Heloc reset shocks not quite so shocking

From HousingWire:

2.5 million borrowers face imminent payment shock

At least 2.5 million borrowers will face an average increase of $250 per month on their monthly mortgage payment due to the imminent reset in home equity lines of credit over the next three years, according to Black Knight Financial Services’ Mortgage Monitor Report.

However, depending upon borrower behavior between now and the time of the reset, payment increases could change, Kostya Gradushy, Black Knight’s manager of research and analytics, said.

Borrowers whose HELOCs will reset over the next three years are utilizing just under 60% of their available credit. If these borrowers utilize more of their credit, they could face even more payment shock as the monthly increase would rise above the $250.

And the news is not much better for the borrowers whose payments are not likely to reset until 2019. These borrowers are exhibiting even lower utilization ratios — about 40% of their available credit. Once reset, they will likely face an average monthly increase of $200.

This entry was posted in Economics, Mortgages, National Real Estate, Risky Lending. Bookmark the permalink.

108 Responses to Heloc reset shocks not quite so shocking

  1. grim says:

    From the Star Ledger:

    Revel casino, Atlantic City’s gleaming gambling hope, closes down

    The gleaming $2.4 billion Revel Casino Hotel began shutting down today, leaving many of its workers wondering what comes next.

    Atlantic City’s newest entry into the troubled casino market is slated to close early Tuesday morning.

    “It’s a little bit of a shock,” said Mark Hubbard, a server at Revel’s SkyCafe, after his coworkers finished snapping a good-bye group photo at the end of their last breakfast shift Sunday. I’ve been in the industry for 20 years. I’ve been laid off, but never because of a casino closing.”

    He said he wasn’t sure what he’d do next. Neither was Lori Bacum, a massage therapist at Exhale, Revel’s high-end spa.

    “It’s a tragedy,” she said. “There were some warnings, but none of us thought it would happen. We felt so safe, because this was the place that was going to take (the city) to a new level.”

  2. anon (the good one) says:

    didn’t take long

    @WSJ: Breaking:
    Former House Majority Leader Eric Cantor lands job at investment bank Moelis & Co.

  3. Juice Box says:

    Welcome back traffic!

  4. All Hype says:

    Nice to see that summer arrived the week after Labor Day.

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

    I am sure this is going nowhere, but its like an issue spotter question in law school: Pick out and discuss all the causes of action (e.g., litigation) you can find.


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

    Man, how short are those coattails when the democrat challenging Scott Walker in Wisconsin won’t appear on stage with the Empty Suit in Chief?


  7. Juice Box says:

    So some stupid celebrity uploads pictures to the cloud and actually no longer own the pictures and they expect privacy? the hAck is probably an inside job.

  8. The Original NJ ExPat says:

    [3] times 100 here in Boston. College students still moving in plus most K-12 schools start today. Boston Public doesn’t start until Thursday. After over a dozen years in the city, my wife and I know the traffic patterns, both store and street. For example, you don’t want to be anywhere near the Watertown Target store this week. It’ll be filled with college kids buying every kind of cheap houseware.

    Welcome back traffic!

  9. Libturd in Union says:

    Wow. First day our train line is back on the normal schedule since the derailment three weeks ago and they are diverting all trains to Hoboken. Let’s here it for the advantages of socialization.

  10. grim says:

    You know, it used to be back in the day of polaroids that you were always worried that an Ex would keep a nude picture of you and make it public at the most inopportune time.

    But nowadays, taking the same photo on your phone, uploading it to the internet, and then being surprised someone hacked and posted it? Not for nothing, but I’m sure there are plenty of nude or semi-nude magazine photos or movie scenes of those people made public already, and you are really asking for it to even put yourself in the position.

    The most disconcerting part of all of this is the fact that a nudie picture would get more scrutiny from an online security and public outrage perspective than a major financial institution being hacked.

    Easy for me to say, nobody wants to see my fat ass.

  11. grim says:

    What’s with all the suicide by train lately

  12. Libturd in Union says:

    If I uploaded my naked pics to the cloud, it would probably rain for forty days and nights.

  13. NJCoast says:

    Nice quiet beach.

  14. Libturd in Union says:

    There always were a lot of them. I just think now you hear more about them.

    Ten years ago, if there was a major train delay, you never new what the cause was unless it showed up the next day in the Star Ledger. Today, the Star Ledger has less local news in it than your kids elementary newsletter, but social media has all of the stories. Though, sometimes they are terribly mistaken.

  15. grim says:

    13 – Heading down to Asbury for a long weekend on Friday, friend has a nice condo he’s letting us use. Should be interesting, haven’t spent any more than an afternoon or evening there, nevermind 3 nights.

    Recommendations would be appreciated!

  16. Anon E. Moose says:

    Re: [2];

    Baaah, Baaah.

    “In 2010, [Chelsea] Clinton and investment banker Marc Mezvinsky were married in an interfaith ceremony in Rhinebeck, New York.” http://en.wikipedia.org/wiki/Chelsea_Clinton

  17. chicagofinance says:

    Everything is rehabbed from Sandy and social media networked…..so it is pretty obvious what to do…..since it is such a seasonal business cycle, you may find some great deals with businesses looking to extend the tourism traffic beyond Labor Day……ask NJ Coast…..

    grim says:
    September 2, 2014 at 9:27 am
    13 – Heading down to Asbury for a long weekend on Friday, friend has a nice condo he’s letting us use. Should be interesting, haven’t spent any more than an afternoon or evening there, nevermind 3 nights.

    Recommendations would be appreciated!

  18. Libturd in Union says:

    If you marry Chelsea Clinton, does that give you a free a pass to infidelity?

  19. A Home Buyer says:

    7 – Juice

    In an apparently ridiculous revelation (if true), they used brute force methodology for guessing the passwords via the “Find my phone” utility Apple has.

    Apple in its infinite wisdom did not have any lockouts or flags for 1 billion wrongly guessed passwords originating from the same high profile account(s).

  20. chicagofinance says:

    Also, most of the (safe street) parking is metered (started in April/May)…..figure out from your friend what to do there….

  21. Fast Eddie says:

    This one sold for $600,000 in 2003, currently asking 649,000. Even if they get full ask (which they won’t), the $18,000 in taxes will annihilate you. That’s $1500 per month, folks. How long before the municipalities overdose on their own gluttony? Flat salaries, two kids, you going to make that move? It’s absurd. Laughable. And when it’s all said and done, the seller lost money on 11 years worth of payments and negative appreciation. Everyone gets f.ucked on this deal.


  22. grim says:

    Estimated 100,000 million dollar plus homes in NJ, wow.

  23. Anon E. Moose says:

    Even Wall Street’s minions didn’t see the bubble coming. So says this paper that finds in managing their personal real estate transactions, they did nothing that would indicate advance knowledge or fear of an impending collapse.

    We find little systematic evidence that the average securitization agent exhibited awareness through their home transactions of problems in overall house markets and anticipated a broad-based crash earlier than others.

    . . .

    Securitization agents neither managed to time the market nor exhibited cautiousness in their home transactions. They increased, rather than decreased, their housing exposure during the boom period, particularly through second home purchases and swaps of existing homes into more expensive homes. This difference is not explained by differences in financing terms such as interest rates or financing, and is more pronounced in the relatively bubblier Southern California region compared to the New York metro region. Our securitization agents’ overall home portfolio performance was significantly worse than that of control groups. Agents working on the sell side and for firms which had poor stock price performance through the crisis did particularly poorly themselves.

  24. anon (the good one) says:

    “…I keep being struck by the enormous appetite of the one percent for really bad economic analysis. Think about CNBC economics (aka Santellinomics, aka the finance macro canon).

    This stuff, with its prediction of soaring inflation and interest rates, has been utterly wrong for more than five years. Yet it remains very popular among wealthy investors.

    I think this may in part reflect the problem that always comes with wealth and power: people tell you what you want to hear. CNBC economics stays on the air, despite its awesomely bad track record, because it caters to the prejudices of the target audience.

    Politicians who buy into this stuff also reap large rewards, in the form of campaign contributions when running and a very plus safety net when they leave. Eric Cantor is moving into investment banking — surprise — and the firm offering him the position explicitly says that it’s in part because he “has proven himself to be a pro-business advocate”.

    @NYTimeskrugman: Class Interests and Monetary Policy, Take II

  25. Juice Box says:

    re: # 15 – Pack some heat. It is no longer a target rich environment for the night walkers.

    Have dinner at the Cubacan, they had live music all summer, but I don’t know about the off season. Head over to the Silver Ball museum while you are there.


    There are a few good boardwalk places for drinks right there too. More upscale than most other Joisey boardwalk restaurants, white tablecloth service etc. There may be some live music on the weekends at the one of the restaurants on the boardwalk.

    Beware of the night walkers they will be around.

  26. 1987 Condo says:

    I am surrounded by Escalades, Lexus, Mercedes SUVs, BMWs, Audis, etc…I assume everyone is loaded and $1,500 taxes are no big deal…..ugh

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

    [19] libturd,

    Back in the Bay State, people used to joke “What does Massachusetts and Bill Clinton have in common? An ugly Chelsea.”

    Never really liked it though. I consider it bad form to attack family members unless they cross over into the public sphere. Kids don’t do that.

    As for Clinton, it occurred to me this morning when I was musing on the respective records and foibles of both Clinton and Kennedy that both would have been viewed in history as flawed and suspect men who had some successes but were largely feckless placeholder presidents. However both are considered great presidents by the left–In Clinton’s case because he was impeached, and in Kennedy’s case because he was killed.

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

    [11] grim,

    I was on one of those once, an Amtrak regional btwn NYPenn and Philly.

    A miserable experience, but obviously much worse for the subject of the delay.

  29. Fast Eddie says:

    1987 Condo,

    I assume everyone is loaded and $1,500 taxes are no big deal…..ugh

    That’s what all the muppets were told when they signed the papers at the closing.

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

    [2] anon,

    Clearly, Cantor landing a job is due to Obama’s masterful handling of the economy.

    Hey, O-man might as well claim credit for it, he’s claimed credit for every positive thing except the sun coming up this morning.

    Thank you, dear Leader, for enabling me to have my morning coffee. Num, num.

  31. The Original NJ ExPat says:

    grim – Is this correct? 943,000 million dollar homes in CA?

    “California, with 8,971,311 housing units, has some of the country’s most expensive markets in its borders. Million-dollar homes comprise 10.6 percent of the market.”


  32. Fast Eddie says:

    Original ask was 729K back in March, currently at 649K with 14.5K in taxes. That’s $3900 per month PITI just to put the key in the door after you put $130,000 down. That’s nothing, right?


  33. Fast Eddie says:

    Estimated 100,000 million dollar plus homes in NJ, wow.

    According to who?

  34. The Original NJ ExPat says:

    [36] The owners home occupiers.

    According to who?

  35. Fast Eddie says:


    That number just went up to 100,001. I just put a million dollar price tag on my house. I’ll sacrifice it at $990,000.

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

    As Steve Buscemi would say “Define irony. . . ”

    ” . . .The group plans to sell its invention to restaurants and, eventually, open its own chain to sell gourmet burgers at fast-food prices by eliminating the cost of paying line cooks. This, its website claims, will “democratize access to high quality food, making it available to the masses.”

    “Our device isn’t meant to make employees more efficient,” co-founder Alexandros Vardakostas Xconomy in 2012. “It’s meant to completely obviate them.”


  37. Juice Box says:

    Err there is only 91 million single family homes in the USA and that included ones with wheels.

  38. Juice Box says:


    “In the very near future, even the most complex legal work will be deconstructed, parts broken out from the whole and assigned to the most effective yet least expensive provider in a carefully managed production chain. The traditional law firm model that collects and leverages dozens of junior lawyers to carry out any task that (a) is tangentially legal and (b) can be billed to the client will, very shortly, not be fit for service.”


  39. grim says:

    Looks like storing nude pictures on iCloud is a violation of their policy:

    You agree that you will NOT use the Service to:

    a. upload, download, post, email, transmit, store or otherwise make available any Content that is unlawful, harassing, threatening, harmful, tortious, defamatory, libelous, abusive, violent, obscene, vulgar, invasive of another’s privacy, hateful, racially or ethnically offensive, or otherwise objectionable;

  40. Juice Box says:

    re # 42 – For violating the TOS Apple should do a human centipede with Upton, Lawrence, Winstead, Grande, and Justice.

    Feed them nothing but Cuttlefish and Asparagus for a week!

    For those with a sense of humor click this link, don’t forget your headphones!


  41. Toxic Crayons says:

    Did you say suicide by train or by chain?


    It’s rough getting a gun in the 5 boroughs so, you gotta do what you gotta do.

  42. NJCoast says:

    If you’re going to the beach go north of Convention Hall if you want it quieter where the locals go.
    Breakfast -either at Frank’s Deli on Main Street and Sunset Ave. for pork roll egg and cheese on their fresh baked hard rolls (cash only) or continue west on Sunset Ave to Sunset Landing where you can eat outside by the lake and feed the ducks.
    Other eats:
    – Stella Marina on the south end of the boardwalk. Italian. Expensive. OK food. Careful at night, the south end gets a bit rough.
    – MOGO Korean fusion taco stand. South end of the boardwalk. Try it you’ll like it
    – Windmill – there’s one on Main Street in Asbury but the one on Ocean Ave in Long Branch is better. A must stop for hotdogs.
    – Langosta Lounge on the boardwalk. Ok.
    – FISH-mattison Ave. go to the Happy Hour before 7pm. $6.00 appetizers and $4-$6 drinks.
    – Brickwall on Cookman Ave. loud. cheap. ok food. Big bar. Lots of different beers.
    – Brandl- Main and 10th in Belmar. BYOB. Lazy Lobster special on Sunday
    – Klein’s in Belmar on the Shark River for fresh seafood.
    – the gelato place on Cookman in the old Steinbach building next to the now defunct Old Man Raffertys is good. Or Days Ice Cream in Ocean Grove.
    -Vic’s on Main Street Bradley Beach. Locals. Traditional Italian thin crust pizza. Then go next door to the Bradley Beach Cinema.
    Bring your bikes and ride the boardwalk from Asbury to Spring Lake. You can stop at D’Jais in Belmar to see if JJ is there.
    Go explore Ocean Grove.
    Stay clear of Porta restaurant and bar after 9pm.
    Be careful at night in Asbury. Cookman Ave and the boardwalk between Convention Hall and the Casino is OK but don’t wander the side streets.
    The summer stage is down at the Stone Pony, I’m not sure if there is a show inside this weekend.
    I’ll be feeding Steely Dan 9/3 & 9/4, The Village People and Gloria Gaynor 9/6, Bobby Bandeira Band 9/7 at the Count Basie Theatre in Red Bank.
    Have fun!

  43. grim says:

    44 – quite creative

  44. Bystander says:

    1500 mo. on taxes? No thanks. I spent weekend up in Maine. If Old Orchard Beach is any indication then tattoo parlors must be lucrative businesses. Lots of Denalis and Escalades with that crowd. My girl is from CA and wanted to show her boardwalk culture in Northeast. She lasted 30m before begging to leave. Having spent my childhood in Wildwood, it was like a trip down memory lane. I made up for it by drving to Marginal way in Ogunquit. One of the prettier places in country. It is like Laguna- East Coast. I make a good living but absolutely confounded on where all this money comes from..

  45. NJCoast says:

    Grim, my comment is in moderation, it’s info for you about Asbury.

  46. Hughesrep says:


    Cuban restaurant on the boardwalk is good. Mogo tacos for lunch if you are on the boardwalk. I like Kleins in Belmar for Sunday brunch. Get there before the church crowd at 12:00.

  47. Fast Eddie says:

    Do they serve s.ex on the beach in Asbury? :o

  48. Xolepa says:

    DJais food is bad and beer is even worse. No selection, except if you’re into bud, bud light, bud lime, etc. Anyone remember the owners, from the band Holme, when they played Thursday nights at the Old Straw Hat?
    Talking about Maine, was in Baa Ha Baa all last week. Definitely not the Escalade crowd there.

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

    [41] juice,

    Yup. Change is a comin.

  50. Fast Eddie says:


    Yup. Change is a comin.

    Consolidation is inevitable across every industry and at every level. Who’s going to sustain the 600K/14K tax, split level sh1tbox?

  51. Juice Box says:

    re: #53 – The scariest outcome for humanity is that the AI robots might force us to live logically.

  52. grim says:

    Great feedback, appreciate it!

  53. jj says:

    1,500 a month in RE taxes are pretty standard on decent sized homes. It is also part of the reason in NJ/LI you see well off folks in smaller and older homes.

    Insult to injury to afford 15k to 35K in property taxes most likely you are in AMT and a lot of that is not even tax deductable.

    Also lot of keeping up with Jones. And that big mortgage

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

    [53] Eddie

    Don’t know. That’s why I don’t own one.

  55. Not Fast Eddie says:

    #53 fast Eddie.

    Up until now it was the GSE, but as we see below is looks likely to be over.


  56. Fast Eddie says:

    Well, ya don’t say!

    Maria Shriver was having an affair long before husband Arnold Schwarzenegger revealed his love child, according to a new bombshell report.


  57. Juice Box says:

    Speaking of Terms of Service these days. You really do need an attorney to review everything before you click it, so clearly the world needs more attorneys how about an AI Attorney that reviews everything before you click it?

  58. Fast Eddie says:

    Not Fast Eddie [58],

    Underwater muppets will die in their cavernous McShitboxes.

  59. grim says:

    How about an open source, free ware application that will recognize a terms of service agreement and accept buttons or check boxes, and accept those, on it’s own behalf (not yours), and under it’s own volition?

    Would you still be responsible? Even if the terms of service were never shown to you?

    Seems like the worlds greatest virus.

  60. Juice Box says:

    jj – No comment on Upton? Drapes and Carpet still TBD…

  61. Juice Box says:

    Another great TOS. Remember if it is FREE then you are the product.


    “When you upload, submit, store, send or receive content to or through our Services, you give Google (and those we work with) a worldwide license to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights you grant in this license are for the limited purpose of operating, promoting, and improving our Services, and to develop new ones. This license continues even if you stop using our Services (for example, for a business listing you have added to Google Maps). Some Services may offer you ways to access and remove content that has been provided to that Service. Also, in some of our Services, there are terms or settings that narrow the scope of our use of the content submitted in those Services. Make sure you have the necessary rights to grant us this license for any content that you submit to our Services. “

  62. Bystander says:


    I decided a long time ago that the Jones’ can go f* themselves. Lucky that I am first gen Irish and taught that life gets no better than a good beer, a sharp quip and a laugh.

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

    ISIS 2, Obama, 0

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

    [59] Eddie,

    Apple doesn’t fall far from the tree.

  65. Juice Box says:

    High taxes is also the main reason why people with 3 or more kids end up building illegal bedrooms in the basements of those small homes JJ speaks of. During my “3 hour tour” I saw many homes with just demolished illegal bedrooms or funny stuff like a shower for Grandma installed in the closet of the den on the first floor.

  66. Happy Renter says:

    [66] http://nypost.com/2014/09/02/isis-video-appears-to-show-beheading-of-us-reporter-steven-sotloff/

    This is getting out of control. How long before innocents are being murdered in hate-crimes-that-we-won’t-call-hate-crimes in Livingston, NJ?

  67. Juice Box says:

    No is now no free lunch literally.

    There is a grumpy new face in line at Silicon Valley’s lavish freebie cafeterias: the Internal Revenue Service.

    Staffers at technology companies such as Google Inc., Facebook Inc. and Twitter Inc. long have enjoyed free gourmet meals, courtesy of their employers. The groaning buffets, in-house pizza joints, and kitchens stocked with organic produce are an intrinsic part of the culture in much of Silicon Valley, encouraging both collaboration and longer work hours.

    The IRS, arguing that these freebies are a taxable fringe benefit, has given new attention to the issue in recent months during routine audits of some companies, tax lawyers said. When employers haven’t been withholding taxes related to the meals, the IRS increasingly has sought back taxes that can amount to 30% of the meals’ fair-market value, the lawyers said.

    In another sign of a new focus on the issue, the IRS and U.S. Treasury Department last week included taxation of “employer-provided meals” in their annual list of top tax priorities for the fiscal year ending next June. The agencies said they intend to issue new “guidance” on the matter, but gave no specifics about timing or what the guidance would say.

    “I suspect this is going to be guidance on these free cafeterias, that the benefit has got to be included in income,” said Anne G. Batter, an employment-tax attorney at Baker & McKenzie in Washington.

    An IRS spokesman declined to comment.

    Tax lawyers expect some employers will fight the IRS over the matter, and said the issue is likely to be decided in the courts. Any broad IRS crackdown could spur complaints about petty government interference with the culture of a crucial industry.

    But allowing free meals to go untaxed, critics say, distorts the economy and gives some employers an unfair edge.


  68. A Home Buyer says:

    64 – Juice

    Not as scary as it sounds (at least in my opinion):


    “That’s a lot of rights to give Google, on the face of it — in fact, it’s basically every right you can give to Google as a copyright holder. But think about how limited Google’s services would be if it didn’t have permission to use, host, store, modify, communicate, publish, or distribute your content — it couldn’t move files around on its servers, cache your data, or make image thumbnails, since those would be unauthorized copies. It couldn’t run Google Translate or Google Image Search. It would be illegal to play YouTube clips in public. In short, Google is giving itself all the permissions it could possibly need to run all of Google services, with the specific limitations that it doesn’t own anything you upload and it can’t use your data beyond running its services.


    But what about that line about granting rights for “promoting and improving our Services,” you ask? Can Google sniff around individual users Drive folders and use their images as the background on google.com? Well, no. Not only would that be insane corporate suicide, but that sort of behavior is forbidden by the Google privacy policy.

    Again, it’s expansive language, but it’s clear that Google’s after the ability to run its services and sell targeted ads, not dig around in your Drive folders. It would be a lot simpler for Google to offer a custom Drive-specific terms of service and privacy policy that set all of this out more directly, but as long as the company insists on having just one set of documents, this sort of expansive-but-limited language is what we’re left with.”

  69. Anon E. Moose says:

    Juice [70];

    Not to step on Nom’s turf, but this seems a marked departure from previous IRS practice re: employer-provided meals.

    But allowing free meals to go untaxed, critics say, distorts the economy and gives some employers an unfair edge.

    Complaining of “employers [having] an unfair edge” is kind of comical against the backdrop of silicon valley big tech companies conspiring not to poach each other’s employees. I think that’s the lesson, to the worker drones, about TISNTAAFL. Salaries would be higher if employers competed on price instead of buffet.

  70. jj says:

    I am buddies with Christie Upton from her days on the Jets. Kate Upton’s sister. Opening Day of new stadium several years ago she got me and my wife on-field tickets to the first ever game at the stadium which was pretty cool. Back then Kate was not yet a SI model. A season or two later Christie got us on field tickets again and this time I took my buddy from college. I was telling him I will introduce you, he was like who? The SI Cover came out shortly before game and this guy who was a big shot at Merrill was a hero to his staff. We were posting on field and Christie hung out with us a bit on the sideline. Kate was at game but she was on other side. She always got comp Jets tickets. That said although I insult must folks Kate is cool. Her sister Christie got married and moved to Florida and quit Jets which sucks as she was my gig connection. I was talking to her all the way back in final year of old stadium around Late 2008 or early 2009 and Kate was only born in 1992 so she was only 15 or 16 still in High School and a nobody.

    To give you an idea of how beautiful Kate is and I have seen her at Jets games. I thought Christie was beautiful and my buddy was very happy she was hanging out with us. When Christie is photographed with Kate she appears to be average looking. Which is amazing as Christie is hot but Kate is a super nova.

    Juice Box says:

    September 2, 2014 at 1:34 pm

    jj – No comment on Upton? Drapes and Carpet still TBD…

  71. grim says:

    Best illegal bathroom I ever saw was a house in Upper Montclair on the corner of Valley Road. Best I can tell it was used as a dorming house for Montclair students.

    They had converted the hall closet into a shower. Not a bathroom, it didn’t have a toilet, it was a shower. You opened the door, and immediately saw a shower curtain, you pushed the curtain aside, then stepped into the closet, err, shower.

    From what I can tell, they simply cut open the wall, which was directly behind the bath tub in the main hall bathroom, and put another shower faucet into the closet. They tiled the walls, and somehow tiled the floor and connected a drain. There was little to no lintel between the tile and hall floor, I suspect if one stood on the drain hole for a few minutes, the hall would flood. No doubt the tile was placed right over the hardwood floor.

    Even better, they had left the existing hall closet light, which was one of those old ceramic string pull fixtures with a bare bulb. I’m not sure what you were supposed to do when it got wet, dance around it, god help you if you touched it.

    No ventilation at all, and the door and moldings were beginning to rot. What, you think they got rid of the moldings? What, the shower curtain covered them.

    It wasn’t even big, it couldn’t have been more than 2.5ft by 2.5ft, maybe not even that. It was literally a tiny hall linen closet. I don’t even know what you would do with the towel, or how you could possibly dry off. I suspect you were just expected to run naked across the hall.

    The listing agent, god bless her, tried her best to say it wouldn’t be a problem. She was probably right, why would it, no inspector is going to look in the linen closet and expect to find a half bath.

  72. grim says:

    Speaking of running naked out of the shower during a showing, that’s another story about a house in Mountain Lakes.

  73. grim (11)-

    It’s very effective.

    “What’s with all the suicide by train lately”

  74. Ragnar says:

    The real ballers earn too much to be hit by the AMT.
    Marginal rate of 39.6% + 2.9% standard medicare + 0.9%extra medicare tax for the rich + NJ State 8.97% (effective 5.3%)
    = 48.7% effective marginal tax rate above $500k

  75. grim (42)-

    Nekkid photos of Jennifer L@wrence aren’t obscene. That’s my idea of art!

  76. Ragnar says:

    Juice, 70
    With tax rates so high, I’ve been thinking about how my company could compensate people with untaxed perks. Looks like the IRS is trying to close all escape hatches.

  77. Pay all your employees with bullets and blow.

  78. Juice Box says:

    re: # 80 – yeah well they might as well get rid of expense reports and Amex cards then.

  79. essex says:

    79. The Fappening.

  80. 30 year realtor says:

    #75 Grim – Currently have a house with a bathroom arrangement exactly like you describe in Hackensack. I thought I had seen everything.

  81. 30 year realtor says:

    Just bought a house in Wayne at sheriff sale, 3500 square feet built in 2004 on a main road. House next door just sold for $880,000.

    Bought another one in Bergen last week.

  82. Fast Eddie says:


    Pay all your employees with bullets and blow.

    LMAO! You now own the entire top ten phrases ever uttered on this blog.

  83. Still wish I’d come up with “Essex want a Milkbone?”

  84. The Original NJ ExPat says:

    For small business orders having trouble with cash flow:

    Pay your employees with bullets and blowj0bs.

  85. The Original NJ ExPat says:

    owners, not orders. drat.

  86. Fast Eddie says:

    What is the all time best phrase posted on this blog? I’m going to have to pose that question again tomorrow!

  87. bklynhawk says:

    Grim, this is not on topic, but saw this and thought this might appreciate in a kitchen….


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

    [70] juice,

    This is literally a tempest in a fondue pot. The issue is whether the meals are provided “for the convenience of the employer.” Typically, IRS hasn’t butted into a business’ determination that this is necessary. But they are turning over pebbles now . . .

  89. grim says:

    When is anything on topic anymore?

  90. Grim says:

    You know there are a number of people that firmly believe the bombing on Nagasaki and Hiroshima were absolutely critical to get the Japanese to surrender. That without the bombings, the war would take yet countless lives. Despite nearly wiping out every major Japanese city, the thought was that the Japanese would never stop their aggression, the war would go on for years more, no end in sight.

    Just saying, because the discussion is about to go to the next level.

  91. I checked out a couple of RE stories today. Both made me want to do what that guy in the Bronx did with a chain and his car.

    1. Tangelo Mozilo gave interview to Bloomberg, states he didn’t do anything wrong. Refers to himself in the third person.

    2. Golden Slacks announces launch of “buy-to-rent” finance scheme in…wait…Spain!

    Please, can we stay off topic for the next 50 years or so?

  92. 1987 Condo says:

    #94…and I believe they are thinking the same about us………..

  93. Juice Box says:

    Saw the Tan Man story. He is sticking with it till his grave, he is apparently sick.

  94. chicagofinance says:

    Take at least 25% off 2005 peak prices says:
    December 28, 2006 at 1:45 pm
    when reading….

    hehehehehehehehehehehe http://www.hotink.com/wacky/dastrdly/


    Take at least 25% off 2005 peak price

    Fast Eddie says:
    September 2, 2014 at 7:15 pm
    What is the all time best phrase posted on this blog? I’m going to have to pose that question again tomorrow!

  95. chicagofinance says:

    Take at least 25% off 2005 peak prices says:
    December 27, 2006 at 2:53 pm

    SPIN IT!

    Take at least 25% off 2005 peak prices

    Worried yet grubbers?


  96. chicagofinance says:

    Take at least 25% off 2005 peak prices says:
    December 27, 2006 at 3:28 pm
    50% off of 2005 peak prices that is. 50% off of some delusional sellers prices is happening.

    Take at least 25% off 2005 peak prices

    worried yet?

  97. chicagofinance says:


  98. chicagofinance says:

    Depths of Misery Spring 2008 says:
    February 27, 2007 at 3:01 pm


    BLEED”EM DRY!!!!!!!!!!!!



  99. chicagofinance says:

    Depths of Misery Spring 2008 says:
    February 27, 2007 at 3:04 pm


    Your patience will be rewarded.



  100. chicagofinance says:

    Depths of Misery Spring 2008 says:
    February 27, 2007 at 3:11 pm

    You MUST be rewarded for your patience.



  101. chicagofinance says:

    Depths of Misery Spring 2008 says:
    February 27, 2007 at 3:56 pm





  102. chicagofinance says:

    Depths of Misery Spring 2008 says:
    February 23, 2007 at 2:08 pm




  103. chicagofinance says:

    Read My Lips: MASSIVE MISERY 2008 says:
    April 30, 2007 at 1:05 pm

    Spring 2008 is going to be misery FOR GREEDY GRUBBERS AND THE STARVING BUNCH.

    Accept it now and prepare for lean times.


  104. chicagofinance says:

    BTW at some point, Booya Bob posted “read my lips you schmuck”…..#1 all time post…

Comments are closed.