Where have all the houses gone?

From the WSJ:

Slim Pickings Are Latest Headache for Home Sales

The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory.

There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.

The report is the latest sign of how the U.S. housing market can’t seem to catch a break. While falling inventories are typically a sign of health, because reduced competition can boost prices, that isn’t the case right now.

Instead, real-estate agents say, people are pulling their homes off the market rather than try to sell them at today’s discounted prices. At the same time, banks have been more slowly moving to take back properties through foreclosure ever since processing irregularities surfaced last fall, temporarily reducing the supply of foreclosed properties. The shrinking supply isn’t driving up prices because demand is soft.

The decline in inventory also suggests that there are fewer opportunities for buyers and sellers to strike deals. That can further chill sales, as buyers become afraid to overpay while sellers are similarly cautious about underpricing their homes.

“The inventory is low, so it’s hard for buyers to find their dream home,” said Joan Downing, a real-estate agent in Bloomfield Hills, Mich., a suburb of Detroit. “That’s been our challenge more than anything: finding the inventory for the clients. Nobody’s complaining about the pricing or the interest rates.”

“As weak as demand is, inventory has been weaker,” said Glenn Kelman, chief executive of Redfin Corp., a Seattle real-estate brokerage firm that does business in 13 states. “Right now, the absence of inventory is the limiting factor on sales volume.”

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

112 Responses to Where have all the houses gone?

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From HousingWire:

    REO sales may not peak until 2013

    The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday.

    Nearly half of the more than 552,000 REO properties liquidated in the first half of 2011 were held by private banks. In the years ahead, the government — including the Department of Housing and Urban Development, Fannie Mae and Freddie Mac — will begin taking a majority of the activity.

    In 2013, REO sales could reach 1.48 million properties, according to estimates from Bank of America Merrill Lynch analysts, a 10% increase from projected amount in 2012.

    “We do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” BofAML analysts said. “But home prices are starting from a negative point, so the implication is that home prices will continue to decline as the foreclosures transition through the pipeline.”

    Most of the projected increase will come as the government begins to unload its backlog. The government-sponsored enterprises and HUD, analysts estimate, will liquidate roughly 595,000 properties in 2013 alone.

    Total REO liquidations wouldn’t drop below 1 million until 2015, according to BofAML.

  3. grim says:

    From Bloomberg:

    Home Short Sales Rise in ‘Dramatic Shift’ That May Boost Prices

    U.S. home prices may get a boost from an unlikely source: a pickup in sales of properties in default before they reach the stage where they are repossessed by the bank and sold.

    There has been a “dramatic shift” in banks’ willingness sell a property for less than the mortgage balance to avoid foreclosing, said Ron Peltier, chairman and chief executive officer of HomeServices of America Inc., the second-biggest U.S. residential brokerage.

    The transactions, known as short sales, typically change hands at a discount of about 20 percent to homes not in financial distress, compared with a 40 percent price cut for bank-owned homes, according to RealtyTrac Inc. Short sales jumped 19 percent in the second quarter from the prior three months while foreclosure sales were flat, the data seller said.

    “Banks have become much more supportive of short sales,” said Peltier, whose Minneapolis-based company is a unit of Warren Buffett’s Berkshire Hathaway Inc. “That’s better for the lenders, who have smaller losses on a short sale, and it’s going to be better for homeowners, who won’t have as much psychological distress as a foreclosure.”

    Distressed sales brokered by HomeServices used to be 60 percent foreclosures and 40 percent short sales, Peltier said in an interview at Bloomberg headquarters in New York. Now, that ratio has flipped, according to the CEO, whose company is second in size to NRT LLC, a unit of Realogy Corp. in Parsippany, New Jersey, that owns the Coldwell Banker brand.

    “There’s a huge backlog of homes in default that the banks want to get rid of,” said Thomas Popik, research director for Campbell Surveys in Washington. “They don’t want to be homeowners.”

  4. grim says:

    From Forbes:

    America’s Most Expensive Zip Codes

    1 07620, Alpine, NJ
    2 94027, Atherton, CA
    3 11962, Sagaponack, NY
    4 94010, Hillsborough, CA
    5 90210, Beverly Hills, CA
    6 10012, New York, NY
    7 10013, New York, NY
    8 11976, Water Mill, NY
    9 93108, Montecito, CA
    10 11568, Old Westbury, NY
    11 10023, New York, NY
    12 90265, Malibu, CA
    13 81654, Snowmass, CO
    14 92067, Rancho Santa Fe, CA
    15 92661, Newport Beach, CA
    16 06831, Greenwich, CT
    17 92091, Rancho Santa Fe, CA
    18 94022, Los Altos Hills, CA
    19 90077, Los Angeles, CA
    20 81611, Aspen, CO
    21 07976, New Vernon, NJ

    25 07931, Far Hills, NJ

    63 07078, Short Hills, NJ

    81 08738, Mantoloking, NJ

    91 07458, Saddle River, NJ

    100 07924, Bernardsville, NJ

    111 08750, Sea Girt, NJ

    131 07760, Rumson, NJ

    179 08403, Longport, NJ
    179 07417, Franklin Lakes, NJ

    189 07021, Essex Fells, NJ

    201 07762, Spring Lake, NJ

    236 07945, Mendham, NJ

    266 07626, Cresskill, NJ

    267 07423, Ho Ho Kus, NJ

    284 07059, Warren, NJ
    285 07046, Mountain Lakes, NJ

    302 07722, Colts Neck, NJ

    315 07901, Summit, NJ

    326 08008, Beach Haven, NJ

    343 07670, Tenafly, NJ

    348 07069, Watchung, NJ

    364 07733, Holmdel, NJ

    373 07928, Chatham, NJ

    379 07627, Demarest, NJ

    382 07932, Florham Park, NJ

    391 07750, Monmouth Beach, NJ

    414 07711, Allenhurst, NJ

    429 07704, Fair Haven, NJ
    430 07481, Wyckoff, NJ

    441 07645, Montvale, NJ

    499 07401, Allendale, NJ

  5. Comrade Nom Deplume says:

    (5)

    The brig didn’t make the list??? I guess that makes it a bargain cuz I declined to consider a lot of towns on that list.

  6. funnelcloud says:

    Article makes sense, If you have a polished /well maintained home, The resources to support it & the time to ride whats going to be a long wave. Why sell unless you absolutely have to. Homes can no longer be looked at as in investment (especially in states like NJ where taxes/mortgage interest and maintenance will gobble up any capital gains for a very long time, in many cases its a 15-18yr window to tip the rent/buy seesaw). The people that are holding onto homes for a better market better be prepared to sit for several years. If they can’t wait then they have to face the reality of the situation… If you bought between 2004 -2008 your basically SOL.
    I would bet that many of the homes that are off the market are being held by pissed off boomers that can’t sell out high here in NJ and retire with a lifestyle somewhere else on their homes equity, They bought the homes low, Would probably have the resources to hold on for a while and think its going to turn around in just a couple of years, Many who will hold for the gold parachute will probably die in those homes and there kids will sell off into the new reality. As for now, Unless young buyers have great jobs with a large down payment and must have that sellers castle, They can almost forget about getting into anything other than a home that needs some TLC, The new generation of wanna be homeowners are going to have to put in a little sweat equity and turn the turd into a home. This stalemate or battle of wills is going to continue for quite some time between what a present older homeowner and new home buyer think a homes value really is in this market. The older generation has the goodies but the young-uns got the time.

  7. wheaties says:

    (4) Where’s Ridgewood on that chart? Has it become “affordable” yet?

  8. Neanderthal Economist says:

    Meanwhile, the foreclosed homes sit for another year. What family is going to touch these black mold factories when the banks decide to speed up the process? Discouraging. They’d rather destroy the home before selling to you or me for $200k. The bank takes “im not giving my house away” to an extreme.

  9. Extinction before recovery.

  10. Neanderthal Economist says:

    During the 1987 crash did foreclosed homes sit for four years and grow mold? Can anyone comment on this question from experience?

  11. veets (10)-

    No. The bulk of inventory affected by that crash- which really didn’t get going until 1990 or so- was turn-key Class A office buildings and PUDs that had just been built (financed on phony appraisals). It was largely a commercial, not residential, phenomenon.

  12. William Black (RTC czar during the early ’90s bust) estimates that the current collapse is 10x larger than RTC.

  13. funnelcloud says:

    The homes from the 87 crash It wasn’t really a crash like we have today, home priced declined but people did not abandon there homes like they are today, I knew a few people that foreclosed but it wasn’t even close to the numbers of today. The homes didn’t sit empty as long and there were not as many of them on the market, I bought in late 88 and the market continued to decline till the beginning of 91 then the recovery began and home prices began to increase, The whole process was really less than 4 years and those that bought in late 90 bounced the real bottom. The real pain was for those who bought in 86-87-early 88 loss for those people was about 15-20%, Prices/taxes were not what they were today, My purchase price was under a 100k mortgage taxes ins was $600 a month @ 9% mortgage interest in 1988, My taxes were $1460 that year…That same $600 bucks won’t even cover the tax bill today.

  14. Shore Need to Shovel Money to Goldman Guy says:

    Hurry! Goldman took a quarterly loss. We need a Bill to get them cash — NOW! The bonuses must be saved. A great nation needs great bankers in 100-room CT mansions.

    http://www.foxbusiness.com/industries/2011/10/18/goldman-sachs-earnings-widely-miss-estimates/

  15. Shore Guy says:

    “The whole process was really less than 4 years ”

    Because the correction was allowed to take its course and people who behaved badly were allowed to get crushed.

  16. Neanderthal Economist says:

    Meat maybe true regarding commercial but case chiller residential was down 25% during that time. I find it hard to remember houses turned into black mold biohazards on every bloc?k. Didn’t they just sell the foreclosures quicker. My point is that this foreclosure backlog is unprecedented, with possible unpredictable consequences.

  17. 3B says:

    Bought my first house in late 87, peak for 180K Sold it 10 years later for what I paid for it, and that is not including the substantial improvement that were made. Had I sold it when I originally wanted to would have gotten 150K for it before broker’s commission etc. Taxes were under $1100.00

  18. funnelcloud says:

    Shore guy #16
    You are correct the people were permitted to take the loss but the losses weren’t as great so the had incentive to stay put, I was required to put more than 10 percent down so when the market dropped 15% I was in the hole but It wasn’t enough to panick people, They simply planned on living in there homes. People also didn’t have access to home equity lines of credit like they did this time, They didn’t use there homes like a piggy bank and pull money out to buy car’s or take vacations or live a lifestyle that was beyond there means. Well it did happen but not to the extent that occurred this time around.

  19. Shore Guy says:

    PPI from the horse’s mouth:

    http://www.bls.gov/news.release/ppi.nr0.htm

  20. Shore Guy says:

    Funnel,

    If someone walks off a second-floor balcony they will get hurt. (Think 80’s and RTC).

    Now we have people walking off of 10th-floor balconys and asking society to creat mechanisms to both prevent them from getting killed and to even keep their hair from getting mussed.

    We will face worse behavior in the fututre if people do not pay the price for how they acted.

  21. Shore Guy says:

    create

  22. JJ says:

    They banged them out. I bought my RTC coop and they did 43 units with no minimun in a dutch auction. Heck blvd gardens in queens they were banging units out at the min bid of one dollar. Those units go for 100K today. There is no problem selling. It is all a question of price.

    Neanderthal Economist says:
    October 18, 2011 at 7:35 am
    During the 1987 crash did foreclosed homes sit for four years and grow mold? Can anyone comment on this question from experience?

  23. funnelcloud says:

    Shore Guy #21-21 Not arguing your point, people should be responsible for there actions, I have always lived below my means, been at the same job 24 yrs, never been unemployed, always paid my bills and saved 10-15% for a rainy day, ( I know horra for me) I don’t even know how to explain this without going off on a rant. Politicians, Big business, Town officials and public servants (police), everybody that is suppose to be somebody and who’s job is to look out for the general welfare of the public has forsaking the little guy. They game the system for personal benefit and exempt themselves from the laws that are suppose to apply to everybody.
    Politicians sell out the Americans, Borrow money from china and give it to other countries as aid, allow illegals to protest here and give SS benefits to anybody that washes up on our shore.
    Town official hold you hostage to your house with property taxes, it gotten so out of hand that a home is a bad investment in NJ anymore, and for what So they can retire to other states on fat pensions and great benefits while the taxpayer fills the till every year and retires at 80 surviving by eating dog food. That is unless your fortunate enough to land a 200k a year job , By the way I work with Doctorates that do not earn that kind of money so don’t throw the old go get educated,
    Big business Executive salary The only new or innovative Idea’s these idiots have come up with is,,,, hey I’m on top so if I steal 8k in benefits from every employee thats been here for 20 years I can save the company x millions that will translate into my giant bonus. The public sector is just getting a taste of what the private sector has been taking for years wish they came to protest when the company cut my benefits 5 years ago. Banks and big business want privatized profits and freedom from gov’t intervention but they want to socialize all there losses and stick them on the backs of the tax-payer. I could go on and on but the people on this blog are bright enough and I’m certain many of these issue’s have been discussed long before this newbee entered the blogo sphere so some may agree with me some may disagree but that depends on where one stands on the social ladder.

  24. 30 year realtor says:

    There are always foreclosed homes that become mold factories, but never as many as today. For example, I have been assigned a property in Maywood where the home owner is doing a deed in lieu with the lender. Lender tells owner they will pay an incentive if the owner turns over the house in broom clean condition. Lender sends me to inspect and house is not broom clean. Instead of doing the logical thing and telling the homeowner the house isn’t clean, we will deduct the estimated cost of debris removal from your incentive, they tell me to call the homeowner and tell them they won’t get their money until all personal property is removed.

    This situation is now going on for more than a month without resolution. Deed in lieu negotiator from the bank no longer works there. Bank has now dropped the ball. Homeowner is disgusted (not justifiably). The weather grows colder by the day. I ask lender for permission to winterize the property and they tell me, not until the deed in lieu is completed. Can everyone see where this is headed?

    With the volume of foreclosed homes sitting empty right now, I advise going long on mold!

  25. Shore Guy says:

    I wonder if the Empty-Suit-In-Chief is riding around in a bus because the DoD misplaced his VC-25s?

    http://www.msnbc.msn.com/id/44943479/ns/local_news-washington_dc/

    A van containing President Obama’s teleprompter and podium were stolen from a Virginia hotel parking lot on Monday, according to NBC12 in Richmond.

    The truck was parked at the Virginia Center Commons Courtyard Marriott near Richmond before the president’s scheduled Wednesday appearance in Chesterfield, the station reported. In addition to the teleprompter, $200,000 worth of audio equipment and presidential seals mounted on Obama’s podium were inside the stolen vehicle.

    snip

  26. Juice Box says:

    BOA reshuffling the deck to put the taxpayers on the hook. There will be no tears just blood in streets if this keeps up.

    Bank of America Corp., hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.

    The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.

    Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms.

    “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”….

    Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation.

    http://www.bloomberg.com/news/2011-10-18/bofa-said-to-split-regulators-over-moving-merrill-derivatives-to-bank-unit.html

  27. Mike says:

    Shore No. 24 Think I still have the cassette! “Who’s wine what wine where the hell did I dine” Love that line

  28. yo says:

    30 year,
    Can the bank still go for a deficiency judgement in a deed in lieu?Does the homeowner need to get this in writing from the bank?

  29. JJ says:

    funnelcloud, such a rant. my favorite quote was when I was at a townhall meeting at Chase and an employee on the line was whining about a benefit cut, Jaime Dimon told him every morning when employees show up to work they are basically stealing from the company by getting paychecks and benefits. Haven’t you stole enough already?

    funnelcloud says:
    October 18, 2011 at 9:45 am

  30. Shore Guy says:

    Op-Ed Columnist

    Dinner and Derangement

    By FRANK BRUNI

    Published: October 17, 2011

    Snip

    “”Romera is Manhattan’s newest culinary oddity, an elegant hideaway whose conceits include the pairing of each dish in an 11-course meal with a lukewarm flavored water in a lidded grappa glass. One water might be infused with leek and radish, another with jasmine and dried seaweed. Most taste like indecisive teas, commitment-phobic broths or pond runoff.

    “Feel free to smell them,” said a server, as if I might otherwise feel jailed. “And to taste them.” He paused. “Make a memory of them.”

    While blazers are optional at Romera, straitjackets would be a fine idea.

    It’s the craziest example I’ve encountered of the way our culture’s food madness tips into food psychosis, at least among those with keen appetites and the means to indulge them.

    snip

    http://www.nytimes.com/2011/10/18/opinion/bruni-dinner-and-derangement.html?src=me&ref=general

  31. Shore Guy says:

    Mike,

    But do you have it on 8-track?

  32. Shore Guy says:

    before heading back to the salt mine, one last excerpt from the Times:

    “We’ve tumbled far, far down the organic rabbit hole. And with Romera, which opened a month ago in Chelsea, we may have finally hit bottom.

    It’s not just that this restaurant, which serves a single tasting menu for $245 a person before drinks or tip, seems wildly out of sync with the economic times. Many restaurants do, and some of them are necessary and praiseworthy.

    Romera demands notice mostly because it’s such a florid demonstration of just how much culinary vanity we’ve encouraged and pretension we’ve unleashed.

    Its chef, Miguel Sánchez Romera, is a doctor who worked for years as a neurologist. He has coined a whole new genre for his cooking, which favors squishy textures, kaleidoscopic mosaics of vegetable powders, and a wedding’s worth of edible flowers.

    He calls it neurogastronomy, which “embodies a holistic approach to food by means of a thoughtful study of the organoleptic properties of each ingredient,” or so says the restaurant’s Web site. Organoleptic means “perceived by a sense organ.” I looked it up.

    My server explained that each dish’s palette and aroma, as well as its flavor, were supposed to prompt a “sense memory.” He said that the tuna tartare with coconut, jasmine and orange blossom had brought him “straight back to Cape Cod when I was 8 years old and I tasted my first virgin piña colada.”

    All of that from the tiny, six-bite portion? I must be a sense-memory slacker. I was brought back only to other, more voluminous tuna tartares, which I suddenly and sorely missed.

  33. funnelcloud says:

    JJ #33
    So are you an elitist silver spooner that “inherited” his money the old fashion way, or did you marry the bosses 500lb daughter??? Your attitude is a fine example as to why you have people protesting wall street today.

  34. gary says:

    How about Robin Trower, Bridge of Sighs, on 8-track!

  35. Juice Box says:

    Funnel – bad morning? JJ is practically blue collar, he will be driving the street sweeper in Commack in a few years.

  36. Comrade Nom Deplume says:

    [37] funnelcloud,

    “JJ #33
    So are you an elitist silver spooner that “inherited” his money the old fashion way, or did you marry the bosses 500lb daughter??? Your attitude is a fine example as to why you have people protesting wall street today.”

    You must be new here.

  37. make money says:

    funnel[33],

    You must be new here. JJ is the worlds most interesting man. Big time bond trader who changes his own oil, showels his snow, and banged Michelle Bachman while her husband wacked off all while living in a 1200 sq ft paid of cape.

  38. Shore Guy says:

    “banged Michelle Bachman ”

    Was that in the back of his dad’s limo with the “crush velour” seats on which Ted Kenndey vomited?

  39. Shore Guy says:

    That works. I only had Trower on vinyl.

    (If John said that, it would conjur-up a deeply-disturbing image).

  40. Comrade Nom Deplume says:

    [43] shore guy

    “If John said that, it would conjur-up a deeply-disturbing image”

    Not to John.

  41. Shore Guy says:

    Spitting coffee all over my keyboard.

  42. Shore Guy says:

    Where the heck is B.C?

  43. 3B says:

    JJ White Collar mentality, Blue Collar heart, and teller of tall tales.

  44. Comrade Nom Deplume says:

    Looking to add new printers to my law practice and could use some suggestions from what I think is a tech-savvy group.

    I rarely fax or scan but need that capacity. I do copy a decent amount. Printing is b&w unless I am printing out my own letterhead. Labels and envelopes are common, especially one-off envelopes.

    I was thinking of an all-in-one inkjet for color and scan/copy/fax, fand a small laser for larger b&w printing and labels/envelopes.

    Any recommendations (for or against), are welcome.

  45. Comrade Nom Deplume says:

    [45] shore

    Guess I owe you a keyboard.

  46. Comrade Nom Deplume says:

    If my attention-hungry Boston Terrier keeps getting jealous of my tech, I may need a laptop and phone too. I swear she gets jealous whenever I am typing or texting, and she tries to cover the keypad with her paw to get my attention.

  47. JJ says:

    Most staff are paid what they deserve and have little ambition. I love to motivate and train staff to reach for the stars but most are happy sitting in a cube. Only odd part are the cube warmers who do as little as possible and run out door at 4:57 who put on review they want to be SVP and you have to have discussion you can cube sit or work hard you can’t cube sit and be on fast track. Funny was talking to brother in law this weekend who is in same job for 25 years with one promotion. I was talking about positioning myself and how all the high performer I work with will bail at first sign of trouble or lack of movement in career. He was like are they firing? I am like no, but we need interesting exciting jobs with opportunity for big bonuses and promotions we can’t just sit there. He was astounded, why not? You have a job, not everyone wants to be boss and have big responsibilities? I am like I play to win I don’t play for the tie. Then again people are very happy in their average jobs, I am just not one of them. Other odd thing when hiring for low level jobs, people go I want product knowledge, exposure, career path, work with dynamic people. I am like JC you are luck to get two promotions at any one company and you are applying for a job five levels below me. To move that many levels you need a GE, Goldman, Big 4, White Shoe Consulting firm with high burn out that rewards super hard workers. You can’t move that many levels sitting in a cube. Of course I mention this and I get too much work. I want to work 9-5 and move up quickly. Hello. I got home from Jets game last night 1:40 am last night and was at work on time. The 20 something slackards on train with me were talking about calling in sick. Meanwhile 50 year old men near me in Jets Jerseys at one am were on their Blackberrys and Ipads getting a jump on the morning emails. I actually got a few emails done at 1:30am. Meanwhile I bet the drunk 20 something will walk in to bosses office in a few months and ask for a raise and promotion. Man up. Its go time.

    3B says:
    October 18, 2011 at 11:14 am
    JJ White Collar mentality, Blue Collar heart, and teller of tall tales.

  48. 30 year realtor says:

    32 yo – It is a negotiation. Whatever the parties agree to.

  49. Shore Guy says:

    I have a gaggle of Brother printers distributed in my offices and have had not one issue with them over many years. I would go with a networked laser printer for primary use and use an all-in-one laser as a backup printer, copier, fax. For the fax/multi-function device, I suggest a robust back-up power supply (laser printers draw LOTS of juice as they start so it needs to be larger than most) so that when your paper gets used up, while you are on vacation, and the power fails, you do not lose anything sitting in memory.

    I would also suggest a good flatbed scanner. I have several from HP, one that has been in use for over 10 years, without any issues.

    If you are able to purchase devices that share toner cartridges, do yourself a favor and do so. I ended up swapping out a half-dozen still-working printers just to avoid having multiple print cartridges in inventory.

    Also, for incoming faxes, look at an “800-number” virtual fax provider.

  50. Shore Guy says:

    “If my attention-hungry Boston Terrier keeps getting jealous of my tech, I may need a laptop and phone too.”

    Go ahead and buy her one of each. The rest of the 1% treat their dogs well.

  51. Shore Guy says:

    BC,

    Are you alive out there? Is BC alive out there?

    If so, this from Backstreets:

    Bruce & Co looking at cities for new tour?

    Please don’t shoot the messenger. I don’t ever post here, but read quite often. I just hung up with a friend of mine who writes contracts for the BJCC in Birmingham, AL., she asked me had Bruce played Birmingham since Novemeber 2002, I told her no, that Birmingham isn’t really a good town for him, as the arena was dead for the last performance. I asked her why? Is he looking to book again and if so, is it the concert hall (GOTJ TOUR) or the arena. She said the arena and he wants to do 360. her words exactly “he’s lost his freaking mind, he didn’t fill the arena for a normal set up, no way in hell will he fill it for 360”. Her quote was “He’s looking for someone to buy his tour”. Like I said, I don’t deal in making up crap and new albums and all, I am just passing along what I was told today.

  52. JJ says:

    That Bachman lady is freeky. But her husband was cool in a creepy way, thanking me for getting her started and handing me a cold frozen drink at same time makes him a man’s man in a weird creep kind of way. However, I do think he is a fruit loop. Ok, so you join a swingers group and you don’t want other women, but you want to watch men do you wife and then do her immediately afterwards. Is he watching the men, is he watching his wife who knows. Then again the current prez wife has man hands which kind of creeps me out. You would think a prez would have a least a Beyonce looking chick.

    BTW talk about cool, was on train last night and a few seats over was a really hot girl who got on with a value meal. I always find hot skinny girls who eat lots of junk food amazing. Anyhow train is crowded so she and her GF seat next to another guy in a three seater. Guy starts rapping and goes the smell of fresh mcdonald fries at one am always makes me hungry. Hot girl goes I know which is why I always buy an extra order of fries to give to person sitting next to me and hands him an order of fries. I swear I thought he was going to go on knee and propose. Funny part is girls will go to Harvard, Yale and work 70 hours a week in some stressful jobs to attract a mate, meanwhile hot fries at one am is what we really want.

  53. homeboken says:

    Nom 50 – Must be something in the air, I have a 2 year old male BT and he has been more attention seeking than usual (which is normally excessive) lately. Luckily, my remotes and such are still in tact.

  54. Happy Renter says:

    [27] “I advise going long on mold!” was all set to be my favorite post of the day . . .
    . . . but then we got to [41] with Bachman, JJ, and the 1200 sq. ft. cape. Too much.

    Re the lead article:

    Square “Nobody’s complaining about the pricing or the interest rates.”

    With “[P]eople are pulling their homes off the market rather than try to sell them at today’s discounted prices . . .”

    No, sellers are not complaining; they’re just decomposing for a bit before selling at tomorrow’s discounted prices.

    Stench of this-listing-is-special.

  55. 1987 Condo Buyer says:

    #12…Really? Did you miss the condo bubble and bust? Bought for $140k in 1987 and sold 12 years later for $92k? You seem to believe and act as if this bubble thing is new because it hit houses this time, but trust me, losing the 40% after 12 years and still bringing $10k to the closing table was quite the “depression” for me and my family.

  56. 3B says:

    #58 Happy: You would think that the sellers would be smart enough to at least ask themselves, if I cannot sell at this price, with low interest rates, how do I expect to sell at the same or higher price with potentially higher rates in the future. Just saying.

  57. Shore Guy says:

    “today’s discounted prices . . .”

    Ha, ha, ha. That is really very funny. It reminds me of the “sales” at some stores. They take an item that has a market value of x and price it at 2x then run a sale “discounting” it 50%, which brings the price to where it should have been all along (without a discount from market prices) and convince people they are getting a steal — 50% off.

    As with laughter — once people get going, even a marginally-funny joke will keep them going — once the the housing frenzy started, people just kept going — like lemmings to the sea. Only in retrospect do they realize they should not have chased that tail in front of them as it lead them over a cliff.

    Tough! Anyone who was paying attention knew that prices were not supported by housing economics and they were bound to crash.

  58. Shore Guy says:

    3b,

    Why would anyone just give-away their house?

  59. 3B says:

    Anybody having problems with the njmls system these last few days??

  60. 3B says:

    #62 Oh yeah, silly me!!!

  61. Shore Guy says:

    http://money.cnn.com/2011/10/18/markets/thebuzz/

    They are not just going to give away their bonuses.

  62. anon; says:

    41.make money says:

    You must be new here.

    Don’t forget banging some chick in the next bed over from Wilt Chamberlain doing the same at his shore house

  63. make money says:

    Anon[41],

    How can anyone forget that…although I haven’t heard any new stories recently.

  64. Noah says:

    HL-2170W Brother laser B&W printer and Canon DR 2010-C scanner and two monitors per workstation = ability to go paperless at a reasonable cost. For color printing in bulk I use a printing company. I don’t really need one-off color stuff.

    Also, I use phone.com for VOIP and fax. Then the scanner can function as fax at each desk.

    My favorite tool is TimeTrade – online calendar to schedule appointments. Really helpful if you have lots of calls/meetings and don’t want someone going back and forth by email or with secretary.

  65. Shore Guy says:

    It goes well with a rustic house.

  66. Morpheus says:

    well:

    Das uber inspector is the man! inspection took 4 hours. lots of little defects. Some problems with wiring and leekage from sewer system. Seller used wrong piping to lead gas into kitchen, among other things.

    Will get report soon. The sellers have taken the position that they do not want to repair anything. Now, if I eventually release the report or portions of the report to them, they would have knowledge of the defects. Then, they can’t disclaim knowledge of defects if the sale does not go through. How useful is this tactic for an estate sale? Just need a credit from the seller for some of the repairs and asking for repairs on only 8 or so items.

  67. Barbara says:

    I think comparisons between now and the 80s/90s crash are getting more and more useless as time goes on, but here you go. Bought a two family in 1990, 5% down on a bubble loan and 9% interest. Sellers were holding out for years for their price. We knew the house was a little high but paid it because of it’s excellent condition and the rental numbers worked out very well. We lived in one unit and were profitable from the day of closing onward. bought a few others and stopped buying late in 1999. The house we bought in 99 was bought by the previous owner in 89, and it sold for the same price in 99. 93-99 was the sweet spot.

  68. JJ says:

    Actually that was the roomate of a girl I briefly dated. Her roomate used to bring Wilt back. She was a two bit actress whose biggest role was playing Paul Castalanos mistress in an eposoide of Americas Most Wanted. Actually me hanging out with washed up NBA players and washed up two bit actress and lots of alchol was a fairly normal night in the 1990s for me. Pretty much the guy who played Bud Bundy, kid with glasses from stand by me, Hollyfield after ear was bit, boxer with ditached retina, Pat Riely after Lakers ditched him, Fabio, Joe Montana, last year or so of his career, Jennifer Grey, after bad nose job. Kevin Dilon pre-entourage. I think I hung out with whole D list and future dancing with the stars cast during 1990s. My definition of fame is weird. Last night I saw Al Toon and I was impressed. That weird kid from stand by me was thrown out of more bars than anyone I know.

    anon; says:
    October 18, 2011 at 2:09 pm
    41.make money says:

    You must be new here.

    Don’t forget banging some chick in the next bed over from Wilt Chamberlain doing the same at his shore house

  69. JJ says:

    those marchers were banging some drums around lunch time and kept it up long enough for a 200 point rally, got to get them back tommorrow.

  70. yo says:

    MS:US 16.6400 USD ^ 1.3900 9.11% before tomorrow’s 3rd qtr earning

  71. chicagofinance says:

    The NY Post seldom, if ever, lets you down….
    Pepper spray gal: Nail cop for a-salt

  72. Juice Box says:

    AAPL misses!

  73. chicagofinance says:

    Morph: My wife is the one who originally worked with him, although Stu coined the name “das uberinspektor”….

    Morpheus says:
    October 18, 2011 at 3:10 pm
    well: Das uber inspector is the man! inspection took 4 hours.

  74. x-everything says:

    As soon as you ask, another JJ classic is born.
    heres a list of people he hung around with in the 90’s
    the guy who played Bud Bundy, kid with glasses from stand by me,
    Hollyfield after ear was bit, boxer with ditached retina,
    Pat Riely after Lakers ditched him,
    Fabio,
    Joe Montana, last year or so of his career,
    Jennifer Grey, after bad nose job.
    Kevin Dilon pre-entourage.
    whole D list and future dancing with the stars cast during 1990s.

    Who got to bang Gary Coleman?

  75. chicagofinance says:

    Down goes Frazier!

    Juice Box says:
    October 18, 2011 at 4:37 pm
    AAPL misses!

  76. yo says:

    Top U.S. Regulator Approves New Limit on Commodity Speculation in 3-2 VoteQ

    The top U.S. derivatives regulators voted 3 to 2 today to curb trading in oil, wheat, gold and other commodities after a boom in raw-materials speculation, record- high prices and years of debate and delay.

  77. chicagofinance says:

    (Reuters) – New Jersey’s Monmouth University will be the new home for an archive of local hero Bruce Springsteen’s collection of memorabilia from a long career in rock music, the school has announced.

    Springsteen’s “Special Collection,” comprised of books, concert programs, magazine and newspaper articles and other printed memorabilia related to the rock legend and his E Street Band, whose hits include the 1984 smash “Born in the U.S.A.,” will assume its new home as of November 1.

    “Monmouth University is the perfect location for this outstanding collection,” university president Paul Gaffney said in a statement.

    “Students and faculty from Monmouth University, especially our music industry students, will benefit greatly from having access to these documents. I hope it will also serve as a valuable resource for members of the academic community,” Gaffney added.

    The collection, formerly housed at the Asbury Park Public Library, contains nearly 15,000 documents from 44 countries chronicling New Jersey native Springsteen’s career that began as far back as the late 1960s.

    Springsteen, 62, and his band released their debut album “Greetings from Asbury Park, N.J.” in 1973, but it was two years later with the album “Born to Run” that the group hit the top 10 of U.S. music charts and launched into stardom.

    The move of Springsteen’s memorabilia caps a four-year search for a new site in New Jersey that allowed for public access and had room for expansion to include recordings, oral histories and film footage.

    Christopher Phillips, editor and publisher of Backstreets and president of the Friends of the Bruce Springsteen Special Collection, said that the partnership between Monmouth University and fans “offers a great opportunity.”

    “At the university, the collection will be publicly accessible to all who have a serious interest in Bruce Springsteen’s life and career,” Phillips said, citing students, scholars and journalists.

    Viewing of the documents at the West Long Branch, N.J. university will be available by appointment.

    Robert Santelli, executive director of the GRAMMY Museum in Los Angeles and a Monmouth alumnus, helped secure the collection for the school.

  78. Shore Guy says:

    “Down goes Frazier!”

    The market did not like his tossed salad and scrambled eggs?

  79. Shore Guy says:

    With apologies to the leftist-pinko-bleeding-heart (Jamil’s favorite singer, perhaps) Pete Seeger

    Where have all the houses gone?
    Prices crashing
    Where have all the houses gone?
    And inflated values
    Where have all the houses gone?
    Realtors overpriced them every one
    When will they ever learn?
    When will they ever learn?

    Where have all the Realtors gone?
    Eating friskies
    Where have all the Realtors gone?
    Once over-fed
    Where have all the Realtors gone?
    Unemployment every one
    When will they ever learn?
    When will they ever learn?

  80. NjescaPee says:

    Looks like Perry is about to clock Romney.

  81. Shore Guy says:

    NJE,

    Yea, he looks ticked off but, Mitt is getting the better of him.

  82. NjescaPee says:

    Shore, bythe way your Pete Seger parody is catchy.

  83. Fabius Maximus says:

    #48 Nom,

    Staples have good deals and rebates and price match. It is great if you can get an OfficeMax price match on top of a Manufactures rebate and a few $5 off or 15% coupons and in Staples rewards and you can make money.

    Stay away from Ink, its a bit of a pain and Laser looks better. I used to have a highend 6 color ink jet and spent more time cleaning heads than printing. I send all high end prints to the local 24hr Walgreens, most of replaced my last HP laser with a Canon D420 for $25 from Staples. It has 23ppm and a top bed scanner. I also have a 4 color Laser that Mrs Fabius uses.

    I use efax to receive and for the occasional time I need to fax I have an old one in the basement I pull out and plug in.

  84. Fabius Maximus says:

    Ron Paul just threw the tribe under the bus!

  85. Fabius Maximus says:

    #90 Redux

    Here is how you run the rebates and price match from Captain Cheepos favorite site.

    http://www.fatwallet.com/forums/hot-deals/1114373/
    Manager would not allow me to use the 20% off coupon as he was matching and I wasn’t in the mood to go to the mat as I was in a rush.

  86. NjescaPee says:

    Fabius, he sure did but that shouldn’t be a surprise and Ron Paul will never get close to being elected. This is his last run and said he will not run for his congressional seat

  87. BBH says:

    Grim,

    You mentioned the other day that you are willing to ban Jamil. I was shocked that more people did not push for this. Listen, you have to ban him. He is a very disturbed and toxic person. I was hoping the regulars here would ignore him, and that he would go away. But this did not happen. He keeps coming back and using this site has his personal therapy session, spouting his venom. It used to be enjoyable, coming here and reading all the informative posts and interesting discussions. But having to scroll past Jamil’s comments, and any post that refers to him, is becoming tiring. Please don’t let him drag this site down to his level. Please ban him.

    Regards,
    BergenBagHolder

  88. Al Mossberg says:

    82,

    Yo,

    Some reasonable commentary on the CFTC ruling. The commercials did cover a lot of shorts with the latest raid. We shall see.

    “So how can this all play out? Here are 3 scenarios:
    1) If they don’t pass the rule on the 18th then we are right back to where we have been for the entire year. Continued manipulations into the foreseeable future.
    2) If they pass the rule WITHOUT the few month implementation I would say “IT’S OFF TO THE RACES FOR SILVER!” The sky’s the limit followed by a global meltdown of all monetary systems…the END GAME.
    3) If they pass the rule WITH the a few month implementation process then we would likely see JPM and friends bring silver back up to previous highs before another MAJOR SLAM before the rule is implemented.

    If I were a betting man…I’d bet on scenario number 3. I think they will pass the rule and give the banksters a few months. During these few months the next financial crisis will hit allowing the banks to crash the gold and silver markets and cover even more of their short and then try to go long.”

  89. Al Mossberg says:

    93,

    Ron Paul through Israel under the bus and rightly so. Bachman is a zionist schill. AIPAC lobby bought and paid for. The Saudi ambassador story was an unbelievable pile of garbage.

    Doesnt matter to me. That whole region of the world is going to be a firey wreck soon enough.

  90. Please don’t ban jamil. Every village needs its idiot.

    Jamil isn’t dangerous. He’s just tedious and brainwashed.

  91. None of the people on that podium tonight have a snowball’s chance in hell of being president.

  92. Mikeinwaiting says:

    BBH 95 Lighten up, just Jamil spouting. Politics are in the header on topics , do we ban one side or the other. Maybe by degree if you are not to left or right you can stay? Slippery slope, based on that (not that I enjoy his post & just skip 90% of the time) he stays IMHO.

  93. Mikeinwaiting says:

    Clot 99 Sh*t we get “O” for 4 more years! We are going to h*ll in a handbasket. As if we aren’t anyway I know, I know.

  94. Mikey, we’re already in the ninth circle of hell. The only release from this 24/7 idiocy is death.

  95. Hence, my call for extinction before recovery.

    The species is at the end of the line. Far Rockaway for humanity, as it were.

  96. Mikeinwaiting says:

    Clot may not be the end of the line but certainly to civilization as we know it. It will all come crashing down in 10 years 5, 20, 1, who knows. It is gonna hit the fan just a matter of when. We are set up for one hell of a global upheaval all the components are in place. Let us see how the Europeans handle their little spot of trouble, I bet they will lead the world into it, they have a great track record.

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