Strong showing for October pending sales

From HousingWire:

NAR pending home sales surge in October

Pending home sales soared more than 10% in October and remain above year-ago levels, in a hopeful sign for the nation’s housing market, according to the National Association of Realtors.

NAR’s pending home sales index, a forward-looking indicator based on contract signings, surged 10.4% to 93.3 in October from 84.5 in September. The index is 9.2% above October 2010 when it stood at 85.5.

The index is based on signed real estate contracts for existing single-family homes, condos and co-ops. An index of 100 is equal to the average level of contract activity during 2001, the first of five consecutive record years for existing-home sales and coincides with a level that is historically healthy.

The PHSI in the Northeast rose 17.7% to 71.3 in October, 3.4% above October 2010. In the Midwest, the index jumped 24.1% to 88.7 in October and remains 13.2% above a year ago.

The South saw a smaller gain, 8.6% in October, to an index of 99.5 — 9.7% higher than October 2010.

Only the West saw slippage, but remains above 100. There, the index slipped 0.3% to 105.5 in October but is 8.1% above a year ago.

From the Otteau Group:

Home Sales Continue to Show Signs of a Bottom

New Jersey home sales in October recorded a 4.9% year-on-year increase as the housing market continues to show signs of stabilization. Home sales have now increased in 5 of the last 6 months, recording an average monthly increase of 5.5% over that period, as home buyers take advantage of both lower home prices and mortgage interest rates. That rate of rise will accelerate once job creation becomes more consistent.

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96 Responses to Strong showing for October pending sales

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From the Star Ledger:

    Poll: Majority of N.J. baby boomers fear losing jobs, worry about future of Social Security

    New Jersey’s baby boomers are worried. Worried about losing their jobs and being able to find another one. Worried about the state’s economic outlook. Worried about having to move somewhere cheaper when they retire.

    Those are the findings of a Kean University/New Jersey Speaks poll that surveyed 1,000 employed Garden State residents, ages 47 to 65, who may be going gray because of more than just their age.

    Among the poll’s findings released today, a majority of the state’s boomers said they were either “very worried” (21 percent), or “somewhat worried” (32 percent), “about the possibility of losing your job.” Asked about their “ability to be competitive in the job market should you lose your job?” two thirds said they were either “very worried” (34 percent), or “somewhat worried” (32 percent). A full 54 percent said they were “very worried” about “the future of Social Security.” And most respondents said they worried about the future of their industry.

    “The results show that baby boomers are very concerned about the outlook for the economy in New Jersey and the nation as a whole,” said Christopher Donoghue, a sociology professor at Kean.

  3. grim says:

    From the Fed:

    November Beige Book – Second District–New York

    Construction and Real Estate

    Residential real estate markets have been stable, on balance, since the last report, while home construction activity remains low–particularly for single-family homes. New York City’s rental market continues to strengthen: asking rents remained on an upward trend up in October and were up 5 to 10 percent from comparable 2010 levels. Scattered reports from elsewhere in the District also point to strengthening rental markets. Co-op and condo prices in Manhattan and Brooklyn were mostly steady since the last report, while transactions activity dipped in October but turned up in early November. In northern New Jersey, home prices are reported to be down modestly, hampered by a glut of distressed properties; while fewer home mortgages are moving into delinquency status recently, there remains a large overhang of distressed properties. New home construction remains at a low level, with multi-family rental buildings accounting for most new development–in both New York City and northern New Jersey. Buffalo-area Realtors report steady home sales activity but some downward drift in prices; they also note a pickup in traffic at open houses.

  4. grim says:

    From CNBC:

    Cancellations Plague Pending Home Sales

    At first glance it seems like a huge and hopeful headline: Pending home sales, based on contracts signed, rose 10.4 percent in October from September.

    It certainly gives the impression that buyers are hopping off the fence and into the market.

    The other problem is that a good chunk of those contracts signed will not reach the closing table. Thirty-three percent of Realtors reported at least one cancellation in October, which is up from 8 percent a year ago.

    “Although contract signings are up, not all contracts lead to closings,” admits National Association of Realtors chief economist Lawrence Yun. The Realtors cite credit issues, poor appraisals, and a lengthy and complicated short sale process for the high cancellation rate. Weak consumer confidence is also playing a big role.

    “We’ve seen a ton of that this year, so currently I’m strongly warning my clients (sellers) in advance to say ‘Yes’ to almost everything,” says David Fogg, a real estate agent. “I’m telling them to be ready, to be easy going and flexible, willing to fix stuff and patient. For the slightest reasons buyers cancel now, so we are working with our clients to reduce those reasons from the sellers side.”

    Today’s buyers are not-only skittish and skeptical, they are under no particular pressure to move the deal ahead. The 10 percent jump certainly sounds good, and maybe it is finally a real sign of hope, but the proof will come in the December closings, which we won’t see until mid-January.

  5. Mikeinwaiting says:

    Pending, as in contracts signed let us see what closes. Did they forget to mention that the “soaring” pending home sales come with an even higher flying number of contracts that never make it to closing, OOPS! Well maybe an “unexpected ” number of contracts that do not close will come down the pike next month . Chose your own line of bull.

  6. Mikeinwaiting says:

    Grim 5, beat me to it by a hair.

  7. grim says:

    4 – The published headline – ‘Foreclosure fraud whistleblower found dead’

    The real headline – ‘Robosigner commits suicide rather than go to jail’

    She tried to rat out her accomplices only after she knew she was done for.

  8. grim says:

    6 – Counterpoint – Cancellations were running just as high last year (I’m talking local here), and we still posted a year over year increase. Cancellations aren’t a new trend here, they started to trend upwards steadily as the market declined. There were a few seminal events that caused jumps in the trend, most notably the lockdown after the appraisal fraud revelation, as well as temporary factors that made it jump around a bit. Quick mortgage jumps are always a factor, since most standard sale contracts include a rate contingency, also we saw spikes when mortgage companies were raising their minimum credit scores in the wake of the subprime blowout (remember when there were 7 MBS downgrade posts in a day). The fact that more agents are reporting is going to be colored by survivorship bias. Lastly, some percentage of buyers with failed contracts enter into another contract shortly thereafter. I’ve had buyers bail (and rightfully so) after the inspections turned up issues, only to be UC on another property a week later.

  9. Mikeinwaiting says:

    Grim 9 It is fair to say that the increase in pending even with the increases in cancellations will result in higher closing by virtue of the two numbers. That being said the NAR hype as usual is just that. They are up but not “soaring” in context of the actual closed sales, therefore I felt “soaring’ was not appropriate. How about.
    “Pending home sales rise a solid 10.4 % , but with cancellations running near historic highs the amount of homes actually sold will be much smaller.”

  10. Mikeinwaiting says:

    Fairer description & a more accurate statement of market conditions, no?

  11. 30 year realtor says:

    #11 Mikeinwaiting – like a vertical leap from the bottom of a canyon. Up but still very down.

    There has been little to get excited about these past few years. As an agent I can feel the new pulse. Weak, but still a pulse.

  12. Mike says:

    “Home Sales Continue to Show Signs of a Bottom” You have nothing to worry about baby boomers.

  13. grim says:

    We’ve run out of adjectives for headlines, so they had to go dust off the thesaurus lest they resort to analogy/idiom (Crikey Mates! Pending Home Sales Jump like a Roo on Holiday!)

    Maybe I’m just ticked because I talked about these things years back, and was poo-poo’ed, and now when anyone talks about housing they rattle these things off like they are common sense now. We talked about the disconnect in sales and contracts as a leading indicator of market distress back in 05. Sales and pendings were running flat, and everyone was thinking things were smooth sailing, but the cancellations were starting to make a strong move upwards. It took almost a year before the trend was obvious in the closings numbers. I’m looking for the thread, but I know that at least two hecklers told me that I was fishing for any sign of bad news I could find in the data and blowing it out of proportion.

    My single biggest reason (by far) for contract cancellations is failed short sales. The excitement of the deal wears off by month 6, inevitably turns into anger and despair, buyer tells everyone to go to hell.

  14. Headline should read: “Housing Up a Blip. All Housing Stats Are Lies. Doom Is Still Imminent”.

  15. Housing is dead money for at least two generations. The amounts of fraud, bad paper and malinvestment still baked into the system and hidden from view are your guarantee that nothing will really get better anytime soon.

    We’ll know it’s getting better when the garbage begins to be acknowledged and written down/written off.

  16. grim says:

    Holy crap – Is this the first time we haven’t gotten screwed?

    N.J. workers benefited most from temporary cut in payroll taxes, White House says

    White House figures show workers in New Jersey benefited the most from a temporary cut in payroll taxes.

    An analysis shows the average worker in New Jersey saved about $872, or 22 percent more than the national average because the state has some of the nation’s highest paid workers. The cut is determined by income.

    The Record of Woodland Park reports the cut reduced the amount withheld for Social Security and Medicare to allow 4.7 million people in New Jersey to take home an extra $4.1 billion.

  17. Mikeinwaiting says:

    And now a comment from the other side in regard to the pending home sales number,
    “Housing Up a Blip. All Housing Stats Are Lies. Doom Is Still Imminent”.
    I kinda like that one better.

  18. Dissident HEHEHE says:

    From Panzner:

    On the Prowl
    Humans can be quite resourceful when they need to be, especially when it involves those things that are essential to life. So, at a time when millions are either struggling to get by or are just barely hanging on, it’s no surprise to find, as the following recent reports suggest, that more and more people are relying on unsavory or unlawful tactics to get their hands on something that nobody can do without: food.

  19. grim says:

    Too wordy, armageddon is too serious to be bogged down in adverbs, conjunctions and linking verbs (although negative adjectives are preferred)

    Housing Blip … Statistics Lie … Doom Imminent

  20. Dissident HEHEHE says:

    Come on Grim – you know you sneak into Hampton Inn for the free Continental breakfasts.

  21. Neanderthal Economist says:

    “housing sales soar, prices drop to $1.”

  22. Neanderthal Economist says:

    “Too wordy”
    Yes armeggedon can definately tend to get too wordy and colorful when in reality its more like, “oh sh!t!”

  23. Shore Guy says:

    I am looking to see this headline:

    As housing prices continue to drop, smart buyers shun high-tax states.

  24. Shore Guy says:

    The poster child for the housing boom should be Homer Simpson. Doh!

  25. Painhrtz - I ain't dead yet says:

    Grim #2 Enjoy the cat food locusts!

  26. Painhrtz - I ain't dead yet says:

    Hey nom, I sent some stuff along to folks I know. Good Luck

  27. gary says:

    Why does anyone take the NAR stats as g0spel? How can anyone take them seriously?

  28. Comrade Nom Deplume says:

    Newark published its tax lien sale list today. On the first page, showing nearly 3k due on 19 Longworth St, is none other than Cory Booker.

  29. Comrade Nom Deplume says:

    Pain, Thx.

  30. Comrade Nom Deplume says:

    Clot, Sastry, you have mail or will soon.

  31. Comrade Nom Deplume says:

    (19) hehehe,

    We should see if JJ bought a few dinners for Minerva.

  32. Comrade Nom Deplume says:

    I suspect we will see this a lot more, and it will become the norm in some areas.

    But as feelgood as this is, it renders contracts unenforceable. So I think we will see the following in the future:

    Banks will bring complaints against sheriffs and municipalities. They will include either or both of a petition for a writ of mandamus and/or a 5th Amendment “takings” complaint. The latter is a thinner beef, but when cities like Philly effectively bar sheriffs from foreclosing, they raise the spectre that their actions are purposeful takings for a public purpose.

    Now banks won’t want to take the reputational hit for pushing foreclosures so they may push out properties in certain cities to subsidiaries that will do the dirty work. Or they can band together and form a bank service company to do this as a sort of private RTC. Naturally, they won’t do this unless they can mitigate or absorb the hit from the loss of the mark-to-fantasy asset. So no mass foreclosures anytime soon.

    At that point, only the regulators could stop them from mass foreclosures, and that puts the gov into a quandary. Either they go all in for the deadbeats or for the banks, otherwise they will take the hit for keeping the financials from getting off life support. My money is on the deadbeats.

    Game over. As clot says, smoke em if you got em.

  33. Anon E. Moose says:

    Grim [14];

    buyer tells everyone to go to hell.


  34. Comrade Nom Deplume says:

    Took the dog for a walk and saw something interesting. There was a house on North Chestnut in the Brig that was on sale forever last year. Small CHC with eyelid dormer, some extensions. Clearly had not been updated and needed paint. Somewhat busy street, but very nice, huge lot. Even has a small barn on the property.

    I know the listing agent, and the thing sat forever it seemed, but then sold. I did not think much of it after except to note that at some point the house got painted.

    Today, the property is completely fenced off, and there is a large backhoe tearing down the house. Given the size of the lot, I think something much larger is going up soon.

  35. gary says:

    My Headline:

    Tick… tick… tick… tick…

  36. Libtard in Union says:

    Morph (from last night) congrats.

    Going a little against Shore’s recos, you need not do everything all at once either as it might just bankrupt you. Do all the necessary repairs and then worry about aesthetics. We finished the majority of the inside of our house just recently, but don’t have a single window treatment (besides roll up blinds) yet nor a picture hung. All of the walls are freshly painted though, plaster cracks repaired, windows repaired, etc., etc.. In the spring, I’m focusing on the landscape and sometime next year I’ll hang some pictures and focus on the fireplace. Rome wasn’t built in a day. Just keep your focus and watch your bottom line. It pains me to think about how much money I wasted fixing up our multi. Everyone remember those numbers about the improvements that result in the best returns. Anywhere from 120% to about 80%. Well when the housing market deflates the returns are negative.

  37. Comrade Nom Deplume says:

    Good for me and my ilk. Not so much for everyone else.

  38. Comrade Nom Deplume says:

    [38] libtard

    OTOH, if there are updates you know you want, and you can’t say with certainty that you will be in a house forever, then I suggest getting them and enjoying them. Otherwise, you are paying for the updates for the next buyer.

  39. 1987 Condo Buyer says:

    Health/Pension costs in West Orange: $45,000 each

    “He contended stacking overtime remains more economical than bringing back laid off officers. Officers in overtime are paid time-and-a-half, with some racking up thousands of dollars every year.

    “Employee related costs in the long term far exceed overtime costs,” Parisi said. “On average, our health insurance and pension cost the township $45,000 per employee, per year.”

    Jack Sayers, the township’s business administrator, said West Orange saved more than $600,000 this year in salaries and health benefits through lay offs and demotions. ”

  40. Jill says:

    Morpheus #83 from yesterday: Congrats on the new digs. Some advice from a 15-year homeowner who also bought a house with “good bones” but in need of repairs and updates: Fix what has to be fixed now, then take a breather. Paint can do wonders in the short run. You are fortunate in that you are not moving in during the mandatory-granite-and-stainless years, so you can update within your means.

    As for furniture…if you would like a not-terribly-attractive but clean and functional “faux leather” (plastic) sofa, brown, in good condition with no bedbugs, and a teak coffee table, to tide you over, post your e-mail address and I’ll get in touch with you about how/when to pick it up. Sofa wipes clean with a damp cloth, good for six-year-olds (or adult football fans) who spill nacho cheese all over it.

  41. Nice to see people commenting on this blog and making it more interesting.

  42. Anon E. Moose says:


    Let me add my congrats. In fact, I’d love to compare notes off-line. You remind me of one of my favorite housing bubble quotes:

    “It just blows my mind,” said Phelan, an agent in Northwest Washington. She said the city’s continuing real estate boom has been great for her business and good overall for the city. But as a District resident, she has concerns about who will be able to afford to buy a home in the city in the future.

    “They can’t all be attorneys and patent lawyers,” Phelan said.”

  43. Libtard in Union says:

    That is true Nom. In a multi, you know you are making the improvements for the next buyer.

  44. JJ says:

    Congrats on the house, don’t put a nickle into it. Sound advice when you wallet falls in a sewer you don’t grab your wifes purse and throw it in too.

    Funny, lots of people getting positive on RE and buying houses on this site, may be a bottom or a dead cat bounce.

  45. Anon E. Moose says:

    PS [44];

    To Nom & Morph – Note from that quote that even a real estate agent doesn’t think a patent lawyer is a real attorney. ;-)

  46. Comrade Nom Deplume says:

    [47] moose

    I know a lot of patent attorneys, and while I wouldn’t let some of them handle a traffic ticket case, they are doubtless real lawyers.

  47. Comrade Nom Deplume says:

    When it comes to how the states and cities will prevent foreclosures, past is prologue:

    Very long piece, and a lot of legal analysis but written in a way laypeople can follow easily. Surprisingly, they pay much attention to the Contracts Clause and little to the Takings Clause, but I think that this is because no jurisdiction has crossed the Rubicon and acted to utterly strip or ignore creditor’s rights.

    That is coming, and because the goal of munis is to do this by imposing costs, I think we will see the industry consolidate their attacks on municipality and state efforts to stop foreclosures through regulatory pressure.

    In the end, they will recoup the costs by building it into their cost structures, and this build will be jurisdiction-specific. This is not news—loan rates and costs are lower in some parts of the country than in others for this reason. For example, in a non-deficiency state, one expects that the rate and costs will be higher, and the lender standards stricter.

  48. Comrade Nom Deplume says:

    [44] moose

    I sold in McLean, VA in 2003, near the top. I also advised one of my attorney friends to sell, sell, sell, in 2005. Hopefully he did.

    One of the attorneys I didn’t like so much got married and decided to buy. He bought in Upper NW DC at around the time of the article.

  49. gary says:

    Funny, lots of people getting positive on RE and buying houses on this site, may be a bottom or a dead cat bounce.

    top of the 5th inning, my friend.

  50. Painhrtz - I ain't dead yet says:

    Morph congrats, We refinished the floors, paint, molding and ripped down a wood panel wall which was replaced with sheetrock. Hoping to get kitchen floor done before babies come. We stuck with simple and affordable updates which kept us on budget with wife’s multiple layoffs. Changed fixtures, outlets, light switches. Only wish I had changed the doors before I did the molding. WE did not have the money at the time, and now I’m going to be working the plainer overtime to retrofit new doors in. That is a summer project though. We also kept the white appliances as they were relatively new. though we both hate the fridge. Yard is ninety percent done thanks to free mulch from the town and my college landscaping experience. Only big purchase was a fence for the backyard. Dog loves it and we don’t have to walk him 4 times a day any more. Have fun just when you think your done you’ll find something else you will want to change.

  51. Ran Away from NJ says:

    I would like to see Edison and Metuchen merge to become a single town.

  52. JJ says:

    Woody Allen once said “the only thing standing between me and greatness is myself”

    Sadly some RE sellers are irrational and some RE buyers are irrational and occasionally the two shall meet and we get a full market price sale. Sadly with RE commission, closing costs baked in along with the wifey liking to fix up her new place by the time you move in you are at 100K over the actual worth of house.

    I am eying my next door neighbor’s house which clearly should be a short sale. House has lots of minor eyesore issues associtated with it and is on the corner of two fairly busy streets. Then out of blue Italian family from Brooklyn who knows people in neighborhood and has elementary school kids is looking at it, the busy street does not look busy to her, the school three doors away is a plus as she has kids and it is a few doors from her friend who moved to neighborhood, even worse the italian neighbors down block know my wife and kids and thinks we are nice. Little do they know.

    Therefore, this family might pay more than it is worth because factors in house that suit them but no one else are in play. The seller might get lucky, I will get somewhat lucky with a good neighbor but I wont be able to get house in a short sale or bk.

    When there are ten lots of stock for sale we buy the cheapest, with houses people are irrational. This is only place realtors have value, good ones sieze upon irrational buyers and talk up the sale.

    This house has seven skylights I see in ad with wonderful natural light.

    I know all seven leak and house is hot as heck in summer and you have to wake up at six am as sun is in your eyes. The four foot fence on sideyard with a higher fence and higher hedges can offer wonderful privacy, meanwhile since house is on a corner the sideyard by two streets only allow a four foot fence.

    The brand new wonderful family room is actually a room that floods, it is new cause it got flooded recently. The new boiler is also new cause of flooding.

    The pool is a gift!! Sure is no permits.

  53. Bystander says:

    Just noticed that commuter transit benefits will be reduced from $230 to $125 starting Jan 1st. Ouch! Metro North is raising fares as well. Gotta get out of this area. Absurd. There is no lobby for the consumer. Hey but make sure upper crust rich folks get their jumbo FHA loan. Nice congress that we have.

  54. gary says:

    When there are ten lots of stock for sale we buy the cheapest, with houses people are irrational. This is only place realtors have value, good ones sieze upon irrational buyers and talk up the sale.

    Everybody wants the pretty unicorn, don’t care how much it costs.

  55. Libtard in Union says:

    “don’t care how much it costs.”

    Because we don’t have to pay for it! That’s the American way.

    BTW, just made it through another round of headcount reductions and this one included some serious playahs. The 5th inning is probably correct.

  56. yo says:

    Developer charge a good premium for a lot that is by the man made lake.With water no where to go,basement get flooded during a severe storm.Oh well!! you got the view for the rest of the year.

  57. jj (57)-

    Drop a dime on your neighbor’s lack-of-permit situation with local code enforcement. They will prevent any sale to anyone until they get paid fees for retroactive permits and, possibly, the town collects back taxes on the non-permit improvements.

    This could end in a FK, as the bank might be the only party able or willing to clean up the permit/back taxes situation. Swoop in with a lowball, all-cash offer at that point, and I bet you get the house.

  58. stu (60)-

    Doesn’t it make you feel all warm and tingly that you only need to do the job of 3-4 people for your company to see you as a value-add?

    I’ve often advocated for a return to slavery. It suddenly occurs to me that we are already practicing a very sophisticated form of it.

  59. chicagofinance says:


    Juice Box says:
    December 1, 2011 at 11:53 am
    Chi – 3Br in Hoboken for $479 Timber?

  60. Debt slave.

    Work slave.

    House slave.

    Tax slave.

    What kind of slave does Johnny want to be today?

  61. chicagofinance says:

    morph: congrats

  62. chicagofinance says:


    chicagofinance says:
    November 30, 2011 at 10:39 pm
    A.West says:
    November 30, 2011 at 6:48 pm
    I know a guy named rusty johnson
    That’s randy johnson’s nickname after his wife decides to follow Lysistrata’s tactics.

    JJ’s favorite baseball player; aka what do you call a Convent?

  63. Comrade Nom Deplume says:

    (65) meat,

    You’re just baiting JJ, aren’t you?

  64. reinvestor101 says:

    Yeah., where in the muck is he? Guess what the damn problem is? He’s a liberal and thought he could pull off that same damn tax and spend bullspit he did as governor and senator at MF Global. These damn liberals love to spend other people’s damn money and that’s the problem.

    >>>Where in the World Is Jon Corzine?

    Senior Editor,

    When was the last time anybody saw Jon Corzine?

    For several days following the bankruptcy of MF Global, Corzine was regularly appearing in the office. Sources at MF Global told me he spent his days in conference rooms with teams of lawyers and accountants. Then he abruptly resigned as chief executive.

    And for his next act, he vanished.

    Corzine is not an ordinary chief executive. As a former US Senator and former Governor of New Jersey, he is a public figure. He was even under consideration to be the next Treasury Secretary.

    As one of the few people who can answer questions about what happened to MF Global—how it went from a healthy midsized commodities brokerage to a fatality—Corzine should be in front of the public offering explanations. He used publicity to climb his way to the top of America’s power-structure, and now he’s trying to hide.


  65. yo says:

    How about this
    “I’m such a good lover because I practice a lot on my own.”

    JJ says:
    December 1, 2011 at 12:06 pm
    Woody Allen once said “the only thing standing between me and greatness is myself”

  66. gary says:

    Doesn’t it make you feel all warm and tingly that you only need to do the job of 3-4 people for your company to see you as a value-add?

    Better yet… I’m doing it as a temp worker. Work 50 hours, get paid 40 max, no overtime exists. Have to take a day off? You get docked every hour not worked. Welcome to austerity, American style. It’s all coming to a theater near you. Oh, and no bennies; gotta get them on your own dime.

  67. gary says:

    And all your local/state/fed services will become contracted out on a per diem basis within the next 10 years. None of this six digit, full pension at 55 yrs. old bullsh1t. It’s all gone.

  68. Shore Guy says:

    Interesting. Ron Paul BLASTING Newt, and it is getting lots of media attention. Huntsman must be thrilled:

  69. Shore Guy says:

    Where is Jon Corzine? I would bet it is a place without an extradition treaty with the US.

  70. reinvestor101 says:

    This damn doom and gloom crap is starting to really get to me. I not a damn scaredy cat, but some of this damn stuff is starting to scare the hell out of me. I’ve already taken some damn hits on my real estate and I have to take a damn job somewhere that’s gotten shakey, so I getting damn nervous and I need some damn reassurance. When I feel like that, I turn to either Fox and CNBC.

    I was just watching CNBC and an analyst was on there talking about the upcoming downgrades on bank stocks and how that’s creating some real damn bargains to make money. Hell, he suggested overweighting on financials and not to be concerned about downgrades because you’re gonna make your damn money back. I’m going to take my remaining nickles and buy up every damn bank stock I can. Who gives a crap about downgrades and derivatives?

    That’s just what I needed to hear. Hell, that’s like a damn baby getting powdered, a new diaper change. a new bottle of milk and getting burped. I’m good to go now. Thank God for CNBC!

  71. JJ says:

    I can do the work of one thousand people and still have time for a three hour lunch. Or is it I can keep one thousand people busy all day, I keep forgetting.

    gary says:
    December 1, 2011 at 1:19 pm
    Doesn’t it make you feel all warm and tingly that you only need to do the job of 3-4 people for your company to see you as a value-add?

    Better yet… I’m doing it as a temp worker. Work 50 hours, get paid 40 max, no overtime exists. Have to take a day off? You get docked every hour not worked. Welcome to austerity, American style. It’s all coming to a theater near you. Oh, and no bennies; gotta get them on your own dime.

  72. Shore Guy says:

    Before heading back to the salt mine, these words of wisdom from The Offspring, which seem appropriate to discussions about unrealistic sellers:

    It goes down the same like the thousand before
    No one’s gettin’ smarter no one’s learnin’ the score
    Your never-ending spree of death and violence and hate
    Is gonna tie your own rope, tie your own rope, tie your own

  73. chicagofinance says:

    Shore Guy says:
    December 1, 2011 at 1:37 pm
    Where is Jon Corzine? I would bet it is a place without an extradition treaty with the US.

  74. JJ says:

    So I guess he is in New Jersey. Chifi did you see Kodak made a big interest payment today, I was betting 50/50 on it.
    EASTMAN KODAK CO DEB 9.20000% 06/01/2021
    CUSIP 277461AV1

    chicagofinance says:
    December 1, 2011 at 1:47 pm
    Shore Guy says:
    December 1, 2011 at 1:37 pm
    Where is Jon Corzine? I would bet it is a place without an extradition treaty with the US.

  75. Comrade Nom Deplume says:

    (74) shore,

    That is so last week. See my posts on the subject.

  76. Comrade Nom Deplume says:

    Last anyone saw of Corzine, he was in a bookstore, asking for Whitey Bulger’s biography.

  77. Mike says:

    Comrade 82 & Gary 74 Try checking my 2011 predictions post 11 months ago

  78. A fitting end for Corslime would be next to Jimmy Hoffa.

  79. Shore Guy says:

    A week late and a grand short.

  80. JJ says:

    Mass sells Fleet to BOA and then sues BOA.

    They should sue anyone who sold a house between 2004 and 2010.

    Juice Box says:
    December 1, 2011 at 4:43 pm
    Mass going after big banks.

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  82. Whoa, Nellie!

    “It was three short years ago that the small former British colony of Zimbabwe was spewing forth 100 trillion dollar bills. Since then, courtesy of a few trillion extra percent of inflationary RDA, the country had given up on its currency and replaced it with US Dollars. Now, the country’s cult central banker Gideon Gono has made it clear he wishes to avoid another episode of transplant currency hyperinflation courtesy of his counterpart in the Marriner Eccles building and “has warned that Zimbabwe’s nascent economic recovery is at the mercy of the United States dollar, which is facing new pressures from the Euro-zone debt crisis.” Yet the screaming sarcasm is the following: “Gono says Zimbabwe should in fact be looking to the Chinese yuan as its main currency, while urgently seeking to restore its own currency which was abandoned in 2009 after a dramatic loss of its value. With the continuous firming of the Chinese yuan, the US dollar is fast ceasing to be the world’s reserve currency and the Euro-Zone debt crisis has made things even worse.” And the terminal slap in the face of all that is American: “As a country, we still have the opportunity to avoid being caught napping by adopting the Chinese yuan as part of consolidating the country’s look East policy.” Well, if recently hyperinflating Zimbabwe is complaining about the US as being on the same path as itself, and instead wants to become a Chinese FX vassal state, perhaps alarm bells should go off somewhere. So the next time Tim Geithner is up on stage somewhere, it may be prudent for a question to be be asked: how and why is it that the world’s (formerly) de facto banana republic is complaining that the next up and coming B-Rep is about to replace it in the annals of idiotic monetary policy?”

  83. Shore Guy says:

    “adopting the Chinese yuan ”

    Which the Chinese link to the dollar.

  84. It’s a breakneck race to see who can get flushed down the craphole first.

    Last one to debase is the loser.

  85. Confused in NJ says:

    PASADENA, Calif. (AP) — Several overturned semis on a Utah highway. Hundreds of thousands without power in California. A wind gust reaching 123-mph in Colorado.

    The powerful winds that tore across Western states Thursday created a path destruction that closed schools, left neighborhoods with a snarl of downed trees and power lines, and prompted some communities to declare emergencies.

    The storms, described as a once-in-a-decade event, were the result of a dramatic difference in pressure between a strong, high-pressure system and a cold, low-pressure system, meteorologists said. This funnels strong winds down mountain canyons and slopes.

    We seem to be getting these once in a decade events quite frequently?

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