From HousingWire:
1 in 6 homes still seriously underwater as home price growth slows
In the second quarter some 9.1 million U.S. residential properties were seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value — representing 17% of all properties with a mortgage, RealtyTrac reports.
The second quarter of 2014 saw a percentage decrease in homes that were seriously underwater — 17.2% versus 17.4% in the first quarter of 2014 — bringing it to the lowest level since RealtyTrac began reporting negative equity in the first quarter of 2012.
“Home price appreciation has slowed in the last few months in many of the markets with the most underwater homes, slowing the pace at which homeowners are recovering equity lost during the Great Recession,” said Daren Blomquist, vice president at RealtyTrac. “For instance, annual home price appreciation in California was at 16% in May 2014 compared to a high of 31% in July and August of 2013. In Arizona, home price appreciation has slowed to 6% annually compared to a high of 24% last year.
…
“In addition many of the properties that are seriously underwater are in a deep negative equity hole that will take some time to dig out of,” Blomquist continued. “The average loan-to-value on the 9.1 million homes seriously underwater was 133%, and the average loan-to-value on the homes in foreclosure that are seriously underwater was 134%.”The recent peak in negative equity was the second quarter of 2012, when 12.8 million U.S. residential properties representing 29% of all properties with a mortgage were seriously underwater.
…
Another 8.8 million properties were on the verge of resurfacing equity in the second quarter of 2014, with between 10% negative equity and 10% positive equity, representing 17% of all properties with a mortgage, up from 8.5 million representing 16% of all properties with a mortgage in the first quarter of 2014.
With the Holland Tunnel and the GWB snarled in traffic you better learn to swim.
In the second quarter some 9.1 million U.S. residential properties were seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value — representing 17% of all properties with a mortgage, RealtyTrac reports.
The estimated market value… got it? Which means that it’s a vast ocean of muppets that got hoodwinked and doesn’t reflect the real number of those underwater. Take every transaction from 2003 through 2008 and that it’ll give you a better picture.
[1] toxic
I doubt that.
http://www.metro.us/newyork/news/local/2014/05/13/new-manhattan-commuter-ferry-service-launch-along-hudson-river/
Besides, nature abhors a vacuum and nowhere else is this more true than NYC. You could probably walk across the river on boats, there’d be so many.
Eddie, did you ever see 10 Princeton in woodcliff lake?
3 – relax your sphincter dude, it was a joke referencing to recent political scandals.
[5] toxic
Oh, I got it. But as a former transportation wonk, I see it as a very real issue too.
Holy Cow! Massive drop in jobless claims, weekly down 19k to 284,000.
I’ve been following this issue for a long time because it is one of the larger canaries in the coal mine whose health I have been monitoring. It is perhaps the most significant piece of protectionist legislation to be advanced in decades and, IMHO, it will have seismic effects on the underpinnings of the economy.
http://www.cnbc.com/id/101860765
It will be very interesting to see how this plays out. It will inform how millions invest and arrange their financial affairs, and will have collateral effects that no one is presently talking about.
[7] grim,
And just in time too!
8 – Why not just move to a VAT system and start with a VAT tax rate that approximates corporate tax receipts?
Move all taxes to the consumption side, reduce corporate tax rates to zero to for all revenue of goods manufactured in the US for companies headquartered in the US.
Why? Because you can’t move consumption off shore.
Long time lurker and a totally off topic point…I’m planning a trip to Vegas this fall, suggestions on comps, cheap air, etc? I’m fine putting time in on the tables. I remember lots of past suggestions, I’m open to all. Thanks! Keep on posting, The love/hate keeps me going all day!
[10] grim,
Complexity and perception play huge roles here. Ironically, the group that would be most opposed is likely the democrats because it institutionalizes the pass through nature of taxation. Right now, people, especially those on the left, can take solace in the notion that there is a big, evil, entity called “business” that will take the well-deserved hit and not the little person. They don’t get that money is fungible.
Also, the current code creates winners and losers, and you are threatening to upend some of their roles. A corporation with NOLs as far as the eye can see would suddenly see tax pressure where none existed before. They can be expected to fight to preserve the current system.
There are also implications for our tax and trade treaties. I don’t believe that VATs implicate tax treaties but I cannot speak to the issue of trade treaties.
I could go on, but I have to get back to the salt mines.
[8] redux
One final thought: This is how Senator Levin describes his bill.
“The Stop Corporate Inversions Act of 2014 increases the needed percentage change in stock ownership from 20 percent to 50 percent and provides that the merged company will nevertheless continue to be treated as a domestic U.S. company for tax purposes if management and control of the merged company remains in the U.S. and either 25 percent of its employees or sales or assets are located in the U.S. ”
The simple solution for getting around this bill is total redomestication. Move 75% of operations and the C-suite offshore. That leaves only the 25% sales rule and I see that as a blatant violation of our model tax compact, and one that would assuredly invite retaliation.
And yes, I have considered that the effect on treaties (both tax and trade) may be intentional.
Now, back to work
@MotherJones: How America Finances the Destruction in Gaza—and the Humanitarian Aid in Its Aftermath http://t.co/MH0FYDMAtE
“Each year, the United States gives Israel about $3.1 billion in military assistance, a commitment that stems from the 1978 Camp David accord that led to peace between Israel and Egypt. Those billions are roughly divided into two funding streams. About $800 million underwrites Israeli manufacturing of weaponry and military products.
The rest finances what is essentially a gift card that the Israeli military uses to procure arms and military equipment from US military contractors. It can be safely assumed, says a US expert on aid to Israel, that all units of the Israel Defense Forces benefit from US assistance—and this obviously includes those units fighting in Gaza. So to a certain degree, the destruction in Gaza does have a made-in-the-USA stamp.”
@ReutersBiz:
Jobless claims in the U.S. have fallen to the lowest level since early 2006
I’d love to see the Mossad make anon disapppear. Guess you can add anti-Semite to his resume of idiocy.
The dumbasses in Gaza VOTED a terrorist group, Hamas, into power. Now, Hamas fires rockets from hospitals and engages in stupidity like suicide-belted donkeys (no kidding). Anything that follows from this self-destructive decision is merely what they deserve.
15 – Israel has the capability to turn Gaza into a parking lot in minutes. If the palestinians had the same capability, do you think they’d show the same restraint?
I always had the feeling that the average Palestinian (whatever that is) would favor cutting a simple deal with Israel and getting on with things. The West Bank- and their relationship with Israel- seems to bear this out. However, Palestine is permanently traumatized by Arafat and the terrorists who have followed him. It seems as though they have a death wish and are willing to do whatever it takes to bring on their destruction.
#17
You can be a non supporter of Israel policy without being an anti-semite. Though it’s convenient for Israel supporters to conflate the two. It helps to silence criticism.
Phoenix [4],
No, I didn’t see it. Do you have a link?
Stats are an interesting thing when looking at a conflict situation.
Gaza is only 139 square miles . The borough of Queens New York is 178 square miles. The West Bank is 2,263 square miles, and Israel is about 8,000 square miles and comparatively New Jersey is 7,354 square miles.
Perhaps too many people and too little resources land, water, food etc for a county with a pretty large population per sq mile and a Mediterranean/Desert climate to boot. One of the more interesting stats is that Palestinian women are producing babies at one of the highest rates in the world at 8 kids per woman. Many Israelis do not want to annex the West Bank because of this stat. They could lose their majority in a few generations if they did annex the West Bank and for a Democracy when every adult gets a vote well that means everything.
NWNJ. That’s true, but when you have issues with Obama, most progressives will call you a racist. It’s in the play book. I know, I have a copy. :)
I will support the anti-Israel view when 1) We give America back to the Native Americans and 2) Only after half of it’s citizens are annihilated, but not before perverse experiments are performed on some of them, they all have been branded with a cow poke, and their teeth, hair and akin have been made into household products.
Hamas can end it anytime they want. All they need to do is stop importing and firing rockets. Until they do, this Jew feels no sympathy to them whatsoever.
And Anon, one could argue that had Israel not given Egypt back the Sinai, they might not have needed the 3 billion in annual support from the US. And when the great Muslim vs. the West war breaks out, you’ll realize that the cost of support for Israel was quite the bargain.
Hilarious.
Parents received a number of letters from the IRS, to their address, but addressed to a number of different names, all within a short period of time.
Curious, I opened the letters since it was clearly no coincidence that there would be mistakes of this nature across multiple names.
Appear to be various tax issues surrounding payment of past due taxes and fines, some of these quite large, in excess of $30k.
Spend hours on the phone with the IRS to try to report this. Nearly impossible. Absolutely nobody knows what to do, clueless. Now they want me to fill out forms 403845 C in triplicate and mail it in.
Are you f*cking kidding me? Sorry for trying to help you guys out, in the garbage they go.
Israel’s policy is to defend itself when attacked. If anyone has a problem with that policy, that person is an anti-Semite.
Certainly excesses occur, mistakes are made and there are probably as many people in the IDF who enjoy killing as sport as there are in any other army in the world. Waging war is a sick and pointless activity and attracts some really bent people. However, Israel has done everything to accommodate the psychopaths running Palestine (including agreeing to three different cease-fire proposals) and has no other choice at this point but to rout out those who are actively attacking them.
[25] grim,
Uh, I would not ignore anything the IRS sends. It doesn’t matter if they are the ones that fcuked up. Their fcukup is your fcukup until you prove otherwise.
Nom [8];
Isn’t the inevitable endgame massive tarrifs (as you’ve predicted, if more for protectionist reasons than pragmatic ones)? If the IRS can’t tax the capital at the top of the pyramid, they’re left with not option but to tax the goods when they hit port.
Nom [27];
Sounds like it wasn’t addressed to Mr. Grim, Sr. or Mrs. Grim; just some random names at their address. With the current state of the IRS, I’d be concerned about even opening the mail — big red Sharpie “RTS: No Such Person at Address” and back in the mailbox.
I’m with the Israeli’s at this point we. On one side we have a country with a functioning democracy and economy who has been attacked by their neighbors more times than one can count. Against a degenerate state run by terrorist who throw women and children as shields to gain support. The media does a big disservice, Hamas is ultimately responsible for the deaths of civilians.
Anthony. Need more deets. On strip/off strip? What games do you play? What do you want in a hotel? Fancy pool? Nice restaurants? Day/Night Club? Do you party or are you strictly a gambler? Also, comps for this trip or a future trip or both?
25. Grim
Was it really the IRS or a phishing scam?
People have short memories when looking at the current conflict situation.
Just go ask the goat herders in Pakistan or Yemen what they do every time they hear one of our flying lawnmowers. Over the last 10 years we have terminated thousands of people in Pakistan with drone bomb strikes, with many of them civilians.
Estimates from Journalists
Total strikes: 381
Total reported killed: 2,537 – 3,646
Civilians reported killed: 416 – 951
Children reported killed: 168 – 200
Total reported injured: 1,128 – 1,557
Strikes under the Bush Administration: 51
Strikes under the Obama Administration: 330
Here is a video of a Hellfire drone strike in Pakistan. This two insurgents didn’t even hear the Hellfire coming since it travels at Mach 1.3 and can close the distance of a few miles quicker than a fart.
http://upload.wikimedia.org/wikipedia/commons/transcoded/6/65/US_pilot_mock-sings_as_missile_hits_target.theora.ogv/US_pilot_mock-sings_as_missile_hits_target.theora.ogv.360p.webm
well said!!!
Comrade Nom Deplume, a.k.a. Captain Justice says:
July 24, 2014 at 9:25 am
[10] grim,
Complexity and perception play huge roles here. Ironically, the group that would be most opposed is likely the democrats because it institutionalizes the pass through nature of taxation. Right now, people, especially those on the left, can take solace in the notion that there is a big, evil, entity called “business” that will take the well-deserved hit and not the little person. They don’t get that money is fungible.
Also, the current code creates winners and losers, and you are threatening to upend some of their roles. A corporation with NOLs as far as the eye can see would suddenly see tax pressure where none existed before. They can be expected to fight to preserve the current system.
There are also implications for our tax and trade treaties. I don’t believe that VATs implicate tax treaties but I cannot speak to the issue of trade treaties.
I could go on, but I have to get back to the salt mines.
I agree. Israel isn’t attacking, they are being attacked. Plus, they are our rock in the middle east.
Libturd home w/ sick child says:
July 24, 2014 at 11:01 am
NWNJ. That’s true, but when you have issues with Obama, most progressives will call you a racist. It’s in the play book. I know, I have a copy. :)
I will support the anti-Israel view when 1) We give America back to the Native Americans and 2) Only after half of it’s citizens are annihilated, but not before perverse experiments are performed on some of them, they all have been branded with a cow poke, and their teeth, hair and akin have been made into household products.
Hamas can end it anytime they want. All they need to do is stop importing and firing rockets. Until they do, this Jew feels no sympathy to them whatsoever.
And Anon, one could argue that had Israel not given Egypt back the Sinai, they might not have needed the 3 billion in annual support from the US. And when the great Muslim vs. the West war breaks out, you’ll realize that the cost of support for Israel was quite the bargain.
33. cost of hellfire missile 60k, divided by 2 kills = 30k per kill.
Not including cost of drone, pilot, support teams, etc.
Expensive way to kill 2 guys.
Then again, how much do we pay here in the USA to execute one child killer?
You know, the ones that even when caught on CCTV still plead not guilty.
I vote for nooses and bullets over lawyers and drones.
“cost of hellfire missile 60k?”
Everything the military does usually starts in the billion dollar range. There is always a 9 figure price tag. The cost of the Carrier it was launched from for example?
37.
Development of missle 1974, production 1982. It is 30 years later and that is the current cost. Of course, there is missile 1.0, 2.0, etc.
Maybe I misunderstood you, but I believe you implied the cost would go down over time.
I’m sure it’s cheaper now than it was, with that I agree.
But it is not inexpensive by any means. Roughly 3 x NJ property tax per kill.
Well that’s pretty cheap compared to the cost of flying Air Force One. $161,591 per hour.
Christie can fly in his helicopter for 12 hrs for the cost of one insurgent kill. Suddenly that is looking like the bargain of the day…
http://www.foxnews.com/politics/2011/06/01/new-jersey-state-police-helicopter-flight-christie-costs-2500-hour/
Does GSMLS accurately portray the status of a property? That is, if a property is under contract, will GSMLS still show it as “Active” or will it show something else and if so, what?
Thanks,
Hamas militants with their weapons have been transported within Gaza in trucks that are purposely filled with children with the blessing of the kids’ mothers……..
Juggalo4eva says:
July 24, 2014 at 9:55 am
The dumbasses in Gaza VOTED a terrorist group, Hamas, into power. Now, Hamas fires rockets from hospitals and engages in stupidity like suicide-belted donkeys (no kidding). Anything that follows from this self-destructive decision is merely what they deserve.
Met Life in now TBTF
http://www.bloomberg.com/news/2014-07-22/u-s-said-poised-to-designate-metlife-as-systemically-important.html
#41,
If a property is “Under Contract” status, you will not see it in the public gsmls unless it was marked UC the same day you are viewing.
Sometimes, but not often the property is in “Under contract, continue to show” status. You will see this in the public gsmls.
44 – Thanks. I was told the property is sold but was curious when I saw it listed as “Active”. Perhaps I was given inaccurate information.
Been a while since I looked at the non-agent interface, but pendings will show online, A* status (Attorney review in progress). For a long time the 3rd party sites like Zillow and Trulia would show A* properties even days after they went into UC.
Trulia shares jump nearly 25% on reported takeover interest from Zillow
[25] grim,
Looked back at your post in detail this time and not on a cellphone.
If the letters were not addressed to your parents but unfamiliar names, and they all came at once, that sounds quite odd. Especially if the names weren’t derivations of each other (e.g., James T. Bednar, J.T., Bednar, etc.)
You can always forward them to the Office of the National Taxpayer Advocate or to TIGTA and indicate that you think that these are not legitimate.
Sorry, incomplete thought due to multitasking. If the letters were not addressed to anyone named that resides at the residence, then it is possibly a scam.
The End Is Nigh (John Wayne Bobbitt Edition):
BIRMINGHAM, Ala. — An Alabama man who went to the hospital for a routine circumcision says doctors mistakenly amputated his peni$.
Johnny Lee Banks Jr. of Birmingham and his wife, Zelda Banks, filed the lawsuit Tuesday. They’re suing the hospital, doctors and others for medical malpractice.
The lawsuit says Banks went to Princeton Baptist Medical Center in Birmingham last month for a circumcision. The suit alleges the man’s peni$ was gone when he awoke.
The suit says that the mistaken amputation has caused the man extreme pain, and that his wife also is suffering.
The suit names the hospital, a urology group, a medical clinic and two doctors as defendants. It’s seeking an unspecified dollar amount.
A hospital spokeswoman says the claims lack merit.
Others defendants didn’t return messages seeking comment.
http://www.nytimes.com/2014/07/24/opinion/nicholas-kristof-idiots-guide-to-inequality-piketty-capital.html?action=click&contentCollection=Opinion®ion=Footer&module=MoreInSection&pgtype=article
Ccb223,
Good article overall, but I can’t stand it when someone identifies correctly a problem and then only talks about a fringe solution or a “solution” to the effect rather than cause.
E.g. Medical drug bargaining rather than the govt granted medical/insurance monopolies.
E.g. Carries interest tax loophole and not the FedReserve monetary system and all it’s horrific accompanying details
Another day in hell.