Foreclosures continue to loom large

From CNBC:

New Crop of Foreclosures Is Coming

While fewer Americans are falling behind on their mortgage payments, the huge backlog of already delinquent mortgages is finally making its way through the banking system to foreclosure.

Total foreclosure activity rose in the first half of this year from the previous six months, according to online foreclosure sale site RealtyTrac, driven by a jump in new foreclosure actions by lenders.

“Those foreclosure starts are welcome news for prospective buyers and real estate brokers in many local markets where a shortage of aggressively priced inventory has been holding up sales activity. Markets with increasing foreclosure starts will likely see more distressed inventory for sale in the form of short sales and bank-owned properties in the second half of the year,” said Brandon Moore, CEO of RealtyTrac.

While many of the previously hard-hit markets are seeing declines in foreclosures, other cities are seeing big gains. Foreclosure activity increased more than 20 percent from second half of 2011 in Tampa (47 percent), Philadelphia (30 percent), Chicago (28 percent), New York (26 percent), and Baltimore (21 percent).

From Bloomberg:

Foreclosure Filings Increase in 60% of Large U.S. Cities

Foreclosure filings rose in almost 60 percent of large U.S. cities in the first half of 2012, indicating many areas will have more distressed homes on the market later this year, RealtyTrac Inc. reported.

More than 1 million homes in metropolitan areas with populations of at least 200,000 received notices of default, auction or repossession, up 1.5 percent from the last six months of 2011, the Irvine, California-based data provider said today in a statement. Among the 20 largest markets, Tampa, Florida; Philadelphia; Chicago and New York City had the biggest percentage increases in filings.

The gain in foreclosure actions followed a probe into abusive lender practices that delayed bank seizures nationwide. More repossessions will buoy deals “in many local markets where a shortage of aggressively priced inventory has been holding up sales,” RealtyTrac Chief Executive Officer Brandon Moore said in the statement.

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

130 Responses to Foreclosures continue to loom large

  1. grim says:

    Pending home sales due out at 10

  2. The Original NJ ExPat says:

    thirst

  3. Mikeinwaiting says:

    Essex 2 was some looker back in the day, not that I would throw her off the bus now.

  4. Mikeinwaiting says:

    expat for what? LOL

  5. grim says:

    Still a good time to be rich… (Is there ever not a good time to be rich?)

    From Bloomberg:

    Hamptons Home Sales Jump to 5-Year High as Luxury Demand Climbs

    Home sales in the Hamptons, the Long Island beach retreat for summering Manhattanites, jumped to a five-year high as both the priciest mansions and entry-level properties attracted buyers.

    There were 539 transactions in the second quarter, up 9.6 percent from a year earlier and the most since the first three months of 2007, when home values in the area were climbing toward their peak, according to a report today by appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. Purchases of properties priced at more than $5 million totaled 38, matching the level at the end of 2010. That was the highest since the firms began tracking the data five years ago.

    “In the high end, there’s this sort of herd mentality of one sale leads to another,” Jonathan Miller, president of New York-based Miller Samuel, said in an interview. “You see some high-end sales and it gives people the impetus to list.”

    Luxury properties are luring buyers as the New York City job market improves and wealthy overseas investors seek havens for cash, according to Miller. The city added 80,000 private- sector jobs in the 12 months through June, the state Department of Labor said last week. About 4,400 of those jobs were at financial companies, whose employees are among the top buyers of Hamptons homes. Mortgage rates at record lows drove deals for the least expensive homes, Miller said.

  6. The Original NJ ExPat says:

    [4] Mike – make sure the bus has dual axles and the appropriate load rated tires:

    http://www.timothysykes.com/2009/01/remember-this-is-what-maria-bartiromo-really-looks-like/

  7. grim says:

    From the NY Times:

    Decline in June Home Sales Reinforces Uneven Recovery

    Sales of new homes recorded the biggest drop in more than a year in June, and prices resumed their downward trend, dealing a setback for the budding housing market recovery.

    Single-family home sales tumbled 8.4 percent to a seasonally adjusted 350,000-unit annual rate, the lowest rate in five months, the Commerce Department said on Wednesday.

    The percent decline was the largest since February 2011. Much of the drop in sales last month reflected a 60 percent plunge in the Northeast, a region that had enjoyed hefty gains since December.

    “Housing will continue to recover gradually throughout the year, but fundamentals are not supportive of a fully fledged housing market recovery,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York.

    The drop in new-home sales last month came on the heels of a decline in home resales during the same period.

  8. Essex says:

    It’s a great time to be rich or even moderately well-healed. Unemployed….not so much.

  9. Essex says:

    I’m really getting bored hearing about how the Dems are the protectors of the middle class. They haven’t done shit for the middle and they know it.

  10. The Original NJ ExPat says:

    [6] grim – bad time to be rich – Never really. Going from ancient memory though, I think in Iacocca’s book he talked about GM’s executive dining room in the 70’s where management ate free they decided to raise the cost to $1 per exec for lunch. Apparently there was a huge backlash because the execs claimed this really cost them $2 in gross earnings which they deemed outrageous. Hell, my Dad was just an engineer in his mid 30’s and even he owned an oil exploration company as a tax shelter back then.

  11. Shore Guy says:

    Whatever the news, one may rest assured it will be… say it with me now… “unexpected.” It may be unexpectedly good, or it may be unexpectedly bad but, unexpected nevertheless.

  12. Shore Guy says:

    “They haven’t done…. for the middle and they know it.”

    Essex,

    You confuse the reality of doing something to help people with the political game of taking actions that allow you to say you did and that your opponent was against the actions. it ia sll about image and branding and not about actual accomplishment. If it were, reasonable people on both sides of the aisle would come together and take real action on behalf of the People. Quaint noation, that, no?

  13. The Original NJ ExPat says:

    [11] Doh! I meant Ford, not GM. Here’s what white collar meal perks were like back then:

    “In the Ford Motor Company’s executive dining room, Henry Ford II rarely ate anything but hamburgers. According to Lee Iacocca, Ford complained that his own personal chef at home couldn’t make a decent burger. In fact, no one made burgers as perfect as the ones at the executive dining room. Curious, Iacocca asked the establishment’s chef to show him what he did to make Ford so happy with his burgers. The chef went to the fridge, grabbed an inch-thick slab of New York strip steak, ran it through a grinder, patted up a patty and tossed it on the grill. “Amazing what you can cook up when you start with a five-dollar hunk of meat,” said the chef with a sly smile. (Though it would be more like a $25 hunk of meat today.)”

  14. grim says:

    Repost of the June Pending/Contracts data for North Jersey:

    (Source GSMLS, except Bergen which is NJMLS)

    Pending Home Sales (Contracts)
    ——————————-

    Bergen County
    June 2011 – 747
    June 2012 – 871 (Up 16.6% YOY)

    Essex County
    June 2011 – 340
    June 2012 – 438 (Up 28.8% YOY)

    Hunterdon County
    June 2011 – 106
    June 2012 – 147 (Up 38.7% YOY)

    Morris County
    June 2011 – 418
    June 2012 – 519 (Up 24.2% YOY)

    Passaic County
    June 2011 – 195
    June 2012 – 259 (Up 32.8% YOY)

    Somerset County
    June 2011 – 299
    June 2012 – 338 (Up 13.0% YOY)

    Sussex County
    June 2011 – 130
    June 2012 – 137 (Up 5.4% YOY)

    Union County
    June 2011 – 311
    June 2012 – 402 (Up 29.3% YOY)

    Warren County
    June 2011 – 87
    June 2012 – 91 (Up 4.6% YOY)

  15. raging bull jj says:

    These are not the rich buying in the hamptons, it is the 200K to 999K starter homes going cheap, toss in 3.75% vacation home mortgages and fact you can get 15K rent a month in the summer even on a 450K home this is easy.

    grim says:
    July 26, 2012 at 8:03 am

    Still a good time to be rich… (Is there ever not a good time to be rich?)

  16. grim says:

    18 – $999k “starter” vacation home, ain’t that a hoot.

  17. raging bull jj says:

    I at at the Executive Dining Room of EF Hutton. Lovely, water view, top floor, had a wine steward , whole pull cork and let me sniff, waiter in Tuxedo. Really nice. Even not that long ago in 2007 at in the Executive Dining room of Apollo LLP and it also was four star. Actually I work better on a full stomach. One little tiny nugget that falls out of my brain is valuable, so you might as well keep me in the building. But sadly today Executive Dining room has no wine list. Plus you cant smoke. Loved it when they lit your stogie after a nice after lunch cordial. God how can anyone work anymore eating off the cart food

  18. raging bull jj says:

    I looked at a starter vacation home near Long Beach Long Island last week. 30×60 plot, two tiny bedrooms, one bath. In fall down condition in an estate sale and owner wanted 360K and turned down several 320K offers. You have to spend at least 550K to get a presentable starter vacation home all the way from Long Beach LI to Montauk LI.

    Plus it is all about rent. Rent is by bedroom, the extra 300K gets you around 30K extra rent over course of year. So the jump from 350K to 650K is not much.
    grim says:
    July 26, 2012 at 8:29 am

    18 – $999k “starter” vacation home, ain’t that a hoot.

  19. Mikeinwaiting says:

    Initial Jobless Claims: 353K vs. 380K consensus (prior week revised to 388K from 386K).

  20. Mikeinwaiting says:

    June Durable Goods: +1.6% vs. +0.5% expected, +1.6% (revised) prior. Ex-transport -1.1% vs. +0.1% expected, +0.7%

  21. raging bull jj says:

    Bull Market Baby, no more unemployed. The lazy bums are finally back at work. Maybe they are the ones selling hampton homes to the new buyers as their two year vacation at the beach is finally over.

  22. Mikeinwaiting says:

    JJ 24 you amaze me.

  23. The Original NJ ExPat says:

    [25] Mike – Remember, JJ is a LI housewife just starting her first bottle of wine on the morning. I think she soils her housecoat a little laughing at some of our reactions to her on-the-fly semi-lucid fiction. In the late afternoon I can even picture her slurring her words as she proof-reads her posts, and not too well.

  24. raging bull jj says:

    that is a complete lie, I have never proof read anything in mylife

    The Original NJ ExPat says:
    July 26, 2012 at 8:57 am

    [25] Mike – Remember, JJ is a LI housewife just starting her first bottle of wine on the morning. I think she soils her housecoat a little laughing at some of our reactions to her on-the-fly semi-lucid fiction. In the late afternoon I can even picture her slurring her words as she proof-reads her posts, and not too well.

  25. Mikeinwaiting says:

    JJ “that is a complete lie, I have never proof read anything in mylife” of this we have no doubt. Not that I write worth a sh*t.

  26. chicagofinance says:

    Bullsh!t

    raging bull jj says:
    July 26, 2012 at 8:31 am
    Actually I work better on a full stomach.

  27. Mikeinwaiting says:

    expat 7 Wow you just never get that view on TV, no wonder. Any port in a storm I always say, or was that JJ.

  28. Mikeinwaiting says:

    Chi Fi still waiting for you to go steal an Alpaca for meat, come on it right down the road.
    Maybe you could shoot a game of hoops , go ice skating, catch a movie , go horse back ridding, take a swim before you do the deed & I’m sure I missed something. Just regular folks you know.

  29. raging bull jj says:

    Depends what I am working at, then again a family size KFC Platter, a ten pack of sliders and a case of Bud I guess I could just rest my belly on her head.

    Trailers for sale or rent
    Rooms to let…fifty cents.
    No phone, no pool, no pets
    I ain’t got no cigarettes
    Ah, but..two hours of pushin’ broom
    Buys an eight by twelve four-bit room

    chicagofinance says:
    July 26, 2012 at 9:01 am

    Bullsh!t

    raging bull jj says:
    July 26, 2012 at 8:31 am
    Actually I work better on a full stomach.

  30. NJGator says:

    Realtors stay busy in Glen Ridge

    Glen Ridge is enjoying a strong housing market in 2012, according to local realtors.

    Many new buyers come to Glen Ridge for two main reasons, realtors say. One of them is the schools. “That’s one of the deciding factors for young buyers coming into these towns from New York,” says Nancy Gentile, a realtor with REMAX’s Upper Montclair office.

    The other big draw is Glen Ridge’s close proximity to New York, as well a transportation system that allows for a relatively easy commute – including direct train service on weekdays. “It’s a one-seat ride to Manhattan,” Gentile says.

    In fact, towns with easy access to New York frequently have an edge over towns without when it comes to attracting buyers, she said.

    The summer months often tend to be slow times for home sales in Glen Ridge, says Deborah Lebo of Coldwell Banker. The reason for this, she says, is that families moving to town for the school system want to be in a contract before school starts. In March, April and May, real estate agents often saw as many as six to eight offers on the same property, Lebo says.

    Lebo also points to a recent jump in property tax rates in Bloomfield as another reason why buyers are looking at Glen Ridge. “Those houses (in Bloomfield’s Brookdale section) now have taxes of 10 to $11,000 a year,” she says.

    A house in Glen Ridge that is priced correctly will usually be sold within three weeks, Lebo says. If it’s been on the market for a month or more, she says, it’s most likely overpriced.

    As for which owners are selling and moving away, realtors say, it really depends on the property.

    With the larger houses in Glen Ridge, Gentile says, those houses often go up for sale because the owners’ children have graduated and moved out.

    “These gigantic homes are no longer appealing to just a couple living there,” Gentile says.

    If the property is a smaller house, or a starter house for a new family, the owners are often looking to move into a larger home.

    This year, says Kevin O’Keefe of Rhodes Van Note in Upper Montclair, there are a lot of secondary buyers – buyers looking to upgrade into a larger house. By comparison, last year there was a significant number of first-time buyers, a trend attributed in part to a tax credit for first-time homeowners.

    “Most of the first-time buyers are looking for the location,” O’Keefe says. Glen Ridge’s proximity to New York and the train and bus services are a big draw for buyers, as are the schools.

    O’Keefe indicated that the houses that are in the $550,000 to $850,000 range can sell fairly quickly, while the more upscale houses – $850,000 and above – tend to move more slowly.

    Among the higher-priced houses up for sale as of Monday was a Mediterranean-style mansion at 110 Ridgewood Ave. – with an asking price of $1.45 million.

    O’Keefe pointed out that the high-end properties do get sold, but they generally have to be in excellent condition – no renovations or work that needs to be done – in order to sell.

    Sam Joseph, of REMAX, points out that if a house has just been renovated or has certain amenities, it can sell quickly: “If a house has new kitchens and baths and central air the houses sell immediately.”

    http://www.northjersey.com/realestate/163813486_Realtors_stay_busy_in_Glen_Ridge_.html?page=all

  31. Mikeinwaiting says:

    JJ 32 your showing your age, know the song well. King of the Road………. thanks will be in my head all day. Here you go: http://www.youtube.com/watch?v=OmOe27SJ3Yc

  32. Mikeinwaiting says:

    Drum roll pending home sales.

  33. Shep Smith says:

    This is Shep Smith reporting and…oh…we have to cut away to some….

    BREAKING HEADLINE NEWS!!!!!!

    Seriously?!

  34. raging bull jj says:

    WASHINGTON (MarketWatch) — The 30-year fixed-rate mortgage averaged a record-low 3.49% in the week ending July 26, down from 3.53%, Freddie Mac said Thursday. The 15-year fixed-rate mortgage average also fell to a record low, of 2.80%.

  35. raging bull jj says:

    WASHINGTON (MarketWatch) — Pending home sales slipped 1.4% in June, a trade group said Thursday, continuing a slate of more cautious readings from the housing sector. The pending-home-sales index fell to 99.3 from a downwardly revised 100.7 in May, the National Association of Realtors said. The NAR initially said the May index was at 101.1. “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” said Lawrence Yun, chief economist of the NAR, who added that delays in the foreclosure process also were holding up sales. Compared to the same period in 2011, pending home sales were up 9.5%, marking the 14th straight month of year-on-year gains. A sale is listed as pending when the contract has been signed but the transaction has not closed, and an index of 100 is equal to the average level of contract activity during 2001.

  36. Mikeinwaiting says:

    June Pending Home Sales:-1.4% to 99.3 vs. +0.9% expected; +5.9% prior.

  37. Shore Guy says:

    Housing economists must, as a group, be surprised each morning when the sun comes up and that objects fall to the ground when dropped:

    http://www.philly.com/philly/business/163803626.html

    New-home sales fell unexpectedly in June from May, the Census Bureau reported Wednesday.

    The 8.4 percent drop from the previous month means that if June’s sales rate continued for the rest of the year, about 350,000 new homes would be purchased in 2012.

    Real estate experts put annual sales in a typical year at 1.5 million, and many economists are predicting that number will not be reached again until 2015.

    snip

  38. Grim says:

    Pending home sales up 12.2% year over year in the northeast.

    How is this bad news?

  39. Essex says:

    Legal question….OT….this is a doozy. Years ago we has some trouble with the baguets in my wife’s engagement ring falling out. The jeweler in FL (we were in Chicago) offered to fix it. We innocently mailed the ring back they reset the stones. When we got back the ring I felt the stone looked dull. A year or so later we moved to NJ and got the ring reappraised but the jeweler was uncomfortable appraising it for the value that was on the original paperwork. I pushed, the aquiesed and on we go. We recently had the ring cleaned and the local jeweler here said they thought the ring’s stone was probably switched. I am probably SOL, but heck. Anyone ever experienced this?

  40. All Hype says:

    When Angela is on vacation, Super Mario says whatever he wants! Nothing like telling little lies to juice the markets.

    http://www.zerohedge.com/news/here-why-angela-merkel-has-not-responded-draghi-just-yet

  41. The Original NJ ExPat says:

    [31] Mike – I can see slaughtering it for meat, but do you think ChiFi would really do that other sick thing you suggest?

    Chi Fi still waiting for you to go steal an Alpaca for meat, come on it right down the road.

  42. The Original NJ ExPat says:

    [41] grim – Think of bread and milk sales before a blizzard. Sales are way up, but it doesn’t mean tomorrow is a sunny day. In fact, it means the opposite.

    Pending home sales up 12.2% year over year in the northeast.

    How is this bad news?

  43. Mikeinwaiting says:

    Expat for Meat/Clot he wants to slaughter & eat. It = its, see what one s can do, hey I hear they are better than sheep.

  44. chicagofinance says:

    The alpacas wear tee shirts mongrammed with YCOMT…..I guess the husband has special needs…..

    The Original NJ ExPat says:
    July 26, 2012 at 10:17 am
    [31] Mike – I can see slaughtering it for meat, but do you think ChiFi would really do that other sick thing you suggest?
    Chi Fi still waiting for you to go steal an Alpaca for meat, come on it right down the road.

  45. chicagofinance says:

    Mikeinwaiting says:
    July 26, 2012 at 10:33 am
    Expat for Meat/Clot he wants to slaughter & eat. It = its, see what one s can do, hey I hear they are better than sheep.
    http://www.youtube.com/watch?v=4-N5jjexaZ0

  46. The Original NJ ExPat says:

    [47] chifi – YCOMT – All 4 of them!

    Christine Navarre, DVM advises that too much milking by human hands can cause the alpacas’ teats to become too sore and may cause her to shy away…

    http://www.alpacafarmgirl.com/2011/03/milking-alpacas-whos-your-colostrum-dealer/

  47. Shore Guy says:

    Essex,

    First bit of advice, never allow anyone to reset a diamond outside of your view. Second, if this occurred outside the statute of limitations for mail fraud or larceny, I suspect you are SOL. The postal inspectors and the attorneys general of FL and IL might be able to offer you additional information.

  48. Essex says:

    51. Thanks. Might call the hotline. Methinks I am skrewed. -sigh- What do they say….3 months pay? ;-)

  49. Shore Guy says:

    Grim,

    What are the prices associated with the gain? Is it increased sales at regular price or after a discount? Also, with respect to pricing, are sellers’ concessions with respect to cash for closing, etc., reflected in those numbers?

  50. The Original NJ ExPat says:

    [42] Essex – GIA or AGS cert on the big diamond?

  51. Shore Guy says:

    Essex,

    In any event, you are likely to find yourself buying a new stone. If it were I, and i were looking for a great looking stone at a decent price, I would look to an essentially-colorless stone (say a D, E, F, or maybe even a G) that is as close to an ideal cut as possible, with a polished girdle. With these characteristics, one can go pretty low down the “clarity” scale (all depending on where the occlusions are (size, number, location) and still have a fantastic-looking stone. Color and cut are more important than whether the stone is Flawless, VVS I or II, or VS I or II.

  52. Shore Guy says:

    If you need me, I will be on 47th St. You will be able to spot me as I will be sporting a beard and wearing black.

  53. Mikeinwaiting says:

    OK off Alpacas (no pun intended) on to diamonds.

  54. Libtard in Union says:

    It Zell.

  55. Mikeinwaiting says:

    This just in from our Chinese friends.
    “China denies it used technology illegally supplied by United Tech (UTX) unit Pratt & Whitney to build an attack helicopter, saying it developed the aircraft “with completely independent intellectual property rights.” Strange then that United Tech last month paid over $75M in fines and pleaded guilty to the accusations.”

  56. The Original NJ ExPat says:

    [55] Essex – I 100% concur with Shore. An Ideal Cut is more important than anything else. Size being equal, a F color VS II is vastly superior to a Flawless non-ideal cut. The reason most diamonds aren’t cut ideally is because you lose too much carat weight to perform an ideal cut. There’s an old adage that a diamond cutter loses his job the same day cuts and ideal .95 carat diamond. The joke being that the uninformed general public will pay more for a 1 carat diamond than a superior .95 ideal cut.

    Ideal Cut dimensions:

    Total depth between 59 – 61.8%
    Table diameter between 53 – 57%
    Crown angle between 34.3 – 34.8 degrees
    Pavilion angle between 40.6 – 40.9 degrees
    Girdle thickness between thin and slightly thick
    Culet: AGS pointed or GIA none

    Also don’t be fooled by the other certs (EGL, et al) . Unless things have changed since I really knew this sh!t 15 years ago, only GIA and AGS were good certs. You’ll see a lot of places advertise GIA or EGL certs, but all the diamonds they try to sell you will be with questionable EGL certs.

  57. Libtard in Union says:

    Never trust the Chinese. They put peepee in your Coke.

  58. raging bull jj says:

    In 1992 when RTC was liquidating inventory sales were way up. But since prices are up a bit and sales are up good news.

    Grim says:
    July 26, 2012 at 10:14 am

    Pending home sales up 12.2% year over year in the northeast.

    How is this bad news?

  59. raging bull jj says:

    If you want a diamond ring at a good price go to your local funeral home.

  60. The Original NJ ExPat says:

    [61] Ideal Diamond – Percentages are % of diameter. Symmetry is important too. If you’re not looking for a round diamond, ignore all of the above. I only know about round ideal cut diamonds.

  61. The Original NJ ExPat says:

    [62] Lib – One of my favorites. I always use that one as an example of an “oral tradition”. Pre-internet you would find it impossible to actually read that joke anywhere, yet for generations now it has been diligently passed down orally from 1st grader to Kindergartener and spread through cousins and vacations to every corner of the country, if not the world. Cue JJ story about the oral traditions he learned in Kindergarten.

    Never trust the Chinese. They put peepee in your Coke.

  62. Libtard in Union says:

    A diamond is not an investment. Buy the one that you like the most and like JJ said, prepare to be buried in it.

  63. The Original NJ ExPat says:

    [63] JJ – mix shift

    In 1992 when RTC was liquidating inventory sales were way up. But since prices are up a bit and sales are up good news.

  64. Libtard in Union says:

    I got a really expensive clear one. Dropped the insurance a few years ago as we were approaching paying for the diamond twice. If Gator was as cheap as me, she would have lost the diamond before I cancelled the insurance and taken a first-class European vacation instead. I still think a goat would have been a much more practical dowry.

  65. Richard says:

    Just show the missus a fake appraisal and you wont have to buy anything new.

  66. Libtard in Union says:

    “Just show the missus a fake appraisal and you wont have to buy anything new.”

    Now that’s a plan.

  67. Mikeinwaiting says:

    Go with the fake appraisal, risky business.

  68. Mikeinwaiting says:

    Not that I wouldn’t.

  69. chicagofinance says:

    ? The endorsement on your P&C insurance is maybe $250 a year…..you talking stupid sh!t my friend…..

    Libtard in Union says:
    July 26, 2012 at 11:45 am
    Dropped the insurance a few years ago as we were approaching paying for the diamond twice.

  70. Richard says:

    btw if you do want to buy a new stone take a look at online dealers like bluenile. They really are like commodities. Compare those prices with what you see it the shops.

  71. chicagofinance says:

    My name is Lenardo
    I am a retardo
    I live up on 40th Street
    I sit on the steeple
    and see all the people
    and they say “hello”
    and I say “hello”
    and they say “What’s your name?”
    AND I SAY……..

    The Original NJ ExPat says:
    July 26, 2012 at 11:38 am
    [62] Lib – One of my favorites. I always use that one as an example of an “oral tradition”

  72. 1987 Condo buyer says:

    Aren’t there “artificial” diamonds that are so realistic dealers have trouble determining real from artificial? Is that an alternative?

  73. Juice Box says:

    re: # 74 – I have a a year policy on the jewels (insert JJ pun here) with appraisals it runs about 1.4% of the annually. When you live where I do between the B & E’s and filching from the cleaning staff and delivery people it pays to have it. Don’t forget the renters insurance either.

  74. Juice Box says:

    Essex – For reference go to Tiffany’s first pick what you want there and then go to your own place and see what they can do for nearly the same stone. Try the Jewelry Factory/Exchange on Main Street in Hackensack. They actually do direct import and make the rings there. Ask to see what the have in the safe, don’t waste time with the showcase.

  75. chicagofinance says:

    Juice: also remember to get it reappraised every 5-10 years to update the endorsement;

  76. Confused in NJ says:

    Interesting take on Geitner, lets see if “O” throws him under the bus!

    Treasury Secretary Tim Geithner testified on Capitol Hill Wednesday and was challenged by lawmakers about his knowledge of the LIBOR-rigging scandal that has embroiled more than a dozen banks here and abroad.

    LIBOR stands for the London interbank offered rate and it affects trillions of dollars worth of financial contracts, including mortgages, student loans and credit card rates. LIBOR is published daily and is the average interest rate 16 big banks pay on short-term loans.

    In the latest scandal to breach investors’ trust in the global financial system, British bank Barclays admitted in July that its traders manipulated the benchmark interest rate. The LIBOR scandal forced the resignation of Barclays CEO Robert Diamond and the London-based bank agreed to pay $453 million in fines to settle charges.

    The LIBOR scandal shocked global markets this summer but red flags about the rate-rigging were raised as early as 2007 when a whistleblower at Barclays alerted regulators that the bank was lying about its interest rate.

    Geithner, who was then-president of the New York Federal Reserve, reportedly offered the Bank of England recommendations on how to revamp LIBOR including how to “establish and publish best practices for calculating and reporting rates, including procedures designed to prevent accidental or deliberate misreporting,” according to Bloomberg.

    The NY Fed “took the initiative to bring those concerns to the attention of the broader U.S. regulatory community,” Geithner told Congress on Wednesday. “I believe we did the necessary and appropriate thing very early in the process.”

    Neil Barofsky, the former inspector general in charge of oversight at TARP says Geithner’s comments on LIBOR aren’t credible and argues that his inaction and failure to ring alarm bells was an implicit approval of what banks were doing.

    While Geithner pushed for broader reforms of LIBOR, he did not explicitly warn of possible rate manipulations and neglected to notify U.S. regulators at the Department of Justice, the Commodity Futures Trading Commission and Securities and Exchange Commission to the wrongdoing, notes Barofsky, who is very critical of Geithner in his new book “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.”

    It was a “message to the banks ‘if we commit fraud, we break the rules, don’t worry, we’re too big — they’ll never bring the appropriate steps against us,'” Barofsky says in an interview with The Daily Ticker. “And that is why we’ve had scandal after scandal after scandal.”

    This was a “global conspiracy to fix one of the most important interest rates in the world,” Barofsky continues. “[Geithner] heard this information and looked the other way. Geithner and other regulators should be held accountable, they should be fired across the board. If they knew about an ongoing fraud, and they didn’t do anything about it, they don’t deserve to have their jobs. I hope we see people in handcuffs.”

  77. Shore Guy says:

    A well cut water-white diamond will show its quality in low light,;add a polished girdle and it will be shooting red and green beams of light and catching all the other women’s attention at times when lesser-quality stones are just dull rocks. And, remember, diamonds are not rare and the metrics for grading them so standard, they are like wheat or soybeans, but look better in a ring.

  78. Shore Guy says:

    “Interesting take on Geitner, lets see if “O” throws him under the bus!”

    Before the election? No way. He would have to show up in a photo with Jerry Sandusky at a petting zoo to get fired before election day.

  79. raging bull jj says:

    There is a website called berricle their rings are insanely real looking. You can get a 2.5ct plat ring look alike for like $50 bucks that is out of this world. Just buy her that.

    1987 Condo buyer says:
    July 26, 2012 at 1:13 pm

    Aren’t there “artificial” diamonds that are so realistic dealers have trouble determining real from artificial? Is that an alternative?

  80. grim says:

    Diamonds? Talk to Ben at M&A Jewelers at the Exchange in the West Belt Plaza in Wayne. He’s probably the biggest supplier in North Jersey.

  81. Juice Box says:

    Grim – #82 in MOD

  82. The Original NJ ExPat says:

    [75] Richard – bluenile.com – I haven’t looked on Bluenile.com for over a decade, but I thought I’d take another look. Same as it ever was, they really don’t carry any ideal cut diamonds. They have a very nice search engine and a very large inventory, but I couldn’t find a single diamond at any price that is within the cut dimensions I listed above. You can even, nicely, filter your search by table diameter (ideal: 53 – 57%) and total depth(ideal: 9 – 61.8%) within the ideal range but when you look at the certs you’ll find for crown angle and pavilion angle, either or both will be slightly above range resulting in a less than ideal cut and slightly heavier diamond. There are just so many, many diamonds with a 35 degree crown angle on their site (ideal: 34.3 – 34.8 degrees) and/or a 41 degree pavilion angle (ideal: 40.6 – 40.9 degrees) that it seems like all the “near misses” of the diamond industry end up as the “premium” offerings on bluenile. Coincidentally their very fine search engine doesn’t allow you to filter by crown or pavilion angles;-)

    btw if you do want to buy a new stone take a look at online dealers like bluenile. They really are like commodities. Compare those prices with what you see it the shops.

  83. The Original NJ ExPat says:

    [88] should be ideal: 59 – 61.8, not ideal:9 – 61.8 above

  84. Mikeinwaiting says:

    Shore 84 LOL!

  85. Mikeinwaiting says:

    Expat remind me to invite you along when I go diamond shopping. Not that I see it happening anytime in the foreseeable future. Bought my wife’s over 25 years ago, done with diamonds.

  86. chicagofinance says:

    I do not normally say things of this type, but Geithner needs to be placed against a wall and publicly executed…not for all the (lack of) work he supervised at the NY Fed, but rather for being a partisan hack…..

    Shore Guy says:

    July 26, 2012 at 1:56 pm

    “Interesting take on Geitner, lets see if “O” throws him under the bus!”

    Before the election? No way. He would have to show up in a photo with Jerry Sandusky at a petting zoo to get fired before election day.

  87. The only real estate in Geethner’s future is an 8′ x 12′ cell in Leavenworth with three hots and a cot.

  88. OTOH, why waste tax money on that bastard? Bust a cap on him instead.

  89. Sima says:

    I’m sure NJ is a trendsetter in percentage of hired workers being contract workers.
    Gary is the only one I know of who has recently bucked this trend.
    http://www.npr.org/2012/07/26/157130818/for-temp-workers-temp-looking-more-permanent

  90. raging bull jj says:

    Demand for high-quality bonds has pushed Treasury yields to all-time lows this week and has done the same in the muni market. The 1.61% and 2.79% levels seen Wednesday for the AAA benchmark 10- and 30-year yields, respectively, represent fresh contemporary-era lows, according Janney Montgomery Scott, which notes that the 10-year yield has not seen a single uptick in the past 30 sessions.

  91. WickedOrange says:

    Time to register Tenafly:

    http://fiber.google.com

  92. freedy says:

    http://www.breitbart.com/Big-Government/2012/07/26/REVEALED-Corzine-s-MF-Global-Was-a-Client-of-Eric%20Holder-s-Law-Firm

    For those of us who have been wondering why Jon Corzine has not been arrested ,well
    here it is

  93. Essex says:

    Thanks for the Diamond stuff. Rock on!

  94. The Original NJ ExPat says:

    [99] Thanks freedy. I was literally hooting out loud reading that article. It Makes me think that the only thing that makes us different than the waning years of the USSR is that we can still publicly distribute news/opinions/comments/propaganda from all sides. I don’t think that will continue much longer.

  95. raging bull jj says:

    John Stewarts brother is COO of the New York Stock Exchange which is funny as he likes to pretend to bash wall st.

  96. chicagofinance says:

    I really enjoy snippets from the Daily Show, but this clip is not funny. Stewart shows all these different clips from Fox News and attributes it to the Romney campaign. If Stewart wants to make fun of Fox News, fine….but that is not what is being done. You are really blinded and partisan……what on earth is the point you are making?

    Fabius Maximus says:
    July 26, 2012 at 5:18 pm
    Another home run by the Daily Show.

  97. The Original NJ ExPat says:

    I just thought of a simplified career day questionnaire.

    ____________________________ is needed to take money from those who need it and deliver it to those who want it.

    Please choose an answer below
    A. Business
    B. Government
    C. Nothing
    D. Legislation and/or Speeches
    E. I don’t know what

    Based on your answer, here is your ideal career choice:
    A. Fortune 500 executive or Lobbyist.
    B. Socialist Party organizer or perpetually unemployed person.
    C. Small business owner.
    D. Politician or Lawyer.
    E. Employee

  98. freedy says:

    Jon Corzine should be sitting in a jail cell waiting for trial . This prick stole the money
    along with the COO and CFO.

  99. Fabius Maximus says:

    #104 Chi

    I could explain it to you, but what would be the point. You’re just going to repond with more personal attacks so whatever.

    Onwards. The best Daily show Political clip ever.
    http://www.thedailyshow.com/watch/wed-june-1-2011/me-lover-s-pizza-with-crazy-broad

  100. A Home Buyer says:

    51- Essex,

    I recommend WhiteFlash. I went through the motions and the research and ended up there. Had no issues, Wife was pleased with both items. They have lots of Ideals that agree with Expats standards as well.

    http://www.whiteflash.com/

  101. chicagofinance says:

    Dude….hilarious, but what part of this is political? Shows how colored your thinking is……

    Fabius Maximus says:
    July 26, 2012 at 6:17 pm
    Onwards. The best Daily show Political clip ever.
    http://www.thedailyshow.com/watch/wed-june-1-2011/me-lover-s-pizza-with-crazy-broad

  102. Fabius Maximus says:

    Essex,
    As most have pointed out here, there is no real comeback here. Too much time and the ring has gone through too many hands. The GIA or AGS cert is your biggest defense in these situations. It has a map of the inclusions. If you have a VS1 to SI1, you can’t see the inclusions without magnifications, but you can check them with a loupe as it’s like a fingerprint. Give the jeweler a copy of the Cert and say “that is what I expect to get back”.
    On the subject of rings, one piece of advice a girl once gave me is, that there are two lies that you have to be able to sell, one when a girl has a small engagement ring and the other when she has an ugly baby.
    Mrs Fab, took the practical approach. She did not want a 3 month salary ring. My instructions was for a ring that would hold its own with her peers and hardwood floors.
    My advice is Ideal cut F or better, SI1 or better. After that it comes down to size.

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  104. Fabius Maximus says:

    Mitt is off to a bit of a howler on his foreign trip. Leaving aside what his advisor did or did not say. Insulting your hosts is not exactly a good move. Criticizing the security is bad enough, when it was outsourced to a private firm. Insulting the people of the country saying they may not have enough enthusiasm is just dumb.
    Two things I saw today shocked me. I have watched politicians go in and out of 10 Downing St all my life. If you are anyone, you are met at the door by the PM. Second is, that after the meeting, Mitt goes outside to have a press conference on his own. When was the last time you saw a foreign politician standing in the Rose garden having their own press conference without an American standing beside them.
    To put this in perspective, this is a PM anointed by Margaret Thatcher, snubbing the nominee of the party of Regan.
    View from the UK is that Mitt makes W look good.

  105. Ben says:

    Stewart is hilarious, but his audience is so obnoxious. They like to think of themselves as uber informed. Meanwhile, they are just as easy to brainwash and can’t see through any propaganda that conforms to their world view.

  106. seif says:

    Rombot is winning them over in the UK:

    “Worse than Palin…” is how the put it.

  107. Ben says:

    What is funny about that clip is that Stewart’s whole show is switching from clip to clip without keeping anything in context.

  108. Fabius Maximus says:

    #116 Ben

    I think he describes himself best.
    http://www.youtube.com/watch?v=aFQFB5YpDZE

  109. Libtard at home says:

    Chi…on the diamond rider. Ring appraised about 12K. Rider was about $350. Perhaps it’s all the burglaries in Montclair. Was approaching the halfway point (sorry for the exaggeration before). At this point, if Gator lost the ring, we’d be smart and would buy a very pretty stone that was not valuable, yet you couldn’t tell the difference in quality from an expensive one to the naked eye.

  110. vb says:

    cobbler,
    If you are there….

    Would you know which areas in BH are prone to floods? FEMA it seems now classifies parts of BH as a flood zone.

    thanks

  111. Shore Guy says:

    Remember the stories of Houdini getting handcuffed in a straightjacket, wrapped with rope , bound by a padlocked chain, stuffed into a canvas sack tied from the outside, shoved into a padlocked box and tossed into water? Well, that is Mitt Romney at the moment and, as he first showed in the Republican Debates, then with the income tax issue, and now — God help him — overseas with our most important ally (sorry Canada) on a trip that should have been an easy layup — Mitt has shown that he is no Houdini. A president’s chief job is managing foreign affairs and then using the military when talking fails. Mitt blew this “gimme quiz” so badly that an independent voter may reasonably fear Mitt as president. Please! Mitt, drop out and throw the nomination to the convention.

  112. Shore Guy says:

    http://www.dailymail.co.uk/news/article-2179604/TOBY-HARNDEN-Mitt-Romneys-Terrible-Horrible-No-Good-Very-Bad-Day-London.html

    Oh dear. What should have been a gentle, substance-free sojourn in London designed to raise cash and remind Americans that he rescued the 2002 Winter Olympics had spiralled out of control within 24 hours of Mitt Romney landing in London.

    Even before he departed there was a kerfuffle when an anonymous foreign policy adviser told the Telegraph that the U.S. and UK were ‘part of an Anglo-Saxon heritage’ and the White House under President Barack Obama ‘didn’t fully appreciate the shared history we have’.

    Once on British soil, he gave an interview to NBC News in which he said the G4S security troubles and threatened immigration officers’ strike were ‘disconcerting’ and it was unclear whether Britain would ‘come together and celebrate the Olympic moment’.

    At the Houses of Parliament, Romney appeared to forget Ed Miliband’s name and addressed him awkwardly as ‘Mr Leader’.

    Before his meeting with David Cameron, who had declined to see Romney while he was in the US in March to yuk it up with Obama, the Prime Minister had hit back at the comments the former Massachusetts governor had made to NBC.

    ‘We are holding an Olympic Games in one of the busiest, most active, bustling cities anywhere in the world. Of course it’s easier if you hold an Olympic games in the middle of nowhere.’

    If ‘the middle of nowhere’ was not a reference to Salt Lake City, where the 2002 Winter Games were held, then 10 Downing Street was doing nothing to make that case.

    Outside Downing Street after seeing Cameron, Romney could have won a gold medal for backtracking as he declared himself ‘very delighted with the prospects for a very successful Olympic Games’.

    Romney also let slip that he had met ‘the head of MI6’. It’s a big no no to mention the Secret Intelligence Service.

    Later on, Romney told donors at a fundraiser (tickets had been slashed from $25,000 to $10,000 during the day) that he was ‘looking forward to the bust of Winston Churchill being in the Oval Office again’.

    The problem with that applause line is that the Jacob Epstein bust was a personal loan from Britain to President George W. Bush made in July 2001 for the duration of his presidency.

    When Obama took over from Bush, the loan expired and he apparently showed no interest in extending it. The bust was returned to the Government Art Collection.

    The whole issue, which has been used to portray Obama as anti-British, is a sore point for British diplomats, who view it as presumptuous for Romney to assume the bust would be loaned to him.

    And then the incorrigible Mayor Boris Johnson turned the day into what one American reporter on the trip aptly described as a ‘Cat 4 manurestorm’ when he mocked Romney before 60,000 people.

    ‘I hear there’s a guy called Mitt Romney who wants to know whether we’re ready,’ Johnson shouted, in a performance more Viking than Anglo-Saxon. ‘Are we ready? Yes we are!’

    He then led the crowd in a chant of ‘Yes We Can’, Obama’s famous campaign slogan from 2008.

    ‘Can we put on the greatest Olympics games that have ever been held?’ he asked. ‘Can we beat France? Yes we can! Can we beat Australia? Yes we can!’

    snip

  113. caljn says:

    103 Bull

    Hmmm. So that means he cannot criticize Wall St?

    That is akin to the perjorative, ‘limosine liberal’. Evidently you can’t be rich and advocate for the poor.

  114. Shore Guy says:

    “_____ is needed to take money from those who need it and deliver it to those who want it.”

    Bows, arrows, and a band of Merry Men?

  115. cobbler says:

    vb [119]
    Parts of the town in 100-year zones A and AE (mostly, close to Passaic river off-Park Ave, some north of Springfield Ave.) did flood during Irene which was the most water I’ve seen there in 20+ years. Zone X (500-year) did not flood. Flood insurance for A and AE is expensive and doesn’t cover a lot. For zone X (assuming the mortgage company wants you to buy coverage, it is not mandated by Fannie/Freddy) maximum coverage will cost you $300/yr or so, so if you get a house in zone X cheaper by 15K than similar one outside of it, it’s a good deal.

  116. chicagofinance says:

    Bill Maher’s audience is worse….much worse, but that is filmed in LA, the cesspool of intellect….

    Ben says:
    July 26, 2012 at 8:12 pm
    Stewart is hilarious, but his audience is so obnoxious. They like to think of themselves as uber informed. Meanwhile, they are just as easy to brainwash and can’t see through any propaganda that conforms to their world view.

  117. chicagofinance says:

    There is a line between Bill Maher and Chris Rock…..Jon Stewart straddles it, but I get concerned that a whole chunk of people look at Stewart at a funny newsman, as opposed to the proper context……all three are funny, but Chris Rock has the most intelligent audience……and Maher’s bunch are cro-magnon….

    Fabius Maximus says:
    July 26, 2012 at 9:12 pm
    #116 Ben I think he describes himself best.

  118. caljn says:

    126
    Without question Maher’s audience is hyper partisan, but Stewarts studio audience is mainly kids.
    The cro-magnon’s are the fox viewers.

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