Foreclosure tsunami on the horizon?

From Reuters:

Americans brace for next foreclosure wave

Half a decade into the deepest U.S. housing crisis since the 1930s, many Americans are hoping the crisis is finally nearing its end. House sales are picking up across most of the country, the plunge in prices is slowing and attempts by lenders to claim back properties from struggling borrowers dropped by more than a third in 2011, hitting a four-year low.

But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.

Housing experts say localized warning signs of a new wave of foreclosure are likely to be replicated across much of the United States.

Online foreclosure marketplace RealtyTrac estimated that while foreclosures dropped slightly nationwide in February from January and from February 2011, they rose in 21 states and jumped sharply in cities like Tampa (64 percent), Chicago (43 percent) and Miami (53 percent).

RealtyTrac CEO Brandon Moore said the “numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed.”

Zillow expects the resurgence in foreclosures this year, combined with excess inventory of unsold, bank-owned homes will contribute to a 3.7 percent national decline in prices before the market hits bottom in 2013 and stays there until 2016.

“The hangover from this crisis will far outlast the party of the boom years,” said Zillow chief economist Stan Humphries.

Getting through the remaining foreclosures and dealing with the resulting flood of homes on the market in the wake of the bank settlement is a necessary part of the healing process for the U.S. housing market, he added.

According to leading broker dealer Amherst Securities, some 9.5 million homes are still at risk of default and in February it said it expected to see the uptick in foreclosures start to hit in March and April.

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

106 Responses to Foreclosure tsunami on the horizon?

  1. grim says:

    Also from Reuters this morning:

    Helping your kids buy a house

    For young would-be homebuyers, this really is the best of times and the worst of times.

    After the brutal housing bust, homes are more affordable now than they have been in more than four decades, according to the National Association of Realtors. Home prices have sunk to 2002 levels, and interest rates hover near historic lows – below 4 percent for 30-year fixed-rate loans.

    The NAR says its Housing Affordability Index – which measures median salaries against home prices and mortgage rates – is at a record high, and that means this can be an ideal time to buy a first home.

    On the other hand, young Americans aren’t exactly flush with cash. Almost one in five young adults is jobless, fresh college graduates now carry, on average, more than $25,000 in debt, and many starter jobs pay poorly and are hard to find.

    Meanwhile, mortgage shoppers are expected to come up with more and more cash to mollify nervous lenders: Median down payments last year were around 22 percent, according to online real estate marketplace Zillow, roughly double the rate of three years earlier.

    So how can first-time homebuyers cobble together the money to get a deal on a dream home? They can apply for assistance to the Bank of Mom and Dad.

    That’s how newlyweds Mike and Jessica Sental landed a new home in Clifton, New Jersey, last summer. The couple was house hunting but having trouble coming up with enough for the down payment. They had about $30,000 stashed away, roughly 10 percent of the purchase price, but needed a little more to appease lenders.

    That’s when Mike’s parents stepped in with $15,000 worth of help.

    “They provided about a third of the down payment, with no expectation of being paid back,” says Sental, 30, an information technology analyst. He said his bankers were aware of the parental gift.

    “With prices and interest rates so low, it was the perfect time,” he said. “Now, we’re paying money toward something we own instead of throwing it away on renting.”

  2. Mike says:

    Good Morning New Jersey

  3. Ten Swamps says:

    Tenafly – Price Reduced!
    (Was: Flip Da House)

    25 Kenwood Rd, Tenafly NJ
    East Hill cul-de-sac, 2,866 sqft
    “[E]xpertly expanded and renovated” – assessed at $770k in 2008 vs. $535k in 2007
    NJMLS#: 1132559

    Purchase price: $899,000 (July 2006)
    Original list price: $1,360,000 (December 2007)
    Reduced price: $1,288,000 (April 2008)
    Reduced price: $1,198,000 (October 2008)
    Reduced price: $999,000 (May 2009)
    Reduced price: $988,000 (August 2011)
    Reduced price: $938,000 (March 2012)

    Tax assessment: $890,900 (2011)

  4. Mikeinwaiting says:

    “What a fool believes”
    http://www.youtube.com/watch?v=Y7-BBADPAvE
    A little Doobies to go with it.

    “With prices and interest rates so low, it was the perfect time,” he said. “Now, we’re paying money toward something we own instead of throwing it away on renting.”

  5. AG says:

    The homeowner is quickly becoming a thing of the past. The real estate trusts will swoop in and buy these properties up pennies on the dollar. The one foreclosure in my neighborhood was just purchased by one of these trusts. They got one heck of a deal too.

  6. AG says:

    What is happening to America and what is coming are no accidents of history.

    Enjoy your nomadic activity.

  7. Mikeinwaiting says:

    B-52 Ben and co take away the punch bowl or prospect of a future party , market goes to sh*t, O bother. Not to worry they are just funing you, they will spike the punch again like a teenager at a frat party they just can’t help themselves.

  8. Mikeinwaiting says:

    Just saw this one, how many years have they been at it to no avail.

    “Japan’s upper house of parliament rejects Ryutaro Kono’s nomination to the Bank of Japan board, a strong message from lawmakers who want more monetary easing to spur growth.”

  9. grim says:

    Corelogic HPI for February is in, New York-White Plains-Wayne, NY-NJ MSA eeks out a 0.3% year-over-year gain in pricing (including distressed sales), and a 1.0% year-over-year gain in pricing if we exclude distressed sales.

  10. grim says:

    From MarketWatch:

    Planned job cuts down 27% in March

    Planned job cuts fell in March to the lowest level in 10 months, according to global outplacement firm Challenger, Gray & Christmas. Announced layoffs fell 27% on a monthly basis to 37,880 and were down 9% year-on-year. “This may simply be the eye of the storm for government workers; a lull in activity in an election year and a time when many state budgets are still being negotiated,” said CEO John Challenger. Through the first quarter of 2012, employers have announced 143,094 job cuts, up 9.4% from 2011.

  11. Brian says:

    “Foreclosure tsunami on the horizon?”

    Good. Finally. Let’s rip the bandaid off and clear the market. Let’s get rid of all of the uncertainty.

  12. gryffindor says:

    Where are the 2002 priced homes in this area? I went to do a minor banking thing at Capital One this week, and got stuck with a “personal banker” who was being observed and in some type of training. She had to interview me about my financial plans before getting to my banking request. She asked for my monthly rent and said “That’s so high! You’re just paying someone else’s mortgage. You should buy something.” I wanted to tell her she needed to do her research before making absurd statements like that as my rent is probably below average for the neighborhood and did she know what a starter studio in the neighborhood cost? Instead I just laughed because I hadn’t heard that line in a while.

    To be fair, if I put 50% down on a starter 500K home, then my mortgage would be cheaper than renting. Maybe that’s what she meant. Highly doubtful.

  13. BearsFan says:

    - “With prices and interest rates so low, it was the perfect time,” he said. “Now, we’re paying money toward something we own instead of throwing it away on renting.”

    There’s an ass for every seat they say, right?

  14. Mikeinwaiting says:

    Yes gryff if you tie up a quarter mil on a POS cape with ever rising taxes. She is a financial adviser to sheep.

  15. Brass Balls says:

    My PSL value has held up more than NJ Home Values. Nuff Said

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

    Gryff I didn’t know financial suicide was now part of the planning for the future. I’ll start off early the stupid in this country will be the end of us all.

  17. 3B says:

    #7 Mike: they have no choice now; the markets demand it.

  18. gary says:

    So how can first-time homebuyers cobble together the money to get a deal on a dream home? They can apply for assistance to the Bank of Mom and Dad. That’s how newlyweds Mike and Jessica Sental landed a new home in Clifton, New Jersey, last summer.

    I’m happy for them… but how do we tread lightly and explain that Clifton is slowly being consumed by Paterson and Passaic? And how do we explain that they need to sell before the kids reach high school to avoid potential sex.ual assault and the hoodlums carrying weapons? I believe the surveillance cameras in Clifton HS now rival those of the NYPD.

  19. 3B says:

    #13 gryff: Lots of homes all over Bergen Co priced at 2002 levels.

  20. grim says:

    Calling a $500k house in NJ a “starter home” is a bit disingenuous.

    $500k generally gets you a 4/2.1 in good/very good condition in a good neighborhood, a house you could probably comfortably spend you entire life in and hot have to “climb the property ladder” or some bullshit like that.

    No, it will not get you a renovated tudor or colonial in Ridgewood or Glen Ridge. “Starter home” is not the same as “First home”. Yes, there are plenty of fortunate folks with good incomes that buy nice first homes, those really aren’t “starters”.

    Starter homes, are probably priced closer to $300k, are probably 3/2s, and are in OK neighborhoods. See the article above about the $300k in Clifton, yes, starter. Their PITI is probably $1750 or so on that place. A 3br/2ba rental house (not a second floor in a 2 family), is probably going to be running around $1,600, or a little higher if you are over in Gary’s hood.

  21. grim says:

    I thought “personal banker” was just a made up title for those previously known as “tellers” to make you feel better about shelling out extraordinary fees to the bank (or similarly, receiving a level of interest notated in 1/64ths). Kind of like how every sales person has a “Vice President” title, or something similar, just to make you feel like you are interacting with someone of rank in a company.

  22. gary says:

    gryffindor [13],

    Call this personal banker and tell her that Gary said she’s a muppet.

  23. grim says:

    19 – Gary – Did I ever tell you about the time I spent in Juvenile Court in Paterson, because a roving band of hoodlums came to the high school looking for a fight? They sure found one.

    Did I ever tell you want the Sgt told us, when we were driving around Clifton in the patrol cars helping to round them up? He told us they’d be out in 15 minutes, and that we should have just went home, got a baseball bat, and found them one by one ourselves. Noted, cue foreshadowing.

    We thought that Hang’em Harry would have at least slapped a wrist (by the way, the mob kicked in my friends car doors and quarter panels, a couple thousand in body work), instead he recused himself from the case, because one of the kid’s mothers worked for the town, and he sent the case to Paterson instead. All hope was lost there.

    Nothing ever came of it, even to the kid that pulled a knife and tried to stab my friend. Good thing he had one of those 6 D-Cell Mag Lights in his car. Rock beats Paper, Mag Light beats knife.

    I travel alot, it ain’t pretty anywhere anymore, it’s not just C-Town. Tell you what though, I’ll take Paterson and Passaic over the crystal meth kids out west. I’ll throw some positive out here, believe it or not the Arabic community is going a long way towards cleaning up big sections of Paterson.

    Yeah yeah, maybe it was better years back, you know, little house on the prarie and all. Or maybe we just did a better job of covering it up. Kids will be kids after all.

  24. Mikeinwaiting says:

    Grim for 500k in my neck of the woods you can have the Taj Mahal .

  25. Mikeinwaiting says:

    9:08 AM Zillow’s forecast for 2012 home value changes shows a few cities in the green, led by Washington, D.C., a town whose leading industry never faces a slowdown. Also near the top of the list are some of the real estate busts hardest hit burghs – Phoenix, Riverside, and Miami/Ft. Lauderdale.

  26. freedy says:

    NJ on the jobs rebound and the Revel is now open and taking apps

  27. gary says:

    grim [24],

    I always knew you had “connections”! :) Don’t they know not to mess with the East Central European syndicate? My ‘hood in the last 5 years has changed dramatically. I know it’s not just C-town. It’s like a disease spreading rapidly!

  28. grim says:

    Jobless claims down a bit more this week (some upward revision on the back-end).

    Headline down 6,000 to 357,000
    4 Week Average down 4,250 to 361,750.

  29. freedy says:

    Please dim the lights when you leave. Another company leaves ,but hey McDonalds
    just opened in Fairview

    http://www.northjersey.com/news/business/146227885_Moonachie_losing_packaging_plant.html

  30. 30 year realtor says:

    This tsunami will take 7 to 10 years to move through the system once sheriff sales begin rolling again.

  31. Mikeinwaiting says:

    Pain 17, great one.
    “Gryff I didn’t know financial suicide was now part of the planning for the future.”

  32. Orange says:

    yeah, 100 “laborers” lose their job? how much do they make an hour? pROBABLY less than fast food

  33. 30 year realtor says:

    #24 Grim – That should be the Muslim Community, not just Arabic. The Bengali’s in the Totowa Section have also had a large positive impact.

    I have been working in Paterson and Passaic since the 70′s. Passaic is antiseptic compared to back then. Paterson has improved in many neighborhoods, but others are as bad or worse than ever.

  34. 3B says:

    House we were looking at the realtor told us we can submit a fair offer?? fair

  35. Anon E. Moose says:

    gryff [13];

    I would have turned to the trainer and asked to close my accounts immediately. That is incredibly intrusive, not to mentioned ill-informed and transparently self-interested. Thanks for the warning, I’ve been looking for a new teaser rate for my money market cash and thought I might give them a try. No need now.

  36. VJ says:

    Can anyone recommend a good realtor active in Middlesex County? He/She should be willing to make low-ball offers.

  37. Brian says:

    Grim – put my fence in yesterday. You get yours up yet?

  38. Mikeinwaiting says:

    3b Fair, fair to whom.

  39. Mikeinwaiting says:

    Hmmm… something afoot, I don’t like it when a country that is not our friend does us a solid. Do not think for a minute they could do this without the Chinese Govs say so.

    “Thursday, April 5, 7:56 AM China P&I Club bows to international sanctions and becomes the first Chinese insurer to say that it will stop providing indemnity cover to tankers that carry Iranian oil, Reuters reports. This is despite China refusing to take part in the international action. If other insurers from the country follow suit, the shipping of Iranian oil could halt completely.”

  40. gary says:

    Mikeinwaiting [40],

    Brilliant!

  41. Anon E. Moose says:

    MIT researchers predict ‘global economic collapse’ by 2030

    Forest… trees… the jokes just write themselves.

  42. Mikeinwaiting says:

    Thanks Gary, now I have to have a Guinness.
    http://www.youtube.com/watch?v=NBh895KdXAU

  43. 3B says:

    #40 Mike; Turned me off right away!!! That is what I said, fair?? To whom, and based on what? We are not using a Realtor, this was at an open house that we signed in on, and the Realtor has been after us to submit an offer. We are not using our own Realtor; doing it ourselves.

  44. NJGator says:

    This is totally sustainable, right? My favorite is Mark Apostolou who (if I recall correctly) seems to have cobbled together a nice $120k pension from part-time Municipal Court gigs in Monmouth County.

    WHO’S IN STATE’S $100K CLUB? HERE’S NJ WATCHDOG’S FULL LIST by Mark Lagerkvist Posted On April 3, 2012
    Who belongs to the $100K Club — New Jersey’s elite corps of retired public employees?

    The number of retirees collecting more than $100,000 a year from state pensions jumped to 1,244 last year — up 28 percent from 2010. As a public service, here is New Jersey Watchdog’s complete list, including names, pension amounts and governmental employers, constructed from a state Treasury database:

    http://newjersey.watchdog.org/2012/04/03/100k-sidebar/

  45. Brass Balls says:

    Re 46 this guy on your list should have asked for ten bucks and one cent less pension each year.

    PIZZELANTI, JOSEPH $100,010 JERSEY CITY

  46. Brass Balls says:

    If you went to owners open house, know his name and address why don’t you pick up the phone and call owner directly. Why use another realtor. If you do use an other realtor why not use something like redfin where you get back some of commission.

    Your other realtor is getting money for nothing. The person who orgainized house and got listing did most of work and you are stiffing them. Why do you feel obliged to use the other realtor. Sites like propertyshark will give you owners phone number. Or just write them a letter and let them decide if they want to contact you. I find it frustrating when you sell a home or even look for a job applicant the amount of lazy people. Why should I have to pay 6% fee cause you are too lazy to pick up phone an make an offer.

    Go knock on door with checkbook in hand and make an offer, leave the engine running. Maybe go upstairs and do his wife while the hubbie makes you a sandwich. It is a buyers market

    3B says:
    April 5, 2012 at 10:51 am
    #40 Mike; Turned me off right away!!! That is what I said, fair?? To whom, and based on what? We are not using a Realtor, this was at an open house that we signed in on, and the Realtor has been after us to submit an offer. We are not using our own Realtor; doing it ourselves.

  47. grim says:

    Brian – Not yet, just had the driveway done yesterday though, who did you end up using?

  48. 3B says:

    #48 Brass: We are not using any Realtor (and will try to avoid using one) , we simply looked at the house, toled Realtor we had nothing to sell have money and over 800 credit scores, she is now hounding us to out an offer in; a “fair offer”. I do not like her use of that word. Her job is to present all offers.

  49. gary says:

    I want to schedule a sit-down with a lender and see what I’m preapproved for. I’m asking for recommendations from you cats and kittens here. Hudson City? Any local bank? What say you?

  50. Metroplexual says:

    Lookout for the RE in the outer suburbs, they might keep falling in price.

    http://www.usatoday.com/news/nation/story/2012-04-05/sprawl-census-urban/54007292/1?csp=hf

    BTW my BiL is quoted in the article Robert Lang.

  51. seif says:

    50 – the offer should be fair to you and you only. if you want it, just make it. we have heard plenty of anecdotal stories on here of people who ended up hanging on and taking LESS than was offered to them a year earlier.

  52. Anon E. Moose says:

    BB [48];

    To my mind, the guy getting something for nothing is the listing agent whose only work after the listing agreement is signed is to take a drive-by photo with his cell phone and post an MLS listing. Slap a lockbox on the door, and the buyers’ agents do all the hard work, bringing the buyer to him (try getting a LA to show their own listing sometime…). To my mind, its like paying your sales force 50% commission on signed contracts.

  53. Nicholas says:

    The sellers almost always sign a “sellers agreement” which obligates them to the commission for the period of enforcement even if the listing agent does nothing. I have seen these agreements be signed for up to one year recently. I signed a 6 month listing agreement with two agents.

    There are also provisions in the sellers agreement that stipulate that you owe the commission if the listing agent lands a buyer who can and will pay the listing price and you refuse the sale. Don’t list a price and then chicken out because you fell back in love with the house, the agent will get paid.

    That means if it was a current listing that to negotiate a private sale then you may have to wait for the sellers agreement to expire before you can close.

  54. 3B says:

    #51 gary: There/Clots guy, First Valley Funding

  55. Brass Balls says:

    What is normal if owner gets a direct offer from a neighbor etc. Would he owe full commission? When I last listed wth a realtor he put down he would get 1% if I got a buyer on my own and he would still help with paperwork.

    Nicholas says:
    April 5, 2012 at 12:03 pm
    The sellers almost always sign a “sellers agreement” which obligates them to the commission for the period of enforcement even if the listing agent does nothing. I have seen these agreements be signed for up to one year recently. I signed a 6 month listing agreement with two agents.

    There are also provisions in the sellers agreement that stipulate that you owe the commission if the listing agent lands a buyer who can and will pay the listing price and you refuse the sale. Don’t list a price and then chicken out because you fell back in love with the house, the agent will get paid.

    That means if it was a current listing that to negotiate a private sale then you may have to wait for the sellers agreement to expire before you can close.

  56. Brian says:

    49 – George from AA Fence in Hamburg, NJ. I tried using North Jersey Fence in Andover but had trouble getting the guy to call me back. Not sure if he’s really busy or what.

  57. Nicholas says:

    Did a google search for sellers agreement and this is typical to what I have normally seen with regards to sellers agreement.

    There is a penalty fee if you don’t sell the property and the agent brings you a good sale. You owe commissions if the agent brings anyone to the property and you try to cut them out of commissions. If they bring you a buyer on the last day of the contract then it is in force as long as the contract is contingent and moves to sale. Or if the property is sold during the period that the agreement is in force regardless of who brings the buyer.

    The agents that dealt seem to have personal connections to property that they couldn’t sell. They remember the homes that they took a swing and missed. People remember failures more than successes. That means that they WILL follow the house for perhaps years to determine if it sells and for what price and who buys. They are just looking for data that shows them they did all they could and it wasn’t their fault. When they see that you did an end run around them to cut out their commissions you can be sure that the seller will find himself in court and owe those fees and penalties.

    If you want to end run the listing agent. NEVER give or write your name down for open houses. Be prepared for them to ask you to leave. Perhaps give fake names and contact information. Contact the seller directly and indicate that you are willing to buy at a given price only after the agents are removed from the mix. Ask him directly how long he signed a sellers agreement and then wait out the period. Afterward ask for him to relist the home as owner-seller through a discount place. Then contact him via a visible paper trail through the listing and begin negotiations. He will need this information in court if he is ever questioned by a judge on the sale.

    4. The Seller shall pay the Broker a fee of ten percent (10%) of the purchase price plus any applicable taxes accepted by the Seller if:

    (a) the Broker procures a buyer ready, willing and able to purchase the Property upon the terms contained in this Agreement or upon other terms acceptable to the Seller; or

    (b) If the Property is purchased by anyone who was introduced to the Property by the Broker during the term this Agreement is in full force and effect; or

    (c) for as long as any transaction is in progress before regulatory agencies or courts of law.

    (d) during the term of this Agreement, the Property is sold.

  58. seif says:

    59 – so as far as you can tell, if you find the property yourself or were not shown the property by the agent, as long as you wait until the seller’s agreement expires you can then make a deal with the owner without the agent having any dibs on a commish?

  59. gary says:

    3b,

    Thank you!

  60. Nicholas says:

    Yes, thats correct but even something as simple as giving the combination to a key lock box to obtain the house key is enough so that the listing agent can say that they showed you the house.

    You would have to have the owner himself allow you into the house and have him show you around. Which is why they got a RE agent in the first place.

  61. Nicholas says:

    I don’t know about you but I’m pretty reluctant to buy a property based upon what I can see walking around the house peeking in windows. I would prefer to walk into the property just to see the general condition and take a peek at the facilities.

  62. Brass Balls says:

    Why I just offer Land Value. Plus owners are a bit weird anyhow They frown upon you taking a dump at their open house. If I am not liking the throne I aint buying the castle.

    Nicholas says:
    April 5, 2012 at 1:03 pm
    I don’t know about you but I’m pretty reluctant to buy a property based upon what I can see walking around the house peeking in windows. I would prefer to walk into the property just to see the general condition and take a peek at the facilities

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

    grim we used all quality fence in Roxbury owners and crew very professional came out and tightened some things up that had loosened over the first year

  64. 3B says:

    #61 gary: I am biting the bullet!!! Come join me!!! My cheap easy rental is coming to an end, owner wants to sell, so I have to go!!!!

  65. seif says:

    63 – but not if you live in (rent) the property already!

  66. Orange says:

    you guys are a TRIP!

    you want to go online to REALTOR.COM, be able to search all the listings, see pictures, be able to pick up the phone to see a house, find something you like, and then when it comes to purchasing, you don’t want to pay a commission.

    YET YOU DID NOTHING BUT CONSUME SERVICES PROVIDED BY THE REAL ESTATE INDUSTRY! you did nothing yourself. you did not “find the house yourself”. someone else did, and got the seller to sign a contract, and got the listing in place, put photos online, built the technology to share listings, but the technology that allowed you to browse online, etc etc etc. what you did was sit on your ass and click your mouse

    what a trip!

  67. gryffindor says:

    Yes, the “personal bankers” are the people who sit on the sides and were formerly known as tellers. I just opened my account at Capital One so I’m not about to close them yet just because I got the sheep advisor to financial suicide. To be fair, she did point out that I could benefit from a Business Savings account so I will be going back to see her for that.

    Maybe 500K is a stretch for a “starter” home. But I don’t want to live in Clifton.

  68. 3B says:

    #69 gryff: There is more this year to choose form in the 300K to 400K range in nice towns than there has been in a long time.

  69. gary says:

    3B [66],

    Any conclusion I come to or decision I make will probably be broadcast here… for better or worse. lol! :) It’s not about me being right or wrong or justifying everything to the last dollar. It simply comes down to: a) what do I want that will make me happy and b) how much cost on a monthly basis can I tolerate without wanting to blow my brains out.

    The frustration shared here by many of us is simply the culmination of years of selfishness, greed and stupidity that has washed all of us out with the tide. Now, it’s taking us this long to swim back to shore. We played by the rules, followed the process and got tossed into the chaos against our will. We had to wait a long time for the nonsense to subside and it’s only now that it seems like we have some leverage.

  70. gary says:

    Orange [68],

    I’m willing to pay a one time fee for their service. Perhaps $500 or $1000 is sufficient or maybe 1% of the sale price. 5% or 6% of the sale price is lunacy for someone giving me a tour of the house and telling me with the voice of a five year old that I’m standing in the kitchen.

  71. Brass Balls says:

    In a normal world, lets say I want to buy a car. I go to cars.com or autotrader.com dealers and private sellers alike both list cars. Same as in ebay. But realtors forbid owners from listing homes directly on the MLS sites. Imagine if all the car sites got together and did this there would be an uproar.

    If I could snap a few photos of my own house, put an Ad on MLS put myself down as a contact or have my own open house I would. But I am not allowed to. Even those places that let you list for a Flat Fee on MLS still charge a large fee around $500 bucks and I still am forced to MLS it so other brokers can come in and get a 3% fee.

    I should be allowed for a set price lets say $29 bucks list my house on MLS. I can list on Stubhub my extra Jets Tickets, list my used car on autotrader, list my spare car parts on ebay. Yet my pos split I can list myself on MLS.

    BTW the realtor did not build Mls.com. The realtor is usually some bored housewife who snaps a few photos and posts them which is as complicated as me selling a parking pass to a Jets game on craigs list.

    Showing the house muliple times and dealing with open house is hard work. Putting an ad up is monkey work. Personally, I have had several offers fall apart due to realtor. Their 6% commission gets in the way of the deal. On house we were withing 15K of each other but 60K commission runied deal.

    Orange says:
    April 5, 2012 at 1:33 pm
    you guys are a TRIP!

    you want to go online to REALTOR.COM, be able to search all the listings, see pictures, be able to pick up the phone to see a house, find something you like, and then when it comes to purchasing, you don’t want to pay a commission.

    YET YOU DID NOTHING BUT CONSUME SERVICES PROVIDED BY THE REAL ESTATE INDUSTRY! you did nothing yourself. you did not “find the house yourself”. someone else did, and got the seller to sign a contract, and got the listing in place, put photos online, built the technology to share listings, but the technology that allowed you to browse online, etc etc etc. what you did was sit on your ass and click your mouse

    what a trip!

  72. 3B says:

    #71 gary: Could not have said it better myself; your post sums up mine (and my spouses) feelings exactly. Good luck to you and your family.

  73. Brass Balls says:

    They should just outlaw realtors. They are a drain on GDP. I watch Modern Family and the Dad is a realtor, other than sales pitches and plopping down forsale signs and printing business cards it really does not seem like a job.

    One realtor I saw at an open house I said I recognize her from her ads with her pictures. She was like really, I said yep in fact I sat on your face the other day at that bench by the post office. I did enjoy sitting on her face, but that is hardly worth 6% commission

  74. Captain Sunshine says:

    Yay! Mr. Gary and Three Bee are buying houses! This must prove that the NJ real estate market is recovering. More bright and sunny days are in store for us! Hip hip hooray!

  75. Orange says:

    In a normal world, lets say I want to buy a car. I go to cars.com or autotrader.com dealers and private sellers alike both list cars. Same as in ebay. But realtors forbid owners from listing homes directly on the MLS sites. Imagine if all the car sites got together and did this there would be an uproar.

    what??? this is like you trying to park your jalopy in paul millers lot and asking him to sell it for you for free

  76. Orange says:

    I can list on Stubhub my extra Jets Tickets, list my used car on autotrader, list my spare car parts on ebay. Yet my pos split I can list myself on MLS.

    STUBHUB charges 25% commission!!

    but thats a great deal i guess

  77. gary says:

    3B [74],

    My spouse is the content one and not quick to make a major change or endure upheaval. It’s me that’s antsy and continously banging my head against the wall. But, I’ve been waiting at least as long as this blog has existed and eventually, I either have to sh1t or get off the pot. And, the fact that I’m closer to qualifying for admittance to a retirement village as opposed to spending time in a mosh pit, has got me even more antsy. However, I still prefer the mosh pit! :)

  78. gary says:

    Captain Sunshine [76],

    I didn’t say I was buying. You can go back to being partly cloudy.

  79. Orange says:

    EBAY commission as high as 13%

    Anal rape sounds more enjoyable paying 13% for the privilidge of selling crap on ebay

    But hey —- you did it yourself!! have a cookie and a pony

  80. Brass Balls says:

    I list on Stubhub, NFL Ticket Exchange, Stubhub, Craigs list and ebay. Stubhub has highest fees, but given highest site traffic I often get a better price. Stubhub also takes care of delivery and guarantees payment. A realtor I would gladly pay 6% if they guaranteed payment. Meaning if buyer fell through or did not qualify they would buy house at a agreed price. MLS is the stubhub of home sales, by blocking FSBOs from listing on site with most traffic sellers are forced to use a realtor. We have no way to know if realtors are good or not. It is not a free market. Twice I sold a home on my own and both times for a higher amount then the realtor could get me. Oddly I was willing to give up the fee for a quick close. But both times I beat the realtor price and paid no commission. It also helped I was able to close at the open house. Realtors cant close as they have to talk to owner. I did door to door sales once and they always say ABC, always be closing. Dont let buyer thing about it too much. CLOSE, Example the house is for sale for $550K would you like to make an offer? CLOSE. Realtors in general are not good at closing. The realtor I bought my house from was a rare one. She closed 15 minutes into open house and she required the owner to attend open house. She wanted to CLOSE> Me and owner came to price in a few minutes. I gave up on the REO recently as realtor got in away. Offer to her, offer to bank, bank offer to her who offers to me who I offer to her who offers to bank. JC> I gave up in round three. Me and bank man to man in 60 second would have had a deal or not.

    MLS should be like stubhub or ebay. Put a god dam buy it now feature. MLS is BS a site to sell homes but you cant buy a home on that site. I can buy a 300K Ferrai on ebay but not a 60K coop on MLS>

    Orange says:
    April 5, 2012 at 2:08 pm
    I can list on Stubhub my extra Jets Tickets, list my used car on autotrader, list my spare car parts on ebay. Yet my pos split I can list myself on MLS.

    STUBHUB charges 25% commission!!

    but thats a great deal i guess

  81. 3B says:

    #79 gary: We were both content, but we have no choice but to leave;going to another rental makes no sense, due to the potential of having to move within another couple of years. Your previous comment about doing the right thing etc. just touched a chord with me (and my spouse) we talk about that very same thing a lot.

  82. Orange says:

    jesus this is like shooting monkeys in a barrel

    you pay stubhub a huge 25% commission because the exposure gets you a higher price

    you get the exact same thing by working with a realtor, listing on an mls, realtor.com, showing through other brokers, but that isn’t worth anything, you just want that for free? why can’t i just park my buick on next to the bentley at paul’s lot for free? its only taking up a few feet. its my god given right to expect everything for free. you do your job for free? stop by mow my lawn for free.

    if you want a house, take out an ad in the personals. disgruntled white middle aged male seeks house, will only pay 2 dollars, nothing is worth it, everything is too expensive, hate everybody my life sucks, everybody fks me over so now i want my chance, bend over. lubers need not apply.

  83. gary says:

    Orange [84],

    Actually, I sold my first house without a realtor. Got the word out, someone made an offer, agreed to a price, let the lawyers draw papers, the end. It was painless. We sold my Mom and Dad’s house after they passed and us siblings agreed on using a realtor because it was too far for any of us to show the house on a regular basis.

    The Listing agent took a few pics, posted them and that was all she did. All final things that needed to be buttoned up like final water bill and other documents that needed to be presented were done by me. In fact, the only other time I spoke to the realtor was when the house closed and I got a phone call congratulating me. She’s congratulating me on a super speedy closure when we did the leg work and she collected. Most of them are uneeded tour guides.

  84. 3B says:

    #84 Are your commisions down?

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

    Gryff 69 that is why the wife and I moved to Morris County. Me being from Bergen and her being from Passaic county respectively neither of us could bring ourselves to pay a fortune to live somewhere we disliked. although we did look in Wayne temporarily, but we don’t work in the city so being close was more out of convienence rather than necessity. So off to the extant burbs we moved and we are never looking back.

  86. Orange says:

    #86 in the toilet

    but are you still in that dead end no title back office job clearing 60k a year because you are afraid to take any risk at all?

    pikers

  87. NJGator says:

    Gary (79) – Still enjoy the mosh pit? You weren’t by any chance here last week?

    http://www.nj.com/news/index.ssf/2012/03/montclair_police_shut_down_sho.html

  88. AG says:

    51,

    Gary,

    I will give you the link to the guy I use but I insist you shop around. I just locked in a 3.125 15 year conforming. Im paying closing costs of about 3k. If you want them to cover closing costs add .25 to the rate.

    http://www.usmtgcapital.com/wfr_rates.cfm

  89. Brass Balls says:

    If there were no realtors houses would still get sold. In fact the current log jam of homes is the realtors fault. Banks through realtor lobbying efforts cant sell homes directly.

    Chase, BAC, GMAC, Citi etc could just pre-approve a buyer one time up to a certain amount, thow inventory on line and let people bid up to their pre-approved amount and sell homes at a much quicker and less expensive cost. Instead realtors slow down selling process and cause buyers to over pay.

    Fannie/Freddie wants so sell homes in large lots now direct to vulture buyers to avoid realtors. They are like pimps they take most of the profit but dont do much work.

    Orange says:
    April 5, 2012 at 2:37 pm
    jesus this is like shooting monkeys in a barrel

    you pay stubhub a huge 25% commission because the exposure gets you a higher price

    you get the exact same thing by working with a realtor, listing on an mls, realtor.com, showing through other brokers, but that isn’t worth anything, you just want that for free? why can’t i just park my buick on next to the bentley at paul’s lot for free? its only taking up a few feet. its my god given right to expect everything for free. you do your job for free? stop by mow my lawn for free.

    if you want a house, take out an ad in the personals. disgruntled white middle aged male seeks house, will only pay 2 dollars, nothing is worth it, everything is too expensive, hate everybody my life sucks, everybody fks me over so now i want my chance, bend over. lubers need not apply.

  90. AG says:

    68.

    Orange,

    I agree. 90% of real estate shopping can be done online. I had a realtor when I bought my current POS. He showed me a bunch of over taxed, over priced, sh_t boxes. By the way. My taxes are $4600. I will willingly bleed money to lawyers if it means starving my town of funds. I hate the gub. All of it.

  91. gary says:

    Gator [89],

    I started the whole thing! lol!

  92. gary says:

    AG [90],

    Thank you!

  93. gryffindor says:

    #87 – Looks like we’re going to stick it out in the city until we have kids (still a few years away) and then make a decision then about where to go. Until then, living in Midtown West keeps our commutes between Little Falls, Montvale, Midtown East, and Brooklyn reasonable.

  94. Libtard and the City says:

    Fence companies.

    I think I used Jan Fence on our multi, 8 years ago. Quality and price, both very good.

    Who did your driveway Grim? William’s Paving out of Wayne gets the five finger Captain Cheapo recco.

  95. orange (77)-

    Is this your roundabout way of telling us your live in your car?

  96. Brass Balls says:

    well off to Atantis, talk to you schmo’s later. lets hope NJ survives without me. Perhaps re will shoot up Enjoy Easter and Passover

  97. Anon E. Moose says:

    Gryff [13];

    BTW, a perflectly acceptable response to “It’s a great time to buy!” is “Really? How many have you bought (recently, opt.)?”

  98. Anon E. Moose says:

    Did I leave a hanging hypertag?

  99. Anon E. Moose says:

    No, good.

  100. chicagofinance says:

    The End Is Nigh (Rex Foot Fetish Edition):

    Tebow gets mani-pedi

    Tim Tebow is certainly in touch with his feminine side. The New York Jets quarterback has been caught getting a manicure and pedicure — and good thing coach Rex Ryan wasn’t nearby.

    TMZ obtained an image of Tebow getting a $23 mani-pedi at MB Nails in Los Angeles this week. In the image, Tebow appears a touch embarrassed as he is snapped in a grey t-shirt and black shorts, his hands resting on a manicure table and his feet dunked in a soak tub.

    Shortly after the image was snapped, nail technicians went to work on Tebow, getting his toes and fingers into proper shape.

    Sources at the salon described Tebow as “very friendly” and said that he left a unusually generous tip at the end of his services.

    It’s possible that Tebow opted for a pedicure to impress Ryan, as the coach is believed to have somewhat of a foot fetish. In 2010, videos surfaced of a woman who looked remarkably like Ryan’s wife displaying her feet as an off-screen cameraman, believed to be Ryan, discussed their beauty and softness.

    While Ryan declined to comment on the clips to the press, he reportedly told his team he was “embarrassed” about the release of the videos.

  101. Latest from Mike Krieger.

    “For several years now I have been sounding the alarm that if you want to be engaged in the financial markets you need to assume that markets are being managed (rigged) more aggressively than at any moment in any of our lives. The Bernank and others on Wall Street and the District of Criminals understand that the situation is pretty much hopeless. Ever since 2008 they have had one strategy. From a monetary and fiscal standpoint, that strategy has been to pump massive amounts of liquidity into the system while at the same time borrow enormous amounts of money. The thinking was that this would stabilize the situation, create confidence and thus ultimately a dynamic sustainable recovery. They certainly bought a few years with this plan but confidence has not returned, nor has there been any sustainable recovery. What we need to understand at the moment is that The Bernank and all of his fellow Keynesian Central Planning magicians know that they have failed. This is why he is running around on college campuses presenting his sad and intellectually dishonest presentation of propaganda that even a six year old could refute.”

    http://www.zerohedge.com/news/mike-krieger-explains-central-planning-dummies

  102. Comrade Nom Deplume says:

    The Fed issued guidance on banks renting out OREO but did not expressly waive 12 CFR 225.140.

    Yet.

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