Is this the big jump in foreclosures?

From the Record:

Foreclosure activity picking up steam in NJ

Foreclosure activity in New Jersey doubled last month compared with a year earlier, as lenders resumed their efforts to evict homeowners in default, RealtyTrac reported Wednesday. One in every 1,566 homes in the state received a foreclosure filing in July.

Lenders had been stopped in their tracks for over a year in the state, as they dealt with questions about “robo-signing,” in which they were accused of abusing homeowners’ rights in their rush to take back distressed properties. Several court rulings and settlements have cleared the way for lenders to begin foreclosing again in the state.

“In states like Florida, Illinois and New Jersey, where processing and procedural issues slowed foreclosure activity to a crawl last year, foreclosure numbers continue to rebound off those artificially low levels,” said Daren Blomquist, vice president of RealtyTrac, a California company that tracks the foreclosure market.

Nationally, however, foreclosure activity declined year over year, RealtyTrac reported. One in every 686 housing units in the nation received a foreclosure filing during July, down about 9.8 percent from the previous year.

In Bergen County, one in every 2,381 residential properties received a foreclosure filing and in Passaic, one in every 1,294. RealtyTrac counts all filings, from the lender’s initial notice that a homeowner is in default on the mortgage all the way through to sale of the property at sheriff’s auction.

In Bergen County, sheriff’s auctions rose to a total of 30 in July, up from six in July 2011. In Passaic County, 16 properties were auctioned in July, compared with seven in July 2011, according to Sheriff Richard H. Berdnik.

This entry was posted in Foreclosures, New Jersey Real Estate. Bookmark the permalink.

135 Responses to Is this the big jump in foreclosures?

  1. grim says:

    30 sales in Bergen and 16 in Passaic? These aren’t big numbers in comparison to the overall market (4-5% of July contracts). This number would need to double a few more times to begin to have an impact.

    Hell, at this point, the inventory is welcome. Why do I say it?

    Look at the June CoreLogic data for Jersey and the NY Metro? Prices are actually performing better if you include the distressed sales. This is pointing to at least a bit of recovery in the most significantly impaired properties.

    New York-White Plains-Wayne, NY-NJ MSAD June YOY Price Change
    Including Distressed Up 2.0%
    Excluding Distressed Up 1.8%

    New Jersey State June YOY Price Change
    Including Distressed Down 0.7%
    Excluding Distressed Down 0.9%

  2. grim says:

    From CNN:

    Foreclosures fall again in July

    Foreclosure filings nationwide fell for the 22nd straight month in July, but a spike in new foreclosures indicates that the housing market still has a long way to go before it works through its backlog of problem loans.

    In July, foreclosure filings — including notices of default, scheduled auctions or actual bank repossessions — were reported on just under 192,000 properties, down 3% from the previous month and 10% lower than last year, according to RealtyTrac, an online marketer of foreclosed properties.

    However, foreclosure starts — the earliest stage of the foreclosure process when delinquent borrowers first receive notices that they are in default — rose 6% on a year-over-year basis. July marked the third straight month that foreclosure starts have increased on an annual basis.

    That has opened the floodgates in some states, especially in so-called “judicial” states where foreclosures are processed through the courts. Connecticut saw a 201% increase in foreclosure starts in July, while New Jersey and Pennsylvania recorded increases of 164% and 139%, respectively, according to RealtyTrac.

    While the spike in new foreclosure filings isn’t great news for the housing market, Blomquist predicts that fewer of these homes will actually make it all the way through the foreclosure process to the point of repossession.

    In fact, fewer homes are ending up at that point already. Bank repossessions fell 21% year-over-year in July to 53,654, according to RealtyTrac.

  3. grim says:

    From HousingWire:

    Freddie Mac: Threat of shadow inventory subsides, home prices rise

    It’s often feared a shadow inventory of homes will flood the housing market derailing the fragile recovery that some now believe is under way. But a new report from Freddie Mac says this view may be too pessimistic given today’s rising home prices and falling REO levels.

    While the real estate market has its share of distressed loans and assets looming on the sidelines, the nation’s excess supply of vacant properties continues to fall, simultaneously making room for more REO absorption, Freddie said in its August “U.S. Economic & Housing Market Outlook” report.

    “This continuing shrinkage in excess vacant stock is important because it means that in most markets the REO homes on the for-sale market are not competing with an oversized vacant housing inventory,” the government-sponsored enterprise asserted in its report. “Thus, REO homes may be more attractive to investors and first-time buyers because fewer vacant homes are available, and REO sales will have less effect on other home sales or home values.”

    The rental vacancy rate alone fell to 8.6% in the latest Freddie report, its lowest point since 2002. The for-sale vacancy rate also declined to 2.1%, a six-year low. The market also is seeing fewer REOs with CoreLogic’s sales database revealing that REO sales made up only 13.5% of all May sales, their lowest share in four years.

  4. grim says:

    16 in Passaic County? Yawn, we just tore down 4 months worth.

    From the Record:

    FEMA funds will help township acquire some 70 homes

    The Township of Wayne will be taking part in a severe repetitive loss acquisition program thanks to the Federal Emergency Management Agency (FEMA), who has committed to over $18.5 million in grant funding.

    Approximately 70 priority properties previously identified as severe repetitive flooding losses will be purchased per this funding. A specific formula was utilized by FEMA to prioritize in order to develop a benefit cost analysis ratio. Properties will be purchased from the highest to the lowest until the funding is exhausted.

    The objective of the project, says Vergano, is to reduce future risks of natural disasters. The project permanently removes families and structures out of harm’s way and allows participating property owners the ability to move out of flood prone areas. State Police Office of Emergency Management will be monitoring the project for FEMA.

    Appraisers determine fair market value for each property and the town will acquire titles to the properties, clear the land and maintain the land in accordance with open space regulations.

  5. Brian says:

    Hey look at it this way, if your worst problem in life is that your family doesn’t qualify for a scholarship because you exceed the $250k income limit, then you’re doin’ pretty good.

    83.Libtard in the City says:
    August 8, 2012 at 1:03 pm
    “Students whose family income exceeds $250,000 will not be eligible for NJ STARS II.”

    Complete BS. For example, my multifamily generates $50,400 and my gambling income (up $40K this year though admittedly I’m having an insanely good year) prices us out. Way out. Though, I should get back to work. Somewhere in Irvington a teacher has to get paid 100K to babysit a future a crack dealer.

  6. Brian says:

    Small world…my brother works there too. Started when it was Mellon. It’s my understanding they’ve effectively erased the ACS brand. Everything is Xerox now.

    He tells me funny stories like how they just finished buying all new Cannon copiers then get bought by Xerox who refuses to work on them cuz they’re not theirs even though people need copiers/scanners/multifunctions to do their jobs.

    Bystander says:
    August 8, 2012 at 10:07 pm
    Chi, KL -> PWC -> Mellon -> ACS + Buck Consultants -> EDS -> Hewlett-Packard
    I fit into the Mellon part of the equation for 1.5 years and then it was “GMTFO”. I have never witnessed such a sh&tshow in my life. Chaos..utter management and client chaos. But it was war & I made very good friends just from that experience. Hangin at Zigs or getting a Rusty Kale burger were our only salvations. I know one guy who had been there 20 years who left to become a teacher then came back when it was ACS. Thought he was nuts. It was like Vietnam to me..never going back.

  7. Bag-Holding Neanderthal Economist says:

    Hillarious…
    “Prices are actually performing better if you include the distressed sales.”

  8. chicagofinance says:

    chicagofinance says:
    August 9, 2012 at 12:10 am
    NJ RE Report: always ahead of the curve…..

    WSJ
    ECONOMY
    College Debt Hits Well-Off

    Upper-Middle-Income Households See Biggest Jumps in Student Loan Burden

    By RUTH SIMON and ROB BARRY

    Rising college costs and a sagging economy are taking the biggest toll on a surprising group: upper-middle-income families.

    According to a Wall Street Journal analysis of recently released Federal Reserve data, households with annual incomes of $94,535 to $205,335 saw the biggest jump in the percentage with student-loan debt from 2007 to 2010, the latest figures available. That group also saw a sharp climb in the amount of debt owed on average.

    The surge is leading many such families to look closer at cost and value when choosing colleges. If the new frugality continues, experts say, it could make it difficult for all but the most selective schools to keep pushing through large tuition increases.

    For Thomas and Mary Beth Hofmeister of Albany, N.Y., the news in December that their son was accepted to the University of Notre Dame, Ms. Hofmeister’s alma mater, was met with equal parts excitement and anxiety. The family’s financial-aid package included only a tiny grant, meaning the family will have to sink deep into debt to cover the annual cost of nearly $58,000.

    Close.Ms. Hofmeister, an insurance broker and financial planner, says she and her husband, an operations manager, combined earn a six-figure income that puts them in the upper-middle class and were surprised by the amount they will have to borrow. She says she feels trapped in financial purgatory, between “people with lower incomes who have a lot of subsidy, and the truly affluent, for whom this isn’t a problem.”

    The Journal’s analysis defined upper-middle-income households as those with annual incomes between the 80th and 95th percentiles of all households nationwide. Among this group, 25.6% had student-loan debt in 2010, up from 19.5% in 2007. For all households, the portion with student loan debt rose to 19.1% in 2010 from 15.2% in 2007.

    The amount borrowed by upper-middle-income families, meanwhile, has soared. They owed an average of $32,869 in college loans in 2010, up from $26,639 in 2007, after adjusting for inflation, according to the Journal’s analysis.

    Borrowing has also increased for lower-income families, but by a smaller amount. Families with lower incomes tend to send their children to lower-cost schools and to cover a greater portion of their costs through financial aid, according to Sallie Mae. The typical low-income family receives grants and scholarships totaling 36% of the cost, the lender says, while for higher-income families such packages total 21%.

    The figures put this segment at the heart of a larger trend striking across income groups. More than three million households now owe at least $50,000 in student loans, up from about 794,000 in 2001 and fewer than 300,000 in 1989, after adjusting for inflation.

    “There’s no doubt that this is a squeeze on a lot of household incomes that many people did not anticipate,” says Wells Fargo chief economist John Silvia.

    Many well-off families remain willing to dig deep for the most prestigious schools and should be able to handle higher debt loads. The upper-middle-income households now repaying student loans spend just 3.2% of their monthly incomes on debt payments, according to the Journal’s analysis, meaning they should have an easier time meeting those obligations than less-affluent families.

    Even after adjusting for inflation, the average sticker price of four-year colleges has more than doubled since 1985, according to the College Board. Now there are signs that financial pressures are fostering a greater cost consciousness, even among wealthier families, and an increased focus on value.

    According to the Cooperative Institutional Research Program at the University of California at Los Angeles, which surveys more than 200,000 freshmen, the portion of last year’s freshmen who said cost was a “very important” factor when picking a college increased by 20.7% since 2007 for students with family incomes of $150,000 or more, the biggest jump for any income group, says John Pryor, the program’s director.

    Rhonda Ker, a private-college counselor in the Los Angeles area, says some well-off families she works with are now willing to apply to second-tier schools where their total cost can be cut by half. Adds Ms. Ker, “I’ve been seeing these more realistic calculations and choices, rather than families just going for highest-ranked schools.”

    Even if the economy rebounds strongly, “this downturn has been long enough and severe enough that, for a generation, it will alter the way families think about price and higher education,” says Richard Bischoff, vice president for enrollment management at Case Western Reserve University in Cleveland. A July 26 report from Moody’s Investors Service noted that reductions in net worth, lackluster job growth and stagnant incomes have “created the stiffest tuition price resistance that colleges have faced in decades.”

    To be sure, some families are turning to loans because they spent heavily or used extra cash to save for retirement. More than one-third of parents with incomes of $95,000 to $125,000 with a child who entered college in 2011 didn’t save or invest for that child’s education, according to a survey by education consultants Human Capital Research.

    But with college costs rising, twin blows from falling home values and the stock market plunge of 2008-09 have sent many families over the edge. On average, upper-middle-income households’ median net worth fell 19%, to $369,320, in 2010 from three years earlier, according to Journal calculations.

    Robert Bremer, a sales manager, expected college savings to cover two years of tuition for each of his two children, a senior and a freshman. But he says he “lost a lot of paper money” and now only has enough for one year apiece. He plans to borrow to cover the shortfall.

    Some well-off households are squeezed because of their preference for costly private colleges. Mary Nucciarone, associate director of financial aid at Notre Dame, says families earning $125,000 to $250,000 pose the biggest challenge for private institutions because “the contributions expected from them are probably higher than what the family is prepared to do.”

    But public universities also are seeing a shift. At Pennsylvania State University, where tuition has increased 21% over the last five years and state appropriations have fallen by 25%, “we’ve seen unsubsidized loans skyrocket,” says Anna M. Griswold, executive director of the Office of Student Aid, partly because of stepped up borrowing by families that don’t qualify for subsidized interest rates.

    With their finances strained, some higher-earning parents are making their children pick up more of the tab. Among families earning $100,000 or more, students paid 23% of their college costs in 2012 through loans, income and savings, according to Sallie Mae, up from 14% in 2009; the share covered by parents fell to 52% from 61%.

    “The boomers are the first generation shifting the cost of college to their kids,” both through increased student borrowing and reduced taxpayer support for higher education, says Susan Dynarski, a professor of education and public policy at the University of Michigan.

    Some families are trying to keep debt to a minimum. Laura Casey’s daughter initially planned to attend the University of Arizona at Tucson this fall, but instead will work and attend a community college in South Carolina. Her goal is to qualify for in-state tuition at Clemson University and eventually attend medical school. “Her goal is to avoid borrowing,” says Ms. Casey. “Even though it’s a little painful upfront, it is probably what all of us should do.”

  9. chicagofinance says:

    chicagofinance says:
    August 8, 2012 at 11:24 pm
    By: I was there from 1990-1995 in DC (i.e. 401(k) ops)……I don’t know whether you overlapped with Sternklar or Jude….not that I didn’t know it at the time, but anyone who wore a 2.7 GPA from Albany like a badge of honor has to be the biggest clueless fcuker of all time…..up until about 1994, it was a sweatshop, but it had serious talent working there….the beginning of the end was the Bank Of America project……it stopped being about a career at that point and turned into a death march…..once it went under corporate control, none of the old style consulting crap would fly anymore…..regardless, once asset managers (competitors) effectively allowed the business to become a loss leader, the rest of it was doomed……the whole thing is a big messy customer service center now with a skeleton crew that keeps the legacy systems running with sweat, spit, and chewing gum……

    Bystander says:
    August 8, 2012 at 10:07 pm
    Chi, KL -> PWC -> Mellon -> ACS + Buck Consultants -> EDS -> Hewlett-Packard
    I fit into the Mellon part of the equation for 1.5 years and then it was “GMTFO”. I have never witnessed such a sh&tshow in my life. Chaos..utter management and client chaos. But it was war & I made very good friends just from that experience. Hangin at Zigs or getting a Rusty Kale burger were our only salvations. I know one guy who had been there 20 years who left to become a teacher then came back when it was ACS. Thought he was nuts. It was like Vietnam to me..never going back.

  10. raging bull jj says:

    Re 8 I love how she is a financial planner with a great job, her husband works full time in a great job and after a combined 50 years of work they dont have the money for the kids college, what the heck type of financial planner is she? All her clients should fire her

    Ms. Hofmeister, an insurance broker and financial planner, says she and her husband, an operations manager, combined earn a six-figure income that puts them in the upper-middle class and were surprised by the amount they will have to borrow. She says she feels trapped in financial purgatory, between “people with lower incomes who have a lot of subsidy, and the truly affluent, for whom this isn’t a problem.”

  11. raging bull jj says:

    Depending on when you graduated 2.7 from Albany was a good grade. when I was at StonyBrook they handed out Fs and Ds and Cs on a regular basis. Plus we had the dreaded B- a 82.4 average in advanced engineering was only a 2.75.

    Heck one professor always booked double students than their were seats, as he put it dont worry in a few weeks there would be plenty of seats.

    I went back for two class at the college level for my CPA not long ago, what a big fact joke. So much extra credit, no b- but I could get a b+ and curved on top of it.

    Old students returning to medical school or law school are now suing schools over GPA admission requirements. A 2.9 in engineering in SB back in 1980 is the same as a 3.9 today in most schools, yet schools will say you need 3.5 and above. Heck when my neice graduated HS a few years ago I said what is you GPA she was like 103.7, I go wow were you valedictorian, she was like what, that guy has like a 110 gpa, Valedictorian of my HS was like a 97.

    chicagofinance says:
    August 9, 2012 at 7:49 am

    chicagofinance says:
    August 8, 2012 at 11:24 pm
    By: I was there from 1990-1995 in DC (i.e. 401(k) ops)……I don’t know whether you overlapped with Sternklar or Jude….not that I didn’t know it at the time, but anyone who wore a 2.7 GPA from Albany like a badge of honor has to be the biggest clueless fcuker of all time…..up until about 1994, it was a sweatshop, but it had serious talent working there….the beginning of the end was the Bank Of America project……it stopped being about a career at that point and turned into a death march…..once it went under corporate control, none of the old style consulting crap would fly anymore…..regardless, once asset managers (competitors) effectively allowed the business to become a loss leader, the rest of it was doomed……the whole thing is a big messy customer service center now with a skeleton crew that keeps the legacy systems running with sweat, spit, and chewing gum……

  12. Painhrtz - Yossarian says:

    Grim I remember back in 2007 and 2008 when their were like 30 listings a week on the Morris county Sheriff’s site. Man is there going to be a deluge.

  13. Comrade Nom Deplume says:

    Article in the WSJ today on law grad bubble. Really dire.

    I stand even more behind the advice I have been giving to prospective law students for years: don’t do it unless you’ve always known you want to be a lawyer, and can conceive of nothing else. And even then, you need the grades and scores to get into a good school.

    I fully expect to prepare my kids to.go into business for themselves. Unfortunately, I have girls and JJ is still out there, so I have more risks.

  14. Brian aka sucker who pays his mortgage payments says:

    Breaking important NJ news….

    ‘Snooki & JWoww’ will not film in Morristown
    http://www.dailyrecord.com/article/20120802/NJNEWS10/308020024/-Snooki-JWoww-will-not-film-Morristown?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE&gcheck=1&nclick_check=1

    They are too good for that place anyhow.

  15. reinvestor101 says:

    Again, I just made this damn point the other day. I WILL NOT GIVE UP THE AMERICAN DREAM AND I SURE AS HELL WILL NOT DEFER IT. My kids will be going to the best schools if it kills me and them and we will find a way to DO IT. You stinking real estate terrorists wanted to upend the the damn market to prevent my kids from going to school and to prevent my retirement. GUESS WHAT? YOU FAILED. My kids are not going no stinking community college or some damn second tier school—that’s for your inferior damn kids, not mine.

  16. Brian aka sucker who pays his mortgage payments says:
  17. Painhrtz - Yossarian says:

    Nom I’m just going to turn my daughter into a lacrosse instrument of destruction like clot did. Plus her brother looks like he will be about 6’2-6’3 I’ll sick him on every boyfriend. I’ll make sure she is undatable, at least until she is out of college.

    Clot this one is for you

    http://s8.postimage.org/sa1vi02ol/Tyrant_s_domain.jpg

  18. Shore Guy says:

    “Some well-off households are squeezed because of their preference for costly private colleges. Mary Nucciarone, associate director of financial aid at Notre Dame, says families earning $125,000 to $250,000 pose the biggest challenge for private institutions because “the contributions expected from them are probably higher than what the family is prepared to do.”

    I was talking with a guy I know in town. He and his wife are both successful self-employed professionals and I would guess are bringing in $400,000 a year. According to the financial aid people at the schools his kid is looking at his contribution is something like 150% of the yearly cost to attend those schools, and is more than he has left after paying taxes and funding retirement savings. This does not even take into account things like food, gas, electricity, yadda, yadda.

    The schools are nuts.

  19. Libtard in Union says:

    Pain,

    The scouts are already looking at my nephew.

    This is 3 year’s old already.

    http://www.youtube.com/watch?v=nQlCPHxA5ac&list=UUBCmiHSeU66hlIM9K8CW7zA&index=3&feature=plcp

  20. Jill says:

    Chi & By #9: Ah, KL. 1993-1994 for me. Worst job I ever had — voice response. Brought me to the brink of checking into Bergen Pines for exhaustion and burnout — and I was only there for a year. Even the 80-hour weeks I’m putting in now are better than that place was. Toxic work environment, lousy systems to work with, just horrible. Yes, I could walk to work but after a year that was no compensation. And I took a $12K pay cut to go there just to get out of NYC so there would be enough left of me at the end of the day to go to grad school. The irony is that the company I left in NYC because I was afraid when the owner retired the company would fold is still alive and well. Whether I would be after 32 years of commuting is something we’ll never know, thank goodness.

  21. raging bull jj says:

    Generally muscular sweaty girls carrying sticks with them are not on the playas radar.

    I got a lacrosse scholarship and the whole thing is a scam. First of all SJU said I had t practice 20 hours a week, second SJU said I could not have a part time job, third SJU said they still would file financial aid for me and keep check. Fourth SJU said I could never touch ball or score. Fifth, had to sign waivers in case I was injured I can sue and if injured scholorship is over. My mom when I told her about it pretty much looked at me and said are you nuts, you are going to get wacked with a stick 20 hours a week for free.

    They wanted me as I was six foot two inch 195 pounds in shape and I used to run cross country in HS so I can run all day. Basically I was to be a human practice dummy sitting in midfield getting wacked with sticks and be a back up in games.

    Glad I never did it, good way to get a severe injury. Plus I had a good job at Mastercard I was not giving up. It was paying all my bills other than tuition.

    Sadly I hear so many parents say I will get my kids scholorships and spend ten years in minivans going to stupid travel teams. They either get injured, or dont grow large enough. I had a better shot as a walk on, look at that new German Guy who plays for Giants, basically while on vacation he played football on beach, said this is easy, Dad flies him to USA takes him to a few colleges and bangs on door unannounced asking for a scholorships, got multiple offers. Kid is six foot four 300 pounds and looks like a freekish man of Iron and he can run and catch. Travel teams wont make you that.

    I also feel bad for building up kids expectations. My first roomate at Stonybrook was an amazing football player, one of best in NYS. Trouble is he stopped growing in 10th grade and was only five foot ten. He said every college as soon as they heard he was under six feet no one cared about his records. He was much stronger than me and could bench press 300 pounds. He actually got pissed at me one night, in a very weird. He was like I am squandering my body, he was like if he had my body he would chisel it and be playing in college and NFL. I was like dude my brother is six four, steal his body if you want a body. So many med students at SB who dropped acid I was afraid for the price of a few ludes he might try a brain tranplant one night.

    Painhrtz – Yossarian says:
    August 9, 2012 at 8:56 am

    Nom I’m just going to turn my daughter into a lacrosse instrument of destruction like clot did. Plus her brother looks like he will be about 6’2-6’3 I’ll sick him on every boyfriend. I’ll make sure she is undatable, at least until she is out of college.

    Clot this one is for you

    http://s8.postimage.org/sa1vi02ol/Tyrant_s_domain.jpg

  22. Jason says:

    An article appearing in today’s Montclair Times involves an assistant principal and questions about her residency and where she sends her children to school. In the article, it is mentioned that her salary is $115,000.

    Mind you this is for an “assistant” principal. Is it any wonder with bloat like this, that taxpayers are getting hosed?

  23. Juice Box says:

    JJ odds of surviving High School football and getting a scholarship to one of the 119 D-1 college football programs is slim enough for a 6’2″ foot tall athlete never mind a runt. Your college roommate must have really been smoking something strange, since he was not even going to a D-2 school. Stoneybrook did not make D-2 until 1994, and only began their football program in 1983.

  24. Libtard in Union says:

    Jason,

    That teacher knowingly sent her kids to Montclair schools (she claims to have asked for permission from the exsuper who just took the job at Rye, NY to circumvent Christie’s Superintendent salary cap) while living in Little Falls. The super denies her asking for permission. The wonderful BOE has demoted her back to being a teacher where she gets the same annual salary as she now will only work 10 months per year instead of 12. Interestingly, in multiple NYTimes articles where she was a contributor, she claimed to be from Montclair. So glad I bailed from that public bankruptcy in the making.

  25. Brian aka sucker who pays his mortgage payments says:

    Pain, that is a mistake bro….I dig athletic chicks….

    http://vimeo.com/45784191

  26. Juice Box says:

    Tard – amazing I guess theft of services is no longer a crime.

  27. The Original NJ ExPat says:

    My friend is sweating the cost of his kid’s college educations. He got married in the late 80’s, bought a fixer-upper house in Saddle River in ’88 or ’89. Sold that and moved to West Windsor, NJ where he bought new construction (early McMansion) in ’97 for less than $400K. Still owns the same house, but now his property taxes are $20K and his kids are 17, 15, 13, 11. The only way out he sees is Community College followed by State schools and drill into his kids that they better finish at the top of their classes. His kids are good athletes (lacrosse, hockey) and the two oldest are boys. I guess if he’s lucky maybe they get Athletic scholarships and he can be retired with no income for the two girls.

  28. Brian aka sucker who pays his mortgage payments says:

    I wonder what my wife would say if I asked her to do the Michelle Jenneke pre-race warm up dance?

  29. Ben says:

    It’s not just law school. Med School tuition is through the roof. I love how our supposed best and brightest can’t see that carrying 600k in student loans at age 25 is hardly a sound business plan.

  30. Ernest Money says:

    shore (19)-

    The skools are demanding these levels of payments because there’s an easy-money financing machine driving it all.

    Once the financing mechanism goes bust, people will refuse to pay.

    We’ve seen this movie before. The ending won’t be pretty, and no one will be spared.

  31. NJCoast says:

    What a racket those travel sports teams are, somebody is making a boat load of money. So many parents around here are spending $$$$$ on airline tickets and hotels to schlepp Graydon and Ellery to games all over the country. My SIL in Slummit even sent her daughter to some lacrosse showcase in Europe.
    What happened to college scouts going to the high schools to check out players?

  32. The Original NJ ExPat says:

    How far back do colleges look into your finances? For example, let’s say you’re kid is accepted to several good private schools right now and you are 60 years old now and retired last year when you were 59. Further let’s say you had almost no income for last year as your house is paid off and because you exhausted your non-IRA savings for living expenses, buying two new cars, and have yet to take any IRA or 401K distributions. So aside from your home and the value of your vehicles and possesions you don’t have any non-retirement assets and you really don’t have an income unless you distributions, also no debt. Would it matter if you had an income of $400K two years ago when you were 58?

  33. Grim says:

    Jobless claims drop to 361k

  34. Ernest Money says:

    brain (29)-

    She would ask you to loofah her stretch marks first.

    “I wonder what my wife would say if I asked her to do the Michelle Jenneke pre-race warm up dance?”

  35. The Original NJ ExPat says:

    I’m sure she would be thrilled to do that in lieu of other services.

    I wonder what my wife would say if I asked her to do the Michelle Jenneke pre-race warm up dance?

  36. Ernest Money says:

    pain (18)-

    I think the enduring monetary symbol of the Bojangles era will be wheelbarrows of cash.

  37. NJGator says:

    Juice 27 – The BOE claims they are wary of being sued. I guess willful theft of services is not a legitimate reason for being fired under the union contract.

    They have not even decided if they are going to pursue restitution from her. I am guessing the answer will be no, because they don’t pursue it from the poor families in East Orange that are found to have illegally enrolled their kids. I mean, she might sue, right?

  38. Ernest Money says:

    I’ll check back in here when the yo’ mama jokes get going in earnest.

  39. The Original NJ ExPat says:

    [35] grim – According to Yahoo finance’s lead story early this morning, “Jobless claims drop unexpectedly to 361K”. I read that, shook my head and thought to myself, “Somebody doesn’t know how to use the word ‘unexpectedly’ in a sentence.”

    Jobless claims drop to 361k

  40. NJGator says:

    Jason 23 – Her “demotion” will be to a tenured teacher’s position at $100k/year. The teaching position is for 10 months of work, the AP job was for 12. Some demotion, huh?

  41. Jason says:

    Gator, some “demotion” indeed.

    But the idea that an “assistant” principal is pulling in $115,000 should be outrageous. This kind of bloat is being repeated in every school in every district of the state.

  42. Painhrtz - Yossarian says:

    Brian since my daughter is 6 months old you’ll have a helluva wait. I dig athletic chicks also that is why I married my wife. Lib sick, just sick kid looks like a bull.

    Randolph is putting in turf on our football and lacrosse fields been watching the construction. they are also installing William Paterson style solar panels in the parking lot. I can’t wait to see how much my taxes go so the 80K/year custodians don’t have to cut the grass anymore while enjoying sun powered AC while they search p0rn on the net

  43. Shore Guy says:

    “will be wheelbarrows of cash”

    Get with the times, everything is on little plastic cards. No disturbing visuals are allowed to mar the story.

  44. Shore Guy says:

    “travel sports teams ”

    I know some people who spend thousands a year on these in the hopes of getting an athletic scholarship. Frankly, just putting that money into a market fund and letting the kid focus on academics and doing well on the high school team would likely pay greated dividends.

    If one’s kid has a passion for a sport and there are no good scholastic programs and one has the moeny to burn, the travel thing may bring them pleasure. To use it as a path to college strikes me as a bit misguided.

  45. Shore Guy says:

    “How far back do colleges look into your finances?”

    I just called the guy I was talking about he said that for his kid going to school September ’13 he has to provide tax forms, including all schedules, for 2010.

  46. Shore Guy says:

    “The skools are demanding these levels of payments because there’s an easy-money financing machine driving it all.”

    Indeed. As long as there is easy loan money (and how a loan constitutes financial aid is beyond me) there is upward pressure on prices. I know that there are many people who do not think twice about buying on credit but, it is a fools game. Unfortunately, the fools seem to be in charge.

  47. Shore Guy says:

    “The only way out he sees is Community College followed by State schools ”

    I see people in our social circle, who attended Ivy League schools, and places like Stanford, Chicago, etc., people who are top 5% earners, who are thinking the same thing. With kids attending quality high schools and doing well on AP exams they can earn 12-24 credits while still in the high school building. If they add 6 credits per summer after junior year and after senior year they are at the 24-36 credit level. If they then did a single year at a community college, while living at home, they would do themselves a financial favor.

    Exactly how compelling is it to take 100- and 200-level classes at one’s “Dream U.”? It is the name in the diploma that matters most, not the name of the school granting 3 credit hours for Psych 101.

  48. Ernest Money says:

    The real parent insanity comes in also not considering the ROI of putting kids on a travel team in sports that are not NCAA revenue-producing. Wish I had a nickel for every parent I’ve met who thinks junior or missy is going to get a full D-1 ride for soccer or field hockey. Best you can hope for is about a 50% ride…and that’s only if you’re a top-level player.

    Kids should play on top clubs because they like it and it is appropriate to their skill level. Period.

  49. Painhrtz - Yossarian says:

    Shore that is it exactly what we advised our nephews to do. Unfortunately for them they are not heeding that advice but they are smart kids and are getting scholarships. Plus mom is dirt poor so there will be financial aid for them. the only advice I gave them was take a major you can get a job in and come out of school debt free. Before I went off to school I did 2 years of community college at 50 bucks a credit it was a bargain and I got all of my Bs courses out of the way. Then went to a 4th tier Div III in state school. Has not hampered my career one bit. Ivy’s and top tier schools are for stickers on the back windows of mom and dad’s entry level german automobile or SUV. financially they are suicide for the middle class.

  50. Ernest Money says:

    I can see Waterworld from this point:

    “Update: USPS STILL EXPECTS TO RUN OUT OF CASH IN OCTOBER – well, this is the bailout request that Draghi was waiting for. All your ECB – get involved.

    The epic collapse of one of the most bloated government institutions continues at a ridiculous pace. From Bloomberg:

    U.S. POSTAL SERVICE LOST $5.2 BILLION IN THIRD QUARTER
    POSTAL SERVICE LOSS Q3 COMPARES WITH $3.1 BILLION LOSS YEAR AGO
    POSTAL SERVICE 3Q REVENUE FALLS TO $15.6 BILLION FROM $15.8B
    POSTAL SERVICE `LIQUIDITY CHALLENGES’ REMAIN IN 2013
    POSTAL SERVICE MAIL VOLUME FALLS 3.5 PERCENT IN THIRD QUARTER
    POSTAL SERVICE WILL CONTINUE TO PAY EMPLPOYEES, SUPPLIERS
    And it gets better:

    POSTAL SERVICE LOSS INCLUDES SKIPPED PAYMENT TO TREASURY – in other words the taxpayer bailouts of the USPS have begun… and the loss would have been even bigger.
    The punchline:

    POSTAL SERVICE WILL `NEVER’ CEASE DELIVERING MAIL: MARSHALL”

    http://www.zerohedge.com/news/insolvent-us-postal-service-loses-whopping-52-billion-third-quarter-70-higher-year-ago

  51. raging bull jj says:

    Not at stony brook, they did not give schlorships back then, neithter did SJU. He tried real schools. My cousin who was six four 275 at age 16 out of st. francis prep got a few scholorships for football. He was super good. I could have played for SB or SJU if I really wanted too. Except they nuts who play there were sick. I played touch football with a line once and the SJU player knocked me down stepped on my chest twisted his foot and ripped my jersey. I was like really, guy weighed 50 pounds more than me and was two inches taller. Also what type of idiot plays club football and still plays on his frat team.

    Juice Box says:
    August 9, 2012 at 9:37 am

    JJ odds of surviving High School football and getting a scholarship to one of the 119 D-1 college football programs is slim enough for a 6’2″ foot tall athlete never mind a runt. Your college roommate must have really been smoking something strange, since he was not even going to a D-2 school. Stoneybrook did not make D-2 until 1994, and only began their football program in 1983.

  52. The Original NJ ExPat says:

    [48] Thanks Shore! I figured it couldn’t be as simple as just evaluating your “base year” as sites like this proclaim:

    http://www.finaid.org/fafsa/maximize.phtml

    My oldest won’t be entering college until 2020 and my youngest will be 2022, so I have time but I want to know the game and the rule changes as they occur.

    “How far back do colleges look into your finances?”

    I just called the guy I was talking about he said that for his kid going to school September ’13 he has to provide tax forms, including all schedules, for 2010.

  53. raging bull jj says:

    I wish I could be that young when my kids are in college. My youngest daughter has not even started Kindergarten yet. From what I understand SS and 401k should not count in formula. You should put house in a trust or something out of your name. No debt is bad for college formulas. After you put home in trust, buy a second home with a 100% mortgage maybe. Showing zero income is the best. Freshman year of college my moms income was 9k a year they gave you 3k off income for every kid in college, Mom had three kids in college so income was zero. Mom had no money in bank and had a 15k mortgage so new worth was negative 15k. Those are numbers you want. She had a 401k but that did not count and back them they really did not count home equity. I swear the admissions office at SJU when I transferred almost drooled on my financial aid form as it was pure gold.

    The Original NJ ExPat says:
    August 9, 2012 at 10:20 am

    How far back do colleges look into your finances? For example, let’s say you’re kid is accepted to several good private schools right now and you are 60 years old now and retired last year when you were 59. Further let’s say you had almost no income for last year as your house is paid off and because you exhausted your non-IRA savings for living expenses, buying two new cars, and have yet to take any IRA or 401K distributions. So aside from your home and the value of your vehicles and possesions you don’t have any non-retirement assets and you really don’t have an income unless you distributions, also no debt. Would it matter if you had an income of $400K two years ago when you were 58?

  54. raging bull jj says:

    what about gold bars in safe deposit box, harley davidsons, boats etc.

  55. Happy Renter says:

    [8] “Ms. Hofmeister, an insurance broker and financial planner, says she and her husband, an operations manager, combined earn a six-figure income that puts them in the upper-middle class and were surprised by the amount they will have to borrow. She says she feels trapped in financial purgatory, between ‘people with lower incomes who have a lot of subsidy, and the truly affluent, for whom this isn’t a problem.'”

    Reminds me of an recent article in The Onion:

    “Nation’s Lower Class At Least Grateful It Not Part Of Nation’s Middle Class”
    http://www.theonion.com/articles/nations-lower-class-at-least-grateful-it-not-part,28999/

    An excerpt:

    “‘The unrealistic expectations and false hope they experience must be unbearable,’ Camden, NJ hotel clerk Allison Jacobsen told researchers, noting that while her $22,000 annual salary barely covers her rent and groceries each month, at least she doesn’t operate under the flawed assumption that her situation will ever improve. ‘A life spent constantly stressing out over a dead-end job or struggling to pay off a fixed 30-year mortgage on a continuously depreciating three-bedroom townhouse? It’s horrific.'”

  56. Keep ’em coming… you all do such a great job at such Concepts… can’t tell you how much I, for one appreciate all you do!

  57. The Original NJ ExPat says:

    [59] HR – I can’t decide if that article is entertaining, scary, or both.

    I like the way they ended it:

    Researchers also found that people who were once part of the nation’s middle class experience a profound sense of relief upon moving down the country’s socioeconomic ladder and finding themselves on the bottom rung.

    “Honestly, I can’t tell you how much better I feel these days,” said 42-year-old former IT technician Ryan Tunnicliffe, who last April lost his job and, subsequently, his house. “Just knowing I no longer have to strive for something completely and utterly out of reach is such a load off my mind.”

    “I’m poor, and I’m going to stay poor,” Tunnicliffe continued while staring at his $320 weekly unemployment check. “It’s been very liberating.”

    Reached for comment, several members of the nation’s upper class said they are “equally grateful” to have been spared the hardships of the middle class.

  58. Anon E. Moose says:

    RE [59, 61];

    It would be very releiving not to have to carry the weight of 1/2 someone else’s family in addition to my own, without having been provided the resources to do so by the ‘enlightened’ people who cast the weight on my shoulders.

  59. xolepa says:

    Timing also is very important in determining how much your daughter/son receives in financial aid. Around mid-year 2004 my oldest son was approaching his senior year in HS and I had to plan for his college finances as I knew it would be a huge burden for everyone involved. I held multiple income properties at the time and I wanted to sell one to fund a portion of the costs. That property I bought in 90s for $69k and received an offer for $181k. I had a second mortgage on it at the time, used for buying another property, so after I sold, I would pocket $70k before taxes. Now, you deduct tax liability and the amount the school no longer grants your son because you’re over the threshold. And the schools usually take the first year amount, if any, and extrapolate thru the remaining years with minimal variance. So by selling and pocketing the money, I would essentially lose it all later. I wound up doing a Stalker exchange and moved up which improved the cash flow just slightly. The Stalker exchange, on the other hand, is tax neutral and ‘grant’ neutral because the colleges cannot consider the sale as a profit.
    There are many aspects of the planning process for receiving college grants. But the most important one is to plan, plan, plan. BTW, colleges look back at only the prior year’s finances/income statment. E.G., Your kid starts schools in 2013 – they look at year 2012 income and financial statement as of 12/31/2012.

  60. yo says:

    I believe there are 3 types of Federal student loan
    1.Is for dirt poor making less than $30,000 a year I think! Is subsidized by the government.4 year undergard is free.

    2.Parents making over that amount.Interest is subsidized by the government,while student is in school.There is a limit on how much you can borrow.I believe it is less than $3500 per sem

    3.Parents making over the limit can borrow from Stafford.Interest can vary depending on income.My neighbor says he was quoted 8%.This earns interest the day you take the loan.If you dont make any payments for four years,interest is making interest.This is compounded.Again there is a limit how much you can take a semester.I believe it is $3500.If you don’t have cash to pay for the difference,the University has banks lined up.Parents need to co sign for this loans,so you’re hooked for life with your kid.My neighbor decided to borrow against equity from the home.Far less than 8% from Stafford Loans.

  61. raging bull jj says:

    I thought most investment properties were in some type of LLC, like lets say 151 East 28 street LLS or LLP etc. If properties are not in your name or some type of trust would they count as financial aid?

    What about properties in other countries? Lets say you own a farmhouse in Ireland, Condo in Cancun do they count?

    xolepa says:
    August 9, 2012 at 12:28 pm

  62. Westjester says:

    Re # 16

    I guess hope is still alive for us blog readers.

  63. njescapee says:

    Common sense leads us to the “obvious” conclusion that the U.S. stock market is a rigged skimming operation that is essentially a form of legalized, officially sanctioned fraud.
    Active traders and professional money managers already know how the U.S. stock market actually works, but Joe and Jane Citizen, whose pensions generally depend on the market in some way, typically do not. This entry is for them.
    Today’s financial markets are endlessly complex, and this complexity implicitly serves to mask the true nature of market operations. Most of this complexity can be boiled away with zero loss of understanding. Indeed, manipulating this complexity is what earns the big bucks on Wall Street, while boiling it away earns the big bucks for commentators and analysts. Thus complexity serves the financial industry extremely well.

    The first and most important thing to understand about the U.S. stock market is how few humans are actually involved in the decision to buy or sell large blocks of shares. Machines do most of the trading. High-frequency trading (HFT) computers buy and sell millions of shares in milliseconds: Zero Hedge: From Chicago To New York And Back In 8.5 Milliseconds:
    The reason why little if anything can and will be done to fix the persistent threat to capital markets that is HFT is two fold: i) none of the current regulators understand anything about modern market topology, and ii) HFT is so embedded in markets that unrooting it would result in a complete reboot of “fair” stock valuation.That said it is always amusing to observe as more and more people get in on the scam that is the “equity market”, now completely dominated by robots which do nothing but accelerate and perpetuate momentum moves – after all it is all they can do in lieu of being able to read financials, or anticipate events. Remember: it is always the market that makes the news, never the other way around. In essence, HFT is a gigantic skimming operation that exploits tiny differences in the bid/ask prices of stocks to buy and sell millions of shares for slivers of profit that are multiplied by millions of shares traded in seconds. Raging Bulls: How Wall Street Got Addicted to Light-Speed Trading (Wired Magazine, via Zero Hedge).
    Other computers are programmed by math-wizard “quants” to trade momentum and technical signals. Since everyone in today’s markets has access to the same technical triggers and data, computers are programmed to respond to these signals.

    For example, days with large pre-market buying of S&P 500 (SPX) futures contracts tend to open up, so trading robots will buy at the open and ride the momentum up. If the market rallies by 3 p.m., the odds of it closing higher are very high. This is how keying on momentum yields low-risk profits if the trading involves millions of shares that are held for microseconds, seconds, or minutes.

    Here’s another example: if technical analysis (TA) has identified SPX 1,366 as a key level, then once the market surges above 1,366, the trading robots will buy into the move.

    The second important thing to know about the stock market is that central banks and governments intervene as buyers to trigger rallies and put floors under declines. As noted above, huge buying of futures triggers opening rallies. It is a poorly kept secret that central banks or officially sanctioned but cloaked “plunge protection teams” are doing the buying.

    Once again it is relatively easy to steer the market because humans and computers alike are keyed on certain well-known technical signals. For example, if the 200-day moving average of the SPX is 1,300, and the index dips down to that level, computers are programmed to sell if it breaks below that support level or buy if it spikes above it.

    Authorities need only issue massive buy orders at these critical levels to “stick-save” markets from declines.

    As regular folks continue to pull their money out of the market, either tiring of losses and volatility or recognizing it is rigged to their disadvantage, trading volumes have declined, making official but “secret” intervention both cheaper and easier.

    Just as the U.S. stock market now depends on high-frequency trading, it also depends on official intervention to stop any decline.

    How is it legal for HFT computers to skim profits that are unavailable to human traders? Clearly, this is legalized fraud, or if you prefer, embezzlement.

    The third thing to know about U.S. stock market is that their operations are opaque, invisible, and hidden from the citizenry and non-Elite human traders. How much of the market volume is computers skimming via HFT can only be estimated. Official buying to spark rallies or stop declines dead in their tracks is also hidden from the citizenry.

    Huge volumes of shares are traded off the public exchanges in so-called “dark pools” that are also hidden from the citizenry and non-Elite human traders.

    How “fair and open” can an exchange be when its critical operations are hidden from public view? Answer: it cannot be fair and open. It is rigged to favor Elite players, who are allowed to legally skim billions of dollars in profits by means which are unavailable to non-Elites investors.

    This vast skimming operation is enabled, enforced and supported by the Central State and the (privately owned and operated) Central Bank of the U.S., the Federal Reserve.

    The Pareto distribution can help us understand how the market really works.Though it may well be that a mere 10% of stock market volume is human-traded shares, let’s assume the 80/20 rule applies and 80% of the shares are being traded by 20% of the traders, most of whom are machines.

    Taking the distribution one step further, we can estimate that 64% of the volume is executed by a mere 4% of the players.

    The fourth and last thing to know about U.S. stock markets is that this skimming and intervention have left the markets extremely vulnerable to collapse. Official but secret intervention is called the “Bernanke put,” meaning that the Fed will intervene to keep the market aloft, regardless of what is happening in the real world of the global economy.

    This faith in central-planning manipulation of the market has encouraged an extremely high level of complacency in traders; they confidently trade the market higher, knowing that the Fed will never let it fall.

    But this leaves the market exquisitely vulnerable to high-volume selloffs that roll right over the Fed’s rather modest buying power.

    Since HFT and quant trading robots are programmed to buy and sell at commonly-known technical signals, if certain levels are broken to the downside, the selling will quickly avalanche as trading machines issue sells.

    Leaving 80% of the volume to programmed computers leaves the markets extremely vulnerable to cascading momentum selling. If you live by momentum trading, you also die by momentum trading.

    If you wanted to design a system that was eventually guaranteed to crash, then you’d design a system that is dependent on opaque official intervention and HFT/quant computer trading for 80% of its volume. That’s the system the Central State, the Fed and the financial Elites are supporting and enforcing because it’s an enormously profitable skimming operation that is also a supremely useful tool for managing perceptions: if the market trend is always rising, then the economy must be improving.

    This is of course a false correlation: the market is hitting highs while the global economy is unraveling.

    Beneath the surface stability, the Fed, the State and the financial Elites have constructed a terribly unstable system for skimming unearned wealth and propping up a propaganda facade of economic “improvement.”

    If watching a tiny Elite skim billions of dollars from the real economy with the aid of the Fed is your idea of “improvement,” then by all means, buy the rally. Just be ready to sell in 10 millisecond

    http://www.businessinsider.com/a-common-sense-view-of-the-stock-market-2012-8

  64. yo says:

    I did not bother with financial aid with my kids.they went to rutgers and i live 5 min from campus.they lived at home.i just paid s6,400 for this sem

  65. Anon E. Moose says:

    JQD [65, 66];

    That is damn near Orwellian. Better for me to persume they’ve got nothing to offer in ‘need-based’ aid except PLUS loans, and tell them if they want the kid enrolled, they can cough up an offer or pound sand. CC + Rutgers is looking pretty good.

  66. Anon E. Moose says:

    Over at NPR “Planet Money”:

    Maastricht, a town in the Netherlands, is known largely for two things.

    1.The treaty that created the euro was signed there.
    2.Marijuana is legal there, and it’s sold at “coffee shops” around town.

    Coincidence? Hmmm…

  67. Painhrtz - Yossarian says:

    well if this doesn’t make you laugh

    http://www.youtube.com/watch?v=3woEDTUbDYg

  68. xolepa says:

    (67) Whatever you want to put on paper knowing that they cannot trace it back to your fed tax return or 1099/w2 or principal amounts in bank. Having the college ask for anything else is a stretch on their part, unless you appeal an award decision. That tightens up the screws.

  69. AG says:

    The Kenyans poll numbers are looking pretty bad at 43% per Rasmussen.

    Guess we get to look forward to another useless war with Romney. Its the George Bush clan reincarnate. This recycled neocon trash really makes my skin crawl.

    I’m hoping the Ron Paul delegates make a fiasco out of the RNC in a couple weeks. Now that would be entertaining.

  70. AG says:

    Anyone else see this spy blimp launched from Lakehurst? I was wondering what the heck that thing was.

    “The Army is testing its $517 million spy blimp in the skies over the New Jersey military base where the German airship Hindenburg crashed in 1937.

    The Long Endurance Multi-Intelligence Vehicle spent more than 90 minutes around Joint Base McGuire-Dix-Lakehurst in Ocean County on Tuesday.”

    They better get some armor for that thing.

    http://www.nbcnewyork.com/news/local/Army-Spy-Blimp-New-Jersey-Hindenburg-Test-165571076.html

  71. Shore Guy says:

    Those national numbers mean nothing. If BO wins Ohio and PA, Romney cannot win. For this reason, I suspect either Tom Ridge or Rob Portman will be his veep selection.

  72. Libtard in Union says:

    AG,

    Was in Reno last weekend. Heard on the news that that the Nevada Republican Party broke their ties to the RNC so they could continue to support Ron Paul. Be careful of the damage that a split in the party can make. Obama’s getting in anyway. Trust me. No one is electing a mormon named after a piece of sporting equipment.

  73. prtraders says:

    xolepa – You got me. What’s a “stalker exchange”? 1031?

  74. Juice Box says:

    re: # 39 – yeah but an arrest and prosecution is. The County Prosecutor does that not the BOE. I would think they the Prosecutor should be sending a message there were several laws broken here not just theft of services.

  75. Shore Guy says:

    “Obama’s getting in anyway”

    With 300+ Electoral Votes, more if Romney does not release many more tax returns; the B.O. commercials will be brutal if he does not.

  76. Juice Box says:

    Going to rephrase what I asked once before. I don’t want to wait for a foreclosure to happen. House my wife and I are interested in is for sale.It also has a Lis Pendens filed against the current owners. Current ask is Bubble priced way over what I am willing to pay for it and way over comps. How do I rush along the short sale in lieu? Anyone ever attempt it?

  77. Libtard in Union says:

    juice,

    Arson!

  78. Shore Guy says:

    First they came for Reeves, and we said, “It figures.” Then they came for Stu and we said, “It figures.” Then they came for us and we said, “Whoda figured?”

  79. Juice Box says:

    re # 77 – Al, don’t think your pea shooter is going to reach it 4 miles up. You would need an AA gun. This is Northrop Grumman’s last ditch effort to get it flying and over to Afghanistan before the plug is pulled and they don’t get paid.

  80. Shore Guy says:

    DHS will pick up the slack.

  81. Juice Box says:

    re: #82 – yeah release more returns and then the voter finds out his account was part of the 2009 Swiss settlement or Amnesty for tax cheats? That will go over well. I would say that since he has been saying he paid plenty of “tax” over the last 10 years and not used the words “income tax” he has been coached to lie. Allot we don’t know and as they save the cover up is always worse than the crime so stick a fork in him and find someone else at the convention.

  82. Shore Guy says:

    “so stick a fork in him and find someone else at the convention.”

    The GOP can hope for nothing better. I keep hoping that there will be something that forces his hand and he steps aside before the convention nominates him. The upside is that it would become a HUGE news event, and it negates most of B.O.s strategy.

    “Huntsman – Ridge 2012”

    “Christie – and a skinny healthy person with low cholesteral and a resting heart rate of 55 with foreign policy or defense experience 2012”

  83. Shore Guy says:

    Off to the salt mine.

  84. xolepa says:

    (80) Yes. Non-taxable exchange of like-kind property

  85. Anon E. Moose says:

    Juice, Shore;

    find someone else at the convention

    What ever happened to “Dance with the girl you brought?”

    I’m truly amused that the least thoroughly vetted president in my living memory and his lap dog media can gain any traction by going after Mitt Romney’s tax returns and his High School report card.

  86. raging bull jj says:

    write a letter, knock on door and try to encourage them to do a short sale. Also see if their is a tax lien on house, see if it is a non GSA mortgage and if bank owns paper buy it at a discount and foreclose.

    Juice Box says:
    August 9, 2012 at 2:30 pm

    Going to rephrase what I asked once before. I don’t want to wait for a foreclosure to happen. House my wife and I are interested in is for sale.It also has a Lis Pendens filed against the current owners. Current ask is Bubble priced way over what I am willing to pay for it and way over comps. How do I rush along the short sale in lieu? Anyone ever attempt it?

  87. The Original NJ ExPat says:

    [89] Shore – This has been my hope and prayer(hail Mary) all of 2012…and why I’m still wearing my Ron Paul wrist band.

    The GOP can hope for nothing better. I keep hoping that there will be something that forces his hand and he steps aside before the convention nominates him. The upside is that it would become a HUGE news event, and it negates most of B.O.s strategy.

  88. Painhrtz - Yossarian says:

    Moose that is more a sad commentary on the stupidity of the voting public. The fact that you can feed them any line of BS and they will eat it like the big sh!t sandwich that it is.

    I am going to make a weird prediction and say that Gary Johnson garners enough votes to throw this whole thing into utter disarray like 2000 with Il duce coming out on top. Nobody is better at getting dead bodies to the polls like a Chicago politician.

  89. The Original NJ ExPat says:

    [94] Actually, my real hope has been that the RNC has planned R-money stepping aside all along and even Mitt has been in on it since the beginning.

  90. Anon E. Moose says:

    Pain [95];

    I agree with you there [commentary…]. Lots of good paople take a pass on being the leader of the free world because of the sh!tstorm circus that running for office has become.

    I remember Rudy Giuliani in the ’08 primaries goes campaigning in Boston. We’re talking about a damn near iconic Yankee fan. Nobody reported on what he said about the issues, who he met, or anything policially relevant. He simply gets brow-beaten until he says a kind word about the Red Sox. Meanwhile Hillary Clinton gets elected to the Senate from NY saying she’s ‘always been’ a Yankee fan.

    I can only conclude that the average voter WANTS to be lied to.

  91. Painhrtz - Yossarian says:

    Moose – Like a girl getting chatted up by JJ in the Hamptons in 1993.

  92. raging bull jj says:

    The girls chatted me up in 1993, was not till 2003 that I had to work at it. Then again in 1993, unlike today I had a Hampton share, apt in Manhattan, owned a coop and drove a Mercedes and had an MBA. Heck two dads I met after a mere 2-3 dates with their daughters pulled me aside and tried to talk me into marrying their daughters.

    Funniest was guy in Queens, I took his daughter to my friends wedding, dating a very short time, but she was hot and I need a date. Dad apparently wanted her out, she was last kid at home, she went back for masters, moved back home, was a teacher and living at home still. I pull up and Dad must of had arguement with her over rent, or something. Anyhow I pull up in suit in my Mercedes, he goes taking my daughter out I got a few questions, that you Mercedes, I go yes, yes he goes lease or own, I go own, goes where do you work, I go wall street he goes good, what about school, I go MBA, guy goes great any loans, nope. Where do you live, rent or own. I go I own a coop. Guy turns to daughter goes what fck are you doing here you got a guy in a suit in a mercedes who owns his own place and works on wall st, why dont you just throw you bags in car now and get married and start having babies. You are pushing 30 and still living at home. Today I would be getting grilled by dad as some dirty old man.

    Jesus I was good back them, sad to see today the girls who check me out I dont want to check out. On vacation last week with family and lots of hot 19-21 year old girls on family vacations. If it was the 1980s I would have been a kid in a candy store.

    Painhrtz – Yossarian says:
    August 9, 2012 at 4:04 pm

    Moose – Like a girl getting chatted up by JJ in the Hamptons in 1993.

  93. AG says:

    79,

    I agree. He could even pull a wag the tail with Syria if things got bad. Its pretty much a lock. Republicans are becoming obsolete. The neocon trash are public enemy number 1. They make this illegitimate marxist we call president look good.

  94. AG says:

    86,

    I wouldn’t waste ammo trying to shoot something at 4 miles. You know better than that. Now a commie trying to disarm my family….

  95. AG says:

    89,

    Shore,

    You know dam well that Ron Paul would have smoked the Kenyan in a head to head match up. The Republicans are obsolete.

  96. raging bull jj says:

    Regional News
    N.J. Gov. Christie Approves $750M of GOs, Issue Goes to Voters
    by: Tonya Chin
    Thursday, August 9, 2012

    New Jersey Gov. Chris Christie approved the issuance of $750 million of general obligation bonds for higher education capital projects on Wednesday. The issue will go to voters in November.

  97. Painhrtz - Yossarian says:

    JJ now I know I have been here a long time when I remember you telling this story once before.

    AG no worries it is going to be used to spy on us anyway. I wonder if I can get an operational stinger missle at the surplus store. Probably going to need it for the attack helicopters and drones they are going to sick on us when it goes bad.

  98. Ernest Money says:

    Amerika is obsolete.

    Move over, bitchez. Max pain ahead.

  99. Ernest Money says:

    jj (103)-

    Unless those GO bonds are to hire Argentine hit squads to whack every assistant principal in NJ, I’ll re-register just to vote no to that idiocy.

  100. AG says:

    95,

    Pain,

    I will be voting for Gary Johnson. Otherwise I pretty much would opt out of this election. Will probably vote for Runyan for Congress just in case. A locked up partisan g_v is better than what we experienced between 2009 and the 2010 elections.

  101. joyce says:

    AG,

    My only problem (well not only but only one that is substantial) is that he repeatedly maintains that the banksters just made mistakes and no criminal activity occurred.

  102. AG says:

    97,

    Classic empire decline. It’s a sad state of affairs.

    If you really want to get depressed I encourage you to try the following.

    1. Goto the Chesepeake rest stop on I95 just south of the Delaware border. That will give you a great cross section of America today. Its dam right scary.

    2. Try any local Walmart store.

    I say bring in 100 million Chinese. The Americans are all used up.

  103. Painhrtz - Yossarian says:

    Bread and Circuses AG.

    did you guys hear about the hipster doofus in washington who got a 7.62 sig sent to his house instead of a TV. of course he reported it to the police because he is scared of guns.

    I wish somebody would accidently send me a 1500 dollar rifle through the mail.

  104. joyce says:

    referring to Gary Johnson

  105. AG says:

    108,

    Joyce,

    I know that you know better. We can’t paint lipstick on a pig. Especially a cult Mormon pig. Thats like electing a Hasidic from Lakewood for president. Not going to happen and yes I hate Obama.

  106. AG says:

    111,

    Joyce,

    Just saw your post. I will look into that claim. If true then I will just opt out. I applaud your knowledge about these candidates but I don’t believe there will be a political solution to this countries problems. Only collapse. The corruption parallels the level history teaches us about all failed empires. Now its our turn.

    You see Americans in general don’t know hardship. I’m not talking hardship in the form of fighting a stupid war in some backwater land. I am talking about losing all or most of our hard earned wealth.

  107. Juice Box says:

    re# 112 – AL scratching the surface too lots of strange Mitt stories are coming out of the woodwork. Apparently when Bishop Romney was running things for the LDS in the Boston Area he would threaten women with excommunication if they went ahead with an abortion, and even went so far as to go to the Hospital where an LDS member was to intervene and tell her to in no certain terms that she should not have one and she would burn in Hell or something. It takes allot of balls to preach like that. Imagine the young Mitt dodging the draft in France trying to proethleize to the Catholic heavy drinking French that they should join the LDS. There is way too much sticking to him already, and dodging the tax returns is just the beginning. This guy is gonna get trounced once the Billion dollar attack ads start coming out.

  108. Ragnar says:

    You don’t have to go to WalMart to see depressing people. Just go to http://www.peopleofwalmart.com

  109. raging bull jj says:

    I have some new stories from vacation last week. Did a lot of horse backing riding and my nuts got banged more than spring break 1987.

    Painhrtz – Yossarian says:
    August 9, 2012 at 4:26 pm

    JJ now I know I have been here a long time when I remember you telling this story once before.

    AG no worries it is going to be used to spy on us anyway. I wonder if I can get an operational stinger missle at the surplus store. Probably going to need it for the attack helicopters and drones they are going to sick on us when it goes bad.

  110. AG says:

    114,

    Juice,

    I see parallels between the mormons and the hasidics. They are cults. Mormons have a longer history though going back 150 years. Just look into it. From experience I can tell you that they are both parasites upon this country.

    Remember block busting from the old days in Brooklyn? Its till alive today. The good thing is people mobilize when their assets are threatened.

  111. Anon E. Moose says:

    File under: Reality Bites!

    Down But Not Out: Underwater mortgages

    WAAHH! My House Value Went Down! WAAHH! They want me to pay back the money I borrowed!

    Oh, the humanity…

    The deadbeats now admit they got in over their heads… “I really did not make enough money to afford my own home”.

  112. reinvestor101 says:

    >>yo says:
    August 9, 2012 at 1:02 pm

    I did not bother with financial aid with my kids.they went to rutgers and i live 5 min from campus.they lived at home.i just paid s6,400 for this sem<<<

    Mucking cheapskate. You are irreparably damaging your kids by robbing them of the experience of being away from home and having fun. Here's a newsflash cheapass—it's not fun to live at home, work and go to school.

    If I had the power, I'd revoke your parental rights. Hopefully this stunt you're pulling NEVER catches on or we'll have a totally mucked up society.

  113. Ben says:

    I love how the media still loves to put some moron who bought in 2006 in the first paragraph of the story as if we are supposed to feel sorry for them because they didn’t buy a house out of their price range and now they can’t sell it for what they bought it for. Jesus, take the hit already….its not like people don’t cough up 15k for rent every year.

  114. reinvestor101 says:

    >>>The GOP can hope for nothing better. I keep hoping that there will be something that forces his hand and he steps aside before the convention nominates him. The upside is that it would become a HUGE news event, and it negates most of B.O.s strategy.<<<

    Damn RINO's are starting to worry. The T-Party told you damn people to not nominate this stinking RINO all along and you got rid of everyone else who was a true American, so this damn thing is going to be a mucking disaster come November. We in the damn T-Party will be sitting on our hands. I WILL NOT VOTE FOR ROMNEY UNLESS HE HAS THE T-PARTY ON THE TICKET. The only way this damn thing can be salvaged is with Palin, Bachman or Santorum. This is what you get when you try to imitate the stinking liberals and the damn RINO's caused all of this. YOU DON'T GET US ALL EXCITED IN THE MIDTERMS AND THEN DON'T RUN A T-PARTY CANDIDATE IN 2012. YOU PEOPLE ARE TREATING US LIKE A MEDIA CREATION. THIS DAMN THING IS GONNA BLOW UP IN OUR PARTY'S FACE. We need to finish the damn purge we started in 2010 and run you RINO's out on the damn rail.

  115. reinvestor101 says:

    Brian aka sucker who pays his mortgage payments says:
    >>>August 9, 2012 at 8:55 am

    16- re101….

    You da man!

    http://media.economist.com/sites/default/files/imagecache/print-cover-full/20120714_cna400.jpg<<<&lt;

    You are really starting to bother me and you SURE AS HELL DON'T WANT TO DO THAT. I don't need your "cute" little remarks and your damn jokes at my damn expense. Watch your step punk—you're sticking your damn stick up a hornet's nest and the next step is getting stung.

  116. Ernest Money says:

    Choosing between the two doofuses running for prez is like voting in a popularity contest between Goebbels and Mengele.

  117. The Original NJ ExPat says:

    [123] Goebbels has more foreign policy experience. Electing Mengele is like Clinton redux, he only knows how to run a small operation where most of his subjects are preferred naked.

    Choosing between the two doofuses running for prez is like voting in a popularity contest between Goebbels and Mengele.

  118. Libtard at home says:

    I disagree. I doubt Obama or Romney have half the intelligence or a tenth the commitment of a Goebbels or a Mengele.

  119. The Original NJ ExPat says:

    [126] Romney would rebut your premise in a debate claiming that if he was only half as smart as he thinks he is he would be twice as smart as he really is.

    I disagree. I doubt Obama or Romney have half the intelligence or a tenth the commitment of a Goebbels or a Mengele.

  120. The Original NJ ExPat says:

    [126] And Obama would say that even if his opponent had 1/10th of the commitment necessary for the job he didn’t get that himself.

    I disagree. I doubt Obama or Romney have half the intelligence or a tenth the commitment of a Goebbels or a Mengele.

  121. joyce says:

    (113)

    AG,

    you can skip to (1:10) into the video

    http://www.youtube.com/watch?v=uTihklVR52M

  122. joyce says:

    126-127

    Expat,

    Hilarious

  123. Shore Guy says:

    What were the odds? I am shocked. Shocked! To find out the feds are giving Goldman a pass.

    http://online.wsj.com/article/SB10000872396390443537404577579840698144490.html?mod=googlenews_wsj

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