July Beige Book

From the Fed:

July Beige Book – Second District–New York

Construction and Real Estate

Residential construction has remained depressed and housing markets across the District have remained sluggish since the last report, although there has been further improvement in the rental market. An authority on New Jersey’s housing industry reports that the resale market has remained weak, and that the level of optimism appears to have waned. Prices of existing homes have continued to drift down, largely reflecting a preponderance of “distressed” sales; otherwise, prices across northern New Jersey are generally flat. While the inventory of unsold new homes is fairly lean now, the inventory of available existing homes remains elevated–as high as 16 months of sales if units in foreclosure and other distressed properties are included. Buffalo-area Realtors also report some weakening in market conditions in May and June; while foot traffic has been fairly brisk, few people have made offers. More generally, sales activity across New York State has been steady to weaker. A major New York City appraisal firm reports that both sales and prices of co-ops, condos, and single-family homes remain flat overall–both in Manhattan and in the outer boroughs–with the high end of the market accounting for a larger share of sales than last year.

In contrast with the weakness in home purchase markets, rental markets have shown increasing strength. Manhattan’s apartment rental market has strengthened since the last report. Rents on new leases were reported to be up 6 percent in June from a year earlier in June. In addition, one contact notes that landlords have pulled back on concessions, which are now reportedly being offered on fewer than 5 percent of new leases, down from 60 percent in mid-2010. Separately, the Jersey shore summer rental market is reported to be fairly strong this year, though the sales market for rental units remains sluggish. More broadly, many New Jersey landlords are reported to be pushing through rent increases for the first time since the recession.

Commercial real estate markets have been steady to somewhat weaker since the last report. Office vacancy rates and rents were generally stable across the District during the second quarter: market conditions improved slightly in the Buffalo and Rochester metro areas and in Manhattan, but they weakened moderately in northern New Jersey and metropolitan Albany. However, industrial real estate markets weakened modestly across most of the District, with vacancy rates edging up and rents drifting down.

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181 Responses to July Beige Book

  1. grim says:

    From the AP:

    Foreclosure activity down in most US metro areas

    Most of the nation’s largest metropolitan areas are seeing a sharp drop in foreclosure activity as banks take longer to move against homeowners who are behind on their mortgage payments.

    In the first half of this year, 84 percent of metropolitan areas with a population of at least 200,000 saw their foreclosure rate drop versus the same period last year, foreclosure listing firm RealtyTrac Inc. said Thursday.

    The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.

    All told, foreclosure activity declined in 178 of the country’s 211 largest metropolitan areas during the first six months of the year.

    The decline is due to delays in the foreclosure process as lenders work through foreclosure documentation problems that first surfaced last fall. Those problems prompted them to resubmit paperwork on many properties that had been slated for foreclosure and led to a slew of government investigations of the mortgage industry.

    Mortgage banks also have put off taking action against newly delinquent borrowers in order to try loan modifications or other tactics aimed at avoiding foreclosure. Lackluster home sales this year also have provided little incentive for lenders to evict homeowners and chance having the property sit empty and unsold for months.

    Some 1.7 million potential foreclosures are being held up, according real estate firm CoreLogic.

    The slowdown in foreclosure activity has been most pronounced in states where courts play a role in the foreclosure process and now have to wade through a logjam of cases.

    The 20 metropolitan areas that saw the biggest annual declines in foreclosure activity are in New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts and Illinois — all judicial foreclosure states, RealtyTrac said.

  2. Confused In NJ says:

    Interesting!

  3. grim says:

    From Bloomberg:

    BofA Donates Then Demolishes Houses to Cut Glut of Foreclosures

    Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer.

    The biggest U.S. mortgage servicer will donate 100 foreclosed houses in the Cleveland area and in some cases contribute to their demolition in partnership with a local agency that manages blighted property. The bank has similar plans in Detroit and Chicago, with more cities to come, and Wells Fargo & Co. (WFC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Fannie Mae are conducting or considering their own programs.

    Disposing of repossessed homes is one of the biggest headaches for lenders in the U.S., where 1,679,125 houses, or one in every 77, were in some stage of foreclosure as of June, according to research firm RealtyTrac Inc. of Irvine, California. The prospect of those properties flooding the market has depressed prices and driven off buyers concerned that housing values will keep dropping.

    “There is way too much supply,” said Gus Frangos, president of the Cleveland-based Cuyahoga County Land Reutilization Corp., which works with lenders, government officials and homeowners to salvage vacant homes. “The best thing we can do to stabilize the market is to get the garbage off.”

  4. grim says:

    From Bloomberg:

    Pending U.S. Home Sales Probably Decreased in June as Industry Struggled

    The number of contracts to buy previously owned U.S. homes probably fell in June for a second time in three months, a sign the housing market is straining to regain its footing two years into the expansion, economists said before a report today.

    A 2 percent decrease is projected after an 8.2 percent gain the prior month, according to the median forecast in a Bloomberg News survey of economists before the National Association of Realtors report. Separate figures may show jobless claims fell last week.

    The National Association of Realtors will report the sales numbers at 10 a.m. in Washington. Estimates for pending home sales ranged from a drop of 5 percent to an increase of 8 percent, according to 39 forecasts in the Bloomberg survey.

  5. Confused In NJ says:

    The additional interest payments associated with expanding the Debt Ceiling spells doom.

  6. Mike says:

    Good Morning New Jersey

  7. grim says:

    From Dow Jones:

    RealtyTrac: 1H US Foreclosure Rate Slows On Clogged Pipeline

    The number of properties in the U.S. that received foreclosure filings in the first half dropped 29% from a year earlier, market researcher RealtyTrac said Thursday, a decline the group attributed to a cache of foreclosures that has yet to surface.

    The group said that foreclosure activity decreased in 178 out of the nation’s 211 metropolitan areas with a population of 200,000 or greater. In an encouraging sign for the country’s worst-hit markets, the 10 cities with the highest rates of foreclosure activity all saw the rates abate in the first half. All the top-10 cities were in California, Nevada and Arizona.

    But James J. Saccacio, chief executive officer of RealtyTrac, said in a release that the sharp declines suggest a clogged foreclosure pipeline in many markets. He said it was caused “sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings–and sometimes by both.”

  8. cooper says:

    Does anyone remember how long ago Clot called the “bulldozer” tool?

    “Bank of America Corp. (BAC), faced with a glut of foreclosed and abandoned houses it can’t sell, has a new tool to get rid of the most decrepit ones: a bulldozer. “

  9. Dissident HEHEHE says:

    “The additional interest payments associated with expanding the Debt Ceiling spells doom.”

    Do you think Joe Six Pack is ever going to understand that it is already game over? That the amounts needed to service the current debt are so huge that there’s no way these clowns are ever going to do anything about it? You would think they would be dry tinder waiting for a spark. Instead they go looking for something else to use to escape from reality.

  10. cooper (8)-

    The bulldozer is a better alternative than refusing to maintain and improve the properties.

  11. Dissident HEHEHE says:

    From Michael Panzner:

    Going Bananas
    It’s been a while since I discussed our country’s increasing resemblance to a banana republic, but four recent reports essentially confirm that we’re more like those third world countries we used to make fun of than many people think. Among the things we have in common:

    http://www.financialarmageddon.com/2011/07/going-bananas.html

  12. Essex says:

    Bachmann borrowed from the federal home loan programs she wanted to shut down

    By Kase Wickman
    Wednesday, July 27th, 2011 — 10:42 am

    Despite the fact that she has spoken against loan insurers Fannie Mae and Freddie Mac, the Washington Post discovered that Rep. Michele Bachmann (R-MN) took out a mortgage totaling $417,000 to help finance her golf course home — backed by Fannie or Freddie.

    Weeks later, the woman who would become the voice of the tea party and a serious contender for the 2012 GOP nomination railed against the federal home loan program.

    A member of the House Financial Services Committee, Bachmann played a role in the federal government’s handling of the housing crisis.

    “I think what we need to do now is take a deep breath and get all of the information on the table,” Bachmann said in a 2008 Fox News appearance prior to the decision to bail out the loan programs. “Where does this all end?…Everyone thinks that’s ok, that the federal taxpayer will be the chump who at the end of the day will pay the bill.”

    Of course, Bachmann’s loans were part of the burden she was worried about taxpayers having to shoulder. In addition to the $417,000 mortgage — the maximum the programs would lend in her area at the time — she took out a $249,999 secured line of credit backed by the same house.

    In a 2010 statement, Bachmann called Fannie and Freddie symptoms of American’s “spending addiction.”

    One thing we know about Fannie and Freddie is that they cost the already overburdened and financially strapped taxpayer a pretty penny,” the statement reads. “Why should Fannie and Freddie be able to run up these numbers without the President having to reflect this risk in his budget? It just doesn’t make sense, and we owe it to the taxpayers to be transparent and forthcoming on the commitments we’re making with their credit card.”

    Fannie and Freddie-backed loans aren’t uncommon — the two companies, along with a few other federal bodies such as the USDA, own more than 90 percent of all loans, according to CBS’ Moneywatch. However, in her speeches disparaging the lenders, Bachmann did not disclose that her own debt was included in the programs.

    Bachmann’s team declined to comment on the Post’s findings.

  13. gary says:

    Prices of existing homes have continued to drift down, largely reflecting a preponderance of “distressed” sales; otherwise, prices across northern New Jersey are generally flat.

    tick… tick… tick… tick…

  14. gary says:

    We received word yesterday that my spouse has been layed off from her job as an employee of a Catholic Diocese after 14 years. That’s two now unemployed in this household. COBRA insurance is not an option since this is a private organization. Minimal health family coverage of any degree will run approximately $1000 per month or $1700 to carry the same coverage we had. I’ll repeat this one more time; consider this my learned advice: you all will be replaced in your permanent jobs in exchange for a temp worker or be offered a per diem position at a drastically reduced price as an alternative. There are or will be no such thing as career perks and benefits. It will be just a matter of survival for your family. I’m solvent as a result of years of consistent saving and investment… almost to an obsessive degree. Tell me once again how those house prices in our area aren’t going to drop 20% nominally in the next couple of years. We’d be lucky if it was only 20% and nothing more.

  15. All Hype says:

    Gary:

    Sorry to hear the news. Stay strong my friend.

  16. 3b says:

    #13 otherwise, prices across northern New Jersey are generally flat.

    For now; just the pause before the next leg down.

  17. JJ says:

    Song of the Day!!!!!

    A long, long time ago I can still remember How the 2008-2009 market used to make me smileAnd I now know what investors do at any chance Is to get themselves a margin loan in advance And maybe add some more Apple to the pileThe unemployment rate made me shiver With every statement that the Fed Beige Book delivered. Bad housing news, sovereign debt contagion and a U.S. dollar scare Still the traders couldn’t keep from taking another shareI can’t remember if I cried When I read about John Williams’ CPI But you could lose your capital and your bride The day the market diedSo bye-bye, to your piece of the pie. Investors poured their money into social media Now their equity account’s dry It’s just three months from a new multiyear high Singin’, Could we go back where we were last July? Could we go back where we were last July?Did you buy stocks you never heard of Facebook and LinkedIn at $105 or above If the shoeshine boy told you so? Now do you believe in Pandora ? Were you in Francesca’s IPO? And can you teach me about free cash flow?Well, I know that you were margined, too ‘Cause you can’t just take an intermediate-term view Your Merrill broker shut you down No more buying power could be foundThe traders never worried on the whole way up Buying Chinese reverse mergers from the back of a pickup truck But I knew some week they will all run out of luck The day the market diedI started singin’, Bye-bye to your piece of the pie Investors poured their money into social media Now their equity account’s dry It’s just three months from a new multiyear high And singin’, Could we go back where we were last July? Could we go back where we were last July?Now when this happens you’ll all be on your own Your E*Trade broker probably won’t pick up the phone But that’s not how it used to be.While investors snapped up yet another bubble With the margin debt they borrowed so easily And a quote that always flashed with greenOh, and just as things were turning ’round A Congressional committee slapped Goldman Sachs down The courtroom was adjourned A guilty verdict was returnedAnd while Cramer read a book on Hong Kong Buffett sold while listening to the strategists’ bullish bark While the bears sang dirges and came out of the dark The day the market died(Refrain)Helter-skelter in this summer swelter The bulls flew into their fallout shelter The Dow was at 12,000 but falling fastOn “Squawk Box,” Wells’ Jim Paulsen landed foul on the grass Though Joe and Becky were still trying for a forward pass With Ken Fisher on the sidelines in a castNow ‘Fast Money’s Halftime Report’ air was filled with sweet perfume But Mr. Market wasn’t playing their marching tune The bulls all got up to dance Oh, but they never got the chance! ‘Cause the bearish players took the field As the long bond climbed more than 150 basis points in yield Was mean regression ever really repealed The day the market died?(Refrain)Oh, with the hedge-hoggers all in one place George Soros, Julian Robertson and Paul Tudor Jones lost in space Too old and with no time to start again.So come on; Fed be anxious, Fed ease again! Is David Tepper still chanting amen? ‘Cause QE2 is the market’s only friendOh, as we watch the Dow Jones fall Many will receive a margin call No financial planner born in hell Could make traders want to sellAnd as investors’ equity fall fast into the crash The brokers will begin demanding cash As the perma-bulls continue to talk the trash The day the market died(Refrain)Well I met an analyst covering General Electric And I asked her for their earnings news But she just smiled and turned awayI went down to my broker at UBS’ store Where I made my fortune years before But they demanded to see my cash before I playAnd on my Bloomberg, the ticker streamed Dr. Froehlich cried and Jim Chanos dreamed. But not a bullish word was spoken The Chinese housewives all were brokenAnd the three stocks I acquired last General Motors Caterpillar and Roberts’ Comcast Couldn’t catch a bid and faded fast The day the market diedAnd they were singing (sing it for me now!), So bye-bye to your piece of the pie Investors poured their money into social media Now their equity account’s dry (everybody!) It’s just three months from a new multiyear high Singin’, Could we go back where we were last July? Could we go back where we were last July?Bye-bye to your piece of the pie Investors poured their money into social media Now their equity account’s dry It’s just three months from a new multiyear high And singin’, Could we go back where we were last July? Could we go back where we were last July?

  18. 3b says:

    #14 gary: Sorry to hear. I did not realize the Catholic schools were in lay off mode too.

  19. JJ says:

    Back when I was little in the Bronx decades ago and church employees were all Nuns and Priests that worked for free till the day they died and people made 5,200 a year I recall people dropping one dollar in the collection plate on Sunday. Fast Forward to 2011 and I still see people dropping one dollar in collection plate. Not a good business model.

    gary says:
    July 28, 2011 at 8:15 am
    We received word yesterday that my spouse has been layed off from her job as an employee of a Catholic Diocese after 14 years. That’s two now unemployed in this household. COBRA insurance is not an option since this is a private organization. Minimal health family coverage of any degree will run approximately $1000 per month or $1700 to carry the same coverage we had. I’ll repeat this one more time; consider this my learned advice: you all will be replaced in your permanent jobs in exchange for a temp worker or be offered a per diem position at a drastically reduced price as an alternative. There are or will be no such thing as career perks and benefits. It will be just a matter of survival for your family. I’m solvent as a result of years of consistent saving and investment… almost to an obsessive degree. Tell me once again how those house prices in our area aren’t going to drop 20% nominally in the next couple of years. We’d be lucky if it was only 20% and nothing more.

  20. gary says:

    I fear for what our children will have to deal with. I’m not just talking about the debt and that stuff, I mean the fact that there’s no clear, positive and consistent message coming from anywhere. You try to instill it at home and when they walk out the door, they’re bombarded by a bunch of f*cking retards debating mor0nic topics hawking uselessness.

  21. JC says:

    Sorry to hear about this, gary. We are living in scary times and no one has the answers. The only positive I see is that no one is looking to EITHER party to be the Messiah.

    You may disagree with Bernie Sanders about a lot of things, but he was spot-on about this: the oligarchs really don’t care if they turn the U.S. into a smoking ruin, because they’ve already redirected their attention to shiny new gewgaws known as “India” and “China”. And when they reduce that to a smoking ruin, they’ll move onto someplace else. The “I Got Mine And F*** You” doctrine is coming to full flower. And we are all F***ed.

    If you haven’t already seen this, George Carlin nailed it in 2005: http://youtu.be/acLW1vFO-2Q

  22. House Whine says:

    19- on the other hand, i have refrained from joining a temple because their membership fees are just too big a chunk of $$. I never felt comfortable dropping in for services since I wasn’t a full fledged member. I don’t want to be part of a “club” but I understand that the temple has to be solvent. But it’s too much $$, especially when you add in extra fees for everything.

  23. gary says:

    3b,

    The Catholic Dioceses are attempting this consortium approach where they try to prop up the weak schools/districts in an attempt to keep them going. It’s throwing good money after bad. Of course, what happens is too many try to grab the lifeboat and it all sinks.

    Less and less people have the resources… people are in survival mode. This is why this housing debate thing in our area is absurd. We are still in the early stages of major pain yet to follow. I mean… we’re talking about the U.S. credit being downgraded followed by default. Is everyone living under a f*cking rock? I just love certain peoples personal opinion on this blog… as if the have the answers based on their “intellectual” analysis. It’s f*cking comedic!

  24. gary says:

    JC [21],

    That’s the truth…

  25. gary says:

    And then, I have to see that big-eared f*cking id1ot they call the president pleading with people on TV to call their congressmen to help his cause. Are you f*cking kidding me or what? It’s like running to mommy in tears when the other kids won’t play fair.

  26. 3b says:

    #23 gary: Understand, but even with the tuition they charge now, they are still having this trouble? I mean Catholic HS’s are 10K a year, plus the mandatory fund raising. grammar schools I understand can be as much as 5 or 6k> Are they losing the people who were paying these tuitions?

  27. calico1 says:

    #14 Sorry to hear that. Hopefully some good news for your family in the horizon.

  28. House Whine says:

    Gary, is your wife eligible for NJ unemployment insurance? I seem to remember that some religious organizations don’t participate. I hope that is not the case for her.

  29. freedy says:

    almost of of the catholic schools lose money . Many more should be closed.

    Good money after bad is right. Its no wonder the church is empty on sunday for the most part.

  30. Kettle1^2 says:

    And who says the US housing market hasn’t already been nationalized!

    from #12
    Fannie and Freddie-backed loans aren’t uncommon — the two companies, along with a few other federal bodies such as the USDA, own more than 90 percent of all loans

  31. 3b says:

    Lib/Gator: Any recommendations for a good Italian restaurant in Montclair? We will be there theis evening.

  32. gary says:

    House Whine,

    She is not eligible for NJ UE insurance.

    But my message here to you all is much larger: you all need to somehow prepare because things are going to get worse before hopefully, they get better.

  33. All Hype says:

    3b:

    Try this place:

    http://osteria-giotto.com/

  34. gary says:

    3b,

    Not all the schools are joining this consortium. I think it’s just the elementary schools. The Catholic high schools are still doing ok… for now.

  35. JC says:

    Gary #25: I hope you’re not looking to the party currently hamstringing the House of Representatives for answers. The thing that distresses me the most about all the recent arguments about things like public sector workers, outsourcing, etc….is that it has middle class people battling each other instead of the power structures that put us in this mess — corporations, bankers, and yes, the government that they have bought (both parties, though the Republicans seem to be more expensive wh*res than the Dems aer). And this is just how they want it. Because as long as we are squabbling amongst each other and scrambling for scraps, we can’t fight them. I know you and I are about as far apart politically as it’s possible to be, but here we are agreeing on something important. If all of us who are being scr*wed by the current state of affairs could put ideology aside (because what is happening to the middle class transcends ideology) we might have a fighting chance.

  36. Comrade Nom Deplume says:

    With due deference to Meat: Stench of death especially strong this morning.

  37. Kettle1^2 says:

    I was at a GTG for my sons classmates and their families last night. 2 of the women are in the process of getting divorced and just started trying to sell their homes as a result. They both commented how they were SHOCKED that their homes were worth 30-40% less then the mortgage value and how they might have considered other alternatives if they had know they wouldn’t be able to sell for a profit.

    Despite all the issues in those comments it still blows my mind that the average Joe is so disconnected from reality and so addicted to the propoganda machine that they had no idea that their homes aren’t worth peak values!!!!! I heard at least 2 other people at the gtg talking up how it’s a great time to buy.

  38. Juice Box says:

    re: #32 – Gary “you all need to somehow prepare ” I hear ya loud and clear. My wife’s company had another round of layoffs this week, after lots of layoffs and restructuring for the last four years. My company is still barely hiring after the recession ended 2 years ago and we are still growing albeit at a slow pace. When people leave we simply do not fill spots, projects go undone and incomplete etc.

    Send me your CV to “seanm123” at “yahoo” dot -com-….. I’ll see if there is a match here. “No promises” even though you know that already…

  39. gary says:

    JC [35],

    Spot on… I agree. I don’t have the answer. The middle class is no longer needed in the U.S. and I don’t know which path would be the most effective.

  40. gary says:

    Juice Box,

    Thank you! :)

  41. Comrade Nom Deplume says:

    (12) sx,

    “Backed by”?

    You suggesting that she asked expressly for a gse-backed loan? Or that she could have said to the bank “no gse-backing please”?

    Absent a yes answer to either question, the story is a BS attempt at so-called journalism. And you repeated it.

    If you expect to be taken seriously, stop drinking the kool-aid.

  42. Juice Box says:

    re #37 – Sounds like they won’t be getting divorced anytime soon after all. Wouldn’t be the first time I have heard of this story. A couple I know who were getting divorced in the mid 1990s ended up living together in their underwater house until the Judge ordered him out, and he was sleeping in the unfinished basement at the time. Poor guy ended up losing everything, he slept on my couch for a week before I kicked him out to his parents. I still don’t think he has recovered.

  43. gary says:

    Someone posted an article from Businessweek last night that stated:

    20% of 25 to 54 year old men currently do not have a job. Just saying…

  44. 3b says:

    #33 Thanks.

  45. Kettle1^2 says:

    Gary 39

    sorry to hear that.

    Best solution for who, the middleclass prols? For them the best answer is probably something resembling the French revolution.

  46. JJ says:

    Bottom line everyone has their hand out for a hand out but no one wants to cough up a buck. My church is cram packed to the rafters as it is too small, every ten years someone goes this is crazy lets build a new one. Time after time church goes diocese will pay 50% of the cost to build, however, they want us to come up with 50%. Works out to like only 5k a family. All tax deducatable. Of course as soon as that comes up it is another ten years. Mind you this came up in like 1999 and 2007 when people were making money hand over fist. People today would rather lease a BMW and take a Club Med vacation when times are good then give to church and when times are bad they cry for free tuition and ask for free clothes and food. Somehow without the rich giving in and the poor still taken out is a time bomb. Other issue is my church has a cute as a buttom pre-school and nursery school with a great price. However, it starts at nine and ends at 11:30am. So many working parents now that they claim that does not help them so attendence has fallen. Meanwhile business model is to hire teachers who hit their 25 year pension mark in public school who are experienced and wants to teach for extra cash but not too much hours, plus these people need no medical. Society has changed. People want 12 hour a day day care. So class is smaller and church did not raise fees. I don’t really think Moms with kids that little should be working 12 hours a day anyhow, but the Church still needs to adjust to today.

    Other thing is Church hires tons of disabled, mentally retarted, welfare Moms, ex druggies as they will work for min wage and under state and fed programs govt will pick up half the salary. Church can pay someone to answer phones or be a guard after breat for around three bucks an hour. Church’s mission is to help the poor and by hiring these people it helps them and allows church more free money to help others. However, the church as a place to work to earn any type of living is long gone.

    gary says:
    July 28, 2011 at 9:04 am
    3b,

    The Catholic Dioceses are attempting this consortium approach where they try to prop up the weak schools/districts in an attempt to keep them going. It’s throwing good money after bad. Of course, what happens is too many try to grab the lifeboat and it all sinks.

    Less and less people have the resources… people are in survival mode. This is why this housing debate thing in our area is absurd. We are still in the early stages of major pain yet to follow. I mean… we’re talking about the U.S. credit being downgraded followed by default. Is everyone living under a f*cking rock? I just love certain peoples personal opinion on this blog… as if the have the answers based on their “intellectual” analysis. It’s f*cking comedic!

  47. BC Bob says:

    Gary,

    Sorry to hear. I’ll call you later

    On another front, JPM looking to ramp up foreclosures, will be hiring 1,000 (foreclosure dept) in their Brooklyn office. Supply will be increasing. Got demand?

  48. Mikeinwaiting says:

    Gary NJ Family Care health ins. (good by the way) , based on income not assets. Email me or give me a call been there know the ropes.

  49. 3b says:

    337 Kettle: The average Joe;s are clueless, they really are. Even after all that has happened. They just expect one day to wake up and all will be fine. In the land of Unicorns many are in absolute complete denial. When challenged and presented with facts, they ignore it, or give the eye blink/shoulder shrug.

  50. Mikeinwaiting says:

    Gary sorry to hear , same happen to us me then the wife. She found something better in 3 months, I am on the other hand so far SOL.

  51. Kettle1^2 says:

    Gary

    I just love certain peoples personal opinion on this blog… as if the have the answers based on their “intellectual” analysis. It’s f*cking comedic

    What’s wring with dooms method? String em all up and start fresh with the rotting corpses of the last group left swinging on the capital steps as a subtle reminder?

  52. Kettle1^2 says:

    3b

    that little GTG was a mixture of mendham and bernardsville familys that all think they know better…..

  53. Kettle1^2 says:

    3b

    from some of the comments those women were making I think they may be regretting some of their actions/comments to their spouse now that they don’t get to just up and walk with a pocket full of cash, which appears to have been their base assumption.

  54. 3b says:

    #42 I know a few guys too, that got absolutely destroyed, taken fro everything, really sad and unfair. And I know others who are doing the no divorce divorce, where the marriage is over, but they stay together. They work out who who what bills, etc, but basically lead separate lives. One guy i know swears by it. Says it took away all the stress and tension of pretending to be married, and going through the motions, yet much less expensive and time consuming than divorce.

  55. Kettle1^2 says:

    I have next week off. Anyone up for an AR-15 GTG at a range that works for all?

  56. 3b says:

    #53 Good, I feel no sympathy for them. So what do they tell Hubby now, it was all a big misunderstanding?? Hubby might want to consider the no divorce, divorce.

  57. Kettle1^2 says:

    3b

    it’s a good thing our divorce laws are fair and equitable.

  58. gary says:

    kettle [51],

    Doom’s advice is the only one that is the stone cold truth time and time again.

  59. gary says:

    Mikeinwaiting,

    I’ll email you… or call you. Thank you! :)

  60. Kettle1^2 says:

    3b

    I see a great joke commercial for the no-divorce divorce based on the old diet coke commercials….

  61. JJ - AKA Two Hands says:

    My third cousin does that, great deal. The OT is so high that no one will take job unless you are on the clock. My cousin with accounting degree is working 70-hours a week at Chase in that dept. With time and half starting at 40 hours that is 105 hours of pay each week. Metro tech even has employee parking and you can use the transist pass to subsidize it.

    Guess 1,000 people are hitting the jack pot at Chase. Plus that place is cheap to rent near metro tech.

    BC Bob says:
    July 28, 2011 at 9:34 am

    Gary,

    Sorry to hear. I’ll call you later

    On another front, JPM looking to ramp up foreclosures, will be hiring 1,000 (foreclosure dept) in their Brooklyn office. Supply will be increasing. Got demand?

  62. Kettle1^2 says:

    Spending the morning at the DMV is so much fun!

  63. gary says:

    Bob,

    We’ll talk later! :)

  64. Mikeinwaiting says:

    I remember posting to someone that I could get them a CHC in NJ for around 300k, here you go.
    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=67002694_11260

  65. Painhrtz - Salmon of Doubt says:

    Ket sold mine, darn wife’s unemployment, how about skeet? Could we rebuild manufacturing base on hanging corpse cages?

  66. Comrade Nom Deplume says:

    (55) kettle

    In, depending on the day.

  67. Mike says:

    Gary hope all works out

  68. Mike says:

    JJ 17 Don Mclean would be so proud

  69. Mikeinwaiting says:

    Thursday, July 28, 8:32 AM Initial Jobless Claims: -24K to 398K vs. 415K consensus. Continuing claims -17K to 3.7M.

  70. Mikeinwaiting says:

    The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 2.4 percent to 90.9 in June from 88.8 in May and is 19.8 percent above the 75.9 reading in June 2010, which was the low point immediately following expiration of the home buyer tax credit. The data reflects contracts but not closings.

    http://www.realtor.org/press_room/news_releases/2011/07/rise_june

  71. 3b says:

    #57 I had no idea how horrible they were until I had a family member go through it; absolutely horriffic. The no divorce, divorce option is probably going to becoem more common

  72. Mikeinwaiting says:

    Just the facts Ma’am.

  73. 3b says:

    #69 Mike: And last weeks claims were revised higher, and this weeks may be revised higher too, next week. Unexpectedly of course.

  74. 3b says:

    #57 kettle: In NJ after 10 years or more of marriage, alimony ie permanent.

  75. 3b says:

    Sorry should have said alimony is permanent.

  76. Kettle1^2 says:

    3b 71

    of course there is always the question of why the government has any part in a marriage

  77. Dink says:

    3B #31,

    Try Fascino and get a $25 certificate for $2 by using “save” in the promo code in the link below. Its byob.

    http://www.restaurant.com/rdc/fascino-montclair-italian-restaurant-rid=333550?&mcn=00029435

  78. NJ Toast says:

    Gary, see if Humana has any health insurance plans in NJ. A friend in another state got laid off and his family of 4 has a high deductible policy with a good Rx plan for around $300 or so per month.

  79. Simply Ravishing HEHEHE says:

    Gary,

    Sorry to hear.

  80. Ben says:

    Maybe it will reach $1,100 or so but $1,500 or $2,000 is nonsense

    Nouriel Roubini, November 4th, 2009

    oops.

  81. 3b says:

    #77 Thanks.

  82. 3b says:

    #76 True> I was shocked about the permanent alimony bit.

  83. Anon E. Moose says:

    Essex [12];

    Hit piece for the uninformed (And you found it enlightening enough to post? Hmmm…). Over 90% of all mortgages issued are ‘backed’ by Fannie, Freddie or FHA. Anyone who bought a house and didn’t pay all cash for it has their mortgage ‘backed by the taxpayer’. Fannie and Freddie have sucked up all the oxygen in the market, and there isn’t room for competition at current artificially low interest rates (particularly in light of Uncle Ben’s 24/7 printing press).

    The more important questions: A) Was she credit-worthy? Is she making her payments? If she hasn’t defaulted, the taxpayer hasn’t lost a dime. Kind of blows a hole in the thesis of the the hatchet job. No matter, though, because information wasn’t the point. B) Would the mortgage market be more efficient (read as, fewer bad loans to deadbeats at histrical peak prices) if the gov’t were to get the hell out of the way — whch is what calling for an end to taxpayer bagholding would accomplish? How is that analysis affected by MB’s use of the monopoly mortgage finance system? All questions about the author’s pay grade, it seems.

    MB makes her house payments and gets slammed for borrowing from the only game in town. I propose that defaulting deatbeats who stick their thumb in the eye of the people who gave them the money to acess their houses get shown the door with prejudice, and I’m a pariah.

    I’m still waiting for the feminist movement to find a conservative woman for whom they won’t sit silently by while she is unfairly attacked from the left. I guess there’s no room in their worldview for a woman who left the reservation.

  84. Kettle1^2 says:

    Ben 80

    3000+ here we come!

  85. gary says:

    NJ Toast,

    I checked, Humana doesn’t offer in NJ… we’re too prestigious here! :) Thank you for the info!

  86. gary says:

    Moose,

    Reading your posts are like watching a lion feasting on a wounded fawn! :)

  87. Ben says:

    Well, it must be nice to be Roubini. If he was a fund manager, he would be bankrupting his clients for always being wrong and poor management skills.. Instead, he’s got a cushy job as a tenured professor, a good PR team, charges $10,000 for a guest lecture, and runs a consulting firm to give people bad advice.

    I swear, I’m amazed at how successful one can be by simply self promoting or getting the NY Times to run a fake “he called it all” story in his favor.

  88. Kettle1^2 says:

    Pain, Nom

    My shotguns are in TN: :(

    Perhaps you, nom and i could do a “weapon of choice” GTG. bring what you got, it will be fun no matter what.

    http://youtu.be/oF5cBoAV5Ys

    Any range suggestions? day/time?

  89. Kettle1^2 says:

    “weapon of choice” GTG… guns & suit required, body armor optional ;)

  90. Al Mossberg says:

    14.

    Gary,

    Look on the bright side. Now you are free to throw off the chains of NJ and America at will. The opportunities are endless for you now.

    Your scenario is far too optimistic for where this country is headed.

  91. Al Mossberg says:

    Gary,

    “they’re bombarded by a bunch of f*cking retards debating mor0nic topics hawking uselessness.”

    That is why I have long said that public education is damaging to the young mind.

  92. Essex says:

    83. actually it’s jsut lazy journalism. What they should really be writing about is how insanely stupid she is and how her policies will decimate the country’s economy.

  93. Painhrtz - Salmon of Doubt says:

    If you want I’ll bring my 7mm and we can practice long range sniper shots. Drop is about 12 inches at 500yds. dead on at 200 yards.

  94. Al Mossberg says:

    35,

    JC,

    “The thing that distresses me the most about all the recent arguments about things like public sector workers, outsourcing, etc….is that it has middle class people battling each other instead of the power structures that put us in this mess — corporations, bankers, and yes, the government that .”

    Indeed. You are correct but the only way to mobilize the masses is to have the dependent violently stripped from the mothers t_t.

  95. Essex says:

    91. I listened to someone lecture that schools are simply warehouses. This approach is scary but in some extreme cases possibly true. Anyhow. If you don’t like your school, don’t send your kid, but public education is at least a vehicle for improvement for many, many people.

  96. JJ says:

    Since kids don’t learn anyhow what difference does it make what type of school they learn nothing in.

    The only thing we should be debating is how can we take financial advantage of the debt crisis. Of course they will solve it, but not until John Q Public panics and when fear is in the air time to start buying. Can’t decide if I should jump in on Friday afternoon or August 1st in the afternoon. Also have not yet figured out what to buy.

    What asset class will pop the most on August 2nd if on 11 pm August 1st this debt crisis is solved.

  97. Anon E. Moose says:

    Essex [92];

    actually it’s jsut lazy journalism. What they should really be writing about is how insanely stupid she is and how her policies will decimate the country’s economy.

    Well, like I’m prone to say, facts are hard. LIke Palin, I’m not at all convinced that Bachmann would be good for the country, but the crap thrown at her (and Palin) from the left says more about the left than it does the target.

    It’s a pi$$ poor excuse for intellectual bankruptcy on the left. Any you’re content to salute their banner all the same. I hope that you’re at least considered useful.

  98. Al Mossberg says:

    96,

    JJ,

    Debt ceiling raised = QE 3

    I agree. Im going to ride the junior miners until Christmas. The upcoming move in metals over the next 6 months is going to be breathtaking.

  99. make money says:

    JJ,

    If Jets sign Nhamdi, I’m making superbowl reservations.

  100. gary says:

    Al [91],

    I’m talking about every aspect of American life. Everything! The debate in this country is reasoned using retarding logic and the topic of debate is even more absurd. We’re a nation of f*cking idi0ts…. the rest of the world must be laughing hysterically!! We went from a nation that fought and won a world war on two fronts consuming just bread and water… then landed a man on the moon doing calculations using pencil and paper to debating whether McDonalds or Burger King french fries are better. Oh my G0d… we are f*cking doomed!!

  101. Comrade Nom Deplume says:

    [88] kettle,

    I am up for anything. I have my 12 if you want to share, but I also have my mini-14.

    Really depends on the range you want to go to.

  102. Comrade Nom Deplume says:

    [100] gary

    You are just realizing this now?

  103. Al Mossberg says:

    This pretty much sums it up.

    “Today, in America and the West in general, it is virtually impossible for people to get by without both spouses working – often more than one job each. The family unit has been sabatoged and instead of communal bonds bringing families closer together we have a dog-eat-dog society where even close family members are stepping over each other to survive. All the while, people are working HALF their lives to pay money into a system based on a fraudulent premise: That someone out there can do a better job of taking care of you, than you. And naturally, Mr. Obama believes he, and the system of regulatory democracy he leads, can do that.

    So why do people sit back and watch this “accident in motion” rather than just realize that the whole gig is up and it is time to face the music? Everyone is complicit in this – the people themselves who blindly gave up their individuality for false security, and the subversive group of monetary elite focused on consolidating their globalist agenda and generaly enslaving the “lower order.” Of course, the former group has been losing for a long time now, but perhaps it is now the latter group who will face some rather uncomfortable times ahead?”
    http://www.thedailybell.com/2737/Debt-Ceiling-Debate-Not-the-Real-Point

  104. Al Mossberg says:

    100.

    Gary,

    Agreed. Martin Armstrong says it best. “Unfortunately, advancement in the field of economics is diametrically opposed to the current political system. No one will risk their career to prevent what is coming. They always prefer to probe, pontificate, and prosecute AFTER the fact – never before! So our fate is thus sealed. We must endure a complete meltdown of the sovereign debt crisis because (1) it is against the self-interest of politicians to revise the current system, and (2) why should they act without proof that the system will collapse?”

  105. Comrade Nom Deplume says:

    [88] kettle

    The only range I have been to lately is Wicen’s in Furlong, PA (next to Lahaska). Kind of a hike, but it handles shot, long, and pistol. Dirt cheap too. Would have to be a full day trip cuz of distance.

    Days: I just recchecked my schedule, and have only Monday and Thursday available. I forgot that my 8YO is home with me that week, and those are the only days I think I can get coverage for her. Weekend much better. Wide open.

  106. JJ - AKA Two Hands says:

    I entered the super bowl lottery, in season ticket holder lottery and will buy tickets on stubhub if I have too.

    Can’t make first two games but will be at Dolphins and Chargers game. At Charger game will be at Tailgate Joes Tailgate before game.

    The season ticket bill is due this Friday, next two weeks might be good chance to pick up really good seats in UD. When singles go on sale I will post here the season ticket code. First five minutes they are on sale with code is free money!! You can throw them on stubhub and get paid before cc is due

    make money says:
    July 28, 2011 at 11:57 am

    JJ,

    If Jets sign Nhamdi, I’m making superbowl reservations.

  107. Happy Renter says:

    From the lead article — “the level of optimism appears to have waned”

    Jets12 — the country needs you to spread your optimism across the land, like Johnny Appleseed, only with phony 25% year-over-year price increases instead of apple seeds.

    [35] “The thing that distresses me the most about all the recent arguments about things like public sector workers, outsourcing, etc….is that it has middle class people battling each other instead of the power structures that put us in this mess — corporations, bankers, and yes, the government that they have bought”

    That particular middle class battle you describe exists because one part of the middle class (unions/government workers) expects their cushy jobs to be paid for on the backs of the rest of the middle class. When the union/government workers are knocked down into the trenches with the rest of the remaining middle class, then we can talk about shared problems/solutions. Until then, the bloodsuckers just want the charade to continue.

    [103] “Today, in America and the West in general, it is virtually impossible for people to get by without both spouses working – often more than one job each.”

    Thankfully this is not true. It is possible to live well with one working spouse, but unfortunately it requires intelligence and a responsible lifestyle, which, sadly, it lacking in the majority of the population.

    People in other countries are no smarter or better, but their relative standard of living is simply much less than ours. As recent generations of Americans have squandered the advantages we were given, we will shortly be joining the rest of the world. Until then, tune in to find out what the latest reality TV star said about that other reality TV star …

  108. Outofstater says:

    Gov Christie hospitalized with breathing problems.

  109. Outofstater says:

    Somerset Medical Center. Undergoing tests for asthma.

  110. Painhrtz - Salmon of Doubt says:

    Looks like all that praying by the teachers union is working. Get well fat a$$ so I can listen to the waricons continue to spew how your the great white whale of hope for 2012.

    Nom can’t do weekdays. what about the public penny range in Hawley, PA. but could be to far for you. not sure on handguns but could rifle away.

  111. JJ says:

    The study published in the July 2011 issue of journal Social Psychological and Personality Science reveals that marriages are more satisfying when wives are thinner than their husbands.

    A team of researchers led by Andrea L. Meltzer at the University of Tennessee studied the body mass index (BMI) of 169 newlywed couples for four years to demonstrate if body weight that plays a significant role in attraction and relationship formation, continues to shape more established relationships such as marriage, the report said.

    “BMI of couples demonstrated inconsistent effects on the trajectory of satisfaction,” it said.

  112. Happy Renter says:

    [111] “marriages are more satisfying when wives are thinner than their husbands”

    Shocker!

  113. JJ says:

    Why do you think Kim Kardashian is getting a pre-nup?

    Happy Renter says:
    July 28, 2011 at 12:35 pm
    [111] “marriages are more satisfying when wives are thinner than their husbands”

    Shocker!

  114. Comrade Nom Deplume says:

    [110] pain

    I have no problem with driving. Just don’t know how far Kettle can travel.

    Kettle, I will email Eddie for recommedations. Naturally, he will recommend his own place, but I will see if he has any faves.

  115. Just Curious says:

    Is mention of the “Beige Book” racist? SAS3, do you have an opinion?

  116. Comrade Nom Deplume says:

    [110] pain

    That is a hike, more so than Furlong. Depends on where everyone else is too. If you and Ket are NNJ, it is hardly fair for me to force my choice and make you drive.

  117. Simply Ravishing HEHEHE says:

    From The Jersey Journal:
    Wife of former mayor, Michele Russo, hired in Hudson County
    http://www.nj.com/hobokennow/index.ssf/2011/07/ex-wife_of_former_mayor_michel.html

    Things like this are why I love living in Hudson County. Anthony Russo was Mayor of Hoboken. Takes a bunch of bribes when in office. Gets cancer while in office. Gets convicted on felony bribery charges. As a consequence he is supposed to lose his pension and all benefits. Somehow he continues on Hoboken’s healthcare for close to a decade until he is kicked off this year after an audit is completed – a decade, not a peep from his sone who is on the city council for most of that time. Lo’ and behold who does Hudson County find a job for so that Anthony Russo can get back on the public’s health insurance – why his lovely wife. The same wife who was recorded on tape, while her hubby was being investigated by the FBI, shaking down tow truck operators for $5 a tow in Hoboken.

    Gary, looks like you nee to get more politically connected.

  118. Kettle1^2 says:

    Nom, pain

    can’t do weekends.

    Nom
    I emailed Anthony the same question

  119. Kettle1^2 says:

    Nom pain

    if we can match up dates it would be fun to just bring what you got. We fouls always do a round robin of sorts.

    I should be able to meet at a PA range if that’s best for everyone

  120. Barbara says:

    The middle class bought into the silly notion that they were too good to clean their own toilets and wash their own cars (I WENT TO COLLEGE!)….so they hired slave labor for it and looked the other way for 10 years or so. Now that bill has to be paid in full. Everyone I know has a maid, and none of them are rich or even have a decent savings account. How is it even possible? Its not. That’s the point.

  121. Painhrtz - Salmon of Doubt says:

    Ket it is not like we couldn’t ride together. your what 2 miles from my house?

  122. 3b says:

    #20 Barbara: I am one of the few on my block that mows the lawn; in fact I lkie mowing the lawn. Eveery one else has a lawn service, I understand teh old times who cannot do it any more, but there are guys my age an younger, who have not seen their toes in 20 years, who could use the exercice, and they too have lawn service.

  123. Kettle1^2 says:

    Pain 121

    yep we could do that

  124. Kettle1^2 says:

    From zero hedge

    We were pretty much speechless when we read this – it sure puts guarantees by Noyer, Trichet and all the other bureaumonkeys that the ECB does not accept just any collateral in perspective. From Presseurop.eu: “The most expensive footballer in history may now be used to guarantee the solvency of a Spanish bank. “Ronaldo in the bailout fund,” headlines Süddeutsche Zeitung. The daily reports that the Bankia group of savings banks, which financed Real Madrid’s acquisition of the Portuguese player, is now seeking to borrow funds from the European Central Bank. In response to the ECB’s demand for guarantees, Bankio are putting up… Ronaldo and the Brazilian Kaka, who also plays for the Madrid football club. In 2009, Real borrowed 76.5 million euros to pay transfer fees of 100 millions euros to Manchester United, and 60 million to Milan AC.”

  125. Painhrtz - Salmon of Doubt says:

    now to figure a date. Weekends seem to be bad.could lie to the spouses and say we are going to work : )

  126. Barbara says:

    protectionismisbaaaaadforAmericuh, weareacountryofimmigrants, nuclearenergyissafe, buynoworbepricedoutforever, wallstreetisthebestgameintown,keepingasavingsaccountislikethrowingmoneyaway,
    acollegeeducationispricelesssojustgetastudentloan, itsnottheheatitsthehumidity….rinse, repeat.

  127. Barbara says:

    3b.
    I have obese family members that do not even own a vacuum. Lawn service, check. Kids don’t lift a finger around the house.

  128. Barbara says:

    that = who

  129. Shore Guy says:

    Bomb materials fir personal use at Ft. Hood:

  130. House Whine says:

    Friend of mine lives on 1/2 acre, flat parcel of land. Bought himself a shiny, new riding lawn mower. Never used it- sits in the garage. Has 3 sons (two are in their early twenties and still living home) and now not a one of them wants to mow. So he hired a lawn mowing company. Meanwhile, they all could stand to lose a few pounds (or more).

  131. Shore Guy says:

    Fir, for, whatever.

  132. Shore Guy says:

    Does anything in that Ft. Hood story sound familiar?

  133. cobbler says:

    barbara [126]
    I agree with the heat and humidity line, though.

  134. Barbara says:

    cobbler,
    This time last year I was standing in the Nevada desert. 120 degrees, zero humidity. Its the heat ;P

  135. Shore Guy says:

    Well, this is an innovative “solution” to the problem:

    http://www.cnn.com/2011/OPINION/07/28/balkin.obama.options/

    snip

    We are having a debt-ceiling crisis because Congress has given the president contradictory commands; it has ordered the president to spend money, and it has forbidden him to borrow enough money to obey its orders.

    Are there other ways for the president to raise money besides borrowing?

    Sovereign governments such as the United States can print new money. However, there’s a statutory limit to the amount of paper currency that can be in circulation at any one time.

    Ironically, there’s no similar limit on the amount of coinage. A little-known statute gives the secretary of the Treasury the authority to issue platinum coins in any denomination. So some commentators have suggested that the Treasury create two $1 trillion coins, deposit them in its account in the Federal Reserve and write checks on the proceeds.

    snip

  136. cobbler says:

    actually, it’s the sun… Shady areas with the breeze are quite livable…

  137. Al Mossberg says:

    138,

    Shore,

    Thats what got Kennedy killed.

    Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.

    This executive order delegated to the Secretary of the Treasury the president’s authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act.

  138. Barbara says:

    well, it was 102 in the shade.

  139. Barbara says:

    Plus there are no shady trees in the Nevada desert. Don’t make me come over there.

  140. JJ says:

    Most long island housewives think Kooking, Kleaning and Fuking are three cities in China.

    3b says:
    July 28, 2011 at 1:17 pm
    #20 Barbara: I am one of the few on my block that mows the lawn; in fact I lkie mowing the lawn. Eveery one else has a lawn service, I understand teh old times who cannot do it any more, but there are guys my age an younger, who have not seen their toes in 20 years, who could use the exercice, and they too have lawn service.

  141. Kettle1^2 says:

    Shore 132

    that fort hood guy sounds down right incompetant! Did you read/skim the manifesto of the Norway shooter?! That is dedication to a cause and the type of person you fear

  142. Juice Box says:

    Shore Guy – Pres O must have Robert Mugabe on speed dial.

  143. Libtard at home says:

    3b – Sorry I missed your post earlier. No web access during Grand Jury selection. Fascino and Giotto are 2 of my favorites. Salute is also quite good as well. I hope you enjoy your visit tonight.

  144. Shore Guy says:

    Ket and other geeks:

    Uh oh! Just like Pluto, Earth has not cleared its orbit. I guess we are a dwarf planet too.

    http://www.thestar.com/news/canada/article/1031516–we-have-company-asteroid-discovered-in-earth-s-orbit?bn=1

  145. Kettle1^2 says:

    Shore 149

    mentally, yes we are

  146. BklynHawk says:

    Gary,

    Try this site health insurance quote site. It might at least give you some alternatives…”http://www.ehealthinsurance.com/

    BTW, a realtor sent me a listing today for a house that I looked at over two years ago which was REO at the time. Now, it’s back on the market, I assume in the same condition since they are still using the pictures that are over four years old at this point. Now, the asking price is about 18% less than two years ago. So, you might be right on the nominal drop.

  147. Shore Guy says:

    Hey Hawk,

    I was just in Lawrence, for like 5 minutes, but there nonetheless.

  148. Kettle1^2 says:

    Shore

    the next real bull market! Begin mining the near earth metallic astroids for high value minerals such as rare earths. Imagine the new round of derivatives, futures, CDOs and such the financial industry could write on astroid mining missions!

  149. Confused In NJ says:

    KILLEEN, Texas (AP) — An AWOL soldier who had weapons stashed in a motel room near Fort Hood has admitted planning an attack on the Texas post, where 13 people died in 2009 in the worst mass shooting ever on a U.S. military installation, the Army said in an alert issued Thursday.

    Pfc. Naser Abdo, a 21-year-old soldier granted conscientious objector status this year after he said his Muslim beliefs prevented him from fighting, was arrested Wednesday. Agents found firearms and “items that could be identified as bomb-making components, including gunpowder,” in his motel room, according to FBI spokesman Erik Vasys

  150. xmonger says:

    I’ve been holding on jumping in on RE since I returned to the NYC area in 2005. I just went into contract at 12% over what the prior owners paid for the home in 6/2000. This number doesn’t take into account impeccable maintenance through the years and several spendy upgrades. This is in Holmdel, NJ.

    What a horrible return for a home bought before the huge run-up in pricing. They could have cashed out for $250k more a few years back. But anyway, in time maybe I’ll be feeling the pain. However, this is as good a deal as I’ve seen in my town and renting isn’t cheap here either.

    The home is well situated up high on a hill. I’ve got guns, ammo, 2 acres, and excellent vantage points all around.

    Bring it, after my close.

  151. Al Mossberg says:

    155,

    Xmonger,

    lol. You will fit in well around here.

  152. Happy Renter says:

    (155) Xmonger – I recognize your nick from the CityData forums a while back, good memories of raining on real estate cheerleaders parades back in the bubble days – nice to see you again. Congrats and good luck – you sound well prepared :-)

  153. BC Bob says:

    X [155],

    That must be at least 40-45% off peak, not including improvements. Sounds like a great deal. Congrats!

  154. Comrade Nom Deplume says:

    (155) xmonger,

    Congrats. Welcome to bagholderhood.

    Must make a gtg sometime.

  155. Essex says:

    I feel so right now I can’t even stand it. That must count for something.

  156. Essex says:

    I feel so “good” right now I can’t even stand it. THAT must count for something!?

  157. BearsFan says:

    X (155)
    Congrats X. I’m a daily lurker here for years who is also considering putting in an offer in Holmdel. Any interest in comparing notes? It sounds like you rent there already, so I would be interested in pickin your brain.

  158. Essex says:

    155. Say hi to the Boss you lucky sob.

  159. chicagofinance says:

    xmonger and bears…..remember the uberinspector….
    in Little Silver…..
    http://www.afullhouseinspection.com/

    I’m just down 34 by the Boss….

  160. Essex says:

    I like Jersey in the Summertime.

  161. Essex says:

    down the shore everything’s alright, you with your baby on a saturday night,
    don’t you know that all my dreams come true, when i’m walkin’ down the street
    with you, sing sha la la la la la sha la la la.

  162. BearsFan says:

    chi (165)
    thanks, I will. any opinions/thoughts/general ideas you have on Holmdel/Colts Neck market, please share whatever you can (here or offline?)…i’m a lifetime Middlesex County resident. Not sure what I’m looking for…you know, when you track a market daily for over a year, I guess you just want to talk “shop” sometimes and validate what you think you see…def curious to hear anyone’s thoughts who live in the area. Thanks in advance for anything you share.

  163. chicagofinance says:

    The end is nigh (Grunge Music Edition):
    http://www.youtube.com/watch?v=e0MtvJZU920&feature=related

  164. chicagofinance says:

    I am helpful to give you info on the area, but I rent a house, so maybe that it itself is my strong commentary. However, if you do it the way XMonger has, then you are immunized. As many have said, your personal situation must drive decisions. There are some differences between CN verus HMDL (e.g., well water; muni services; schools etc.) It also depends on where household members need to commute etc. and what services/shopping you deem important. I work in RB so I am around….

    BearsFan says:
    July 28, 2011 at 10:44 pm
    chi (165)
    thanks, I will. any opinions/thoughts/general ideas you have on Holmdel/Colts Neck market, please share whatever you can (here or offline?)…i’m a lifetime Middlesex County resident. Not sure what I’m looking for…you know, when you track a market daily for over a year, I guess you just want to talk “shop” sometimes and validate what you think you see…def curious to hear anyone’s thoughts who live in the area. Thanks in advance for anything you share.

  165. vodka (52)-

    When the ultra-violence really gets going, point me toward Mendham and Bernardsville.

    I’ll show those bitches how to do it right…

    “that little GTG was a mixture of mendham and bernardsville familys that all think they know better…..”

  166. gary (58)-

    Tough love is the best love. Execute all these mf’ers, and give ’em the Mussolini-style sendoff.

  167. BearsFan says:

    Chi – Thanks. Yes, it does say a lot. Our sit. – I am self employed/work from home. Wife commuting back to Middlesex Cty. Mid 30’s. 2 YR old/1 otw. This blog helped us to decide to sell our SFH 2 years ago, and have been sitting tight, renting apartment, possessions in storage. Used this time to clear out debt (now zero), and we do well enough to be able to nibble at the lower ends of these markets. I’m very handy, not scared of much housewise, but I think as Barbara might have said few days back, a lot of these homes are pricing in the potential. Our current situation requires a move before next child Feb 2012. Rent option still on table for us…price reductions are starting itchy trigger though. I don’t idle well, and love home projects, so 1.5 years in apt. is killin me.

  168. vodka (88)-

    Love to come, but my weapon of choice these days is a broken whiskey bottle.

  169. jj (96)-

    We’re so far down the rabbit hole, the issue that pops the most in the case of default will probably be USTs.

    “What asset class will pop the most on August 2nd if on 11 pm August 1st this debt crisis is solved.”

  170. make (99)-

    There won’t be a Super Bowl if the country is eyeball-deep in depression and incipient civil war by 2/2012.

  171. vodka (124)-

    Feh. Everybody knows Cristiano Ronaldo and Kaka are already owned by Xavi and Iniesta.

    Can’t pledge their asses as collateral twice.

    “In response to the ECB’s demand for guarantees, Bankio are putting up… Ronaldo and the Brazilian Kaka, who also plays for the Madrid football club.”

  172. Al Mossberg says:

    Strap on your adult diapers tomorrow folks its going to get ugly.

    Bankers headed to DC for a meeting with the treasury dept.

    I wonder if they will recommend martial law again.

  173. Al Mossberg says:

    “WASHINGTON (AP) — Executives from the nation’s largest banks will have an opportunity Friday to ask Treasury Department officials face to face about what will happen if Congress fails to raise its borrowing limit before next week’s deadline.”
    http://news.yahoo.com/treasury-calls-bankers-york-meeting-debt-002106981.html

  174. Do you have a Facebook page or Twitter? Would love to follow you there, I’m on my iPhone and love reading your stuff!

  175. GREAT REVIEW! I pretty much agree with pretty much all you said in your post, especially at the beggining of your article. Thank you, this info is very useful as always. Keep up the good work! You’ve got +1 more reader of your blog:) Isabella S.

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