First timers still missing from the market?

From the Philly Inquirer:

Are there enough first-time buyers to sustain housing recovery?

hiladelphians Luis Valenti, 25, and Eleonora Barbieri, 26, are getting married July 14.

If planning a wedding doesn’t seem stressful enough, the couple are settling July 10 on their first house, a duplex in the 2200 block of West Thompson Street listed at $155,000.

Two major events in the lives of anyone, and just four days apart.

“With the housing recovery and interest rates going up, we thought the time was right,” said Valenti, who works in the financial industry.

They also wanted to lock into an FHA loan by June 1, before the rules changed, Barbieri said.

Since then, all loans with less than 10 percent down require that mortgage insurance be paid for the life of the loan. In addition, mortgage insurance will no longer be canceled when the loan balance is 78 percent of the original amount.

They beat the deadline.

First-time buyers like Valenti and Barbieri are key to the health of residential real estate. So there is concern, at least on the national level, that there might not be enough of them to sustain the housing recovery.

This buyer segment is so important, in fact, that the National Association of Realtors surveys 3,000 members monthly for the latest percentages.

The April survey, said spokesman Walt Molony, put first-time buyers at 29 percent, “weaker than the historic norm” of 40 percent.

Other research organizations report similar findings. Tight credit, competition with investors for lower-end properties, and limited inventory typically are cited as reasons.

Economist Kevin Gillen, of the University of Pennsylvania’s Fels Institute, maintains that since the housing bubble burst in 2007, “many lower-income home buyers have been effectively cut out of the market.”

“Whether they’re unemployed, underemployed, can’t assemble a sufficient down payment, or can’t get credit, these are problems,” he said, “that disproportionately affect young, first-time home buyers.

“We’ve been left with a housing market composed of relatively wealthier households trading relatively high-priced homes with each other.”

That may be changing. In many parts of the region, the numbers of first-timers are increasing. Owing to the shortage of inventory, many of them are not having an easy time, however.

This entry was posted in Demographics, Economics, Housing Recovery. Bookmark the permalink.

79 Responses to First timers still missing from the market?

  1. grim says:

    From Bloomberg:

    Housing Market Probably Brightened in May: U.S. Economy Preview

    Sales of existing homes probably rose in May to a three-year high and builders began work on more new properties, extending gains in residential real estate that are boosting the U.S. expansion, economists said before reports this week.

    Purchases of previously owned houses climbed 0.6 percent to a 5 million annualized rate, the strongest since November 2009, according to the median forecast of economists surveyed by Bloomberg ahead of a June 20 report from the National Association of Realtors. Housing starts may have increased to a 950,000 pace last month.

    “The housing market continues to improve, and builders are seeing demand recover significantly,” said Russell Price, senior economist at Ameriprise Financial Inc. in Detroit. Still, “we have conditions where unemployment remains high and inflation is actually decelerating, and I think that gives the Federal Reserve room to remain engaged.”

    “You may see some slowing in the pace of homebuilding and home sales, depending on how far the rates go up,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. In the short term, the pickup in borrowing costs may encourage more Americans to buy a home before they appreciate further, he said. “You’re seeing improved consumer demand, you’re seeing prices improving and that encourages people on the fence.”

    The projected pace of existing-home sales in May, up from a 4.97 million annual rate in April, would be the fastest since a tax credit for first-time homebuyers was first due to expire in November 2009. It would be the third-highest since July 2007, five months before the start of the last recession.

  2. grim says:

    From the Washington Post:

    Lenders seek court actions against homeowners years after foreclosure

    For Jose Santos Benavides, the ordeal of losing his home was over.

    The Salvadoran immigrant had worked for years as a self-employed landscaper to make a $15,000 down payment on a four-bedroom house in Rockville. He had achieved a portion of the American dream, earning nearly six figures.

    Then the economy soured, and lean paychecks turned into late mortgage payments. On Aug. 20, 2008, one year after he bought his dream home for $469,000, the bank’s threat to take his house became real via a letter in the mail. Just four days before the bank seized the property, he moved out, along with his wife and their two young children.

    That wasn’t the worst of it.

    In November, more than three years after the foreclosure, he was stunned to learn he still owed $115,000 — with the interest alone growing at a rate high enough to lease a luxury car.

    The 42-year-old is among the many homeowners being taken to court by their lenders long after their houses were taken in foreclosure. Lenders are filing new motions in old foreclosure lawsuits and hiring debt collectors to pursue leftover debt, plus court fees, attorneys’ fees and tens of thousands in interest that had been accruing for years.

    It’s all part of a legal process known as a “deficiency judgment,” which is allowed in the District and 40 of 50 states, including Maryland and Virginia. Since the start of the mortgage meltdown of 2008, at least 400 Maryland homeowners have been pursued in court, according to a Washington Post analysis of state court data. In the first four months of this year, 57 new court actions have been filed against homeowners — on pace to exceed last year’s total of 120.

    Among the lenders pursuing the judgments are Fannie Mae and Freddie Mac, the two quasi-governmental lending agencies that have long strived to open up home ownership to a wider segment of the population. Officials at those agencies said the judgments are necessary to recoup money lost in the crisis.

    “Pursuing deficiency judgments has always been a remedy that we have looked at to mitigate our losses prior to the recent housing crash,” said Freddie Mac spokesman Brad German. “It is not a new thing.”

    German said Freddie Mac is targeting “strategic defaulters,” which the agency defines as “someone who had the means but chose to go into default, that there were no extenuating circumstances that affected their ability to pay. If you’re choosing not to pay off your mortgage, but you’re paying other bills, we would consider that strategic default.”

    In 2011, Fannie and Freddie flagged 12 percent of 298,327 properties they had foreclosed on — more than 35,000 — for deficiency judgments in an attempt to collect $2.1 billion in unpaid mortgage debt, according to an inspector general’s report released in October from the Federal Housing Finance Agency.

    “Pursuing these collections against borrowers we believe have the ability to pay but who have decided not to helps us minimize our losses, which in turn helps minimize taxpayer losses,” said Malloy Evans, an attorney and Fannie Mae’s vice president for default management. “And we think it’s our responsibility to try to minimize those taxpayers’ losses as much as we can.”

  3. Comrade Nom Deplume, Halfwit dumbass says:

    A lot of people will be looking to The One to make good . . .

    http://m.youtube.com/#/watch?v=P36x8rTb3jI&desktop_uri=%2Fwatch%3Fv%3DP36x8rTb3jI

  4. Comrade Nom Deplume, Halfwit dumbass says:

    [3] redux

    I keep coming across this. More revisionist Internet-scrubbing. None of links work and associated accounts closed.

    http://www.ronpaulforums.com/showthread.php?179176-Obama-gonna-pay-my-rent-(no-really)

    Winston Smith should have worked in the Internet age. It would have made his job at the Ministry of Love much easier.

  5. nwnj says:

    Interesting piece from the Daily Record this weekend.

    Morris County’s economy: A look at suburban shift
    http://www.dailyrecord.com/article/20130616/NJNEWS/306160013/morris-county-nj-real-estate-jobs

  6. grim says:

    From Bloomberg:

    Running the Numbers: 41%

    That’s how much cheaper it is nationally to buy a home rather than rent, according to research by Trulia Trends. That’s some welcome news for homeowners who’ve endured a protracted season of low valuations and high debt.

    The calculation assumes you get a 3.9 percent, 30-year fixed mortgage and make a 20 percent down payment, stay in your home for 7 years and deduct mortgage interest and property tax payments at the 25 percent tax bracket. 



    The point at which buying is no longer more economical than renting? Trulia calculates that mortgage rates would have to move up to 10.5 percent nationwide.

    The economics vary greatly by city. In Cleveland, Memphis and Detroit, rates would have to rise above — sometimes well above — 20 percent. In San Jose, California, renting becomes more economical when rates get to just 5.2 percent. In San Francisco, rates would have to rise to between 5 percent and 6 percent, and in New York and Orange County, California, to between 6 percent and 7 percent, according Jed Kolko, the chief economist at Trulia.

  7. grim says:

    5 – Otteau seems to be only one step away from comparing the Morristown Green with Trafalger Square, Piazza Navona, or even the Krakow Rynek (my vote for the best square in the world). The Morristown green would be a pitiful example of the european market square concept, in reality, it’s much more similar to the traditional US main street, only having undergone some gentrification. Main street gentrification is not something that is coincident with the newfound love for urbanism, as some of the best main streets in NJ are more suburban than urban.

    Besides, other than a few high density housing developments, Morristown and the surrounding township is SQUARELY suburbia.

  8. Painhrtz - Disobey! says:

    No jobs, mountains of college debt, this areas penchant for extended adolescence. i know where the first time buyers are they are in mommy’s basement blogging about how the corporate facists are keeping the one from reaching his ascendency.

  9. grim says:

    Ridgewood, Westfield, Red Bank, Summit, Princeton, Montclair, Morristown, Cape May, etc…

  10. nwnj says:

    #7 Yeah, I’d wager that +95% of the working population in Morristown own a car. Even commuters drive to the train.

  11. grim says:

    Madison, Chatham, Haddonfield, Maplewood, even Lambertville, Frenchtown, Collingswood, Boonton, etc. Hell, even the little downtown a few miles away from me in Pompton Lakes seems to be undergoing a resurgence with numerous new storefronts and restaurants.

  12. JJ says:

    No jobs and mountain of debt by choice. Everyone has to go away to school now and kids major in things that interest them rather than things that can get them jobs.

    My nephew was bugging me the other day he is graduating soon from a state school with a economics degree. I am like maybe Walmart or Taco Bell, I dont know. Kid things accounting is boring. I told him get an accounting degree from a decent school, pass CPA, go work for the big four a few year, then maybe hit a regulator for a few more and get your MBA at night then hit Wall Street at around 32 with your MBA/CPA, big four and regulatory background and jump right to SVP. His head was like dude I graduate in a few months just hook me up with some 9-5 cube job where I can chill for a while.

    Asian kids are flying way ahead of American kids. But funny third and fourth generation asian kids are already becoming bloblike.

    I have no sorry for folks with mountain of debt who choose a major where there are no jobs or have low pay. Like saying why cant I sleep on beach all day and maybe hand out some fliers on the beach while toking on some weed and make a million a year. Dont work that way.

    Painhrtz – Disobey! says:
    June 17, 2013 at 8:11 am

    No jobs, mountains of college debt, this areas penchant for extended adolescence. i know where the first time buyers are they are in mommy’s basement blogging about how the corporate facists are keeping the one from reaching his ascendency.

  13. chicagofinance says:

    The End Is Nigh (JJ Legal Defense Team Edition):

    Manhattan defense attorney is in deep $#^% over courthouse slurs
    By M.L. NESTEL

    A criminal-defense lawyer with a randy reputation could get the book thrown at him for using language that won’t be found in any law library.

    Paul Lieber, a married 69-year-old father of two, called two female public defenders “f–king c–ts” in an April 6 courthouse dust-up over who would represent a pothead busted in Greenwich Village, court records show.

    Lieber won the fight, then unloaded on the Legal Aid lawyers, Yvonne Nix and Rebecca Cavanaugh.

    The women complained to Manhattan Criminal Court Judge Felicia Mennin, who took no action but said there “may be another forum” to bring down the gavel on Lieber.

    Lieber has been in hot water before over his treatment of women, including a prospective client’s sister whom he tried to hire, then bed in 1987. He got a letter of caution from the court system’s disciplinary committee in that case.

    He later saw his law license yanked for two years for having sex in the lawyers lounge at the criminal courthouse at 100 Centre St. in 1989 with a woman he said he was hiring.

    He also masturbated in front of the woman, Sandra Sanchez, in the conference room of a Bar Association building around the same time, records show.

  14. Brian says:

    You should have just told your nephew to marry a hard working Asian girl.

    12.JJ says:
    June 17, 2013 at 8:45 am
    No jobs and mountain of debt by choice. Everyone has to go away to school now and kids major in things that interest them rather than things that can get them jobs.

    My nephew was bugging me the other day he is graduating soon from a state school with a economics degree. I am like maybe Walmart or Taco Bell, I dont know. Kid things accounting is boring. I told him get an accounting degree from a decent school, pass CPA, go work for the big four a few year, then maybe hit a regulator for a few more and get your MBA at night then hit Wall Street at around 32 with your MBA/CPA, big four and regulatory background and jump right to SVP. His head was like dude I graduate in a few months just hook me up with some 9-5 cube job where I can chill for a while.

    Asian kids are flying way ahead of American kids. But funny third and fourth generation asian kids are already becoming bloblike.

    I have no sorry for folks with mountain of debt who choose a major where there are no jobs or have low pay. Like saying why cant I sleep on beach all day and maybe hand out some fliers on the beach while toking on some weed and make a million a year. Dont work that way.

  15. JJ says:

    And she would take care of him when he gets hard.

    Brian says:
    June 17, 2013 at 8:57 am

    You should have just told your nephew to marry a hard working Asian girl.

  16. Juice Box says:

    JJ – did your house come back A Zone or V Zone?

  17. chicagofinance says:

    Am I stupid? What is the obvious answer?
    xxxx

    Economist Kevin Gillen, of the University of Pennsylvania’s Fels Institute, maintains that since the housing bubble burst in 2007, “many lower-income home buyers have been effectively cut out of the market.” “Whether they’re unemployed, underemployed, can’t assemble a sufficient down payment, or can’t get credit, these are problems,” he said, “that disproportionately affect young, first-time home buyers.

  18. Juice Box says:

    I see lots of houses jacked up near the shore sitting on temporary pilings, apparently the pilings need to be some special kind that is pretty pricey. Is there some kind of scam going on? People raise the house and then don’t finish it waiting for the $150k FEMA Grant?

    http://www.nj.gov/dca/divisions/sandyrecovery/pdf/reconstructionrehabilitationelevationmitigationfinal.pdf

  19. grim says:

    From the 2012 Profile of Home Buyers and Sellers (New Jersey) – Released in December:

    Forty-one percent of recent home buyers were first-time buyers in New Jersey, compared to a national level of 39 percent, which is a slight rise from 2011.

    The typical buyer in New Jersey was 43 years old, while nationally the typical buyer was 42 years old, a modest decrease from 45 in 2011.

    The 2011 median household income of buyers was $102,900 in New Jersey and $78,600 nationally. The median income was $92,900 among first-time buyers and $114,300 among repeat buyers, compared to $61,800 among first-time buyers and $93,100 among repeat buyers nationally.

    Nationally, 65 percent of recent home buyers were married couples—the highest share since 2001. In New Jersey, the figure was 66 percent. Sixteen percent of recent home buyers were single females nationally—the lowest share since 2001; 17 percent were single females in New Jersey.

    For 30 percent of recent home buyers nationally, the primary reason for the recent home purchase was a desire to own a home. In New Jersey, this was the primary reason for 28 percent of recent home buyers.

  20. Painhrtz - Disobey! says:

    Chi of course your stupid why wouldn’t you qualify to own a home satisfying all those traits. It’s like racist or something to not get free money when you have shown no ability to make sound financial decisions. Obama said so.

    It is like the last 10 years didn’t even happen and the stupid has gone exponential. Welcome to the decline.

  21. Juice Box says:

    JJ – here is a Senior Accountant you should hire.

    Miss USA Erin Brady is a 25 year-old from East Hampton, Connecticut and is a Financial Accountant for Prudential Retirement in Hartford. She graduated from Central Connecticut University with a degree in Finance and a minor in Criminal Justice.

  22. Anon E. Moose says:

    Juice [21];

    a degree in Finance and a minor in Criminal Justice.

    One might think that those two fields of study are incongruent with one another, yet strangely I do not…

  23. grim says:

    Looks like *lots* of LBI taken out of wave velocity zones.

  24. grim says:

    24 – Isn’t that the hot ticket these days? Forensic Accounting/Audit?

  25. Juice Box says:

    Grim Zoom into Brick and Mantoloking. The V zones end where the bulkheads begin for the waterfront homes. I gather the waves magically stop when they run into the Jersey Strong.

    http://fema.maps.arcgis.com/home/webmap/viewer.html?webmap=2f0a884bfb434d76af8c15c26541a545&extent=-76.4016,38.4768,-70.7217,41.818

  26. Brian says:

    http://www.bloomberg.com/news/2013-06-14/fannie-s-duncan-says-u-s-home-price-rise-will-continue-audio-.html?cmpid=msnmoney

    Doug Duncan, chief economist at Washington-based Fannie Mae, says home prices will rise 7 percent in the next 12 months.

  27. Juice Box says:

    Only a decade after 9-11 they decide to raid 7-11

    Associated Press

    NEW YORK — Federal authorities say they’ve raided 7-Eleven stores across Long Island and in Virginia as part of a probe into human smuggling, identity theft and money laundering.

    The investigation involves allegations that store owners helped smuggle workers into the U.S. from Pakistan.

    Some store owners and managers were arrested Monday. More than a dozen workers have been taken into custody by immigration.

    The 7-Eleven company said in a statement that it has been cooperating with federal authorities. It had no further comment.

    http://online.wsj.com/article/AP9f775d15112f45eab83fd3fe85b801b9.html

  28. raging bull jj says:

    My primary is zone AE. I pay $400 bucks a year flood for $250k/100k. They have grandfathered primary residences unless I sell house, have repetitive flood issues or am declared ICC, more than 50% payout of homes value (excluding land).

    My secondary, flood in in CC, it is $1,000 a year for my unit. I have 25K contents that costs $129 a year. That place is a duplex. Main floor is six feet off ground, second floor is 14 feet off ground and it has an attic that is 22 feet off ground. I would move stuff to second level in that place if a storm was coming.

    I am at BFE of 8 in primary and BFE of 11 in secondary. Funny thing about water it is not so much how much water you have in your house it is how long it is in your house.

    The water soaks through sheet rock cabinets etc like crazy. The lower condos down by shore and far rockaway some had four feet in them for a full week. Some stores near me had four feet for just a few hours were able to open again in two weeks

    one of main reasons I bought the condo instead of house is Sandy, they are eliminating the vacation home subsidy for vacation homes, unless you raise them your flood is through the roof. Also many flood policies like on my primary are non-transferrable which means after 12-31-2103 it will be harder to sell my h0me as new owner wont get my policy. A condo the “studs-in” policy is the building policy which exists forever. I dont have to worry it is a vacation home as I dont have to pay extra.

    Christie screwed the Jersey shore folk by making it for folks under 250K income unlike NY with no income restriction. Folks raising home were promised money and then maybe did not get them.

    ICC you get 30K to raise home. The rest you pay. Folks without flood did not get ICC. But oddly folks like me my house is listed as never having a flood claim since I had no flood insurance so I dont have to raise house, then again from an insurance perspective my house is like 60 years old and never a flood claim. Regardless of BFE that is a pretty good track record.

    Although I was at my condo on Sunday and I can see the boardwalk to the left and bay to the right from sidewalk. A four foot wave went clear through it in Sandy that took everything with it. Folks with basements and lower units got some damage. Reember who parts of boardwalk, beach cabanas, chairs, cars etc were flying down the street. Crazy stuff. But I had more water than that on my street.

    Juice Box says:
    June 17, 2013 at 9:09 am
    JJ – did your house come back A Zone or V Zone?

  29. I’m no longer certain the place you are getting your information, however great topic. I needs to spend some time studying much more or understanding more. Thank you for excellent info I was in search of this info for my mission.

  30. Brian says:

    What’s the difference between the “V” zone and “A” zone? Is it a huge difference in flood insurance or building codes? My uncle’s house looks like it’s right on the border of the “V” zone. He may eventually have a bayview house after all….

    27.Juice Box says:
    June 17, 2013 at 10:42 am
    Grim Zoom into Brick and Mantoloking. The V zones end where the bulkheads begin for the waterfront homes. I gather the waves magically stop when they run into the Jersey Strong.

    http://fema.maps.arcgis.com/home/webmap/viewer.html?webmap=2f0a884bfb434d76af8c15c26541a545&extent=-76.4016,38.4768,-70.7217,41.818

  31. Statler Waldorf says:

    Another closing this week selling at 20% above ask. It’s crazy out there.

  32. Juice Box says:

    Brian – House has to be built to withstand waves when it is in a V Zone. NJ law prohibits building residences in V Zones. Here is a good description from an Engineer when the original FEMA advisory maps came out where the V Zones included thousands of homes.

    http://birdsallservicesgroup.blogspot.com/2012/12/andy-on-sandy-v-zone-voodoo.html

  33. chicagofinance says:

    JJ explained it to me once…..the V zone is in the front…..the A zone is in the back….

    Brian says:
    June 17, 2013 at 10:59 am
    What’s the difference between the “V” zone and “A” zone? Is it a huge difference in flood insurance or building codes? My uncle’s house looks like it’s right on the border of the “V” zone. He may eventually have a bayview house after all….

  34. Anon E. Moose says:

    Brian [28];

    And there is no inflation problem, either, right?

  35. chicagofinance says:

    NJ has nothing on Toronto & Montreal….

    Montreal’s anti-corruption mayor arrested on corruption charges

    MONTREAL — Quebec’s anti-corruption unit on Monday arrested Montreal’s interim mayor, a man who vowed to clean up the corruption scandals plaguing the city, on fraud charges.

    Police Commander Robert Lafreniere said Michael Applebaum faces 14 charges, including defrauding government, abuse of confidence and corruption.

    Applebaum was arrested at his home early Monday. He took over as interim mayor of Canada’s second-largest city last November after former mayor Gerald Tremblay resigned amid corruption allegations.

    “The corruption and collusion will no longer be tolerated,” Lafreniere said. “No one is above the law and you cannot hide from the law.”

    The charges stem from alleged acts that occurred before Applebaum became mayor. While officials offered few details, they said they relate to real estate projects between 2006 and 2011 when he served as borough mayor.

    Applebaum, 50, had promised not to run in the upcoming election, slated for this November. But his appointment was enough to make history: he became the first Anglophone mayor of the city in exactly 100 years.

    Signs of trouble arrived soon afterward.

    Anti-corruption officials raided Montreal’s city hall last February. They also targeted offices in various boroughs, including the one Applebaum represented for many years.

    Applebaum come just a month after Gilles Vaillancourt, the former longtime mayor of neighboring Laval, was arrested on corruption charges.

    The provincial police allege that the city hall Vaillancourt led was essentially a criminal organization, with officials there allegedly enriching themselves off local construction deals.

    In the neighboring province of Ontario Toronto Mayor Rob Ford, who leads Canada’s largest city, is facing unrelated allegations that he appeared in a video smoking crack cocaine. The video has not been released publicly.

  36. JJ says:

    Problem a lot of folks have is those crap boxes not worth raising. Some of older homes may not even survive. it.

    Better to take your 250K check from Fema knock it down, issue some folks have is to get a building permit to knock down a home you need to own it free and clear without a mortgage. Some folks get a check for 250K but own 250K and builder wants 250K and no bank will lend on this nonsense.

    The V zone is in front and A zone in rear kinda like Liquor in the front and Poker in the rear

    Juice Box says:
    June 17, 2013 at 11:29 am

    Brian – House has to be built to withstand waves when it is in a V Zone. NJ law prohibits building residences in V Zones. Here is a good description from an Engineer when the original FEMA advisory maps came out where the V Zones included thousands of homes.

  37. zieba says:

    Grim,
    RE: Krakow
    A very close friend and his wife own a bar with 50+ bottles and tons of Polish micro brew taps right on the square on ulica Sw. Tomasza (houseofbeerkrakow dot com). If you’re in town, your first 1.5L is on me. If a seven footer or his wife the blonde are behind the bar – both Ridgewood residents – tell them to put it on Zombo’s tab.

  38. Brian says:

    My uncle is the last house on the block in zone “A”. The guy next to him with his pine trees that he planted blocking my uncle’s view of the sunset every evening is now in zone “V”.

    http://www.region2coastal.com/sandy/table

    Hopefully the saltwater killed the pine trees too…..

    38.JJ says:
    June 17, 2013 at 12:03 pm
    Problem a lot of folks have is those crap boxes not worth raising. Some of older homes may not even survive. it.

    Better to take your 250K check from Fema knock it down, issue some folks have is to get a building permit to knock down a home you need to own it free and clear without a mortgage. Some folks get a check for 250K but own 250K and builder wants 250K and no bank will lend on this nonsense.

  39. grim says:

    I think I’m going to try my hand at making solid surface countertops for the office instead of paying somebody to do it. I’ve got a big-ass router and table saw, and have worked with cast acrylic before, so this should be like butter. Plenty of websites selling overstock/partial sheets of solid surface material from the big names, all very cheap. I’m thinking I can do 2 or 3k worth of countertops for under a grand.

  40. grim says:

    if you’re in town, your first 1.5L is on me.

    When did they open? I don’t remember it last time I was there.

    I’m not too far, my place is right around off of ul. J Lea.

  41. raging bull jj says:

    Salt if very bad for pine trees. Next time guy is not home and it is raining he should dump like a 20 pound bag of salt, the driveway or house stuff is fine. It has to be under branches. As roots go out as far as branches do. Just dont do it in a downpour, the stuff seeps into ground and takes weeks to months to work. Considering flood no one can prove anything. Even winter if fine, if you are out salting sidewalk just throw it that way.

    Brian says:
    June 17, 2013 at 12:42 pm
    My uncle is the last house on the block in zone “A”. The guy next to him with his pine trees that he planted blocking my uncle’s view of the sunset every evening is now in zone “V”.

    http://www.region2coastal.com/sandy/table

    Hopefully the saltwater killed the pine trees too…..

  42. zieba says:

    I first stopped in three years ago, which was a couple months after their opening day. I remember this vividly because I was on my way to the Ukraine and it was asphalt-melting hot for weeks on end.

  43. Painhrtz - Disobey! says:

    Grim we are thinking of redoing our deck either this year or next keep hearing Cumaru as an alternative to Ipe. Any thoughts? Don’t want to do composite like the feel of wood better. going to be the last deck that gets put on the house while I live in it.

  44. Grim says:

    I’ve never seen or used it, but the comparison is off. I understand that Cumaru is Teak, which is very different than Ipe, even though the seem to be talked about as equivalents.

    I recently talked to a friend that does a lot of high end porches with Ipe, and he was te first person I heard of locally to do a deck out of it. He mentioned that the quality has fallen off ather dramatically over the last 10 years, and that the new shipments aren’t like the original loads that made it famous here.

  45. Dissident HEHEHE says:

    Lots of sales in Hoboken. At least 6 or 7 units in the building I am living in the past month have sold. Prices at or near asking. Mostly people moving up the ladder from a 2Bd to 3BD or those with downpayments from the bank of Mommy and Daddy. Will be interesting to see how long this is sustainable.

  46. Juice Box says:

    Heheh – what boggles my mind about Hoboken is why people would pay allot of money to live below sea level where the traffic is always bad and the water can rise several feet a few times a year just a few short blocks from the Projects.

    78-80 Jackson St., 5A listed April 9 for $1.295M; sold for $1.305M;

    http://www.zillow.com/homedetails/78-80-Jackson-St-APT-5A-Hoboken-NJ-07030/92207276_zpid/

  47. 1987 Condo Buyer says:

    Detroit Pension Default:

    Detroit Peddles Its Municipal Assets to Avoid Record Bankruptcy
    by: Brian Chappatta, Chris Christoff & Mark Niquette
    Monday, June 17, 2013. Print Email Reprints .. inShare.0.BLOOMBERG — Detroit (9845MF) is suspending payments on $2 billion of unsecured debt, marketing parking garages and telling retirees to rely on President Barack Obama’s health-care law to avoid a record municipal bankruptcy.

    Those are among proposed changes in a 128-page restructuring plan Emergency Manager Kevyn Orr offered yesterday at a meeting of creditors in Detroit. The moves, including spending $1.25 billion over 10 years to bolster safety and remove blight, will give an insolvent city a viable future, Orr said.

    “We have to strike a balance between the legacy obligations to our creditors and our employees and retirees and the duty as a city to 700,000 residents for lights, police, fire, emergency management, cleaning the streets,” Orr told reporters after the meeting.

    With a $39.7 million missed payment yesterday on debt issued to fund pensions, Detroit becomes the most populous U.S. city to default since Cleveland in 1978. Unsecured creditors may receive less than 10 cents on the dollar under a deal Orr offered to more than 100 creditors and union officials who met at a Detroit Metropolitan Airport hotel.

    The city would create a regional water agency to replace its municipally run department and evaluate options with other assets including its parking operations, according to Orr’s 128-page report.

    PARK, PARKING

    Detroit intends to market its parking operations through a sale, long-term lease or concession arrangement while closing departments that manage or operate nine garages, two lots and 3,404 parking-meter spaces, the report said. The city also wants to lease the 982-acre Belle Isle Municipal Park to the state to save $6 million a year, Orr said.

    Active and retired workers would see their pensions reduced under the plan, and the city wants to replace its retiree health-care plan with one relying on federal insurance exchanges under Obama’s patient Protection and Affordable Care Act or Medicare with city supplements, according to the report.

    After the meeting, Standard & Poor’s lowered the rating on the city’s general-obligation debt to CC from CCC- minus with a negative outlook. That’s 10 steps below investment grade.

    Fitch Ratings cut Detroit’s unlimited-tax and limited-tax general obligations, along with its pension obligation certificates, to C, which signals “imminent default.”….

    http://www.financial-planning.com/news/detroit-peddles-its-municipal-assets-to-avoid-record-bankruptcy-2685373-1.html?pg=1

  48. Juice Box says:

    Jj makes a cameo at 42 seconds in, he is the shirtless guy on the right.

    The Wolf of Wall Street Trailer w. Leonardo DiCaprio as Jordan Belfort, Matthew McConaughey &Jonah Hill ft. Kanye West’s Yeezus. Dir Martin Scorsese.

    http://youtu.be/cz_J-DKNHMo

  49. Painhrtz - Disobey! says:

    thanks Grim first I heard of it as well and looked to be an alternative

  50. Detroit is the municipal version of a crack ho.

    Good times.

  51. The Original NJ ExPat says:

    [5] Wow.

    “Eighty percent of the commercial office space in New Jersey during its entire history was built in the ’80s”

  52. Painhrtz - Disobey! says:

    53 do you offer V zone insurance from JJ ruining them for the rest of us?

  53. The Original NJ ExPat says:

    [2] He wasn’t smart enough to know that buying at 5x income in a deficiency judgement state with a 3% down payment equates to buying a house on margin the same premise as writing naked futures contracts.

    The Salvadoran immigrant had worked for years as a self-employed landscaper to make a $15,000 down payment on a four-bedroom house in Rockville. He had achieved a portion of the American dream, earning nearly six figures.

    Then the economy soured, and lean paychecks turned into late mortgage payments. On Aug. 20, 2008, one year after he bought his dream home for $469,000, the bank’s threat to take his house became real via a letter in the mail. Just four days before the bank seized the property, he moved out, along with his wife and their two young children.

    That wasn’t the worst of it.

    In November, more than three years after the foreclosure, he was stunned to learn he still owed $115,000 — with the interest alone growing at a rate high enough to lease a luxury car.

  54. HE (47)-

    That whole mess is headed toward a bridge abutment at 140 mph.

  55. Dissident HEHEHE says:

    I’d say that it is a good time for those who bought in near the peak to get their money back out without a loss or a little loss and rent. Reality is most of the people who sold are looking at houses etc. Liable to put themselves right back into a different property that they are only going to be able to get out of at a steep loss in a couple of years.

  56. grim says:

    I’d say that it is a good time for those who bought in near the peak to get their money back out without a loss or a little loss and rent.

    Financially, I’d wager that staying put will be less expensive than renting unless downsizing is also part of the equation. Those who purchased at peak will be taking a loss, and it won’t be little. They’ll also be taking a big hit on the transaction costs on the sale, transaction costs on the rental, and moving costs, this is not an inexpensive proposition.

  57. Ragnar says:

    Scrapple (56),
    Crashing into a bridge at 140 is now cool. Icona Pop is singing about it, and it’s very popular. It should also help popularize 20 something girls dating 40 something guys. They say it’s some sort of girl power thing, and I’m sure there are plenty of 40 year old guys ok with empowering some 20 something chick and letting her crash into a bridge. What’s good for Ted Kennedy and Mary Jo Kopechne is good for the nation.

    “I crashed my car into a bridge/ I don’t care/ I love it”

  58. The Original NJ ExPat says:

    I’d say you’re both right. The real undecided factor is future real income. I was at a girl scouts awards dinner tonight and a nice family we know received a cash offer to buy their 1BR 1 bath if they can close in 6 weeks. They’re a family of 5 who have been locked into a small apartment since around the peak. They don’t know where they’re going, but they’re getting out without a loss. Turns out there’s a new commuter train station one stop from Boston opening in their neighborhood next year so investors are pounding the pavement, and well they should be. They don’t know where they’re going next but they’re happy to go somewhere else where they can have 2, maybe 3 bedrooms without bringing money to the closing table to get out of their current situation (plus recapture their small down payment). The wife told me that the only locking door in their small place is the bathroom. The husband told me their kitchen is so small you have to go into the other room to change your mind. I’m not making this up.

    Dissident says:”I’d say that it is a good time for those who bought in near the peak to get their money back out without a loss or a little loss and rent.”

    grim says: “Financially, I’d wager that staying put will be less expensive than renting unless downsizing is also part of the equation. Those who purchased at peak will be taking a loss, and it won’t be little. They’ll also be taking a big hit on the transaction costs on the sale, transaction costs on the rental, and moving costs, this is not an inexpensive proposition.??”

  59. The Original NJ ExPat says:

    Wow, deux.

    “Today in New Jersey 70 percent of all households have no children under the age of 18,”

  60. In NJ, how many children under 18 have children?

  61. The Original NJ ExPat says:

    [62] Ooooh! My brain doesn’t do recursive problems this late, clot, but I’ll think about that tomorrow;-)

    In NJ, how many children under 18 have children?

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