Pending home sales slip, but still up big over last year

From the WSJ:

Higher Mortgage Rates Pinch Pending Home Sales

The number of Americans signing contracts to buy previously owned homes slipped in June, a sign higher mortgage rates could slow housing-market momentum in coming months.

The National Association of Realtors said Monday that its index of pending home sales fell 0.4% in June from a month earlier to a reading of 110.9. The pace of sales was still strong, with the slight drop coming after pending sales reached a six-year high in May. Pending sales in June were 10.9% higher from a year ago.

However, the Realtors group said the June drop was likely a sign a rise in mortgage rates from May is starting to scare away some prospective buyers. The group said some people appeared to pull out of contracts for homes after rates rose sharply form when they initially signed.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the latest data suggest that completed home sales will rise in August but could slow from there. “We think any further progress in the short term will be a real struggle, thanks to the surge in mortgage rates since early May,” Mr. Shepherdson said in a note to clients.

Other reports recently have indicated the housing market remains strong. The Commerce Department reported last week sales of new homes rose 8.3% in June from a month earlier. Also last week, the NAR said sales of previously owned homes eclipsed the annual pace of 5 million for the second consecutive month in June, despite slipping from May.

Jim O’Sullivan, chief U.S. economist at High Frequency Economics, said the pending home-sales report will cause a greater focus on housing in the coming months as the Federal Reserve ponders when to rein in its stimulus measures. “A genuine weakening in housing would encourage the Fed to delay tapering plans,” Mr. O’Sullivan wrote in a note to clients.

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

100 Responses to Pending home sales slip, but still up big over last year

  1. anon (the good one) says:

    @Harpers: Number of Americans who died in motor-vehicle accidents in 2010: 33,687 (Aug ’13, 1 of 2) #HarpersIndex

  2. anon (the good one) says:

    @Harpers: Who died of suicide: 38,364 (Aug ’13, 2 of 2) #HarpersIndex #Guns

  3. chicagofinance says:

    @trolldouchebag: Who we wish died of suicide on these threads: 1 (Jul’13, 1 of 1) #Douchebag #Troll

  4. Ccb223 says:

    Question for the group, thinking about getting a sandy flooded knock-down or even better a lot w/nothing to knock down in or around LBI but keep hearing that lenders won’t finance that. They say I’d have to pay all cash. Would really rather not do that (would also price me out of a bunch of things). Is that true? Does anyone know any lenders who will provide financing for a lot? Thanks.

  5. Grim says:

    Pay cash.

    I’m sure someone will say 203k, but I haven’t heard of someone using it down the shore, and I believe it would need to be your primary residence otherwise you are committing fraud.

    Construction loan may be an option, but a long shot for a newbie, besides you’ll need to put down around 25-30% in addition to showing you have the reserves to finish the project. You’ll be paying a high rate and will have tight deadlines.

  6. The anon deathwatch begins.

  7. Comrade Nom Deplume, Halfwit dumbass says:

    [6] scrapple,

    Just park the semi full of fertilizer and diesel outside of Netroots, 2014. Odds are good you’ll get him, or at least a lot of anon wannabes.

    Damn, I have to add that to my manuscript.

  8. Comrade Nom Deplume, Halfwit dumbass says:

    In other news, I am endorsing Anthony Weiner for mayor of NYC.

    Really. I want him to win. It’d be perfect.

  9. Weiner is the perfect cariacature of what people from Nebraska think New Yorkers are like.

  10. Comrade Nom Deplume, Halfwit dumbass says:

    [9] scrapple

    Precisely!

  11. Obamacare as bailout vehicle. This should end well.

    “When Detroit filed for bankruptcy, the city’s demands for a Federal bailout promptly rose to the surface and then just as promptly dissipated following a polite but stern rejection by the president, almost too fast and without any fight, according to some. Or maybe that is only how it appeared. According to the NYT, Detroit’s advisors may be looking at a completely different source of Federal “assistance” – a much more indirect one, even if at the end of the day, it is taxpayers who end up footing the bill. Obamacare.”

    http://www.nytimes.com/2013/07/29/us/detroit-looks-to-health-law-to-ease-costs.html?pagewanted=all&_r=3&

  12. ccb223 says:

    In response to the below, I am not sure what a 203K loan is but will look into it. Regardless, doesn’t sound like it’s available for a vacation home. I can’t believe there are no other options but to fully pay cash if you want to buy a lot to then build. Seems like somebody ought to be in that business providing financing.

    On the construction loan, wouldn’t that just be for the build? I still have to pay for the land. Or would the construction loan encompass both? That would be ideal.

    I just don’t want to commit so much of my savings to buying this property, paying all cash would be very tight (need to have something saved for a rainy day). If anyone has any other suggestions I am all ears.
    Grim:
    Pay cash.
    I’m sure someone will say 203k, but I haven’t heard of someone using it down the shore, and I believe it would need to be your primary residence otherwise you are committing fraud.

    Construction loan may be an option, but a long shot for a newbie, besides you’ll need to put down around 25-30% in addition to showing you have the reserves to finish the project. You’ll be paying a high rate and will have tight deadlines.

    Ccb223 says:
    July 29, 2013 at 8:01 pm

    Question for the group, thinking about getting a sandy flooded knock-down or even better a lot w/nothing to knock down in or around LBI but keep hearing that lenders won’t finance that. They say I’d have to pay all cash. Would really rather not do that (would also price me out of a bunch of things). Is that true? Does anyone know any lenders who will provide financing for a lot? Thanks.

  13. grim says:

    If you are able to pay cash, pay cash and build the house, why would you take out a loan if you can finance the construction yourself? Realize that once you complete your construction and get your CO, you can mortgage the new house and regain whatever liquidity you’d like. This is exactly what you would be doing with a construction loan anyway. You’d have a whole lot more flexibility this way, and it would save you money, the rates associated with construction or lot loans has traditionally been very high.

  14. Painhrtz - Disobey! says:

    Cash,

    Demo the house. If I had the scratch would demo the house, build an awesome roofed porch with a summer kitchen and stall shower/bathroom, enclose it in a privacy fence and sleep outside at night. Who needs a house your not living in it.

  15. joyce says:

    Anyone from New Hampshire?

    http://www.unionleader.com/article/20130728/NEWS07/130729284

    Concord is poised to accept $258,000 in federal funding to buy an armored vehicle that police say would provide protection for officers and civilians alike during a terrorist attack, riot or shooting incident.

    In its grant application to DHS, the police department said New Hampshire’s experience with terrorism “slants primarily towards the domestic type,” and said “the threat is real and here.”

    “Groups such as the Sovereign Citizens, Free Staters and Occupy New Hampshire are active and present daily challenges,” the application stated. In addition to organized groups, it cited “several homegrown clusters that are anti-government and pose problems for law enforcement agencies.”

  16. joyce says:

    I hope the application gets denied. That will teach them not to leave out “it’s for the children” when they resubmit.

  17. Comrade Nom Deplume, Halfwit dumbass says:

    [15] Joyce

    Because of influx from Massachusetts, New Hampshire has flipped to a blue state. New Hampshire actually became a majority transplant state nearly 20 years ago. So there is less of a traditional New Hampshire attitude left among its citizens.

    This request is not as far-fetched as it may seem. When my wife worked for the Chief Justice, a deranged gunman went on a shooting spree in the state. He killed a local judge and some others, before dying of lead poisoning at the hands of the Vermont State police. They were on lock down in the courthouse that day.

    Manchester has always had its own armored vehicle. I remember seeing it on the streets there. It is modeled after the British armored vehicle that is used in northern Ireland. Manchester is a larger city and has a fairly large poverty population, as well as being a focal point during the silly season every four years, so it’s need was more obvious. But Concord is the capital of the state and it would seem reasonable that it could be a focal point as well.

  18. JJ says:

    Julie McKinney, 26, and her fiancé Chris Miller are saving for a down payment so they can begin married life in a house of their own. McKinney, a college marketing coordinator, took on weekend work at a gym and winery and the couple moved into her sister’s basement outside Baltimore. McKinney and Miller, a first grade teacher, also bag lunches and cut grocery coupons, she said.

    “We’ve never taken anything on that is this big and it’s so exciting to have a goal in mind,” said McKinney, who hopes to amass about $7,000 for a down payment on a Baltimore starter home. “It’s a transition into adult life.”

    Their opportunity to buy depends on a mortgage underwriting system that’s in transition.

    this clip from an article on why they should loosen mortgage standards cracks me up

    First 26 is way too young to expect to own a house considering the girl did a college and graduate degree and picked a low paying career. Second a finance picked a low paying job in college marketing

    Most of my friends bought their first place in their 30s after college loans were paid off and after their career was established. Teaching is a foo foo job. Sure I would love to teach, also would want to be a lifeguard and a roadie for the Rolling Stones. But I dont expect the bank to give me money cause I picked a fun low paying career.

    Jobs that pay a lot involve travel, stress (goldman), long hours (manager retail) , sales, (commission) consulting , dangerous (oil drilling), boring (accounting)

    Marketing at a college and first grade teacher are up there with being a shoe model or hostess at a trendy bar. These two folks should get real jobs and wait till 35 to buy a home.

  19. joyce says:

    Comrade,
    I’m sorry but I care nothing about red v blue. And I guess the point of me posting that was more about the ridiculous notion that they need that equipment (or any equipment for that matter) to handle the very dangerous domestic threats they face day in and day out.

    “the threat is real and here.”

    “Groups such as the Sovereign Citizens, Free Staters and Occupy New Hampshire are active and present daily challenges,” the application stated

  20. joyce says:

    To continue:
    And I really laugh when I see ‘anti-gov’ this and that, as if that’s a bad thing.

  21. joyce says:

    Being anti-gov is the equivalent of being anti-gang and anti-organized crime.

  22. Fast Eddie says:

    I had a realtor approach me in my driveway last evening asking if I would re-list my house. Usually I get a call every other day but now they’re showing up in person. She said she showed my house last year when it was for sale and remembers how clean and neat it was. I told her I can’t find another house or else I would sell mine again.

    She then went throught the mantra and told me she could find me a house and asked me price range and blah… blah… and all that groovy sh1t. I had to stop her from spitting out the talking points.

    Obviously, I don’t need a realtor to sell my house; I could put a cardboard sign on the lawn and the house would be sold in 48 hours. And since last year, I installed brand new CAC unit, crown molding, expanded the deck and some other stuff. Since there’s no inventory, I estimate I’ll get 15% higher than last sale price if not more.

    The issue, and I told this to the realtor, is that I can’t find a house. I have been sending letters to homeowners of those houses that I like and I haven’t heard a peep. I can start knocking on doors but I don’t want them freaking out either.

  23. Painhrtz - Disobey! says:

    Joyce yeah those free staters and sovereign citizens are real trouble. Nom northeast liberals really are a plague. NH should change their plates to submit and die.

  24. JJ says:

    Retire Here, Not There: New Jersey
    Outdoor living and cultural riches in New York’s shadow

    Tony Soprano made the state look like a crime-ridden industrial wasteland; Snooki made it look like the site of a drunken, raunchy frat party; and Bruce Springsteen made it sound like the last place you’d want to be, when he sang, “It’s a death trap, it’s a suicide rap, we gotta get out while we’re young,” in his song “Born to Run.” But all that pop-culture bad press, of course, just makes New Jersey natives all the more eager to stand up for their state’s virtues. And that’s one reason why the New Jersey many retirees experience is the polar opposite of its portrayal in the media.

    For starters, “The Garden State” is green, with plenty of outdoor recreation and natural beauty.

    To the south, you’ll find the 1.1-million acre Pinelands, a sprawling stretch of farms, forests and wetlands stretching through seven counties and comprising 22% of Jersey’s land area, much of it protected parkland—and all lined with extensive hiking and biking trails.

    To the east, along the Atlantic coastline, there are more than 90 miles of shoreline with beaches that range from the bustling, amusement-park-and-t-shirt-shop-filled variety to the serene, clapboard-house-and-ice-cream-parlor version.This area was hard-hit by 2012’s Superstorm Sandy, of course, but much of it is bouncing back from the impact.

    To the north, you’ll find the 70,000-acre Delaware Water Gap along part of the border between New Jersey and Pennsylvania, which has 37 miles of riverfront and many miles of tree-lined hiking trails.

    Alongside all this nature lie some culturally significant and lively cities. Princeton, the site of Princeton University, has also been home to Presidents Woodrow Wilson and Grover Cleveland, author Toni Morrison, economist Paul Krugman and dozens of other famous figures.

    Atlantic City offers gambling, night life and amusement parks. Cape May features some of the best beaches in the Northeast, just blocks away from streets lined with gingerbread Victorian homes. Plus, the state has top-notch medical facilities, says Kenneth Nolan, managing director at financial and business services firm CBIZ in New York City, who has many clients who live in New Jersey.

    New Jersey, as Springsteen would tell you, is not without its problems. Though The Boss can easily afford to live in this pricey state, many retirees can’t. “New Jersey is a really high-tax state,” explains Nolan: There’s a top income-tax rate of almost 9%, there aren’t many state tax deductions, and the pension-income exclusion gets phased out once a retiree has more than $100,000 in total annual income. Insurance in coastal areas can be expensive (especially post-Sandy). The overall cost of living is nearly 35% higher than the national average, and in some posh suburbs closer to New York, it climbs far higher: In Englewood Cliffs, it’s 159% above average.

  25. Comrade Nom Deplume, Halfwit dumbass says:

    [11] scrapple

    Harken back to my observations about stealth bailouts. I think Tyler hit the nail on the head.

    Bailing out munis and states, enacting protectionism, etc. Someone once said of the wealthy that they had to get rich in the dark. This administration has to pursue its agenda in the dark.

  26. joyce says:

    Yeah, they should just start robbing people. Right finance guy?

    18.JJ says:
    July 30, 2013 at 9:28 am

    These two folks should get real jobs

  27. JJ says:

    As someone who just bought a sandy home cash is king. For a variety of reasons.
    First all the cash does not have to come from your bank, could be a HELOC on primary, 401K loan or Margin loan

    If you do get a loan the issue is you will be required to have Full Homeowners and Flood insurance. Very Very few people do Homeowners on an unoccupied damaged house. The rates are outrageous. Then you are required to have flood on a mortgage. On an unraised sandy damaged home the premium will be very high but since it is damaged you will collect very little.

    Other issue is you cant file for a demo permit on a home with a mortgage. The home is the lien, you cant knock it down without clean title. That caused problems with some of my neighbors.

    Also you will pay more for home, usually 10% more with a mortgage. As owner knows deal will most likely fall through and they get stuck holding home into next hurricane season as mold grows.

    Best is to buy the place cash cheap. Then decide do I get the mexicans/asians in and refix it up doing “in-kind” repairs requiring no permits. Or do I get a construction loan and tear it down.

    Other HUGE issue is house ICC!!!!!!!!!!!!!!!!!!!!!!! ICC is increased cost of compliance. What does that mean. It means home had flood insurance, insurance company paid out greater than 50% of value of home (substantially damaged) is has lost its pre-FRIM grandfathering and most be raised at a big cost or pay sky high insurance.

    Example my neighbors house had flood. She had flood insurance. She got paid out 55% which means she is ICC. They told her starting next year her rates will rise 20% a year until she reaches full flood rate of 9K a year!!!! She is at 1k now. So do the math, 1220 then $1,444 you get it like in 10 years house will have high flood insurance.

    My house as a dummy with no flood insurance who was badly damaged guess what according to FEMA/NFIP my house had ZERO flood claims in 60 years. My sandy damage does not count. I pay $390 a year flood.

    Folks without flood who are substainly damaged are good!!Folks with flood who are substainly damaged are bad unless you are tearing down house.

    Flippers near me and investors who want to grab their crew of off the books folks avoid like the plague ICC houses. Old lady up the block sold her house worth 450K in Summer 2012 a few weeks ago for 199K. Since she did not have flood and it is “in-kind” repairs, no permits are required, flipper does not need licensed contractors and they are residing house, replacing baths and kitchens and house will go back on market in a few weeks for 450K, all new and new owners will pay 390K flood insurance. Raising houses with permits and licensed electricians, plumbers, architects, engineers, is not only expensive those inspectors are busy. You cant close up walls move forward quickly.

    I paid cash for my place and last night I finished it. Five weeks.

    Avoid ICC unless you have the ton of money to tear it down and rebuild. This is a once in 100 year storm. Also if house is not ICC you get cheap flood anyhow so why do you care if 25 years from now another SANDY hits. .

    My little house

    Ccb223 says:
    July 29, 2013 at 8:01 pm

    Question for the group, thinking about getting a sandy flooded knock-down or even better a lot w/nothing to knock down in or around LBI but keep hearing that lenders won’t finance that. They say I’d have to pay all cash. Would really rather not do that (would also price me out of a bunch of things). Is that true? Does anyone know any lenders who will provide financing for a lot? Thanks.

  28. Comrade Nom Deplume, Halfwit dumbass says:

    [11] scrapple

    It isnt exactly a new idea for Team Obama

    http://online.wsj.com/article/SB10001424053111904353504576568352231645730.html

  29. JJ says:

    Husbands job it to market expensive college degrees to folks who cant afford them and wife’s job with a big pension and free medical is sucking the retired folks in towns life savings. I think they are worse

    joyce says:
    July 30, 2013 at 9:48 am

    Yeah, they should just start robbing people. Right finance guy?

    18.JJ says:
    July 30, 2013 at 9:28 am

    These two folks should get real jobs

  30. Comrade Nom Deplume, Halfwit dumbass says:

    [19] Joyce

    It’s about the free money. The telling thing is that this is how you get a gov grant these days, by saying you need it to counter the threat from the right.

  31. JJ says:

    “The American Dream; you have to be asleep to believe it” – George Carlin

  32. joyce says:

    The militarization of local police has been going on for decades.

    30.Comrade Nom Deplume, Halfwit dumbass says:
    July 30, 2013 at 9:58 am
    [19] Joyce

    It’s about the free money. The telling thing is that this is how you get a gov grant these days, by saying you need it to counter the threat from the right.

  33. Painhrtz - Disobey! says:

    Oh yes Krugman just makes me want to spend my time in Princeton. Could have summed that article up with its different here.

    Of course do not highlight the political and union corruption. Tax flight, impending insolvency and the eventual caste system of haves and have nots. Nor should we forget the urban decay of all the major cities. Other than all that, plus multitudes of things I probably forgot sure NJ is awesome

  34. Libtard in Union says:

    Why do towns need armored vehicles. Doesn’t the National Guard already have them? How about let Concord have their toy, but they are denied access to military and state support if needed in the future.

  35. All Hype says:

    Joyce (15):

    That Bearcat Vehicle will be used for police tactics demonstrations. parades, grade school and retirement community presentations and for getting the chicks in New Orleans.

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

  36. Ben says:

    “We’ve never taken anything on that is this big and it’s so exciting to have a goal in mind,” said McKinney, who hopes to amass about $7,000 for a down payment on a Baltimore starter home. “It’s a transition into adult life.”

    It’s sad that my competition for buying a home wants to put down less on their “starter home” than I did on my Honda Civic.

  37. Ben says:

    #33, Pain, you want to know what’s sad. Einstein had a house in Princeton, and he lived like a normal person. Krugman lives in a gigantic house with $50k in property taxes per annum. I’m sure each of his cats have their own room.

  38. joyce says:

    All Hype,
    I almost forgot about that one.

    Comrade,
    And it can’t be just about the free money since the money is attached to a specific item (they can’t spend it on anything they want). If the manufacturer of the armored vehicle has made the appropriate donations, I’m sure the application will move forward forthwith.

  39. Grim says:

    Einsteins old house is probably worth more now than he got from winning the Nobel prize, give that one a pondering.

  40. JJ says:

    7k is not enough for lawyer, closing and moving. Normally you need to have 20k left over for closing, moving, fees, taxes, escrow etc plus unexpected stuff you get when you move into a new house. So really they have no money saved for closing. Funny part is my 6 year old has around 7k savings. So she and her husband has the savings of a six year old and want to buy a house.

    Ben says:
    July 30, 2013 at 10:11 am

    “We’ve never taken anything on that is this big and it’s so exciting to have a goal in mind,” said McKinney, who hopes to amass about $7,000 for a down payment on a Baltimore starter home. “It’s a transition into adult life.”

    It’s sad that my competition for buying a home wants to put down less on their “starter home” than I did on my Honda Civic.

  41. JJ says:

    That shower drain is still clogged with his hair.

    Grim says:
    July 30, 2013 at 10:41 am

    Einsteins old house is probably worth more now than he got from winning the Nobel prize, give that one a pondering.

  42. Statler Waldorf says:

    When fear permeated the market, it was time to buy. Today, there is no fear.

    http://money.cnn.com/2013/07/30/news/economy/home-prices

    Home prices keep soaring

    By Chris Isidore July 30, 2013

    Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.

    The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.

    Prices in two cities – Dallas and Denver – hit record highs, topping even the peaks they reached during the housing bubble.

  43. joyce (15)-

    Obviously, people who fly the Gadsden Flag must be met with armor-plated vehicles.

    More evidence of how we are totally fuct.

  44. joyce (21)-

    Welcome to the watchlist. Pull up a chair, and have a cup of coffee.

    “Being anti-gov is the equivalent of being anti-gang and anti-organized crime.”

  45. jj (24)-

    Princeton is a pretty town, but a degenerate rathole of collectivist idiocy, surpassed only by the PRM.

  46. Statler Waldorf says:

    If you have $7K saved, you’re ready to rent an apartment. When you have $70K saved, maybe you can start to look at houses. Maybe.

    “McKinney, who hopes to amass about $7,000 for a down payment on a Baltimore starter home”

  47. Painhrtz - Disobey! says:

    as long as those demonstrations are demonstrations of force while prosecuting the war on drugs.

    Joyce did you see the feds have been raiding medical mj dispencaries in WA state, though the recreational and medical uses were determined legal by the electorate. I think the DOJ response was F*ck you that’s why!

  48. grim (39)-

    The Nobel Prize has been devalued by the succession of dunces they keep handing it to.

  49. waldorf (46)-

    C’mon, dude. Everybody knows that levering up 30-50x on Baltimore real estate is the ticket to lifetime financial security.

  50. Two words: The Wire.

  51. JJ says:

    I can almost close my eyes and see realtors are blasting the song, I am up all night getting lucky and making it rain dollars at closing.

  52. JSMC says:

    Question for those who are programmers: I was offered a programming job in the finance industry, specifically private equity (the job is in north jersey). Now, I don’t hate where I am at now, but I understand that getting experience in finance in this area should lead to lucrative opportunities in the future, even with other companies…is that generally the case? How much more does the finance industry pay programmers over other industries in this area?

    I ask b/c I tried to give my 2 weeks and they responded with a decent counter-offer (enough to make me think twice), and my main reason for going to this new position is the opportunity to get into finance.

  53. hoodafa says:

    American Dream Slipping as Homeownership at 18-Year Low

    The U.S. homeownership rate, which soared to a record high 69.2 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes.

    With ownership at 65 percent and home values rising, housing industry and consumer groups are pressing lawmakers to make the American Dream more inclusive by ensuring new mortgage standards designed to prevent another crash are flexible enough that more families can benefit from the recovery. Regulators are close to proposing a softened version of a rule requiring banks to keep a stake in risky mortgages they securitize, according to five people familiar with the discussions.

    More at http://www.bloomberg.com/news/2013-07-30/american-dream-erased-as-homeownership-at-18-year-low.html

  54. Comrade Nom Deplume, Halfwit dumbass says:

    [35] allhype

    Now this is a BOV:

    http://armoredtrucks.com/bcat-suv.aspx

    I wonder if it comes with Crush Valor?

  55. Half Crazy says:

    We’re looking a 2 family home in Westfield’s south side and wanted to get some feedback from the board on the town and values. Taxes are fairly reasonable (for NJ), we love the downtown area, and schools and politics seem solid. Remember vague references to people on the Board living there and having an “odd” name they referred to Westfield by. Thanks! Long time lurker….

  56. Libtard in Union says:

    BRIGADOON!

    They have a nice pool complex. Unfortunately, most residents have an inferiority complex too.

  57. JJ says:

    What industry are you in now?

    JSMC says:
    July 30, 2013 at 11:32 am

    Question for those who are programmers: I was offered a programming job in the finance industry, specifically private equity (the job is in north jersey). Now, I don’t hate where I am at now, but I understand that getting experience in finance in this area should lead to lucrative opportunities in the future, even with other companies…is that generally the case? How much more does the finance industry pay programmers over other industries in this area?

    I ask b/c I tried to give my 2 weeks and they responded with a decent counter-offer (enough to make me think twice), and my main reason for going to this new position is the opportunity to get into finance.

  58. nicholas says:

    I think that the key words that you are miss-interpreting from the phrase “Baltimore Starter Home” are “Baltimore” and “Starter” and “Home”.

    First, you are talking about Baltimore, a port city much like Philidelphia. There are no living fish in the harbor or plant life because of all the toxic runoff. I heard a joke that said, “no dead bodies are ever found in the Baltimore harbor because they dissolve”. It is getting better but I would not swim in that water.

    Second, “Starter” and “home” have different meanings when you live in Baltimore. Starter refers to row housing, which was installed at the turn of the century for many of the dock workers. Home refers to some place you can live, which is a low standard for Baltimore.

    Case in point, 21216, a zip in Baltimore has an average house price of 53k. Via Google maps you can see something like Peidmont avenue with example row houses. These are crap shacks with no central air conditioning. You would open the windows to allow the breeze to go through except that years of neglect keep the windows glued/painted shut.

    This is what they mean by “Baltimore Starter Home” and 7k is about 13% of the home price which isn’t too shabby.

  59. JSMC says:

    #57

    Print and Mail/Billing. Last job I worked before this one is technical services (building apps), in which I worked at a wide variety of industries from medical billing to building a website for a summer camp. But I’ve been doing Billing for last the five years.

  60. Brian says:

    PA is next. NJ transplants will alter the politics of that state.

    You better comply and sign up for the national gun registry now……..you know for the children.

    17.Comrade Nom Deplume, Halfwit dumbass says:
    July 30, 2013 at 9:09 am
    [15] Joyce

    Because of influx from Massachusetts, New Hampshire has flipped to a blue state

  61. Statler Waldorf says:

    Cost of a new roof?

    “7k is about 13% of the home price which isn’t too shabby.”

  62. Libtard in Union says:

    Brian,

    There’s a lot of truth to this. In the subprime communities around the Poconos, taxes are already shooting up due to the influx of retarded NJ voters.

  63. Painhrtz - Disobey! says:

    Lib retarded voters does a diservice to the mentally challenged, brain dead would be more appropriate.

    Brigadoon, not to be confused with brigadoon upon hackensack which has the unicorns that sh!t skittles.

  64. 1987 Condo says:

    #62…oh..when I was young on Staten Island, NJ was the “Texas of the East”..no income tax, conservative, open spaces, farms, etc…..I will say the “New Yorkers” impacted NJ and they will continue the slow march west and south….

  65. joyce says:

    Yup, and one or two in Colorado just before Washington. Of course if you ask some people (including some regulars here), the Feds can do this because intra-state and personal activity falls under the interstate commerce clause.

    47.Painhrtz – Disobey! says:
    July 30, 2013 at 10:56 am
    as long as those demonstrations are demonstrations of force while prosecuting the war on drugs.

    Joyce did you see the feds have been raiding medical mj dispencaries in WA state, though the recreational and medical uses were determined legal by the electorate. I think the DOJ response was F*ck you that’s why!

  66. Libtard in Union says:

    So the diaspora is as follows…

    Start in Brooklyn, Bronx or Queens. Then move to Staten Island. Eventually, it’s either Long Guyland or suburban Jersey. Finally, it’s Bucks, Monroe or Pike County PA. America supposedly starts there.

  67. ccb223 says:

    Grim/JJ,

    So it sounds like you guys are suggesting that I find a way to pay cash for the lot with the knock-down house (maybe through a HELOC or a 401K loan or a “Margin Loan”) then take out a construction loan to build the house (I want to build regardless, the lost I like is on the bay so will need to be raised and I generally like the idea of customizing my beach house) and later on, after I get a CO, I would have the option of taking out a mortgage to get my liquidity back. Does that about sum it up? I didn’t realize if would be that easy to get a mortgage on a newly build property but I guess that makes sense as otherwise you’d have the construction loan outstanding.

    JJ — a few more questions:

    Around what town did you get your house at? I am looking at beach haven west. Any insight around there would be helpful.

    What is a margin loan? Do you mean a loan against my investment portfolio?

    How much does it cost to knock down the house and clear the lot? I am hearing 10-15K. Will also have to put in a new dock, the bulkhead is ok but the dock got totally destroyed…all of this adds up.

    How much of a pain in the ass is it to get a demo permit? And just generally to deal with the city when building a house for whatever permits are required (I imagine it’s a long burdensome process). But maybe the builder or architect is adroit at dealing with this and would do it for me — is that partly what you are paying them for?

    I assume the ICC issue goes away if I am knocking the Sandy house down and building a new one?

  68. daddyo says:

    We’re looking a 2 family home in Westfield’s south side and wanted to get some feedback from the board on the town and values. Taxes are fairly reasonable (for NJ), we love the downtown area, and schools and politics seem solid. Remember vague references to people on the Board living there and having an “odd” name they referred to Westfield by. Thanks! Long time lurker….

    ——–

    We have lived on the south side of Brigadoon for the past 7 years, and just moved into our first non-rental (30yr option-to-buy program). My wife loves the town. Kids are happy in the schools (both elementary). A significant portion of the people we know are either lawyers, wall st., or doctors, but so far the jackass/population ratio hasn’t been that far off from anywhere else we lived, except in the brig the jackasses have more money.. Fairly diverse community, all things considered. Pool is awesome, as stated. We’ll try to stay as long as we can hold out.

  69. ccb223 says:

    JSMC,

    I would generally say get into the finance space (way more upside, especially when compared to print (a dying business) and mail/billing (a more commoditized service)). But be careful which one, there are a lot of fly by night shops (both hedge funds and PE funds) that don’t last very long. So do you diligence on the new place. How long have they been around? What is their track record? Are they launching any new funds? Are they raising assets or losing assets? Etc.

  70. Judee says:

    55 Great town and the movie theatre has got the best popcorn. Just a word of warning do not get caught jay walking in town or the cops will taser you, cuff you, and have you lay on your stomach while three police cars come for back up. You will then be carted of to headquaters for interrogation. Nice town though.

  71. chicagofinance says:

    I was in Burlington last weekend…cripes….its has the vague feeling that it is trying…it has a Light Rail train running right down the main road, it is historic and right on the Delaware River, but it has that hardscrabble South Jersey feel. It also feels as if it is down the road from Trenton and up the road from Camden…..oh yeah….

    Scrapple n’Ricin says:
    July 30, 2013 at 10:54 am
    jj (24)- Princeton is a pretty town, but a degenerate rathole of collectivist idiocy, surpassed only by the PRM.

  72. JJ says:

    http://www.fema.gov/library/viewRecord.do?id=1636

    Read the fema guide to ICC homes

    Margin loans are against your stocks/bonds. Since it is collateralized you can get good rates and is tax deductable. HELOC up to 100K if you are in AMT is tax deductable. I have seen them for as little as 1.99% with no fees. 401K loans can be taken up to 50K and interest you pay goes back to your self. You can take a larger home equity, I think just first 100K is tax deductable. I had a bank pre-approve me for a 250K Heloc

    Demo depends on town. It also depends if you have a basement. I have seen 30×60 bungalows in Long Beach NY with no basement no garage “disappear” while I am at the beach, there in morning and gone in late afternoon. You need a lot of signoffs from electric, water, gas, sewer before you just knock it down.

    Rebuilding most folks are going with a highly rated modular home company and a highly rated fema compliant foundation company. I saw a four bedroom colonial on a fema/NFIP foundation that meets BFE requirements.

    I bought my place by Long Beach NY, the building inspectors wife is a realtor so you can imagine all my cos and permits I could get in an email in a matter of minutes.

    cb223 says:
    July 30, 2013 at 1:07 pm

    Grim/JJ,

    Docks and Bulkheards remember are uninsurable for flood. So if we get hit with a big storm again make sure they are built right.

    ICC does go away if you are knocking building down. But beware some slimy towns are taxing them as new construction so ask if taxes are going up.

    I did see a really nice modular home and fema complaint house that went up. The sign says Next Generation Modular Homes and Additions, Inc. They took house down in a day, took a few days to do foundation, then two weeks later house came and it was up in three days.
    The company that built the house I drove by has a website. I dont recommend places I did not use and they are Long Island not New Jersey. But there site goes in details about all the steps you need to do to take down a house and put up a new one. It is pretty interesting.

    http://www.nextgenmod.com/Building/buildingtimeline.html

    Pretty much if you are a novice and have no connections and dont know any honest builders you can copy a pre-approved house, talk to owners and customize slightly.

    Some towns are requiring things to be built 1-3 feet higher than FEMA. Towns are afraid in next re-mapping FEMA may raise BFE so if house is a little higher it is factored in so homeowner continues low rates.

  73. JSMC says:

    #69

    It’s a place looking to rebuild the infrastructure as part of a broader plan to grow its net worth. It’s now part of a very large company (it was bought a few years ago), and the division itself is trying to grow.

  74. Brian says:

    Appeals court: NYC’s big-soda ban unconstitutional
    Posted: Jul 30, 2013 12:00 PM EDT
    Updated: Jul 30, 2013 1:28 PM EDT
    By DAVID B. CARUSO
    Associated Press
    NEW YORK (AP) – New York City’s crackdown on big, sugary sodas is staying on ice.

    A mid-level state appeals court ruled Tuesday that the city’s Board of Health exceeded its legal authority when it voted last year to put a size limit on soft drinks served in restaurants, theaters, stadiums, sidewalk food carts and many other places.

    The ban, which would have stopped the sale of many high-calorie beverages in containers bigger than 16 ounces, had been lauded by some health experts as an overdue attack on 1 of the primary contributors to a national obesity epidemic.

    But in a unanimous opinion, the four-judge panel of the state Supreme Court Appellate Division said that the health board was acting too much like a legislature when it created the limit. It said parts of the new rules were clearly political or economic considerations, rather than health concerns.

    The judges wrote that while the board had the power to ban “inherently harmful” foodstuffs from being served to the public, sweetened beverages didn’t fall into that category. Since soda consumption is not necessarily harmful when done in moderation, it “cannot be classified as a health hazard per se,” the court wrote.

    Mayor Michael Bloomberg, the driving force behind the regulation, promised a quick appeal.

    “Today’s decision is a temporary setback, and we plan to appeal this decision as we continue the fight against the obesity epidemic,” he said in a statement.

    The American Beverage Association, which had been among the groups challenging the rule, applauded the court ruling, which was the second to find that the Board of Health had overstepped its authority. A similar lower court ruling in March kept the regulation from taking effect.

    “With this ruling behind us, we look forward to collaborating with city leaders on solutions that will have a meaningful and lasting impact on the people of New York City,” said Beverage Association spokesman Christopher Gindlesperger.

    New York’s effort to cap soda portions has drawn national attention, including from diet companies lauding it as a groundbreaking step in America’s war on extra weight and late-night TV hosts ribbing Bloomberg as a nutrition nanny.

    The drinks limit follows other Bloomberg efforts to nudge New Yorkers into better diets. His administration has forced chain restaurants to post calorie counts on menus, barred artificial trans fats from restaurant fare and challenged food manufacturers to use less salt.

    Bloomberg and city Health Commissioner Thomas Farley saw soft drinks as a sensible next front in a necessary fight: reining in an obesity rate that rose from 18 to 24% of adults in the city within a decade. Studies have tied heavy consumption of sugary drinks to weight gain.

    “We have a responsibility, as human beings, to do something, to save each other. … So while other people will wring their hands over the problem of sugary drinks, in New York City, we’re doing something about it,” Bloomberg said at a news conference after the measure was struck down in March.

    Critics said the city went too far in imposing a serving size limit.

    “For the first time, this agency is telling the public how much of a safe and lawful beverage it can drink,” Richard Bress, a lawyer for the coalition of groups that challenged the regulation, told the appeals court at a hearing in June. “This is the government coercing lifestyle decisions.”

    The court’s decision focused heavily on one technical area of the law – the separation of powers doctrine – and didn’t address whether the regulations would have infringed on personal liberties.

    Just like on the federal level, the executive branch New York City’s government lacks the authority to create new law. That’s the job of the legislative branch, the City Council. The Board of Health does have authority to enact rules that protect the public from germs and diseases, but the court said the city’s charter didn’t give it “unfettered” authority “with respect to all matters having some relation to the public health.”

    Writing for the panel, Justice Dianne T. Renwick did leave a slight crack in the door for some type of restriction on beverage sizes.

    Nothing in the decision, she wrote, is intended to “express an opinion on the wisdom of the soda consumption restrictions, provided that they are enacted by the government body with the authority to do so.”

  75. Richard says:

    Private Equity isn’t Finance I would have thought. When you say finance do you mean Securities Trading, Derivatives, Hedge Funds or Retail Banking. Private Equity wouldnt have much use for advanced IT.

  76. raging bull jj says:

    Apollo and Blackstone etc use some pretty advanced programing. Not all Private Equity are IT Idiots

  77. Sock Puppet says:

    Brian (70),
    That’s based on scores of people who are trying to train their brains from fading by paying Lumosity to play their brain-deterioration-avoidance games. Like that Nintendo Brain Age game that was popular for a couple of years. Krugman is probably boosting Princeton’s score as he pulls all-night sodoku sessions to prove to himself and everyone else that he’s still the smartest person in the world. The other Princeton professors then retaliate by going on the website to convince themselves of their intellectual virility.

  78. Essex says:

    During a press conference, Christie noted that his state paid more in federal taxes than they got back, which was not true to of the state that Paul represented. According to the Tax Foundation, for every $1.00 Kentucky’s taxpayers send to Washington, they get back $1.51. In contrast, for every $1.00 New Jersey’s taxpayers sent to Washington, they get only 61 cents back.

    “I find it interesting that Senator Paul is accusing us of having a gimme, gimme, gimme attitude toward federal spending when in fact New Jersey is a donor state, we get 61 cents back on every dollar we send to Washington,” Christie said. “And interestingly Kentucky gets $1.51 on every dollar they sent to Washington.”

  79. chicagofinance says:

    As FlabMx and the Elite 140 can attest….Europe is light years ahead of the banal United States and its slovenly capitalists…..

    Norway mass killer Anders Behring Breivik has applied to study political science at the University of Oslo, triggering a debate among some educators who reportedly refuse to teach him.

    “We cannot refuse anyone the chance of studying at the University of Oslo,” Ole Petter Otterson, an official at the school, told The Local. “We have to follow the technical rules for admission.”

    On July 22, 2011, Breivik, an anti-Muslim fanatic, killed 77 and wounded 242 in attacks on a government building in Oslo and at a youth camp on Utoya Island.

    Breivik is serving a 21-year-sentence at Ila prison. The prison’s director, Knut Bjarkeid, says he encourages Breivik’s application as a way to get a job when he is released, according to TV 2.

    But several University of Oslo political science department staff members, who wished to remain anonymous, told TV 2 that they object to teaching Breivik.

  80. Ben says:

    This is what they mean by “Baltimore Starter Home” and 7k is about 13% of the home price which isn’t too shabby.

    No…20% is not too shabby. Anything less than 20% screams they have no business buying a home…even in West Baltimore.

  81. Westjester says:

    Re 52

    The squeeze is on in finance IT. Used to be 150k min plus bonus, for development groups, now they are commoditising IT preparing to offshore. My previous co outsourced the whole fund admin group and the new co is separating IT from the controllers. I assume this is in preparation for offshoring IT. It’s what I’d do too. I plan to jump ship before that happens and go back to consulting where the fun is.

  82. Fabius Maximus says:

    #80 Chi

    I think Charles Manson got a degree while in prison. Does that mean the US is leading the way in this area?

  83. Brian says:

    Yeah what a hypocrite. Nothing pissed me off more than Paul’s idiotic comment criticizing Christie for asking for Sandy relief. What a jerk.

    Essex says:
    July 30, 2013 at 5:39 pm
    During a press conference, Christie noted that his state paid more in federal taxes than they got back, which was not true to of the state that Paul represented. According to the Tax Foundation, for every $1.00 Kentucky’s taxpayers send to Washington, they get back $1.51. In contrast, for every $1.00 New Jersey’s taxpayers sent to Washington, they get only 61 cents back.

    “I find it interesting that Senator Paul is accusing us of having a gimme, gimme, gimme attitude toward federal spending when in fact New Jersey is a donor state, we get 61 cents back on every dollar we send to Washington,” Christie said. “And interestingly Kentucky gets $1.51 on every dollar they sent to Washington.”

  84. I guess Lumosity excluded the MS-13 population when they figured Flemington in the 50 smartest towns in the US.

  85. …not to say MS-13 members are dumb…

  86. Rand Paul fighting Christie is like watching two junkyard dogs fight over a piece of meat that’s been laced with tranquilizers.

  87. Comrade Nom Deplume, Halfwit dumbass says:

    The pool complex is reason enough to move to the brig. I miss it.

  88. Comrade Nom Deplume, Halfwit dumbass says:

    [70] Brian

    8 cities or towns from Massachusetts listed. Most of any state. I lived in three of them and not all are university towns.

  89. Comrade Nom Deplume, Halfwit dumbass says:

    [89] redux,

    Whoops, missed one. I lived in four of them.

    Interesting lists. I recognize a lot of college towns on them. I didn’t read the methodology but does it suggest that everyone in these towns are using lumosity to prep for exams?

  90. Comrade Nom Deplume, Halfwit dumbass says:

    [84] Brian,

    He doesn’t care what folks in NJ think. They don’t vote for his opponents.

    Welcome to the Beltway Kabuki Theater. It’s all for show. So when I roll my eyes at the incredibly naive, indeed idiotic-sounding questions from Lie-awatha, I remind myself that this is for consumption by her fellow travelers back in the PRM. Which makes me wonder how we ended up with so many smart towns?

  91. Ragnar says:

    Rand Paul as president would be much more entertaining than Christie. I will never vote for Christie again for anything. 98% talk, 2% walk.

  92. Anon E. Moose says:

    Electric Car Tales: Fiat Tries to Get In on the Hype, plays bait and switch with customers.

    http://green.autoblog.com/2013/07/29/fiat-500e-199-lease-deal-sounds-great-is-nearly-impossible-to/

  93. Libtard at home says:

    You couldn’t pay me to drive a Fiat.

  94. BearsFan says:

    ccb223-
    family member of mine is a realtor who lives in Barnegat and owns a house in BHW.
    Be happy to share her contact info if you want, u should be able to get my email from grim.
    Chifi – trying not to jinx myself, but looking good on a move over to Cedar. AR done this week hopefully.

  95. chicagofinance says:

    Just FYI – it is kind of a main road in town…..everyone uses it to get to Dutch Lane/Boundary for points west and north, the Middle School is near Heulitt, and the entire town services complex is off Heritage. Also people use Cedar/Heyers Mill to backdoor the traffic at 34/537 because it backs up with shore traffic………just trying to help you be informed…….also stay as far away from 18/537 as possible…..18 is felon causeway…..the hop on 18 in Neptune/Asbury for a day of stealing property up on the farm……

    BearsFan says:
    July 30, 2013 at 10:43 pm
    Chifi – trying not to jinx myself, but looking good on a move over to Cedar. AR done this week hopefully.

  96. chicagofinance says:

    Most of this type of stuff happens in the southwest corner of town near 18, or the roads that lead to 537 then to 18….

    The Colts Neck Police are currently investigating multiple vehicle burglaries that occurred during the overnight hours Wednesday 5/28/13 into Thursday5/29/2013. A total of nine vehicles were entered and had property removed along various streets throughout the township. These investigations are in addition to the reports of seven vehicles that were entered sometime on 5/26/2013 and the four vehicles entered on 5/15/2013.

    All of these vehicles were left unlocked in driveways and at two residences actors entered garages through open overhead garage doors and removed property from vehicles. Stolen property includes loose coins, gift cards, cash and electronics including laptops and GPS units.

  97. Fabius Maximus says:

    But yea, GWB runs the country into a wall and yet some give him a pass.

    http://dallasfed.org/assets/documents/research/staff/staff1301.pdf

  98. Comrade Nom Deplume, Halfwit dumbass says:

    [98] flabby [ as in analysis]

    Did you see where they discussed all the things W changed in order to crash the economy? Yeah, I didn’t either.

    [and don’t tell me tax cuts and defense spending crashed the economy]

  99. Comrade Nom Deplume, Halfwit dumbass says:

    [99] redux

    “The ìSecond Great Contractionîin the U.S. was the result of a conáuence of factors: bad loans made by banks, ratings agencies falling down on the job, lax regulatory policies, misguided government incentives that encouraged banks to be reckless in their lending, and even monetary policy that kept interest rates too low for too long.”

    Can Fabius, or any liberal for that matter, tell me which of the foregoing was a Dubya initiative? This requires some actual thought so it might be above your pay grade.

    And I take issue with the fed’s list in one respect, the use of the word incentives. It is misleading, and perhaps gratuitously so. Some of those “incentives” took the form of Mafiosi style offers one doesn’t refuse. And those offers usually came from . . . Wait for it . . . The Fed!

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