Renters get new options

From the WSJ:

New Homes Get Built With Renters in Mind

More single-family homes across the nation are being built for renters, a shift that mirrors a steady decline in homeownership in the years since the housing bust.

Until recently, real-estate investors had focused primarily on scooping up tens of thousands of foreclosed homes, at a sharp discount, and converting them into rental properties. Now that the pool of these properties has declined and prices have risen, these investors are snapping up newly finished single-family homes to be used as rentals, or even developing vacant lots from the ground up.

Last year 5.8% of the 535,000 single-family homes started were being built as rentals, up from 4.8% in 2011 and the highest share since at least 1974, according to an analysis of census data by the National Association of Homebuilders. From 1974 to the home-price peak in 2006, only about 2% of single-family homes were built for rentals.’

For investors, the interest in new homes reflects their belief that the rental market will continue to see strong demand and rising rents. While there is little data for the level of single-family home rents, apartment rents have shot up 11.3% since 2009, according to Reis Inc. Overall, about 15 million of the nation’s single-family homes were rentals last year, up from 10.8 million in 2005, according to Zelman & Associates, a research firm.

Landsmith bought about 1,800 existing single-family homes over the past two years but has recently turned to buying new homes. The company has developed or bought about 600 new single-family rentals in Houston, Indianapolis and Charlotte, N.C.

“So you could buy a house from 1990 and get a 12% return. Now you can buy a brand-new house and get a 10% net return, so the spread isn’t that dramatic given the uptick in quality you’re getting,” says Chang Kim, a vice president at Landsmith. “We’re in a unique period where brand-new houses can be built for a low enough cost that single family rentals can work.”

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

264 Responses to Renters get new options

  1. Comrade Nom Deplume, a.k.a Captain Justice says:

    Damn. Beaten out by a chinkbot.

  2. Comrade Nom Deplume, a.k.a Captain Justice says:

    Once again, Grim is riding the wave, not watching it go.

    http://www.cnbc.com/id/101081481

  3. Comrade Nom Deplume, a.k.a Captain Justice says:

    Found this on CNBC. It was sure to be controversial and it is. What BS.

    http://www.zagat.com/b/50-state-50-pizzas?utm_source=disqus&utm_medium=cpc&utm_campaign=desktopbuzz#38

    Check out the oddity that is “best” of NJ. PA is represented by something even odder, and MA is represented by the biggest tourist trap in the state. WTF!

  4. secret admirer says:

    Have to admit that every morning i wait with anticipation Anon (the good one) posts.

  5. grim says:

    2 – We’re motivated by the passion for the product more than anything else, and certainly not motivated by money (what profit?). What I can’t deny is that the growth in demand for high quality American whiskeys is what’s enabled us to do what we’re doing. The market is now large enough that we don’t need to directly compete against the big labels, and the growth of craft whiskey in general has already educated the public on the availability of good quality and unique alternatives to your grand daddy’s whiskey. I’m not saying we’re necessarily better than the big conglomerates pumping out thousands of barrels annually, what I’m saying is that we’ve got some very interesting alternatives for the local whiskey drinkin’ public (oh hell… yes I am, we’re better by far).

    Anyhow, our weekly production targets will have us flying well under the radar of anyone like that.

  6. grim says:

    From MarketWatch:

    Home prices rise 0.2% in September: CoreLogic

    Home prices rose 0.2% in September, as annual growth reached 12%, the fastest year-over-year pace since early 2006, according to data released Tuesday by CoreLogic, an Irvine, Calif.-based analysis firm. Despite gains, national home prices in September were about 17.4% below a peak level in 2006. “Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” said Anand Nallathambi, CoreLogic’s chief executive. Excluding distressed properties, such as short sales, annual price growth reached 10.8% in September, while monthly growth was 0.3%. At the state level, home prices in Nevada saw the fastest growth, posting an annual rate of 25%, including distressed sales. However, Nevada was hit particularly hard when the bubble burst, and prices there remain about 41% below peak.

  7. anon (the good one) says:

    @ianbremmer: Bread lines seen at Zabars, as DeBlasio era descends upon NY.

  8. anon (the good one) says:

    Incognito, 30, was born in Englewood, N.J.,

    @JoAnnBarnas: Tony Dungy on D. Patrick Show:#MiamiDolphins bully Incognito on @Colts DNDC list in ’05: don’t draft b/c of character http://t.co/IEx6PD2TFX

  9. grim says:

    Looking at the Corelogic HPI numbers for September, looks like the New York-White Plains-Wayne, NY-NJ MSA just had it’s best month ever:

    Including Distressed Up 9.3% YOY
    Excluding Distressed Up 9.6% YOY

    NJ Statewide
    Including Distressed Up 4.7% YOY
    Excluding Distressed Up 5.0% YOY

  10. Not Ragnar in rare appearance says:

    I like the line about breadlines at Zabars. There already been breadlines at Zabars of Bronx/Queens, etc for the last 15 yrs, it’s just that the customers could not make it into
    Manhattan because of stop and frisk.

    A lot of the comments here have an underhanded racist twist. A lot of the posters seem to be one or two generations away from the boat and would been classified in another time as j*w, p*llacks, w*ps,etc. Sort of like the kids at LAX and Phoenix’s sheriff Arpaio – w*ps from the Bronx that think you are white. Ask Ragnar my southern white trash cousin f**ng namesake if you are consider white in his redneck areas?

    But, I digress. The bigger issue is not right/ left but Boomers vs everyone younger. Generational warfare under the cover of ideology. LikeMedicare and untouched Social Security for them and nothing for the younger generation but the tab for their generational degenerate decades of fun.

    Discuss.

  11. Comrade Nom Deplume, Guardian of the Realm says:

    [10] not

    WTF does a line of people waiting to buy bread have to do with anything political? Am I missing something here? Or is this a chinkbot I’m replying to?

  12. Comrade Nom Deplume, Guardian of the Realm says:

    [4] secret,

    No need to wait. After your morning constitutional, just wipe, turn and have a look at the deuce you just dropped.

  13. Painhrtz - Disobey! says:

    Nom seriously, I hate craft pizzas. Sadly the Oaklahoma entry looked most appetizing.

  14. Fast Eddie says:

    I’m still seeing very little in the way of inventory worth considering. It’s very difficult to find a house with a logical layout in a stratigically decent location. Every time I see a house that appears to be worth a look, it turns out to have a number of fatal flaws. I’m not talking about cosmetic stuff, I’m talking about very f.ucked up internal flaws. Combine artifically low rates, a clogged pipeline of repos, vast numbers underwater and drowning with no inventory and this slog will continue indefinitely. I won’t even mention price; I would love to know who has the skinny on these pocket listings just so I can at least be tempted to even consider making a play.

  15. anon (the good one) says:

    [10] Not

    “‘Keep the guvmint (sic) out of my medicare”

  16. Fast Eddie says:

    Here’s an example below. I was in this house last week. It has the most illogical layout, most wasted space, least amount of want, charm and anything else you could conjour. It have no idea what to call it. It doesn’t have a real living room or dining room; it’s one big vaulted mess. It reminded me of a storage pod and it smelled like sh1t. This is what we people without access to “pocket” listings have to endure.

    http://www.trulia.com/property/3134469299-31-Rockledge-Pl-Cedar-Grove-NJ-07009

  17. gary (16)-

    C’mon, dude. The style is clearly classic Garage Mahal.

  18. It’s like a boxer who leads with his chin.

  19. It’s after 9 AM; ok to drink whiskey now…

  20. Street Justice says:

    Gary, how many years have you been searching for a house?

  21. JSMC says:

    16.

    Is…is that a fireplace built as part of a support column? Who puts a fireplace in the middle the floor of a living area?

  22. Libturd (the good one) says:

    @obama: Gunman in Garden State Plaza killed himself and left everyone else unharmed. Must rethink gun control.

  23. Fast Eddie says:

    Street [20],

    I started blabbing about moving 5 years ago. A year and a half ago, I was under the impression that I needed to sell my house or at least have it listed before I looked for a house. I was swayed by a slew of RE m0rons that nobody would take a contingency. So, I listed my house, it sold in a week, the buyers wrapped up inspection and everything else in under 30 days. I had a clause in the contract that stated I don’t close until I find something. The buyers kept extending the contract and waited and waited. I was exposed to generous amounts of slop, sh1t and everything in between. I kept looking and looking. I made a few offers; only one was in play but the representing sellers agent didn’t need us until she needed us (too long to explain). We told them to f.uck off. So, here I am.

  24. Carlito says:

    The “unload here” sign in the bathroom is a clear indication of their target audience

  25. Libturd in Union says:

    Gary,

    Does the Unload Here sign come with the house?

  26. grim says:

    23 – Good luck bidding on anything desirable with a sale contingency (without having to pay a premium to get it).

    This is how the conversation will go:

    Listing Agent: Remove the contingency from the offer
    Buyers Agent: No, my buyers have absolute confidence they can sell the house quickly.
    Listing Agent: If you are so confident about selling quickly, you should have no problem removing the contingency.
    Buyers Agent: No, contingency stays
    Listing Agent: Nice working with you, we have other non-contingent offers at this point. Maybe if you try again with a more compelling offer, the seller will be willing to wait for you to sell.

  27. grim says:

    Buyer with a sale contingency immediately starts the negotiations in a significantly weaker position than one without. It doesn’t matter how strong your offer if, it presents itself as a huge uncertainty to a seller. They have no idea if your existing house will have inspection issues, CO issues, does he have an oil tank, open permits, will the “buyer” flake out at the last minute due to mortgage issues? It puts them in a position where they now need to be concerned about two or more sales taking place (god forbid you take a sale contingency on your property as well).

    No such thing as a “strong offer” that has a sales contingency. You can be talking 30 or 40% down payment, and it don’t matter anymore, it’s not a strong offer. If you are a strong buyer, you can eliminate the contingency, close with cash on-hand (not need the proceeds from the prior sale to close) and can float two payments if necessary.

    You know what’s even worse than that, a sales contingency when your house isn’t even on the market, because at that point, you just aren’t a serious buyer, even more-so when you try to toss out offers that are way under ask. I tried playing this game with more than one buyer, it never worked, despite dozens of offers presented. Same rebuttal, every time.

  28. Comrade Nom Deplume, Guardian of the Realm says:

    [13] pain

    I know, right? I like them when I like them but this is a compendium of every state’s weird pizza. OK did look good, and the NV and NH pies sound delish, but there were some seriously odd entries. And NYC? Naturally, a conventional pizza that has to blow Regina’s away.

    And I still cannot get over Zagats selecting Regina’s. Seriously, you will never see anyone in there with a Sox, Pats, B’s or C’s hat on unless they come from the sticks. It is a total fcuking tourist trap. Don’t go there and think its Boston area za. It isn’t.

  29. Street Justice says:

    As soon as I heard about yesterday evening’s mall shooting, I immediately thought of the mall shootings in Kenya and worried it was terrorism. Think about how easy it would be for a terrorist or terrorists to storm a crowded mall and do the same thing here….even if you completely outlawed guns. Terrorists now look to kill infidels in “soft targets”. The trouble with guns is that guns exist and they cannot be uninvented.

    Armed Citizens May Be the Solution to Terrorism, Says Interpol Secretary General
    http://reason.com/blog/2013/10/22/armed-citizens-may-be-the-solution-to-te

    22.Libturd (the good one) says:
    November 5, 2013 at 9:34 am
    @obama: Gunman in Garden State Plaza killed himself and left everyone else unharmed. Must rethink gun control.

  30. Michael says:

    Gary- You remind me of my friend. He’s my friend but I consider him an idiot with what he doing with real estate. He is looking for a deep discounted property. Say 30,000 to 50,000 off. He has now been looking for close to 4 years. What the idiot doesn’t realize is that savings he is looking for in price could have already been made up with collected rent over this time span. Say, he bought a house 3 years ago and made a profit from rental of 25,000 a year. He would have made 75,000 in rental income and been better off than waiting on some dream price that is never going to come.

    I know you are not looking to rent it but you are still the same. You are out of touch with reality. The market is the market. Just because you think the houses should not be priced at this point or the taxes are overpriced doesn’t mean everyone else does. You are looking for a beautiful turn key house with a cheap price, low taxes, and great location. Reminds me of a montley Crüe song… You know I’m a dreamer…

    You need to stop being so stubborn and ignorant. Otherwise, you will never ever find a house in northern nj with that mindset. You know I’m a dreamer…

  31. Comrade Nom Deplume, Guardian of the Realm says:

    [29] Street,

    I threw this out on another page a while back (not sure if I did here and if I did, apologies), but it occurs to me that in our lifetimes, guns are no more or less accessible today than they were at previous times. Except for a period when you could not buy a long gun of a certain color, handguns and semiautomatic rifles were around, available, and subject to the same restrictions on purchase that exist now. In fact, I would say it is marginally harder now than then.

    Random shootings and urban gun crime are clearly up over the past few decades. So, if the gun laws haven’t changed, what has?

  32. Libturd in Union says:

    Michael,

    I will defend Gary in that time can be your friend when you are looking for a great deal. Time helped me find mine. It took me three years but we did get very lucky. And we got exactly what we were looking for too without any concessions. The only difference between Gary’s search and mine, is that I didn’t complain as much about the masses of asses. Being an unmotivated buyer has its advantages.

  33. grim says:

    I have you all beat, 8 years and HUNDREDS of houses, I even started a blog about it. However, in that case time was in my favor, and waiting had clear price benefits.

  34. Michael says:

    If you are taking 3 years to find a house….you have issues!

    Your defense is similar to this. A guy has been playing the mega millions for 3 years and finally wins. He then goes on to tell other fools to keep on playing, as long as you are patient, you can get lucky like me!

  35. Michael says:

    Jesus grim, you spent 8 years of your life looking for a house?!?!?! Do you guys realize how much of your precious time you have wasted? No matter what kind of deal you got, you gave it all back in time wasted trying to find it. 8 years?!?! Jesus

  36. Libturd in Union says:

    Random shootings and urban gun crime are clearly up over the past few decades. So, if the gun laws haven’t changed, what has?

    I know it’s a stretch Nom, but I would point to the income gap and the hopelessness that so many younger people feel today. Since the 40’s, every generation has done better than the past. This all changed around 1980 when the government decided to change the rules so that the rich could get richer, often at the expense of the poorer and middle. This is not a partisan attack either, though some could argue that trickle down was the impetus and then the lobbyist model just took over from there.

    http://www.toomuchonline.org/art_charts_2010/sep_20_census.png?4a8db9

  37. grim says:

    You can have your location, you can have your price, or you can have your house – Pick 2

    Do not try to pick 3, although everyone does. You only get to pick 2. Do not try to justify 3 choices, or reason your way to getting 3 choices, you pick 2.

    In almost every case, the two picked are price and location. But the buyer stresses over house (picking 3).

  38. Street Justice says:

    Nom,
    I’m not sure I like where you’re going. I think a strong argument for firearms rights is that individuals should be trusted, and their rights guaranteed.

    If you are saying that there has been a cultural degredation of morals nationally, it is an argument gun control advocates could use to further their cause.

  39. Libturd in Union says:

    Michael. There was a lot more than price driving our search. We required good schools, a short rail commute to NY, large living room, dining room, kitchen as well as decent sized bed rooms and my wife really wanted a tudor. Our budget took us up to $550,000. We ended up paying $423,000 after inspection contingencies. Not bad for a 2300 sq. ft tutor in the ridge. I did the math and we paid the third least amount of cost per square foot than any other home sold in Glen Ridge over the prior three years (excluding $800K and above homes). So tell me, how would I have saved $80,000 (which is how much more the home assessed for immediately after purchase) had I purchased it at the original $535,000 ask ($112,000 more than what we paid), which is what it listed for 9 months before we made our offer? And I’m a landlord so I know the rental game.

  40. Fast Eddie says:

    Michael,

    If you are taking 3 years to find a house….you have issues!

    You just totally dissed Grim who said he took 8 years. Nice.

    Be careful with the personal attacks. This is my 2nd home and a 17 year homeowner. This BS about “it is what it is” is for the other crowd, not me. I didn’t say I’m looking for deep discounts. And just as matter of fact, the houses are still way over-priced because again, the calculations don’t include stagnant wages and break away property taxes.

  41. grim says:

    Do you guys realize how much of your precious time you have wasted? No matter what kind of deal you got, you gave it all back in time wasted trying to find it.

    Not when its a sport, hell, my wife still makes me go to open houses every couple of weeks.

  42. Fast Eddie says:

    You are out of touch with reality.

    Michael, tell that to the masses who are two paychecks away from a late payement.

  43. joyce says:

    I could see that being a contributing factor to the urban crime. The random shootings… let’s take a long hard look at their presciption drugs.

    Libturd in Union says:
    November 5, 2013 at 10:16 am
    Random shootings and urban gun crime are clearly up over the past few decades. So, if the gun laws haven’t changed, what has?

    I know it’s a stretch Nom, but I would point to the income gap and the hopelessness that so many younger people feel today. Since the 40′s, every generation has done better than the past. This all changed around 1980 when the government decided to change the rules so that the rich could get richer, often at the expense of the poorer and middle. This is not a partisan attack either, though some could argue that trickle down was the impetus and then the lobbyist model just took over from there.

    http://www.toomuchonline.org/art_charts_2010/sep_20_census.png?4a8db9

  44. Michael says:

    Libtard- I don’t care what it was assessed for after you bought it. The price you bought it at is now the comp. It’s the internet age and everyone will know what you paid for it. All you did was bring down the value of all your new neighbor’s homes with your 80,000 in savings. I’m sure your neighbors love you for bringing down the value of their neighborhood.

    That’s the thing people don’t get. Deep discounted homes bought below value do nothing for the neighborhood or the buyer. You think you got a great deal and saved money because it was worth so much more. But what you don’t realize is you just set the pricing pt for your home and neighborhood to a new low.

  45. Michael says:

    42- fast Eddie– That’s how the economy is built. You think it’s built on people saving for 30 years and then purchasing a home? The economy would be dead if it didn’t run on people maxing out what they can borrow. This isn’t 1905.

  46. grim says:

    From the Star Ledger:

    Coach Greg Schiano lowers price on N.J. house as rumors of Tampa Bay Bucs firing swirl

    It doesn’t look like former Rutgers University football coach Greg Schiano has any plans to move back to his old house in Piscataway if he is fired from his NFL job.

    Schiano recently dropped the price — for the third time — on his 8,500-square-foot house near Rutgers’ football stadium, his real estate agent said. The house, which was originally listed for $2.3 million 19 months ago, is now available for $1.595 million.

    “It definitely would be a bargain at the price it is now. It’s less than it cost to build it,” said Schiano’s agent, Jerry Kienlen of Kienlen Lattmann Sotheby’s International Realty in Basking Ridge.

    Schiano left Rutgers in January 2012 to take a job as head coach of the Tampa Bay Buccaneers. But, with the team struggling with an 0-8 record this season, there has been speculation Schiano may be on his way out.

    The “Fire Schiano” billboards popping up in Tampa Bay have not dissuaded Schiano from wanting to unload his New Jersey house, according to his real estate agent.

    “He still wants to sell it. I talked to him as early as last week,” Kienlen said.

  47. grim says:

    That’s the thing people don’t get. Deep discounted homes bought below value do nothing for the neighborhood or the buyer. You think you got a great deal and saved money because it was worth so much more. But what you don’t realize is you just set the pricing pt for your home and neighborhood to a new low.

    Yeah, this? This is a load of crap.

  48. Michael says:

    47- grim- please explain how it’s crap. Basic market principles. No one is going to pay 80,000 more the following month or year, unless it’s a bubble market.

  49. Eight years? Shit, I owned a RE company, and I’d ditch buyers after eight weeks if it looked like they weren’t ready to pull the trigger.

    I kept tabs on the buyers I tossed off a cliff. Virtually none of the people who bought within eight weeks bought at all.

  50. Michael says:

    Grim- foreclosure priced listings are good for a neighborhood?

  51. Michael says:

    49- thank you spine…… You are either a realistic buyer or a fantasy buyer who searches for their dream house the rest of their life

  52. Libturd in Union says:

    I am so with you Grim. Sounds like Michael grossly overpaid. It took three years, but it was well worth the wait. My neighbors loved me as it helped lower their property taxes. Though it didn’t seem to stop anyone after me who was not patient enough to wait for their diamond in the rough. They are still paying whatever the asking price is and it’s now a lot higher than it was when we purchased. Perhaps I should have never shown Gary my place in person. I may have ruined it for him. :P

  53. grim says:

    49 – Got so bad I needed to get a real estate license and just cut out the middle man.

    Honestly though, it made no difference. You can’t *look harder* to find the place you want. Some times it simply the right place or time. You buy it or you don’t. It’s that easy. This is where so much of the cognitive dissonance comes in. If only I looked at more houses, spent more weekends at open houses, or had access to more houses, or maybe changed where I was looked, I’d find it. The fact is, the effort put in by a buyer and their agent is not at all related to the amount of opportunities that will be uncovered in the process.

    Worked with plenty of buyers that couldn’t pull the trigger on a great deal, only to regret it so bad that it clouded their search process to the point that they just couldn’t buy anything else – they comped everything against that one great deal.

    Tell folks all the time, if you are looking for a certain type of house on a certain street, in a certain school district, in a certain town … you better buy that thing when it hits the market because it might be 5 years until another one comes up. Don’t argue that you don’t like the color of the kitchen cabinets or a bathroom needs to be remodeled.

  54. michael (51)-

    Not so fast. I also think (no, that’s know from experience) you’re dead wrong on Stu’s purchase.

    Stick to skoolteaching, leave RE to the one or two pros who are still in it.

  55. Fast Eddie says:

    The economy would be dead if it didn’t run on people maxing out what they can borrow.

    Great investment advice! :o

  56. The only things I would’ve done different from Stu on his purchase:

    1. do no repairs/upgrades
    2. immediately stick cash-paying tenant in property
    3. immediately extract all equity in cash-out refi
    4. default
    5. use cash to buy more properties
    6. rinse, repeat

  57. Libturd in Union says:

    Clot,

    For what it’s worth, we told our realtor that we were not highly motivated to overpay nor in a rush. After the first 6 houses of which she felt it necessary to accompany us, we told her we were fine to attend open houses without her. When we did finally buy, we were not sure if she was unhappy to get a smaller commission than she was hoping for as we came in at 4/5ths of our budget or that she would lose her most knowledgeable customers. She still refers other buyers to us when it comes to tricky financing and contractor dealing questions. In the end, she still keeps in touch and her son markets our rental. Every time he lists it, he pulls in a quick $1200 for about one hour of work.

  58. When you get really good at RE, you buy houses as an LLC, bust them out, then buy them as a short sale in the name of a new LLC.

  59. Fast Eddie says:

    Stu,

    You ruined me! :)

  60. stu, you shoulda come to me. I could have made you the biggest mack daddy slumlord in the PRM.

  61. Michael says:

    I’m not a teacher damn it!!! What’s up with this boards obsession with me being a teacher? Because I defend the profession from all the senseless bashing?

  62. Libturd in Union says:

    Clot,

    When we got our appraisal, we seriously considered flipping the property. But my wife didn’t want to wait another three years to find a place that met so many of our requirements. After redoing our kitchen and baths (pretty mid level updates) for $50K total, we might have been able to pull $600K. But the same problem still was there. Where the heck would we live. My wife wanted out of the multi, and I couldn’t blame her

  63. michael (61)-

    It’s just that you’re kinda stupid, like a teechur.

  64. Fast Eddie says:

    Michael,

    Let me guess; you’re a financial planner. :o

  65. stu (62)-

    You blew it. I was Tom Vu and Carleton Sheets, rolled into one. I’d have had you living with the ballers in Alpine.

    “Where the heck would we live.”

  66. Painhrtz - Disobey! says:

    I’m terrible it took us 6 years to find ahouse in our price point, in a town we would like. What the hell is wrong with us!

  67. My techniques would’ve only exposed you to state charges, tops.

  68. grim says:

    While we’re on the topic of real estate theory, I’ll rehash a point I’ve been trying to make for the past 3 or 4 years.

    Pricing is noisy, comps are noisy, on a typical $500k home sale, I would estimate that as much as $50,000 of that purchase price constitutes “noise” between comps.

    What I mean by that, is if a house comps at $500k, in a flat market, I would expect the sale price to vary anywhere from $475,000 to $525,000 based purely on “noise”.

    What’s “noise”? It’s driven entirely by intangible/non-quantifiable parameters on both the seller and buyer side. Variation due to the people involved in the transaction, and nothing to do with the subject property alone.

    This was one of the most painful things to come to grips with as a “numbers guy”, because it represents such high variability in comps and closing prices that the “numbers” might be more misleading than helpful.

    Incredibly painful for buyers to understand as well, try explaining to someone that in the grand scheme of things, a variation of $50,000 can be attributed to nothing but “noise”.

    How I looked at this initially was to analyze the standard deviation associated with very closely matched subject properties with closing dates within 3 months of each other. I tried correcting for neighborhood and found essentially the same thing. It applied to condos and townhouses as well, but less so than SFH (which would be expected due to even fewer differences between properties).

  69. pain (66)-

    Plenty…if you still pay your mortgage.

    “What the hell is wrong with us!”

  70. grim (68)-

    This is also the hallmark of a deeply broken market that is experiencing even more than its usual level of illiquidity.

  71. You see enough 50K instances of “noise”, and it begins to become clearer how a massive financing bubble happens.

  72. Michael says:

    62-libtard- ok, put it this way. Why did you get such a good deal. If it was really worth that price of 80,000 or more, why did seller decide to be so nice and eat 80,000? Please explain. Once again selling prices affect all the houses in the neighborhood. How can you guys argue this? Neighbors happy that a house sold 80,000 below appraisal price?? According to spine, your neighbors must be teachers, because they are pretty damn stupid.

  73. grim says:

    I’m not disagreeing with you, but the closing price includes a component of both the buyer and seller dynamic that simply can’t be comp’ed, because much of that is preferential.

    I hate brown granite countertops and oak cabinetry, you love brown granite and oak. I love the country themed wallpaper and valances, they make you wretch. Gold faucets in the master bath, really? You think they go very well with the green marble.

    In both cases, what’s the closing price? You like it a bit more than I do, will you pay more? Potentially. It’s got a nice fence in the back yard, and I’ve got dogs, will I pay a little bit more? Potentially.

    That’s the dynamic that is absent from comps, and is impossible to quantify. Take the average value of three comps? Maybe, and it’s what I try to do.

    The challenge is, I want to know the value down to the tenths place, but in reality, it’s hard enough to nail down the left two digits, let alone the decimal places. The universe of properties that have sold is simply not large enough to run a multivariate analysis to understand what the impact of a green marble master bath is.

  74. I point to #72 as a prime example of this country is one a one-way rocketsled down a shithole.

  75. Michael says:

    Now I’m getting a very good idea of what type of people you are. You all take 3 or more years to find a house. You all always want a deal. You all complain about taxes. You all state that you are good with investments. You all bash teachers and govt workers in general. You all are either Jews or middle to late aged republicans/borderline tea party supporters. Writing is on the wall.

  76. grim says:

    I’m a polack

  77. Michael says:

    Polish fit right into that. They are some of the cheapest people I know. Always want an arm and a leg in the deal.

  78. grim says:

    Damn right

  79. Michael says:

    Poles are a great people and obviously not as stupid as the jokes make them out to be. Also, some of the best craftsman/workers out there! Beautiful work!

  80. Michael says:

    And I’m still surprised that this board defended fast Eddie as a legit buyer. It’s obvious he is never buying a house, hence he really is not a buyer. More of a window shopper.

  81. Anon E. Moose says:

    Spine [49];

    Eight years? Shit, I owned a RE company, and I’d ditch buyers after eight weeks if it looked like they weren’t ready to pull the trigger.

    I kept tabs on the buyers I tossed off a cliff. Virtually none of the people who bought within eight weeks bought at all.

    Yeah, you said that about me too, as I recall.

  82. Anon E. Moose says:

    Michael [51];

    Just continue nodding.

    One thing I learned while sitting out the bubble is that it’s tough being right when most around you are so very wrong. But I can handle it.

  83. IuiX6a Appreciate you sharing, great article post.Thanks Again.

  84. Anon E. Moose says:

    Spine [58];

    When you get really good at RE, you buy houses as an LLC, bust them out, then buy them as a short sale in the name of a new LLC.

    http://youtu.be/ZPtjyqgZAUk?t=15s

  85. Anon E. Moose says:

    Michael,

    “I says Bing, what are you still doing here? I thought I told you to go …”

    http://www.moviequotes.com/archive/bynumber/23696.html

  86. Michael says:

    I’ll stop messing with you fast Eddie. Seriously, my intentions were to try to help you by getting you to be more open minded and realistic. With your current mindset, it will be tough to find a house unless you get lucky, know someone that is selling, and are the first to step up to the plate.

  87. AG says:

    I’m Chinese and I consider your comment racist Michael.

  88. All Hype says:

    “You all are either Jews or middle to late aged republicans/borderline tea party supporters.”

    What’s with the dig at the Jews?

    You are so out of line with that statement.

  89. chicagofinance says:

    JJ: Why the receiver of this procedure is not a woman is beyond me……
    http://nypost.com/2013/11/05/a-new-way-to-treat-stress-indonesian-snake-massages/#1

  90. Michael says:

    83-it’s great to wait if it is obviously a bubble. Only an idiot would buy a house for 50% more the following year. Problem is, we are not in a bubble. The past 3 years have been the best time to buy for the next 25 years. If you are complaining about house prices at one the best times to buy, you have to open your eyes. The prices and rates have nowhere to go but up. When inflation kicks in and it will, you guys will be kicking yourself in the ass for not buying in 2011,when prices were low, and rates so low, it was free money. Anyone buying in cash as opposed to a 30 year loan at 3.4-4% is an idiot and doesn’t understand how money works. Keep sitting on the side lines missing the best buying opportunity and chance to increase your wealth in our lifetime. The minimum wage bill passing today will put a stamp on inflation increasing. That’s why I’m voting for it. I’m locked in for a large 30 year mortgage and would like nothing more than to see inflation eat away at that mortgage balance. Inflation is my reward for borrowing a lot of money at a low rate(free money) to purchase an asset that rises with inflation. So double whammy. Used the banks free money to increase my wealth. Why real estate is a better investment tool than stocks in northern nj. I can’t get that large of a loan at those kind of rates to purchase stocks or other investment vehicles.

  91. Michael says:

    89- calling it how I see it.

  92. Michael says:

    Libtard- I’m still waiting to see why you received the big discount on your house purchase? Was it a relative? Be honest

  93. Libturd in Union says:

    Michael,

    When the home was first listed at 525K it was being rented and it showed terribly. It was also listed about two weeks before that wonderful home buyer credit (which pushed demand forward) was about to expire. The 2-car wide garage door was covered with mold. The driveway needed resurfacing, there was no landscaping, a dead tree in the back yard that needed removal, etc. On the inside, the wood floors needed refinishing, the kitchen was a bonafide disaster both in condition and in layout and the bathrooms consisted of a closet too small to fit a sink and the upstairs bathroom was decked out in marble ceiling to floor, with a bidet to boot. Unfortunately, the marble was a hideous color and pattern that must have been all the rage in 1975. The realtor had no interior pictures of the listing in the MLS and only one picture of the exterior. When we got our first look at it, the house was filled with crates and crates of stale baguettes. The tenant was cooking broccoli which stank the place up and it was so filled up with crap, you thought they might be filming hoarders in there. We didn’t even make it to the second floor. As we were leaving, another prospective buyer was heading in. We waited outside and made a friendly wager between us and the realtor about how long it would take before they too left disgusted. They too were out in 60 seconds, but admitted to going upstairs and witnessing the crazy bathroom. We then went on to make an offer at a house two blocks away that was smaller, had a boiler that was converted from coal burning (with all the asbestos around it that you could ever see) and looked like the entire home required a bit of maintenance. Especially the deck which was rotting away. Luckily, we were outbid (sort of… it’s a long story).

    Well the baguette house went under contract about 3 months later. We don’t know at what price, but it soon fell out of contract and was relisted at $535,000. At that time, drove by (it’s only a mile from our multi) and noticed that the garage door was replaced and some landscaping was done. The house was also vacant. Still, no interior photos on the listing. The house sat for another month or so and the price was dropped to 490K. We heard from our realtor that it was under contract again and it then fell out again. Not sure why but I think it was inspection contingencies. It sat another month or two and the price was lowered to 475 or 470K. I don’t quite remember. Well we figured we would take another walk through as the price was getting better and our realtor told us the seller made a lot of improvements. Well when we did, we noticed that the floors were refinished throughout, the bedrooms were in perfect condition and large. Some with built in shelving. Everything was freshly painted and the place now looked huge. Still, knowing we would need to sink 50K into it to make it liveable for the 2 bathrooms and kitchen redo, plus crown molding and ceiling replacement in a few bedrooms as the plaster cracking very badly, we offered 430K. The owner accepted and then we came up with $7,000 more in inspection items, most of which was a portion of roof that needed new shingles and a tree which needed removal which consequently fell on our house and Weber grill during Snowlaween two years ago (which BTW, I just split down to 3/4 of a cord of oak for the fireplace which is burning beautifully). By the way, the listing never had more than that one unlandscaped exterior photo. The sellers realtor was useless too. She never answered her cell phone and her voicemail was always full. She was late to the walk through on our closing day and she was completely ill prepared. During our walk through, the front door was frozen shut due to 2 feet of unshoveled ice pack. Then once inside, all of the pipes were frozen as the boiler shut off due to low water. We noticed a leaking radiator during inspection (which was the culprit). We ended up signing the docs two days later in case any of the pipes burst.

    So the short story is, bad tenant sabotaging showings, plus bad realtor, plus bad timing (sold in winter), plus age of time on market, plus repeated falling out of contract, plus elderly owner = awesome sales price for captain cheapo. Now almost three years in and still nothing has shown up that wasn’t expected. Though the flooding during Irene was kind of sucky but I upped our pumping power to JJ rates. It truly was a diamond in the rough and we were very lucky it came to us.

  94. Libturd in Union says:

    And Michael, I’m at work, so the delay was due to a meeting where apparently, I still get to work out of Union every other day which is good. On the negative side, I still have to manage a bunch of blue collars who think that Christie is the pope.

  95. Michael says:

    94– Ahh, now that makes sense. You are nothing like fast Eddie. He would never have wanted that house. If he did, he would have wanted it for 300,000. Which obviously would never happen and is the reason he does not have a house to buy.

  96. Fast Eddie says:

    Michael,

    I won’t buy a house? Not a serious buyer? I bought two houses over the last 18 years. Was that a f.ucking mirage?

    Two questions:

    1) What do you do for a living?
    2) How far underwater are you?

  97. Michael says:

    95- Why do blue collar type worship Christie? Hell, why does the majority of the state worship him? What the hell has this guy done that he has presidential aspirations? Not to pick on his size, but that’s embarrassing to have a president that is obese. Could only imagine the jokes the rest of the world will make by having a leader in control of the most powerful country in the world when he can’t even control his weight. You can not get that fat without no self control. It’s no different than a drug addict. So once again why are people parading around this guy like he is some sort of hero?

  98. Michael says:

    You actually bought two houses in the last 18 years? Damn, they must have gave it away in order for that to happen.

  99. Libturd in Union says:

    Because they are like Anon. Only they bow to Fox News instead of Koos.

  100. Libturd in Union says:

    Michael, you are not trying to make a lot of friends here are you?

  101. Michael says:

    I’m not underwater!! I’m taking advantage of a situation. Big difference. Would you ever loan someone 600,000 at 4% for 30 years? Neither would I. If I didn’t have a loan right now, you better believe I would do my best to get one by the end of the month. Write offs alone are worth it, never mind what’s to be made off of inflation. People paying in cash are idiots!!! Go buy 5 properties instead of 1. When there are high borrowing costs, then you purchase in cash. Not now.

  102. Fabius Maximus says:

    #88 AG

    You are the last person on this board who can allege racism considering the Michele Obama post a while back.

  103. Anon E. Moose says:

    Does JJ know about this? Your Hamptons beach house awaits, JJ!

    http://maltzauctions.com/auction_detail.php?id=214474

  104. Fast Eddie says:

    What the hell has this guy done that he has presidential aspirations?

    We’ve been asking the same questions regarding Oblammy.

  105. Fabius Maximus says:

    #38 Street

    In God I trust all others pay cash.

  106. Fast Eddie says:

    You actually bought two houses in the last 18 years? Damn, they must have gave it away in order for that to happen.

    I bought when houses were in line with salaries, property taxes, trends, valuations, normal lending practices and measurable calculations. Today, there is no standard and no model to use. It’s theft, deception and a line of sh1t.

  107. Fabius Maximus says:

    #106 redux after hitting the send key. Part of my issue is that with guns I am being asked to trust that the gun owner is capable of safely controlling their weapons not having their weapons kill anyone (especially me).

  108. Michael says:

    105-it’s obvious Obama was put on the card to win the election with the race card advantage. Just like they will use Clinton on the sex card to take the 2016 election. But question remains, why put Christie on the card? He seriously has not done anything for this state. It’s embarrassing that our state is still voting for this guy knowing that he is using this position and election as a platform to run for president. Why vote for a guy that openly states he will not be even focused on our state but instead on a national election? This is sad.

  109. All Hype says:

    I bought when houses were in line with salaries, property taxes, trends, valuations, normal lending practices and measurable calculations.

    Gary, you must be a Jew, a Pollack or a middle to late age Republican. : )

  110. Michael says:

    107- that’s like a player in the stock market sitting out the past 4 years because he was using an old school evaluation method that told him not to buy. You are doing the same thing with real estate. You just don’t realize it.

  111. Michael says:

    110- that must be bothering you that my assessment was pretty on point. It wasn’t based on that statement. It’s based on months of reading people’s posts.

  112. Michael says:

    Guarantee Gary falls into one of those categories.

  113. Michael says:

    Except I shouldn’t say republican….more like tea bagger. Thinks small govt is the cure to everything

  114. anon (the good one) says:

    for those of you with wine taste on a beer budget

    @GuardianUS: Where can young people buy a house for $500?

    Detroit.
    http://t.co/Yn1m0GbIy7 via @rosehackman

  115. grim says:

    Homes in NJ were never cheap, anyone remembering anything contrary to this is suffering from a bad case of the waybackwhens.

  116. grim says:

    There were time periods where home prices were priced better than previous or subsequent periods, but at no point in time were homes ever inexpensive relative to the rest of the country.

  117. Michael says:

    107–you also bought when there was actually a middle class left. Those days are gone. Stop using salary numbers to judge real estate pricing. A shit load of people are making way more or way less these days.

  118. All Hype says:

    “110- that must be bothering you that my assessment was pretty on point. It wasn’t based on that statement. It’s based on months of reading people’s posts.”

    You are very ignorant. I know some of the people on this board and you could not be more wrong. Most people on this board are dead center politcally. Most are just sick and tired of the fraud and corruption that has now taken over the state and federal government.

    I am starting to understand Lib’s comment on anti-semetic liberism.

  119. grim says:

    In 1960, NJ was the 3rd most expensive state in the US to by a house.

    Hawaii – $20,900
    DC – $15,400
    CT – $16,700
    NJ – $15,600 (31% higher than US Median)
    NY – $15,300
    US Median – $11,900

    And as far back as I have data, 1940s, it was even more expensive:

    DC – $7,568
    CT – $4,615
    NJ – $4,528 (54% higher than US median)
    NY – $4,389
    US Median – $2,938

  120. grim says:

    1940 – NJ Median home price was 54% higher than the national average
    1950 – NJ Median home price was 42% higher
    1960 – NJ Median home price was 31% higher
    1970 – NJ Median home price was 38% higher
    1980 – NJ Median home price was 28% higher
    1990 – NJ Median home price was 105% higher (can you say NJ Bubble?)
    2000 – NJ Median home price was 43% higher

  121. grim says:

    NJ – Median Home Price/ Median “FAMILY” Income

    1960 – $16,500 / $6,786 = 2.4x
    1970 – $23,400 / $11,403 = 2.1x
    1980 – $60,200 / $22,906 = 2.6x

    Median Family Income is approximately 10-15% higher than Household Income over the overlapping periods I have in datasets, so correcting using only a conservative 10% reduction.

    1960 – $16,500 / $6,107 = 2.7x
    1970 – $23,400 / $10,263 = 2.3x
    1980 – $60,200 / $20,615 = 2.9x (Household income for this period was actually $19,800, making the ratio 3x)

    So this is before correcting for house size over that period.

    I can include 1950, but that again uses an alternate method for estimating household income in NJ.

    1950 – $10,408 / $4,300= 2.4x (My estimate may be too high considering median income was $2,389 in NJ, with only 18% of residents having an income of $4,000.

  122. Anon E. Moose says:

    Michael [111];

    that’s like a player in the stock market sitting out the past 4 years because he was using an old school evaluation method that told him not to buy. You are doing the same thing with real estate. You just don’t realize it.

    You sound like people who bought Nasdaq at 4k, because SOS.com was inevitable, the next best thing. You know what? They were right — internet was inevitable. And nearly 15 years later, Nasdaq is back at $4k (nominal), with different companies in the basket. And they’re still poorer for their judgment.

  123. Michael says:

    119- when has govt not been corrupt? If anything it has gotten a lil better!! Lol

    http://en.wikipedia.org/wiki/Frank_Hague

  124. Michael says:

    123- Anon, I meant that the same evaluation tools from 1990 can’t be used today. You can look at the same fundamentals used back then to pick winners today.

  125. Michael says:

    125- correction—you can’t use

  126. Fast Eddie says:

    Homes in NJ were never cheap, anyone remembering anything contrary to this is suffering from a bad case of the waybackwhens.

    A little over 10 years ago is not that far back. House prices are still out of line; add salary fatigue, dismal job prospects and property taxes into the conversation and then discuss. Around 2000, I was seeing nice homes on leafy streets in wannabe towns for the low 300s. By 2005, that same house was in the 600s. I should have pulled the trigger then but who knew! Now, factor in the 20% slide from peak. Ok, fine. But at the same time salaries stayed the same, property taxes doubled and continue unabated. If everything is rosey, why is the FED still on the gas pedal?

  127. Fast Eddie says:

    I meant I should have pulled the trigger in 2000.

  128. Michael says:

    122- grim, I finally realized Gary’s problem. Finally figured it out. He is not earning (value wise) as much as he was earning back then. He has hard time accepting this and is taking it out on the real estate market. He thinks because he is not making as much, so is everyone else (which is not the case), and applying this to his equation for estimating housing prices. It’s totally throwing off his housing estimates.

  129. The Original NJ ExPat says:

    [28] Nom – Best I’ve found here in Boston is Pino’s in Cleveland Circle, celebrated their 50th anniversary recently. Ironically, 2nd best was Presto about 25 yards away from Pino’s, but Presto closed recently, apparently a rent dispute with the landlord.

    I know, right? I like them when I like them but this is a compendium of every state’s weird pizza. OK did look good, and the NV and NH pies sound delish, but there were some seriously odd entries. And NYC? Naturally, a conventional pizza that has to blow Regina’s away.

    And I still cannot get over Zagats selecting Regina’s. Seriously, you will never see anyone in there with a Sox, Pats, B’s or C’s hat on unless they come from the sticks. It is a total fcuking tourist trap. Don’t go there and think its Boston area za. It isn’t.

  130. Michael says:

    Grim- that was great data!! Really shows people that think prices used to be so cheap, are only comparing old prices to new prices. It was never really cheap!!!

  131. Fabius Maximus says:

    #4 Grim

    I’ll be interested to see how the Bourbon comes out. A lot comes down to the master brewer. While most can get the Chemistry of the distillation correct, a lot comes down to the brewers choice of grain. Then it comes down to aging.
    You do get one safety valve. If it comes out tasting like lighter fluid, you can always dump a load of maple syrup or molasses into it and go the flavored route.

  132. Michael says:

    128- I did the pull the trigger in 2000. Then again in 2011. Thinking about pulling it again now before it’s too late. Plan on selling in 2023-25 when it goes bananas again. Then buy back when it crashes again. Love these cycles.

  133. Libturd in Union says:

    I really shouldn’t let the rabbit out of the hat, but had the Palermo pie at Sicilia’s in Belleville on Saturday night and I swear, it may be the tastiest pie I have ever had. I’m guessing they use a lot of wine in their sauce and definitely fresh tomatoes and fresh mozz. It’s really indescribable, though the taste is just awesome.

    Best of all, the place is a dive, so it’s cheap. Cash only though.

  134. Libturd in Union says:

    http://tinyurl.com/palermopie

    Makes you want to got there immediately eh?

  135. Fast Eddie says:

    Michael [129],

    Wrong, try again.

  136. chicagofinance says:

    The below post is a bunch of ignorant crap……if you are not outright joking, then I suggest euthanizing yourself before you harm yourself and others….you are the most dangerous person possible….you know just enough to cause serious damage….

    Michael says:
    November 5, 2013 at 12:45 pm
    83-it’s great to wait if it is obviously a bubble. Only an idiot would buy a house for 50% more the following year. Problem is, we are not in a bubble. The past 3 years have been the best time to buy for the next 25 years. If you are complaining about house prices at one the best times to buy, you have to open your eyes. The prices and rates have nowhere to go but up. When inflation kicks in and it will, you guys will be kicking yourself in the ass for not buying in 2011,when prices were low, and rates so low, it was free money. Anyone buying in cash as opposed to a 30 year loan at 3.4-4% is an idiot and doesn’t understand how money works. Keep sitting on the side lines missing the best buying opportunity and chance to increase your wealth in our lifetime. The minimum wage bill passing today will put a stamp on inflation increasing. That’s why I’m voting for it. I’m locked in for a large 30 year mortgage and would like nothing more than to see inflation eat away at that mortgage balance. Inflation is my reward for borrowing a lot of money at a low rate(free money) to purchase an asset that rises with inflation. So double whammy. Used the banks free money to increase my wealth. Why real estate is a better investment tool than stocks in northern nj. I can’t get that large of a loan at those kind of rates to purchase stocks or other investment vehicles.

  137. Michael says:

    137- what’s wrong with what I said? Don’t throw accusations without an explanation! I stand by 100% what I wrote in that post!!

  138. Libturd in Union says:

    You did make a lot of assumptions in that paragraph. A lot!

  139. Michael says:

    Explain to me how I’m not taking advantage of the bank on a 30 year loan with low rates to purchase houses at its low? Please explain how that is dangerous? You know the loan application process tries every way possible to deny these loans? But if you qualify it is the law that they have to unwillingly loan it out. Govt bailed out the banks, now this is my payback.

  140. Anon E. Moose says:

    ChiFi [137];

    The below post is a bunch of ignorant crap……if you are not outright joking, then I suggest euthanizing yourself before you harm yourself and others….

    I think that’s a little harsh. Wouldn’t mere sterilization suffice? ;-)

  141. The Original NJ ExPat says:

    [56] Clot – You forgot the “conditioner” that let’s you rinse and repeat with less tangles:

    1. do no repairs/upgrades
    2. immediately stick cash-paying tenant in property
    2a. Use inflated appraisal to sell to a straw man.
    3. immediately extract all equity in cash-out refi
    4. default
    5. use cash to buy more properties
    6. rinse, repeat

  142. Michael says:

    139- if rates go lower or housing goes lower, than it all goes to hell anyway. Inflation is inevitable. It happens no matter what under this monetary system. If it doesn’t, once again it means it all went to hell, so who cares anyway. I don’t believe these are assumptions.

  143. Street Justice says:

    This is hell.

  144. chicagofinance says:

    I can’t get that large of a loan at those kind of rates to purchase stocks or other investment vehicles.

    You can use 4 to 1 leverage intraday….
    https://www.interactivebrokers.com/en/index.php?f=interest&p=cfds

  145. Painhrtz - Disobey! says:

    stopped by saw 140 post knew mikey had to be back or grim was giving out free first runs. Sadly, my first inclination rather than the latter was true. I don’t even think I can muster the energy so I’m a racist teabagthuglican fine I’ll continue to hold my extremist views of expecting the government to not spend more than it takes in, while not being a kleptocracy and respecting the rights of others to do as they please even if means harming themselves if they do not harm others.

  146. chicagofinance says:

    “The past 3 years have been the best time to buy for the next 25 years.”

    Based on what?

  147. Michael says:

    145- why would I want to take that kind of risk? I’m the dangerous one?

  148. Michael says:

    147- based on demographs

  149. chicagofinance says:

    “The minimum wage bill passing today will put a stamp on inflation increasing. ”

    What if it causes unemployment to stay at current levels or rise? Ignorant…..

  150. Libturd in Union says:

    “The prices and rates have nowhere to go but up.”

    Hmmm…Where have I heard that before? Maybe right at the time I bought my Multi for $480K, just a few years before interest rates halved and the house dropped to $350K.

  151. chicagofinance says:

    clot: Vigoda < Trotter…..
    What do you think did it? Too much coke?

    CHICAGO — Chicago and Cook County officials say that acclaimed Chicago chef Charlie Trotter has died at the age of 54.

    Chicago Fire Department spokesman Larry Langford says rescue crews were called around 10 a.m. Tuesday to the Lincoln Park home of the award-winning chef, where they found Trotter unresponsive.

    Langford says an ambulance crew transported Trotter to Northwestern Memorial Hospital, where he died after unsuccessful attempts to revive him.

    The Cook County president’s spokeswoman says the medical examiner’s office was notified and an autopsy is scheduled for Wednesday.

    Trotter is synonymous with gourmet cuisine, earning 10 James Beard Awards and providing a training ground for some of the country’s other best-known chefs, such as fellow Beard Award-winner Grant Achatz of Chicago restaurants Alinea and Next.

  152. Michael says:

    150- It won’t cause unemployment. Keep believing that bs. You actually think businesses are using a surplus in low wage jobs? They are already running as lean as possible in the search for never ending profit.

  153. Michael says:

    151 -you think prices and rates will go down?

  154. Painhrtz - Disobey! says:

    sure it won’t cause unemplyment but it will cause an 8 dollar big mac, which will cause less sales, which will lead to unemployment. Please go study market economics and freedom of association. they may enlighten you.

  155. joyce says:

    How many other words would make sense in your sentence other than “guns”?

    Fabius Maximus says:
    November 5, 2013 at 1:38 pm
    #106 redux after hitting the send key. Part of my issue is that with guns I am being asked to trust that the gun owner is capable of safely controlling their weapons not having their weapons kill anyone (especially me).

  156. Libturd in Union says:

    I don’t think they will Michael. But I wouldn’t make a bet against it with high leverage.

  157. Michael says:

    155- I clearly stated that I am embracing inflation due to having a large loan (intentionally). An 8 dollar big Mac brings inflation. This means wage growth, which eats away at my fixed loan.

    Watch out, I’m a dangerous individual talking about dangerous things.

  158. Michael says:

    157- I’m in no rush to sell. It’s a 30 year mortgage. By that time (30 years), inflation will cause my house to be at the minimum double price (that’s with almost no inflation 3% a year).

  159. Ragnar says:

    Libturd,
    Here’s a theory of what happened last 50 yrs
    Gold standard gone, manipulated money and markets in.
    Great society bred rising parasitism.
    Rappers replaced Sinatra and Jonny Hartman, replacing personal pride with malevolence to others.
    Modern education replaced conformity and pseudo self esteem for actual qualifications for employment.
    The rest of the World recovered from WW2, China began to contribute and compete, so just being born American ceased being an automatic ticket to a top 5 percentile global income without serious effort.
    spare me the trickle down bs. Thats for whiners and you’re smarter than that.

  160. Fast Eddie says:

    Michael,

    You’re mildly entertaining, my friend.

  161. Bystander says:

    Michael is a realtor…and a moron. Paying threes times someones 2001 purchase is a bubble period. The difference is that the govt. and Fed have gone to such extremes to make market look stable that you actually believe it. Just as now we are conditioned to believe $3 gas is cheap. Btw there are millions in NY metro making less and forced into contract work. Keep believing we are headed for wage inflation and price growth though. Fed is keeping whole economy alive but nevervmind the wizard beyond the curtain.

  162. John says:

    If I may give an opinion based on experience – I sold for 865k in 2004 thinking we’re at the top. House value rose to 1.2 million and is now at $755k. I sold based upon valuation and I saw rising property taxes coming. Taxes have indeed doubled since I sold. I think houses are still expensive and property taxes are not going down anytime soon. In the aggregate things are overpriced but I think they’re not going down anytime soon. I regret having sold then and the couple of hundred k I made in various real estate deals is just not worth the upheaval. Life occurs daily: kids go to school, community, family – those are the issues. That 100k “loss” or gain matters nothing. The family that bought from me in 2004 is in negative equity on my house but he had a great ten years and will hold till he’s even. My sense is he’ll more then get his money back. I’m no getting my ten years back.

  163. ccb223 says:

    Do you think the generation before Gen X complained as much about it’s youth as the Gen X-ers complain about millennials?

    I think so…can’t wait to get really old and talk about how the apocalypse is coming and how the youth of America are screwing everything up. Talk about rinse, cycle, repeat…

  164. Michael says:

    163- I love the dooms day type. You really think we are not headed for wage + price inflation? Inflation is inevitable. Why do you think I don’t give a crap about our country’s debt #? It’s going to be washed away with inflation. It just takes time. You talk about the fed controlling the economy, yet you don’t think inflation is coming? That’s their main agenda, to create controllable inflation to pay down their debt.

  165. unbelievable says:

    120,121 Grim

    great — nj prices were always high compare to the rest of the country
    so what?
    if prices in the rest of the country are bubblicious then what about nj prices

    Perhaps your argument that nj prices were always high is what will stick in other peoples mind

  166. Michael says:

    165- well said. These guys on here are too smart for their own good. You don’t think during the 60’s with the assassination of major leaders people thought it was the end of America? That the advent of hippies and their rock n roll devil music was going to take America down? How did that work out?

  167. unbelievable says:

    120 121 Grim

    but your amazing analysis (with numbers too) goes on
    not only comparison with other areas makes no sense as those might be high as well BUT
    maybe you forgot this little thing called property taxes that when you take it into account then your numbers make little sense (esp comparison with income)

    who do you try to manipulate with stats-stick to bourbon

  168. Michael says:

    168- I should have added the civil rights movement. Remember, that was the end of it all. Lmao

  169. Michael says:

    169- what is your obsession with property taxes people? It’s a part of life and it’s not really out of control. You only think it’s out of control because you don’t like paying taxes. Love hearing someone say, “well when I bought my house in 1989 I was paying 2,000, now I’m paying 10,000 in 2013. It’s outrageous. From 2,000 to 10,000, where does the money go?” Well, once again it’s called inflation. Are not services affected by inflation? Once again we can have low taxes but don’t expect to have all these services. You can’t have both! Why is this so hard to understand?

  170. unbelievable says:

    Comparison with the old day means nothing
    property taxes were never that high in NNJ
    people had security and good jobs
    the economy was totally different
    we have a demographic problem
    we have a retirement problem
    if you would lie to see what a correction may look like despite money printing–look at Japan
    don’t believe the stats of an economist wannabe

  171. unbelievable says:

    171 yeah, what is wrong with you people? Why can’t you pay those taxes (and the high house prices, and the costly living, and pay for your retirement and health care) ? Why are you all getting poorer?

  172. Michael says:

    173-honestly, who is having all this trouble with these taxes? Not everyone is getting poorer. This state has always been a high cost state. If you are having trouble paying the costs, leave. The more people that leave, the less need for services. It will also lower the demand on housing, which will lead to lower prices.

  173. Michael says:

    172- you do realize the American economy changed. People now either have better jobs or worst jobs. Only diff is that a majority are not doing well, hence the elimination of the middle class. But don’t get it twisted, some of the middle class went up while others went down. They didn’t all become poor.

  174. Michael says:

    172- guess what Japan is doing now…..drum roll please….printing up money in the hopes for inflation

  175. Brian says:

    Your property taxes are high because of the school portion of the bill. Most of the state money goes to fund city schools. Suburban and exurban schools get the shaft.

    Michael says:
    November 5, 2013 at 4:35 pm
    169- what is your obsession with property taxes people? It’s a part of life and it’s not really out of control. You only think it’s out of control because you don’t like paying taxes. Love hearing someone say, “well when I bought my house in 1989 I was paying 2,000, now I’m paying 10,000 in 2013. It’s outrageous. From 2,000 to 10,000, where does the money go?” Well, once again it’s called inflation. Are not services affected by inflation? Once again we can have low taxes but don’t expect to have all these services. You can’t have both! Why is this so hard to understand?

  176. Brian says:

    Japan is fcuked. They have a shrinking working age population an and increasing number of old folks dependent on entitlements. You DO NOT want to follow their lead.

  177. joyce says:

    Guess what Japan is still waiting for (going on their third decade)… drum roll please… price/wage inflation

    Michael says:
    November 5, 2013 at 5:09 pm
    172- guess what Japan is doing now…..drum roll please….printing up money in the hopes for inflation

  178. joyce says:

    Bend over hear it comes again (personified):
    http://www.kob.com/article/stories/S3209305.shtml?cat=12387#.Unk2rLSpU6I

    This 4 On Your Side investigation looks into the actions of police officers and doctors in Southern New Mexico.

    A review of medical records, police reports and a federal lawsuit show deputies with the Hidalgo County Sheriff’s Office, police officers with the City of Deming and medical professionals at the Gila Regional Medical Center made some questionable decisions.

    The incident began January 2, 2013 after David Eckert finished shopping at the Wal-Mart in Deming. According to a federal lawsuit, Eckert didn’t make a complete stop at a stop sign coming out of the parking lot and was immediately stopped by law enforcement.

    Eckert’s attorney, Shannon Kennedy, said in an interview with KOB that after law enforcement asked him to step out of the vehicle, he appeared to be clenching his buttocks. Law enforcement thought that was probable cause to suspect that Eckert was hiding narcotics in his anal cavity. While officers detained Eckert, they secured a search warrant from a judge that allowed for an anal cavity search.

    The lawsuit claims that Deming Police tried taking Eckert to an emergency room in Deming, but a doctor there refused to perform the anal cavity search citing it was “unethical.”

    But physicians at the Gila Regional Medical Center in Silver City agreed to perform the procedure and a few hours later, Eckert was admitted.

    What Happened

    While there, Eckert was subjected to repeated and humiliating forced medical procedures. A review of Eckert’s medical records, which he released to KOB, and details in the lawsuit show the following happened:

    1. Eckert’s abdominal area was x-rayed; no narcotics were found.

    2. Doctors then performed an exam of Eckert’s anus with their fingers; no narcotics were found.

    3. Doctors performed a second exam of Eckert’s anus with their fingers; no narcotics were found.

    4. Doctors penetrated Eckert’s anus to insert an enema. Eckert was forced to defecate in front of doctors and police officers. Eckert watched as doctors searched his stool. No narcotics were found.

    5. Doctors penetrated Eckert’s anus to insert an enema a second time. Eckert was forced to defecate in front of doctors and police officers. Eckert watched as doctors searched his stool. No narcotics were found.

    6. Doctors penetrated Eckert’s anus to insert an enema a third time. Eckert was forced to defecate in front of doctors and police officers. Eckert watched as doctors searched his stool. No narcotics were found.

    7. Doctors then x-rayed Eckert again; no narcotics were found.

    8. Doctors prepared Eckert for surgery, sedated him, and then performed a colonoscopy where a scope with a camera was inserted into Eckert’s anus, rectum, colon, and large intestines. No narcotics were found.

    Throughout this ordeal, Eckert protested and never gave doctors at the Gila Regional Medical Center consent to perform any of these medical procedures.

    “If the officers in Hidalgo County and the City of Deming are seeking warrants for anal cavity searches based on how they’re standing and the warrant allows doctors at the Gila Hospital of Horrors to go in and do enemas and colonoscopies without consent, then anyone can be seized and that’s why the public needs to know about this,” Kennedy said.

    Search Warrant Concerns

    There are major concerns about the way the search warrant was carried out. Kennedy argues that the search warrant was overly broad and lacked probable cause. But beyond that, the warrant was only valid in Luna County, where Deming is located. The Gila Regional Medical Center is in Grant County. That means all of the medical procedures were performed illegally and the doctors who performed the procedures did so with no legal basis and no consent from the patient.

    In addition, even if the search warrant was executed in the correct New Mexico county, the warrant expired at 10 p.m. Medical records show the prepping for the colonoscopy started at 1 a.m. the following day, three hours after the warrant expired.

    “This is like something out of a science fiction film, anal probing by government officials and public employees,” Kennedy said.

    No Comment

    KOB reached out to the attorneys representing the defendants in the lawsuit and all declined to comment on the situation. The attorneys said it’s their personal policy not comment on pending litigation.

    4 On Your Side Investigative Reporter Chris Ramirez cornered Deming Police Chief Brandon Gigante.

    “As the police chief what reassurances could you give people when they come through your town that they won’t be violated or abused by your police officers?” Ramirez asked Chief Gigante.

    “We follow the law in every aspect and we follow policies and protocols that we have in place,” Chief Gigante replied.

    “Do you think those officers in this particular case did that?” Ramirez asked.

    Gigante didn’t answer, instead he referred Ramirez to his attorney.

    The Lawsuit

    David Eckert is suing The City of Deming and Deming Police Officers Bobby Orosco, Robert Chavez and Officer Hernandez.

    Eckert is also suing Hidalgo County Hidalgo County Deputies David Arredondo, Robert Rodriguez and Patrick Green.

    Eckert is also suing Deputy District Attorney Daniel Dougherty and the Gila Regional Medical Center including Robert Wilcox, M.D and Okay Odocha, M.D.

  179. Michael says:

    Japan only tried to create inflation in the past couple months through their fed. Their economy is suffering due to a problem based on demography. Japan is not America and it’s silly to compare them to us.

  180. joyce says:

    A follow up to the bizarre story I just posted: there’s one more unbelievable portion mentioned in the video at the link (not part of the written article)… AND YOU CANNOT MAKE THIS UP, the second medical facility that actually went along with those procedures sent bills to the victim and is threatening to sue him for payment.

  181. joyce says:

    I went against my better judgment in responding to you at all. If you think the Japanese central bank has only started in the last couple of months, you’re even more clueless than I thought.

    Good day

    Michael says:
    November 5, 2013 at 5:42 pm
    Japan only tried to create inflation in the past couple months through their fed. Their economy is suffering due to a problem based on demography. Japan is not America and it’s silly to compare them to us.

  182. chi (152)-

    Trotter was a major tool, and kind of a crook, to boot. He recently got into a bunch of trouble for selling fake magnums of ’45 Romanee-Conti, and he had several very public outbursts at auctions selling stuff from his old restaurant. I saw some photos of him a couple of days ago where he was completely bloated & disheveled, which made me think he was consuming large amounts of blow and hard drink.

    His first wife is a very good friend of mine. I met her right after the divorce, when she decided to move to LA from Chicago, as she didn’t think she could recover from the whole thing unless she got more than 500 miles away from him. Big factor in the divorce- and with most of Trotter’s bad decisions- was that his dad was his “financial advisor”…and, tragically, his chief enabler.

  183. Michael says:

    183- I should have been more specific. Japan’s fed has only started printing money to spur inflation in the past few months. They have not tried this before.

  184. michael (158)-

    You are a garden variety idiot. Please explain to all of us how food inflation automatically leads to wage inflation in sectors unrelated to foodservice.

    You are a dangerous individual, because you are an elitist, a closet racist (because that’s what all elitists really are) and engage in the same sort of self-superior, magical thinking that drove us from being a great country into Third World sinkhole status.

    “An 8 dollar big Mac brings inflation. This means wage growth, which eats away at my fixed loan.

    Watch out, I’m a dangerous individual talking about dangerous things.”

  185. Bystander says:

    Michael,

    I’ll be sure to send your expert analysis to :

    -The consultant I worked with six months ago who still can’t find a job
    -The two legal entity controllers who were let go last month
    -The IT analyst who’s contract was not renewed and yesterday was his last day
    -The PM who’s last day is next Friday

    These are people who I worked closely with on a daily basis, not just anecdotal. I’ll tell them that Michael says job and wage growth are on the way. Plus, they will be making more on their next job so go buy their dream house now while prices are so low. Oh my contract is up technically on Nov. 15th but I am angling to get on another project. I should buy my home now because it is a given that I will get the renewal and they will bump up my pay as well.

  186. michael (166)-

    You are too stupid to live. The Fed has had five years to create the scenario you describe below; how well have they done? What are their prospects for making it happen going forward? How many fiat regimes in the course of history have created “controllable” inflation? How many have, instead, destroyed their currency, and then unintentionally stimmed a deflationary credit collapse, then/and/or hyperinflation that indirectly leads to world war?

    “I love the dooms day type. You really think we are not headed for wage + price inflation? Inflation is inevitable. Why do you think I don’t give a crap about our country’s debt #? It’s going to be washed away with inflation. It just takes time. You talk about the fed controlling the economy, yet you don’t think inflation is coming? That’s their main agenda, to create controllable inflation to pay down their debt.”

  187. michael (168)-

    Yeah, what could be wrong with a self-indulgent generation of losers who vote themselves ever-larger bread-fueled circuses in the narcissistic belief that it is their right to live forever and leech every drop of wealth out of the younger generations?

    “You don’t think during the 60′s with the assassination of major leaders people thought it was the end of America? That the advent of hippies and their rock n roll devil music was going to take America down? How did that work out?”

  188. Michael, are you familiar with the phrase, “the asset dwindles, and the debt remains”?

  189. Michael, have you noticed that money printing stimulates inflation in all the wrong things?

    If you haven’t, you have water on the brain.

  190. Michael, do you have any good recipes for barbecued iShit?

  191. Michael says:

    189- life goes on man. Germany was suffering from hyper inflation during the 30s and that country still exists. I can list tons of examples but not wasting my time. Life goes on, it’s not the end of our nation or economy.

  192. anon (the good one) says:

    wow, from the usual 60 daily posts, today is over 180.

    Michael indeed brings much needed fresh air. the daily, intense fellating that Clot, Nom, Moose, Libturd and Chifi give among themselves do keep people away.

  193. Michael says:

    187- trust me if there is an 8 dollar Big Mac, wage inflation will accompany it. Basic market fundamentals says so. Look at their customer base. In order to charge those prices wage inflation must allow it.

  194. Juice Box says:

    Michael – care to discuss the output gap and QE?

  195. Michael says:

    188- You described only fields that work on a need be basis (why it’s contract work). IT is a dangerous field to work in. Don’t expect any kind of stability in it.

  196. anon (the good one) says:

    @BarackObama: “We are going to make sure that every single person in this country can get affordable health care.” —President Obama http://t.co/a5T23jjh05

  197. Michael says:

    197- QE was needed to provide a short term goal of keeping the economy alive. It also had a long term goal of inflation to erase all the debt created to bail out the economy.

  198. michael (196)-

    Were you alive in 1973? Are you alive now? Were you actually stillborn?

    BTW, I wouldn’t trust you with a used piece of chewing gum.

    “trust me if there is an 8 dollar Big Mac, wage inflation will accompany it.”

  199. Brian says:

    I’ve always been more of a dollar menu guy.

  200. michael (200)-

    Has anyone ever explained to you the difference between “goals” and “accomplishments”?

    Peculiar that egghead liberals cannot seem to grasp that simply having a noble idea is not a real achievement.

    “QE was needed to provide a short term goal of keeping the economy alive. It also had a long term goal of inflation to erase all the debt created to bail out the economy.”

  201. I’m pretty sure at the rate we’re going, Michael will propose minting a 2 trillion-dollar coin before midnight.

  202. brain (202)-

    Is it true you can get possum meat on dollar menus up there?

  203. Michael says:

    203- I’m just stating my opinion on the point of QE. What the hell was the alternative? Let the economy crash and burn, wasting a whole lot of time. Why not try saving it? What do you have to lose? Worst that can happen is it crashes and we start over again.

  204. Bystander says:

    165 ccb223,

    I think you have it wrong. I am Gen X and we are first generation to complain about how deeply f-ed we are from the previous generation. I dare say there is a noticeable social class distinction between people in late 30s and people in mid-50s. Why? Real estate appreciation. Boomers trot around with money because they bought a house in 1993 for 150K and sold it to some naive Gen-xer for 700k in 2004. Now, he is now the bagholder. The NY area is not rich because of bright, people and the financial wizards of Wall St. It is because houses took off to astronomical price levels and there was a sucker set-up for the con. I feel bad for millenials because they are stuck with crazy house prices and crazy student loan debt. At least,Gen X avoided the tuition insanity for the most part. No worries though as Michael stated the white horse is coming in form of better jobs and higher pay so it all gets wiped clean. The Fed can inflate with control and ease..

  205. Michael says:

    201- no I was not alive and need not be. That was energy inflation and it did eventually accompany wage inflation. A product can’t just go up in price without support. I don’t know what you are trying to get at. You are telling me that mcds will charge 8 dollars a Big Mac and wage inflation will not accompany it? They sell to all walks of life meaning everyone. If everyone doesn’t get a raise to afford that price, it will not stay at that price. What’s so difficult to understand. Why are you bringing the 70’s into this.

  206. Brian says:

    So says the expert on possum meat from Tennessee.

    Can you recommend a wine pairing?

    Spine Snapper says:
    November 5, 2013 at 7:03 pm
    brain (202)-

    Is it true you can get possum meat on dollar menus up there?

  207. Michael says:

    207- it was no con. There were people with money that needed a place to live. This created demand. Demand increased the value of the dirt but it’s not the sole reason for increase. Most of the increase in house prices is due to inflation. Inflation is such a big part of everyone’s life, yet they know nothing about it. They know the definition but don’t understand how it affects them.

  208. anon (the good one) says:

    @ianbremmer: Trust But Verify: Rob Ford approval in Toronto (Forum Research)
    Before police announce recovery of crack smoking video: 39%
    After: 44%

  209. Bystander says:

    Hah, hah..you can’t be serious with this statement. Just wow..Gee, it only gave rise to a genocidal megalomaniac, destroyed millions of lives, and divided a country in half for 50 years…but they pulled through..classic.

    “Germany was suffering from hyper inflation during the 30s and that country still exists.”

  210. michael (206)-

    The alternative? Let the gambling banks- who were caught pants-down when the tide went out- fail, let FedCo and TreasCo boost the capitalization of the best of the regional banks left standing, turn them into national banks, and carry on. It would’ve cost 1/10th of what we’ve spent so far (with absolutely no return) and reinforced the lesson that gamblers get crushed and prudent investors get rewarded.

    However, the gubmint is owned lock, stock and barrel by the gamblers who act with impunity, certain that they have a God-given put against any bad bets they might make. Too bad the puts come out of your ass and mine. Maybe you like it that way; I, for one, most assuredly do not.

  211. 1987 Condo says:

    #207…bought my house in 1993, expanded and renovated for $200k more, worth barely $400k… No gain…bought condo in 1987 for $140k, sold for $90k, loss there. I think maybe you are thinking of those that bought houses in 1950s or 1960s o maybe even 70s..

  212. michael (208)-

    Next time there are tortilla riots in Mexico, please go there and soothe them with this lovely theory.

    “A product can’t just go up in price without support.”

  213. michael (210)-

    Are you some sort of retard banker? Yeah, let’s forget fraud, greed and the ill effects of insane financialization…the magical catchall, “inflation”, is the cause of it all.

    Of course, in the maggot-infested brain of Michael, inflation is actually a common good that can be willed into existence by our benevolent gubmint, who uses it to raise our wages and extinguish our debts.

    “Most of the increase in house prices is due to inflation.”

  214. Michael says:

    215-it’s not one straight price increase. There are cycles due to market fundamentals. But over a 30 year span, inflation drives house price increases. You are basing your experience on bad market decisions. Was your house not worth more in 2004? Well now you have to wait till 2024 to see those increases again.

  215. Bystander says:

    87,

    Don’t know but I’m sure Grim could pull thousands and thousands of sales where someone paid 150K – 2ook for place in early 90s and sold it for 600-700K by 2006. Even today, I see people listing homes bought in 1997 for 150k and listing them now for 500K. This is commonplace. Not sure why your situation was different.

  216. Michael says:

    216- yea but after those riots the price will either have to come down or wage increases follow. It can’t stay high just because the owner feels like keeping it high. It’s whatever the market will support.

  217. Michael says:

    217- my maggot infested brain loves inflation because I currently have a large fixed loan out. Govt, also loves controlled inflation because it slowly eats away at their debt. Why is this so difficult to understand? Only people that hate inflation are retires. It screws them pretty bad with no loans and no longer generating income.

  218. Michael says:

    213- never said it didn’t accompany a cost. But hey, my point was that Germany did not come to an end and in fact is one of the strongest economies in the world.

  219. Michael says:

    Yay!!! We are all saved!! Fat man has been re-elected!!! Worship the fat man!! He will save us!!

  220. Ragnar says:

    I voted for the libertarian because I decided last year I’d never vote for Christie again.

  221. grim says:

    Here’s a theory of what happened last 50 yrs
    Gold standard gone, manipulated money and markets in.
    Great society bred rising parasitism.
    Rappers replaced Sinatra and Jonny Hartman, replacing personal pride with malevolence to others.
    Modern education replaced conformity and pseudo self esteem for actual qualifications for employment.
    The rest of the World recovered from WW2, China began to contribute and compete, so just being born American ceased being an automatic ticket to a top 5 percentile global income without serious effort.
    spare me the trickle down bs. Thats for whiners and you’re smarter than that.

    Bingo – I’ll add only one additional item, the dual income household, and maybe subtract the rap comment, only because I’m a closet gangsta, either way, the world has changed, and we’re not going back to where we were before. If you are waiting for it, you’ll be waiting for a long time.

  222. grim says:

    By the way, pay close attention to property taxes outside of this area. I’m not defending high NJ property taxes, but let me tell you, politicians across the country are now realizing what a lucrative game it is. It’s not just straight up property taxes, it’s related fees, surcharges, special assessments, city taxes, with clever names like mello-roos, etc.

    Seems that everywhere the cockroaches from the Northeast go, high taxes are soon to follow, we spread it like disease.

  223. Brian says:

    I’d add rising global middle class

  224. Anon E. Moose says:

    Michael [210];

    Most of the increase in house prices is due to inflation.

    This statement would be stunningly ignorant, if not from such an obvious troll.

  225. Libturd at home says:

    I voted for none of the above again.

  226. Libturd at home says:

    Rags…That list does not explain why the income gap grew so rapidly. It only explains why the average American does not have it as easy as he/she used to.

  227. grim says:

    Christie’s 17 point lead is not going to win him enough of the Republican support he needs for a presidential run.

  228. Anon E. Moose says:

    Grim [137];

    Christie’s 17 point lead is not going to win him enough of the Republican support he needs for a presidential run.

    No, but it will give the Democrat house organ media an excuse to talk about him incessantly (“17 point win for republican CC in very blue sat of NJ”) as the inevitable would-be savior of the Republican party. You know a pragmatic moderate, like Romney or McCain. Just the kind of guy the left wing wants on the ticket to ensure a Hillary win. W can talk about CC’s weight and his lap band surgery to avoid having to look into Benghazi, or talk about Hillary voting in favor of the Iraq war.

  229. Juice Box says:

    re# 200 – Michael QE today is not short term it is anything but. So what are the long term effects of QE?

    Disclosure – I am levered up.

    Let’s discuss private debt. Yellen the new Fed chair has that in her sights. Opinion?

  230. Juice Box says:

    re# 222 – The Hudson river will always be there just like the Rhine. Your German analogy means nothing in that context.

  231. unbelievable says:

    226 grim

    who said property taxes are bad? They are great and don’t mind paying them as long as
    1. house prices are low
    2. everyone pays them–some avoid them (see the rich). NYC dwellings are a wealth storage as a 3mil house has 15K taxes.

    Raising taxes is bad but raising prices is not–what a shill–and you wonder about the gap.

  232. Michael says:

    Perhaps the most telling indicator – albeit a slightly facetious one – is the Big Mac index, popularized by the Economist magazine. McDonalds hamburgers are available in many countries and their prices reflect the cost of food, fuel, commercial real estate, and basic labor. The price of a Big Mac, therefore, can be used to compare the economies of different countries – or serve as a bellwether of inflation in a single country. Since the recession ended, the cost of a Big Mac in the U.S. has risen from an average of $3.57 to $4.37, or 5.2% a year.

    Read more: If There’s No Inflation, Why Are Prices Up So Much? | TIME.com http://business.time.com/2013/03/12/if-theres-no-inflation-why-are-prices-up-so-much/#ixzz2jpc0txMx

  233. joyce says:

    I believe the dual income household was an effect, not cause.

  234. Michael says:

    236- Michael says:
    November 5, 2013 at 6:51 pm
    187- trust me if there is an 8 dollar Big Mac, wage inflation will accompany it. Basic market fundamentals says so. Look at their customer base. In order to charge those prices wage inflation must allow it.

  235. Juice Box says:

    re# 235 – unbelievable – “shill” again? This guy Grim does this for a loss. He has already confessed to being a bootlegger and serial open house eyeballer. What else do you need to know?

  236. Juice Box says:

    re# 237 – Joyce can you speak to my wife? She believes that it is her destiny to stay home.

  237. Michael says:

    “But it can, and it does. The thing about this chart is that it has been adjusted for inflation. The reality is that most of what we think of as home price appreciation is really inflation. In other words, it’s not the value of the house going up, but the value of the dollar going down. And it’s not just home prices that have risen.”

    http://realestateinsidernews.com/dailymotivationalmessage/is-home-appreciation-a-myth-inflation-home-prices-rise-is-not-appreciation/

  238. Michael says:

    Post 241 is for you moose

    “Anon E. Moose says:
    November 5, 2013 at 8:57 pm
    Michael [210];

    Most of the increase in house prices is due to inflation.

    This statement would be stunningly ignorant, if not from such an obvious troll.”

  239. joyce says:

    Would love to, but maybe you’re doing too well yourself and spoiled her ;-)

    Juice Box says:
    November 5, 2013 at 10:19 pm
    re# 237 – Joyce can you speak to my wife? She believes that it is her destiny to stay home.

  240. anon (the good one) says:

    @pourmecoffee: Christie: I want to thank the lunatics who make me look moderate. Sometimes I can’t even believe it myself. You know who you are.

  241. Juice Box says:

    re#241 – Michael except who has a 30 year horizon? I have family that purchased in 2006. Boy do they hate me, and I have to deal with them. Long term is 10 years in this country for a house not 30 plus years. Lots of angry people..

  242. Juice Box says:

    re: 243- Joyce would you believe it was she that spoiled me?

  243. joyce says:

    Sounds lovely

    Juice Box says:
    November 5, 2013 at 10:29 pm
    re: 243- Joyce would you believe it was she that spoiled me?

  244. chicagofinance says:

    REMEMBRANCES
    Charlie Trotter, Innovative Chicago Chef, Dies at 54

    By STEPHEN MILLER and CAROLINE PORTER CONNECT
    Nov. 5, 2013 7:17 p.m. ET
    Charlie Trotter was a brash and innovative chef whose Chicago restaurant was considered to be among the best in the U.S.

    He was discovered unresponsive Tuesday at his Chicago home and pronounced dead at a local hospital, a Chicago Fire Department spokesman said. An autopsy was planned for Wednesday. He was 54 years old.

    In 1987, Mr. Trotter opened his eponymous restaurant, dedicated to American fine dining with European-quality service and wine.

    “He talked about how chefs are like musicians, and their ingredients were like notes,” said Susan Ungaro, president of the James Beard Foundation, which named him outstanding chef in 1999 and humanitarian of the year in 2012.

    In 2007, The Wall Street Journal called Mr. Trotter “the dean of a scene that surpasses New York’s as a thrilling place to eat.”

    He helped introduce the chef tasting menu to the U.S., Ms. Ungaro said. He was a pioneer of locally sourced produce and of light sauces that didn’t rely on butter and cream. He was one of the first celebrity chefs to ban foie gras on ethical grounds.

    A native of Wilmette, Ill., Mr. Trotter studied political science at the University of Wisconsin before starting his career cooking for minimum wage in a gourmet kitchen in Lake Forest, Ill.

    Opening his own establishment at age 28, Mr. Trotter was a stern taskmaster, renowned for his micro-level control in the kitchen. His manner was on display on a PBS show, “The Kitchen Sessions With Charlie Trotter.” He also published a dozen books of recipes and kitchen tips.

    But Mr. Trotter had a sense of humor about himself. In a cameo role in the film “My Best Friend’s Wedding,” he shouted at a cook, “I will kill your whole family if you don’t get this right.”

    Out of his crucible came a stream of chefs who opened their own restaurants. But he suffered business reverses in recent years, closing a Las Vegas restaurant. He shuttered his Chicago restaurant in 2012, saying he intended to study philosophy at the University of Chicago.

    “It’s really just an excuse to spend two to three years with the many great unread books sitting in my house,” he told the Journal.

  245. Happy Renter says:

    Now, don’t get me wrong, I prefer a$$clown Christie to that other a$$clown that was running, but apparently, he said this in his victory speech tonight:

    “a dispirited America, angry at their dysfunction in Washington, looks to New Jersey…”

    Good lord, if America is looking to Jersey for anything, we are truly effed. No doubt that is Jersey delusion talking — the rest of the country isn’t looking to Jersey for anything but laughs. But we’re still effed anyway.

  246. AG says:

    So my voting record for 2013 includes the following.

    Booker
    Buono
    Local Democraps.

    I’m doing my part to drive this sh_t show off a cliff. I am an aspring officer of the Free Sh_t Army.

  247. AG says:

    I wonder if Essex got his fat _ss off the couch to vote for NJ’s version of Nancy Pelosi.

  248. AG says:

    Good news for NJ real estate. Deblasio wins NYC.

    The flight from the city will begin again.

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