Fannie Mae: Recovery begins in Q3

From HousingWire:

Fannie Mae sees light at the end of housing tunnel

Home sales in the second quarter of 2011 were bad, according to Fannie Mae. Home prices also remain volatile, moving with gains and losses, over the past two years.

However, according to a housing forecast report card released on Friday from the government-sponsored enterprise, 2012 is likely to be a different story.

Next year will likely see meaningful gains in both categories, especially in the multifamily space. Both home sales and house prices should begin to improve from the third quarter 2011, with faster growth in the final two quarters of 2012.

“Clearly, the renewed slowdown in hiring underscores the uncertainty surrounding the economic outlook,” said Fannie Mae Chief Economist Doug Duncan. “The lack of sustained, robust job growth continues to push out into the future the time for the housing market to heal, which is crucial to a meaningful economic expansion.”

Fannie Mae also predicts mortgage rates on 30-year fixed to hit 5% in the second quarter of 2012 and keep rising from there. Liquidations, on the other hand will remain at low levels for the long term.

Demands for rentals should remain robust, according to Kim Betancourt, Fannie Mae director of multifamily economics and market research, in a separate research report.

“There is some concern that multifamily fundamentals may stagnate if job growth remains anemic, however, new rental supply will be limited, likely resulting in keeping current rent levels stable,” Betancourt wrote.

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

144 Responses to Fannie Mae: Recovery begins in Q3

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From the WSJ:

    New Jersey’s Mixed Bag

    These days it’s trickier than ever for landlords and tenants to figure out New Jersey’s industrial real-estate market which, with 800 million square feet of space, is the third largest in the country.

    Typically when vacancy falls rents rise. But in the Garden State, rents are dropping along with the availability rate, according to new data from CB Richard Ellis.

    So what gives? On one hand, the market has been absorbing some of the space glut left over from the boom years when developers were added millions of square feet of new warehouses and distribution facilities to the market. On the other hand, with the economic outlook uncertain, businesses are continuing to be cautious about taking new space, says William Waxman, a CB executive vice president.

    “Tenants who are used to years of bad news think [the market] is worse than it is and landlords who are seeing some absorption think it’s better than it is,” Mr. Waxman says. “The truth lies somewhere in the middle.”

  3. Mike says:

    Anybody want to chip in for Grim’s housewarming gift? http://cnj.craigslist.org/clt/2509542423.html

  4. grim says:

    I just hope they make that in a driveway size.

  5. Essex says:

    3. I can’t believe they’re taking a loss on it….(scratches Head)

  6. Mike says:

    Essex No. 5 Scrambled eggs go good on their Elvis collector plates

  7. grim says:

    All properties in Westfield go up by $20k…

    From the APP:

    HGTV’s ‘Home by Novogratz’ hits Jersey

    In 2009, New York designers Cortney and Robert Novogratz brought their funky-chic style to the Bungalow Hotel in Long Branch, helping to turn the oceanfront property into a playful, yet stylish oasis. Now, the husband-wife design team has returned to New Jersey as part of their new HGTV show “Home by Novogratz,” featuring a basement makeover of the Everett family’s home in Westfield and a redesign of Bungalow Hotel developer David Barry’s summer condo in Long Branch.

    The “Home by Novogratz” series focuses on design elements the average person can do themselves, Robert Novogratz says.

    “We really try and show people things they can do on budgets, give them ideas they haven’t seen before and tell them where to find more ideas themselves,” says Novogratz, who previously starred in the Bravo reality show “9 by Design” with his wife and their seven children.

  8. Dissident HEHEHE says:

    Are You Raising a Douchebag?
    Your indulgent parenting is spawning a generation of entitled hipster brats.

    Read More http://www.details.com/sex-relationships/marriage-and-kids/200711/are-you-raising-a-douchebag#ixzz1T6ya1q8f

  9. serenity now says:

    I believe that light at the end of the tunnel may be a train.

  10. Neanderthal Economist says:

    hehe, haha.
    That article made my morning.

  11. Essex says:

    9. The “Douche” shall inherit the Earth.

  12. Steve Liesman is doing a brain douche right now on CNBC.

    Default and anarchy, baby! Burn, mf’er…burn!!!!!

  13. Essex says:

    13. Oh, so you are ‘one of those’. Praying for default. When debt is simply an abstract number having little or no affect on the daily lives of most Americans, until….it does.

  14. AG says:

    The summer of dread will lead into the autumn of h_ll. Best we can hope for now is a massive dose of QE 3.

  15. Kettle1^2 says:

    Essex

    When debt is simply an abstract number having little or no affect on the daily lives of most Americans

    Is that why paying a mortgage is optional? or perhaps why you dont need to pay your carnote?

  16. JJ - AKA Two Hands says:

    What dead beat people may not realize is the recovery may not help them but actually hurt them. I see a ton of short sales as banks are trying to mitigate loss and letting people get away with forgiven balances. If home prices did rise 20% these people would still have a huge first and second mortgage, still can not refinance if home value is 99-107% of home value and banks are more likely to foreclose.

  17. 3b says:

    310 Just from skimming that article, it is hard to see how the they can talk about recovery, and than throw rising interest rates in as well. Forget about more math. We need people that can think before they write.

  18. 3b says:

    #3 Brig on Hack will be making a formal request that that wonderful piece be returned to where it rightfully belongs.

  19. Libtard in Union says:

    Mike,

    I think Grim would much prefer something he could use, like this:

    http://philadelphia.craigslist.org/grd/2496271387.html

  20. Essex says:

    What I find interesting is how the GOP essentially ran up the tab and now tossed it in the lap of the anointed one.

  21. homeboken says:

    Where is my buddy 2Cents? I wanted to give him/her a quick update on the South Orange deal of the century that hi/she is pushing. Still on the market, will pass triple digit DOM this week. Are you speaking to your clients about another price cut?

    http://www.realtor.com/realestateandhomes-detail/529-Scotland-Rd_South-Orange-Village-Twp_NJ_07079_M61147-03493

  22. Essex says:

    Well, if the proverbial shit hits the fan as some here have been predicting….what’s a gal to do? Put your head between your legs and kiss your ass goodbye?

  23. Juice Box says:

    re # 21 – Essex – WTF are you taking about the power of the purse strings lies with the control of the House of Representatives.

    Here is some simple math do the numbers already.

    Republican controlled House
    year deficit
    1996 -107.4
    1997 -21.9
    1998 69.3
    1999 125.6
    2000 236.2
    2001 128.2
    2002 -157.8
    2003 -377.6
    2004 -412.7
    2005 -318.3
    2006 -248.2
    2007 -160.7

    Total Deficit over 12 years -$1.25 Trillion

    In just 3 years under Democrats, the total deficit was $3.2 Trillion (almost triple the Republican total deficit in 12 years) and the average deficit is now almost $1.6 trillion

    Democrat controlled House
    year deficit
    2008 -458.6
    2009 -1413.6
    2010 -1294.7

    Deficit again under Republican Controlled House
    year deficit
    2011 1.6 Trillion?
    2012 1.6 Trillion?

    Republican control the House, and are doing their job. Obama is proposing 1.6 Trillion dollar deficit, they are doing what is needed and exercising control of the purse strings. Checks and Balances ever hear of that principle?

  24. JJ says:

    Trouble with the “crash” if we lose our AAA rating there is too much cash sloshing around to keep rates from shooting up too much. I am always buying, but I have nothing to buy. A little scare to drive rates up will have me with both fists buying.

    Also called on a short sale condo, realtor selling who is actually owner. Told me she has a tenant in their at $1,750 a month but she is selling as between mortgage, maint, RE taxes and two assessments due to repairs needed on building she can’t afford it. I ask her was this ever your primiar property? She goes no I bought it as an investment. I then say you bought a rental as an investment that loses $700 a month? She goes well it was only losing $200 a month when I bought it, but it was an older building that needed general building repairs and reserve fund was low and I did not realize it. I go did you go on roof, in furnance room and ask age of all major repairs, lobby, elevator, windows, pointing etc.? before you bought, she said no. I go but you are a realtor, she goes not anymore, now I do other stuff but kept my realtor license.

    I then go how did you come up with price, I priced it as little as possible that I think bank would let me do short sale at. I go ok, why price it as what it is worth. She was not too happy with me. I think they should brand a large S in the forehead of everyone who does a shortsale so banks never make a mistake again of giving them a loan.

  25. JJ says:

    Re 22, big deal triple digits in the listing date. This bad boy turned 1,600 days listed today!!! Anyone have a listing older than 1,600 days? Let the games begin.

    41 S Centre Ave
    Rockville Centre, NY 11570
    Beds: 6
    Baths: 3
    Sq. Ft.: –
    Lot Size: 4,730 Sq. Ft.
    Property Type: Residential, Detached
    Style: Store & Dwelling
    Year Built: 1910
    Community: Mixed Use
    County: Nassau
    MLS#: 1932077
    Source: MLSLI
    On Redfin: 1600 days

  26. make money says:

    Folks,

    We are are running a ponzi, this debt talk and compromise now has only one goal in mind. Enhnace the credibility level and earn the lenders confidence to keep lending. Lenders will keep lending and the ponzi continues for another decade. Green shoots and mustard seeds for everyone.

  27. Comrade Nom Deplume says:

    [28] make

    You forgot the ponies.

  28. Comrade Nom Deplume says:

    [27] redux

    Should look great over the mantle. The wife will love it. Right, Grim?

  29. JJ - AKA Two Hands says:

    Here is a good place for your next get together!

    Golden Unicorn Restaurant
    265 E Blackwell St # A, Dover, NJ 07801-4100 (973) 328-7978 ‎ ‎

  30. Shore Guy says:

    January 4, 2011, 9:00 am
    Fearing (Another) U.S. Debt Default

    By CATHERINE RAMPELL

    Over the weekend, Austan Goolsbee, the chairman of the president’s Council of Economic Advisers, argued that Congress should raise the debt ceiling. In an interview with ABC’s “This Week,” he said, “If we hit the debt ceiling, that’s essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic.”

    The merits of raising the debt ceiling aside, Professor Goolsbee isn’t quite right that an American debt default would be “totally unprecedented.” As Carmen Reinhart documented in her impressive chartbook of the last several hundred years of international financial crises, the United States has actually defaulted on its debt obligations before.

    The first time was in 1790, the only episode Professor Reinhart unearthed in which the United States defaulted on its external debt obligations. It also defaulted on its domestic debt obligations then, too.

    Then in 1933, in the midst of the Great Depression, the United States had another domestic debt default related to the repayment of gold-based obligations. Additionally, there were two episodes when a spate of American states defaulted on their debts, in 1841-42 (nine states) and 1873-84 (10 states). The havoc wreaked by these state-level defaults is part of the reason that so many states now have constitutional balanced-budget requirements.

    Mr. Goolsbee’s misstatement may be understandable, though. Countries do not like to remember embarrassing episodes of default, as Professor Reinhart and her co-author Kenneth Rogoff discovered when painstakingly compiling historical financial data for their best-seller “ This Time Is Different.” As a result, countries do not keep good records of their financial blemishes, and subsequent policy makers often never learn about them.

    snip

    http://economix.blogs.nytimes.com/2011/01/04/fearing-another-u-s-debt-default/

  31. 3b says:

    JC If you are around . We were out and about in WT yesterday. Looking at areas around Colonial, Calvin, Beech, Adams etc. My spouse really likes the area as do I. Also in Emerson, spouse not feeling it there, but I like it because of the train. Do you know anyone that drives to the train in Emerson, o Westwood from WT?

  32. Juice Box says:

    Shore the FUD machine is in overdrive put out there put out mostly by the Chicago Keynesians, we may even get to see Obama emotional and angry by next week.

  33. Essex says:

    If the congress doesn’t get it’s act together, we’ll have another correction and the 401k crowd will be working until they are 90 to recoup.

  34. joyce says:

    35
    Does “getting their act together” include being financially responsible, ever?

  35. Libtard in Union says:

    Pretty decent Dim Sum at the Golden Unicorn in NY…

    http://farm1.static.flickr.com/158/367555099_eed13f83fd.jpg

  36. Comrade Nom Deplume says:

    [32] shore

    I saw Goolsbee’s interview, and when he said that the US had never defaulted, my eyebrow went up and my reaction was “Oh, I think he may have stepped in it.” I recall thinking that he should have qualified the statement.

    I recall having the same reaction, only much more pronounced, when The One said that the Cambridge Police “acted stupidly” when they arrested his comrade. As a former Cambridge resident, Mass. attorney, and the son of a cop, I just knew he had stepped in a big ol’ steaming pile. But no one pays attention to Goolsbee, and few know their history, so this is about as much press as the default malaprop will ever get.

  37. Mike says:

    Libtard No. 20 & Comrade No. 27 Maybe just a Walmart gift card will do. Wonder if they sell porcelin fountains?

  38. WickedOrange says:

    kind of awesome:

    A visualization of US debt (credit card bill) stacked in 100 dollar bills
    http://www.wtfnoway.com/

  39. Comrade Nom Deplume says:

    [3] mike

    That gives me an idea: NJRER Awards. We can have categories, and at the end of the year, a great GTG where the trophies of Unicorns (“Unies” or “Cornies”) get handed out.

    I’d have a design contest for the award, but I fear what Meat may send in as an entry.

  40. Juice Box says:

    Who rules America?

    An Investment Manager Breaks Down the Economic Top 1%, Says 0.1% Controls Political and Legislative Process

    http://ampedstatus.org/who-rules-america-an-investment-manager-breaks-down-the-economic-top-1-says-0-1-controls-political-and-legislative-process/

  41. FKA 2010 Buyer says:

    NJ Toast from the other day

    Sounds like we have the opposite schedule. The Mrs is orginally from the Philly area and wants to move back. She actually will be working for the LMSD as a teacher. I like my job on the Street and can’t imagine giving it up right now. I will probably move full time down there but in the interim will live in my condo in SO and a few days during the week commute from Philly. Not looking forward to it but I would miss them and my little guy.

  42. Comrade Nom Deplume says:

    [40] Mike

    No, no. I think you are onto something. Maybe a larger fountain, like the one at the end of Analyze This with Billy Crystal.

  43. Comrade Nom Deplume says:

    [44] FKA

    I did that between DC and Philly for about a year. Sucked, and our living and office arrangements were a lot closer to transit. I think you would be hating life unless you had a pied-a-terre in the City, and you both lived close to transit.

  44. still_looking says:

    http://acmesmokedfish.com/retail/fridays.html

    Anyone interested in going??

    sl

  45. still_looking says:

    grim,

    Neat remodel! Color me jealous! :)

    sl

  46. still_looking says:

    Any interest in a Sat morning brunch-type GTG if hubby okays it?

    sl

  47. Comrade Nom Deplume says:

    OT Alert

    Rant on

    I am done with Cranford. Got a parking ticket there under conditions that one can charitably describe as suspicious. I always knew that Cranford’s parking operation was like a mafia shakedown, but I had successfully avoided the parking vig there for years until now.

    Then it occurred to me that there was no reason for me to go to Cranford. Ever. Yes, my beef is personal, and I intend to punish Cranford, but when I look back, I realize that I have had poor dealings with many businesses there. Some I found surly and overpriced, and some downright criminal. Even the wine vendor I kept patronizing was less and less friendly because he wasn’t making scads of money off me (I’d only buy cases and get the 20% discount). Also, I have been finding his collection to be suspect and there is lots of competition. In sum, I realized that there was no good reason to go to Cranford for anything, and a lot of good reasons NOT to go there.

    The ticket was just the last straw. Brigadoon, Mountainside, and Springfield vendors want my money and will treat me better. No brainer.

    I am so done with Cranford. Not too fond of Kenilworth either.

    Rant off

    So I am done with Cranford. I’ll fight the ticket, and probably lose, but at the end of the day, I will not spend another dime there. I am even gonna move my family’s scrips from their Walgreens to a closer pharmacy.

  48. Anon E. Moose says:

    Nom [50];

    How about NJ’s “unsafe driving” scheme for pleading moving violations. I’m no criminal defense lawyer, but to my understanding, a plea bargain is where a defendant pleads guilty to a lesser charge and accepts a lesser penatly in exchange for releiving the prosecution of the duty to conduct a trial. In NJ, a their version of a plea bargain is taht yo9u plead guilt to unsafe driving, you pay a higher fine, and in exchange there are no points placed on your driving record. Again, not being an expert, I might be forgiven for thinking this sounds like a bribe to the state to help keep insurance rates down.

    How have insurers not gotten wise to this and simply rated drivers with unsafe driving convictions as if they had greivous moving violations? Or maybe they have, which is why NJ insurance rates are so high. *shrug*

  49. grim says:

    I like Europe better, they are more efficient. There you just pay the bribe to the cop on the side of the road instead of having to go to court and paying the bribe later.

  50. Libtard in Union says:

    Forget the bribe even. Become a member of the 200 club ($200 to the PBA) and you’ll never even get a ticket anywhere in NJ. How is that crap legal? I know someone who used to get two or three speeding tickets a year and now he gets none, although he’s still pulled over regularly. I like to look at the max speed on his GPS and it often is in the 90s.

  51. 30 year realtor says:

    #51 Moose – Insurance companies are hip to that.

  52. Essex says:

    Like many who have been to traffic court the real shocker is how stupid some of the judges seem. I guess that in fact the proximity to NY just didn’t rub off in any way on the IQ of the public officials in this god foresaken place.

  53. Ben says:

    Stop washing your car if you don’t want to get pulled over. Works like a charm. My car is is a 305 HP mustang and I’ve been pulled over once in the past 7 years.

  54. joyce says:

    55
    spot on. One of the easiest jobs in the universe is a municipal court judge. How many cases go to trial… 0.1%? Probably less than that.

  55. Bystander says:

    Moose #36,

    Holy flashback. My ex’s parents went there everyday. We used to do Sunday dinners at that dump. It was a who’s who of SI’s finest trash. The ignorance and general fattiness of the customers sure was entertaining. My mistake – never marry a girl from the islands..Long Island or Staten Island.

  56. Essex says:

    58. I would think that their voices would be enough to discourage any matrimonial instincts. Hearing that accent for the rest of your life would be enough to make any man run.

  57. JJ - AKA Two Hands says:

    Went on a double date booty call once to a girls house in SI, me and my buddy drove an old wreck of a car, pull up to a shack directly by the dump. Girl goes “your car looks like it was hit by a dereck” I go what the heck is a dereck, she goes you know that big thing they use to move garbage at the dump. So finally after 15 minutes of torture her and her friends go my brothers friends are downstairs and are underage and so we, why don’t you do a beer run and come back and we can spend sometime in the bedroom. Added creepness factor with brother and friends in next room. So I am like yikes, so we go sure I will bring back a few cases, so anyhow at doorway 18 year old brother is there and goes hey how about you guys bring back an extra case or two maybe after your done if my sis is still up for it some of my friends could get some action too. I don’t think that old Chrysler ever moved so fast in its life the heck out of SI, creepy scary people. Funny part is buddies car was actually hit by a NYC Sanitation Truck a few months earlier, girl identified that sanitation equipment hit the truck. Other best part, 19 inch tv in Living Room, room, couple ash trays and milk crates were being used as chairs. LI girls are like Kate Middleton next to SI girls.

    Essex says:
    July 25, 2011 at 1:06 pm

    58. I would think that their voices would be enough to discourage any matrimonial instincts. Hearing that accent for the rest of your life would be enough to make any man run.

  58. Comrade Nom Deplume says:

    [51] moose

    I keep as much police paraphenalia on my car as I can. But with a Brig school magnet on it, the parking thugs in Cranford see easy money.

    My only real problem will be to get the wife to stop shopping Breadsmith in Cranford. She loves their bread and pastries but it is expensive and the owner is as rude as hell. I stopped going there once I had used up all my loyalty points. They now charge north of 6 bucks for a loaf of bread. Good bread, but not worth the hassle of driving to Cranford, the rude treatment or the outrageous cost.

    And don’t get me going on the dance studio there. Absolute scam artists, and I found out after we left in disgust that the owner has a well-known reputation for leering at little girls. Someone even told me that a friend caught him taking pictures of her azz. Word has gotten around the Y, so very few Brigadoonians send their girls there now.

  59. Comrade Nom Deplume says:

    [59] SX

    Hysterical. Dated an LI girl at UMass. She had a hard time fitting in, perhaps because it isn’t “different here” up in Mass. Godawful accent and attitude, a totally self-absorbed, self-entitled piece whose sole worthwhile contribution to mankind was to spread her legs.

  60. Juice Box says:

    LI girls are like Kate Middleton next to SI girls.

    Long Island or Staten Island either way in my single days in living NYC we out of our way to avoid them like Superman avoids Kryptonite.

  61. A.West says:

    Wow, Comrade. I didn’t know the Brig/Cranford turf wars were so hot. I only went there from Scotch Plains ocassionally, because a friend in Garwood settled on some Cranford coffee shop to host a few Ayn-Rand oriented get togethers. I thought Brigadoonians were supposed to be fully satisfied in all respects by their walkable downtown, between Stop&Shop and Trader Joes, high priced toy stores, street festivals and street musicians, lots of restaurants. I was ever-surprised by my general disinterest in the twenty odd restaurants in downtown. The italian pastry shop was good for an occasional expensive novelty.
    I heard that John’s meat market in Scotch Plains is the place to go for meat, but I didn’t learn about steak until after I moved out to Bridgewater. I came back there once for some dry-aged prime steaks, and they were pretty good.

  62. JJ - AKA Two Hands says:

    Funny when I was in Manhattan and single I went out of my way not to date single girls in Manhattan, when I did I avoided any girl within 40 blocks. I dated a few way upper east and one way upper west and several from Brooklyn and LI.

    Jersey Girls, SI and Upstate Girls are only ones I avoided like the plague.

    Best in my book was a girl I once dated who lived three houses from the beach in Long Beach LI. Too far away ever to pop by, her place was cool and plus in summer I used to take her out during week and if it was a slow weekend in Hamptons I swing by on the way home. Very Geographically desirable. LI blue collar south shore girls are way different from north shore girls. However, a turn off as far as dating or marriage is concerned as you can’t get rid of them. I had one who helped me fix my car, helped me paint my apt, watched the boxing match with and then gets all dressed up and somehow by then it is a turn off.

    Juice Box says:
    July 25, 2011 at 2:20 pm

    LI girls are like Kate Middleton next to SI girls.

    Long Island or Staten Island either way in my single days in living NYC we out of our way to avoid them like Superman avoids Kryptonite

  63. 3b says:

    #65 So did you marry a Bronx girl??

  64. JJ - AKA Two Hands says:

    Of course a Long Island Girl. I personally hate driving. All my friends in the city married girls from the surburbs, mainly Long Island. Girls with apartments in the city came to meet a husband but in fact it is a pretty small circle we run in. None of us by the time we were in our mid thirties wanted anything to do with a high milage high maint NYC girl. It is like buying a used car, never want one from the city with high miles that has hit a lot of pot holes. Want a new model from the surburbs. My last city girl I dated she was joking about to bad I did not meet her when she was in HS so I could be her first. Anyhow off the cuff I go how about we just do something you never did before so I can be the first at that. Girl literally went to end of bed and thought for like 20 minutes. Scary. l forget what it was but anyhow we did that, JC who would marry that girl.

    3b says:
    July 25, 2011 at 3:38 pm

    #65 So did you marry a Bronx girl??

  65. Richard Mann says:

    Grim,

    Would you mind saying what it is costing per window installed? It looks from the picture that you’re installing wood windows?

    Thanks.

  66. NJ Toast says:

    FKA I hear you. Everyone I have talked to says the long distance thing wears on you. W 2 people working, more $$ but less time & energy and stressful no matter how you slice it – Philly or NNJ, we need to be near the train either place. Know anything about the Gaslight commons apartments – hear they are having some troubles so have not looked there.

    When you get down to Philly, check out Modo Mio Trattoria – cash only joint near 696 & 95 – great food in a gentrified / yuppified area.

    Best of luck to you.

  67. Juice Box says:

    JJ – you hate driving in Long Island? Really?

    I went out on a date with a girl from Long Island, all I rememba was her funny accent
    that went something like dis. Long Island is yooj and we are all yooman beings ya know.Let’s get some Coufee and Chouclate Cake for dessert. She remarked my motha said to watch out for you Manhattan boys. I couldn’t stand her crazy accent so after dessert I dropped her off and and high tailed it 20 MPH in bumper to bumper traffic back to the city. Only time I go to Long Island now is if I get lost on my way to JFK.

  68. JJ says:

    I actually love driving on Long Island. I hate driving from and to Long Island. I fly on vacations and take train to work I only drive to beach and for errands. I hate NJ cause of all the driving. Plus NJ impossible to get to airport. I can make it to airport off peak in like 20 minutes during peak 25 minutes. It is horrible out there. I drive maybe tops 900 miles a year. And only time I am ever stuck in traffic is the once or twice a year I drive to a Jets game. I love a good SJU game in MSG. Now that is great, 40 minute LIRR ride just enough for a few tall boys and the sports section.

  69. Juice Box says:

    re #71 – jj Off peak cumon? You cannot even make it from Valley Stream to JFK in 20 minutes off peak. How about Peak to JFK from Huntington is it like 2 hours right?

  70. Essex says:

    JJ I will not sit idly by and listen to you denigrate NJ. It’s women, the commute and now the airport. JJ, you sir have offended my honor, I will see you on the field of battle 6am Sharp. Your choice, pistols or garter belts…..

  71. JJ - AKA Two Hands says:

    I go backroads through 5 towns, only yahoos take the belt. I used to make it from Great Neck to Hampton Bays in under one hour sometimes in my old mercedes, the right of way is built in when you have the star on your hood. except one pesky lexus refused to move over but around 120 he gave in. Didn’t those Japs learn nothing in WWII>

    valley stream to JFK can’t go backroads through 5 towns as that is like in a circle.

    Juice Box says:
    July 25, 2011 at 4:55 pm

    re #71 – jj Off peak cumon? You cannot even make it from Valley Stream to JFK in 20 minutes off peak. How about Peak to JFK from Huntington is it like 2 hours right?

  72. chicagofinance says:

    The End is Nigh (Air Bag Deployment Edition):
    http://www.youtube.com/watch?v=WGBcY2IoFSg&NR=1

  73. Essex says:

    75. By that logic both cars should yield to an 86 Mustang.

  74. Juice Box says:

    re: #73- Blaming the situation on the person who left office 917 days ago does not fix the spending deficits today no matter how the blame is spun on any party, it is time to cut spending and raise taxes. There is no other option other than the complete destruction of the middle class via money printing. Is that what you really want to do should we really paper over the problem?

  75. JJ says:

    the mustang plane yes. On the autobahn the big SL mercedes, the one with the big star are the most expensive and fast. The rules of road is you yield to the faster car, porshses, ferraris, SLs, are cooking in that left lane. Generally Japanese cars in the left lane basically any high end German or Itailian car you better move over quick. Lots of american drivers refust to yield. Only downside is I had a stupid Monte Carlo SS once with a radar director on my tail in Mass following me and another SL from skiing once. Jerk could not pass as he would have to pass both of us. It was January and around 20 degrees out and we were going over 100 mph jerk stayed there for 60 miles five feet off my bumper. I wanted out but guy in front of me was like five feet off my bumper and could not swing out of it, plus I had a ski rack on roof with two sets of skis. Guy most of had quite an impression, at the time an 18 year old SL with 100K miles on dial he could not pass after 60 miles of trying. 1970s German engineering should not be bessed with

    Essex says:
    July 25, 2011 at 5:24 pm
    75. By that logic both cars should yield to an 86 Mustang.

  76. Essex says:

    79. No but taking him out back and hanging him by the neck until he is dead will make a bunch of Americans feel a lot better about things.

  77. Essex says:

    81. Bush, that is.

  78. Anon E. Moose says:

    JJ [75];

    …in my old mercedes, the right of way is built in when you have the star on your hood. except one pesky lexus refused to move over but around 120 he gave in. Didn’t those Japs learn nothing in WWII?

    Seems to me they learned the same lesson that the guys who built your MB learned — losing sucks. The punchline has to come from the winning side, like the joke about the German pilot and the British pilot at Frankfurt: “…cause you lost the bloody war!”

    For that story to work, next time you tell it you need to be driving a Caddy or a classic American muscle car (e.g., Vette or Cobra). Even the Itallians can’t pull it off.

  79. Double Down says:

    “the right of way is built in when you have the star on your hood”

    Gold.

  80. Essex says:

    Yeah I wonder sometimes about the why’s and how’s of American drivers. Some people get so pissed when you pass them, it is really nothing personal. My car is designed to go fast. It doesn’t have a star on the hood but a little blue and white propeller. All I know is that when I push that pedal down she wails a gorgeous wail and pushes my back to the seat. Me likey.

  81. NjescaPee says:

    Essex. I drive a Z in Key West. 300 ponies and nowhere to go.

  82. Essex says:

    Love the Z always have. Since the 240. Good call my friend. Your drive up to Lauderdale would be fun though!

  83. chicagofinance says:

    This is Indiana Jones epic…….
    http://www.youtube.com/watch?v=JGaYovY2oGg&NR=1

  84. NjescaPee says:

    Stopped at ‘Robert Is Here’ in Florida City on the way home from Ft LAuderdale last night. Had a keylime milkshake and picked up some great produce. Place is awesome!

  85. NjescaPee says:

    Just had a Jamey fruit chilled, kinda a blend of mango and papaya. Delicious

  86. NjescaPee says:

    Mamey

  87. Comrade Nom Deplume says:

    Oh Man, Obama is selling it to the stupid. Not only is the argument logically inconsistent, it contains a lot of half truths, logical fallacies and outright lies. And after he rebuffed a bipartisan proposal from Reid and Boehner, he says the GOP is holding America hostage.

    This is seriously a speech designed to appeal to the left and those that have a functional 4th grade education. In other words, it’s a campaign speech.

  88. Essex says:

    93. Dang Brutha. Really? Do tell.

  89. Comrade Nom Deplume says:

    Boehner’s speech was no better. About the only differerence was that he didn’t lie his ass off like Barry did. Otherwise, it was also campaign pablum.

  90. Comrade Nom Deplume says:

    [94] SX

    Again, I have to meet the folks who take the Messiah’s speech hook, line and sinker. I’ve got some things to sell to them.

  91. Comrade Nom Deplume says:

    [87] SX

    One thing I noticed about the Z was that it was always driven by people who did not really know how to drive fast. At least it was that way in N.E.

    My father’s wife had a 300 and she couldn’t drive it fast if her life depended on it. But he loved taking it out. As a retired cop, he knew how to drive fast. And how to survive when a tanker truck lost sight of him one day, changed lanes, and put him into the jersey barriers on I-93. Should have been dead but walked away w/o a scratch. So much for the 300ZX

  92. JC says:

    3b #33: The problem with living in WT and driving to either Emerson or Westwood is that there is literally no place to park. I think Hillsdale will sell you a parking pass for $360/year.

    What part of Colonial/Calvin/Beech were you looking at? There’s the part north of Washington Ave., the part between Washington Ave. and Ridgewood Road (I know this part best), and the part south of Ridgewood Road.

    While my affection for the town has waned significantly since that day in May 1996 when I drove past what we going to be my house in another month with the azaleas in full bloom, I do like that it’s quiet around there. If you’re a stargazer there are nights when you can go outside and see a lot of stars and hear almost no sound except a little bit of white noise from the main roads.

    Don’t know the Adams area much except that I drive down Jackson to go home just to avoid the infamouse Washington/Pascack intersection. The Adams Pl. ranch you’re looking at makes me think of the “Retro Renovation” site, which is dedicated to “saving the pink bathrooms.” Of what’s available now, that’s probably your best bet other than that $399K cape which is probably in the Cosman/Hickory/Calvin/Walnut area south of Ridgewood Road.

  93. Shore Guy says:

    Q: How can one tell when Obama is lying?

    Say it with me folks:

  94. Al Mossberg says:

    Did Barry’s lips look extra purple tonight or was it my tv set?

  95. Shore Guy says:

    A: his lips….

  96. Shore Guy says:

    are

  97. Shore Guy says:

    moving

  98. Shore Guy says:

    The BBC on the Empty Suit in Chief:

    http://www.bbc.co.uk/news/world-us-canada-14286606

  99. Essex says:

    I like to hit the road about 5Am on Saturday with my radar detector on. Streets are empty and I have ample warning (usually). My car is limited to 150 mph — a speed which I have not approached (yet). I used to ride motorcycles until I had a kid then I decided it was not a good risk to take. My car give me a similar thrill though because it winds up like a nice sport bike and has a sweet exhaust note. Factory sport model. Comfy seats, decent stereo, even air conditioning that doesn’t affect the car one bit in terms of its performance which is a first for cars that I have owned.

  100. Fabius Maximus says:

    As Bonehead was giving his rebuttal, I was trying to work out who he remined me of and then it struck me.

    http://www.youtube.com/watch?v=oYhHyVqMjXY&feature=related

  101. relo says:

    25: JJ,

    Maybe she intuited that the USG would pay the tab like with your GM bonds?

  102. NjescaPee says:

    Speed limit doesn’t go above 35 mph on the Rock.

  103. sas3 says:

    Shore, unhealthy obsession with O? You keep talking about how tax loop holes should be closed (“flat tax”) and yet are shilling for the guys that are fighting tooth and nail against closing the loopholes.

  104. sx (14)-

    If TPTB cared anything for the individual Amerikan, they’d default ASAP.

    Debt must be acknowledged and written down when a sovereign is faced with a structural, debt deflation-type recession or depression. This is just as true for Amerika as it is for Greece. It cannot be inflated away, exported or solved by the mere printing of money.

    Just like a forest fire clears out dead underbrush and begins a new cycle of life, a default is an honest reckoning of unpaid- and unpayable- debt, from which a healthier economy should emerge.

    Of course, TPTB will play every foul card in the deck and shank the next two generations to come before succumbing to the singular, inexorable truth.

  105. NjescaPee says:

    Had a Vulcan 1500 cc, Used to love riding early Saturday mornings on back roads ofSomerset and Hunterdon counties.

  106. jj (25)-

    One of my most sincere wishes is to see the US enter into default- as in a downgrade of UST to “D” status- and then get to witness Eraserhead order a re-issue of the Continental as the new US currency.

  107. Burn the mf’er to the mf’ing ground.

  108. sas3 says:

    Nom, “and after he rebuffed a bipartisan proposal from Reid and Boehner”…

    Really? Is that the plan that got 0/51 dem votes in Senate [which I’m sure the GOP considers a mandate]? Or some hypothetical one?

  109. Shore (32)-

    Another of my nominees for Post of the Year.

    Great info.

  110. plume (42)-

    Don’t worry. Whenever I mail grenades, I make sure the pin is in. ;)

    “That gives me an idea: NJRER Awards. We can have categories, and at the end of the year, a great GTG where the trophies of Unicorns (“Unies” or “Cornies”) get handed out.

    I’d have a design contest for the award, but I fear what Meat may send in as an entry.”

  111. sas3 says:

    Clot, if the US economy goes into a depression, the vultures from China and Middle East will rule the US. It will be like the scene with Bubba’s mother in Forrest Gump — poetic justice for the freedom fry eaters!

  112. I may have the store I’m helping to fix in good enough shape to handle a NJRER Awards Ceremony in January. If not, I could probably arrange to do the event at a premier Jersey City falafel stand.

    Anyone up for this?

  113. Al Mossberg says:

    If Barry likes Lincoln so much why doesnt he just issue a currency to pay off our debts? Because he is a coward. Lincoln and JFK were not.

  114. sastry (117)-

    Before you begin to salivate too much over your pipedream, check how much US debt is held by China and the Middle East.

  115. Sell? Sell to whom?

  116. Al Mossberg says:

    118,

    Meat,

    I think downtown Camden is a better choice. Just pick a place suitable for a trash can fire and preferably close to the bike paths.

  117. al (122)-

    Disagree. The part of JC I’m in is basically Brooklyn. Very cool, very shabby chic. Everybody’s feeling some pain, but the wheels are far from coming off. All the Hudson Tea and 77 Hudson denizens can still swell around and act all proud and shit, while only giving a nod now and then to the fin de siecle they’re living.

  118. I’ve been at my job close to two weeks, and I’ve only had to clothesline one shoplifter.

    Dude was so tweaked, he collapsed when I hit him.

  119. Fabius Maximus says:

    #47 Still

    I would be wary of any food coming from Greenpoint. It is one big superfund site.

    If you do brunch, check out this place for baked goods.
    http://www.balthazarbakery.com/wholesale/retail.php

  120. Explosion reported in Golden Dragon hotel in Macau.

  121. sas3 says:

    Clot, not my pipe dream… I want the government to just raise the ceiling [like it was done so many times before], raise taxes, pay down debt [whatever little that can be paid with the increased revenues], and look for economic growth.

    I am pointing one ironic outcome for “real americans [tm]” when the guys that have money and power run to some foreign country to join their friends and rule the US from there.

    You really don’t think that the “small businesses” are some well meaning people, right?

  122. sas3 says:

    Clot, new job?

  123. chicagofinance says:

    clot: How was that weekend trip to Norway? Anything of note?

  124. chicagofinance says:

    I kind of thought this….
    http://www.youtube.com/watch?v=xaA2eKABuEE&feature=related

    Fabius Maximus says:
    July 25, 2011 at 10:45 pm
    As Bonehead was giving his rebuttal, I was trying to work out who he remined me of and then it struck me.

  125. sastry (127)-

    Can’t pay down debt with more debt.

    Time to settle up with the Devil.

  126. satry (128)-

    Yep. Doing a turnaround on a wine store in JC.

  127. chi (129)-

    All I had to do was tell people I knew Rutger Hauer, and all doors were opened.

    Warmest regards,

    Clotpoll

  128. Fabius Maximus says:

    #130 Chi,

    There is only one Palpatine
    http://tinyurl.com/3rrsbdc

  129. sas3 says:

    Clot, #131

    “Time to settle up with the Devil.”

    Or elect a GOP president, following which “deficits don’t matter”.

  130. JayG says:

    3b I am currently building a house in Emerson that will be a 4BR/2.5BA on a very private half acre and the non-broker sale price would be approx $590k. The train is within walking distance, albeit a 15 minute walk. Let me know if you are interested and I can email you blueprints and location.

  131. Neanderthal Economist says:

    “If the US economy goes into a depression, the vultures from China and Middle East will rule the US… poetic justice for the freedom fry eaters!”
    Sas, i dont get it. How is a depression or a takeover of usa either poetic or justice by any stretch of the imagination?

  132. (136)-

    Wow. A builder trolling for bagholders at NJRER. This is what it’s come to.

  133. Neanderthal Economist says:

    JayG, you had my attention at “very private half acre” but failed to hook me by dropping the “unicorns”.

  134. Unicorns not included in base price.

  135. I bet a unicorn was murdered on that property.

  136. nj escapee says:

    Benefits Shrinking for U.S. Workers

    Employee benefits continue to take a hit as the economy languishes. A survey from the Society for Human Resource Management (SHRM), sponsored by Colonial Life, says the vast majority of HR professionals report that employees are seeing notable cuts in programs related to health, retirement and quality of life. And you can say goodbye to some of the compensation bonuses that grew popular in better times, along with perks like tuition reimbursement. Even benefits that essentially cost nothing are on the decline—some employers are giving those popular Friday casual-dress days the heave-ho. On a positive note, some benefits are on the rise, such as on-site company fitness centers (they’re a way for employers to maintain a healthier, more productive workforce that is less of a drain on health-care coverage budgets.) The survey covers a range of years, but we focused on the differences in benefits provided between 2008 and today. About 600 HR executives took part in the research.

    http://www.baselinemag.com/c/a/Features/Benefits-Shrinking-for-US-Workers-539830/?kc=BLBLBEMNL07262011STR1

  137. JayG says:

    138-141 It was my first comment on the blog after reading it for about 2 years. Most of the comments on here are worthless, like yours. You can check it out for yourself (sans unicorns). 26 Pine Drive.

  138. Hey, why can’t I open your page in Safari?

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