’t know how you two are able to sleep at night. For once, think of the children.

  49. The always fun Albert Edwards at SocGen says ‘I told you so’, and calls for S&P 450;

    http://ftalphaville.ft.com/blog/2010/08/26/327136/everyones-an-albert-these-days/

  50. Mikeinwaiting says:

    Gator my point exactly. I could just see myself having a conversation with said council women, I would want to choke her.

  51. chicagofinance says:

    Race results from Monmouth Park
    http://www.youtube.com/watch?v=vcSMrIdVcnM

  52. Mike says:

    No. 56 Toshiro I mentioned something similar to this a couple a weeks ago and the last one to sell over $500k in my area was back in December even though there’s plenty for sale over that price.

  53. Comrade Nom Deplume aux maison says:

    [29] wanta,

    When you get serious about a bank, let me know.

    In fact, we could actually form and charter our own de novo bank. It is easier than you think.

    I can see it now: The NJREReport.com Bank and Trust.

    Or if I get to name it: The First National Bank of Nompound.

  54. Final Doom says:

    gator (47)-

    No matter how screwed I think I am in the town where I live, I’ll always think of your town and feel better.

  55. Painhrtz says:

    Goverment Job openings, I knew I shoudl have taken that African American Linguistics course in college

    http://blogcritics.org/culture/article/ebonics-proves-useful-after-all/

  56. Painhrtz says:

    Nom can I be the sargeant at arms?

  57. Final Doom says:

    chi (58)-

    Pretty soon, I’ll be spending my days at Monmouth Park.

    Or the dog track.

  58. Final Doom says:

    I want to be the head teller at Nom’s bank.

  59. Double Down says:

    Grim, shouldn’t your line be flat, when adjusted for inflation?

  60. Shore Guy says:

    I can easily see many McMansions being converted into very-undesirable multi-unit apartments. The construction is nothing like it was for the huge houses built 75-100 years ago, which later got divided into multi-unit buildings.

  61. Shore Guy says:

    And, with so many McMansions located on the outskirts of cities, lacking non-car access to jobs, food and other stores, etc., converted tracks will be a real mess in short order — perhps breeding Mc Lords of the Flies.

  62. Anon E. Moose says:

    tosh [56];

    Kudos for the Billy Joel reference in that link – “Chart 1: Is that all you get for your money?” Who needs a house out in Hackensack?

  63. Final Doom says:

    I can see McMansions turned into group home prisons, where inmates are under electronic surveillance 24/7.

  64. Juice Box says:

    re #56 – not sure how true that is, a friend of mine closed on a new home for well over 750k in July.

  65. Final Doom says:

    We can’t keep jamming prisons full of penny-ante criminals. The prisons are all filled to overflowing.

  66. Final Doom says:

    box, call Rosenberg and tell him to revise his report from 0 to 1.

  67. Shore Guy says:

    ” can see McMansions turned into group home prisons, where inmates are under electronic surveillance 24/7″

    I believe that would also make a great reality show.

  68. Shore Guy says:

    I hear the BO is going to replace the HAMP program with the Hemp progrm, where the government will provide underwater homeowners with potent pot and a waterpipe to help deaden the pain.

  69. homeboken says:

    Grim – Is the chart above correct? The pre-bubble trend line extrapolated has an unsustainable rate of change?

  70. homeboken says:

    Strike that, you answered in comment #2

  71. Unexpected HEHEHE says:

    Hype,

    I saw that Greek Finance Minister’s comments yesterday. Hilarious stuff. I am surprised our government hasn’t snapped him up as Timmay’s eventual replacement.

  72. Juice Box says:

    re #68 – Very true I lived in a converted Brownstone built in the 1890s designed and owned by German Engineers and built by Irish Laborers. Place was built with Brick and Stone, High Ceilings and plaster walls. Could not hear the neighbors except for when they had very very loud parties.

    I can’t imagine how loud the upstairs neighbor will sound in a McMansion where the celings/floors consist of wide joists and some 3/4 particle board and some thin carpet and 1/2 sheet rock to insulate the noise.

  73. BeachBum says:

    From yesterday’s thread – bullet train to Bay Head? I paged through the links but have to say I didn’t see it…As per my usual obsession, I’m interested in Belmar and North up the North Jersey Coast Line any improvement in that line would certainly make several family members very happy – although have to agree that Bay Head is really nice – with homes truly worth $1 million and not the trash people are (still) trying to sell in Belmar, et al.

    BTW, I saw that the house on 5th in Belmar – was it 502 or something sold while I was there – that one was nearly in auction I thought I would be interested in finding out how much it closed for.

  74. Juice Box says:

    re#64 – The Greyhound dog tracks in Ireland are now a popular family oriented places. My Cousin’s 6 year old daughter was allowed to go up and place a bet, she cried when her dog lost.

  75. chicagofinance says:

    Beach Bum: ARC is going to allow a one-seat train into NYC, and also it may express from LB only stopping at the Airport, NWK and SEC…..more similar in style to Metro North…..

  76. Juice Box says:

    re #81 – It’s coming albeit slowly and I would not call it a Bullet Train however. The two track 100 year old swing bridge is a chokepoint in Secaucus, it being replaced and the NJ Transit just ordered 100 Bombardier double-deck commuter cars, and new electric diesel locomotives. They can cruise at 90 MPH. Combine that with the new Hudson River tunnels and station in NYC and they should be able to shave off allot of time for the commute. A couple of NON-STOP 90 MPH runs in the morning could make it to the new station in Midtown in under and hour, it’s only about 65 miles driving. Should be complete around 2017. Hopefully there will be jobs to go to in NYC.

  77. BeachBum says:

    Jeeze – thanks for the info – but 2017 sure sounds like it’s not gonna make anyone’s day for quite a while – but hey we’ll never be able to retire so the commute may continue for a very LONG time

  78. Confused in NJ says:

    Interesting Congress is indicting Roger Clemens for lying to them, yet they lie every day to the American People, with impugnity.

  79. Mike says:

    In the last 3 years you could’nt touch anything in this best part of Cranford (College Estates Area) for under 600K and here’s one for 500K that’s why the ad says it’s the best deal in Cranford. Plenty of room for improvement. http://www.weichert.com/32403288/?cityid=11659&minpr=498&maxpr=499&view=gallery

  80. BeachBum says:

    Mike,

    Wow – half a million bucks – Cranford must be on fire!

  81. A.West says:

    Hot dog, did you all discuss the NJ Monthly school rankings while I was in China and Indonesia. Homebuilders must be warming up the bulldozers in New Providence, now that they’ve leaped far above most other towns to #5 from #17. Westfield, Princeton, and Watchung/Warren are now all down deep in the 40s, oh the humanity! Cranford and Basking Ridge holding hands at 12 and 13 – is the princess now sleeping with the servant?
    My current and former home’s high schools, Bridgewater, and Scotch Plains, hang out in respectable obscurity in the 60s, where if your kid is smart, they can learn, and if your kid is dumb, the teachers and parents let them watch Disney Channel and prepare for a career in the growing government bureaucracy.

  82. A.West says:

    87, 88,
    Well according to NJ Monthly, Cranford now suddenly has a better high school than Westfield.
    http://njmonthly.com/articles/towns_and_schools/highschoolrankings/top-high-schools-2010.html
    So who wouldn’t want to pay $500k for a POS cape there, now that we know it’s a prestigious town full of scholars.

  83. Clotpoll says:

    box (82)-

    Heartwarming. Did somebody buy her a shot of whiskey and a beer to ease her pain?

  84. Clotpoll says:

    What other country besides Ireland would encourage a 6 year old to bet on greyhounds?

    Ireland is def. leader of the white Third World.

  85. New in NJ says:

    Doom #73 –

    But how do the criminals running Corrections Corp keep their earnings up?

  86. Clotpoll says:

    confused (86)-

    Remember how all the kongresscritters lined up for that juicehead’s autograph?

    Sickening.

  87. Clotpoll says:

    new (93)-

    Time for them to branch into renditions, kidnap-for-hire and contract killing.

  88. Mike says:

    This one http://www.trulia.com/property/3008351292-10-Penn-Rd-Cranford-NJ-07016 is directly acroos the street from thr one in number 87 only $160,000 more, must be the generous upgrades.

  89. Clotpoll says:

    How many times has that house flooded?

  90. BeachBum says:

    #96 – stained glass window AND 27 photos on Trulia – it says it all…

  91. renter says:

    Can anyone give me the name of a good mortgage guy?

  92. Confused in NJ says:

    U.S. food stamps cost forecast up 14 percent

    WASHINGTON (Reuters) – With food stamp enrollment at a record high, the Obama administration estimated on Thursday the program’s cost will rise by 14 percent in fiscal 2010 and could top $60 billion.

    The administration’s budget proposal also asked for $7.777 billion for the Women, Infants and Children feeding program, up $917 million from this year, and renewed a proposal for a $1 billion a year increase for child nutrition programs.

    Food stamps are the major U.S. antihunger program and help poor people buy groceries. Enrollment has set records for three months in a row, reaching 32.55 million at latest count.

  93. Confused in NJ says:

    94.Clotpoll says:
    August 26, 2010 at 1:15 pm
    confused (86)-

    Remember how all the kongresscritters lined up for that juicehead’s autograph?

    Sickening.

    True. We have become a nation of drugees though, and non drugees may soon be the minority. They definately are the minority in Congress, Hollywood & Sports.

  94. Clotpoll says:

    Is Sammy Sosa still a white guy?

  95. Mike says:

    No. 97 I do believe you need flood insurance for that area, so what’s another thosand dollars on top of the eleven thousand dollars in taxes.

  96. Clotpoll says:

    mike (103)-

    11K in taxes…and the extra added donkey punch of seasonal flooding.

    I smell a bidding war.

  97. Clotpoll says:

    Everyone can put away their Dow 10K hats now.

  98. Clotpoll says:

    Rumor that CNBC is going to show Beaker and Michelle Caruso-Cabrera having panic sex at 3 PM.

  99. Clotpoll says:

    “So, let’s get down to the nitty gritty. If consumer debt was $13.8 trillion at the end of 2008 and the banks have since written off 5.66% of that debt, total write-offs were $800 billion. If total consumer debt now sits at $13.5 trillion, then consumers have actually taken on $500 billion of additional debt since the end of 2008. The consumer hasn’t cut back at all. They are still spending and borrowing. It is beyond my comprehension that no one on CNBC or in the other mainstream media can do simple math to figure out that the deleveraging story is just a Big Lie.

    The truth is that the debt has simply been shifted from criminal Wall Street Banks to the American taxpayer. These consumer debts were created in a private transaction between individuals and these banks. When the loans went bad, the consumer should have lost their home, car, etc., and their credit rating should have been ruined, keeping them out of the credit market for a number of years. If the banks that made these bad loans made too many, they should have failed and had their assets liquidated in bankruptcy. Instead, the Federal Government has inserted the American taxpayer into the equation by using our tax dollars to prop up insolvent Wall Street banks and allowing screw-ups who took on too much debt to live in houses for over two years without making a mortgage payment.”

    http://www.zerohedge.com/article/guest-post-great-deleveraging-lie

  100. sas3 says:

    Renter, #99

    Clot’s guy… First Valley Funding, is pretty good. Did my mortgage in ’09 and refi recently with him.

  101. Clotpoll says:

    sastry (109)-

    He should call Bob Farrell (908) 565-1640…and be sure to ask for a free toaster.

  102. Clotpoll says:

    Wow! I want to buy one of these franchises:

    “Baltimore Ravens star linebacker and likely Hall-of-Famer Ray Lewis has drafted a new team, RL52 Realty, a full service commercial real estate advisory firm. While the firm will help advise clients on decisions affecting all property types, the official launch of RL52 Realty took place this week at the International Council of Shopping Center’s (ICSC) Florida conference.

    “We are excited to announce the recent opening of RL52 Realty’s first office in Boca Raton, FL. South Florida is home to the fifth largest metropolitan market in the U.S. We believe this area currently offers one of the most opportunistic commercial real estate environments in the country,” said Ray Lewis, co-chairman of RL52 Realty. “Our team already has deep community ties and a solid infrastructure to deliver the kind of world class results you can come to expect from a Ray Lewis organization. We plan to open additional offices in high value metro markets.”

    RL52 Realty will operate under Lewis’ RL52 Group brand.”

    Does “deep community ties” mean that one of your posse has shot someone in a local nightclub?

    Real estate investor Sol Kandel, principal at USI Opportunities in West Palm Beach, FL, is acting as business advisor to RL52 Realty.

    “We believe our company objectives not only create good business opportunities, but are also good for the community and job creation,” Kandel said. “For example, we offer exciting and achievable ways for athletes and their families to find real estate-related franchises and other businesses that help them make a successful transition from their professional careers and preserve and grow their wealth.”

    RL52 Realty will help clients buy or sell, lease and manage properties in opportunistic metropolitan markets. The company will also have a community and urban re-development division.”

  103. Barbara says:

    Dewds,
    totes OT but I had to share. Took my kids to the Liberty Science Center a few days ago. They have a new exhibit titled “Communication.” In it are all sorts of interactive areas dealing with hearing, speaking, seeing, electronics, etc. But guess what else they had? A an interactive electronic graffiti wall. I sh*t you not. Kids could pick up laser spray paint cans and draw on a projected image of a brick wall…..no mention of it being illegal, or the costs to homeowners…..if I didn’t hate Fox News so much, I would have called Fox News. You go, Newark.

  104. relo says:

    112: Clot,

    RL52 = Race to the bottom for Ray’s career earnings.

    Are you signed up for Ray Ray’s tweets? jk

  105. Mike says:

    relo 111 not to worry it comes with a fireplace

  106. Shore Guy says:

    http://www.lsc.org/lsc/ourexperiences/exhibits/communication

    I just love how they describe graffiti.

  107. BeachBum says:

    Barbara, Shore Guy –

    The world is coming to an end!! What knuckleheads – it defies imagination!

  108. Clotpoll says:

    Amazing how TPTB are using the leech class to destroy the country from within.

  109. 250k says:

    NJ Monthly HS Report
    Cranford #13
    Westfield # 41

    …. well that explains why the sub 800k market has slowed down in the Brig.
    For those of you with $$$, http://bit.ly/a8RbbC.
    You can always get on the wait list for Kent Place.

  110. Clotpoll says:

    Get ’em hooked on gubmint cheese, then watch them destroy everything in sight.

  111. Clotpoll says:

    250K (119)-

    Looks like they ruined it with Home Depot shit.

  112. sas3 says:

    Clot,

    Just found out that the metallic paints on some of our walls are pretty expensive! I am worried about messing them up with Home Depot stuff — they don’t have the metallic paints though.

    S

  113. yome says:

    The government “is committed to aggressively enforcing our trade laws to ensure a level playing field for U.S. companies and their workers — the engines of our economic growth,” Commerce Secretary Gary Locke said in the statement.

    The proposals would end the practice of letting individual foreign companies seek an exemption from extra duties if they show they weren’t dumping or receiving subsidies during a certain period. Under the plan, companies would have to wait for the normal country-wide expiration of the duties.

    http://www.bloomberg.com/news/2010-08-26/obama-seeks-to-tighten-u-s-trade-laws-on-influx-of-cheap-goods-from-asia.html

  114. Justin says:

    liquidity trap anyone?

  115. Barbara says:

    I tried to get in line to tag an MS-13 on the “wall” and snap a pic, but there were too many kids with their parents in line, itching to get a try……

  116. Barbara says:

    Also, I was very vocal with my husband. I asked him loudly if there was a simulated 500.00 summons and some plastic handcuffs at the end of the line. I assumed others around me would get it. I was met with blank stares. Hopeless.

  117. Juice Box says:

    re #124 – The only way to legitimately increase economic activity during a recession/depression is to give money, or paying jobs, to those who will spend it, that being mostly the poorest half of the nation. The problem is they gave the money to the banks and they they aren’t lending so no spending in our consumer driven economic model. The banking sector has never ever lead an economy out of a recession.

    Obama is about to learn a very painful lesson in life, he is going to lose any and all political capital and will end up like Jimmy Carter who spend the last days of his administration hiding out in the White House.

  118. still_looking says:

    Isn’t it time for some new comp killers??

    Just saying.

    Yep. I need more liquor…can I really gulp knob creek?

    sl

  119. Essex says:

    128. Probably good that you are not a surgeon.

  120. Essex says:

    126. Sounds like a fun family outing.

  121. Barbara says:

    130. Essex
    graffiti cost this family 1000 last year, and I paid 75 dollars at a tax payer sub children’s museum to see it legitimized. Standing outside in 15 degree weather with denatured alcohol, scrubbing down the side of the house. Hows that for family fun?

  122. Shore Guy says:

    “Obama is about to learn a very painful lesson in life, he is going to lose any and all political capital and will end up like Jimmy Carter who spend the last days of his administration hiding out in the White House.”

    From Chairman O’s perspective, who cares.

    1) He is now and always will be called President.

    2) If he runs again and wins, he gets all the headaches and just $400,000/year for his trouble, but if he does not win or loses a reelection bid, he still earns $400,000/year and he gets to earn millions writing books and going on the speaking circuit.

  123. SG says:

    High-End of Housing Didn’t Budge in July – Zero(!) New Homes Sold for over $750,000

    Guess how many homes prices above $750k managed to sell in July.Answer — zero, nada, rien; and for the second month in a row. Only 1,000 units priced above 500,000 moved last month. That’s it! Over 80% of the homes that the builders managed to sell were priced for under $300,000.

    As it stands, median new home prices were sliced 6% in July and this followed on the heels of a 4.7% drop in June. And, at $235,300, average new home prices are down to levels last seen in March 2003, down nearly 30% from the 2007 peak. If the truth be told, if we are talking about reversing all the bubble appreciation that began a decade ago, then we are talking about another 15% downside from here.

  124. chicagofinance says:

    Jessica Fuller marries Charles Krapf….she decides to hyphenate her last name and goes by Jess Fuller-Krapf…….

  125. SG says:

    Real Estate: a Bull Case, a Bear Case, and a Prediction

    IMO, the benefits that added income over the last decade brings to the housing market is canceled out by the over-supply in many parts of the country. Cheap credit is not helping as much as expected because relatively few (compared to 4 years ago) now qualify for the credit and of those who do 10% unemployment is scaring ma fair number out of making large financial purchases. As usually happens when sentiment turns very bearish, I suspect that home prices will drop in the near term. Probably back to 2000 levels (what goes up parabolicaly usually comes down to where it started) and we will see it bounce at that level, before returning to it for several years. When the economy starts growing in a serious way, when we start seeing sustained and stable gains in the economy with no more tremors or massive moves for a year or more housing will likely start to look up. That, IMO, is when to buy.

  126. SG says:

    1 in 10 homeowners with a mortgage faces foreclosure, risks closely tied to high unemployment

    Just under 10 percent of homeowners had missed at least one mortgage payment as of June 30, according to a quarterly report on delinquencies released by Brinkman’s trade group. That’s more than double the level before the recession.

    But many experts say the situation is getting worse. July was the worst month on record for new home sales and the worst in 15 years for sales of previously occupied homes.

    Losing a job or having health problems that lead to high medical bills are among the reasons many people fall behind in their mortgage payments.

    Toni Cloyd experienced both and fell behind twice on her monthly mortgage payment of $2,200 — first in 2006 after undergoing surgery and again in 2008 after she lost a job and was out of work for six months.

    The Denver woman says she tried to catch up. She enrolled in the Obama administration’s main program to help homeowners at risk of foreclosure by lowering their monthly payments. She says she made payments that were never applied, and the bank is still demanding $98,000 in missed payments, lawyer’s bills and late fees.

    Bank of America says she never provided proper documents and was not approved for the mortgage modification.

    The end result came earlier this month. She pulled into the driveway and was embarrassed to find a foreclosure notice tacked to her door.

  127. still_looking says:

    Essex, 129.

    I’d be more worried about caffeine than alcohol for surgeons…. ever see what minuscule hand shaking looks like under a 10x magnification loops?

    Here’s a hint: “Earthquake!!!!” :)

    Ah… it’s been a fun day today… I desperately needed a day away from the pit.

    sl

  128. joyce says:

    127-
    It is worthy to note that our “consumer driven economy” is clearly flawed, and should be (allowed to) changed.

  129. still_looking says:

    And I found the most awesomest cabernet sauvignon…

    Rich, very smooth, very berry…. slightly tannic…. very mouthy.

    sl

  130. renter says:

    SAS3 & Clotpoll
    Thank you

  131. still_looking says:

    The blend of the 2006 is 79% Cabernet Sauvignon, 19% Merlot and 2% Malbec. The wine was aged in 75% new French oak for 18 months before being racked into used oak. Stylistically, the wine is classic deep, plush Napa Cab with lots of ripe Cassis fruit, sweet tannins and hints of (super quality) oak. The wine is a blend from several different vineyards and the source of the fruit is kept secret.

    Rating
    2007 Hardin rated 92 points by Robert Parker.

    Let me know if you find any… :)

    sl

    “Dense ruby/purple with elegant notes of black and red currants intermixed with licorice, subtle smoke, and striking minerality, this wine is deep, full-bodied, and opulent, with velvety tannins. It is already approachable and should continue to drink well for at least another 10-15 years. A sleeper of the vintage and an excellent value, the good news is that there are 1,456 cases of this blend of 76% Cabernet Sauvignon and the rest Merlot, Cabernet Franc, and Malbec.”

  132. sas3 says:

    You reduce a historic presidency to a pension calculation. A good news for you is that he will win in 2012, so you get to make these statements for a much longer time.

  133. Essex says:

    131. A wristrocket and a collection of steel pellets is a cure-all there.

  134. gary says:

    $690,000 for a f*cking double wide. And the description says: “Fabulous potential for all that Wyckoff offers.” It’s also listed as a “new price that sets this spacious raised ranch apart from the rest!” Does the listing agent show the seller the recent comps and similar places under contract? Are the sellers so underwater that they’re hoping for a 20% lowball just so they don’t have to write a check above 100K at the closing as they hand the keys to the new owners?

    http://www.realtor.com/realestateandhomes-detail/Wyckoff_NJ_07481_1111775451

  135. gary says:

    Look at this one! They didn’t even show you the front of the f*cking house but hope that you drop $819,000?! Holy sh1t! This agent must’ve attended the Barbara Cochran School of Brass B@lls.

    http://www.realtor.com/realestateandhomes-detail/Ramsey_NJ_07446_1116627928

  136. Barbara says:

    gary,
    shitteous.

  137. still_looking says:

    gary 144

    In rahway that’d be a 210K shack. effin’ ugly as sin.

    Remember this is prestigious bergen county…. *cough, cough*

    sl

  138. freedy says:

    how about the dump of a condo on her site for 300k , worth about maybe 200k tops

  139. still_looking says:

    barbara, were you cleaning that shit off your own house??

    Time for a huge dog, steel ankle traps (for those pesky wild animals, you know) or flood lights/camera.

    Most we’ve ever had were some toilet papered trees on mischief night.

    sl

  140. To Infinity and Beyond says:

    Occasional poster here under a different name.

    WARNING or Warning Will Robinson, if you prefer:

    I recall that some here are looking at cars. In my opinion (as an Infinity owner) a car buyer would do himself a favor by avoiding any Nissan or Infinity product. In my opinion the cas are reasonably good in terms of fit andfinish and performance but the corporate customer relations department is, again in my opinion, a disaster and far worse than any I have dealt with before and, again in my opinion, a buyer of an Infinity cannot depend on the company to stand behind its products.

    In my opinion, Infinity customer service is abysmal and it destroys any value that the brand has.

    In my opinion, a buyer would do better buying from Infinity’s competition.

  141. still_looking says:

    gary, 145

    Here’s to Ramsey — oops, I meant, Ramses – because you’re gonna need these! for the screwing over for buying that shit shack.

    sl

  142. still_looking says:

    Speaking of brass (well, just big) balls…. I give you:
    Here’s to your big balls….

    sl

  143. Theo says:

    Wine Outlet in secaucus has the Hardin for$23, but it is the 2008, not 2007.

  144. still_looking says:

    Don’t bother… 2008 not nearly as delicious… places that advertise the ’07 will call you and ask if you mind vintage substitution… I have not personally tested the ’08 but I haven’t heard great things – might be worth picking up a test bottle though.

    sl

  145. still_looking says:

    Oddly enough, the very first bottle of it I tasted (’07) is a bottle I bought from there… in June. My sister’s recommendation (she is an insane wine collector.)

    sl

  146. gary says:

    still_looking [152],

    That dude looks like he was covered under the Oblama healthcare plan. :o

  147. Satara says:

    We need to get educated! Too much spin in politics

    The story goes that when Lyndon Johnson was losing his first congressional election, he put out word that his opponent was having sex with barnyard animals. An aide innocently warned Johnson that this wasn’t true. “Make the SOB deny it,” LBJ was said to have replied

    So to say that “on Jan. 1, 2011, Democrats will drop a $3.8 trillion tax increase on American small businesses and families” is — not to put too fine a point on it — a lie

    http://money.cnn.com/2010/08/25/news/economy/Gleckman_Bush_tax_cuts/index.htm

  148. Final Doom says:

    Barb (131)-

    Why are you surprised? You need to move away from the leech-off-the-gubmint class.

  149. Final Doom says:

    sl (152)-

    Great. Now you go all Elephant Man and shit on us.

  150. I force to practice mi English as I required to say http://njrereport.com/index.php/2010/08/26/home-price-outlook-not-positive/ is my favorite blog in English. You share me, I share video.

  151. Final Doom says:

    ZH knocking the cover off the ball tonight, with a handful of first-class rip jobs.

    Here’s a fun story about a HFT algo that took a stock to .0001 USD in one second today:

    “We have long claimed that the HFT ploy to stuff quotes in an attempt to game other algorithms in pushing the bid or ask side higher or lower would eventually end in tears either for individual stocks, or for the general market, as was the case on May 6. Well, today we just experienced another mini flash crash, after some algo went apeshit and decided to hit every bid on the way down, all the way to 0.0001 (gotta love that sub penny quoting just above zero). Below we show how this algorithm pushed the stock price of Core Molding from its normal price of $4.12 all the way down to $0.0001 in the span of one second, after an HFT program went ballistic, and would have kept on hitting the subpenny $0.0001 bid in perpetuity. It must have been swell to be a CMT holder: one second your stock is worth $4.12, the next, it is worth $0.0001 (and no, not $0.0000, how else will the computers game the NBBO in subpenny increments).”

    http://www.zerohedge.com/article/demonstrating-hft-algo-gone-apeshit

  152. Final Doom says:

    Canal de Panama (161)-

    Your sister, she do donkey show?

  153. Final Doom says:

    The kids who tagged Barbara’s house probably live off WIC coupons and food stamps.

  154. SG says:

    Gary, read this article,

    Prices drop, but hopes never do

    NOT EVEN a 30 percent drop in housing prices can shake the idea that prices always go up.

    Amazingly, in the 2010 round of the survey, new buyers in Boston reported that they expected housing prices to rise by about 12 percent per year over the next decade, which is almost as unrealistic as the 13-percent-per-year growth buyers expected in 2005. Wildly optimistic beliefs about house price appreciation encourage unwise purchases and help justify mistaken policies that prod Americans to bet borrowed money on housing.

  155. SG says:

    Inventory Explodes Past the Worst of the Housing Crash

    Soft demand for existing homes pushed up inventory to a record 12.5 months of sales and easily broke the previous high of 11.3 months scored in April 2008. By this basic measure, the price of homes may reasonably be expected to fall at the most torrential pace seen during our four-year-old crash.

    Yet you will see only the most tepid warnings of this risk as described by the mainstream media with results released yesterday being worse than the most pessimistic forecast of economists surveyed by Bloomberg News. Please review the chart (above) and note that it is in record territory for the history of months-of-inventory for sale.

    “I expect double digit months-of-supply for some time – and that will be a really bad sign for house prices,” said Bill McBride of Calculated Risk, commenting on the biggest one-month drop in sales ever.

  156. Mr Wantanapolous says:

    “A good news for you is that he will win in 2012, so you get to make these statements for a much longer time.”

    Sheet, I’m digging as fast as I can. Time to hire some help.

  157. gary says:

    SG [164],

    I read a few similar articles recently. Yeah, it’s a psychological thing. It’s the same mechanism that causes people to buy high and sell low. It’s the same reasoning as if you offer someone $500 today or give them the option to wait and collect $550 a year from now. The majority will take it now. Most people seem impervious to common sense and logical.

  158. gary says:

    “I expect double digit months-of-supply for some time – and that will be a really bad sign for house prices,” said Bill McBride of Calculated Risk, commenting on the biggest one-month drop in sales ever.

    And finally… finally… just when you thought you trapped the velociraptor that has been terrorizing everyone in site for so long, big sister attacks from nowhere and sinks her teeth into you –> http://tinyurl.com/2ahcsc

  159. Al Gore says:

    Ron Paul strikes again. After failing with HR 1207 Audit the Fed despite 278 cosponsors in the House and 33 in the Senate, Dr. Paul is back again. In 2011 he will introduce legislation to audit the gold in Fort Knox.

    God I love it!

    Kepp pushing on that string baby. Gold bitchez!

  160. Comrade Nom Deplume aux maison says:

    [123] yo’me

    The adminstration is setting up roadblocks on exports, in order to “level the playing field.”

    Ha! I called this sort of thing MONTHS ago. And I said that they would do so by nibbling at the edges. Look for more of these sorts of things, and some underhanded stuff as well. I fully expect that they will do what they can to have container ships backed up outside the port of L.A.

  161. Comrade Nom Deplume aux maison says:

    [119] 250K

    Tremont St. in Brigadoon is a very nice hood. Very nice.

  162. Shore Guy says:

    Speaking of cars, what do folks think about the various BMW 5 and 3 series vehicles? Plusses minuses, rants and raves?

  163. Fabius Maximus says:

    #173 Nom

    I think Ket called protectionism back in 2008.

  164. Fabius Maximus says:

    #157

    Welcome to the blog, a lot of people in here are guilty of the same spin.. Most here forget “From whence it came!”

    $178 Billion to send out stimulus checks, yes I’m pissed I didn’t get one, and most people used it to pay off debt.
    $300Bil for his buy up of 30Yr notes and the $7500 home buyer credit
    $200 Bil for Fannie and Freedie.
    $50Bil to backstop money market funds when they start to break the buck.
    $150Bil for AIG
    And the great $700Bilf or TARP

    Tack in 5-8 Trillion for he wars, Medicare Part D and the tax cuts and yea, it’ts all down to O’s and hi $787Bil Stimulus.

  165. Fabius Maximus says:

    I have a friend recently laid off that has a choice of $1200 per month COBRA payment.

    So a question to the Wingnuts here. While you are so opposed to “Obamacare”, please find an affordable policy for a family of 4 in todays market. Put up a link and lets see what it costs and what it covers.

  166. Fabius Maximus says:

    I always wonder why they call it health “Insurance”.

    For the most part if I buy an Insurance Policy, if the event happens, there is a payout.

    If I buy life insurance and I die there is a payment.
    If I crash a car, the car insurance pays out.
    If the house burns down, the home owners insurance pays to rebuild.

    If I get sick, it claim denied or you’re not covered for that.

  167. Mikeinwaiting says:

    Fabius 1200 a month, go with out. Some choice I agree.

  168. Mikeinwaiting says:

    Shore check out the VW CC have one very happy. Get the 2 liter turbo FAST good gas mileage. Eats BMWs. Rides well, great looking, free maintenance cost less.

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