January Beige Book

From the Federal Reserve:

Beige Book – Second District–New York

The Second District’s economy has grown at a somewhat faster pace since the last report, led by brisk holiday-season spending. Labor market conditions, as well as prices, have remained generally stable. Manufacturers report modestly improved general business conditions and steady employment since the last report, along with increased optimism about the near-term outlook. Retailers generally characterize holiday season spending as robust, particularly in the final days before Christmas and right after. Auto dealers report that sales have remained strong since the last report. Tourism activity has held steady at a high level. Conditions have generally remained stable in the housing market, though the rental market has continued to improve. Commercial real estate markets have been stable to moderately stronger in late 2011. Finally, bankers report increased loan demand, steady to somewhat tighter credit standards, and lower delinquency rates across the board.

Construction and Real Estate

Residential rental markets continue to strengthen, while real estate sales have shown little change since the last report and new development activity continues to be sluggish. New York City’s rental market remains tight: rents continue to rise, as the inventory of available units remains lean. Manhattan co-op and condo prices were little changed in the fourth quarter, while sales activity slowed from its fairly brisk third quarter pace. Market conditions were reported to be similar in Brooklyn but a bit softer in the other boroughs and on Long Island. On a more positive note, one industry expert in New Jersey sees improved fundamentals in the housing market and foresees a pickup in market conditions in 2012. Real estate contacts in other parts of the District also note some increase in optimism among developers.

Commercial real estate markets have been steady to somewhat stronger since the last report. New York City’s office market has picked up in late 2011, with office vacancy rates edging down and asking rents rising. There were also modest signs of improvement in Westchester and Fairfield counties and in the Albany area, whereas office markets in northern New Jersey and western New York State appear to have slackened modestly. Industrial leasing markets were generally steady overall: conditions firmed in Long Island but showed some signs of softening across upstate New York; in the rest of the District, conditions were little changed.

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

161 Responses to January Beige Book

  1. Shore Guy says:

    It is a great time to buy. Don’t be priced out FOREVER.

  2. Mike says:

    Good Morning New Jersey

  3. Mike says:

    Pop the cork!

  4. funnelcloud says:

    Hanging onto hope looking for the rainbow

    Good morning Mike and Good morning Jersey

  5. Brian says:

    Chinese Foxconn workers are dying for a raise. How long can China continue to be the cheapest place for North American companies to manufacture?

    http://news.businessweek.com/article.asp?documentKey=1377-aNI4eIyif7EM-4R3D2T2O86AR2E80FUL1EDJSL9

  6. Brian says:

    dunno why it wouldn’t post the first time. sorry for the dual posts :(

  7. Shore Guy says:

    Slip a little E-Street into the CD today (CDs still exist, right) in honor of what would have been The Big Man’s 70th.

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

    Shore, Clarence was and is the only thing I like about Bruce

  9. grim says:

    Some Hughes from the APP:

    Better times finally ahead?

    For the first time in a long time, there are reasons to be cautiously optimistic that an economic recovery — albeit a slow, fragile one — may be under way.

    The job picture, though still sluggish, is improving. Last week, the nation’s unemployment rate dipped to 8.5 percent, a three-year low. Holiday shopping figures revealed renewed consumer confidence. U.S. automakers reported a substantial increase in sales in 2011. And earlier this week, the stock market, which has been abnormally volatile due in large part to debt troubles in Europe, hit a five-month high.

    New Jersey’s private sector was on track in 2011 for its best job-creation performance since the high-tech bubble ended in 2000, Rutgers University economist James W. Hughes told the Greater Monmouth Chamber of Commerce on Monday.

    New Jersey gained 41,800 private-sector jobs through the first 11 months of the year. The U.S. added 1.9 million private-sector jobs last year, overcoming obstacles such as the European debt crisis and the inability of Congress to address the nation’s spending and deficit troubles.

    But both of those issues, if left unaddressed, have the potential to plunge the world into another deep recession. The continued failure of Congress to reach a compromise on spending cuts and taxation will, at the very least, be a major drag on the recovery. Voters need to pressure their elected officials and demand they put the nation above scoring partisan talking points.

    Despite some of the positive signs in recent weeks, for too many families, all is not well. Locally, the housing market remains cratered. Unemployment is still too high. Wages aren’t keeping pace with inflation. Health care costs continue to rise. And furloughs remain a fact of life for many fortunate enough to have survived layoffs.

    Given these ominous remnants of the recession, it’s not surprising that many people remain unconvinced that the economy is in recovery. Yet, according to Hughes, the Christie administration has improved the state’s business climate, according to surveys of corporate executives in New Jersey.

  10. Mikeinwaiting says:

    Christmas is over, here we go.
    Initial Jobless Claims: +24K to 399K vs. +8K consensus. Continuing claims +19K to 3.63M.

  11. Mikeinwaiting says:

    Oops.
    8:34 AM Dec. Retail Sales: +0.1% vs. +0.4% expected, +0.2% (revised) prior. Ex-auto -0.2% vs. +0.4% expected, +0.2% prior

  12. Shore Guy says:

    As the old comedy sketch put it: Look up the road, a head.

  13. Shore Guy says:

    Mike,

    It is all………………… “Unexpected”?

  14. Libtard in Union says:

    Good morning fine people of the blog. Busy busy day today. I have to do a mere 15 employee reviews. Boo.

  15. 3B says:

    #9 Locally, the housing market remains cratered.

    The more affordable housing becomes in NJ, the better the recovery, and the ability to stimulate the economy.

    Those that over paid in the bubble have two choices stay and pay your mtg (like so many did when the market popped in the late 80′s or early 90′s), or default and rent.

    You guys had your shot; it is time for the next generation.

  16. JJ says:

    JPMorgan is projected to report a record $18.5 billion in 2011 earnings. Banks are Back.

    maybe people are unemployed cause they want to be. working is a drag and when the boss cuts your raise and bonus and says no more bonuses might as well stay home do a little online trading and head to beach!

    In strange news this week one of my kids won the schools spelling bee championship yesterday. I cant spell and I certainly never helped her spell. Funny part is one of the tiger dads were there, two older lawyers who only have one kid and they beat her to death on everything and he had his kid studying like there was no tommorrow for competition got beat.

  17. funnelcloud says:

    Oh yes, the past can hurt. But, you can either run from it or, learn from it.”

    Quote by Rafiki the baboon from the lion king>

  18. Mike says:

    Rather than put the cork back, anybody for some mimosas with their pancakes?

  19. 3B says:

    #11 Mike: There was chatter all during the holiday season that high end retail was going to have a great season, and yet Tiffany’s released their numbers for the holiday shopping season, and they were disappointed. They blamed the performance on a sluggish shopping season. On the lower end, Sears, Target, and JC Penny all fared poorly. Just saying,

  20. 3B says:

    #16 JJ: GS not expected to do well.

  21. gary says:

    On a more positive note, one industry expert in New Jersey sees improved fundamentals in the housing market and foresees a pickup in market conditions in 2012.

    This time we mean it… no really… I’m serious… it’s for real this time… no really… STOP LAUGHING!!!

  22. grim says:

    10-11 Ouch

  23. Mikeinwaiting says:

    Shore 13 Of course.
    3b 19 And if you delve down into the margins on said sales…………..
    Mike 18 I’m in!

  24. Libtard in Union says:

    Come on Grim. It was the horrible winter weather we have been having.

  25. grim says:

    24 – Precisely the issue, the warmer weather put off cold weather clothes purchases. The weather was *TOO* nice.

  26. Mikeinwaiting says:

    Lib 24 No it was the uncharacteristically warm weather this time. LOL.

  27. Mikeinwaiting says:

    Any excuse will do.

  28. grim says:

    The folks at Weichert tell me it’s because everyone is saving for their downpayment come Spring.

  29. Mikeinwaiting says:

    Futures dropped 45 pts. on the data

  30. Mikeinwaiting says:

    Grim 28 Bingo! The brain surgeons at Weichert just explained it, I am relieved.

  31. Libtard in Union says:

    Eh. Markets been on fire so far in 2012. And the Mad Loot Investment Club is still doubling the major indexes (for the first 7 trading days at least).

  32. Mike says:

    No. 28 The Spring of what year?

  33. gary says:

    I’m still trying to collect my senses from yesterday’s discussion about commuting costs. $400 to $600 dollars per month just to go into Manhattan is beyond me. I was paying close to $300 per month just to park a car in Jersey City. It’s absurd… it’s completely absurd. Tell me how all these costs, taxes and increases continue unabated and house prices will not continue to fall? It’s like trying to refute the laws of physics.

  34. Mikeinwaiting says:

    Gary the laws of physics do not apply in BC, it is special. Must be the unicorns.

  35. danxp says:

    grim…

    how much did that waterproofing set you back? looks like i may have to call those guys… basement may have some water issues even tho it’s not in a flood zone… i think it may have grading issues…

  36. Mikeinwaiting says:

    Mike 32 at present savings rate, 20% Dp , avg income & home price. 2025 on the outside chance all the stars line up perfectly.

  37. Anon E. Moose says:

    Grim [28];

    Just like the kid shovelling the pile to get to the pony.

  38. yo says:

    Skittles has the rainbow

  39. grim says:

    My uncle and his guys did the foundation work, so my costs won’t compare. I will tell you to do your homework, since just about every waterproofing company will rip you off terribly.

    Focus on all the other possible alternatives before you resort to digging out the foundation. In many cases you can get 80% there through regrading and getting the water from the roof as far away from the house as possible.

    Regrading a large portion of your property is going to require a permit and engineering. Your lawn will be destroyed as well, if you don’t have good soil, factor in a few thousand to put the lawn back into shape.

    You can do a couple of tests to try to pinpoint the issue yourself. Assuming your gutters and leaders are fine (draining to the street or sewer), and there is no standing water against the house during a heavy rain (grade towards the house). Cut a hole in your basement floor and start digging, see how quick you hit water. This will help you determine if it’s high water table. You can do some deeper soil tests through Rutgers coop extension that’ll help you understand if the soil types against the house are the issue (high clay concentrations tend to hold moisture).

    Another option is an interior french drain and sump, it might be more cost effective than exterior. If you’ve got other properties higher than your own, another possible approach is to build a swale or berm and screw your neighbor.

  40. Shore Guy says:

    “factor in a few thousand to put the lawn back into shape.”

    Or you can make like Vineland and just plant dandelions.

  41. gary says:

    A double-wide for you, listed at $699,000 and $11,600 in taxes. Hurry, this one won’t last at this neck-breaking price. Plus, tack on another $500 per month in commuting cost and you get to call yourself prestigious:

    http://www.trulia.com/property/3069143892-921-Wildwood-Rd-Oradell-NJ-07649

  42. gary says:

    My pony’s name is Skittles.

    Any questions?

  43. grim says:

    Buyers tend to discount the cost of a well graded lot, with good soil, and a healthy lawn.

    Unfortunately, grade and soil aren’t as sexy as granite and stainless, and fixing them often costs much, much more.

    It is very easy to spend thousands of dollars on dirt and skid steer time, and thousands more on grass.

  44. Brian says:

    35 – danxp
    I have a 60 year old cape with a block foundation. I too have water puddling in our basement near our washing machine. Be careful. Grim is right. The basement waterproofing business is full of thieves with scare tactics. 90% of the people I called just wanted to jackhammer my basement and put in an interior french drain system with sump pump (to the tune of $10,000). NOBODY wants to take the time to do the work from the outside. There’s a forum on the hgtv pro site about foundations. A guy who’s username is LicencedwaterprofR explains how to do exterior waterproofing and specifically find exterior cracks and leaks with an ordinary garden hose. He’s a bit passionate about it and hate’s the interior french drain guys but he does have some good information. I wish I could find somebody in the NJ area that does what he does.

    http://boards.hgtvremodels.com/eve/forums/a/tpc/f/2891014781/m/5251003204

    I’ll probably end up doing it myself. I can probably bribe my brother to help me with beer.

  45. Jill says:

    #41: “Latchstring showplace”??? WTF does that even MEAN?

  46. grim says:

    Latchstring showplace?

    I guess, just like golden handcuffs, once you buy it, you are stuck for life.

    But hey, they look great.

  47. yo says:

    #41 Gary
    $641,000 for a bungallow?Why even bother looking at this kind of places?You know the house is not worth asking.This people just want to show the house and are not true sellers or the RE agent is giving them bad advise

  48. freedy says:

    Gary: What’s that place worth in this market? 11.6k taxes, good grief

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

    Gary my pony’s name was gulash sadly that is what he became thanks to the economy

  50. gary says:

    yo,

    The price is 699K, not 641K! lol! Nice, isn’t it?

  51. gary says:

    I’m changing the name of my pony to “Latchstring Skittles.”

  52. gary says:

    Freedy,

    The final price on that house will be in the upper 300s.

  53. Libtard in Union says:

    “The final price on that house will be in the upper 300s.”

    You mean, that’s what their estate will collect?

  54. Shore Guy says:

    “latchstring ”

    Perhaps it means that the locks don’t work and they use a string to secure the door.

  55. gary says:

    BTW, if you put 20% down ($140,000) on that f*cking shanty, your PITI will be over $4000 per month. Let’s tack on the 67 other monthly expenses and let me know when I need to hand you a vomit bag.

  56. Shore Guy says:

    Looking at the photos, that is one cramped house.

  57. gary says:

    Lib [53],

    Come on dude, that trip to Cancun can get pricey; they need mommy and daddy’s sweat equity to decompress.

  58. Shore Guy says:

    Gary,

    People who have to worry about expenses are not meant to live in Oradel, which is for a better class of people. There are pleanty of lesser towns for folks who have to worry about money.

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

    Brian we have one side of the house I’ll be water proofing the rest is above grade. Shovel, tarps and probaly a broken back but at least it will be done correctly. i second the getting the water as far away from the house as possible

  60. 3B says:

    #45/51 The Latchstring area is considered one of the premier sections of Oradell, along with the Solider Hill, and the Country Club sections. The town to the south of course, the land of Unicorns does not need to be divided into sections, as the whole darn thing is prestigious.

  61. gary says:

    Shore [58],

    A number of house tour guides would not only agree but come right out and say it.

  62. gary says:

    3b [61],

    What do I have to do to become premier?

  63. 3B says:

    #45 Jill: From yesterday, th short sale we looked at is in Hillsdale.

  64. tbiggs says:

    Brian #44 –

    My friend has been in construction for decades, and he told me the same thing – the only true way to keep water out is to dig around the foundation and seal it from the outside. The french drain and sump will help mitigate the problem. The sealers you paint on the inside of the wall are worthless, because the hydrostatic pressure easily pushes it off the surface.

  65. 3B says:

    #63 gary: Well one way is to turn down Walgreens who was going to build on a blighted area on Kinderkamack Rd. Some people were concerned what other people in other towns would think if there was a Walgreen’s in Oradell.

  66. freedy says:

    Gary:
    whats the other one worth ?

  67. 3B says:

    #59 gary: By the way according to a recent article in the local paperOradell will continue to fight the school funding issue with River Edge and will go through the courts if need be. They are currently waiting for a response from the state Dept of Ed for a decision which was due this past October.

  68. Brian says:

    66 – tbiggs
    it makes perfect sense. You wouldn’t repair a boat from the inside by continuously pumping out water out so why would you do it with your foundation?

  69. Shore Guy says:

    plenty, too

  70. Jill says:

    Yo #47: If it were a REAL bungalow, with the deep eaves, eyebrow windows, and real quarter-sawn wood trim throughout, with original restored built-ins and a Crownpoint Cabinetry kitchen remodel, then yes, maybe it WOULD be worth that price. But an Oradell postwar ra[u]nch? Naah.

  71. Nicholas says:

    I had water entering my basement and causing the carpet to remain damp whenever it rained. I first started by laying irrigation pipe that drained water away from the house at least out to 15 feet. I think that it is very tacky so I burried it underground.

    There are two types. Ones with slots and ones without slots. Since I wasn’t draining to the sewer or the street I chose the slotted kind. Small amounts of water are okay in light rains and even help the grass. Large amounts during heavy downpours were what was making it into the house. I buried the irrigation pipe 18 inches underground to keep it from getting smashed when stepped on. Nothing worse then a depression in your yard from irrigation piping.

    It cost me 100$ in materials and a sweaty afternoon and the problem was solved. I paid a nefew 50$ to help dig the trenches as that can get exhausting.

  72. Juice Box says:

    re # 69 – Brian every boat I have ever owned had a bilge pump.

    Grim is correct most times it is a drainage issue from the roof/gutters unless you live in a flood zone. Key is to keep water flowing away from the house. Grim choose the nuclear bunker option. Grim is your basement still unfinished? Are you planning on doing something with it?

    Most people do not need to do anything more than make sure the water drains away from the foundation and perhaps add a sump. Sumps are cheap and easy. Tom Silva put this one in in only one episode of This Old House.

    http://www.thisoldhouse.com/toh/video/0,,1631605,00.html

  73. Nicholas says:

    A latchstring is a string that you pull from the outside to lift the latch on the inside. It was the primary method of securing and opening doors for many years until modern doornobs and handles were produced. Remember that the industrial revolution occured in the 1800-1900′s.

    Mass production wasn’t invented until the 1920′s with Henry Ford and the automobile. It took some time for those manufacturing techniques to reach other industries as well.

    It is entirely possible that latchstring is now a euphemism for “old homes” who were built before doornobs came into fashion. While the name doesn’t apply anymore they could still be called that out of a sense of history.

  74. JJ says:

    Homes must be built really really crappy in New Jersey to have wet basement problems. I rented ten different summer rentals in the Hamptons and never had a wet basement. What do you do build the walls out of clay and use tree trunks as beams.

  75. danxp says:

    39, 44

    thanks guys… the property actually has 2 sump pumps installed with a french drain… a bit worrisome but when i went down there i didn’t smell any mold at all… just smelled a bit “old”… it’s an unfinished basement that only has the washer dryer down there…

    the property seems flat, but there’s a lip at the front curb then it flattens out towards the house… there’s also a lot of moss on the front lawn… does that indicate very wet conditions or water puddling up?

  76. yo says:

    Why do they use hollow cinder blocks in jersey and just put them on top of each other.No rebars.This for foundation.Cinder block can get a hole and start your problem not to mention mild earthquake can move the foundation

  77. Brian says:

    74 – Juice Box

    I saw that episode. My brother and I used it as a refernce and put in a sump pump too. I also added a battery backup 2 days before Irene hit. It’s a good thing I did, it saved my @ss. The water table was so high, water was shooting in where the plumber did some repair work to my sewer line.

    By the way, it was not easy. Lugging dozens of 5 gallon buckets of water soaked conrete and mud up the steps to the trucked was killer on my back.

  78. Brian says:

    74 – Juice box

    Also one more point. In homes that have block foundations, what happens is you may get a crack up high in the foundation where water enters the hollow blocks. The water then seeps down the inside of the block walls to the cove joint where it pools along the floor. It’s just my oppinion but, I beleive it’s better to keep the wall dry in the first place from the outside by locating the crack, sealing it with hydraulic cement and tar and backfilling with something that does not hold as much water as clay soil (ie. gravel). You can locate the crack by running water using a garden hose on the outside of the block wall near the problem area. If you see water coming in from the inside, that’s where you dig.

    Sump pumps and french drains do help but also serve to sometimes mask bigger problems. They can certainly be used, however, to alleviate a high water table or as part of a combined approach to keep a basement dry. (just my oppinion).

  79. danxp says:

    73 juicebox

    i guess that’s the abbreviated version of that episode… my property already has the two sump pumps… i’m just wondering if i’ll be able to ever have a finished basement with it being the way it is…

  80. yo says:

    More casinos in the Boston area.MGM bought 150 acre of land to build a resort casino

  81. Brian says:

    76 – JJ

    JJ, I’m pretty sure I have no business comparing my crappy little house in Newton to anything in the Hamptons :)

  82. xolepa says:

    (65)
    Sealers on the inside walls are actually very important, but you have to know what you are doing. First, the coating on the inside walls prevents moisture from passing through and leaving that musty smell most basements enjoy. Second, basement walls, especially block types have strong internal convection currents. Those currents will leak into the interior and make your basement much colder/hotter depending upon the season. And third, a high quality sealer, rated 22psi+ must be used. The best way to go is double-coated epoxy paint on a clean surface.
    And if you are looking to finish the basement, add a minimum 6mil plastic sheet strung from the joists down to the concrete floor and glued to the walls as a prerequisite.
    Ask me how I know.

  83. Keystonepro says:

    84-Won’t a 6mm sheet strung from the joists to the floor trap moisture between your block wall and the backside of your insulation/drywall?

  84. xolepa says:

    If you seal the walls properly, any latent moisture between the wall and plastic will pass thru to the joists. It is very important to keep moisture away from the unheated space, as once you start installing electrical boxes down low, cold moist air hitting warm conditioned space creates condensation points. And the fire marshal doesn’t like that.

  85. JJ says:

    I had some pretty crappy houses in Hamptons. One had no heat or phone or garbage pick-up. Just running water, one bathroom, electricity and a fireplace.
    But good news is cold showers don’t feel very cold when it is 90 degrees and you are in an unairconditioned house with 12 other people.

    We never every charged a guest fee, one week a guest came out, left dirty clothes everywhere, stiffed us on beer and insulted us. Luckily he had a car trunk and when he left sunday evening we packed his trunk with all the garbage from the weekend, Disgusting stuff and jammed trunk closed. A week later he opened trunk and man oh man does that stuff brew.

    Brian says:
    January 12, 2012 at 11:45 am
    76 – JJ

    JJ, I’m pretty sure I have no business comparing my crappy little house in Newton to anything in the Hamptons :)

  86. Shore Guy says:

    BC,

    If you are lurking. I was just on Nils’ Web site and he is doing two shows in Alexandria in February (18th and 19th at the Birchmere). This is a Saturday and Sunday, which I suppose means that we can expect that any of Bruce’s North American dates will be after that. I am holding out hope that they do a North American leg before heading over to Europe on May 13.

  87. Shore Guy says:

    With apologies to Bruce and “Youngstown”

    http://www.youtube.com/watch?NR=1&feature=endscreen&v=P9FgwO1ysNM

    Here in Northeast NJ

    Back in 2000 three

    The town jacked up my taxes

    And my family couldn’t afford to eat

    But then my equity went
    Through the roof

    So I HELOCed myself to the max

    Then the crash came
    Now I’m under water

    Can’t afford the mortgage or tax

    Here in Bergen, in Bergen

  88. The Original NJ Expat says:

    Where is the furthest, cheapest, town an idiot might commute to NY from? East Stroudsburg, PA?

  89. yo says:

    I heard people driving to Jersey from the Poconos to take the train to NYC

  90. Libtard in Union says:

    A few of my coworkers made the move to PA for affordability. They all regretted the move. What good is a larger home if you are sleeping the entire time you are there. Commute takes them 2 hours each way. Add 9 hours at the office and that leaves you 15 hours a day to sleep and enjoy your home. Seeing your kids for two waking hours per day is no way to live. Now three hours per day (my schedule) is perfect. :P

    They also bitch about the traffic, the schools and the ghetto their town became after they moved there.

  91. Libtard in Union says:

    Bad typo, sorry 11 hours.

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

    Mount Arlington?

  93. JJ says:

    Never understood that crazy a commute. But it is a mindset. One summer I worked with two of those Pocono people in a job in Manhattan.

    There commute was crazy, that summer I had a summer share in Westhampton not far from train staion. and the Pocono people could not understand why I did not leave out there all summer and just commute every day. I kept saying and for what purpose I would only be sleeping there and spending a fortune on a LIRR ticket. They just don’t get it. I also don’t get why don’t they just work a compressed work week like Monday through Thursday and rent a room or sleep on someones coach three nights a week. If some married guy said when I was single I would throw me 300 bucks a month to sleep on my coach three nights a week I would be all over it.
    Libtard in Union says:
    January 12, 2012 at 1:49 pm
    A few of my coworkers made the move to PA for affordability. They all regretted the move. What good is a larger home if you are sleeping the entire time you are there. Commute takes them 2 hours each way. Add 9 hours at the office and that leaves you 15 hours a day to sleep and enjoy your home. Seeing your kids for two waking hours per day is no way to live. Now three hours per day (my schedule) is perfect. :P

    They also bitch about the traffic, the schools and the ghetto their town became after they moved there.

  94. Shore Guy says:

    It has struck me any number of times that, generally, most the people who comment here are pretty bright. Before I descend into the salt mine, I leave you folks wit something to think about, which may help folks realize why it is that we are so often amazed at the behavior of many of our fellow citizens:

    “Think about how stupid the average person is. Now, realize that half of them are dumber than that.” ~ George Carlin

  95. Shore Guy says:

    with, too

  96. JJ says:

    My biggest concern is my kids and grandkids would become white trash living out there. Even if you raise them right, only white trash for your kids to date and marry

    Libtard in Union says:
    January 12, 2012 at 1:49 pm
    A few of my coworkers made the move to PA for affordability. They all regretted the move. What good is a larger home if you are sleeping the entire time you are there. Commute takes them 2 hours each way. Add 9 hours at the office and that leaves you 15 hours a day to sleep and enjoy your home. Seeing your kids for two waking hours per day is no way to live. Now three hours per day (my schedule) is perfect. :P

    They also bitch about the traffic, the schools and the ghetto their town became after they moved there.

  97. Juice Box says:

    re: # 98 – JJ you do know where you currently live now right? What percentage of folks in your zip code show up on the left side of the bell curve?

  98. Libtard in Union says:

    There is no bell curve where JJ lives. The graph is shaped like a backwards letter ‘L’.

  99. Nicholas says:

    Juice,

    I can only imagine that JJ uses very well hidden sarcasm sometimes. Obviously this blog scoffs at the notion that higher taxes “keeps out the riff-raff” and paying higher taxes “changes your socio-economic group”. Likewise, living in PA will somehow cause your entire family to disintegrate into backwater hicks because thats the only people that your kids will befriend or marry is just silly also.

    There are smart, rich people everywhere and PA is no exception.

    If your interested in sarcasm just visit Urban Dictionary…

    http://www.urbandictionary.com/define.php?term=Armpit%20of%20America
    New Jersey
    As Bob approached the border of PA, he could see the sign that always brightened his day up:
    “Welcome to Pennysylvania.”

    “Ahhh, I feel better already” thought Bob.

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

    Lib I thought the graph bent over and took it after at night at the roxy only to be left in the morning for a better looking less annoying graph who didn’t natter on about getting married.

  101. NjescaPee says:

    NE NJ is the a$$hole of the Universe

  102. Brian says:

    re – 105

    What the heck? And some of my comments were moderated today? Sheesh.

  103. JJ says:

    I have been to PA a few times. My brother-in-law if from PA and my Uncle and Aunt live there. I been to poconos a few tmes too and my Uncle owned a ski lodge there when I was little and I would go there in the summers. But it is a vacation type place and a “townie” type place. Plus they love to give ticket to people with NY plates out there. I even took kids to Hershey once. A few years ago I was offered a big job at Vanguard out there and considered it briefly till I relized the firm is a cult made up of man trapped at the company with stepford wives living in identical toll brother houses. WC Fields and Philly Cheese Steaks are from PA and I like them.

    But really are you kidding me? Lots of low class slackards live there. If you can make it in NY you can make it anywhere. For instance Vanguad wanted me to move there to run a big dept, the boss is always a new yorker, the locals at PA dont have the brains, drive and chutzpa to lead. No offense. Plus rich out there is a low bar. For the most part I don’t even know why they give mortgages in PA. The house are so cheap most people in NY could buy them out of their checking account.

    Plus what is point of being rich in PA, where exactly do you spend the money? There is nothing to do.

    Nicholas says:
    January 12, 2012 at 3:06 pm
    Juice,

    I can only imagine that JJ uses very well hidden sarcasm sometimes. Obviously this blog scoffs at the notion that higher taxes “keeps out the riff-raff” and paying higher taxes “changes your socio-economic group”. Likewise, living in PA will somehow cause your entire family to disintegrate into backwater hicks because thats the only people that your kids will befriend or marry is just silly also.

    There are smart, rich people everywhere and PA is no exception.

  104. Nicholas says:

    JJ,

    Apparently it seems you have a lot of family that lives in PA and spent a large part of your life there. You can take the man out of the backwater, hillbilly country but you cannot take the backwater, hillbilly out of the man.

    Are you trying to escape a sordid past?

    I’m just messing with you and I don’t mean anything by it. The onion has this great piece from the 2000 elections which has Gore disparing on PA too. I thought it was hillarious and pretty much sums up all of JJ’s arguments.

    http://www.theonion.com/articles/visiting-gore-calls-pennsylvania-a-hellhole,294/

  105. yo says:

    Manhattan Apartment Rents Jump 9.5%Q

  106. Nicholas says:

    Excerpted from the onion.
    “And what’s the big deal with the cheesesteak sandwiches? They taste like sh!t. I wouldn’t feed them to the dogs they’re probably made out of.”

    I once was talking with someone from PA and I said, “I have been to Philly, PA and Buffalo, NY and I had better cheesesteaks in Buffalo, NY and better bufflo wings in Philly, whats up with that?” Apparently the cheesesteak is a religion there and he was none too pleased that I had reassigned the natural order between NY and PA.

  107. xolepa says:

    (1o1)
    Welcome to Pennsylvania…….

    The rest of the sign notation was removed due to protests in the 80s.

    ….America starts here.

  108. The Original NJ Expat says:

    I was wondering what the very outer fringe of the NY commuting radius (kill radius) for research purposes. Let’s say you are one of those misguided transplants to the Poconos, but you managed to hold onto your job, maybe haven’t gone crazy with money and suddenly realize you’re dying the death of a thousand cuts between, commuting time, oil & gas prices, etc. Maybe we see next a different kind of “move-up” market where the employed start to take advantage of the buyer’s markets closer in and the unemployed start moving the other way. Actually, unemployment insurance is a whole hell of a lot less hassle if you move out of state, they pretty much just send you your money and never ask anything of you. But maybe this new move-up market is actually a move-in collapse. Families with jobs moving from Poconos to Morris County, Morris County families move to Passaic, Passaic to Bergen, etc. leaving the unwashed masses in they’re marginally OK former towns not realizing that it’s all still going to hell unless you have the wherewithal to get in real close to NYC and the other job epicenters.

  109. JJ says:

    My friend who is one of those guys who is always right. Had a rent controled apt from 1988 to Feb 2000 and put 100% of money in tech stocks which he liquidated to buy a 600K condo he sold for 1.6million in September and then locked into another rent control lease starting October 1st right before rent increase and right before 4q condo prices fell.

    When he buys again I trade up.
    yo says:
    January 12, 2012 at 3:49 pm
    Manhattan Apartment Rents Jump 9.5%Q

  110. JJ says:

    Trouble is a middled aged man who moved to PA ten years ago to commute to NYC has already committed career sucide. I doubt at 50 he can move closer and get a big job. 30-50 is where all the big moves in your career happens. Over 30 old enough to be taken seriously and under 50 young enough not to be considered a geezer set to be put out to sea and set afire. If you spent that time period running for the bus, calling in late for every snow storm and never working late you were most likely pegged the guy in the cube who takes the crumbs he gets.

    Now I am supposed to believe he is moving closer and becoming a type a worker. The poor boy hasn’t watched a single eposoide of Revenge, us New Yorkers can get mean.

  111. The Original NJ Expat says:

    #112 – JJ – Yeah, but if he didn’t ATM his house, (and given where he lives how much could he have taken out anyway?), he might choose to downsize and make a lateral (price wise) move away from the trailer parks and closer to work. If the decay gets too bad they might move closer just for that reason. Plenty of ex-$400K houses in Morris County now available with low 2 handles.

  112. JJ says:

    yea but what type of income do these guys even make? good deals near me are all for good buyers. usually sellers underwater, estate sales, divorces, relocations, short sales, reos etc. And people like that want people who can close. Who is going to buy their house in middle of nowhere and a PA salary is not going to impress a seller.

    The Original NJ Expat says:
    January 12, 2012 at 4:26 pm
    #112 – JJ – Yeah, but if he didn’t ATM his house, (and given where he lives how much could he have taken out anyway?), he might choose to downsize and make a lateral (price wise) move away from the trailer parks and closer to work. If the decay gets too bad they might move closer just for that reason. Plenty of ex-$400K houses in Morris County now available with low 2 handles.

  113. JJ says:

    ALL time Record low in yields for Munis today. Got to go out past 20 years just to get 3%.

    Here’s the yield scorecard for all major maturities as of the end of the trading day Thursday, according to Thompson Reuters Municipal Market Data, with every average yield representing an all-time record low for AAA-rated muni bonds:

    2-year: 0.35%
    5-year: 0.84%
    10-year: 1.76%
    15-year: 2.41%
    20-year: 2.92%
    25-year: 3.24%
    30-year: 3.29%

  114. Another day of hell on earth.

  115. chicagofinance says:

    FUK ME

    JJ says:
    January 12, 2012 at 4:42 pm
    ALL time Record low in yields for Munis today. Got to go out past 20 years just to get 3%.

    Here’s the yield scorecard for all major maturities as of the end of the trading day Thursday, according to Thompson Reuters Municipal Market Data, with every average yield representing an all-time record low for AAA-rated muni bonds:

    2-year: 0.35%
    5-year: 0.84%
    10-year: 1.76%
    15-year: 2.41%
    20-year: 2.92%
    25-year: 3.24%
    30-year: 3.29%

  116. chicagofinance says:

    FYI – PA talk…….All of our printer paper comes in these boxes….
    http://www.quill.com/quill-brand-copy-paper/cbs/245730.html?cm_mmc=SEM-_-Google-_-dunder%20mifflin-_-search

  117. SX says:

    East Coast conceit is laughable. I’ve worked with more moronic Ivy League douchebags than I can shake a stick at. Underwhelming performance and zero loyalty means they’d don kneepads and buttplugs to win a deal. No wonder the American economy is in the shitter.

  118. freedy says:

    If you really want to see the East Coast folks in action , go to a local mall.

  119. chicagofinance says:

    SX says:
    January 12, 2012 at 6:09 pm
    East Coast conceit is laughable. I’ve worked with more moronic Ivy League douchebags than I can shake a stick at. Underwhelming performance and zero loyalty means they’d don kneepads and buttplugs to win a deal. No wonder the American economy is in the shitter.

    SX: The midwest is full of the same hopeless automatons who, if they had remained in their homelands, would surely have been inculcated into the ranks of the Nazis. It is these same bags of flesh that will run this country into mediocrity, then doom……we are seeing sign of anti-semitism all over the place…..how soon before people with a similar mindset begin to point the finger again at the bankers/those-in-charge…….

  120. Mikeinwaiting says:

    Chi fi what are you using for antivirus, another virus recently per you. I open most everything no problem ESET Nod 32 antivirus, check it out.

  121. Look at these f*&^ing freaks.

  122. Pretty sure I have two rich junkies shopping in front of me.

  123. NjescaPee says:

    Romney is such a phoney baloney. He really is the Biggest Loser. Looks like we’re gonna be stuck with this Joker for 5 more years, Oy vey

  124. Julie says:

    I’m thinking 2012 will be the year of foreclosure. The banks have reached settlement agreements with the DOJ regarding the robo signing crap. So figure what will happen.

    Looking up? I bet not.

  125. Fabius Maximus says:

    Ok, who here has C-span on Speed Dial!
    http://www.mediaite.com/tv/c-span-mitt-romney-peni/

  126. Fabius Maximus says:

    #125 NjescaPee

    Don’t worry, he will land up to the convention a little right of center, he’ll get the nod and ride off into a general election win.

  127. Julie (126)-

    There are 50 state attorneys general who have no agreements in place with banksters over robosigning. They are at a complete stalemate.

    This thing is going to drag on for years to come.

  128. I want Romney and Bojangles to duel with pistols at two paces.

  129. Julie says:

    Okay, in total agreement. G@d of love it!

  130. Julie says:

    Can’t stop laughing…

  131. Fabius Maximus says:

    #130 Clot

    Now that is BS.

    You really want to go with Romney at that point?
    http://www.youtube.com/watch?v=-1ZTIbr8MuY

    I would have had you more as a Rick Perry type of guy.
    http://abcnews.go.com/blogs/politics/2012/01/rick-perry-unwinds-before-new-hampshire-debate-at-texas-shooting-range/

  132. Julie says:

    Nevermind real estate for a moment.
    For all you politicos…
    Romney/ Christie. In my mind it’s a bunt, that’s the ticket.
    I think Christie telegraphed it when he endorsed Romney. Romney is playing it as a trial balloon. That’s the way it was mutually choreographed it in my view.

  133. Fabius Maximus says:

    Poll of the day.
    http://www.realclearpolitics.com/docs/2012/InsiderAdvantage_SC_0111.pdf

    Interesting numbers here are the Democrat votes.

  134. Shore Guy says:

    NJE,

    While you may be correct in your anatomical description of parts of the state, remember that the part you identified is adjacent to some of the most prized anatomy. So, bad as it might be, it has proximity to Manhattan, or as Eugene Morris Jerome might describe it “the golden temple of the Himalayas.”

  135. Shore Guy says:

    “Romney/ Christie”

    Probably. Of course, then we get a walking heart attack a heartbeat from the presidency.

  136. Julie says:

    Oh stop! You guys are great…

  137. Fabius Maximus says:

    #134 Julie,

    Can’t see it happening. CC record is a bit light and the NJ unemplyment number is a big albatross for him. At the moment he is too unpolished for a VP run. Shouting down teachers in NJ townhalls might work for him in NJ, but won’t carry over to a national stage.

    Rubio won’t touch the ticket as he knows it’s going to lose. So he may go Rogue (not) but I think Tim Pawlenty will probably get the nod.

  138. Shore Guy says:

    FM,

    The Veep pick will be given to to someone who can deliver a swing state (or create a swing state) with lots of electoral votes. Tom Ridge perhaps.

  139. yo says:

    Who can deliver Latino votes in Florida?

  140. cobbler says:

    Latinos in Florida are mostly Cubans who vote Republican anyway, they don’t need Rubio to have this done. And for the rest of the Spanish-speaking public Rubio is rather poisonous, especially after his spat with Univision.

  141. Fabius Maximus says:

    #140 Shore

    Too moderate, he needs some conservative creds and there are few left that would join him. I think overall PA goes to O, if on the off chance Mitt chooses Santorum, PA goes straight blue.

  142. julie (134)-

    Maybe Christie can seal the deal by agreeing to be photographed in that “special” Mormon underwear.

    Must now wash eyes with bleach.

  143. Then again, maybe Mormon underwear can create the illusion of a 15 lb weight loss…

  144. Shore Guy says:

    What about Taft from Ohio?

  145. Shore Guy says:

    Clot,

    As long as it is not black lace, it couldn’t hurt.

  146. Fabius Maximus says:

    #142 Cobbler,

    Funny story. I have a few Cuban friends in the TriState and we meet up for time to time to have dinner in Mi Bandera in Union City. (Best Cuban restaurant in the area). I never talk politics with my friends.

    Now my mother came over from the old country and my mother loves everything Cuban. I have described her previously as a Mark1st with Capitalist tenancies.
    In the middle of dinner the roving band (three guys and a guitar) wanders over. It is early on a Friday night, place is maybe a third full and the band are on the clock and want to know if we want a song. My mother pipes up with “Guantanamera”. The guitarist gives here a hard look, shrugs his shoulders and starts up.

    Well the place fell silent apart from the band and my mother in full mezzo-soprano. Everyone is staring at our table, the younger generation with amused smiles the older generation with a few scowls. The owner looks like he is about to have a heart attack and me dying of embarrassment. Finally they finish, I tip the band and call for the dessert menu. I didn’t get to hear the conversation that went on after between the band the band and the owner.

    The one thing that struck me about the whole incident, was the bands perfect rendition of the song. I don’t think that community is as clear cut to the right as they make out

  147. Shore Guy says:

    Parting words of wisdom from George Carlin:

    http://www.youtube.com/watch?v=QG5Xs0s55eU&feature=share

  148. Taft? What’s the angle? Exhume him, then use him to capture the zombie vote?

    Oops…I thought you meant the dead Taft.

  149. If you run a dead person on the ticket with Romney, Joe6P may not be able to determine which one of them is living.

  150. Shore Guy says:

    Oops, maybe not:

    By Dan Balz
    Washington Post Staff Writer
    Friday, August 19, 2005

    Ohio Gov. Bob Taft (R) yesterday pleaded no contest to charges that he violated state ethics laws, becoming the first governor in the state’s history convicted of a crime and providing powerful ammunition to Democrats seeking to break the Republican Party’s dominance in a critical swing state.

    snip

    http://www.washingtonpost.com/wp-dyn/content/article/2005/08/18/AR2005081800319.html

  151. Fabius Maximus says:

    #142 Shore

    After the Union vote in November again another Blue.

  152. shore (152)-

    The guy who wrote that story is named Balz.

    Heh, heh…heh,heh…

  153. FL is a Third World sinkhole. Does not matter who runs it or who wins the vote there. It’s all over but the crying. Bet the only heavy voter turnout will be old Jews.

  154. The Original NJ ExPat says:

    I don’t really give a rat’s ass about the general election. OTOH, if somehow Gingrich was placed on the ticket as VP candidate I would love to see a Gingrich-Biden VP debate. That’s Entertainment!

  155. Comrade Nom Deplume says:

    Good morning NJ. Where’s Mike?

  156. Are we at war with Iran yet?

  157. Mike says:

    Making coffee Nom, Good Morning New Jersey

  158. Mikeinwaiting says:

    Up.