Q3 foreclosures fall, but indicators point to a jump on the horizon

From CNN:

Foreclosures continue to plague housing market

Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.

Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac, an online marketplace for foreclosed properties.

Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases, said RealtyTrac Chief Executive James Saccacio.

“This marginal increase in overall foreclosure activity was fueled by a 14% jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months spent trying to clear the chimney of sloppily filed foreclosures,” he said.

Month-over-month, there were fewer foreclosures. Nationwide filings totaled 214,855 in September, a decrease of 6% from August and a 38% decrease from September, 2010.

“While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up,” said Saccacio.

From the Record:

Foreclosures in N.J. take an average 974 days

Foreclosures in New Jersey take an average of 974 days, or more than 2 1/2 years, RealtyTrac Inc. reported Wednesday. That’s the second-longest process in the nation, just behind New York at 986 days.

RealtyTrac also reported that foreclosure activity remained low in the state in the third quarter, down 78 percent from the third quarter of last year, as lenders dealt with accusations of sloppy documentation and legal improprieties in the foreclosure process.

Nationally, foreclosure activity was down 34 percent in the third quarter, compared with the same period in 2010.

“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork,” said James Saccacio, chief executive officer of Irvine, Calif.-based RealtyTrac, which tracks the foreclosure market nationwide.

One sign the process may be ramping up in New Jersey was a 29 percent increase in the number of default notices from the third quarter of 2010 to the third quarter of 2011. Default notices are the first step in the process.

Nationally, homes foreclosed in the third quarter took an average of 336 days to go through the system. New Jersey’s process is slower than some states’ because its foreclosures must go through the courts, which is not the case in about half the states.

The process was also slowed dramatically this year after state Chief Justice Stuart Rabner ordered six large lenders to show that they were following the rules and not filing unverified documents in foreclosures. The six lenders — GMAC Mortgage, Bank of America, Citibank, JPMorgan Chase Bank, OneWest and Wells Fargo — were cleared to begin foreclosure activity again in August and September.

In New Jersey, one in every 969 households received a foreclosure filing during the third quarter, compared with one in every 213 nationwide. Foreclosure activity in the third quarter remained highest in Nevada, California and Arizona, states that were hit hardest by the housing bust.

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

147 Responses to Q3 foreclosures fall, but indicators point to a jump on the horizon

  1. Confused in NJ says:

    Interesting!

  2. funnelcloud says:

    Good Morning NJ

  3. Mike says:

    OMG! I’ve been outsourced

  4. grim says:

    From Bloomberg:

    Strategic Mortgage Delinquencies as High as 27%

    The number of borrowers choosing to fall behind on payments on U.S. home loans packaged into bonds without government backing has held steady over the past year, meaning the “strategic delinquencies” account for a larger share of new late payments, according to JPMorgan Chase & Co. (JPM)

    Strategic delinquencies, or mortgages that turn 60 days late after home-price drops wipe out the equity of homeowners who are remaining current on other debt, totaled between about 12,000 and 14,000 a month over the past year among the loans, JPMorgan analysts led by John Sim wrote in a Sept. 30 report.

    “The more sophisticated prime and Alt-A borrowers are significantly more likely to choose to go delinquent, even when they appear to have the means to continue paying,” the New York-based analysts said.

    The share of strategic delinquencies among the total has risen to about 26 percent to 27 percent from 20 percent a year ago, according to the report.

    Amherst Securities Group LP analyst Laurie Goodman said lenders need to reduce principal for homeowners to stem the foreclosure crisis, which otherwise may engulf more than 10 million additional properties, she estimated.

  5. grim says:

    “Lower our mortgage balances or we will default.”

    Awesome. Loan me money and it’s my problem, loan us money, and it’s yours.

  6. grim says:

    From CNBC:

    Low Mortgage Rates are a Ruse—Nice if You Can Get ‘Em

    For weeks now we’ve been touting new record-low rates on 15- and 30-year fixed mortgages.

    They’re floating around four percent, dipping below four when Europe explodes, then back just above four percent this week, as the stock market makes a turnaround.

    Whatever the exact daily rate, the message is that the rates are a steal, and they should make home refinancing and home buying a steal.

    Not so much.

    The problem is that these low rates are not going to the borrowers who need them the most, and even worse, these rates should actually be lower than they are.

    “When there’s a rush of refinancers, lenders become flooded with volume and can adjust rates to slow their pipelines and increase margins,” says LendingTree Chairman and CEO Doug Lebda. “It becomes a matter of supply and demand, which unfortunately means borrowers are seeing higher rates than what’s being reported.”

    Lending Tree looked at spreads between the 10-year treasury rate and the average national rate on the 30-year fixed a few weeks ago, when rates were nearing record lows.

    “The 10-year treasury rate was at 1.88 percent, while the average national [mortgage] rate was at 4.03 percent. An alarming 215 basis point spread (compared to the 153 average basis point spread seen over the past 10 years) means that the full benefit of these low rates aren’t getting to consumers.”

  7. funnelcloud says:

    Good Morning Mike! Not Outsourced, I’m an apprentice, Been waiting patiently for the day that I beat you to the punch though. So Ha! I’ll say it again,,,Gooood Morning New Jeeeeersey!

  8. grim says:

    C’mon, no downpours, no rain!

    We put down almost 100 cubic yards of topsoil and seeded… 3 times now because of the rain. Lawn is finally starting to come in nicely, and the last thing I want to deal with is another washout.

  9. funnelcloud says:

    Hey Grim #6
    Banks Borrow 20-30 billion of the taxpayers money at 0.0%…Then loan the money back to the Gov’t by buying US treasuries at 1.88% skimming about what ??? I’m guessing 400 million a year off of the free money. So why should they loan it to the people? There’s no incentive.

  10. Al Mossberg says:

    Stench of Death is everywhere isnt it?

    Here is some good news.

    Commercial shorts on silver.

    Was 65,000. Now around 18,500. Big boys might be going long. CFTC meeting on the 18th I believe. JP Morgan and HSBC covered a sh_tload of shorts.

  11. Al Mossberg says:

    9,

    Funnel,

    It’s a giant club and you aint in it.

  12. Dissident HEHEHE says:

    From Ritholtz:

    Florida AG Takes Orders, Money from Fraudclosure Firm

    “Last year, we noted the fantastic report issued at of the Florida Attorney General’s office that detailed the rampant fraud in the foreclosure operations of major loan servicers and banks (Florida Attorney General Report on Fraudclosure). It was put together by June Clarkson and Theresa Edwards.

    That was before the AG’s office was sold to the highest bidder. The new AG, Pam Bondi, “mysteriously” decided to fire the two lawyers.

    Mystery solved:

    http://www.ritholtz.com/blog/2011/10/florida-ag-taking-orders-dirty-money-from-fraudclosure-firm/comment-page-1/#comment-588303

    Ain’t that f’g America in a nutshell? Punish them truth-tellers; promote the bs. artists and those who look the other way:)

  13. Bocephus says:

    Someone tell me how I can make a killing in real estate in Northern NJ. I hear the time is right to buy.

  14. funnelcloud says:

    No. # 15 Bocephus
    Marry some rich old hag with a gigantic estate
    Then kill her and inherit it.
    That question goes right up there with “Can someone tell me a product I can buy and sell on e-bay for a profit. ”
    If we had the answer, we wouldn’t be telling, we’d be investing>

  15. Comrade Nom Deplume says:

    [15] boc

    As Twain said, “choose your parents carefully.”

  16. 3B says:

    #15 I hear the time is right to buy.

    I think you need a hearing aid.

  17. NJGator says:

    HEHEHE 13 – Don’t get me started on how corrupt Florida government is. Fun Florida Fact of the Day…Did you know that the nickname of the current FL Speaker of the House when he was UF Student Body President was “Sticky Buns”.

  18. funnelcloud says:

    Mr Mossburg #11
    I’d rather be in the Zombie hunting club with there went meat, I think it would be more fun

  19. FKA 2010 Buyer says:

    http://www.housingwire.com/2011/10/12/schwab-sp-500-index-fund-sues-bofa-former-ceo-ken-lewis

    BofA lawsuit centers on secrets at Merrill

    The Schwab S&P 500 Index investment fund filed a multibillion-dollar lawsuit against Bank of America (BAC: 6.58 0.00%) and its former CEO Ken Lewis this week, claiming the bank’s former leadership hid losses at Merrill Lynch from shareholders and made material misrepresentations about Merrill before acquiring the investment bank three years ago.

    In their capacity as shareholders, the Schwab S&P 500 plaintiffs, and several other similar Schwab funds, claim the bank’s leadership failed “to communicate with BofA shareholders” about details of Merrill’s financial situation and the government bailout funds that made the merger possible.

    In the suit, the Schwab S&P 500 claims “the defendants obtained shareholder approval for the merger based upon materially false and misleading statements and omissions of material fact in the proxy statement and related solicitation materials.”

  20. 30 year realtor says:

    #15 Bocephus – Have 3 new shortsales in Paterson. Each is fully rented at about $2,000 per month. Tenants pay all utilities except water. Probably can buy them for less than $100,000 each. Big cash flow! Bigger headaches!

    Welcome to the land of opportunity!

  21. 30 year realtor says:

    Also have a totally stripped 2 family off Union Ave in Paterson. Has a buildable lot that goes with it as a bonus. You can renovate the old building and build a new one. Ask for the package, $59,900!

    Opportunity abounds!

  22. Mikeinwaiting says:

    30 year Not with a ten foot pole, I have been a landlord.

  23. Mikeinwaiting says:

    Things are just peachy.
    Holiday peak in shipping volumes disappears. Instead of the typical July-September rise in shipments ahead of the holiday season, the Port of Long Beach reports 2 months of declines (and #3 expected soon) as retailers take a conservative stance on orders. The Port of Los Angeles as well as the rail companies are seeing similar action. Any peak in air transport will obviously come closer to the holidays, but FedEx (FDX) CEO Fred Smith isn’t expecting a repeat of last year’s strong season.

    http://seekingalpha.com/article/299266-wall-street-breakfast-must-know-news

  24. nj escapee says:

    I suppose there a degrees of corruption. I look at taxes as a good metric for corruption. I pay 1,200 / yr real estate tax in Key West Vs. 10,000 I paid in NJ. Which has the greater opportunity for politicians to line their own pockets? Hmm…

  25. Mikeinwaiting says:

    Real Estate – No Light At The End Of The Tunnel
    http://seekingalpha.com/article/298644-real-estate-no-light-at-the-end-of-the-tunnel

    “Do not get excited. I do not see a light at the end of the tunnel. We have been in the tunnel for so long that I’m just wondering if we will recognize it when the time comes. More importantly, are policy makers aware that the light they are seeing may just be an oncoming train?”

    Check out link, charts of RE indexes. Heading south just doesn’t due them justice.

  26. Mikeinwaiting says:

    due = do, more coffee.

  27. Juice Box says:

    re: #13 – As I said yesterday it will all be but a memory soon enough when you are old. If you want to complain about Wall St, foreclosure mills, unregulated derivatives, Attorney generals, Congress, the Fed or the POTUS or any other kind of frauds you can head down to Zucotti Park, but do so before Bloomberg kicks out the Hippes to clean to concrete and marble.

    I would not be surprised is a fence goes up around Zucotti Park tomorrow night before the big protest on the 15th.

  28. gary says:

    grim [8],

    Forget the grass, you’re in North Jersey. You should’ve just poured concrete, some stone walkways and two cement lions at the entrance of the driveway. Oh, and don’t forget the gold wrought iron railings. And finally, leave the gun and take the canolis!

  29. nj escapee says:

    JB, NYC still has hippies? I thought they were made extinct afer the Filmore East on 2nd avenue closed back in ’71.

  30. Al Mossberg says:

    20,

    Funnel,

    There will be plenty of time for zombie hunting when you are shoveling starving carcasses off of your driveway.

  31. Juice Box says:

    Hippies have always existed and will always stink.

  32. jamil says:

    ah the great people of Zucotti Park.

    Let’s imagine, for a second, how State Media would report these bums if they were Tea Party members, given that
    – in public TV interviews they blame the Jews for the money problems, (and also, for blowing up the WTC)
    – they demand free stuff, because..they want it
    – lilywhite OWS fleabagger group attacks black museum guards in DC
    – they sneered and attacked latino reporter
    – there have been public calls for violence (“violence is needed”) murder etc
    – they leave trash behind everywhere they are (millions to clean up the mess)
    – unions are busing in activists, and various groups are paying people to show up (who are unable to say what their signs say or say what they are protesting when asked) [but don’t you dare to suggest astroturf]
    – 34% of them (according to NY Magazine) rates US no better than Al-Qaida

    Well, at least they have received public support from Iran, US Communist Party and US Democratic Party.

    Yeah, State Media would bring them umbrellas and treat them nicely.

  33. HE (13)-

    Fascist States of Amerika. Wait ’til the fraudclosure “settlement” is worked out with the 50 state AGs. It will amount to a slap on the wrist, a stern talking to, a mumbled promise from the banks to never do it again…then, a quick return to the buttr@pe of the individual shmoe.

  34. The banksters and politicians will probably wonder where the hell it went all wrong when they eventually end up quivering at the business end of a pitchfork.

    We all know where this is headed. OWS is just the morning cup of coffee before the good ultra-violence gets going.

  35. mikey (24)-

    But have you been a slumlord?

    “30 year Not with a ten foot pole, I have been a landlord.”

  36. Shore Guy says:

    “I pay 1,200 / yr real estate tax in Key West Vs. 10,000 I paid in NJ. ”

    Now, consider this. At a 50% income tax rate (social security, state tax, fed tax) you need to earn $2,400/yr to pay those taxes in Florida vs. $20,000 in NJ.

  37. Shore Guy says:

    Of course, in Florida you lacl proximity to NY. So, it all comes out in the laundering.

  38. nj escapee says:

    Shore: ROFLMAO any questions?

  39. Comrade Nom Deplume says:

    Prof. McDullard,

    You have mail.

  40. Comrade Nom Deplume says:

    [32] Al

    “There will be plenty of time for zombie hunting when you are shoveling starving carcasses off of your driveway.”

    The nompound will have a secluded spot with a deep slit trench and lots of lime standing nearby. Zombies make great fertilizer.

  41. Comrade Nom Deplume says:

    [37] Meat

    How you gonna get the pitchfork onto Caribbean Airlines or Aer Lingus so you can go to where the banksters are? You think they will hang around Manhattan like the Schemerhorns?

    For that matter, how you gonna get past the Greenwich Police? They know who butters their bread and it ain’t OWS.

  42. nj escapee says:

    Shore, wait a minute I feel left out, we don’t pay state or local income taxes here in Florida. Maybe we pay higher sales tax. no, that’s not it either. Must be the unicorns up there in prestigious northern NJ / NYC.

  43. chicagofinance says:

    You will need foodstuffs…..
    http://www.youtube.com/watch?v=ANljAR-owjA

  44. JJ says:

    Now if it wasnt for the 250k pay cut I would have to take to move there you numbers would look great.

    Guy I know who works in NYC and lives nearby in a rich BC train stop town just switched jobs for a 8 figure raise. But wait he could move to Florida and save 15K in taxes, I better tell him.

    nj escapee says:
    October 13, 2011 at 11:17 am
    Shore, wait a minute I feel left out, we don’t pay state or local income taxes here in Florida. Maybe we pay higher sales tax. no, that’s not it either. Must be the unicorns up there in prestigious northern NJ / NYC.

  45. nj escapee says:

    JJ, You must be one of Donald Trump’s crowd. Even he hangs out in Florida.

  46. Shore Guy says:

    “Must be the unicorns up there in prestigious northern NJ / NYC.”

    Youe envy shines through in brilliant green. I bet you even hate us for our beaches and seafood.

  47. Shore Guy says:

    NJE,

    I seem to recall an article awhile ago that highlighted a gaggle of billionaires who switched their domicile to Florida just to escape the taxes in NY.

  48. Happy Renter says:

    [50] “I bet you even hate us for our beaches and seafood.”

    I bet he hates us for our Freedoms.

  49. Shore Guy says:

    “Are there no workhouses?”

    Dickens

    http://rewhc.org/wrfales.shtml

  50. Shore Guy says:

    “I bet he hates us for our Freedoms.”

    Ahhh, a new twist on the Four Freedoms:

    The freedom to be taxed at absurdly-high levels

    The freedom to pay absurdly-high taxes

    The freedom to work to pay absurdly-high taxes

    The freedom to commute 90-minutes or more each way to work to pay absurdly-high taxes.

  51. Shore Guy says:

    Happy,

    I suspect it is an inner hate spawned from knowing that he is paying cut-rate prices. Who on earth would want to pay $1,200 for something if they can afford to pay $10,000?

  52. Shore Guy says:

    NJE,

    Fess up, man.

  53. nj escapee says:

    Let’s not forget one can deduct the high RE taxes from federal income taxes. That is of course as long as your income is within the guidelines.

  54. nj escapee says:

    Shore, OK you win I miss good pizza.

  55. jamil says:

    “A former NYPD narcotics detective snared in a corruption scandal testified it was common practice to fabricate drug charges against innocent people to meet arrest quotas”

    Always Trust the Government and Give it More Power!

  56. Shore Guy says:

    See, I knew that deep down you were deluding yourself. Talking all that blue water, those warm breezes, etc., is all just a cover for deep NY-Pizza craving sadness.

  57. Shore Guy says:

    A former NYPD narcotics detective snared in a corruption scandal testified it was common practice to fabricate drug charges against innocent people to meet arrest quotas.

    The bombshell testimony from Stephen Anderson is the first public account of the twisted culture behind the false arrests in the Brooklyn South and Queens narc squads, which led to the arrests of eight cops and a massive shakeup.

    Anderson, testifying under a cooperation agreement with prosecutors, was busted for planting cocaine, a practice known as “flaking,” on four men in a Queens bar in 2008 to help out fellow cop Henry Tavarez, whose buy-and-bust activity had been low.

    “Tavarez was … was worried about getting sent back [to patrol] and, you know, the supervisors getting on his case,” he recounted at the corruption trial of Brooklyn South narcotics Detective Jason Arbeeny.

    “I had decided to give him [Tavarez] the drugs to help him out so that he could say he had a buy,” Anderson testified last week in Brooklyn Supreme Court.

    snip

    http://www.nydailynews.com/news/ny_crime/2011/10/13/2011-10-13_excop_we_fabricated_drug_raps_for_quotas.html#ixzz1ag9pl0rI

  58. jamil says:

    “I seem to recall an article awhile ago that highlighted a gaggle of billionaires who switched their domicile to Florida just to escape the taxes in NY.”

    I think half of retired NY public sector parasites did the same.

  59. Shore Guy says:

    Rats! Got scooped while kidding around with NJE.

  60. wtf says:

    Always Trust the Free Market and Give It Less Regulations! Right Jamil?

    http://finance.yahoo.com/news/Rajaratnam-sentenced-to-11-rb-1221393004.html?x=0

  61. jamil says:

    64 yes

    I would rather have corrupt businessmen than corrupt politicians.

    Why is that, when there is corruption in business, there is a call for more power to Government, and when there is corruption in government, then there call for more power to.. Government?

    Canada is now more free in business than US first time in history. This is the way for prosperity. I can guarantee you that less freedom (i.e. more Gov power and regulation) gives you less prosperity.

  62. Shore Guy says:

    Jeez, if this is correct about how small the circle around the Empty Suit in Chief has become, it is shades of Richard Nixon:

    http://www.nypost.com/p/news/local/aimless_obama_walks_alone_OUgoMTkORRJioLl7B6ZYmN

    The reports are not good, disturbing even. I have heard basically the same story four times in the last 10 days, and the people doing the talking are in New York and Washington and are spread across the political spectrum.

    The gist is this: President Obama has become a lone wolf, a stranger to his own government. He talks mostly, and sometimes only, to friend and adviser Valerie Jarrett and to David Axelrod, his political strategist.

    Everybody else, including members of his Cabinet, have little face time with him except for brief meetings that serve as photo ops. Secretary of State Hillary Rodham Clinton and Treasury Secretary Tim Geithner both have complained, according to people who have talked to them, that they are shut out of important decisions.

    The president’s workdays are said to end early, often at 4 p.m. He usually has dinner in the family residence with his wife and daughters, then retreats to a private office. One person said he takes a stack of briefing books. Others aren’t sure what he does.

    If the reports are accurate, and I believe they are, they paint a picture of an isolated man trapped in a collapsing presidency.

    snip

  63. Shore Guy says:

    Nom,

    Any thoughts on this (from the NY Post article above):

    Harvey Golub, former chairman of American Express, called the “jobs” bill an incoherent mess. Writing in The Wall Street Journal, he said that among other flaws, the bill includes an unheard of retroactive tax hike on the holders of municipal bonds.

    “Many of us have suspected that economic illiterates were setting the economic policy of this administration,” Golub wrote, adding that the bill “reveals a depth of cluelessness that boggles the mind.”

    http://www.nypost.com/p/news/local/aimless_obama_walks_alone_OUgoMTkORRJioLl7B6ZYmN#ixzz1agFu4tiX

  64. Shore Guy says:

    NJE,

    Okay, do Florida has this http://www.nypost.com/rw/nypost/2011/10/13/pagesix/web_galleries/g_ella_magers/ella_photos004–500×380.jpg

    But you still don’t have good pizza, lol.

  65. jamil says:

    66-67
    clueless pres? You mean the affirmative action baby/ community organizer who believes US has 57 states, talks about austrian language and inter-continental railroad built by Lincoln who founded GOP, is clueless?

    Don’t be silly.

  66. Prof. McDullard says:

    Shore #66…

    The only comparisons I keep hearing/making about Nixon and Obama is that Nixcon was to the left of Obama!

    If the reports are accurate… — “if”.

  67. nj escapee says:

    Shore, are you kidding me? I just have to look out from my back porch. A lot of our young neigbors are sun worshipers from Eastern Europe. OMG!! Makes me think of Chevy Chase in Vacation

    Shore Guy says:
    October 13, 2011 at 12:39 pm
    NJE,

    Okay, do Florida has this http://www.nypost.com/rw/nypost/2011/10/13/pagesix/web_galleries/g_ella_magers/ella_photos004–500×380.jpg

    But you still don’t have good pizza, lol.

  68. chicagofinance says:

    Smell the fresh air…..

    State suit says Matawan cancer charity was a scam
    Written by
    David P. Willis | Staff Writer

    A Matawan charity told the state it wanted to help children who were battling cancer.

    Instead Tri-County Charity Center used its tax-exempt status to purchase and export millions of dollars worth of luxury cars without paying sales tax while never paying a dime to help cancer patients, the state Department of Consumer Affairs said today.

    The state has filed a lawsuit against Tri-County Charity Center, its president, Patrick J.Caffrey of Keansburg, Carl F. Monto of Beachwood, the group’s corporate secretary, and his wife Denise Monto.

    The Montos also served as presidents of I Buy Cars For You, an unlicensed motor vehicle dealership they operated out of their home, authorities said. A man who answered the phone at I Buy Cars For You this morning said he had no comment on the lawsuit.

    “We allege these defendants set up their so-called cancer charity in order to deceive the government and consumers, and to evade the sales tax while purchasing millions of dollars worth of luxury cars,” Attorney General Paula Dow said in a statement.

    “Scams that abuse the tax-exempt status granted to a charity don’t just harm taxpayers, they tarnish the image of good charities that legitimately help those in need.”

    In its civil lawsuit filed in state Superior Court in Freehold, the state accuses the charity, Caffrey and the Mondos of violations of the New Jersey Consumer Fraud Act, Charities Registration and Investigation Act, and charities regulations.

    Caffrey established Tri County in 2005, which has used other names such as “ITHURTS2BFABULOUS Foundation Inc.,” “Charity Out Reach Center” and “Tri State Charity Center.”

    In its state registration, Tri County Charity reported that it assisted, among other things, the Children’s Hospital of Memorial Sloan-Kettering, according to court papers. It also said its purpose was to “supply needed funds to families or individuals battling cancer,” the state said.

    A website for the organization, which is now down, featured a picture of a small child wearing surgical scrubs. It said “100 percent of your donations supply funding to Memorial Sloan-Kettering Cancer Center,” and “Children Need Your Help!,” the state said.

    The group neither had a relationship with nor donated money to Memorial Sloan Kettering, the lawsuit states.

    But after receiving its tax-exempt status in 2008, it purchased 61 cars, including some luxury models, for more than $2.3 million in 2009 and 2010 without paying sales tax, the state said. This year, the organization has purchased 25 cars so far this year.

    The vehicles were exported to various countries, including China, Finland and Germany, according to court papers.

    “Scheming to deceive consumers out of hard-earned donation dollars is despicable conduct, particularly in this economy when every dollar counts,” said Thomas R. Calcagni, director of the state Division of Consumer Affairs, in a statement.

  69. nwnj says:

    Going OT here, but I’ve seen the current political situation referred to here multiple times as fascism, and I don’t really see the parallel. Plutocracy or Oligarchy yes…

    I think a fascist like idealogy could emerge if you see an alliance between the occupy wall st crowd socialist union types, and the far right tea partiers, but the current crowd of bankers running the show are no fascists.

  70. nj escapee says:

    OK, OK, not all the women in Florida could qualify as brain surgeons.

    An 81-year-old Florida man, who police say posed as a door-to-door physician and duped at least two women into having their breasts examined, has struck a plea deal with prosecutors.

    http://www.huffingtonpost.com/2011/10/12/phillip-winikoff_n_1007273.html?icid=maing-grid7%7Caim%7Cdl10%7Csec1_lnk2%7C103929#s270945&title=Gregory_Liascos

  71. Juice Box says:

    re: #66 – Jimmy Carter 2.0 hiding out in the white house.

  72. JCer says:

    OH, we talk about the rich….funny thing is they really live all over and just domicile their earnings in a place with a convenient tax structure. They might have a home in hollywood, a penthouse in NYC, a house in Palm Beach, an apartment in the riviera, and a winter home in Aspen or the Alps. Because they don’t need to work and don’t have earned income they can really go anywhere and do anything. Things like property taxes are irrelevant.

    As for pizza in South Florida, there are so many NYers that there are some places that are ok. Vic anf Angelos in Palm Beach is def decent. There is also a Grimaldi’s in Palm Beach Gardens now.

  73. nj escapee says:

    JCer, thanks for the tip on pizza. Palm Beach County is more than 200 miles north of here. We have one place that makes a decent thin crust pizza but doesn’t hold a candle to Stan Chitches in Bound Brook. I guess I’ll just have to suffer without.

  74. nwnj says:

    #76 Had to see it coming… They’ve been moving back office out of NYC for years…

  75. gary says:

    If the reports are accurate, and I believe they are, they paint a picture of an isolated man trapped in a collapsing presidency.

    Any Questions?

  76. jamil says:

    “I think a fascist like idealogy could emerge if you see an alliance between the occupy wall st crowd socialist union types, and the far right tea partiers, but the current crowd of bankers running the show are no fascists.”

    Uh, yeah, grandmothers demanding lower Government regulation and lower spending equals nazis. Yeah, we got it.

    Nazi-Germany’s fascists consisted
    1: The violent street mob (SA, trade unions),
    2 Big Corporations and Billionaires, and
    3: Political leadership in leading political party

    They worked closely together and needed each other.

    Let’s see what we have now:
    1: OWS and other Union street thugs
    2: GE, Big Auto, Fannie Mae, Solyndra, currency manipulator and convicted insider trader felon George Soros (with history of working with Nazi party)
    3: Political leadership aligned with the first two (Obama, Biden, Pelosi, Gore)

    This is pretty close to fascism.

  77. Bocephus says:

    Can’t we all jest git along?

  78. 3B says:

    #80 It looks like only a certain number are affected. Barclay street is their main hub. I do not think they are closing the whole facility.

  79. nwnj says:

    #82 I didn’t say anything about Nazis and didn’t call the entire tea party right wing. But strawman is your specialty.

    My point was that there is currently nothing in US politics that resembles facism. Some very unlikely alliances would have to take hold.

    The international bankers are in charge of US politics currently. Fascists hated bankers.

  80. nj escapee says:

    jamil, I’ll bet you’re a closet liberal just trying make people nuts with the cr-p you find on Drudge and Fox. At least use a little flair ala Michael Savage.

  81. JCer says:

    The world is ripe for facism again, during times like this democracy is weak. The feeble will trade freedom for bread, all of the infighting between parties makes us no different from Weimar in 1932. America could for the first time in history find itself in the grip of totalitarianism and tyranny I am afraid to say, I fear for the future of our nation.

  82. jamil says:

    85, you raised the imaginary strawman. Tea Parties want the government to leave them alone. OWS thugs want Government to take something away from other people (such as “the jews that control WS”) and redistribute it to them. Tea Parties do not show up intimidating or attacking people or the perceived enemies. OWS baggers do.

    This is the way it works in all so$ialist hellholes, whether national so$ialists or non-national so$ialists.

    Facsists worked closely together with the bankers (and German nobility and Big Corporations with close relationship to the government). Well, at least the Nazi bankers advised against flooding UK with fake money..

    Anyway, we have that exact alliance now that you warned about.

    International bankers are not controlling US politics (let me guess: the jews again?), unless you count Fannie Mae/GE/Solynda/US Treasury to be international bankers. Even Goldman is pretty much US bank, with close connection to US Government.

    Nice try, though.

  83. joyce says:

    87
    We already have totalitarianism and tyranny. The police state we live in is 99% complete.

    64
    What does someone committing fraud and insider trading have to do with Free Markets? There have always been laws against fraud.

  84. jamil says:

    ““It’s unlikely that President Barack Obama will be naming any tax proposals after George B. Kaiser. An investment by the Tulsa billionaire’s family foundation in Solyndra, whose bankruptcy may leave taxpayers on the hook for $535 million in federal loans, has raised speculation that the administration acted in part to aid a financial supporter. But the impact on taxpayers of Kaiser’s career goes far beyond the $535 million loss. Kaiser has built his fortune in part through shrewdly playing the Internal Revenue Code.

    Solyndra’s bankruptcy has led to multiple investigations by the Federal Bureau of Investigation, Treasury’s Inspector General and a House subcommittee. Kaiser’s role as a fundraiser for Obama’s 2008 campaign–the Tulsa World reported that, in March 2007, the oilman hosted an event at his home for the candidate, where Obama raised about $250,000–has led to speculation that the administration intervened on behalf of the ill-fated Solyndra’s loan application to benefit a campaign supporter.

    In 2007, when billionaire Warren Buffett first began advocating for raising taxes on the wealthiest, Forbes asked Kaiser what he though of the proposal. “I agree wholeheartedly that our tax system is insufficiently progressive,” he told the business magazine. “I also agree that the estate tax at levels above $10 million should be retained””

    http://reporting.sunlightfoundation.com/2011/barack-obamas-other-billionaire-how-george-kaiser-turned-oklahom/

  85. joyce says:

    jamil,
    you don’t think Goldman, JPMC, Morgan, and the rest of the lot are international banks? Are you saying they operate solely in the US?

  86. nwnj says:

    #88 Again with the strawmen. I never said anything about Nazis or tea party violence.

    But the tea party does have the authoritarian bent needed for a true fascist ideology. People showing up to rallies strapped and demanding illegals be deported, etc. If you combine that with the mob, then you’re on to something.

    And no, the current administration is not fascist you buffoon. There is no authoritarian component. The Solyndra thing is run-of-the-mill corruption.

    IMO a fascist “rhyme” party could emerge out of the few fledgling movements out there. A nasty bout of inflation would provide a boost.

  87. nwnj says:

    #91 Not to mention the European(Deutsche Bank, SocGen, etc) suckling directly from the fed/tarp teet.

  88. Al Mossberg says:

    73.

    It can get confusing with so many factions at play but it is corporate fascism. The merger of corporations and g_v.

    Keynesian economics was ushered in as an economic means for Marxism and the redistribution of wealth. The sheeple on the left believe in some sort of equal utopia. What they will get is a mass of equally poor and wretched ruled over by the elite.

    It is what it is. Just get your _ss ready to move the f_ck out of here if necessary. There is a reason why both individuals and businesses alike are not investing. They see the current clusterf_ck for what it is. History teaches everything you need to know.

  89. nj escapee says:

    Bank Layoffs Exceed 100,000: Where the Cuts Are
    Published: Thursday, 13 Oct 2011 | 3:31 PM ET
    http://www.cnbc.com/id/44892356

  90. Al Mossberg says:

    NJ escapee.

    Dont get me wrong. I love the Keys. You know where home is and its luring you back. Theres something about this h_ll hole that keeps people coming back. I think its everything but boring.

    Once you get your fill of the sunshine and clear water the sense of fulfillment will gradually drift away. If you were raised in Jersey you will crave the b_llsh_t because being angry is better than being bored.

  91. Al Mossberg says:

    87.

    What about a Constitutional Republic? Democracy is mob rule. Who the f_ck wants that? I dont see any of the hippies in Liberty Park talking about the Constitution.

  92. Al Mossberg says:

    87,

    By the way. I agree with the rest of your conclusions.

  93. Al Mossberg says:

    88,

    Jamil,

    The shadow g_v (the people who really run this country) are in control of the money supply. I have no idea why you schill for a bunch of political hacks. Thats about 10 years out of fashion. The people are thristy for names. They want to know who is doing this to them.

    Lets take a glance at the shareholders of the Federal Reserve. There are some interesting names there. Of course there are more but it took 100 years for people to figure out that the Fed really is. Lets hope it doesnt take another 100 for people to figure out who their real enemy is.

  94. jamil says:

    93
    you claimed Tea Party had something to do with fascism. So everybody who wants laws to be enforced, say, murderers to go to jail are fascists, too ?

    Tea Parties want the Gov out of their lives and simply enforcing the current laws, (like immigration laws) is all that is requested. If that counts as fascism, then count in 95% of americans.

  95. nj escapee says:

    Al, I find NJ through the posters here entertaining as hell but no way would I give up living in the Keys. I am fortunate that I work from home full time while many of my colleagues are in the Northeast. When Im done for the day it’ll be 84 degrees and sunny. Not too shabby :)

  96. Al Mossberg says:

    102.

    Yes it will. Christmas will be 85 and sunny too. As long as you can get your fix via the internet then you are good to go. Trust me. When I drive up that Parkway at 6am in the morning I know what an addicted little sheeple I really am.

  97. JJ says:

    If florida is so great why are there no protestors?

  98. Double Down says:

    http://dailycaller.com/2011/10/12/jackson-obama-should-declare-a-national-emergency-add-jobs-with-extra-constitutional-action/

    Illinois Democratic Rep. Jesse Jackson, Jr. told The Daily Caller on Wednesday that congressional opposition to the American Jobs Act is akin to the Confederate “states in rebellion.”

    Jackson called for full government employment of the 15 million unemployed and said that Obama should “declare a national emergency” and take “extra-constitutional” action “administratively” — without the approval of Congress — to tackle unemployment.

  99. Confused in NJ says:

    Gap to close 34% of namesake U.S. stores by end of 2013
    October 13, 2011 | 9:55 am 385

    Gap Inc. is closing stores and downsizing others in the U.S. as it focuses on international expansion, the San Francisco company said Thursday.

    The long-struggling apparel giant plans to reduce the number of Gap brand stores in North America to 700 by the end of 2013, a 34% decrease in the number of those stores when compared to the end of 2007. It didn’t specify which stores would close.

    The company’s Old Navy brand will have roughly the same number of stores in North America, but the locations will continue to downsize in terms of square footage. By the end of fiscal year 2013, Old Navy “expects to potentially remove” another 1 million square feet.

    “In North America, sales are expected to grow modestly on its smaller, healthier specialty store fleet supplemented by sales growth in its online and outlet channels,” the company said in a statement.

    Gap Inc. has suffered from weak sales for years as shoppers have turned to trendier rivals to shop. Although it has had some success in turning things around — namely a line of so-called premium denim that launched at Gap stores two years ago — analysts say many of its fashions, such as women’s tops, have underperformed.

    Gap shares rose as high as $18.12 earlier but were off 8 cents to $17.77 shortly before 10 a.m. PDT. The stock is down 20% year to date, while the average retail stock in the Standard & Poor’s 500 index is up 3.8%.

  100. Comrade Nom Deplume says:

    (93) nwnj,

    Dick Bove on Bloomberg said that OWS was “for real” and that we will see violence.

    Clot is getting excited, I can tell.

  101. nj escapee says:

    JJ, because the people in Florida enjoy life. they”re busy, hanging out at the beach, catching a tan, wind surfing, paddle boarding,

    JJ says:
    October 13, 2011 at 4:11 pm
    If florida is so great why are there no protestors?

  102. Comrade Nom Deplume says:

    (104)

    Easy. Florida is a shall issue state.

  103. nwnj says:

    #100 Al,

    You nailed it, Jamil works for a TARP bank. It’s the only explanation for his blatant shilling and infinite strawman arguments.

  104. nwnj says:

    #101 Jamil

    Sorry, done responding to your strawmen. Don’t want to pollute the blog more than I already have.

    “93
    you claimed Tea Party had something to do with fascism. So everybody who wants laws to be enforced, say, murderers to go to jail are fascists, too ?”

  105. Al Mossberg says:

    Nom,

    I suspect Clot is fixing his bayonet right now. Unfortunately the entertaining period of ultra violence will be followed by martial law. All according to plan.

    If I might add.

    Eric Holder is a piece of garbage. Do people still fall for the _ssholes in turban pictures? Its so fake!

  106. JJ says:

    Sounds great on paper. But usually when I go on a beach vacation I am jonesing to get back to city after one week. I live less than one mile from the beach right now. Only made it there once this summer. Most of Florida is nowhere near a beach. What % of people in florida actually live within one mile of a nice beach, not to many I bet. Lots of places are just mobile home sweat boxes. I once got lost on way to Tampa and it looked like a scene from a move after the US got hit by a nuclear war head.

    nj escapee says:
    October 13, 2011 at 4:21 pm
    JJ, because the people in Florida enjoy life. they”re busy, hanging out at the beach, catching a tan, wind surfing, paddle boarding,

    JJ says:
    October 13, 2011 at 4:11 pm
    If florida is so great why are there no protestors?

  107. nj escapee says:

    JJ, Not too many years ago we went to visit a cousin at her rented cabana at Hempstead beach. All I can say is I’ll stay in Key West.

  108. Juice Box says:

    re: ultra violence

    Goona be some hippie punching around 7 AM when the cops move in on Zucotti Park. From what I am hearing they are going to be jack booted up and will bring in the Sanitation Dept haul away everything, before the power wash crews move in.
    I thought last week this would happen but Bloomberg backed off. I gather after what happened in Boston Bloomberg must think there won’t be much resistance.

  109. schabadoo says:

    Lots of places are just mobile home sweat boxes.

    There’s a lot of Alabama in the middle of Fla. They love their crank, their Meth, their Oxys…I think they’re losing seven people a day just to prescription pills.

  110. Comrade Nom Deplume says:

    [117] boo

    “I think they’re losing seven people a day just to prescription pills.”

    I’m guessing you aren’t too broken up over that.

  111. Comrade Nom Deplume says:

    Getting back to OWS and the like, I came across this thought:

    “Eventually, all hosts, when invaded by parasites, go on the defensive and purge them either by natural biological means or with aids to help those natural biological means. It’s just part of nature.”

    And another that I read a very long time ago:

    “It’s a poor parasite that kills its host.”

  112. schabadoo says:

    I’m guessing you aren’t too broken up over that.

    ?

  113. Al Mossberg says:

    116.

    Bloomberg needs to tread carefully here. The NYPD has been professional so far. Dont spark an incident that would lead to a media frenzy. The weather is getting cold. This will die out on its own. The movement has been subverted. Consider it over. No need to escalate it.

  114. nwnj (85)-

    If you can’t see the fascism, please go back to sleep. We have everything in place, except for a nutjob named Mussolini running things (although Bojangles seems to be a little screwier every time he gets in front of a teleprompter).

    Politically, here it is (straight from Mussolini’s mouth). Seem a little familiar?:

    “The Fascist conception of the State is all-embracing; outside of it no human or spiritual values can exist, much less have value. Thus understood, Fascism is totalitarian, and the Fascist State—a synthesis and a unit inclusive of all values—interprets, develops, and potentiates the whole life of a people.”

    Economically, here it is (straight from the lowbrow Wikipedia). Seem a little familiar?:

    “This economic model based on a partnership between government and business was soon extended to the political sphere, in what came to be known as corporatism. From 1934 onwards, believing that Italy could have avoided the Great Depression if it had not been linked to international markets, Benito Mussolini insisted that autarky should be one of the primary goals of his government’s economic policy. To this end, the Fascists began to impose significant tariffs and other trade barriers. In 1935, Mussolini boasted that three-quarters of Italian businesses relied on the government.
    Various banking and industrial companies were financially supported by the state. One of Mussolini’s first act was indeed to fund the metallurgical trust Ansaldo to the height of 400 millions Liras. Following the deflation crisis which started in 1926, banks such as the Banco di Roma, the Banco di Napoli or the Banco di Sicilia were also assisted by the state.[30] In 1933, Mussolini created the Istituto per la Ricostruzione Industriale (IRI) with the special aim of rescuing floundering companies. By 1939 the IRI controlled 20% of the Italian industry through government-linked companies (GLCs), including 75% of pig iron production and 90% of the shipbuilding industry.
    Mussolini also adopted a Keynesian policy of government spending on public works to stimulate the economy. Between 1929 and 1934, public works spending tripled to overtake defense spending as the largest item of government expenditure.”

    Any questions?

  115. plume (108)-

    I’d only get excited if WS decided to feed Dick Bove to the mob.

  116. …off to scour the store for some beer with 10%+ alcohol.

  117. Al Mossberg says:

    Its over folks. All you read here is going to come true. You get the g_v you deserve and no one is going to bail your broke _ss out. Take the pain like a man. You earned it.

  118. jamil says:

    122
    Thanks.

    Nwnj, I rest my case.

  119. jamil says:

    to continue the fascism theme:
    Anti-semitism really is the defining issue in OWS (love the mispellings).
    So what exactly is missing from nwnj’s fascism ?

    http://pajamasmedia.com/tatler/2011/10/13/more-anti-semitism-at-occupy-los-angeles/

  120. joyce says:

    Why is anti-semitism considered the worst form of discrimination?

    Disclaimer: Italian/Irish catholic here

  121. House Whine says:

    129 – I don’t know. Maybe because the Holocaust didn’t happen that long ago? I didn’t know it Was considered the worst form of discrimination anyway.

  122. joyce says:

    130
    I hope you and no one else took any offense by that question. I was being sincere. In my opinion, from the people I associate with, from what I read/hear/see… if someone is accused of being an anti-semite, you might as well write them off. Any way, that’s the vibe I get at least.

  123. joyce (129)-

    Because history shows us that those who engage in it often take it to a bloody, violent conclusion.

    “Why is anti-semitism considered the worst form of discrimination?”

  124. nwnj says:

    #122

    But what you’re describing is one element(corporatism) that’s part of many types of government. There are several elements lacking from the current government that are fundamental to fascism such as nationalism and total authoritarianism.

    What most of the western world right now has is a international corporate banking oligarchy.

  125. Fabius Maximus says:
  126. nwnj (133)-

    The nationalism and authoritarianism are coming. Count on it.

    “What we need is a little less freedom.”

    -Peter “Douchebag” Orszag

  127. Confused in NJ says:

    132.There Went Meat says:
    October 13, 2011 at 7:45 pm
    joyce (129)-

    Because history shows us that those who engage in it often take it to a bloody, violent conclusion.

    “Why is anti-semitism considered the worst form of discrimination?”

    Seems like anti-Christianism in Moslem countries is on par, as seen in countries like Egypt, when you no longer have a strong secular leader in charge. With Sadam gone in Iraq, the Christians are also in deep do do. You don’t see the West trying to protect Christians in Moslem countries. They just look the other way.

  128. schabadoo says:

    The nationalism and authoritarianism are coming. Count on it.

    The nationalism is already here. Try holding an outdoor event without the national anthem and see what happens.

    See what the response is if the Yankees ever get rid of God Bless America from the middle of a baseball game.

  129. Prof. McDullard says:

    Fabius #135… true indeed. The tech world owes a lot to him — Steve Jobs owed a lot to him. He has probably gone to a new world and has started off with a fresh “Hello, World!”…

  130. Prof. McDullard says:

    Joyce, #129… Depends on the what part of the world one comes from…

    Until I came to US, I had almost no knowledge about holocaust — one of the classes in X grade social studies was about Prussian Empire and focused on Hitler as a “nationalist”. God knows where such curriculum gets drafted (may be soviet influence on India for quite a while, or just plain anti-colonial sentiment, but…) My X standard teacher was quite outgoing, listening to quite a bit of Voice of America, and her response to a question was something like, “well, difficult to say whether Hiltler was good or bad”. Fvcked up stuff, but true.

    Even in recent times, his name in south india is used in the context of someone that is sort of super strict and tough to please — may be because a lack of exposure to the world. The kids there can do arithmetic well, and know so little about anything else. Depressing.

  131. shore (139)-

    Bojangles is behind the curve. Clowngress and the Supremes have been ignoring the Constitution for years.

  132. chicagofinance says:

    WSJ Blogs
    Real-time commentary and analysis from The Wall Street Journal

    Ten Tips for High Value Home Appraisals

    Appraisal forms might not always capture a home’s true value, but there are ways to avoid disappointment.The appraiser was due in an hour. The beds were unmade, breakfast dishes in the sink and toys scattered about the playroom. Would she care?

    I got moving—and cleaning. At 34 weeks pregnant, that’s not so easy.

    After all, I know lowball appraisals can kill deals, something I’ve written about for The Journal.

    They can also kill a refinancing application, which we are in the midst of for our 1920s Georgian-style house in Queens. If it comes in too low, it’s not worth refinancing or you might need to put in a whole lot more equity.

    We don’t know how ours turned out yet but after talking to a handful of appraisers, I felt great regret at not doing more to plan and prep. Here are some tips based on those conversations.

    Caution: Some of the advice—like home valuations themselves these days—might feel contradictory. But what they all agree on is to keep the look, feel and condition of the property as updated and cared for as possible.

    1.Spruce the house up. But appraisers caution that you don’t need to deep clean under couches and that a few dirty dishes won’t hurt your value. Rats, c-ckroaches and that car you’ve been tinkering on might… “Things like overgrown landscaping, soiled carpeting, marks on walls — those do affect value and are part of the property’s overall condition rating,” said Dean Zibas, the president and chief appraiser for Zibas Appraisal in San Clemente, Calif. In other words, think broom clean, not set design for a home-decorating magazine.
    2.Curb appeal also matters so mow the lawn, hack those weeds and trim those hedges. This can also help offset your house from unfair comparisons with foreclosures nearby. “In today’s climate I can’t stress enough condition, condition, condition,” said Doreen Zimmerman, an appraiser in Paradise, Calif. “An hour or two, for the most part, will set your home apart in the actual picture that the lender gets from the appraiser vs. the actual picture that the appraiser will provide of the (foreclosure) down the street.
    3.Keep a list of all the updates you’ve made and be ready to hand it over; a sketch plan of the house indicating square footage also helps. “Have a list of updating done within the past 15 years. Itemize each update with the approximate date and approximate cost. Also highlight the notable features of the property,” says Matthew George, the chief appraiser of Eagle Appraisals Inc. in Denver, Colo. Remember the items that an appraiser might not notice, like a new roof or insulation. Don’t forget the minor items. For example, I mistakenly told the appraiser we hadn’t updated one bathroom but actually we had installed a new sink and had the tub sealed. That counts, according to the experts.
    4.Have comps on hand. Yes, you say this is the appraiser’s job but every little bit helps, “especially if they are aware of a property that sold without the aid of a Realtor (i.e. for-sale-by-owner),” says Mark T. Smith, the owner and president of Smith Appraisal Services in St. Augustine, Fla. That can mean it wasn’t posted on the Multiple Listing Service, and result in other delays by the time it gets posted through other government data sources.
    5.Be mindful of peeling paint. Government-insured loans such as FHA and veterans’ loans will require peeling paint to be removed in houses built before 1978. But don’t worry too much about a child’s scrawling on his bedroom wall, unless it’s going to require a whole new paint job.
    6.Focus. “Don’t spend money that won’t yield a return on the investment. The best expenditures for most markets are paint, carpet, light and plumbing fixtures,” says Denver’s Mr. George. Prioritize what you do; if you’re the type of homeowner who has upgraded and fixed items as they broke, you should be fine.
    7.Location still matters. If there have been changes to the neighborhood, mention them, from a new playground to a new Whole Foods. If the area’s just been declared a historic or landmark district, let the appraiser know.
    8.Keep the $500 rule in mind. Appraisers often value houses in $500 increments so if there’s a repair over $500 that can or should be made, it will count against the property. Fix leaky faucets, cracked windows, missing hand rails and structural damage.
    9.Also remember the concept of “effective age,” the age the appraiser can assign to a home after taking into consideration updating and condition. “Say you have a cracked window, thread-bare carpet, some tiles falling off the shower surround, vinyl torn in the laundry room, and the dog ate the corner of the fireplace hearth, these items could still add up to an overall average condition rating as the home is still habitable, however your effective age will be higher resulting in comparables being utilized which will have the same effective age and resulting lower value,” says Ms. Zimmerman, who wrote the book “Challenge Your Home Appraisal” and runs a web site by the same name.
    10.Lock up Fido and Fifi. Appraisers say they get annoyed enough by homeowners following them around but a snarling, growling dog is even worse. Along the same lines, try to make the appraiser comfortable — if it’s cold out, put the heat on; hot out, the air conditioning. “If it’s 100 degrees out and you never put the air conditioning on, put it on for the appraiser so they don’t question that your unit is broken,” says Ms. Zimmerman.
    With those things in mind, let the appraiser do his or her job. “Questions and banter may make the inspection go slow or make the appraise miss something,” said James R. Gerot, a residential appraiser in Ottumwa, Iowa. “My inspections have a rhythm to them so once I get started interruptions are just that. Save questions until after.”

  133. chicagofinance says:

    WSJ Blogs
    Real-time commentary and analysis from The Wall Street Journal

    Ten Tips for High Value Home Appraisals

    Appraisal forms might not always capture a home’s true value, but there are ways to avoid disappointment.The appraiser was due in an hour. The beds were unmade, breakfast dishes in the sink and toys sc-ttered about the playroom. Would she care?

    I got moving—and cleaning. At 34 weeks pregnant, that’s not so easy.

    After all, I know lowball appraisals can kill deals, something I’ve written about for The Journal.

    They can also kill a refinancing application, which we are in the midst of for our 1920s Georgian-style house in Queens. If it comes in too low, it’s not worth refinancing or you might need to put in a whole lot more equity.

    We don’t know how ours turned out yet but after talking to a handful of appraisers, I felt great regret at not doing more to plan and prep. Here are some tips based on those conversations.

    Caution: Some of the advice—like home valuations themselves these days—might feel contradictory. But what they all agree on is to keep the look, feel and condition of the property as updated and cared for as possible.

    1.Spruce the house up. But appraisers caution that you don’t need to deep clean under couches and that a few dirty dishes won’t hurt your value. Rats, c-ckroaches and that car you’ve been tinkering on might… “Things like overgrown landscaping, soiled carpeting, marks on walls — those do affect value and are part of the property’s overall condition rating,” said Dean Zibas, the president and chief appraiser for Zibas Appraisal in San Clemente, Calif. In other words, think broom clean, not set design for a home-decorating magazine.
    2.Curb appeal also matters so mow the lawn, hack those weeds and trim those hedges. This can also help offset your house from unfair comparisons with foreclosures nearby. “In today’s climate I can’t stress enough condition, condition, condition,” said Doreen Zimmerman, an appraiser in Paradise, Calif. “An hour or two, for the most part, will set your home apart in the actual picture that the lender gets from the appraiser vs. the actual picture that the appraiser will provide of the (foreclosure) down the street.
    3.Keep a list of all the updates you’ve made and be ready to hand it over; a sketch plan of the house indicating square footage also helps. “Have a list of updating done within the past 15 years. Itemize each update with the approximate date and approximate cost. Also highlight the notable features of the property,” says Matthew George, the chief appraiser of Eagle Appraisals Inc. in Denver, Colo. Remember the items that an appraiser might not notice, like a new roof or insulation. Don’t forget the minor items. For example, I mistakenly told the appraiser we hadn’t updated one bathroom but actually we had installed a new sink and had the tub sealed. That counts, according to the experts.
    4.Have comps on hand. Yes, you say this is the appraiser’s job but every little bit helps, “especially if they are aware of a property that sold without the aid of a Realtor (i.e. for-sale-by-owner),” says Mark T. Smith, the owner and president of Smith Appraisal Services in St. Augustine, Fla. That can mean it wasn’t posted on the Multiple Listing Service, and result in other delays by the time it gets posted through other government data sources.
    5.Be mindful of peeling paint. Government-insured loans such as FHA and veterans’ loans will require peeling paint to be removed in houses built before 1978. But don’t worry too much about a child’s scrawling on his bedroom wall, unless it’s going to require a whole new paint job.
    6.Focus. “Don’t spend money that won’t yield a return on the investment. The best expenditures for most markets are paint, carpet, light and plumbing fixtures,” says Denver’s Mr. George. Prioritize what you do; if you’re the type of homeowner who has upgraded and fixed items as they broke, you should be fine.
    7.Location still matters. If there have been changes to the neighborhood, mention them, from a new playground to a new Whole Foods. If the area’s just been declared a historic or landmark district, let the appraiser know.
    8.Keep the $500 rule in mind. Appraisers often value houses in $500 increments so if there’s a repair over $500 that can or should be made, it will count against the property. Fix leaky faucets, cracked windows, missing hand rails and structural damage.
    9.Also remember the concept of “effective age,” the age the appraiser can assign to a home after taking into consideration updating and condition. “Say you have a cracked window, thread-bare carpet, some tiles falling off the shower surround, vinyl torn in the laundry room, and the dog ate the corner of the fireplace hearth, these items could still add up to an overall average condition rating as the home is still habitable, however your effective age will be higher resulting in comparables being utilized which will have the same effective age and resulting lower value,” says Ms. Zimmerman, who wrote the book “Challenge Your Home Appraisal” and runs a web site by the same name.
    10.Lock up Fido and Fifi. Appraisers say they get annoyed enough by homeowners following them around but a snarling, growling dog is even worse. Along the same lines, try to make the appraiser comfortable — if it’s cold out, put the heat on; hot out, the air conditioning. “If it’s 100 degrees out and you never put the air conditioning on, put it on for the appraiser so they don’t question that your unit is broken,” says Ms. Zimmerman.
    With those things in mind, let the appraiser do his or her job. “Questions and banter may make the inspection go slow or make the appraise miss something,” said James R. Gerot, a residential appraiser in Ottumwa, Iowa. “My inspections have a rhythm to them so once I get started interruptions are just that. Save questions until after.”

  134. 30 year realtor says:

    #129 – Sounds like you are trying to compare religious based hatred/mass murder? If that is the measure, the Holocaust eliminated half the jewish population of the world. There has been no other single event that has wiped out that percentage of the existing population of a single, major world religion.

  135. Kim says:

    I bought a repossessed house on an online auction and it was worth while. The auction process is simple and straight forward. The company through which I bought my new home was very helpful and everything went through without a hitch. Communication and participating in the auction was done online, and I can tell you this process definitely saved me some time.

  136. Robyn says:

    I guess you will want to get a twitter button to your site. I just bookmarked this url, however I must complete this by hand. Just my 2 cents.

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