Appears that the bottom is now behind us

From the WSJ:

The Housing Recovery Keeps Rolling Along.

August existing-home sales and construction of single-family homes jumped to the highest level in more than two years. Meanwhile, a separate report showed housing starts in August rose 2.3% on a month-over-month basis.

The data — which come one day after confidence among U.S. home builders jumped to the highest level in more than six years – point to continued signs of an improving housing market.

Existing-home sales are now back at levels last seen in May 2010, when first-time homebuyers were rushing to qualify for a government tax credit. As the chart from Credit Suisse shows, home sales still have a long way to go before reverting back toward pre-crisis levels. But for now, the momentum appears to be moving in the right direction.

“This may be the most promising existing home sales report in five years,” wrote economists at IHS Global Insight. “Fundamentals — an improving economy, low interest rates, and, possibly, a drop in the cancellation rate — appear to be the driving force behind August’s strong and broad-based gains.”

To be sure, there are still reasons to stay cautious about the recent recovery in housing data.

Steven Wood, chief economist at Insight Economics, points out there are still plenty of distressed properties on the market and “a substantial shadow inventory of unsold homes.” He notes the slow recovery hasn’t gained much traction considering how much damage was done throughout the crisis.

But all in all, strategists and economists seem to be getting more upbeat that the housing recovery is for real.

“The pieces for a more sustainable housing sector recovery are now falling into place,” says Millan Mulraine, an economist at TD Securities.

From Forbes:

Housing Recovery? Starts And Sales Of Existing Units Hit Two-Year Highs

The housing market has been one of the key factors that’s been absent in the broader, albeit tepid, U.S. economic recovery. Recent data suggests residential real estate is on its way to a gradual recovery, as Wednesday’s single family home starts and used home sales showed, which hit their highest levels in more than two years. This may be the beginning of a gradual, and difficult, recovery for what was the epicenter of the global financial crisis.

The last time the housing market seemed to be in recovery mode was back in mid-2010, after the first-time homebuyer tax credit boosted demand for homes. Ever since then, most of the chatter has been about a double-dip in prices, a massive buildup of inventories, and a lurking shadow inventory.

A solid rebound in housing markets is by no means around the corner. As mentioned above, the shadow inventory looms and inventories are still relatively large. Investors have difficulty accessing credit, despite Bernanke’s best efforts to lower mortgage rates via QE3, and consumers are in the midst of a cycle of deleveraging. If this is truly the beginning of the housing recovery, investors can expect a gradual and difficult climb that will last several years. Still, the market seems to have bottomed.

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

108 Responses to Appears that the bottom is now behind us

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From GlobeSt:

    Garden State Multifamily ‘White Hot,’ Office Lukewarm

    Ratings agency Standard & Poor’s may have downgraded the economic outlook for New Jersey, but the industry’s top commercial real estate leaders agreed that the state’s four major property sectors—mainly multifamily—have helped keep it positive. With the single-family market still in-flux and lending standards remaining tight for potential homebuyers, the strength of rental housing and other development trends were discussed during RealShare NJ 2012 at the Hyatt Regency in New Brunswick, produced by ALM Real Estate Media Group, parent company of GlobeSt.com. The conference attracted 500 of the industry’s biggest and brightest players in the game to the city.

    During the event’s “C-Suite Update” panel moderated by outgoing and longtime EDA chief Caren Franzini, developer Carl Goldberg, principal at Roseland Property Co., one of the state’s biggest builders of rental housing along Hudson County’s “Gold Coast,” including a new project in the works in Jersey City’s Exchange Place neighborhood, said the multifamily sector will continue to stay strong even though single-family is slowly picking up. “There’s no other way to describe it,” he said. “Rents are up, occupancies are down and there’s a surge in new apartment construction and mixed-use communities around the region.”

    The question going forward, Goldberg said, depends on the sustainability of multifamily, or whether a “bubble” is forming around thousands of un-rented units. “The answer to that question revolves around whether we genuinely believe that there has been a fundamental shift in household formation,” he said. “That is a question that is not completely understood yet, but there are certain trends that are suggesting the shift. Rates of home ownership within the United States are plummeting, and people are liking the lifestyle of highly amenitized apartment buildings adjacent to mass transit systems so that they could commute to work via mass transit instead of their cars. With the confluence of obtaining loans for prospective purchasers with very stringent down payment requirements, the for-sale market continues to languish. The outlook for multifamily rental for the remainder of 2012 into 2013 remains quite strong.”

    Later during the “Closing the Deal” panel, Rob Holland, president of Woodbridge-based Kislak Co., said due to uncertainty surrounding home prices, people are staying as renters. “That’s driving the new construction, and unlike the other classes, we are seeing a lot of it,” he said. “On top of that, a lot of towns are now reconsidering zoning where before they said ‘no multi, no multi,’ studies are coming out about how multifamily does not effect the school system, so we need ratables in our town, let’s allow some of these multifamily builders to build, and it is helping the economy. Morristown is ‘Hoboken West’ now. Families are happy living there, they go out there, they eat there and it is 98% occupied. There are incredibly high rents and they are raising the rents.”

  3. grim says:

    From the Journal News:

    Westchester leads nation in property taxes, hits $10G median; Rockland ranks No. 3

    Westchester is the first county in the nation to surpass the $10,000 median property-tax mark, and Rockland and Putnam are not far behind, new census estimates released today show.

    The estimates for last year’s taxes do not reflect any impact from the state tax cap that might be seen in bills arriving this year, but some taxpayers are upset by both the amount of their tax bills and the cutbacks in services they’ve seen lately.

  4. grim says:

    This one is for Nom…

    From the Courier Times (released last night, I didn’t go cherry picking):

    Report: Burlington County has region’s lowest tax burden

    Philadelphia’s dreaded city wage tax is becoming less of a burden on city residents than rising property taxes in New Jersey and Pennsylvania suburbs, according to a new study by the Pew Charitable Trust.

    The report also ranked Burlington County as the county with the lowest comparable tax burden in the Philadelphia region.

    Released Wednesday, the report, “Residential Taxes: A Narrowing Gap Between Philadelphia and Its Suburbs,” found that the tax disadvantages of living in the city versus the suburbs have declined over the last 12 years and are nonexistent for most suburban commuters who face both high property taxes and the city’s wage tax.

    “Philadelphia is still heavier-taxed than most Pennsylvania and New Jersey suburbs, but it’s much more competitive now,” said Thomas Ginsberg, project manager with the Pew’s Philadelphia Research Initiative.

    The study’s findings are based on the percentage of household income that a hypothetical, middle-income family would pay in taxes in Philadelphia and about 236 New Jersey and Pennsylvania municipalities, including all 40 Burlington County towns.

    The study found that taxes in Burlington County were better than all of its suburban neighbors.

    According to Pew’s calculations, the tax burden in Burlington County in 2011 was at 10.2 percent of family income paid toward taxes for non-commuters and 12.2 percent for commuters.

    Salem County had the next-lowest percentage (10.8 percent for non-commuters and 12.9 percent for commuters), followed by Bucks County, Pa. (11 percent for non-commuters and 13.8 percent for commuters).

  5. grim says:

    This is the Christie we need more of, from the APP:

    Monroe to issue new tax bills following probe prompted by calls to governor’s radio show

    Monroe residents will be receiving revised property tax bills following a state review of the township budget that uncovered a tax levy increase of $500,000 over the property tax cap, according to Gov. Chris Christie.

    The review was prompted by calls to Christie from Monroe residents on a New Jersey 101.5 FM call-in radio show, “Ask the Governor.” The residents were upset about the increases in their property tax bills.

    “As it turns out, DCA, the Department of Community Affairs discovered that Mayor Pucci had violated the cap, the property tax cap by increasing his levy over $500,000 over the cap,” Christie said on the radio show, according to a transcript. “And so we’re issuing a letter today to the mayor directing him to issue corrective property tax bills by Nov. 1, bills that are going to comply with the law, that are going to cut the levy by half a million dollars and adjust everybody’s property tax bill by Nov. 1 to reduce their property taxes by that level.”

    Monroe Business Administrator Wayne Hamilton said the township’s chief financial officer made a mistake with the levy cap calculation that will equate to a reduced municipal tax bill of $24.89 for the average assessed home.
    “Instead of responsibly allowing Monroe Township to make the adjustment in next year’s budget, it is regrettable that the state is mandating Monroe to spend approximately $15,000 to prepare and mail revised tax bills,” Hamilton said in a prepared statement. “The township acknowledges the mistake and is willing to correct it going forward.”

    Christie said he appreciates the residents who brought the issue to his attention.
    “Once we took a look at it, we not only discovered the problem, but we’re fixing it immediately so that citizens know that when they complain to the Governor’s Office, if there’s a basis for that complaint, we’re going to get it fixed,” Christie said on the radio program.

    Christie said he doesn’t understand Pucci’s thinking.

    “This is a guy who also, by the way, you know, is the $200,000-plus-a-year guy at the Middlesex County Improvement Authority, feeding at the trough there, and on top of it has done things like, you know, we noticed when we reviewed his budget that, you know, that debt service is one of the things that’s an exception to the cap,” Christie said. “Well, what the mayor did was he intentionally reduced the debt payment during an election year, his re-election year, and now this year has to accelerate all those debt payments because he didn’t make them. I mean these are the kind of games that people just can’t stand. They’ve got to stand up to the mayor and do something, but we are on this $500,000. We’ll be reducing those property tax bills by Nov. 1.

  6. Ernest Money says:

    Doom is imminent. There are more sleazy Jerzy politicians doing more sleazy things than there are people to watch and catch them.

    Last one out, turn off the light. We should all be doing what Plume is doing.

  7. Ernest Money says:

    Nothing changes until a few of these douchenozzles get capped.

  8. 1993 House Buyer says:

    Hard Unemployment Truths About ‘Soft’ Skills
    Finding qualified applicants for high-tech jobs would be great. So would finding someone who can answer the phone..

    By NICK SCHULZ
    At a recent dinner in Washington, D.C., with representatives from major American manufacturing companies, I listened as the talk turned to how hard it is to find qualified applicants for jobs.

    “What exactly are the skills you can’t find?” I asked, imagining that openings for high-tech positions went begging because, as we hear so often, the training of the U.S. workforce doesn’t match up well with current corporate needs.

    One of the representatives looked sheepishly around the room and responded: “To be perfectly honest . . . we have a hard time finding people who can pass the drug test.” Several other reps gave a knowing nod. Applicants were often so underqualified, they said, that simply finding someone who could properly answer the telephone was sometimes a challenge.

    More than 600,000 jobs in manufacturing went unfilled in 2011 due to a skills shortage, according to a survey conducted by the consultancy Deloitte.

    The problem seems soluble: Equip workers with the skills they need to match them with employers who are hiring. That explains the emphasis that policy makers of both parties place on science, technology, engineering and math degrees—it is such a mantra that they’re known by shorthand as STEM degrees.

    American manufacturing has become more advanced, we’re told, and requires computer aptitude, intricate problem solving, and greater dexterity with complex tasks. Surely if Americans were getting STEM education, they would have the skills they need to get jobs in our modern, high-tech economy.

    Enlarge Image

    CloseAssociated Press

    A job fair outside a Safeway in Portland, Ore., Jan. 12.
    .But considerable evidence suggests that many employers would be happy just to find job applicants who have the sort of “soft” skills that used to be almost taken for granted. In the Manpower Group’s 2012 Talent Shortage Survey, nearly 20% of employers cited a lack of soft skills as a key reason they couldn’t hire needed employees. “Interpersonal skills and enthusiasm/motivation” were among the most commonly identified soft skills that employers found lacking.

    Employers also mention a lack of elementary command of the English language. A survey in April of human-resources professionals conducted by the Society for Human Resource Management and the AARP compared the skills gap between older workers who were nearing retirement and younger workers coming into the labor pool. More than half of the organizations surveyed reported that simple grammar and spelling were the top “basic” skills among older workers that are not readily present among younger workers.

    The SHRM/AARP survey also found that “professionalism” or “work ethic” is the top “applied” skill that younger workers lack. This finding is bolstered by the Empire Manufacturing Survey for April, published by the Federal Reserve Bank of New York. It said that manufacturers were finding it harder to find punctual, reliable workers today than in 2007, “an interesting result given that New York State’s unemployment rate was more than 4 percentage points lower in early 2007 than in early 2012.”

    The skills shortage is not just an absence of workers who can write computer code, operate complex graphics software or manipulate cultures in a biotech lab—as real as that scarcity is. Many people lack what the writer R.R. Reno has called “forms of social discipline” that are indispensable components of a person’s human capital and that are needed for economic success.

    This is not an exercise in blaming the victim. There’s plenty of fault to go around, from America’s inadequate K-12 education system to the collapse of intact families and the resultant erosion of human and social capital in many communities. But we shouldn’t delude ourselves about the nature of the problem facing many of the millions of Americans who can’t find work.

    http://online.wsj.com/article/SB10000872396390444517304577653383308386956.html?mod=WSJ_Opinion_LEFTTopOpinion

  9. Marty says:

    with interest rates at lifetime lows what happens to housing prices when interest rates go up? I wonder if people will think it was such a good idea to buy in a few years? Funny we live in a county where we want household formation and affordability, but the people that make their living off of the industry become hysterical when housing prices are not increasing every second of every day.

  10. grim says:

    10 – Posted this the other day, from the Atlantic:

    How Rising Interest Rates Affect Home Prices

    Graph – http://cdn.theatlantic.com/static/mt/assets/business/assets_c/2011/07/interest%20rates%20and%20home%20prices%20shiller-56453.php

    Why Doesn’t the Relationship Hold?

    Tom Lawler also provides a little theory on why interest rates don’t move home prices. He says that increasing mortgage rates generally do not occur in a vacuum, but often occur due to improving economic conditions and/or rising inflation expectations. Even though an increase in interest rates should logically drive down home prices, other factors in the economy that generally accompany those rising interest rates usually prevent that from occurring.

    What economic factors might have an impact? Interest rates tend to rise when an economy is flourishing. In that scenario, two things are likely to be happening simultaneously: real wages and inflation will both be rising. Going back to the example from earlier, perhaps Buyer A got a raise at work or took better job and can now afford a $4,000 payment.

    Another possibility was already mentioned: prices might just be sticky. Some homeowners might simply be unable to afford to sell their home at a much lower price, if their equity level is too low. In other cases, homeowners might simply not be willing to accept a big loss to their equity. After all, rising interest rates create a domino effect: if you sell your home, then you must buy a new one at a higher interest rate than you were probably paying before. If prices don’t fall broadly and in proportion to the rise in rates, then you may have to downgrade your next home.

  11. reinvestor101 says:

    I saw this crap below on another board. This is the philosophy of the stinking RINO’s. We didn’t purge enough of them. People like that jerk Lugar probably think like this. Olympia Snow also thinks like this and this is why we’re losing. THE DAMN RINO’S ARE LIBERALS IN OUR PARTY. THEY ARE A SCOURGE THAT MUST BE ELIMINATED. Here’s what this RINO punk said and I’m seeing red:

    >>>I love what Romney said. He raised so many ironies with the statements he made to a roomful of rich white guys at a party hosted by a rich white guy. If you haven’t watched all of the videos, take the time to do so.

    The clip that gets the most play is where Romney talks about the 47% that do not pay taxes. As Paul points out, there are a lot of white folk in that 47%, and a lot of those white folk never have and would never vote for Barack Obama. Perhaps because of the color of his skin, and perhaps because they believe every single word the GOP pours down their throats. But it’s a large number of people, and yet in that setting Romney is perfectly willing to lump all non-income-tax-payers together and declare that none of them would even consider to vote for him. He may as well have said that those all of those 47% were welfare queens driving Cadillacs.

    Thank goodness there are not that many Caddy’s on the road.

    The irony of the rich white man’s party relying so heavily on the vote of the poor white is truly the genius of today’s Republican Party. Now and then, the rest of the world gets to see how much contempt the top level of the party has for those folks. Once upon a time, the GOP was my party. But the tent has gotten really small lately. I supported McCain and was hopeful that the ‘maverick’ would choose a real running mate, but he chose to pander to the far right and chose a moron. I fear that the only lesson the Party will learn when Romney loses is that he was not conservative enough. This leads to four more years of stonewalling and then some real moron gets the top seed next time around. Or maybe that’s a good thing. We need a third party. Maybe that’s how we get there.

    adrian in florida wrote:

    Its not that hard. The middle, like me, are socially accepting and fiscally conservative but no party seems to embrace those values in a meaningful way… WTF.

    My sentiments exactly. Once upon a time, as a married white guy with kids, I would joke that I was a ‘Gay Republican,’ i.e. very socially progressive, yet very fiscally conservative. The socially progressive elements have been run out of the party, and the fiscal conservatives left the tent quite some years ago. There is zero tolerance in the Party, and apparently their calculators don’t work either. Where does a man in the middle go today?

    Kyle in NO wrote:
    So what, exactly, is incorrect about what he said?

    He simply stated that 47% of the population is going to vote Democrat no matter what, and it isn’t worth wasting his time and resources fighting a losing battle trying to gain their support. Makes perfect sense to me.

    Kyle in NO wrote:

    Ok, so just to confirm, a majority of the 47% vote democrat by your own admission. Cool, thanks.

    No, what he stated was that the entire 47% that don’t pay income taxes were all going to vote Democrat, which is not at all the case. In that statement, he is writing off ALL of the po’ white folk that vote the GOP party line election after election. Those people have been led to vote against their own economic self-interest for a long time, and sooner or later they will wake up to that fact. Or maybe not. The GOP has maintained the vote of the low- and low-middle income white in the middle of the country with fear, prejudice and outright hate for many years. Maybe they can keep that up.

    There are serious fiscal problems coming in this country (and the rest of the world). They will not be solved by tax increases alone, nor will they be solved by benefit cuts alone. The current structures of our two parties (and *both* of the candidates we have in front of us) are woefully inadequate to address these issues. There will need to be compromises, large benefit cuts, and moderate revenue raises along the way. But note that the word ‘compromise’ will need to come first, and that word is no longer part of the political conversation. If we stay the current do-nothing course, the path in front of us leads to some serious social upheaval, probably a few decades out. Surprisingly, it will take that long for that many people to get hungry enough to fight. But when it comes, it will not be pretty. This is the world we are leaving to our kids.

    At this point, this seems like Obama’s election to lose, and that is the lesser of the two evils. The Democrats are unwilling (and unable) to raise taxes enough to pay for the level of benefits and expenditure that they want to keep in place. So the Party of No Ideas will continue to lead us on this path, and in a few decades, the shit hits the fan.

    My fear is that Romney wins and the GOP rides his coattails to a Senate majority. If you believe the platforms they run on, there will be big changes across the board. The tax cuts will, at least for a time, be a really good thing for me personally. I’m willing to admit that the GOP remains the party that I would vote for, if I were to vote solely on my own short-term economic self-interest. But the draconian benefit cuts offered by the Party of Bad Ideas, and other social changes they offer, will lead to serious social upheaval in a much shorter timeframe than that which I describe above.

    In short, I do not expect B.O. to come and take my guns away. Liberalization of gun laws has progressed too far for that to happen. But I will say this: If Romney wins *and* the Senate goes GOP, that’s when I start stockpiling ammo and shopping for superpails.<<<

  12. grim says:

    I hear both the democrats and republicans loud and clear … Pick a side and fight to the death, we don’t have the time or media dollars to devote to the wishy washy middle.

  13. Jill says:

    #9: There’s something else no one mentions — the fact that long-form writing is not even on the radar for a lot of young people, neither are intense personal interactions. My friends notice this in their kids; that there aren’t hours spent chatting, that it’s all in texting, even when they are in the same room with their friends, they text instead of talking to each other. Or they tweet. I’m no luddite, but this is changing how people communicate, and not for the better. I recently read an essay that a friend’s college freshman daughter wrote, and not one “sentence” had more than 140 characters.

  14. JJ's B.S says:

    I only interview qualified candidates. Pretty much if I call you for an interview YOU ALREADY HAVE THE JOB. Therefore, the job is yours to lose in the interview process. I hire around 5-10% of people I interview. Most lack soft skills. Here are some favorites of recent times. Guy who showed up soaking wet from head to toe as he did not check weather forecast and did not want to spring to buy a five dollar umbrella or pay for cab. So he shows up dripping wet to interview. Guy when asked why he wants job who tells me Cobra is up next month and he needs medical. Guy when asked do you know much about my company, goes not really, never heard of it, but my headhunter sent me here so why dont you tell me some information. MIND your all three of these candidates were unemployed. I also had the meek sweet girl you could barely hear, the big boobed girl who admitted she likes working with men better than women and wants to work at a place where she can hang out with the men after work in the bars. Favorite of all time was indian guy who showed up in July super stinky SMELLY. He sensed as I moved away from him as when I closed conference room door that I was smelling his stink. He goes sorry for smell. I overslept and only work up less than one hour ago. I had choice either be late for interview or just throw on suit and run over here. OMG he even implied same underware as day before and he did not brush teeth or comb hair but was proud he made it right at 9am. Couldnt he just tell me he had an emergency and rescheduled for ten am. NO stinky was way to go. Guy with a personal BK, back alimony, messy divorce and a business BK all in last five years applying for job handling money and requiring a credit check who admitted all this in interview as he said it would make him look good by being honest rather than me finding out in background check. On and on, till I find someone who shows up and acts normal for 30 minutes.

    1993 House Buyer says:
    September 20, 2012 at 7:47 am

    Hard Unemployment Truths About ‘Soft’ Skills
    Finding qualified applicants for high-tech jobs would be great. So would finding someone who can answer the phone..

  15. 3B Buying says:

    #9 I have been talking about this too. Cannot find people who can read and write or who have any kind of critical thinking skills, or any intellectual curiosity. But I am always talking to myself any how, so who cares.

  16. 3B Buying says:

    Sorry I am not buying this housing recovery past the bottom belief and all of that. I believe there is still more room for prices to fall, and they will. I am looking ot buy either way, but I have not changed my mind on additional price declines.

  17. chicagofinance says:

    chicagofinance says:
    December 31, 2011 at 3:31 pm
    2012 Election. Depends on the economy from Labor day to the election. If we persist at this level, then Obama carries the election. If Europe tanks and sucks the U.S. down, Romney will win…..everything else is just a come on to try and persuade the public to pay attention for ratings.

    Fabius Maximus says:
    September 19, 2012 at 11:42 pm
    #77 Chi
    “clinging to their guns and religion” was also closed door event, so that precedent has already been set. I’m trying hard to see what comment from 12/31/11 you are taking credit for.

    To be honest, I think you are channeling the spirit of Andrew Breibart these days.

  18. 3B Buying says:

    #14 Jill: Also amazing to me that all of the so called blue ribbony schools no longer have a mandatory summer reading program.

  19. chicagofinance says:

    FabMax: For the NJ based readers on the board, the only issue of import politically should be voting for Kyrillos (as should you). Everything else is noise.

  20. yo says:

    what happened to all the experiences of unemployed laid off workers.Suddenly the companies they use to work for dont use the same “soft” skills? I can understand new kids going into the labor market.We have millions of laid off unemployed workers that have great experience,suddenly they dont have the skill? That is BS .I will agree more with JJ not being hired is because of something else not the skill.Skill is something you learn and get better as you get older.

  21. chicagofinance says:

    I think this comment is great. Unvarnished truth. I agree with you.

    Fabius Maximus says:
    September 19, 2012 at 11:42 pm
    #77 Chi “clinging to their guns and religion” was also closed door event, so that precedent has already been set.

  22. 3B Buying says:

    #11 grim: No mention of stagflation in the article.

  23. Ragnar says:

    3B,
    I tried to impose my own mandatory summer reading program for my then 5th grader to be.
    She chose the first 2 Hunger Games books, which surely is music to EarnestMoney’s ears, given the ultraviolence. I also required her to read another book in which she wasn’t as interested.
    I read ahead of her to prepare myself.

  24. Brian says:

    Appeasement alert:

    Obama wants to release the blind Sheik to the Egyptians involved in the 1993 World trade center bombing.

    http://www.nypost.com/p/news/international/eyes_blind_sheik_release_0MFMrnamOFxtIJKJLpTQNL?utm_medium=rss&utm_content=International

  25. 3B Buying says:

    First time claims remain high at 382K, falling only 3k from last week.

    http://www.marketwatch.com/story/us-jobless-claims-litttle-changed-at-382000-2012-09-20?dist=beforebell

  26. chicagofinance says:

    yo: I see it all the time, and gary had discussed it over the years with his quest for a full-time job. Gary is an exception. I will use the analogy I created the other day. Many of these workers are BlackBerrys in an iPhone world.

    It is not intentional, but as JJ alludes to all the time, people move into their 30’s and 40’s, get married, have families, make living decisions that create long commutes, and simply let their skills stagnate, or worse erode. Their work ethic desserts them. Then they become whackable……they cry and complain, but if their look in the mirror, they know who is to blame. Also, people who run and manage organizations tend to be workaholics, sociopaths or else simply DINKS or spinsters/divorcees……it is adverse selection….a group of intolerant decision makers that are willing to pull the trigger to whack someone and have no remorse about it. Pure analytic or pragmatic calculation (e.g., JJ). If workers took their careers seriously, then they would be nearly as vulnerable.

    yo says:
    September 20, 2012 at 9:01 am
    I can understand new kids going into the labor market.We have millions of laid off unemployed workers that have great experience,suddenly they dont have the skill? That is BS .

  27. chicagofinance says:

    desserts = deserts

  28. chicagofinance says:

    then they would NOT be nearly as vulnerable.

  29. 3B Buying says:

    #24 We made our kids do it. They would say why, none of our friends have to do it. I know people with school age kids are concerned with good schools and all. But wait until some of you guys actually see how little is required or expected in these so called excellent schools.

  30. POS cape says:

    15 JJ:

    “…the big boobed girl who admitted she likes working with men better than women and wants to work at a place where she can hang out with the men after work in the bars.”

    And you didn’t hire her?

  31. Essex says:

    31. That because most schools are pushing on a string. They focus on the under performing kids or shoot at the lower end of the spectrum and somehow expect the bottom to bring up the top.

  32. chicagofinance says:

    nom: Was at that Citizens Bank Park function last night. You lose (big time). I ended up taking my son. The highlight among many is that he drank too much water, and while we were on tour he had to hit the potty. The tour guide looked a little dumbfounded, because we were standing in the Phillies’dugout, so she directed him to the players bathroom. He got to piss in the same toilet as Chase Utley……..

    I was driving up Broad Street and for the hell of it, I turned up Passyunk up to Pat’s/Geno’s……wow, the entire neighborhood changed. Stunning. Most notably is that at 9PM, Wednesday on the first chilly night of the season there we many residents at the bars and food places hanging out.

  33. JJ's B.S says:

    The other thing I noticed about young folk, meaning under 32 or so is they are bridge burners. I saw one exit interview form for instance where questions were like rate the importance of interactions with co-workers and the industry your current company operates as drivers in your decision to seek a new opportunity. The person put the people I work with and the industry of my current company had no bearing on my decision to resign. Meanwhile I had same question in my last job and I wrote about how difficult it was to resign as I will greatly miss my co-workers and management as they are the best team I have worked with in my entire career and I am going to a similar line of work as I am 100% committed to this business. Anyhow something like that. But bottom line this person wrote basically I dont care about your line of work nor care about the people I work with nor plan on keeping in touch with anyone. I am sure she enjoyed her little stab. Childlike, HR at firms mark files as eligible for rehire or not. So I know what she got stamped. Also HR will only give dates of service for nearly all employees, but will break rule at most firms if you were a star. Meanwhile a grownup meaning over 45 would handle it different. My friend got fired from a big four firm during financial crisis. Had a big alumni party where they invited all ex-workers even people like her. She showed up dressed nicely, networked, ran into boss who fired her and thanked him greatly as it allowed her new opportunities and told him I am sure it was a difficult decision and I am sorry you had to go through that with me. She unburnt her bridge. That guy thought she was imature for her age and a little unprofessional which is why why was thrown into the lay off list. That is what an adult does, snarky little comments in exit interviews, after you resign, not responding to an email from an ex-coworker or boss after you leave all petty stuff. If my old boss called me today about work I did ten years ago I would run up there to midtown and help out. No pride in work today.

  34. 3B Buying says:

    #20 chgo: I know nothing about him, but I am voting for him. Menendez is a disaster.

  35. JJ's B.S says:

    Did you plan for him to piss in a toliet named after my favorite bank stock? And why is Citizens Bank let a player named after Chase Bank play in their ball-park. At Metlife stadium we dont have players named Aetna, Chubb or AIG>

    chicagofinance says:
    September 20, 2012 at 9:18 am

    nom: Was at that Citizens Bank Park function last night. You lose (big time). I ended up taking my son. The highlight among many is that he drank too much water, and while we were on tour he had to hit the potty. The tour guide looked a little dumbfounded, because we were standing in the Phillies’dugout, so she directed him to the players bathroom. He got to piss in the same toilet as Chase Utley……..

    I was driving up Broad Street and for the hell of it, I turned up Passyunk up to Pat’s/Geno’s……wow, the entire neighborhood changed. Stunning. Most notably is that at 9PM, Wednesday on the first chilly night of the season there we many residents at the bars and food places hanging out

  36. Juice Box says:

    Re#2 – when it costs $75 to fill the tank who wants the long commute from the burbs?

  37. raging bull jj says:

    inflation is when you pay $15 for a hair cut that used to cost $10 dollars and only $5 dollars when you had hair.

    Juice Box says:
    September 20, 2012 at 10:07 am
    Re#2 – when it costs $75 to fill the tank who wants the long commute from the burbs?

  38. AG says:

    I bet Menendez loses. I’m voting Kryllos too. I met Menendez nephew a couple years ago. He even said the guy is a complete scumbag.

    I looked at his last election numbers. He barely won.

  39. Anon E. Moose says:

    Money [6];

    Doom is imminent. There are more sleazy Jerzy politicians doing more sleazy things than there are people to watch and catch them.

    Last one out, turn off the light. We should all be doing what Plume is doing.

    Like I’ve said before, I have no doubt that the same thing is going on in PA, or NC, or other [name you low-tax jurisdiction]. The difference there is that when your property tax bill is $3k a year, so long as the garbage gets picked up (remember Fiorello? There’s no Democratic or Republican way to pick up the trash;) and other basic services function nominally (schools & related busses, etc.), no one notices — or if they notice, much cares — that Water Commissioner Billy Joe Bob is driving a new duallie pick-up that might be a just little expensive for his salary.

    The mistake of the NJ pols is that they are too greedy. If you could get a part-time no-show commision position for $90k, why would you poke your head up to reach for a full-time no-show position at $250k, only to have said head cut off?

  40. Jill says:

    chifi #22: “Guns and religion” was hashed out four years ago, and enough voters decided it didn’t matter to put Obama into the White House, because they realized that what Obama was talking about was about what people turn to when the world they lived in, one where hard work gets you ahead and honesty is a virtue, no longer exists.

    We will see whether the hashing out of “47%” turns out to be an issue when people go to the voting booth in November. The problem is that Rmoney has a history of remarks and cues that he really doesn’t have a clue of what it’s like to not have $250 million in assets.

    Last night the spouse and I were talking about how well we could live if we had even 5% of the amount the Rmoneys have. By the way, his “one-year” contract was terminated early … because he got the company’s network running smoothly in only 5 months instead of a year. No good deed goes unpunished.

  41. Brian says:

    It’s not the cost of gas that bother’s me. I can compensate for that by driving my wife’s car. Been driving my brother’s civic to work and cut my gas bill in half. What FKing kills me is that for nearly a decade, some part of rt80, 287, 15, or 24 is always under construction turning a 45 minute drive into an 1 1/2 hour drive. I wanted to punch a hole in my windshield this morning. Fking wear sunglasses people…. hurry it up. Jesus.

    39.Juice Box says:
    September 20, 2012 at 10:07 am
    Re#2 – when it costs $75 to fill the tank who wants the long commute from the burbs?

  42. JJ's B.S says:

    Move to long island, traffic is bad so we never drive. I take train to work and live under one mile to station. Usually take cab to airport on vacation and often take train to baseball and football games and nights out in city as hate traffic and tolls and train is already paid for in monthly ticket. I usually drive around 900 miles a year. My BMW gets like 25 mpg so I am buying 36 gallons of gas a year. The difference between $4 dollar gas and $3 dollar gas to me is $36 bucks a year. Funny on LI I never hear anyone complaining about gas. You either work close to home, dont work and anyone who works in city takes train. Only in NJ and PA do you have the long drive folks. Also with concentration of housing so densely packed I once drove daughter to gymastics, went to post office, drycleaners, bank, CVS, got coffee while she was in gymastics and drove her home in under one mile. My cousin out in NJ said that would be 30 miles of driving. Well when everything is within 3/10s of a mile errands dont blow much gas. It is a hidden cost of Jersey

    Brian says:
    September 20, 2012 at 10:45 am

    It’s not the cost of gas that bother’s me. I can compensate for that by driving my wife’s car. Been driving my brother’s civic to work and cut my gas bill in half. What FKing kills me is that for nearly a decade, some part of rt80, 287, 15, or 24 is always under construction turning a 45 minute drive into an 1 1/2 hour drive. I wanted to punch a hole in my windshield this morning. Fking wear sunglasses people…. hurry it up. Jesus.

  43. chicagofinance says:

    The not-so-hidden cost of Long Island is its in-bred culture that is sort of botoxed JAP/IAP updated 1970’s p0rno movie……

    JJ’s B.S says:
    September 20, 2012 at 10:56 am
    It is a hidden cost of Jersey

  44. chicagofinance says:

    Back at the height of the dot.com boom I worked in Basking Ridge. I used to take 78-24-287. Heading west in the morning I would take the Short Hills Mall exit and drive all the way back onto 24 at the merge down to two lanes. I starting feeling guilty, but I timed it, and it saved me 5-15 minutes each morning….that really added up….I would get to my desk at 8:50 instead of 9:05…..

    Brian says:
    September 20, 2012 at 10:45 am
    It’s not the cost of gas that bother’s me. I can compensate for that by driving my wife’s car. Been driving my brother’s civic to work and cut my gas bill in half. What FKing kills me is that for nearly a decade, some part of rt80, 287, 15, or 24 is always under construction turning a 45 minute drive into an 1 1/2 hour drive. I wanted to punch a hole in my windshield this morning. Fking wear sunglasses people…. hurry it up. Jesus.

  45. Millard says:

    23/43

    Funny how you guys compare my statement to the “guns and religion” thing, just chasing after shiny objects…that fool Obama was talking about appealing to and helping those “guns and religion” whackos….my “47%” comment was about writing those losers off.

  46. Statler Waldorf says:

    “Last night the spouse and I were talking about how well we could live if we had even 5% of the amount the Rmoneys have.”

    Why so envious? Curious you didn’t talk about how well you could live on 5% of Obama’s money, considering he just bought a $35,000,000 mansion in Hawaii.

  47. Millard says:

    49

    ARITHMETIC! it isn’t envy…5% of what I have is way more than 5% of what Obama has. man you people are bad at arithmetic!

  48. Juice Box says:

    Waldorf yeah he bought that house in an all gold transaction to George Clooney. Where do you get this stuff Glenn Beck’s blog?

  49. Essex says:

    Kato sez OJ did it. ” shocking”. Dailymail.com

  50. Essex says:

    47. I think chifi likes you Brian. Careful he’s a little rough on the new boys.

  51. JJ's B.S says:

    I am never home anyhow. But compared to NJ much cheaper. I pay 8K property tax, no mortgage, $25 bucks a week lawn service and since houses are small heat and electricity is less and I can do most home repairs myself. My friends out in NJ for instance one guy I work with drives 12k a year in station car, pays 16K in taxes, insurance is high, has to have two cars, lawn service and heat is sky high and rarely goes to city as so far away. Most of NJ is either not near city or not near beach. Plus very few rentals. Plus very few interacial towns in nj. Places like Malverne, Floral Park and Valley Stream LI are 20 miles from NYC .

    NJ has much better quality of life, houses further apart, more of a country feel. But value proposition wise it costs more. Plus college costs more. I got like ten colleges within ten miles of my house. You are a financial planner you must have read that study a few weeks ago, the biggest financial mistake many will make in a life time is borrowing money to pay for room and board at a pricey school. Paying to go to a good college tuition wise is an investment, borrowing 80K at high rates to pay for room and board when you could live home for free is insane. Often that is a forced choice in part of NJ and PA. Jersey is nicer but financially LI makes more sense.

    chicagofinance says:
    September 20, 2012 at 11:12 am

    The not-so-hidden cost of Long Island is its in-bred culture that is sort of botoxed JAP/IAP updated 1970′s p0rno movie……

    JJ’s B.S says:
    September 20, 2012 at 10:56 am
    It is a hidden cost of Jersey

  52. Ann says:

    No way housing is at the bottom yet, I don’t care what the WSJ says.

    Home values in my neighborhood are still falling, even though everyone keeps telling me how great the school system is and how special we are. Maybe stuff is selling though, but prices are still falling. Reading the solds each week makes me want to vomit.

    Houses turning into rentals, divorcers going into default, it’s a mess.

  53. 3B Buying says:

    #56 Ann: I of course as you know agree.

  54. Richard says:

    These numbers are a few years old but look pretty simiar for LI & NNJ

    1. Nassau County, NY – $8,478
    2. Westchester County, NY – $8474
    3. Hunterdon County, NJ – $8,413
    4. Bergen County, NJ – $8,269
    5. Rockland County, NY – $8,084
    6. Essex County, NJ – $7,801
    7. Somerset County, NJ – $7,684
    8. Morris County, NJ – $7,507
    9. Passaic County, NJ – $7,345
    10. Union County NJ – $7,308
    11. Putnam County NY – $7,198
    12. Suffolk County, NY – $7,010

    http://www.newsday.com/classifieds/real-estate/group-ranks-nassau-no-1-in-property-taxes-1.2840397

  55. yo says:

    The average rate for a 30-year fixed mortgage fell to 3.49 percent in the week ended today from 3.55 percent, Freddie Mac said in a statement. It matched a record reached in July. The average 15-year rate slid to 2.77 percent from 2.85 percent, a new low, according to the McLean, Virginia-based company.

    Low borrowing costs, spurred in part by the Federal Reserve’s purchase of mortgage securities, have aided a housing-market recovery after the worst downturn since the 1930s. Sales of existing homes climbed to a two-year high in August, the National Association of Realtors reported yesterday. Single-family housing starts rose to the fastest annual rate since April 2010, the Commerce Department said.

  56. JJ's B.S says:

    Hunterdon taxes are way overpriced compared to Nassau even though they appear lower, right off bat I have three day a week garbage pickup, sewers, public water, our own school district and schools that are walking distance, our own train station.

    I just described most towns in LI. Taxes are expensive as salaries are high and lots of services. I have a buddy who lives in Hunterdoom paying 17K taxes with well water, cess pool, no HS in his town, heck mailman does not even come up to his door. OK, I just described East Hampton LI almost. But East Hampton taxes are like 2k a year on some homes. I am ok with 17K taxes if I see something. Personally the concept of a well and a cess pool in backyard is something even cave men knew you dont pee in your drinking water. Heck my kids have free Ipads for school work and are learning Manderian. Only thing Mandaerian in Hunterdoom are the orange slices in a lunch box. I realize my taxes go towards overpaid teachers, cops and garbage men, but those teachers cops and garbage men kiss my butt as thanks. I dont get in parts of Jersey civil service workers appreciate tax payers enough.

    Richard says:
    September 20, 2012 at 12:37 pm

    These numbers are a few years old but look pretty simiar for LI & NNJ

    1. Nassau County, NY – $8,478
    2. Westchester County, NY – $8474
    3. Hunterdon County, NJ – $8,413

  57. yo says:

    Looks like there is a growing gap between the 10 yr and 30 yr mortgage

  58. yo says:

    I was surprised when I saw this property yesterday.From what I remember Lodi is mostly factories. I still can not believe almost $18,000 in property tax for a condo in Lodi

    http://www.zillow.com/homedetails/12-Lafayette-Pl-Lodi-NJ-07644/71824724_zpid

  59. Richard says:

    JJ would you live in Westchester?

  60. Brian says:

    Former colleage of mine just got a job there. Hope it’s not FIFO and he’s okay.

    25.3B Buying says:
    September 20, 2012 at 9:09 am
    BOA layong off 16,000 people by year end.

    http://www.marketwatch.com/story/bank-of-america-off-1-after-ramping-up-job-cuts-2012-09-20?dist=beforebell

  61. xolepa says:

    (60) As Ronald Reagan said: Here we go again.

    I have a septic and well and guess what – I don’t have a water nor a sewer bill. My last water test found a minute trace of the usual suspect: Cow poo. I grew up with well water and lived once in a house that ran city water. I would spit it out every time I drank that stuff. I won’t drink restaurant water either because that stuff is all city. Just a simple particle trap and a filter, if needed, does the deal. Just got to be aware of the killers – EPA dump or something along that line. This town is usually good at keeping good water. That’s why they raised the minimum building lot size to 8 acres couple years back. Keeps out the JJ crowd!
    As to commuting, I work at home mostly, so traffic is no big deal to me. When I want to go to NYC, which is usually never, its a 45 minute drive to the Holland, on weekends. Train station to NYC is 5 minutes away. Free parking, no hassle. NJ transit cut back on the trains, though. At 9/11 time I was working Wall Street. Morning commute to WTC took 1:25. That’s time from leaving the house.
    Yeah, I pay that 17k in taxes. But it’s nice to reside in a county where most towns here don’t have Democratic candidates for office. That’s in opposition to the other party which just produces stupid politicians.

  62. Libtard in Union says:

    Saw a 2.625% on the 15-year. Just an eighth to go!

  63. The Original NJ ExPat says:

    [17] Same here. Why is the Fed just starting their $40 billion per month open-ended MBS purchase and holding interest rates at zero until the end of time if we are past the bottom and on our way up? $40 billion per month is the same as fabricating 10 million employed and qualified buyers per year, except those buyers aren’t real and neither are their jobs.

    Sorry I am not buying this housing recovery past the bottom belief and all of that.

  64. Anon E. Moose says:

    Richard [58];

    Those number are fine as far as they go. The problem with them is what Grim has frequently said with RE statistics – there is no ‘average’ house for sale, thus no average tax bill. Nassau has $hitholes like Roosevelt and manses in Old Westbury & Manhasset/Great Neck. Morris has Dover on one end and Chester on the other. Anyplace you’d want to live in is going to have a higher tax bill than any of those (JJ notwithstanding).

  65. The Original NJ ExPat says:

    I guess we’re doing good compared to NJ:

    Massachusetts lost 4,800 jobs last month and the unemployment rate rose to 6.3 percent from 6.1 percent in July.

    The August job losses follows a revised gain of 300 jobs in July.

    The unemployment rate is down 1.1 percentage points from the August 2011 rate of 7.4 percent, and year to date, jobs are up 31,400, with private sector jobs up 29,900.

    Professional, scientific and business services; trade, transportation and utilities are showing the largest gains.

    From August 2011 to August 2012, jobs are up 40,200. Private sector jobs are up 41,000.

    http://www.bostonherald.com/business/general/view.bg?articleid=1061161769&srvc=rss

  66. Jason says:

    Prior to the upcoming election, expect to hear much talk from msm about:

    recovery, turning around, bottoming out, bouncing back, improving, looking up, uptrend, optimism, etc. etc.

    If Romney wins, expect to hear:

    downturn, double dip, recession, depression, high gas prices, housing is stalling unemployment is up, homelessness is up, food stamp use is up, bankruptcy up, etc. etc.

    All things happening now, but not reported on by the msm.

  67. The Original NJ ExPat says:

    [66] I’m waiting for a 0% interest only mortgage, then I’m going all in. If I can afford the taxes, that is.

    Saw a 2.625% on the 15-year. Just an eighth to go!

  68. Phoenix says:

    [73] expat
    Me too. Preferably with a no money down mortgage.

    I’m waiting for a 0% interest only mortgage, then I’m going all in. If I can afford the taxes, that is.

    Saw a 2.625% on the 15-year. Just an eighth to go!

  69. JJ's B.S says:

    Too cheap. I like to keep my housing costs under $1,000 a month. I am buying a second home we are working on contract now so I can get a tax write off. But moving dont see value proposition. Maintaining wells and cesspools sounds like a boat load of work and is not tax deductable. Rather have it be someone elses problem. I have a life time warranty on my furnance, no central air, and do nearly all my home repairs myself. I did look at a 2.2 acre house with five bedrooms and four baths in 2010 and put a bid in. Even had low taxes. My wife was overwelmed with size of house and work involved. Owner dogged some questions when I asked for monthly costs of things and he game me some bills like electricity and heat but he was a couple that was cheap, had space heater in bedroom. I then found out from water company his water cost for sprinklers for 2.2 acres and a 25,000 gallon pool and had a heart attack, then got some quotes on painting a 4,000 square foot house and lawn service and down the road roof, gutters etc. and that was that. Crazy I could easily afford house and taxes the maint on something that big is crazy. Heck I was quoted $100 bucks to shovel out driveway. Meanwhile I get up ten minutes early when it snows to shovel and it is free. Roof is small local guy does and my gutter guy charges $35. I have so few sprinkler heads I inspect and adjust myself. I got overwelmed at either doing tons of repairs or paying through the nose. Got like a $10,000 quote to paint whole house prior to move in. Meanwhile I bought $150 bucks worth of paint and rollers and $50 bucks worth of pizza and beer when I bought my house and my brother and brother inlaw and father in law we knocked pretty much whole house out in one ten hour day. Cant call folks over to a 4,000 square foot mansion to have a pizza painting party.

    Plus lots of hidden costs. Last night I had to call furnace guy came right over no charge of course, gave me tips on how to save told me call him no time, of course no charge for stuff. I am a regular guy. One contractor game over, saw kids small house old bathroom recently and replaced gutter, siding, fixed front door, etc. A total of three guys for a few hours for $300 bucks. It is great. Lots of hidden costs in a big house. For instance when I greived my taxes years ago, inspector sees stay at home wife young kids two used cars in driveway I already won the case. My neigbhor to right some idiot attorney with a fancy car and a suit they bang him for a few thousand extra in taxes. I worry about the rich house me getting dicked. My vacation home I told contractor I cant afford the house trying to do an economically flip or to rent to help pay for kids education. I pull up there in a BMW in a suit and tell him I can afford a vacation home I might as well pull my pants down and wrap sandpaper around his dick.

    Richard says:
    September 20, 2012 at 1:02 pm

    JJ would you live in Westchester?

  70. Grim says:

    Nj unemployment numbers ugly…

  71. JJ's B.S says:

    how does low mortgage rates accomplish anything? I borrow 250K to buy a house. Mortgage rates fall 1%. Yea, except the money I have in bonds I lose 1% interest as rates fall. Unless you have no money in bank or locked in long term non callable bonds rates falling is a zero sum game.

  72. Phoenix says:

    [75] JJ quote of the day:
    Classic, absolutely classic. Exactly how I feel every time a contractor gets within 10 ft of my front door. No wonder the only houses that are selling are the perfect ones. Must be the same contractors with Escalades and Mexican workers.
    “Pull up there in a BMW in a suit and tell him I can afford a vacation home I might as well pull my pants down and wrap sandpaper around his dick.”

  73. The Original NJ ExPat says:

    [75] JJ – There’s nothing like the peace of mind that comes from a low monthly nut. If it wasn’t for the bugaboo of healthcare costs, I would welcome a 99 week vacation on unemployment and would have no problem paying the bills with my unemployment check. I remember back in the late 90’s I could pay all my bills AND my COBRA health AND dental with unemployment checks and still lived pretty good. In 2010 my health insurance was $1700/month and my mortgage was $1000. That’s crazy. I only came back under the corporate umbrella because double FICA, no 401K match, no bonus, no paid vacation AND $1700 month health insurance was costing my an easy $60K a year out of pocket. No brainer to take a $30K gross pay cut to have $60K in benefits.

  74. 3B Buying says:

    #67 So True!!

  75. yo says:

    JJ
    Lets make it simple.You were renting for $1000 a month.You bought a house for $100k say you are paying $500 a month and tax $500 a month.Its the same as your rent.Rates came down and you refi your monthly payment on the mortgage went down to $400 a month.You have extra $1200 a year in your pocket, instead of paying it to a landlord. It could been worst if you were renting if you add your losses on the bonds.$12,000 a month on rent plus your losses on the bonds.If your a homeowner you only lost $10,800 plus your losses on the bonds.
    Alright dont start with property tax increases and maintenance on the home.

    JJ’s B.S says:

    September 20, 2012 at 2:20 pm

    how does low mortgage rates accomplish anything? I borrow 250K to buy a house. Mortgage rates fall 1%. Yea, except the money I have in bonds I lose 1% interest as rates fall. Unless you have no money in bank or locked in long term non callable bonds rates falling is a zero sum game

  76. Anon E. Moose says:

    Strawman [80];

    Fish swims up… sniffs bait… swims on.

  77. JJ's B.S says:

    How is this for making it simple. Insanely Hot blonde is in room with three guys who all have a two million dollar home in the Hamptons. Guy one says I am just renting it for summer, Guy two says I just put down 10% and I am in debt for 1.8 million, guy three goes I just paid cash out of my bonus money for the house, who is getting the bj?

    .

    yo says:
    September 20, 2012 at 3:00 pm

    JJ
    Lets make it simple.You were renting for $1000 a month.You bought a house for $100k say you are paying $500 a month and tax $500 a month.Its the same as your rent.Rates came down and you refi your monthly payment on the mortgage went down to $400 a month.You have extra $1200 a year in your pocket, instead of paying it to a landlord. It could been worst if you were renting if you add your losses on the bonds.$12,000 a month on rent plus your losses on the bonds.If your a homeowner you only lost $10,800 plus your losses on the bonds.
    Alright dont start with property tax increases and maintenance on the home

  78. The Original NJ ExPat says:

    [85] JJ – That’s a trick question. The bj always goes to the guy who treats her the crappiest and carries her away like a bowling ball.

    How is this for making it simple. Insanely Hot blonde is in room with three guys who all have a two million dollar home in the Hamptons. Guy one says I am just renting it for summer, Guy two says I just put down 10% and I am in debt for 1.8 million, guy three goes I just paid cash out of my bonus money for the house, who is getting the bj?

  79. JJ's B.S says:

    Correct. And If she has a trampstamp and was on the pill the answer would have been the guy crashing at the guys renting house.

    The Original NJ ExPat says:
    September 20, 2012 at 4:08 pm

    [85] JJ – That’s a trick question. The bj always goes to the guy who treats her the crappiest and carries her away like a bowling ball.

    How is this for making it simple. Insanely Hot blonde is in room with three guys who all have a two million dollar home in the Hamptons. Guy one says I am just renting it for summer, Guy two says I just put down 10% and I am in debt for 1.8 million, guy three goes I just paid cash out of my bonus money for the house, who is getting the bj?

  80. Anon E. Moose says:

    JJ [85];

    Once you assume $2 MM to blow on a Hamptons house. Given the typical financials of a typical renter, a typical homedebtor, and a 7-figure baller; once you put those three on even financial footing, the chioce of housing situation doesn’t even enter into the blonde’s thinking. The guy with the largest bulge is getting the bj, provided he wasn’t stuffing.

  81. The Original NJ ExPat says:

    What a steaming load this stupid headline is at yahoo finance :

    Trulia Shares Soar Over 40% as IPO Shines Light on Housing Recovery

    http://finance.yahoo.com/blogs/breakout/trulia-shares-soar-over-40-ipo-shines-light-174029177.html

  82. yo says:

    Fannie Mae (FNMA) and Freddie Mac (FMCC) would charge lenders more to guarantee mortgages in five states where foreclosure delays are pushing up the cost of bad debt, according to a plan by the companies’ U.S. regulator.

    The Federal Housing Finance Agency’s proposal may pinch borrowers in New York, New Jersey, Connecticut, Florida and Illinois as those states have higher average total costs for defaulted loans, according to a notice today requesting public input. The agency is proposing a one-time upfront fee of 0.15 percent to 0.3 percent on loans originated in those states that would take effect in 2013.

    The FHFA said it’s targeting states where mandatory court involvement or regulatory policies prolong foreclosures and lead to higher carrying costs, the expenses associated with holding onto vacant properties.

    The approach allows that each state establishes foreclosure rules “that it judges to be appropriate for its residents,” FHFA Acting Director Edward J. DeMarco wrote in the notice. “It also recognizes that unusual costs associated with practices outside of the norm in the rest of the country should be borne by the citizens of that particular state rather than absorbed by borrowers in other states or by taxpayers.”

    http://www.bloomberg.com/news/2012-09-20/ny-among-5-states-facing-higher-fannie-mae-mortgage-fees.html

  83. yo says:

    I wonder if this is only for new mortgages

    “It takes an average of 820 days to bring a foreclosed property to market in New York, where daily carrying costs are 112 percent of the national average, according to the FHFA. Virginia takes an average of 270 days to bring a foreclosure to market and carrying costs are 87 percent of the national average, making the state the least costly and most timely.

    States that change foreclosure policies to cut costs so they are in line with the national average could have the extra fees reduced or eliminated, according to DeMarco.

    Banks could pass along the cost of the fee increase to borrowers through higher interest rates, according to the FHFA. A borrower with a 30-year, fixed-rate mortgage of $200,000 could face an additional $3.50 to $7 in monthly payments, the agency said. “

  84. Essex Neanderthal says:

    OK, So you know there are people who get help. Like folks selling them a home for $1. No lie. That type? Yeah they can buy a second place. Like the Bank of Mom and Dad. For the rest of us without that source. You get real creative. But a second home I would imagine would entail a nice $450-500 k annual income.

  85. joyce says:

    Does anyone else think JJ uses the ‘talk it type it’ software? A cheap version of course.

  86. Essex Neanderthal says:

    I like my new name — the JJ thing is awesome. He’s a font of information. He’s why the regular guy stands a chance. JJ transcends good sense.

  87. freedy says:

    http://www.northjersey.com/news/170509226_Roche_to_open_research_center_in_New_York.html

    any ideas on what to do with the Rt. 3 site? Out let mall? Office?

  88. Fabius Maximus says:

    #18 Chi
    There are two problems with this.
    The first is: What’s the probability of Europe tanking, (5%, 10% 90% chance), back on 12/31/11 and even now. If there is no real threshold to trigger the second event having relevance, there is no point. Think of it this way if I bet you $100 that the Yankees win the World Series and O wins or I bet you $100 that the Golden State warriors win the NBA and O wins, which is a real bet and which realistically won’t happen.
    The second problem is this. If Greece exits the euro tomorrow, EUR tanks and the Dow is under 10K by the end of next week. Do you see Romney taking it or does O still win? I say O still takes it.
    Saying Status Quo and O wins gets no credit. If your scenario actually happens and Europe tanks and Romney wins, then I’ll happily give you ultimate kudos.

  89. barstoool24hoursaday says:

    Local condo prices are spiking. Check out s&p case shiller data. Is something going on here?

  90. Juice box says:

    re: #100 – No way Jose, the Europeans love our President, no way they are going to let him lose. God’s banker already have the game plan in the works, and it was already telegraphed by Draghi. We are going to see about $200-$300 Billion in Stimulus for the EU via ECB bond buying sometime in the next week or so. Europe will not tank before the US election. I am also going to put a few $$ on this out come. EU does not tank and O wins.

  91. The Original NJ ExPat says:

    [103] LOL – The article states:

    “According to a new DNA study, most humans have a little Neanderthal in them—at least 1 to 4 percent of a person’s genetic makeup.”

    and

    “What’s more, the Neanderthal-modern human mating apparently took place in the Middle East,”

    Anybody want to take a stab (or suicide bomb) at connecting the dots? I bet I know where you’ll find the most 4% Neanderthals, maybe even some 5 or 6 per-centers.

  92. Brian says:

    Don’t fight the fed in US = Don’t bet against the ECB in EU

  93. joyce says:

    Even if you don’t fight the FED, you’ll still lose.

  94. joyce says:

    You have to be a part of their inner circle, only way to win… (if I have to use this expression) the 0.001%

  95. The Original NJ ExPat says:

    [108] I don’t know if that’s the only way to win, but we should always aspire to it as it is a sure thing.

    You have to be a part of their inner circle, only way to win… (if I have to use this expression) the 0.001%

  96. Ernest Money says:

    Doom is imminent. It’s all over, but for the cleanup crew.

  97. Captain Sunshine says:

    No, no, no. The title article says that doom is behind us!

    Prosperity and happiness, dead ahead!

  98. chicagofinance says:

    clot or anyone: I need to pay a Steeler fan in Chatham a bottle of Dogfish Head 120 IPA due to a lost bet. Do you know someplace where I can order and get it delivered to a NJ address?

    Ernest Money says:
    September 21, 2012 at 7:18 am
    Doom is imminent. It’s all over, but for the cleanup crew.

Comments are closed.