Why do we keep believing we can fix housing?

From the WSJ:

Economists See Ways to Aid Housing Market

he underpinnings of a housing recovery are hiding in plain sight: sharp price declines, low mortgage rates and rising rents have made owning more affordable than renting in a growing number of markets.

Yet housing largely remains in a funk. The prospect of continued price declines—led by the oversupply of foreclosed homes—has deterred some potential buyers, while others can’t qualify for loans.

Many economists, including some at the Federal Reserve, are urging President Barack Obama to do more, and the president will be “aggressive on housing” in his State of the Union address on Tuesday, his housing secretary said last week. The administration is already rebooting a refinancing initiative and putting finishing touches on programs to convert some foreclosed properties into rentals.

What more can be done? Economists cite three broad ideas that could advance a housing recovery.

First, local investors could play a greater role in spurring a recovery in their own communities. Some mom-and-pop investors have begun to buy up excess housing stock and rent it out.

Second, policy makers could restore clarity to lending by finalizing a clutch of pending regulations. The government’s extraordinary steps to rescue Fannie and Freddie helped prevent a cataclysmic shock but it has made no real movement to overhaul the companies and the nation’s broader housing-finance machinery.

Third, a growing number of economists are warning that the overhang of debt in some of the most distressed housing markets will linger for years, particularly if more borrowers default. They say mortgage investors and banks should consider reducing debt for more troubled homeowners.

Mustering the political will to take any of these three steps wouldn’t be easy. Given the state of the market, “there isn’t a solution which will make everyone love you and cost no money,” Mr. Ranieri says.

Indeed, no single idea will fix all of housing’s problems. Many involve taking on more risk or rewarding bad behavior.

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

153 Responses to Why do we keep believing we can fix housing?

  1. grim says:

    From CNN/Money:

    Foreclosures: America’s hardest hit neighborhoods

    The housing collapse has dramatically changed the nation’s foreclosure landscape.

    Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac. In 2011, Western states claimed 82 of the 100 worst hit zip codes with 38 in California and another 28 in Nevada.

    That’s quite a departure from when CNNMoney first looked at the top foreclosure zip codes in June 2007. Back then, the auto industry’s ills had turned inner-city neighborhoods in Detroit, Cleveland and Indianapolis into foreclosure ground zero, with the three cities claiming 25 of the nation’s 100 hardest hit neighborhoods.

    These older working-class neighborhoods were particularly blighted with vacant, repossessed homes lining the streets. In fact, they claimed 6 out of the list’s top 10 spots.

    These days, however, many of the worst hit zip codes are communities that were built in the past decade or two in and around once-rapidly growing metro areas like Phoenix, San Bernardino, Calif. and Las Vegas, now the poster child of the foreclosure mess.

    In fact, Las Vegas claims all five of the top five hardest hit zip codes. The number one spot goes to a neighborhood in North Las Vegas (in zip code of 89031) that recorded 2,469 foreclosure filings last year, according to RealtyTrac.

    In California, the towns of Lancaster (93535), in the central part of the state, and Fontana (92336), near San Bernardino, claimed sixth and seventh place — the highest finishers for any zip codes outside of Nevada.

    As far as regions go, the South claimed the second highest number of hardest hit zips with 14. Georgia claimed 12 of those neighborhoods, including one in Atlanta that took 10th place. Interestingly, not a single Northeastern zip code made RealtyTrac’s top 100 list.

  2. still_looking says:

    Last thread,

    Nom, 85 (regarding post at 80)

    You are too considerate.

    I wouldn’t even dignify that post with a response.
    Clearly some lack of understanding of the whole system exists there.

    sl

  3. grim says:

    From the Star Ledger:

    Pick your poison (table)

    Property tax, not income tax, in N.J.’s real problem

    Gov. Chris Christie gripped the lectern and his voice rose as he described the dire challenge that led him to call for a 10 percent cut in state income taxes.

    “Make no mistake — we are in a competition,” Christie warned. “A competition for jobs — among countries, yes, but also among states. In the last decade, two-thirds of all companies which moved jobs to a new location did not move to other countries — they moved from one state to another.”

    Christie is right: New Jersey is in a cutthroat competition for both jobs and people that will determine our prosperity.

    It’s not just the choices CEOs make when they decide whether to build a factory here or in North Carolina.

    It’s the decisions Wall Street traders make when they decide between Madison and Greenwich. It’s the decisions that working families make when they decide whether to move to Pennsylvania, that retirees make when they decide whether to move to Florida, and new graduates make when they decide whether to launch their start-up in New Jersey.

    But it isn’t the income tax that makes New Jersey uncompetitive. It’s the property tax. And if there’s a billion dollars to spare for tax cuts — or, better still, the political courage needed to undertake a fundamental restructuring of our tax system — there’s no question which tax should be cut.

    Bergen County’s average property tax bill is 40 percent higher than Connecticut’s Fairfield County — an important factor when executives decide between Alpine and Greenwich.

    Sussex County residents moving to Pennsylvania’s Pike County cut their average property tax bill in half — from $5,948 to $2,795. Every Pennsylvania county ranks at least $1,000 below Burlington, Camden and Gloucester in average property taxes.

    Households in “high-tax states,” such as Massachusetts and California, pay $3,000 and $2,000 less in property taxes than New Jerseyans do, and the average property tax in North Carolina, home of the “Research Triangle,” was even lower.

  4. Mike says:

    Good Morning New Jersey

  5. Mike says:

    On one hand not a single zip code in North Jersey made it in the top 100 list for foreclosures, but the taxes in Bergen County are 40 percent higher than those in Fairfield County Connecticut. On the other hand you have high tax states like California & Mass. paying much less taxes than New Jersey. Meanwhile the governor is trying to keep and lure companies here. How did we still manage not to get on the top 100 list? Or is the best yet to come? Go figure.

  6. yo says:

    sl,
    Did not mean to offend your profession.I was just making a point.The system that have strong lobbyist are untouchable.We know exactly,we have a health care problem not a medicare problem.We pay more than twice than other develop countries and yet the the right is pushing not to solve the system but punished the elderly consumers and the ones that are living paycheck to paycheck.While subsidizing the high cost of healthcare.This money can go to other part of the economy.

    The under educated,the factory workers were put against low wage workers from third world countries and yet a solution of opening borders to open competition for health care was never dicussed.

    Just an opinion never to offend profession.My last input on the subject.

  7. grim says:

    Oh boy, from the NYT:

    Belly Up to the Basement Bar

    THERE was a classic ’50s wet bar in the basement of a Bloomfield Cape sold by Roberta Plutzik Baldwin a few years ago. It had knotty pine paneling, a plaid carpet, sea netting and harbor lights — and it looked, Ms. Baldwin recalled, as if Troy Donahue might show up any minute.

    “My buyers were a young couple,” said Ms. Baldwin, a broker with the Keller Williams-NJ Metro Group in Montclair. “The husband fell in love with that bar, and everything else faded into the background. They were sold.”

    More often, though, such relics constitute neither a pro nor a con in a sale, she and other brokers said, unless damp or warped paneling provides evidence that a basement is not “dry” in any sense. Then, the bar is almost certain to be ripped out, said Ken Baris, the president of Jordan Baris, an agency in West Orange, if buyers have the money to renovate.

    “Sellers like to see them as a pro,” said David M. Weisbrod, an agent with White Realty in Union. “In reality, though, nobody says, ‘Does it have a wet bar?’ when they’re looking for a house.”

    Mr. Weisbrod, who was once a food and beverage director for the Hyatt hotel chain, said he thought the demise of wet bars as a prime amenity in middle-class homes was a result of lifestyle changes rather than a diminution of alcohol’s popularity.

    “What killed those wet bars in the ’60s was the hippies,” he suggested. After which “you had a return to mixed drinks, but Happy Hours became the thing; you had your cocktail after work, before you got home. Or maybe on the train, in the club car or the bar car.

    “Next came wine bars, and people drinking wine at home,” he added. “You don’t need a wet bar to drink wine.”

  8. Xroads says:

    Mike

    Are we not waiting for the superior court to decide a foreclosure case? And I think NJ is sitting on one of the highest shadow inventories in the country.

  9. grim says:

    Troy Donahue? More like Bob Denver.

  10. grim says:

    I’m not a big fan of the salty sea shanty basement wet bar genre, I’m more of the Staten Island/West Caldwell brick villa Goodfellas basement whack scene kind of wet bar.

  11. I’m a fan of the basement wet bar that doubles as underground bunker command center when the shooting starts.

  12. grim says:

    Kind of like Dr. Strangelove meets Cocktail? Who gets to play Tom Cruise?

  13. SX says:

    Screw Cruise, I wanna be the Aussie….he bagged Rachel Ward (in real life)…and is not a member of a cult or closet case. Just sayin.

  14. The proper word for basement bars is rumpus room.

  15. Expect jj any moment now with some sort of Don Draper story.

  16. funnelcloud says:

    #8 XRoads
    You also have the Locust generation sitting and waiting for the bubble to return, They’ll die in those homes and their children will sell them off because they will not be able to afford the taxes.

  17. tbw says:

    Just a comment on wood paneled basements/bars, I think they are charming and nostalgic. Apparently the real stuff is hard to find nowadays. When I finished my basement I went for a mid-century finished basement theme. I found quality real wood paneling at a lumber yard on special order. Also bought square glass recessed lights to fit into the staple up 1×1 acoustic ceiling tile which Armstrong still makes. Got some nice lantern light fixtures at a garage sale as well. Overall you would never know that the basement was recently finished. I figure most people my age would look at that and turn away, because modern basements are finished with granite and sheetrock with earthy tones and large floor tiles…so yeah I was surprised to see this article.

  18. JJ says:

    Wow super cheap homes in Vegas and Orlando. Both no state taxes and homes for 30K. Quick sell your pos 500K ranch in BC and buy a 30K 4 bedroom in Vegas or Disney. You can retire today and guraranteed grand kids will visit you a lot so no airfare to visit them.

  19. JJ says:

    My basement den I have 1955 sheetrock which at some point in the 1960s someone paneled whole basement. Then sometime in 1980s someone put sanitest wall paper over the paneling. So I have sheetrock, wood paneling and wall paper on wall. My basement is sure to please everyone.

    tbw says:
    January 23, 2012 at 8:25 am
    Just a comment on wood paneled basements/bars, I think they are charming and nostalgic. Apparently the real stuff is hard to find nowadays. When I finished my basement I went for a mid-century finished basement theme. I found quality real wood paneling at a lumber yard on special order. Also bought square glass recessed lights to fit into the staple up 1×1 acoustic ceiling tile which Armstrong still makes. Got some nice lantern light fixtures at a garage sale as well. Overall you would never know that the basement was recently finished. I figure most people my age would look at that and turn away, because modern basements are finished with granite and sheetrock with earthy tones and large floor tiles…so yeah I was surprised to see this article.

  20. grim says:

    18 – should have asked me, I threw out tons of the stuff, full sheets in good condition too.

    Had a bit of a laugh since the backs still had the Channel Lumber price tags still on them.

  21. grim says:

    And plenty of those square recess lighting trims with the fresnel glass lenses.

  22. Comrade Nom Deplume says:

    (2) sl,

    Hard as it is at times, I try to adhere to the golden rule. His premise was not outside reality. That said, the argument was flawed such that I’d have to reconstruct it before I rebutted it. Also, I feel that I make my point equally well when I let someone know they are stepping into a trap as opposed to springing it.

  23. grim says:

    Lots of Rickels and Pergaments price tags too.

  24. tbw says:

    grim, people who are into retro renovation would pay big bucks for those fresnel lens recessed fixtures. Extremely hard to come by.

  25. Dan in debt says:

    Has John commented yet on his year end 2010 Coughlin getting fired prediction?

  26. NJGator says:

    I love this statement re the wet bar. Will have to convince Captain Cheapo to install one.

    “In certain communities,” said Mr. Matarazzo, who sells houses in Essex County, “drinks at the local bars and restaurants are priced out of hand. Sometimes you might go to a bar to watch the Giants games or the Jets games, and order a $14 glass of wine, and it’s not even good quality.

    “People today are looking for ways to cut corners and save money,” he added. “If you can watch the game on your big-screen TV beside your own home bar, that’s cost-efficient living.”

  27. NJGator says:

    Back to Politics, The New Yorker on the possibility of Newt winning Florida:

    “Now onto Florida. Romney has money (which means ads), endorsements—but not one from Jeb Bush, it emerged Saturday night, and an estimated 200,000 votes that have already been cast in advance of polling day. In an electorate that may total 1.2 million, this is a big margin for Newt to overcome. Right now, I’d bet on him doing it.
    Why so? Lots of reasons. He has the best storyline: the “double Lazarus.” That will ensure him lots of free media. There are two television debates to come—Monday and Thursday—where he will get the opportunity to demonstrate, yet again, that he is a far better speaker than Mitt. Plus—and this is important—most of the dirt on him is already out there. Short of a former lobbyist for Lehmann Brothers stepping forth to reveal he’s been having a torrid gay affair with Gingrich behind Callista’s back, it’s hard to see what could unbalance the portly Georgian.
    But the main reason I think Newt could win is what is happening to Mitt’s campaign. Outside of his own backyard, the former Massachusetts governor has yet to win more than twenty-seven per cent of the vote. At this stage, he is beginning to look ominously like another establishment favorite from the North East who had everything going for him except the voters in his own party: Ed Muskie.
    Mitt’s poor showing on Saturday, and his potential weakness in Florida, reflects several factors. First, there was his religion. It clearly cost him in Iowa, where he did very poorly among evangelical Christians, and the same thing happened in South Carolina. According to the CNN exit poll, twenty-seven per cent of those surveyed said that in deciding how to vote the religious beliefs of the candidate mattered a great deal to them. In this group, Gingrich got forty-five per cent of the vote, and Romney got nine per cent—yes, nine. Another thirty-three per cent of those questioned said the candidates’ religious beliefs mattered somewhat. In this group, Gingrich got forty-seven per cent of the vote, and Romney got twenty-seven per cent.”

    Read more http://www.newyorker.com/online/blogs/johncassidy/2012/01/after-sc-raging-newt-heads-for-fla-with-victory-in-sight.html#ixzz1kI4NlRtT

  28. chicagofinance says:

    We don’t have a healthcare problem, we have a tort reform need. Further, we have too many people using the system for free. Add to those issues a “take a happy pill” mentality for the bulk of the public, and you have a recipe for disaster. Obamacare was incredibly tone deaf, not so much in intent, but rather they knew damn well the problems and literally did nothing constructive and just created more chaos.

    yo says:
    January 23, 2012 at 6:46 am
    sl,
    Did not mean to offend your profession.I was just making a point.The system that have strong lobbyist are untouchable.We know exactly,we have a health care problem not a medicare problem.We pay more than twice than other develop countries and yet the the right is pushing not to solve the system but punished the elderly consumers and the ones that are living paycheck to paycheck.While subsidizing the high cost of healthcare.This money can go to other part of the economy.

    The under educated,the factory workers were put against low wage workers from third world countries and yet a solution of opening borders to open competition for health care was never dicussed.

    Just an opinion never to offend profession.My last input on the subject.

  29. grim says:

    Only have 1 left, 4 went straight into the dumpster.

  30. chicagofinance says:

    YES!

    ‘Headless Body in Topless Bar’ killer seeks release from prison
    By JAMIE SCHRAM Police Bureau Chief

    The maniacal murderer who spawned the famous New York Post headline “Headless Body in Topless Bar” is trying to get sprung from prison, The Post has learned.

    Charles Dingle, 53, will ask a three-person parole panel this week to free him from the upstate Wende Correctional Facility near Buffalo.

    But if his 1983 psychotic rampage and ensuing pathetic prison record are any indication, his chances are questionable.

    The convict’s infamous blood-drenched spree is considered one of New York’s most notorious crimes.

    On April 13, 1983, Dingle, then 23, was high on cocaine and booze when he whipped out a gun in Herbie’s Bar in Jamaica, Queens, and blew away the owner, Herbert Cummings, 51.

    Dingle then took four women hostage and raped one of them — a topless dancer — while robbing several others.

    As Dingle was rifling through a pocketbook, he learned that one of the female hostages was a mortician. The madman then ordered her to dig the bullet out of Cummings’ head so police couldn’t link his gun to the slaying.

    Once she completed the gruesome task, Dingle forced her to cut off Cummings’ head with a steak knife.

    Hours later, he released two of the hostages. Then he went on another tear — swiping a gypsy cab and driving around with the other two hostages, along with Cummings’ head in a box.

    He finally parked the cab on Broadway at West 168th Street in upper Manhattan, where he fell asleep behind the wheel. The terrified hostages jumped out and frantically told a transit officer what had happened.

    Dingle was convicted of murder, kidnapping, rape and robbery. He is serving a 25-year-to-life term.

    Since 1984, the killer has repeatedly assaulted prison staff and tried to conceal deadly weapons, including a shank, sources said.

    His latest infraction was in April 2011.

    Dingle has already been shot down twice by the parole board: once in 2008 and again in 2010. His 2009 appearance was postponed.

    In a 2010 interview with The Post, Dingle blasted the media for having made it hard for him to get a fair trial.

    “Everything is not as it appears,” Dingle said, claiming he was convicted on the word of disreputable witnesses.

    Of the parole board, he added, “They expect you to come in and plead guilty and take responsibility for the crime. I can’t do it because I didn’t do it.”

    But “don’t think I don’t have hope,’’ Dingle said. “The board might let me go one day, but until then, I’m gonna fight.”

  31. chicagofinance says:

    grim…please unmod…

  32. JJ says:

    He still should be fired. Only reason he had success this year is he is letting offensive Coordinator do his job and stopped micro-managing his players. He is like the boss on WKRP. Joe Pa’s Corpse should be brought in next year to coach the Giants, he words for cheap.

    Plus a guy named Manning playing in San Fran should be better at holding onto to slippery balls.

    Giants and Pats both got lucky breaks yesterday. The Giants Special Teams and Pats Defense won the games. Both Elie and Brady got lucky.

    Dan in debt says:
    January 23, 2012 at 9:04 am

    Has John commented yet on his year end 2010 Coughlin getting fired prediction?

  33. chicagofinance says:

    So the logic is “better someone who blasphemes your religion than someone you don’t understand”

    NJGator says:
    January 23, 2012 at 9:09 am
    Back to Politics, The New Yorker on the possibility of Newt winning Florida:

  34. Juice Box says:

    Heh, finished basement is where I spent allot of time fighting with my siblings for the remote control or for the computer game or room on the couch. Paneling is actually better than sheetrock for a kids play area. The paneling in my parents basement circa 1960s was indestructible. It did not dent or ding when I tossed anything at it, 8 track tapes, little brothers and all kinds of baseballs, footballs, skateboards etc. Basement flooded about and inch of water every time there was a big storm and it still shows little wear or mildew. It was never painted still looks good after 60 years, only thing replaced was the corner moldings which we managed to destroy completely.

    The basement bar that came with the house when we moved in in the 1970s looks the same as it did the day we moved in never used. I used to wonder who would have parties in the basement anyway? It was always a place for the kids to hang out as the adults used to sit in the living room since once we kids took over the basement to watch TV and play games.

  35. chicagofinance says:

    JJ: I kind of agree with you. The NFC title game reminded me a lot of the Jets game. SF QB is a hack that made almost no plays and special teams handed NYG 10 points. SF thoroughly outplayed NYG yesterday in the same way the Jets outplayed the NYG.

    What the kicked did for the Ravens is unfathomable. As a gesture to Baltimore, you cut him today…..

  36. chicagofinance says:

    kicked=kicker

  37. gary says:

    Households in “high-tax states,” such as Massachusetts and California, pay $3,000 and $2,000 less in property taxes than New Jerseyans do, and the average property tax in North Carolina, home of the “Research Triangle,” was even lower.

    Now think real hard… I know you can do it… I’ll give you a cookie if you can figure this out: When you’re paying over $1000 per month in property taxes, what happens to the prices of houses? Come on, I know you can do it.

  38. Anon E. Moose says:

    Grim [10]; +1

  39. Juice Box says:

    re: # 31 – here is the NY Post front page from his arrest.

    http://ephemeralnewyork.files.wordpress.com/2010/03/headlessbodyheadline.jpg

  40. JJ says:

    Back in the 1960s on Long Island parents were pretty much all the same social class. My aunt and uncle who lived in a middle class white catholic neighborhood on long island back when couples got married young and had limited income and all wives stayed home the basement bar was a rotating party. Each on block took turns having parties. Dancing, drinking in basement bar with cigars, hard liquor went on to 4am.

    The basement was perfect. Every parent would bring their kids with them and the top floor of house was filled with sleeping bags with multiple kids. Top floor kids could sleep if party was in basement. Then half drunk Dads would load sleeping kids in back of wagons and fold down seats and drove the block home or just carried them across street. Limited incomes, parents all young and same age and drinking and smoking encouraged all made this a great deal.

    Imagine if your block consisted of all late 20’s couples with young kids, all same religion and race and no internet, cable, limited income and no babysitting. Then couple across street is having a big party in his basement, open bar, food, music and says bring the kids over in sleeping bags. You would be there. It is that or sit home with a black and white tv showing snow on saturday night.

    Juice Box says:
    January 23, 2012 at 9:21 am

    Heh, finished basement is where I spent allot of time fighting with my siblings for the remote control or for the computer game or room on the couch. Paneling is actually better than sheetrock for a kids play area. The paneling in my parents basement circa 1960s was indestructible. It did not dent or ding when I tossed anything at it, 8 track tapes, little brothers and all kinds of baseballs, footballs, skateboards etc. Basement flooded about and inch of water every time there was a big storm and it still shows little wear or mildew. It was never painted still looks good after 60 years, only thing replaced was the corner moldings which we managed to destroy completely.

  41. Juice Box says:

    re: #3 6 – San Fran should cut Kyle Williams a as gesture too.

  42. NJGator says:

    Chifi (34) – Bingo.

  43. JJ says:

    Juice Box says:
    January 23, 2012 at 9:33 am
    re: #3 6 – San Fran should cut Kyle Williams a as gesture too.

    And jets should cut Kyle Wilson too. They look like each other and name is almost the same, bad karma.

  44. gary says:

    ChiFi [36],

    The Niners were 1 for 13 on third down and Smith had 96 yards passing minus the two blown coverages which, you could say was a gift from the Giants. Plus, the refs handed the Packers 14 points last week despite a Giants win. My point is, there are a number of plays that decide a game; that’s why they play it. Some are easily highlighted and others, like a tipped pass, are not. It was a defensive battle but at the end of the day, the team the capitalizes on turnovers, wins the game.

  45. JJ says:

    Fed fund futures don’t show a rate hike to a half percentage point until July 2014 – yes, more than another two years, said Steven Englander, head of G-10 strategy at Citigroup

    Why jump at low mortgage rates if they will be here till July 2014?

  46. Juice Box says:

    re # 45 – Gary the 49ers only 3rd down conversion came on the last play regular time in the 4th quarter. That does not really count now does it?

  47. Juice Box says:

    re # 46 – JJ – History Rhymes

    Mortgage rates in Japan today are less than 2%, and twenty years after the start of their housing crash Japanese real estate prices are still down by 67% from their 1991 highs.

    We may just get there faster this time.

  48. gary says:

    Juice [47],

    Yup. 7% on 3rd down conversions. There are dozens of things in a game that one would notice after viewing it again.

  49. Juice Box says:

    re # 49- Gary after the last three Giants Defensive performances I have a feeling pretty boy Brady is going to be crying in the locker room at half time because he cannot convert.

  50. A.West says:

    That NY Times article this weekend was interesting – particularly comparing the top employers of decades ago versus today. My theory is that the multi-decades ramp-up of borrowing, both by consumers, and the government, has made it easy for Americans to fool themselves into thinking that they can just focus on providing services and the distribution of goods to each other. If you can just ship off IOUs the the rest of the world, the economy stops thinking it needs to produce something of value in return for the real stuff that other people around the world send us.

    When the rest of the world figures out the true value of those US IOUs, the US will have to face the same hard realities that Greece is facing, or Argentina faced back around 2001.

  51. A.West says:

    Chifi (34)
    All religions are cults from my perspective. Funny that one set of people making fantastical claims get upset by another group making similarly preposterous ones. Old fairy tales seem less fantastic than new ones, I guess.
    AHW

  52. All Hype says:

    JJ (33):

    Coughlin be fired, that is funny!

    Rex Ryan = Talks about going to the super bowl
    Tom Coughlin = Actually goes to the super bowl

    JJ, stick to what you are good at; making up stories and sucking the gubbmint teat to pretend you actually have a career.

  53. gary says:

    Juice [50],

    The Pats are a dangerous team. That offense can light it up like a pinball machine and actually, their dee is playing better. It’ll be up to the Giants D line to push the Pats O line. That will be the difference. The 49ers defense is insanely good, BTW. It’s amazing Manning had the stats that he did. He got slammed.

  54. JJ says:

    I personally don’t like the management of the NY Giants they are cheats. My beef with them goes back to the PSL allocation process. I was on waiting list for almost 20 years and my numbers was low enough so I was automatically qualified to get a PSL seat in first go around. It was all giant season ticket holders and something like first 1,000 waiting list holders.

    So here is where Giants screwed me. The letter I received said and I quote, “PSLs will be allocated soley based on your current season ticket location in Giants Stadium”

    Note it did not say your current Giants season ticket location. Note it did not say senority. When they called me and sent me my agreement. I stated I have row one sideline seats season ticket seats in Giants stadium and I want the same in the new stadium. Then they state well we ment Giants season tickets in Giant stadium not any season tickets at Giants stadium, but techincally you are correct you should be entitled to use your current jet location in your giants PSLs selection. I say great I will a pair of row one 10K psls. They the SOBs go well we intended for it to be only for giant season ticket holders so we are not honoring your request. We are putting you in a high row Endzone seat most likely in the middle. Buy today and we can discuss this further.

    You know what 20 years on waiting list, they call me for seats, they write letter wrong and they brush me off.

    Then Jets call me a few weeks later and honor my row one request.

    Then after I bought Jets PLS the godless Giants call me up and tell me they can squeeze me in on a choice of two single row one seats. I am like first I don’t want singles unless they are at least in same section. Second I might have considered them if I already did not get the brush off but now I am not laying out for psls for Giants and Jets. Then I say howabout you give me two 1k PSLs upstairs and we call it a day. Now I officially hate the Giants. I liked them enough to buy giant psls over jets psls. But they were nasty.

    Sometimes the fans of the crappy team gets treated better. Giants are like take it or leave it.

    I have nothing against the Giants players or fans but the people who run the team from Coach on up are scumbags just like the Pats

    All Hype says:
    January 23, 2012 at 10:18 am
    JJ (33):

    Coughlin be fired, that is funny!

    Rex Ryan = Talks about going to the super bowl
    Tom Coughlin = Actually goes to the super bowl

    JJ, stick to what you are good at; making up stories and sucking the gubbmint teat to pretend you actually have a career.

  55. Juice Box says:

    Cash is king.

    Investor Cash Adding Downward Pressure on Home Prices
    Jan 23 2012, 10:19AM

    Cash buyers, principally investors, may be putting downward pressure on home prices according to the Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey released Monday. The survey found that investors with cash in hand are able to offer something that homeowners dependent on mortgage financing cannot, a guaranteed sale with a quick closing timeline. This seems to offset the desirability of a higher bid with a mortgage contingency.

    The Housing Pulse survey found that the trade-off between price and speed is particularly true with offers on distressed properties because the lenders and servicers liquidating the properties generally prefer transactions that can settle within 30 days. The Campbell report states, “While investor bids may not be the first offers accepted, they often end up winning properties after other homebuyers are eliminated because of mortgage approval or timeline problems. Appraisals below the contracted price are a common reason for mortgage denials. Most mortgage financing timelines are now in excess of 30 days.”

    The survey reports that 33.2 percent of home buyers in December were cash buyers, up from 29.6 percent in December 2010. However, 74 percent of investors came to the table with cash. This is especially striking as the survey found that investors accounted for 22.8 percent of home purchases in December, changed only slightly from 22.2 percent in November. But, Campbell says, “Despite their relatively small share among homebuyers, investors have an outsize effect on home prices because their bids bring down market prices.”

    Real estate agents responding to the survey commented on the low bids they are seeing from investors. Campbell quoted anecdotal information from a few agents indicating they are seeing investor bids 10-20 percent below list prices, but with quick closings.

    The total share of distressed properties in the housing market in December continued at a three-month moving average of 47.2 percent, the 24th consecutive month that the HousePulse Distressed Property Index (DPI) was over 40 percent.

    The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey involves approximately 2,500 real estate agents nationwide each month and provides up-to-date intelligence on home sales and mortgage usage patterns.

  56. JJ says:

    only people who actually buy homes are cash buyers. people with mortgages are not really home owners.

    Box says:
    January 23, 2012 at 11:36 am
    Cash is king.

    Investor Cash Adding Downward Pressure on Home Prices
    Jan 23 2012, 10:19AM

    Cash buyers, principally

  57. gryffindor says:

    re Wet Bars: My husband has a thing for bars, he’d love a wet bar in the house but preferably the kind that some people have in their living rooms not the basement. Once I put a stop to his ever growing and never watched DVD collection and got him a Netflix subscription, he has since channeled the DVD money into collecting booze. Our little city apartment he has bottles of liquor & wine everywhere (he acquired ginger liqueur this weekend, I don’t even know what that is) and all sorts of bar glasses and equipment. Crate and Barrel sells some nice bar furniture in lieu of the wet bar that stores everything neatly in our apartment.

    But even with the apartment bar, a mounted flat panel to watch the game, windows everywhere with a nice view and a clean bathroom, none of his football friends ever come over to watch the games. They’d all rather go to a grimy bar and eat microwaved chicken wings. Actually none of our friends are ever interested in hanging out at apartments no matter how nice. They’d all rather go out and pay for several $14 glasses of wine and $16 cocktails, check out all the single guys and girls, and then spend the rest of the night complaining how there are no good people out there to date while the music blares overhead and drunk people spill their $16 Cosmos all over me. The only way they will attend an apartment party is if there is blaring music, drinks being poured from handles into red solo cups, and a critical mass of people so the singles can be checked out and the complaining can resume. I don’t know when my husband will ever serve anyone ginger liqueur in the bar glasses.

    Maybe the problem is that our friends are mostly still single and going on 30+ but still living like they just graduated college yesterday.

  58. Brian says:

    57 – jj
    Hey show some respect. I will be a homeowner in like 29 1/2 years and $400,000 of interest.

  59. Anon E. Moose says:

    Juice [56];

    “investors have an outsize effect on home prices because their bids bring down market prices.”

    Burn, baby, burn.

  60. Comrade Nom Deplume says:

    Rep. Giffords stepping down, but as much as this was expected, I also expect that the Attack Poodle in Florida is giving her a bit of a shove.

  61. Comrade Nom Deplume says:

    I wonder if I can trademark “attack poodle”?

  62. joyce says:

    yo,
    I read your long post from yesterday (#55). I disagree with a great deal of it. I guess we will never be able to convince eachother who is right.
    My last comment would be to forget everything from your economics textbooks. Our credit/debt based monetary system is nothing like what we were taught in school (intentionally). I would recommend Steve Keen’s blog debtdeflation.com/blogs for a great understanding of how our monetary system operates.

  63. JJ says:

    For a lady named after Joyce DeWitt you know a lot. But it really is a threes company approach to housing, how do we keep sellers, buyers and lenders all happy at same time. I guess Ben Bernakee is the downstairs landlord.

    joyce says:
    January 23, 2012 at 1:19 pm

    yo,
    I read your long post from yesterday (#55). I disagree with a great deal of it. I guess we will never be able to convince eachother who is right.
    My last comment would be to forget everything from your economics textbooks. Our credit/debt based monetary system is nothing like what we were taught in school (intentionally). I would recommend Steve Keen’s blog debtdeflation.com/blogs for a great understanding of how our monetary system operates.

  64. Comrade Nom Deplume says:

    (64) moose,

    Thanks, had it bookmarked. I have to see if there is a market.

  65. Libtard in the City (and it's cold) says:

    Nom…do a search for pussy.

  66. Libtard in Union says:

    Nom…do a search for pusy (add the missing S)

  67. gary says:

    Nom,

    Didn’t I tell you it would be a sequel? :)

  68. Comrade Nom Deplume says:

    [68] gary,

    your prognosticating skills are getting to be a bit scary.

  69. Brian says:

    So, I remembered someone posting this graph a while back:

    http://www.ritholtz.com/blog/wp-content/uploads/2011/04/2011-Case-SHiller-updated.png

    It seemed dramatic because of the wild swing upward towards the end of the graph representing the latest home price bubble. Then, at the end, there’s an ominous looking red line showing a terrible decline for the forseeable future.

    However, it seems the graph (which is supposedly based on data from Robert Shiller) is um well…a bit exaggerated.

    http://blog.jparsons.net/2011/04/housing-bubble-graph-fail.html

    The author of this post at blog.jparsons.net points out that the graph ends with the housing price index at 140. If you look at actual data posted by Robert Shiller, the index is actually at 124 at that time. It appears Steve Barry (author of the graph), mistakenly used data from the S&P/Case-Shiller 20-city index, when the rest of the data in the graph was from the national index that Robert Shiller used.

    Here’s Robert Shiller’s data with what it should have actually looked like:

    http://www.econ.yale.edu/~shiller/data/Fig2-1.xls

    You can see that Shiller’s graph ends at nearly the middle of the 80’s bubble.

    Here are James’s comments on the graph below:
    http://blog.jparsons.net/2011/04/housing-bubble-graph-fail.html

    Update: It appears that Steve Barry is making two errors. First, he is using the S&P/Case-Shiller 20-city index rather than the national index that Robert Shiller used. Second, Robert Shiller’s portion of the graph is adjusted for inflation, but Steve Barry’s (after 2006) is not.

    Update #2: I contacted Barry Ritholtz about the issues with the graph. He then contacted Steve Barry. It has been confirmed straight from the horse’s mouth, from 2006 onward the disputed graph uses the S&P/Case-Shiller 20-city index, rather than the national index that Robert Shiller used, and it does not adjust for inflation. This graph is really making its way around the web, which is unfortunate because it is worthless

  70. Brian says:

    grim, can you please unmoderate my post?

  71. Comrade Nom Deplume says:

    Argh, while it isn’t trademarked, I did google it, and it seems that Attack Poodle is not hardly a new term to describe Wasserman-Schultz. In fact, its all over the blogosphere.

    http://www.thenationalpatriot.com/?p=1316
    http://www.jammiewf.com/2012/attack-podle-dws-blames-tea-party-for-tucson-shootings/
    http://whopsucker.com/?p=2083

    Sigh. Thought I was onto something.

  72. Comrade Nom Deplume says:

    Argh, while it isn’t trademarked, I did google it, and it seems that Attack Poodle is not hardly a new term to describe Wasserman-Schultz. In fact, its all over the blogosphere.

    http://www.thenationalpatriot.com/?p=1316
    http://www.jammiewf.com/2012/attack-podle-dws-blames-tea-party-for-tucson-shootings/

    Sigh. Thought I was onto something.

  73. Comrade Nom Deplume says:

    [55] jj,

    “the people who run the team from Coach on up are scumbags just like the Pats”

    Did your dick do the typing as well as the thinking?

  74. Brian says:

    So, I remembered someone posting this graph a while back:

    http://www.ritholtz.com/blog/wp-content/uploads/2011/04/2011-Case-SHiller-updated.png

    It seemed dramatic because of the wild swing upward towards the end of the graph representing the latest home price bubble. Then, at the end, there’s an ominous looking red line showing a terrible decline for the forseeable future.

    Apparently, the data after 2006 is completely wrong making the graph worthless.

    http://blog.jparsons.net/2011/04/housing-bubble-graph-fail.html

    Here are James’s comments on the graph below:
    Update: It appears that Steve Barry is making two errors. First, he is using the S&P/Case-Shiller 20-city index rather than the national index that Robert Shiller used. Second, Robert Shiller’s portion of the graph is adjusted for inflation, but Steve Barry’s (after 2006) is not.

    Update #2: I contacted Barry Ritholtz about the issues with the graph. He then contacted Steve Barry. It has been confirmed straight from the horse’s mouth, from 2006 onward the disputed graph uses the S&P/Case-Shiller 20-city index, rather than the national index that Robert Shiller used, and it does not adjust for inflation. This graph is really making its way around the web, which is unfortunate because it is worthless

  75. Brian says:

    Data and graph…directly from Robert Shiller:

    http://www.econ.yale.edu/~shiller/data/Fig2-1.xls

  76. Brian says:

    Also, I remember someone posting they used to drink Carling Black label. So, I thought I’d try some and bought a twelve pack for last night’s game. I am so sick right now.

  77. JJ says:

    Just speaking the truth. Only giant superbowl I am looking forward to is next year when the Jets play the giants and Payton Manning our new QB can spank Elis’s sissy boy butt.

    Most I say 99% of Giant fans I know are faux bandwagon fans. Three people at work were gloating, none have season tickets, none are going to the superbowl, none actually attends any Giants games, yet they are Giant fans. How does that make you a fan? Fan is short for a Fanatic. Someone who is nuts for team. Fireman Ed is a Fanatic, the nut at Jets games who wears a plan on his head with a cape is a fanatic.

    Giant fans who watch 2-4 games a year at home while making sure no grey poupon ends up on their persion rug while sipping a fine brandy in their smoking jacket are hardly fanatics.

    Giants have not had real fans since the day they left the polo grounds. Back when men were men,

    Comrade Nom Deplume says:
    January 23, 2012 at 2:00 pm

    [55] jj,

    “the people who run the team from Coach on up are scumbags just like the Pats”

    Did your dick do the typing as well as the thinking?

  78. Comrade Nom Deplume says:

    [76] brian,

    We drank a lot of stupid sh1t in high school and college because we had no money and didn’t know better.

    Now we know better. And so do you.

  79. Libtard in Union says:

    Ha ha.

    That was me on the Black Label recco. I don’t recommend you buy Moosehead either then. Perhaps it was really old and skunked? I do recall it did give one really bad beer sh1ts.

  80. Comrade Nom Deplume says:

    [77] JJ

    Hell yeah. Vintage JJ. Love it, especially the point about Gints fans being fair weather. Heck, I still haven’t seen the blossoming of big blue wear in the brig yet. Guess it hasn’t sunk in.

    And you know I love ya (in a manly way), even when I am poking fun, right?

  81. JJ says:

    “Giant fans who watch 2-4 games a year at home while making sure no grey poupon ends up on their persion rug while sipping a fine brandy in their smoking jacket are hardly fanatics”.

    Can I quote myself!

  82. still_looking says:

    Chifi, thank you for summarizing this well.

    We don’t have a healthcare problem, we have a tort reform need.
    I order 10 times the xrays, tests, and do “primary care in the ER” because if I miss that one thing… I will get sued — it doesn’t even matter if I am successfully sued — just by being named, I will get higher premiums and a boatload of future grief. Result? I will continue to over test, over xray, over chart/document with ardent fervor.

    Further, we have too many people using the system for free.
    Is anyone else willing to work for free? Who do you think is paying for all the scores of patients I see in the ER (for free, yes. Free.) and treat/stabilize because EMTALA laws demand that I do, and will punish me and the hospital I work in if I don’t.

    Add to those issues a “take a happy pill” mentality for the bulk of the public, and you have a recipe for disaster. Just look up “Patient Satisfaction” or “Press-Ganey” and you’ll get the picture. Antibiotics for everyone (even though resistence is becoming rampant?) Yes right away. Lumbar-sacral xrays because, despite its lack of utility, the patient demands it? Yes, right away. Sir.
    You get the picture.

    Obamacare was incredibly tone deaf, not so much in intent, but rather they knew damn well the problems and literally did nothing constructive and just created more chaos. Yep. and don’t worry. After all the quality physicians have left. You can still have lots of “cheap” doctors filling in the gap. Two more docs I know and respect have fled medicine.

    Legislate medicine? Sure. Maybe government should let more physicians/clinicians assist in reporting some understanding about what’s really driving up costs.

    Sorry if I appear sore about this topic. Reading MDOD blog has got me a bit jaded. I’m just jealous that one of the ER doc contributors got his government job before me and got out of the Pit. He reports on his new very “cush” lifestyle. I’m just green with envy, is all.

    sl

  83. Libtard in Union says:

    I’m a fan of the Jets but not such a fanatic that I would mortgage my house for a PSL. Have never paid for tickets, but manage to get to a game or two per year. As the Jets improve though, the tickets become more scarce. I’ve been to quite a share of Giant games too. The difference between the fan base is night and day. The Giant fans are civilized and almost eerily quiet. Even during big games. I was at a fantastic game about 5 years ago on Monday night against Dallas in a game that mattered. You could have heard a pin drop. The Jet fans are just insane. Perhaps maniacally insane. If the game is bad, you can watch the fights in the crowd. I would say that the average Giant fan is more knowledgeable of the game, but what fun is going to a stadium filled with 65,000 Norm’s, when you can be hanging with 65,000 Kramer’s?

  84. Confused in NJ says:

    Patty Duke signed up for Social Security & Medicare 12/14/2011, although she’ll exceed income limits for sometime, including her pay for shilling for the social security administration ads. She took it at 65 (93%) rather then wait until 66 (100%).

  85. All Hype says:

    Only giant superbowl I am looking forward to is next year when the Jets play the giants and Payton Manning our new QB can spank Elis’s sissy boy butt.

    Try to get a receiver that won’t quit on the team first then Peyton can throw 40+ touchdowns.

  86. Comrade Nom Deplume says:

    [86] libtard,

    Tough choice. Being a Bostonian, I would get along with Norm until he mooched off me for beer, but you can’t underestimate the potential for truly interesting times with Kramer. Not that I want to get locked up again though.

  87. FKA 2010 Buyer says:

    Drastic Price Reduction! Price reduced from $4.6 million to $750,000.

    Adirondack Mountains, NY. 19 acres (or more). This is the most highly developed Atlas F site available today, and it is part of an exclusive airport subdivision on a (FAA approved) 2050′ runway. (It is fully accessable by road too). It has beautiful manicured grounds in a forest setting within the Adirondack State Park. Breathtaking mountain views surround this lovely, secure home. It has a 2000 sq. ft., home on the surface with an open floor plan, a large garage and a wrap around porch which hides the underground structure entryway. The underground structure has been converted to a 2300 sq. ft. 2-story (3 bedroom, 2 bath) luxury home with fiber optic lighting and a contemporary finished interior. The silo tube has all floors, spiral stairs and steel super-structure. It includes a generator and new well. Low taxes. Privacy, security and unlimited possibilities. No other like it anywhere.

    http://www.missilebases.com/adironback

  88. Comrade Nom Deplume says:

    Bunch of emails from the Tax Court just landed in my inbox, and this right after the IRS agent said he knew nothing about a case being calendared. I’m a bit pissed, but not so much as he has nothing to gain by lying about that. Could be that we spoke knowing that the calendar call was coming up (I told him that), and not an hour later, bam, the case is put on the calendar. Wondering if he is asking himself how I knew that was going to happen?

    So it’s back to the salt mine to finish a document for one very patient client, and ride another to get me docs so that he doesn’t have to go to court.

    Peace out.

  89. seif says:

    80 – this is why my bitter Jet fan friends tell their kids “learn from my experience…do yourself a favor and root for the Giants.”

  90. still_looking says:

    Nom, 23

    I understand. Still, you are kinder than me.

    Everyone enjoys pointing fingers at the healthcare system (and those darn overpaid doctors.) Yet, when attempting reform, how many physicians were asked to assist in this reform?

    I’m with Clot/Meat on this one. Gov’t: Pit everyone against each other and steal all the money while they are fighting.

    If the healthcare is free (ie IHS, Indian Health Service) the patients receiving it cannot sue. You can’t sue the government. If you are treated for free, you should lose your ticket in the med-mal “I sued the hospital, doctor, nurse, janitor, tech and won the lottery” lottery.

    As for foreign doctors? Sure. Let ’em all in. Remember, some of these guys will be treating YOU. Everyone is created equal and all the doctors are the same, right? Right. Good Luck. No news flash here: a good carpenter can tell good work from bad, ditto good lawyering, ditto good construction, ditto good *fill in the blank* but can you really tell good medicine from bad? As with all of the above, obvious stuff – egregious errors, yes. Average or subtle stuff? Probably not.

    /rant off.

    sl

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

    Seif Mets fans say that to their kids about the Yankees.

  92. gary says:

    This is what happens when you’re an unwanted, red-haired stepchild:

    http://www.nypost.com/p/sports/jets/gang_green_gunslinger_ready_to_pass_DSVY64CptX1T1Vws1MWl0M

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

    SL- old joke what do you call a doctor with a D average? Doctor

    folks would be surprised at how little schooling docs trained in foreign countries get. Had a kid who was a clinical reasearch asociate in Mexico who was also a doctor. He was 24 and such a moron I wouldn’t trust him to diagnose acne on a teenager.

  94. still_looking says:

    Pain, 96

    Thanks! *You* get it. Many don’t. Even after graduating almost 20 yrs ago, there are times (outside of my specialty) I ask other docs about who is good or bad in different fields. Even with the education there are times I would need to research to know.

    Other examples, ie yours, are obvious.

    sl

  95. still_looking says:

    grim,

    can you unmod 97?

    excessive links triggered moderation.

    sl

  96. All Hype says:

    Hey Gary (95):

    Here is the most classic quote from the article:

    “He’s always in his playbook,” Jets receiver Santonio Holmes said. “He wants to be the field general, and he wants everybody to see, and believe, that he can be that guy for us.”

  97. Barbara says:

    24.
    Grim, Pergament…..husband and I were trying to remember the pre home depots. We got Rickles, Channel but could not remember the other one. Thanks.

  98. The Original NJ Expat says:

    [24] grim, Rickels was a funny store. I think I bought a first baseman’s mitt at one in Parsippany during the 70’s.

  99. gary says:

    Hype [95],

    Awesome, isn’t it? :)

  100. The Original NJ Expat says:

    Seem like there were more Channels in Morris county and more Pergaments in Bergen county.

  101. chicagofinance says:

    Lib: I could be wrong, but before the last few years, the prototype Giants fans were in their late 40’s and older. The Jets had the younger fans, as even those who saw Joe Willie win and stuck with the team are probably no older than early 50’s at this point.

  102. Brian (79)-

    Even the most degenerate soccer ultras know to steer clear of Carling.

  103. Barbara says:

    85. Still looking
    I agree with your summary but would ad that the bigger than torte reform is the dismantling of health insurers and a return to major medical and out of pocket single payer. watch those xray and antibiotics demands go down when you have to pay upfront t before being seen.

  104. PGtips says:

    77 Brian

    I am not sure whether you do not understand or deliberately distorting reality.

    For NY/NJ area the ORIGINAL Barry Ritholtz graph describes the situation much better than the national data graph. Adjusting for inflation the peak of the 80s bubble is 154 which is 10% below today’s price index.

    In other words, today’s NY/NJ prices are higher than the 1988 bubble peak and this is without factoring out the increase property taxes.

    It’s not a secret that prices nationally had a real correction although that does not make necessarily real estate a good investment. However, the situation in NY/NJ will be really bad if prices correct that much.

  105. chicagofinance says:

    gryffindor says:
    January 23, 2012 at 12:04 pm
    Maybe the problem is that our friends are mostly still single and going on 30+ but still living like they just graduated college yesterday.

    gry: I am now 43 and as you pass beyond 35, these people begin to get trapped. They can’t bear to compromise their independence by committing to anyone in any shape or form, and they will continue to cling to this lifestyle as some panacea, which they know is a lie. To be clear, once you go over 40 in this form, it is just embarrassing. I can attest to this fact as you can see a good number of my Facebook friends are from high school (in NYC), so you see them flitting around in a neurotic and narcissistic unhappy haze like a treadmill. I would figure that their incessant need to iPhone photo everything would reveal glory, but the bulk of them look pasty white with leathery skin……..I am at a loss….

  106. Brian says:

    There’s usually one or two Obama defenders in the comments section of an article with this tone. I didn’t see a single one this time…

    CURL: The truly dismal state of the union

    http://www.washingtontimes.com/news/2012/jan/22/curl-the-truly-dismal-state-of-the-union/?page=all#pagebreak

  107. The Original NJ Expat says:

    gryff, chifi, – RE:single people approaching middle-age:

    I think the math is really simple. As you get older your standards go up while your own market value goes down. Before you know it the bid/ask spread is so wide that not transactions occur.

  108. JJ says:

    PSLs were actually pretty cheap. You could get field level on the ten yard line for $7,500, the 30 yard line for 10K and endzone for 2.5K. zero down, sell 2-3 big games a year and cover PSL fee, sell 5-6 games like me, and games I go to work out to around $75 bucks a ticket. Giants tickets were a bigger nut as they were cash only, no financing. And the UD 1k psls only went to long term senority people. For example 4 LL EZ PSls for Giants required 40K up front. 4LL EZ psls were 10K total and could be bought zero down with a 15 year payment plan, they even let you set up a LLC.

    Giants do everything by senority only. SB tickets, seat assignments etc. So unless you dad or grandad got tickets they treat new ticketholders like dirt. But at least your grandkids have it made.

    Libtard in Union says:
    January 23, 2012 at 2:31 pm

    I’m a fan of the Jets but not such a fanatic that I would mortgage my house for a PSL.

  109. chicagofinance says:

    excellent :)

    The Original NJ Expat says:
    January 23, 2012 at 3:38 pm
    gryff, chifi, – RE:single people approaching middle-age:

    I think the math is really simple. As you get older your standards go up while your own market value goes down. Before you know it the bid/ask spread is so wide that not transactions occur.

  110. JJ says:

    that is why I got engaged at 35. Womens stock starts falling like a brick at 30, mens stock starts falling like a brick at 35.

    Kinda like when a car turns the odometer at 100K miles. It is not that many more miles than 89K but somehow you have fallen like a brick in value.

    I actually know a hot girl who is 40 never married. She wants a single guy to marry who makes more than her and has no baggage and is good looking. She is very hot and makes 400K a year. But honestly any good looking guy making over 400K a year most likely had his share of tail by 33 or so and is long since married. My buddy who is a good looking rich guy just got married at 32. I said why, turns out he has always been rich and good looking. Basically he slept with every single girl he could from 15-30 and by then he was like whats the point.
    chicagofinance says:
    January 23, 2012 at 3:49 pm

    excellent :)

    The Original NJ Expat says:
    January 23, 2012 at 3:38 pm
    gryff, chifi, – RE:single people approaching middle-age:

    I think the math is really simple. As you get older your standards go up while your own market value goes down. Before you know it the bid/ask spread is so wide that not transactions occur.

  111. AG says:

    17.

    “They’ll die in those homes and their children will sell them off because they will not be able to afford the taxes.”

    I am seeing exactly that. Massive reductions just to dump the property tax bill. There are some deals out there. Im looking at a waterfront home that was listed for 600k now at 490k. Shave off another 90k and I may take the bait. Of course I will immediately appeal the property tax bill like I have successfully done on my current crap shack.

    For anyone into mining shares.

    MFN bought by PAAS today 13.95 +2.60 +22.91%

    Pretium Resources listed on NYSE last week under PVG. 16.25+0.31+1.94%
    Thats a 6 month double. Trust in Bob Quartermain.

    AEM is a fing disaster with the mine collapse. Enough to make you cut yourself.

  112. JJ says:

    Regarding re-assessment. Interesting in NY when you grieve your taxes nobody from state comes to the inside of your home. It is against the consitution. NJ when you grieve they ask to see the inside of your home which is actually illegal.

  113. Juice Box says:

    re #113- Plenty of newly single people on the market divorced between ages 35 and 45. Funny how they still manage to find another person to marry if their stock is so low.

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

    I can’t imagine why anyone would want to do it twice. Marraige that is, if mine went down the crapper I wouldn’t do it again.

  115. JJ says:

    Statisically a 40 year old women never married has a higher chance of getting hit by lightening than getting married but a divorced 40 year old women has a 90% chance of remarriage.

    By 40 year old hot female friend is looking for well off men between 40-50 to marry. She will not date never married men as they are men with issues.

    I have two or three women who would marry me in a second if single. My bigger issue was fighting them off to stay single.
    Juice Box says:
    January 23, 2012 at 4:52 pm
    re #113- Plenty of newly single people on the market divorced between ages 35 and 45. Funny how they still manage to find another person to marry if their stock is so low.

  116. Juice Box says:

    Seems one of my 2011 predictions is coming in a few weeks late.

    Front Page on Fox

    http://www.foxnews.com/index.html

    A powerful solar eruption, the largest since May 2005 according to NOAA, is expected to blast a stream of charged particles toward Earth, which could force planes to be re-routed.

  117. The Original NJ Expat says:

    [113] JJ – that is why I got engaged at 35. Womens stock starts falling like a brick at 30, mens stock starts falling like a brick at 35.

    I guess you could say I did the same thing, but with a long call option. Wife-to-be and I met when I was 30, she was 27. Get our first apartment together 1 year later. No pressure, no marriage ultimatum ever, she’s a keeper. I propose on my 40th birthday, she’s 37. Married that same year, first kid 2 years later, second kid 2 years after that. Her parents didn’t think much of me early on as they had a ton of money, Dad retired from Wall St since 1979 at age 42 (president of a fed funds brokerage house), Mom never worked since marrying etc. The way I like to tell it, in 1990 they were afraid I was a gold digger, 8 or 9 years later they were praying I was one;-)

  118. Comrade Nom Deplume says:

    Guess my stock is lying at the bottom of the elevator shaft.

  119. The Original NJ Expat says:

    [121] Nom – Guess my stock is lying at the bottom of the elevator shaft.

    Mine trades on the pink sheets.

  120. Barbara says:

    I want to gather all of JJs posts about life and have a book published. His insight is disturbing but often accurate. Wait, maybe a reality show, a cross between Dr Phil and The Bachelor.

  121. Barbara says:

    Dr Phil, the Bachelor and some CNBC shiz or whatever.

  122. Brian says:

    107 – PGtips

    I’m not distorting anything. All I’m saying is that the guy that made the chart admits he pulled data from 2 sources to create it. One was adjusted for inflation, the other was not.

    Therefore, the chart is cr@p as are any predictons about the future that are based on it.

  123. J La says:

    Re. 123 Agreed. Plus with John’s grammatical atrocities, there’s no way he is making this schiz-nit up.

  124. The Original NJ ExPat says:

    [126] J La – Agreed. Plus with John’s grammatical atrocities, there’s no way he is making this schiz-nit up.

    That’s just plain unfair and disrepectful. JJ is a man of valor, after all. Crushed valor.

  125. The Original NJ ExPat says:

    LOL. I mispelled disrespectful.

  126. The Original NJ ExPat says:

    I had to search hard to find the original post. I forgot it was actually “Crush Valor”, and capitalized:

    The damm limos back them had Crush Valor seats in the back and Crush Valor Jump Seats and thick rugs it took all day to get that nasty vomit out and then day two for the seats and rugs to dry

    Two posts down are this forgotten gem:

    My daughter’s elementary’s school graduated a CEO of a DOW 30 company who visits his alamatter every year to read to the students.

    This day in history of NJ RE Report, May 21, 2008:

    http://njrereport.com/index.php/2008/05/21/were-no-longer-the-economic-locomotive-of-the-northeast/

  127. serenity now says:

    I remember a time on this blog (a few years back) when economic and housing data were not only discussed but scrutinized and dissected with great enthusiasm. I am suprised post #77 calling the accuracy of the Schiller graph into question has not
    sparked more debate. Our fascination with JJ stories is quite amusing though.

  128. Punch My Ticket says:

    And mispelled too.

  129. The Original NJ ExPat says:

    [131] PMT And mispelled too.

    I actually had it as “mispeeled” just before I hit enter and thought for a moment of leaving it that way for the joke. Instead I backed out one “e” and indavertantly still preserved the humor of the fact that there is a little John in all of us.

  130. The Original NJ ExPat says:

    inadvertantly, perhaps? No end it sight.

  131. freedy says:

    http://www.bbc.co.uk/news/world-us-canada-16694130#TWEET66671

    NJ would gladly take this guy, camden,trenton,passaic,paterson,plainfield,englewood,
    w.ny,N.Bergen,union city, elizabeth

  132. Pat says:

    serenity now, maybe the folks who crunch and grind have completed their mission.

    The gold dirt has been processed once.

    It will be up to the young grandchildren to dig around in it to see if any more nuggets can be mined.

  133. NJGator says:

    Cause you know, collecting a salary and a pension is just not enough…

    DiVincenzo’s Personal Expenses Under Scrutiny
    NJ.com reports that Essex County Executive Joseph DiVincenzo Jr. used campaign funds to pay off $250,000 in personal expenses
    http://montclair.patch.com/articles/what-s-going-on-with-joe-d-s-finances

  134. expat (132)-

    Apparently, there’s a little jj in most of the women on Long Island.

    “Instead I backed out one “e” and indavertantly still preserved the humor of the fact that there is a little John in all of us.”

  135. Fabius Maximus says:

    #29 Chi

    That argument does not hold water. The big problem with healthcare is not tort reform it is affordability. People have been calling for tort reform for decades, nothing has been done, but costs to the consumer has gone through the roof. Costs have more than doubled in the past decade. The argument can be summed up by the graph on page 10 of this report.
    http://www.kff.org/insurance/upload/7670_02.pdf

  136. chicagofinance says:

    Fab: you make it impossible to discuss anything with you when you just ooze liberal bias like puss…..why do you think healthcare premiums are so high exactly? Rich evil capitalistic American corporations and their 1% executives……did you ready sl’s post?

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