From the Record:
Home construction shows signs of life after long downturn
From new luxury homes in Saddle River to town houses in Garfield to rentals in Fort Lee, Elmwood Park, Hackensack and Wood-Ridge, North Jersey is seeing small signs of life in the deeply troubled housing construction industry.
After bumping along at near 40-year lows for several years, homebuilding is nowhere near a real recovery yet. But builders are feeling, if not exactly optimistic, a little less pessimistic. While national housing indicators — housing starts, new home sales and builders’ outlook — remain below the levels seen in a healthy market, they’ve risen from their recent lows. And the Standard & Poor’s home builders stock index is up about 70 percent from last fall.
“It’s the first time in four or five years that we’re generating job growth, which is always a driver of housing,” said Carl Goldberg of Roseland Property in Short Hills, which is building the Estuary, a 583-unit luxury rental building in Weehawken, among other projects.
…
“New Jersey’s homebuilders are off to their best start since 2008,” said Patrick O’Keefe, an economist with J. H. Cohn in Roseland. Building permits rose almost 24 percent in January and February compared with the same period last year. If that pace continues, builders will construct more than 16,000 housing units in New Jersey this year, O’Keefe estimated. Though still only about half of the long-term averages, that’s an increase from recent levels in the 13,000 range, which were the lowest levels since World War II.Multifamily units are expected to make up a record 55 percent of the state’s new construction this year, according to O’Keefe. And rentals are especially popular. With mortgages hard to come by, and people feeling skittish about home values and the employment market, fewer builders are constructing homes for sale.
“We stopped doing for-sale housing about three years ago,” said Andrew Abramson, chief executive of the Value Companies of Clifton, a 60-year-old builder and apartment owner. “We honestly got tired of beating our heads against the wall.”
…
“The homeownership rate continues to drop,” said Ron Ladell of AvalonBay, a Northern Virginia-based company that has new apartment complexes recently finished or under construction in North Bergen, Wood-Ridge and Hackensack, and plans to start more projects in New Jersey later this year and next year. “Rentals are the place to be, let me tell you.”
…
And BNE Real Estate Group of Livingston, which once planned to build condos on a Fort Lee site, is instead constructing a 12-story, 194-unit apartment building because of the strong market for rentals.“The demand for rental housing has been growing at a quicker pace than the underlying economy,” Goldberg said. “The level of demand and kind of production you’re seeing on the rental side is not yet matched in the for-sale market. … There continues to be a real demand for high-quality housing adjacent to mass transit in our urban core.”
…
Other builders are also betting on for-sale properties, especially in niche markets.“It’s got to be the right product at the right price at the right site,” said Paul Schneier, Northeast division president for the Pulte Group, which is building 184 town houses in Garfield and 750 age-restricted condos at Wanaque Reserve in Wanaque.
“It’s a very unforgiving market,” Schneier said. “There’s no margin for error. You can’t just push prices higher to make up for your mistakes.”
…
Toll Brothers, for example, said sales have been picking up at its high-end Hoboken developments, which include Maxwell Place, at the old Maxwell House coffee site on the Hudson River and the Hudson Tea redevelopment. nearby.“Our buyers have kept their jobs. They still have cash. They’re looking around and realizing they can get mortgage loans for around 4 percent,” said John McCullough, assistant vice president at Toll Brothers City Living. “A lot of them have been sitting on the sidelines for a few years and have come to the feeling that this is the time to get on with their lives.”
Hovnanian Enterprises of Red Bank has seen sales pick up significantly at its 420-unit 77 Hudson high-rise in Jersey City, according to Randy Brosseau, metro area president. And sales are also improving at its 55-and-up communities in Woodland Park and Montvale, he said.
…
Whatever the timetable for a housing recovery, builders and analysts say the nation is unlikely to see the kind of construction experienced in the mid-2000s boom, when new-home sales topped a million a year for several years.“Everything in moderation,” said Witmondt of Woodmont Properties. “In the go-go days of the mid-2000s, the exuberance was too great, and everyone got ahead of themselves. Hopefully, we’ve all learned a lesson. When things get good, don’t floor the accelerator. Go nice and slow and steady.”
Good Morning New Jersey
From the Washington Post:
Foreclosures give rise to new industry
Ken Major climbs the steps of a county courthouse in a San Francisco suburb with $500,000 in cashier’s checks in one hand and a list of addresses in the other. Major is a buyer for Waypoint Real Estate, an Oakland-based investment firm that is scooping up foreclosed homes in California.
On this afternoon, he joins a dozen house flippers as an auctioneer starts hawking the latest batch of defaulted properties to hit the market. Major bids on a three-bedroom house in Antioch, and after other buyers counter, he wins at $147,600.
“We got it,” he mutters into a cellphone mike dangling from his ear. The house was valued at more than $400,000 in 2006.
Waypoint, a private-equity real estate fund with $150 million in assets, is pioneering a new approach to making money from the housing crash. Since 2007, investors have been trolling the cratered suburbs stretching from California to Florida for cheap houses to flip. And firms such as PennyMac Mortgage Investment Trust have sought value in subprime-mortgage-backed securities.
Waypoint, which owns 1,100 houses and is buying five more a day, is betting that converting foreclosures into rentals is a better way to make a profit. Other firms, such as Landsmith in San Francisco, are now cropping up and pursuing the same strategy in Arizona, California and Nevada.
…
With many suburban homes selling for half their peak values and demand for rentals from prospective tenants climbing, Waypoint was earning a return of
8 to 9 percent on its capital as of Dec. 31, according to a quarterly report. That beats the 6.3 percent gain in the BI NA Multifamily REIT Index, which tracks the performance of 27 apartment-building operators.
The cost of renting in the United States reached an all-time high compared with that of buying a home at the end of last year, indicating that it is a good time for investors to buy, according to Deutsche Bank analysts. Should property values rebound, Waypoint may earn at least 20 percent from appreciation in an eventual sale of the houses, says Colin Wiel, who co-founded the firm in 2008 after backing technology start-ups as an angel investor.
“I never thought I’d be rolling up single-family homes,” Wiel says. “But the yields are awesome.”
From USA Today:
Expectations rising for housing market’s spring season
The spring home-selling season could be the strongest in years and may foreshadow which markets will lead a battered housing industry in an anemic recovery, economists say.
“This spring will be the litmus test for housing demand,” says Steven Ricchiuto, chief economist for Mizuho Securities USA.
The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.
While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.
Meanwhile, Realtors’ confidence in the single-family home market is the highest in four years, according to a late February NAR survey of 4,300 agents. Coldwell Banker says its website’s traffic was up 47% in February from last year.
This spring season “will be the best in four or five years,” says economist Paul Dales of Capital Economics.
From the Boston Herald:
One-third of realty agents report sale cancellations
What’s behind the unusually high rate of contract cancellations and settlement delays in the real estate market? With signs of recovery emerging in many parts of the country, shouldn’t deals be zipping along with minimal complications?
Apparently not. Nearly one-third of realty agents in a new national survey reported experiencing contract cancellations — purchases crumbling before going to closing — in February. That’s up dramatically from a similar poll 12 months earlier, when just 9 percent of agents reported cancellations. Another 18 percent reported delays in scheduled closings in the latest study, which involved approximately 3,000 agents surveyed by the National Association of Realtors.
The high reported cancellation rate (31 percent) doesn’t mean that nearly one of every three of all signed contracts is falling apart, according to the association, but rather that more than triple the number of agents and their clients are running into deal-endangering problems compared with 2011. If you are a potential buyer or seller in an otherwise improving marketplace, you need to be aware of the issues that are hampering sales, and be prepared in advance to deal with some of the most prominent.
Tops on the list:
• Appraisals below contract
• Ultra-conservative underwriting and documentation requirements
• Poor service by lender staff
Doom is nigh. Welcome to another day in hell.
Alabama nightclub raises eyebrows with ‘Food Stamp Friday’ party
Read more: http://dailycaller.com/2012/03/30/alabama-nightclub-raises-eyebrows-with-food-stamp-friday-party/#ixzz1qskCGY2o
http://nreionline.com/city-reviews/new-jersey/retail_market_northern_central_jersey_improve/?NL=NREI-12&Issue=NREI-12_20120402_NREI-12_882&YM_RID=pesche22@aol.com&YM_MID=1302327
Hi fiveeee
http://www.ritholtz.com/blog/2012/04/debunking-the-housing-recovery-story-part-1-of-5/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29
Mixed signals/who you going to believe?
Note the abundance of shiny yellow losers last month:
http://money.cnn.com/data/funds/losers/?moversDuration=30&type=losers
Grim lucked out, sold all his gold a few months ago when he bacame a new homeowner and a 30 year indentured servant.
Brian says:
April 2, 2012 at 8:25 am
Note the abundance of shiny yellow losers last month:
http://money.cnn.com/data/funds/losers/?moversDuration=30&type=losers
Need some help re Oil Tanks and oil in the ground. I recall there was some discussion about this a few weeks ago. My dad needs a property in the Edison area inspected for oil in the ground. Any recommendations for reputable people/companies to call in central NJ?
http://www.cnbc.com/id/15840232/play/1/video/3000081817/
AC on the comeback trail. Hurry .
Housing Recovery, not in are lifetime. That is a fact.
Here are the cold hard facts, you have to inflation adjust it.
Neighbor who finally moved out bought a POS split on a 70×100 lot at peak for around 620K back in Spring of 2006. That is 6 years ago. Inflation is 3% a year roughly, inflation adjust house and to break even home would have had to risen 18%. which means he would have to sell home for 731K just to break even.
Keep inflation adjusting that 731k and in ten years he would have to sell home in 11 years for one million to break even inflation adjusted.
Peak homes are never coming back. Any home bought between 2003 and 2008 on an inflation adjusted basis is too far underwater every to come back.
If we inflation adjust homes only homes bought prior to 2000 are above water.
I went to four open houses in Mahwah yesterday. One was in the upper 400s, the other two in the low 500s and fourth one was upper 600s. The upper 400s to lower 500s had a number of people there when we attended.
That, and the fact that Mahwah’s taxes actually don’t make you vomit probably indicates the sweet spot for most buyers or at least the trade up level. But honestly, those houses we saw in upper 4s/low 5s were still over-priced… seriously. Too many things to justify the price. The house in the upper 600s had an acre of property but the house had a weird sprawl to it and needed work. No one else showed up in the 30 minutes we were there. That one will sit until the sun becomes a whit dwarf.
Conclusion? We’re not done yet. The prices still have some room to fall.
Spring Slowdown’
“We’re going to have some Spring slowdown in housing, some Spring slowdown in employment, and the first opportunity they get to juice the system they will,” Steven Ricchiuto, chief economist in New York at primary dealer Mizuho Securities USA, said in a March 28 telephone interview in reference to Fed policy makers.
The firm sees 10-year yields ending the year at 2.5 percent, and places a greater than 50 percent chance on QE3.
“We stopped doing for-sale housing about three years ago,” said Andrew Abramson, chief executive of the Value Companies of Clifton, a 60-year-old builder and apartment owner. “We honestly got tired of beating our heads against the wall.”
I read this yesterday. Oh well.
Griffyndor:
Call this company. It is owned by my best friend. See what he has to say.
http://www.askusfirst.com/
FHA to reject borrowers in minor credit disputes Starting April 1, borrowers in ongoing disputes with creditors over debts of $1,000 or more may no longer qualify for FHA-insured loans. Les Christie March 30, 2012: 06:50 PM EDT
NEW YORK (CNNMoney) – The Federal Housing Administration is about to make it even tougher to borrow money from Uncle Sam to buy a home.
Starting April 1, borrowers in ongoing disputes with creditors over debts of $1,000 or more may no longer qualify for FHA-insured loans. Even borrowers with perfect credit scores can be denied over a single $1,000 problem charge.
Before this, individual lenders decided whether debt disputes constituted grounds for denial. You could be fighting a charge, say a hospital bill, and your lender might still decide that your credit history merited an approval. Now, a lender will have to justify the approval to the FHA and back its decision with documentation.
The change is part of the agency’s effort to reduce its risk as it grapples with a depleted reserve fund that has fallen below legally-mandated levels. The FHA insures mortgages which are originated by private lenders. To help bolster its capital reserves, FHA will also hike the insurance premiums it charges borrowers beginning in April.
The requirements are for the homebuyer’s own good, said Tiffany Thomas Smith, deputy press secretary for the U.S. Department of Housing and Urban Development, FHA’s parent agency.
“It’s a way of protecting consumers from getting into loans they ultimately can’t afford,” she said.
The new rule requires borrowers with loans in collection that add up to at least $1,000 to either pay off the debt, prove they’re making payments on the disputed loans or explain why the disputed loan is somehow wrong — and document their case — before they can close on a FHA loan.
Disputed accounts going back more than two years, along with those related to fraud or identity theft, will not count against borrowers, according to the FHA, but lenders must get evidence, such as police reports, that document client claims of identity thefts or fraud charges.
Such prohibitions could slow the housing market recovery if fewer borrowers can secure FHA mortgages.
The loans are one of the few products available for homebuyers needing low down payment mortgages at competitive terms. Most FHA borrowers put down only about 3.5% of the purchase price.
Since the housing bust, FHA loans have at times exceeded 20% of all purchase loans and is still running at about 15%.
Lenders that are underwriting the FHA loans will get final say on whether the loans go through. If the borrower’s explanation of an outstanding debt and supporting documentation satisfy the bank, it can decide to issue the loan –but they run the risk of FHA rejecting it.
Lenders likely won’t do that very often, however, according to Steve Habetz, a loan officer with Darien Rowayton Bank in Connecticut, unless the documentation strongly supports the borrower’s view on the disputed charge.
“Any error made is going to be on the side of caution,” he said. “Few lenders will approve the loan. They don’t want to hold a 96.5% mortgage held on their own books if the FHA rejects it.”
I hit a showing this wknd. The agent gave us the shpiel when we walked in and mentioned that “the previous owners had done all of the upgrades.” The house was sold to current owner in ’07 for $800,000 so only minor things had been done since then. I said to the agent:
“So, you mentioned that all the upgrades were done before the current owner bought and I know that they paid $800,000 in 2007. My question to you is: if this house is being offered at $790K now that is approx. a 1.5% decline on price…they haven’t done any major upgrades, the real estate market crashed…depending on where you are prices have declined 20-30%…what makes THIS particular house immune?”
After a bit of a stunned look, she rattled off: the neighborhood, the schools, the quality of the house…before surrendering with “well, that’s just a starting point…as we all know the real value of the house is what someone is willing to pay for it.”
re#20 -seif – lol you should have asked how much they plan on being underwater this time next year.
seif [20],
If the realtor is a real d1ck or biotch, I’ll grill him/her like a District Attorney. Most that I meet are very nice, some are a little “pushy” and short. I try to give as much slack as possible. We all know the deal here so we take the sales pitch with a grain of salt. However, good job, I’m proud of ya!
http://online.wsj.com/article/SB10001424052702304177104577314272014146542.html?mod=ITP_marketplace_1
Good news for Montclair. Spending is back and is trendy again .
http://www.northjersey.com/news/state/American_Express_pulls_gift_cards_from_NJ.html Amex pulls the plug.
23 – she was nice so i wasn’t a dick…but she new exactly what i was getting at and she succumbed…but someone will walk in there and pay $725-$750K for the house. it was very well maintained with nice fixtures, etc. we’ll see. i just can’t see someone who is a buyer not looking at the last price it sold for (800K) and the other two recent sales on the block ($610K and $620K – both needed a lot of updating) and not question just a $10K discount.
i should also mention, she did say: “i have to give the owners credit…they do realize they are gonna take a loss.” she may have even used the word admirable. yes…very admirable.
http://nj1015.com/nj-property-tax-appeals-could-be-hit-an-all-time-high-audio/
No problem ,adjustments are in order .
Why do you give these people any hope. Tell them in a loud voice this place is worth 400K tops and tell them after open house you are coming back to tell owner what a POS their house is. Then TP and shaving cream the realtors car and put a potato in their tail pipe. Really, you are just putting cookies out for the mice when you give a realtor hope.
seif says:
April 2, 2012 at 9:57 am
23 – she was nice so i wasn’t a dick…but she new exactly what i was getting at and she succumbed…but someone will walk in there and pay $725-$750K for the house. it was very well maintained with nice fixtures, etc. we’ll see. i just can’t see someone who is a buyer not looking at the last price it sold for (800K) and the other two recent sales on the block ($610K and $620K – both needed a lot of updating) and not question just a $10K discount.
i should also mention, she did say: “i have to give the owners credit…they do realize they are gonna take a loss.” she may have even used the word admirable. yes…very admirable.
27 – the house will sell for $725K+. i am sure of it. anything lower than that and I would be thrilled but someone is going to pay at least that. i will update as soon as i find out when it goes under contract and where it closes.
seif [28],
Keep an eye on that one… let us know the outcome.
29 – I should add that the taxes are $14,500
Doing taxes sucks.
My favorite quote of the weekend was from a retiree-widow-empty nester who lectured me about the idea that she wouldn’t take a loss on her house, she would rather stay put (and pay $23K/year property taxes on a 5BR). I mentioned that she has bought the house in the 1970’s and had no mortgage, so WTF is she talking about…..honestly, I still have absolutely no clue what that means…….
32 – she means she won’t take a loss from the pie in the sky number that she thinks her house is worth. if they told her that house was worth X in 2007, then that’s what it’s worth!
you should ask if your family could just move in with her as tenants.
Has anyone been involved in one the Gottya overhead cameras on traffic signals?
I imagine it is tough for an RE agent to price stuff in my neighborhood. You can have a POS cape or a run down 100 year old victorian next to this:
http://www.zillow.com/homedetails/16-Foster-St-Newton-NJ-07860/39945614_zpid/
Circa 1868. It’s set way back from the street. Driving past, you wouldn’t even know it was there. It’s almost at the top of the hill too. I imagine from the top floor, you would have views of the entire area.
I always admired this house. It will be interesting to see what it sells for.
box (21)-
Should’ve asked when the owner is buying plywood to cover the windows.
My wife got caught in one of the overhead cameras last year. She ran a red light that she claims was deep yellow. They sent the ticket to me because it was registered in my name.
You get a couple of pictures, in color, before and after the infraction. “Deep yellow” – tell it to the judge! Pay it and move on. And keep out of Piscataway, NJ! ;-) Their “revenue enhancement” is most evolved…
http://www.nytimes.com/2012/04/01/realestate/long-island-in-the-region-renters-try-out-the-neighbohood.html?ref=realestate
In the case of the Donatellis’ dream home, it had already been on the market two years when they first spotted it on the Multiple Listing Service of Long Island Web site. The owners were asking $1.1 million. “That was out of our price range,” Ms. Donatelli said. “We just watched it. It went down every month.”
A year later, when it reached $799,000, they finally visited the home and made an offer, winning it at $725,000.
“That’s the beauty of renting while you’re looking,” she said. “There’s no time frame. It allowed us the leisure to be a little more picky, to look for the house we wanted.” (She added that their only regret, since prices have plunged even more, is that they didn’t wait even longer.) Another bonus: With the Donatellis’ low rent, they were able to save toward a bigger down payment.
“The Legislature passed and the governor signed a law along with the budget two years ago that allows the state to claim the proceeds of gift cards bought in New Jersey if customers don’t use them within two years. It saw unused gift cards, travelers’ checks and money orders as an untapped revenue source and booked $79 million from the unclaimed property in fiscal 2011.”
Just wow!
[39] It’s for the children.
#37 Nicholas
Do you staple the PBA card to the back of the ticket?
Fabius,
I’m not sure what a PBA card is but I thought about the ticket for a while and then just paid it. My initial reaction was to make this as expensive for both parties as possible. Go to court, argue that it wasn’t you in the car, but your wife, then have them reissue a ticket to your wife. Go to court for the ticket for your wife and then ask for the officer who performed the calibration on the camera and when it was last done. The human reaction time is a measurable thing and if the light turned red even if she was driving through it then I would want to see substantial proof. Also there needs to be clear vision of the stop light for you to react to it properly. If you round a corner and see a yellow light you don’t know if it is yellow or deep yellow and perhaps you made a bad judgement call. These things are important. I would have consumed as much of the courts time as well as enough city resources to make this camera not cash positive for them.
The economics of these speed cameras is that a private company puts them in and maintains them and gets a percentage of the take of fines paid. They get zero if the case goes to court though. The private company wouldn’t be in buisness very long even if everyone just went to court and paid fine.
JJ, If you are reading today I have a nice story about 5 dead in an accident in Kansas. There were 18 people in the car, two were wearing seatbelts. All the seatbelt wearers survived and 1/3 of the others are now dead. Doesn’t matter that they were in a massive overweight Truck and towing an RV. Size of the vehicle doesn’t protect you from death.
Seatbelts save lives >> Size of vehicle saves lives
http://news.yahoo.com/5-minn-killed-crash-didnt-wear-seatbelts-154325212.html
Nicholas [42],
In order to be classified as a born and bred Hudson County native, one must carry at least one PBA card in their wallet. It’s similar to a head of cattle being branded. ;)
Whenever a car blows by me or I see a car changing lanes without signaling, I frequesntly see one of those oversized PBA badges in the front or back window. When the driver gets into his eventual catastrophic accident, I pray that the badge breaks loose and decapitates the driver.
I always wear seatbelts, funny thing is most crashes I was in backseat on a short trip and like they say that is where worst accidents happen.
Years ago my buddy was not wearing a seat belt and the driver who was drunk and speeding was wearing a seat belt. They flipped a Vette with t-tops at 100 MPH and was sliding upside down on SI expressway. My friend got a whole bumps of cuts and bruises. The driver from neck down looked great. However he got decapitatated. Poor buddy was traped in car with an upside down headless guy for over an hour.
I say 99% of time better off with a seat belt. But those wild high speed acidents things are flying all over.
JJ, If you are reading today I have a nice story about 5 dead in an accident in Kansas. There were 18 people in the car, two were wearing seatbelts. All the seatbelt wearers survived and 1/3 of the others are now dead. Doesn’t matter that they were in a massive overweight Truck and towing an RV. Size of the vehicle doesn’t protect you from death.
#18 All Hype – thanks, will check it out. Any other suggestions for testing the ground for oil or oil tank related issues?
Wow, amazing weblog structure! How long have you been running a blog for? you make blogging look easy. The overall glance of your web site is magnificent, as smartly as the content material!
Not even to 5 PM on Monday, and we have a decapitation story.
Gryffindor (46):
I cannot give you any other information about oil testing and possible remediation. Ask my buddy, he will give you a straight answer.
BB [45];
Speaking of which, saw a red Vette prowling the streets near you — the driver had the window up so didn’t hear me asking if his balls clanked together. ;-)
#49 – I didn’t mean for more specific info from you. I just meant thoughts, ideas, or referrals from the board in general. I really do appreciate your referral, I will pass it along to my dad.
Zillow: Young Adults Moving Back Home
Forty percent of adults aged 18-39 are moving in or have moved back in with their parents.
As much as we love our parents, this probably isn’t our idea of a good time — or theirs!
But hey, drastic circumstances call for drastic measures. And there’s a good reason so many are leaning on their folks right now: The unemployment rate for people under 25 is 18 percent — more than twice the national average.
This is despite the fact that the American unemployment rate has dropped to its lowest point in the last four years.
The Facts:
According to a recent survey by the National Endowment for Financial Education, 40 percent of American adults ages 18-39 either live at home or did so in the recent past … and that’s not counting students.
Meanwhile, according to The Wall Street Journal, young people are bearing the brunt of economy-wide wage decreases. Their pay has dropped steadily for the past decade, and men have suffered more than women: The average inflation-adjusted hourly wage for male college graduates ages 23-29 dropped 11 percent in the past ten years, as compared to the 7.6 percent decrease for women with the same criteria. In contrast, average hourly wages for the workforce overall have risen slightly in the same time period, although that may be simply because the workers with the lowest pay have left the work force.
“New college graduates have been losing ground for ten years,” Lawrence Mishel, president of the Economic Policy Institute, a center-left think tank in Washington, which compiled the report, told The Journal.
This isn’t great news for young adults, and it’s having a negative impact on their parents too: Perhaps the most horrifying figure is that 26 percent of parents have taken on debt to support their grown children.
How to Handle Your “Roommates” If You’re Living at Home With Your Parents
Let’s say you’re unemployed. Or your entry-level job is paying you less than you expected. Or you’re operating out of your childhood bedroom. What do all three of those situations have in common? You’re not the only one in any of them.
Forty percent of young people living at home? An 18-percent unemployment rate? These are huge numbers, and they mean that not only are you not alone — it’s downright crowded where you are.
Sometimes, the responsible financial decision, whether taking an underpaying job because it could lead you to better places or sparing yourself rent by retreating to your high school bunk bed, can seem like anything but. In fact, making the hard choice now for your finances is an admirable, difficult thing to do. And we’re proud of you for it!
Also, remember that the situation is temporary. Life won’t always be this way, but by buckling down now, you are accruing less debt than you would otherwise and setting yourself up for a future of financial success.
If You’re the Parent
“Make sure that from the day your children move back in, you sit down and talk about finances,” says LV Financial Planner Mina Black. ”This is absolutely essential to not only help your child understand where things are with you financially, but also to set guidelines and expectations on both of your parts.”
She recommends discussing how the children will contribute to the household — financially or otherwise — as well as setting a deadline. Will they pay rent? Will they take over certain chores? How long will your child live with you?
It is, of course, easier to decide when they should leave once they have a job and can save a certain amount of money, but setting expectations immediately will help reintegrate them into the household.
And when tensions rise, remember how sad you were when they left in the first place.
As of April 1, the U.S. has the dubious distinction of being the developed economy with the highest corporate tax rates. “This isn’t an April Fool’s Day joke,” Senate Finance Committee chairman Orrin Hatch (R-Utah) said in a statement. “Every industrialized country around the globe understands that tax rates can determine whether or not businesses succeed or fail. If we are serious about stopping so-called outsourcing, we absolutely must start overhauling our tax system that is a drain on economic growth and efficiency.”
No worries, hope and change is coming.
http://finance.yahoo.com/blogs/daily-ticker/america-1-corporate-taxes-143053782.html
World Bank president Robert Zoellick calls for Brics bank
” The outgoing president of the World Bank has backed the creation of a Brics bank – warning not to do so would be a “mistake of historic proportions”.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9180373/Robert-Zoellick-calls-for-Brics-bank.html
Say goodbye to the petrodollar.
Griff – I used this company EISCO to have a tank abandoned in place back in 2005. All went well. Local to Middlesex area. http://www.eisco4action.com/index.asp
I moved back home for two years when I was 27. My Mom was fairly strict and it still was a good deal. I got Hampton shares, went skiing, on vacation, etc. While I still could pay her rent and help her around house with lawn service, repairs, running errands. I moved back out by 30. Why not. My nephew makes 65K a year, is 25 and lives at home. Remember, having access to a car and an Iphone is all this generation needs. Having an apartment, owning a house, even owning a car is not longer a status symbol. A good facebook page and latest phone is all you need.
If you have cool parents even less reason to move out. For instance when I was 32 I dated a girl who still lived at home who was 31. Her parents were cool. She lived in Long Beach, one block from beach a few blocks from train. She paid no rent. Parents were ok with me staying over, ok with her staying over my place, ok with her going out all night with friends. She had moved out a few times, winter rentals, sublets, moved in with guys etc. But she said having a apartment with a fixed rent each month serves no purpose. Her parents were so crazy I thought that one day she would end up in a ditch. For example I picked her up at home 4pm on a saturday night for a first date. Say hi to Mom and Dad, girl goes we met Thursday night at happy hour. Take her to a quick dinner, it was early as we were going to a basketball game, then drinks, then back to my place for what I thought was a quickie, turns out she stays over, ok I go lets get breakfast then I drop her home, well that became back to bed, then out for chinese food and a video back to bed again. I asked her twice if she should call home, she goes no worries. Finally I get this girl home around 6pm. 26 hours later, Dad goes did you have a good time. I go wasnt he worried? She was like once I went to Florida for a month and he did not notice. Maybe some of these people have cool parents living at home. Who knows if my parents were alive maybe I would still be at home.
Only one time I ever actually talked to Dad in four months of this relationship was I came by early one day and he is staring at my car like it has a flat or a big dent or something. I go to girl what up with Dad, she goes he has never driven in a Benz or known anyone with a Benz and he always wanted a ride. So I drove guy around block a few times, I go you want to drive it. He was like no no. I am like really car has 100K miles and is 18 years old. It looks good as the paint is new but car is only worth maybe 8K the price of a used camry. Guy was like I would be too nevrous, that was first time I realized blue collar folks were a little bit different. But guy was cool and man oh man did he have two pretty daughters. Sadly he also had four very large sons. I felt if I tapped that well one too many times the brothers might give me if you like it put a ring on it, thankfully memorial day came and as usually time to hit the hamptons and my Labor day magically the girl you were dating is long forgotten.
Brian says:
April 2, 2012 at 3:03 pm
Zillow: Young Adults Moving Back Home
Forty percent of adults aged 18-39 are moving in or have moved back in with their parents.
As much as we love our parents, this probably isn’t our idea of a good time — or theirs!
Got nauseated when I say Barry speaking with the Mexican and Canadian PM’s this afternoon. He was glorifying free trade and integration as the key to prosperity. No mention of the 12 million manufacturing jobs we lost over the last decade. There are now 46.7 million people in this country on food stamps. Funny thing is they probably dont know why.
Hopefully when real estate bottoms out 1 million screaming Chinamen will come on over and buy them up.
So let me understand this the Camera company that installed the red light camera gets
a piece of the action . So the more tickets issued ,the more everyone is happy. State,Town,Company. Taxpayer is screwed because its tough to beat.
I went to the light today and took a look around . Difficult to see where the problem was looks like I just made a right hand turn without coming to a complete stop.
Its a low blow by any measure , what a country
http://news.yahoo.com/blogs/lookout/1940-census-graphics-show-dramatic-change-education-economy-135944654.html
Interesting data in the 1940 census release today. The largest industry sector is educational services, health services, and social assistance — all dominated if not exclusively public sector.
Per Nom a few days back, I need a seat at the bar next to Doom.
freedy [58],
It’s one big f*cking smash and grab. It’s an acceleration of the decline of an empire. It’s following the pattern flawlessly. When we start pim1ng the senators wives, you’ll know we’ve arrived.
ChiFi 32,
My parents were of that mind and were watching the comps in there neighborhood in total denial. They are now selling at about $200K less than when it was at the peak. We haqd to explain how the freemarket works to them, I stilll don’t think my mom gets it. They plan on taking the equity and buying a place in Vegas in cash from the sale.(they still have quite a bit of equity built up from when they bought to now.
pim1ng = p1mping
You get the picture.
My brother suggested I might like this website. He was once entirely right. This put up truly made my day. You cann’t consider just how so much time I had spent for this info! Thanks!
New research from the New York Fed shows Americans 60 years and older owe a collective $36.5 billion in outstanding student loans. More than 10 percent of these indebted seniors are delinquent on their loans, which means they may field calls from persistent debt collectors and be forced to offer up parts of their Social Security checks to satisfy their decades-old debts, the Washington Post reports.
Most people with student loans are under 40, but because this type of loan cannot be discharged in bankruptcy, the debt can follow a person around for life.
re: #58 – Freedy Jersey City expects about 7 million a year from only 11 cameras. That is somewhere around 23 tickets per day per camera for the standard $75 ticket. One camera I drive by that is installed on the Hoboken border flashes all the time, people get stuck in the intersection trying to cross 18th st becuause of Holland Tunnel traffic, and it flashes and snaps your picture. A co-worker who recently was in court for another ticket watched as the court played back video for violators who were challenging so apparently it is not just a picture but full fledged HD video. Hard to fight if you coast and don’t fully stop on red for a few seconds, isn’t the right turn on red ticket close to $400?
So let me understand this the Camera company that installed the red light camera gets a piece of the action . So the more tickets issued ,the more everyone is happy. State,Town,Company. Taxpayer is screwed because its tough to beat.
Freedy,
Often the municipality doesn’t have the cash to install and maintain all these traffic cameras which cost a lot of money. They would have to raise taxes or sell bonds just to install traffic cameras which most are reluctant to do. The solution then is to contract with a private company to provide, install and maintain the cameras to which they get paid from a percentage of the revenue. In order to reduce the number of fraudulent tickets there is a clause keeps them from getting money in the event that the ticket is even challenged. If you go to court, even to plead guilty and pay the fine, the traffic management company doesn’t get anything. The idea is that there shouldn’t be a shadow of a doubt that you broke the law.
In the case where the state has to pay a judge, clerk, etc to process you case then they have lose more money on the ticket which they no longer share with the traffic camera company. Thus it is in your best interest to take every last one of these to court, gum up the system with useless words, deprive revenue from companies that operate this way. The system will come to a grinding halt.
It works because it is predicated upon the fact that most people would rather just pay the fine than go to court. Thats why they don’t assign any points to your license when caught by traffic cameras (At least in Maryland). I’m pretty sure that it works much the same way in NJ as cameras have proliferated in MD, VA, and DC under this same architecture.
Juice,
Often these cameras have a hard time proving that it was you in the vehicle. Just because it is registered in your name doesn’t mean you were the one driving the vehicle at the time.
There are also reasons why someone would directly disobey traffic laws which would be perfectly acceptable. In the case of speeding tickets often if there are others which are speeding around you, traveling at the stated 55 mph may actually put you in harms way. No sense in having someone pass you at 65 mph or faster which makes you fear for your life on on-ramps and off-ramps. The same could be said for an intersection where potentially dangerous accidents happen. I’m not going to sit here and get rear ended by the next car that comes along because I was supposed to make a 2 second stop before making a right on red. If the lane is clear I will move myself out of harms way as quickly as reasonable.
The cameras don’t capture this and often by the time you get the ticket you are at a loss for why you did such a thing. Thats why they reduce the fine, don’t issue points, etc. They can’t prove it was you and there are many reasons why breaking traffic laws make sense which a police officer would have the ability to discern. I say bog the traffic court system down with these petty fines and make the state eat the costs. Eventually some administrator will pull the cameras out after they lose money year after year.
The ticket I received was for 85 bucks, whores
Con’t [59];
Oh, and the Syosset (NY) school superintendent just signed a 5-yr contract that pays her $537,767 a year; just in time before a the Governor’s proposal of capping superintendent salary at $175,000 might become law. (http://nyp.st/HaT1uT)
re # 67 – Nicholas the law was written in NJ and Maryland that the registered owner has to pay. I am not saying don’t fight I wish you luck perhaps someone will challenge this all they way up to the Supreme Court.
http://www.ghsa.org/html/stateinfo/laws/auto_enforce.html
All lucky numbers so Asian students dont mind.
Anon E. Moose says:
April 2, 2012 at 4:25 pm
Con’t [59];
Oh, and the Syosset (NY) school superintendent just signed a 5-yr contract that pays her $537,767 a year; just in time before a the Governor’s proposal
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re # 69 – Moose it is for the Plastic Surgery.
http://www.nypost.com/p/news/local/she_in_cla_by_herself_jHlMuCVVBBsZoOjLWSsjtK
Amazing how much 401K balances have increased since early 2009. Dow is back to 2007 levels. People who either lost their job or in a panic moved to cash and did not get back in time to stocks in 401K pretty much damaged their retirement savings.
Those who kept their job and kept putting max in all in stocks from 2008 to today it is amazing how much their balances have grown. For people who hit 50 around 2009 and did the catch up they went from not being able to retire to back on track in three years. Crazy. Heck even Fridays 401K money is already up.
When is the pull back coming, we are at 7 months straight up.
S&P is still down for the past 10 years. So you basically made Zero money in your 401K for the past 10 years. People who invested in the stock market,real estate over the past 10 years and held on to it have netted $0. Only if you flipped properties during 2002-2005 or bought stock after 2008 has one made money.
But what percent of people do that. very little.
Most people are have very little to show for except for their gigantic debt.
These are the people who are on NJ turnpike/parkway. The smart ones who I know only work when they need to. Rest of the time, they are either chilling out or trying out new concept ideas.
Brass Balls says:
April 2, 2012 at 4:43 pm
Amazing how much 401K balances have increased since early 2009. Dow is back to 2007 levels. People who either lost their job or in a panic moved to cash and did not get back in time to stocks in 401K pretty much damaged their retirement savings.
Those who kept their job and kept putting max in all in stocks from 2008 to today it is amazing how much their balances have grown. For people who hit 50 around 2009 and did the catch up they went from not being able to retire to back on track in three years. Crazy. Heck even Fridays 401K money is already up.
BB – “When is the pull back coming, we are at 7 months straight up.”
Yeah 400 billion in stock buybacks will do that, what happens when the stock buybacks stop like they did in 2008?
Zack their is a world of difference. RE is a point in time purchase no dollar cost averaging. If you bought Spring 2006 at peark of market you were doomed. You were 100% all in that day.
Stocks unless you went all in spring of 2000, or all in Spring of 2007 you dollar cost averaged in. Lets take Mr, Average 50 year old 401K investor. He was putting into stocks in his 401K from Spring 1984 to Spring 2012. 28 years worth of investing. Sure times like 1986/87, 1999/2001 and 2005/2007 was frothy markets. But he did not buy all his stocks in those years. He had times like 1988-1988 and 2002-2004 and 2009-2011 when stocks were cheap. When people talk lost decade of stocks they will be like if you put all you money in at once at some peak in 2007 or 2000 and held to today you did not make money or lost money. Stocks unlike homes most people invest a set amount each paycheck.
Unless you were an internet investor in 2000 or going hog wild with real estate related stock bets in 2007 all you got was two stomach turning in 2002 and 2008 that if you stayed the course worked out.
Zack says:
April 2, 2012 at 4:55 pm
S&P is still down for the past 10 years. So you basically made Zero money in your 401K for the past 10 years. People who invested in the stock market,real estate over the past 10 years and held on to it have netted $0. Only if you flipped properties during 2002-2005 or bought stock after 2008 has one made money.
But what percent of people do that. very little.
Most people are have very little to show for except for their gigantic debt.
These are the people who are on NJ turnpike/parkway. The smart ones who I know only work when they need to. Rest of the time, they are either chilling out or trying out new concept ideas.
Rant contiinues [69];
>By contrast, New York City Chancellor Cathie Black, in charge of 1.1 million students and 1,600 schools, takes home a $250,000 salary, plus health and pension benefits. She gets a driver.
But the crackdown would not apply to underlings whose pay exceeds the limit. Hankin’s deputy superintendent, Jeffrey Streitman, collects $382,382 in salary, benefits and perks. An assistant superintendent gets $238,221.
At least 37 other administrators take home $118,000 to $201,000 in salary. Even gym teachers score six figures, one making $145,000. The Syosset teachers union loves Hankin. [Ya think?] Union president Jeffrey Rozran blasted Cuomo in a statement… Rozran, who teaches English, makes $129,818<
Moose [78],
It’s for the sake of the children. :o
http://nj1015.com/standing-in-line-to-renew-your-nj-license-will-soon-be-a-thing-of-the-past/ For the sake of the illegals
http://www.nj.com/news/index.ssf/2012/04/insurance_broker_admits_funnel.html
Wondering if this is standard practice in NJ, and do the taxpayers get any relief?
Last
Martha Johnson, head of the General Services Agency, submitted her resignation to President Obama Monday following reports of excessive spending for a four-day employee training conference, the Washington Post reports.
Organizers spent $835,000 on the event, which was attended by 300 employees. The expenses included $147,000 in airfare and lodging at the hotel for six planning trips by a team of organizers. Among the other expenses were $3,200 for a mind reader; $6,300 on commemorative coin set displayed in velvet boxes and $75,000 on a training exercise to build a bicycle.
Yes… We… Can!
Good news in Maywood. Your assessment went down. Bad news ,your taxes are going up . Direct questions to Gary. Afterall ,Maywood is in Bergen county and close to NYC and your high school is Hackensack high
gary (83)-
Bitch probably gets to keep her pension…and god only knows what she was making in salary and bennies before she went off the deep end.
To me, the only way this would be made right is if she does 6-7 years at Leavenworth.
75 – Zack
Shares of mutual funds also would have paid dividends. Most of the time these are reinvested. That is missing from your logic.
DENVER (CBS4)- The new car market is changing in ways that could leave some drivers stranded or waiting for a tow. Spare tires are no longer standard equipment on new cars.
It’s a change in the marketplace that catches many drivers off guard.
“If you lift this up looking for a spare tire, that’s basically what you got,” said driver Chuck Peck.
What you get is a can of Fix-A-Flat and a tire pump. There’s no space for a spare tire.
“If you wanted to purchase one it would go in here and there would be no trunk space for anything else,” said Peck.
Peck recently bought a new Volvo but he didn’t discover the missing spare tire until he had a problem. He got a puncture in his right rear tire and tried to replace it.
“To be honest with you, I was irate,” said Peck.
Peck feels it’s unsafe to be out on the road with no spare tire. He said no one told him his new Volvo didn’t come with one.
“So if I would have been told ahead of time, that the car didn’t have a spare tire, or that it didn’t even have a place to store a spare tire, I never would have bought the car,” said Peck.
It’s not that unusual. In fact, it’s becoming the norm in the car industry.
“It’s an industry standard practice so it’s not on the dealer to let the customer know because his car isn’t even offered with a spare tire,” said Rickenbaugh Volvo General Manager Nick Pacifico.
Nearly half of new vehicles don’t include a spare tire.
“Most of it has to do with taking weight off of the vehicle to improve fuel economy standards,” said Pacifico.
Spare tires are being left by the side of the road as the federal government pushes car makers to make models more fuel efficient.
“But I would venture to say that 99 point 99 percent of the American public when they buy a car, assume there is going to be a spare tire,” said Peck.
Wasn’t the first cars to go sans spare the mini cooper, who opted for (much more expensive) run flats instead?
On BMW,they don’t give you a spare tire because you have run flat tires that can go 50 miles with a puncture.I agree,I will feel safer knowing I have a spare tire.Although,I have not used a spare tire the last 20 something years I have driven.
brain (86)-
The average mutual fund would’ve wiped out the divvies with offsetting loads, fees, ex-distribution charges, etc.
Please post a disclaimer when flogging your own book.
grim (88)-
Much more interesting is the trend in my area of just walking away from the car wherever it breaks down. I see 2-3 cars a week that just sit on the side of the road for days until somebody tows it away.
gary: Ms. Johnson’s only crime was spending for the conference within 7 months of the election. Otherwise, a slap on the wrist max……says a lot….
gary says:
April 2, 2012 at 6:51 pm
Martha Johnson, head of the General Services Agency, submitted her resignation to President Obama Monday following reports of excessive spending for a four-day employee training conference, the Washington Post reports.
Organizers spent $835,000 on the event, which was attended by 300 employees. The expenses included $147,000 in airfare and lodging at the hotel for six planning trips by a team of organizers. Among the other expenses were $3,200 for a mind reader; $6,300 on commemorative coin set displayed in velvet boxes and $75,000 on a training exercise to build a bicycle.
Yes… We… Can!
Bitch went to Oberlin, a collectivist incubator.
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90 –
Relax. Don’t be such a grouch.
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Relax knowing Using a Wheel Minder TPMS
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Make Your Own Conventional Jamaican Fairly sweet Spud Pudding
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Jamaican Nice Potato Pudding
one 0.5 lbs roughly grated sweet potato
lb grated yellow-colored sweet potato (omit yam if not offered and make use of pounds much more sweet potato)
1 1/4 glass brown-sugar (or use equal quantity of Splenda/Stevia)
1/2 glass almost all purpose flour
1/4 cup cornmeal (you may leave out the particular cornmeal and add 1/4 cup more flour)
4 cups discontinued coconut milk (reconstitute coconut milk natural powder in case needed)
2 mug pampre
two tsps grated nutmeg
2 teaspoon combined spice
3 tsps vanilla
1 teaspoon sodium (adjust because needed)
one tea spoon butter
2 tea spoon brandy or white-colored rum (optional)
METHOD:
Peel off, clean and cut potato in to small cubes and taking advantage of food blender, blend on “grate” choice till potato is nearly sleek. Additionally, you can grate the actual potato To have the coconut milk, it is possible to grate the coconut, include water, and press out your coconut milk that is formed. On the other hand, you can use canned or perhaps reconstituted coconut dairy Then after the floor do the job is done, mix all of the dried out ingredients, then include coconut dairy, vanilla, liquor and roughly grated spud and mix effectively Blend in pampre as well as fill in to greased skillet as well as dot along with bits of the actual rechausser Cook on 375 levels F for about an hour or so till set as well as mixture elevates starts to dissove away from the part of the pan.
Reduce in to slices and luxuriate in
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Outer Dimensions – 18. five by sixteen. two x eleven. 2 ins; seventeen. three pounds Inner Sizes — Can hold the 12″ x 12″ baking pan Energy attract – 1800 watts Functions : “Element IQ” technology which automatically regulates as well as varies cooking, temperatures as well as heating elements; nonstick inner surface;
Regulates : Digital regulates as well as high-contrast LCD display screen Integrated accessories : Auto-eject wine stand; removeable crumb tray; top quality french fries and also backin cookware; pan rack Timer — Flexible to be able to customer choice Slice capacity – six pieces
Let me start by stating the BOV800XL is a animal! Really quite huge for a toaster oven, however really amazingly flexible because of this. The style is extremely smooth and also attractive, and you will inform that a lot of engineering was put in both design and also the performance. I feel that I must point out this particular, even though difficult entirely essential: the labeling employed for the particular BOV800XL is actually amazing. From the great deal such as an Apple item, using appealing graphics within the recyclable container. It is extremely awesome. Breville BOV800XL Cooking food A very important thing relating to this toaster stove is that it [url=http://otwartymini.v64.pl/reklamgodis-s45370.html]reklamgodis[/url] is able to do just about anything that the regular stove may, in the a lot more energy-efficient method. The actual “Smart Oven” as well as “Element IQ” technology are created to be because energy-efficient as you can. I really like the Component IQ in particular — from the distinctive feature towards the high-end Breville toaster ovens, which instantly differs the various preparing functions along with sensors. The five factors almost all have a various wattage that the Component IQ may control; it can sort of just like a gentle change dimmer, just where it will place the preparing temperature on the accurate stage required. It’s nearly highly advanced.; )
The inside is actually huge. It can fit the 12″ x 12″ baking pan, or perhaps a 13″ pizzas pan, both these styles which are integrated. To provide you with an example, that is not too young to bake 12 cookies; basically the scale a standard oven baking sheet. The interior is massive. It may suit a 12″ by 12″ cooking pan, or perhaps a 13″ pizzas pan, both these styles which are included. To provide you with an example, that is big enough in order to cook 12 cookies; basically the size of a standard stove baking sheet. This at home cooks wonderfully, as well, thanks particularly for the mentioned before features as well as the convection enthusiast. After i used the convection function, it really did prepare a lot faster, which is not only convenient but saves a lot of time and also electrical power.
Breville BOV800XL Included Accessories
The actual BOV800XL comes with a number of different components. Included are some cooking linens: a pizza pan, a cooking pan along with a broil pan, all of which tend to be covered within a high-quality teeth enamel as well as stand properly after long use. In case you have baking linens and also accessories that you use within your current regular range stove, they are going to probably be suitable for the particular BOV800XL, too. It also includes a removable crumb tray to make cleaning easier. Another awesome point concerning this toaster oven is that the door has magnetized areas which pull the particular stove tray out about 50 % way whenever you open up the door. From the fine idea, because it helps prevent you from potentially burning your hands, that is often something to be concerned about when utilizing the toaster stove.
Breville BOV800XL Screen & Regulates
The particular Breville BOV800XL includes a great, huge backlit LCD screen. Is actually excellent if you’re a bit near-sighted, such as Therefore i’m, because it is extremely readable. The particular handles are electronic, which is always an excellent point to get, because you can established everything, such as the temp, to be what you want it to be. The particular temp, time and functionality controls are usually pulls, similar to stereo control [url=http://www.publishASP.NET/?p=37919]reklamgodis[/url] knobs, that is a great enhancement within the standard digital buttons which have a person standing up presently there striking them again and again. They have all really intuitive and simple to use; you’ll have no trouble received it operating without needing to look at the manual.
The great:
Really full-functioned machine; can simply change your full-sized oven Element IQ automated food preparation function rocks ! Electronic digital handles and also screen are super easy to use as well as Overall design and style is very streamlined and the device itself is extremely high quality
The Bad:
A little indoor light might have been helpful A bit costly, but again, this is a high end toaster stove
This particular Toaster Stove is For:
People who need small unit that can really replace the need for the full-sized oven Those looking for a quality, luxurious toaster stove that is long lasting
Conclusion? This is very easily the best toaster oven available, through significantly my personal favorite. If you’re willing to spend the [url=http://seogold.cba.pl/?p=16301]reklamgodis[/url] cash on the high-end toaster stove, you’ll definitely like the BOV800XL. This factor puts all other toaster stoves to pity… is actually just that fine.