Appreciation slowdown or just a temporary blip?

From the Wall Street Journal:

U.S. Home-Price Gains Pick Up a Bit

The National Association of Realtors said that home-price appreciation, after easing earlier this year, is starting to pick up.

However, price gains have slowed sharply in some of the cities that benefited the most from the housing rebound.

The group on Thursday said the median price of an existing single-family home was $217,300 in the third quarter, up 4.9% from a year earlier. That was faster than in the second quarter, when the median price was up 4.2%.

Prices still haven’t returned to the peak, which was $227,600 in the third quarter of 2005, according to the NAR.

The association said that prices rose in 125 of the 172 metropolitan areas that it tracks, compared to 122 of 173 metro areas in the last quarter.

In the latest quarter, prices rose the most quickly in the Midwest, where they gained 5%, while the Northeast saw the median price rise only 2.2% from the year before.

Prices rose the fastest in the metro areas including Daytona Beach, Fla., Toledo, Ohio, and Naples, Fla., according to the report, while they fell the most sharply in Cumberland, Md., New London, Conn., and Tampa, Fla.

Jed Kolko, chief economist for real-estate information website Trulia, said that price gain slowdowns have been largely concentrated in cities that saw the biggest rebound after the housing crisis. On the other hand, in non-boom-and-bust markets, price gains have been tied more largely to economic factors, such as job and wage growth, and stayed steady, he said.

“As the recovery continues, the rebound effect becomes less important. Home price gains will increasingly reflect local fundamentals,” he said.

This entry was posted in Demographics, Economics, Employment, National Real Estate. Bookmark the permalink.

131 Responses to Appreciation slowdown or just a temporary blip?

  1. grim says:

    jobs jobs jobs jobs jobs jobs

  2. essex says:

    Blow blow blow blow

  3. grim says:

    From the Times of Trenton:

    Trenton city council unanimously passes fee for vacant property owners

    Trenton City Council gave unanimous approval to an ordinance that will place an escalating fee on the owners of vacant, unkempt properties.

    The council heard from several landlords in the city who felt it was an additional tax on those who have invested in Trenton and unfairly targeted the landlords who are responsive to the city.

    “I am the so called absentee landlord,” said Leonard Kirkuff, who is a realtor and property owner in the city.

    “This is just another layer on top of an already onerous system that we have,” Kirkuff said.

    Some council members commented that the issue of bad landlords who buy properties and walk away as they are left to deteriorate in the city is a real problem that concerns residents. A survey of Trenton over the summer found 6,300 vacant properties.

    Under the ordinance, the city will require the owners of vacant properties to register, with a fee of $250. After a year, the owner will be asked to renew the registration if the property remains vacant. The first renewal fee is $400, the second is $750 and any subsequent renewal is $1,000 or 5 percent of the assessed value of the property, whichever is higher.

    Owners who believe they can complete the work to make the property livable and pass inspection in the first year may apply to have the registration fee waived. The fee may also be prorated depending on when the property is brought up to code.

  4. grim says:

    Screw the jobs report, the headline of the day, from the NY Daily News:

    Man buys foreclosed Florida home, finds corpse in bedroom

  5. grim says:

    Put your coffee down.

  6. grim says:

    He said the mummified body had been eaten, whether by cockroaches or by a pet bird that lived after the individual passed.

  7. Liquor Luge says:

    Metaphor for the entire RE market.

  8. Liquor Luge says:

    My best guess would be eaten by c0ckroaches.

  9. Liquor Luge says:

    If the bird ate him, it must now be one mean-ass bird.

  10. Liquor Luge says:

    Damn. No photos of the remains at rotten.com.

  11. 30 year realtor says:

    A friend sent me the Florida dead body article yesterday. My group has been buying quite a few properties over the last few months. No dead bodies yet but some rotting and smelly properties.

  12. grim says:

    He can’t have been all that bright to talk to the media. I would have pressed to keep this hush hush. Unless he found out the place was a disaster and he’s looking for the sheriff to reverse the sale.

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

    Good panel on Bloomberg this morning

  14. Liquor Luge says:

    30 year (11)-

    Your time is coming.

    “My group has been buying quite a few properties over the last few months. No dead bodies yet but some rotting and smelly properties.”

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

    Economists on Bloom confirm what i have been saying, that min wage hikes affect very few people because so few actuslly make it.

    It also occurs to me that s min wage hike doesn’t even help the target cohort. If a head of household is making min wage, they are also getting EITC and other income dependent benefits. So earning more salary could mean less in benefits, resulting in no real net benefit. Thus the only people who make out are the kids who don’t really need the jobs because they aren’t supporting anyone on it. The real effect is burden shifting from gov to employers and, indirectly, customers.

    I won’t even go into substitution effects.

    ATEOTD, this issue is much ado about very little. Some folks will benefit, some will be hurt, and little changes.

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

    One benefit of the min wage hike would be if waiters got it. Combined with ordering and payment apps, it could mean an end to tipping. Yay!

  17. 1987 Condo says:

    If we would just set a min wage and have it move with CPI, we can move on…I really do not hear daily discussion of the SS monthly payment..it is set and moves on cpi, discussion over.

  18. 1987 Condo says:

    Jobs, going with Room 222 (000)

  19. Michael says:

    Just playing devils advocate with that loser expat. If real estate is so screwed, why is his investing group buying properties? Is not his group following my recommendation? Buy now and sell when the market improves in ten years? Are you sure that you are not two generations dumb?

    30 year realtor says:
    November 7, 2014 at 7:40 am
    A friend sent me the Florida dead body article yesterday. My group has been buying quite a few properties over the last few months. No dead bodies yet but some rotting and smelly properties.

    The Original NJ ExPat says:
    November 6, 2014 at 10:24 pm
    Turdburglar telling 30 year how it really is and what’s coming. That made me laugh so hard. I’m now convinced that the PrussianFruit is at least two generations dumb.

    Michael says:
    November 6, 2014 at 7:29 am
    Going to be flat for another 3-5 years and will start rising. After 2020-2021, a lot of buyers will enter the market and the next upswing in the real estate will take place (20 years after the last upswing in the real estate cycle). Demographics will be the biggest driver. Baby boomers will be leaving their jobs and selling their homes at the same time. Finally creating the opportunity for younger generation to get a good job and their own home instead of renting.

  20. anon (the good one) says:

    anybody leaving today, or y’all staying put in New Jersey?

  21. anon (the good one) says:

    good question

    Michael says:
    November 7, 2014 at 8:25 am
    Just playing devils advocate with that loser expat. If real estate is so screwed, why is his investing group buying properties? Is not his group following my recommendation? Buy now and sell when the market improves in ten years? Are you sure that you are not two generations dumb?

  22. 1987 Condo says:

    Jobs = 214,000

  23. grim says:

    214k – UE5.8% – September and August revised higher

  24. JJ says:

    Goodrich Petroleum Corp. Conv. Perp. Pfd. Series B
    OTC: GDPAN

    CHIFI what do you think of this Pfd stk for a Dividend play.

  25. grim says:

    From MarketWatch:

    U.S. gains 214,000 jobs in October, unemployment rate 5.8%

    The U.S. created 214,000 jobs in October, nudging the unemployment rate down a notch to 5.8%, as many companies added workers to gear up for the holiday season. The economy has now added 200,000 workers or more for nine straight months, a feat last accomplished in 1994. Economists polled by MarketWatch had expected a seasonally adjusted gain of 243,000 nonfarm jobs. So far in 2014 the U.S. has gained an average of 229,000 jobs a month, the fastest pace since 1999. Yet despite the acceleration in hiring, average hourly wages were little changed. Hourly pay rose 0.1% in October to $24.57, putting the 12-month increase at 2%, the Labor Department said Friday. Year-over-year increases have ranged from 1.9% to 2.2% over the past two years. The amount of time people worked each week, however, rose a tick to 34.6 hours and matched a postrecession high. The labor-force participation rate, meanwhile, edged up to 62.8% from 62.7% as more people looked for work. Employment gains for September and August were revised up by a combined 31,000. The government said the 256,000 new jobs were created in September, up from a preliminary 248,000. August’s gain was raised to 203,000 from 180,000.

  26. anon (the good one) says:

    @WSJ:
    Breaking:

    U.S. payrolls grew by 214,000 in October;
    jobless rate falls to 5.8%

  27. Michael says:

    Dude, isn’t this what you want? Less people dependent on govt services. So pay them enough so they don’t raise my taxes to support them. Only person making out on the minimum wage is the business owner who subsidizes his workers pay with my taxes. We should just eliminate the minimum wage so my taxes can go through the roof with the amount of businesses that will be subsidizing their workers pay with tax money so that they can survive. They will lower the pay to 2 dollars an hour and let the tax payer pay for the rest of the cost for this person

    Ragner, is this what you are talking about when you say to eliminate the minimum wage? Also, if there were no govt programs to help them survive if we eliminated the min wage, you can bet they will resort to stealing to survive.

    Comrade Nom Deplume, Guardian of the Realm says:
    November 7, 2014 at 8:17 am
    Economists on Bloom confirm what i have been saying, that min wage hikes affect very few people because so few actuslly make it.

    It also occurs to me that s min wage hike doesn’t even help the target cohort. If a head of household is making min wage, they are also getting EITC and other income dependent benefits. So earning more salary could mean less in benefits, resulting in no real net benefit. Thus the only people who make out are the kids who don’t really need the jobs because they aren’t supporting anyone on it. The real effect is burden shifting from gov to employers and, indirectly, customers.

  28. Comrade Nom Deplume, at Peace With The Trolls says:

    Jobs come in under and U3 goes down? Will have to look to see if participation rate declined further.

    Of course, one month of push polling by gov workers at Census is not to be taken too seriously.

  29. Michael says:

    Stop!!! The economy is done forever. Wage inflation can never happen again.

    anon (the good one) says:
    November 7, 2014 at 8:35 am
    @WSJ:
    Breaking:

    U.S. payrolls grew by 214,000 in October;
    jobless rate falls to 5.8%

  30. grim says:

    Participation rate improved, labor force at a 5 year high.

  31. Comrade Nom Deplume, at Peace With The Trolls says:

    [28] Michael

    Dude, isn’t that what I’ve been saying? Point me to one post where I said I didn’t want it. It is disruptive so it benefits me, especially if tipping goes away. Pass it and invest accordingly.

    All I have said against it is that it won’t be the panacea the left makes it out to be, and that the net for the target cohort might be no benefit or even negative benefit.

  32. Juice Box says:

    Time for everyone to ask for a raise.

  33. Michael says:

    26- You can’t tell me that you don’t think the economy will be doing very well in the next decade. You are lying to yourself if you think otherwise. Let the good times roll baby!!! Can’t wait to get there.

  34. Essex says:

    Why can’t we just admit…..the jobs number is – was – aways has been deeply flawed.
    People who are out of the workforce and have stopped looking are not counted–“participation rate” — is completely made up

  35. jobber says:

    33 – We’re seeing it, it’s hitting us hard in the states. Attrition near 10% per month for some locations, we can’t match competing offers. New hire quality dropping.

  36. Comrade Nom Deplume, at Peace With The Trolls says:

    [31] grim

    Interesting. As a general principle, those three numbers shouldn’t have moved as they did, but this isn’t really math.

  37. Essex says:

    36. Which industry if I may inquire.

  38. Michael says:

    Surviving is surviving. So take away the crumbs and let’s see what happens. Still hate welfare? Still mad some of your money gets dumped into Paterson and newark? Just imagine the alternative. You won’t even be able to make the money you are currently making under those different conditions. So I’m fine with dumping some of the money I make into Paterson if it keeps the people of Paterson on their shitty block and not screwing with the other half of society.

    “Ragner, is this what you are talking about when you say to eliminate the minimum wage? Also, if there were no govt programs to help them survive if we eliminated the min wage, you can bet they will resort to stealing to survive.”

  39. anon (the good one) says:

    just like any 3rd world country. starving guy will kill ragner to feed his family

    “Ragner, is this what you are talking about when you say to eliminate the minimum wage? Also, if there were no govt programs to help them survive if we eliminated the min wage, you can bet they will resort to stealing to survive.”

  40. Comrade Nom Deplume, at Peace With The Trolls says:

    [36] jobber

    The quality issue should improve as long term come off the sidelines. Unless you adopt the premise that long term unemployed = low quality. Prolly true for many but not all.

  41. Comrade Nom Deplume, at Peace With The Trolls says:

    [40] anon,

    I know where rags lives. More likely they find and kill you. :)

  42. Michael says:

    Let the good times roll baby. Expat, is this not signs of wage inflation coming? I’m just an idiot, so I need a genius like you to tell me.

    jobber says:
    November 7, 2014 at 8:41 am
    33 – We’re seeing it, it’s hitting us hard in the states. Attrition near 10% per month for some locations, we can’t match competing offers. New hire quality dropping.

  43. Essex says:

    43. It could be a sign of a bad company too…..

  44. Michael says:

    Long term non employed = fish out of water. The economy forgot about them a long time ago. They are not coming back. You know this already. They lost all their skills.

    Comrade Nom Deplume, at Peace With The Trolls says:
    November 7, 2014 at 8:49 am
    [36] jobber

    The quality issue should improve as long term come off the sidelines. Unless you adopt the premise that long term unemployed = low quality. Prolly true for many but not all.

  45. Michael says:

    Fair enough.

    Comrade Nom Deplume, at Peace With The Trolls says:
    November 7, 2014 at 8:40 am
    [28] Michael

    Dude, isn’t that what I’ve been saying? Point me to one post where I said I didn’t want it. It is disruptive so it benefits me, especially if tipping goes away. Pass it and invest accordingly.

    All I have said against it is that it won’t be the panacea the left makes it out to be, and that the net for the target cohort might be no benefit or even negative benefit.

  46. anon (the good one) says:

    No, no minimum wage increases and no raises for you. it is the right thing

    Juice Box says:
    November 7, 2014 at 8:40 am
    Time for everyone to ask for a raise.

  47. anon (the good one) says:

    or you

    Comrade Nom Deplume, at Peace With The Trolls says:
    November 7, 2014 at 8:50 am
    [40] anon,

    I know where rags lives. More likely they find and kill you. :)

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

    [48] anon

    Right.

    I’m guessing that I live in a better, safer and more remote area than you, and I am pretty certain that I am a lot better armed.

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

    If you are in a group of folk with guns never have a gun. A gunman always shoots the guy with the guns first.

    I had a cop once put a gun to my head. I was like are you dont yet? I was ready to pull my schlong out and start smacking him around. He aint going to shoot me in the head. Dope afterwards goes we have a car jacking a few minutes ago same exact car description and suspect was a man in his twenties. I am like you kept me up for this? He was like you should thank me as if someone stole you car I would do the same. I go I guess if my car is stolen and in response you pull over the wrong car I will be thankful, I guess he goes just get out of here.

    Dopey cops, got no street cred with me. Guns are for sissys. I be busting you up with some Kung Fo chops anyhow

  51. essex says:

    49. That is the ten thousand question. Buy locally or remotely. Hmmmmmm

  52. Michael says:

    45- This is why the participation rate is pointless. These people have not kept their skills up while they have been unemployed. Imagine 2-5 years of no work and not keeping up with your skills….you lose everything. What are you supposed to do with them? It’s wrong to count them towards the unemployment rate when they have lost the skills needed to work. They are not employable. Unemployment rate is only counting the people who don’t have jobs, but have the skills to be employable (aka they are looking). Those other people are hopeless. Welfare or charity will be their survival.

  53. essex says:

    51.? OK….you had me til sissie.

  54. Xolepa says:

    (53) Michael, I tend to disagree. There are many instances where an individual has no choice but to learn new skills in order to adapt to new workplace technologies. They go to school or educate themselves while receiving UE checks or even after those checks are gone. They don’t see themselves as unemployable and eventually get back on board.

    In the nineties, as technology was changing rapidly, I re-educated myself at night for 6 months straight before I was confident enough to take interviews on the new tech (I was gainfully employed at the time). Passed with flying colors on first interview, doubled my contract rate instantly.

  55. grim says:

    Why would someone stop learning the newest tools, technologies, procedures, and regulatory surrounding their career field? Just because your current position doesn’t require it? This makes no sense to me.

  56. jj says:

    I actually got a job once as developing a new back office trading system and helping to design GUIs. I am usually good on interviews. More so when I was young and stupid. Anyhow it was for a fancy pants company I wanted to work for and a Headhunter sent me on the interview so I go what the heck and I get job.

    So orientation goes great!! I shake hands I look good in a suit. Go to a status meeting or two and was able to figure out Lotus Excel a bit and Wordperfect as I used in in college a few times.

    So anyhow he asks me to send him what I did and send out and email. Guess what I only had a dumb computer in school you type and print out and hand it in. I call my GF on phone who is in amazement I dont know how to send an email. Now I am out of college 11 years. She is like how the heck do you now know how to use a computer. I am like first I dont own one. Second we have a secretary at work. Third my computer skills is from talking to folks, reading their documents and coming up with suggestions which I hand write up report, secretary types it up and I interoffice them.

    Guy blew up on me when he realized I never used a computer. I said you never asked if I knw how, around six months later I get out of there, so headhunter gets me into another job and this time it was supposed to be accounting and turns ouit all SQL, Access, Data base quieries and Accounting rules. OMG after a few months I am like sick of this. Once again the guy was a pain in my butt I am like I am only using computers for six months I think I am dong great. Anyhow I gave up on that in six months and never used a Head Hunter rest of my life. Next job funny part was not computer intensive but first day there they lent me out to another group on a project and I go sure. OMG it is computer stuff, which I hate. Guy goes save it to a shared drive. Then he sees me struggling and I go what is a shared drive. Guy was like OMG we are building and FX trading system and client is paying 10K grand a week. I go I am not in the group that does this type of work he goes but when you were hired we saw your resume and it said you just on projects to buils a large trading settlement system and a large GL and Transfer pricing system at two huge and fancy banks and client was extrmely impressed and wanted you from your resumet .

    I go look I have some other stuff I can do, he goes no way I booked you for three months at 10K a week. Just wear your best suit, bring a clip board and wear and expensive watch and keep doing what you are doing. Funny the client was extremely impressed. I left that project and after 15 months of computer hell I swore I never do it again. Funny part is I found out you can learn it on the job. My brother in law was mad he is a computer guy and was unemployed at time and he was like how do you keep getting fancy high paying computer jobs and you dont even know how to send an email. I am like details details.

    Xolepa says:

    November 7, 2014 at 10:05 am

    (53) Michael, I tend to disagree. There are many instances where an individual has no choice but to learn new skills in order to adapt to new workplace technologies. They go to school or educate themselves while receiving UE checks or even after those checks are gone. They don’t see themselves as unemployable and eventually get back on board.

    In the nineties, as technology was changing rapidly, I re-educated myself at night for 6 months straight before I was confident enough to take interviews on the new tech (I was gainfully employed at the time). Passed with flying colors on first interview, doubled my contract rate instantly.

  57. HEHEHE says:

    Hola,

    Longtime since I’ve been here, busy with life.

    Must read Taibbi article:

    The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare

    Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IOhqBaKg
    Follow us: @rollingstone on Twitter | RollingStone on Facebook

    http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106?page=5

  58. anon (the good one) says:

    Peter Schiff

    @bobcareyfta:
    Hey doomsday radio ad guy, if you really knew the price of gold were about to skyrocket why would you want to sell any of it to a stranger?

  59. grim says:

    Eric Holder should be tried for Treason.

  60. All Hype says:

    grim (60):

    Eric Holder is only good for collecting the gubbmint vig. No need for lawyers interfering on a case with JPM, just tell Jaime the vig and have the little b!tch pay up.

  61. jj says:

    Genworth GNW taking out to woodshed second day in a row.

  62. joyce says:

    But we do hear about changing how the CPI is calculated (e.g. “chained cpi” etc)

    1987 Condo says:
    November 7, 2014 at 8:23 am
    If we would just set a min wage and have it move with CPI, we can move on…I really do not hear daily discussion of the SS monthly payment..it is set and moves on cpi, discussion over.

  63. grim says:

    61 – You are confusing who the little b!tch is.

  64. All Hype says:

    “You are confusing who the little b!tch is.”

    Haha, so true!

  65. HEHEHE says:

    I am sure this woman is not the only witness that was ignored by Holder’s DOJ.

    On the positive side, I am sure there will be a bidding war among law firms for Holders’ services once he has stepped down – that is, if he doesn’t take a job at JPM.

    Sometimes I think Wall Street would have had it harder if there had been a Republican administration in power simply because the Democrats likely would have had a solid issue bringing up the lack of prosecutions.

    Republicans would never raise the issue against Obama because they know where their campaign checks come from.

  66. Essex says:

    The Bank never loses. Remember that.

  67. joyce says:

    ROUND ROCK, TX — A little girl was confiscated from her loving parents because they smoked marijuana, and given away to a foster mother who put her into a coma and killed her. Alexandria “Alex” Hill, age 2, succumbed to her injuries after being “thrown to the ground.”

    “We never hurt our daughter. She was never sick, she was never in the hospital, and she never had any issues until she went into state care,” said the girl’s father, Joshua Hill, to KVUE.

    Alex was seized by the Texas Department of Family and Protective Service (TDFPS) after her parents were accused of smoking marijuana while the girl slept. She was taken into state custody in November 2012.

    Mr. Hill said that she was put into more than one dangerous foster home.

    “She would come to visitation with bruises on her, and mold and mildew in her bag,” Mr. Hill told KVUE. “It got to a point where I actually told CPS that they would have to have me arrested because I wouldn’t let her go back.”

    The girl’s final home was with Sherill Small, a foster care contractor in Rockdale, Texas. The TDFPS trusted Ms. Small enough to take custody of multiple children displaced by the agency.

    On the evening of July 29th, 2013, Mr. Hill got an urgent call to come to the local hospital. When he got there, he found that Alex was in a coma. The girl had suffered traumatic head injuries after being thrown to the ground. She was also bruised on her buttocks, arm, and chin, and had so much hair ripped out that she was “nearly bald.” Alex died 2 days later.

    “I was blown away to find out she was in a coma,” Hill told KXAN. “That’s not what you expect, especially when your child is in state custody for ‘safety,’ and now they’re suffering more injuries and more harm than they ever have in their entire life before that.”

    Mr. Hill was 4 months away from getting his daughter returned to his custody. He spoke out in an interview, shown below:

    {embedded video}

    This tragic case illustrates a widespread injustice perpetrated regularly in the United States in the name of child welfare. Healthy, happy children are commonly stolen from loving families who have never once caused them harm. Once in the care of the state, they are traumatized by familial separation, forcibly drugged, and placed into questionable situations with complete strangers.

    As was the case for Alex and her family, the state intervention comes without a trial, without a conviction, and without due process for the parents. The state’s accusation of “neglect” (a loosely defined term) can result in armed agents of the state forcibly enter a home to abduct the child — ostensibly for his or her “safety.”

    Sherill Small was charged with the murder of Alex Hill. In November 2014, she was convicted and sentenced to life in prison without parole.

    Although she claimed that she “does not shake babies,” a jury found the evidence against Mrs. Small to be overwhelming.

    Alex’s mother, Mary Sweeney, has chronicled updates on the case on a Facebook page, “Justice 4 Alex Hill.”

    The Texas DFPS was not found to be at fault for placing Alex in the home of Sherill Small. After numerous complaints statewide, and ten Texas children killed in state care in 2013, the Office of the Inspector General became involved, and found that the meddling bureaucracy was often dishonest and reckless in its placement of children.

    Although new rules imposed in 2014 make it more difficult to be a foster parent, the agency itself remains dangerously powerful and unaccountable when it comes to snatching children. In 2013, over 30,000 children in Texas spent time in foster care — many for absurd reasons such as parents using marijuana. A major overhaul of child welfare agencies is needed in Texas and across the country.

  68. joyce says:

    moderation?

  69. joyce says:

    CPS confiscates healthy girl from parents, gave her to a foster mother who killed her

    https://www.youtube.com/watch?v=Etw_QSvC2ag

  70. jj says:

    Goodrich Petroleum Corp. (GDP) -NYSE  Watchlist
    9.15 Up 1.68(22.49%) 1:47PM EST – Nasdaq Real Time Price

    Very upset I was talking about buying this stock yesterday and my lowball limit order buy order missed by a few cents. Also Chifi’s fault as I asked his opinion and he never responded. DAM Dam Dam

  71. Liquor Luge says:

    sx (67)-

    The bank never loses, and the US is the home to the biggest casino-off-the-tracks-utterly-unregulated-print-money-whenever-they-feel-like-it bank the world has ever known.

    This all ends in tears. Or a mushroom cloud.

  72. Liquor Luge says:

    woops…moderated for the “casin0” word…

  73. Happy Renter says:

    [60] “Eric Holder should be tried for Treason.”

    Racist!

  74. Michael says:

    Here are the New Jersey schools on Niche’s list of the 100 Best Public High Schools in America:

    # 1 – High Technology High School, Lincroft
    #12 – Technical School, Teterboro
    #21 – High Tech High School, Union City
    #32 – Biotechnology High School, East Freehold
    #62 – Dr. Ronald E. McNair Academic High School, Jersey City
    #79 – Mountain Lakes High School, Mountain Lakes
    #86 – Millburn Senior High School, Short Hills
    #96 – Tenafly High School, Tenafly
    Click here to view the entire list with detailed academic, health and safety grades for each school.

    Read More: New Jersey School Ranked Best Public High School in America | http://nj1015.com/nj-school-tops-list-of-best-us-public-high-schools/?trackback=tsmclip

  75. Michael says:

    Nice, jersey almost secured 10% of the spots in the top 100.

  76. Michael says:

    Wow, that hurts!!! Remember that stock I mentioned back in July….well bought in at .10 and it is now .235. I hope to make a crap load on this stock. Already over 100% profit in a couple months. Put that money to work!

    jj says:
    November 7, 2014 at 2:35 pm
    Goodrich Petroleum Corp. (GDP) -NYSE  Watchlist
    9.15 Up 1.68(22.49%) 1:47PM EST – Nasdaq Real Time Price

    Very upset I was talking about buying this stock yesterday and my lowball limit order buy order missed by a few cents. Also Chifi’s fault as I asked his opinion and he never responded. DAM Dam Dam

  77. Michael says:

    74- Of course none of you jumped on board. You can’t take advice from an idiot.

  78. Michael says:

    It’s not only the technical skills that are lost. They also lose their social skills which is the most important thing, right JJ. Of course there are people like yourself that have the ambition and motivation to learn again, but we are talking avgs here, not the top of the class. Most of these people will never have a meaningful job again, so why count them in the labor participation pool if they can’t even participate.

    Xolepa says:
    November 7, 2014 at 10:05 am
    (53) Michael, I tend to disagree. There are many instances where an individual has no choice but to learn new skills in order to adapt to new workplace technologies. They go to school or educate themselves while receiving UE checks or even after those checks are gone. They don’t see themselves as unemployable and eventually get back on board.

    In the nineties, as technology was changing rapidly, I re-educated myself at night for 6 months straight before I was confident enough to take interviews on the new tech (I was gainfully employed at the time). Passed with flying colors on first interview, doubled my contract rate instantly.

  79. Anon E. Moose says:

    Michael [53];

    You, and more importantly many employers, see the long term unemployed as unemployable for one reason only — because they can afford to. I have no love for the HR “craft” and the cackling hens that inhabit it, but their job is to whittle down a sea of applicants for any given opening to a manageable number. They do so by arbitrary, and often counter-intuitive filters. I once theorized that the whole shebang could be adequately replaced by throwing out every resume with an odd or even number of letters in the name, depending upon the day.

    So you see LT unemployed as a lost cause. If the economy wasn’t still in the snitter (5.8% fiction notwithstanding), businesses could not afford to be so cavalier about discarding applicants. Because applicant interest in real openings belies the 5.8% fiction, hiring managers have the luxury to discard the LT unemployed applicants.

    What does it mean? To me it means once again you think you can walk on water, not recognizing the gifted raft on which you float.

  80. 30 year realtor says:

    Michael, #20 – How did you conclude I am taking your advice? My group buys 1 to 4 unit properties and condos at sheriff sales in North Jersey. We get title, evict, renovate and sell. Ten years? Buy today, sell tomorrow, take a profit and move on.

    Market is what I would characterize as normal. Inventory is at typical levels in many areas, prices are relatively stable and there is little risk of a major drop in prices. An excellent environment for my business model.

    From here forward please allow me to decide if I agree with you.

  81. 1987 Condo says:

    #72….yep, EuroUnion and China are right up there with monetary stability and credibility…..maybe Russia?

  82. Michael says:

    I’m sorry. My point was to show expat that your group is buying real estate Now with the purpose of making money. I didn’t actually mean I was giving you direct advice and you were taking it. Sorry if it came off that way. I just get sick of hearing all these people say that houses are overpriced and it’s a bad time for real estate. When the truth is, it’s a great time (if you can find a property). What your group is doing is exactly what I’m trying to tell fast eddie to do. Good deals don’t come easy, you need to work for them or higher a damn good agent to help you.

    30 year realtor says:
    November 7, 2014 at 3:26 pm
    Michael, #20 – How did you conclude I am taking your advice? My group buys 1 to 4 unit properties and condos at sheriff sales in North Jersey. We get title, evict, renovate and sell. Ten years? Buy today, sell tomorrow, take a profit and move on.

    Market is what I would characterize as normal. Inventory is at typical levels in many areas, prices are relatively stable and there is little risk of a major drop in prices. An excellent environment for my business model.

    From here forward please allow me to decide if I agree with you.

  83. Michael says:

    We are talking skilled jobs here, right? If you have a company that requires high skills, are you going to want to higher someone that has been sitting on the couch collecting welfare the past five years while their skills have slowly but steadily eroded? Come on now, let’s be real here.

    Anon E. Moose says:
    November 7, 2014 at 3:15 pm
    Michael [53];

    You, and more importantly many employers, see the long term unemployed as unemployable for one reason only — because they can afford to. I have no love for the HR “craft” and the cackling hens that inhabit it, but their job is to whittle down a sea of applicants for any given opening to a manageable number. They do so by arbitrary, and often counter-intuitive filters. I once theorized that the whole shebang could be adequately replaced by throwing out every resume with an odd or even number of letters in the name, depending upon the day.

    So you see LT unemployed as a lost cause. If the economy wasn’t still in the snitter (5.8% fiction notwithstanding), businesses could not afford to be so cavalier about discarding applicants. Because applicant interest in real openings belies the 5.8% fiction, hiring managers have the luxury to discard the LT unemployed applicants.

    What does it mean? To me it means once again you think you can walk on water, not recognizing the gifted raft on which you float.

  84. Michael says:

    Thank you for the great read. This honestly makes me sick. These bankers have the govt in their back pocket. Really sad.

    HEHEHE says:
    November 7, 2014 at 10:54 am
    Hola,

    Longtime since I’ve been here, busy with life.

    Must read Taibbi article:

    The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare

    Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IOhqBaKg
    Follow us: @rollingstone on Twitter | RollingStone on Facebook

    http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106?page=5

  85. Fast Eddie says:

    Michael,

    I’m still waiting for you to send me links to houses you would buy at acceptable prices.

  86. 30 year realtor says:

    #17 Comrade – For a bright guy you sure say some ridiculous things. And that additional cost to the business owner isn’t going to be rolled right into the cost of your meal?

    If you didn’t ridicule others for making similar types of statements I would never take you to task. Trouble is you are an unmerciful ass to those you disagree with.

  87. Michael says:

    77- Wow!!!! That stock I mentioned earlier finished up 25% last hour to finish at .265 for the week. I’m so damn happy!!! You guys really should have listened.

  88. jj says:

    Next time ticker symbol please.

    Michael says:

    November 7, 2014 at 4:39 pm

    77- Wow!!!! That stock I mentioned earlier finished up 25% last hour to finish at .265 for the week. I’m so damn happy!!! You guys really should have listened.

  89. Michael says:

    I’m not doing the work for you, buddy. You can’t find a good property by just finding links to properties. But just to prove you wrong again, here is a house that recently sold in Ridgewood. Personally, know the owners. They bought in 2004 for 551k. Sold last month for 899k. Muppets I tell you. Lol.

    http://www.zillow.com/homedetails/428-Upper-Blvd-Ridgewood-NJ-07450/38009749_zpid/

    This is what they moved up to.

    http://www.zillow.com/homedetails/125-Hamilton-Rd-Ridgewood-NJ-07450/38009217_zpid/

    Fast Eddie says:
    November 7, 2014 at 3:45 pm
    Michael,

    I’m still waiting for you to send me links to houses you would buy at acceptable prices.

  90. Michael says:

    90- The reason I showed this to you was due to the fact you would claim these are overpriced. Guess what, people have money and are buying. Just because you wouldn’t pay for it doesn’t mean others would not. Don’t call this individual an idiot either. Highly intelligent. Like I said, I personally know the family.

  91. 30 year realtor says:

    Fast Eddie, I let a house go today at the sheriff sale in Bergen. Have to stop bidding somewhere and my somewhere was $640,000. My competitor got a good deal buying 31 Cobblestone Xing, Norwood for $641,000. I should have brought you. You would have been very happy with your purchase.

  92. 1987 Condo says:

    Wow..$900k for 1,200 square feet….

  93. Anon E. Moose says:

    Michael [84];

    We are talking skilled jobs here, right? If you have a company that requires high skills, are you going to want to higher someone that has been sitting on the couch collecting welfare the past five years while their skills have slowly but steadily eroded? Come on now, let’s be real here.

    Facts man, facts. Forget 5 years. Avg. duration of unemployment is currently 33 WEEKS (http://www.bls.gov/news.release/empsit.t12.htm). That’s less than 8 months. Median is significantly lower, at 14 wks; which suggests a long tail, i.e., a SMALL number of chronically unemployed. (Let’s not get into U6 and what a scam the headline U3 number of 5.8% is.)

    So you’re saying some practically negligible number of chronically unemployed people are swamping job listings? That all those people swamping job listing can be waved away by you by calling them slackards who have nothing of value to offer? No, they’re going to end up being employed for less money because supply for good jobs still outstrips demand, leaving your wage inflation theory looking threadbare.

    At the very least, don’t pull numbers like 5 years out of your a$$. Like I said when you first appeared, if you’re going to argue here, leave your JV game at home.

  94. Anon E. Moose says:

    Revise & extend [94];

    …supply of labor for good jobs…

  95. Ebola Frenzy says:

    Moose, you could have a better conversation with your cat than trying to converse with this straw-manning trilobite.

  96. anon (the good one) says:

    @BillMoyersHQ: Minimum wage earners would have to work, on avg, 104 hrs/wk to afford a modest 2-bed rental apt.

  97. Grim says:

    trick question, 17 year olds don’t rent modest 2 bedroom apartments

  98. Michael says:

    I’m confused. I thought we were talking about the real participation rate, not the unemployment rate.

    I stated the real participation rate doesn’t matter because they have given up finding a job and their skills have eroded. I stated 5 years because a lot of people lost their jobs in 2009 that have never made it back to the labor pool.

    No need to jump down my throat.

    Anon E. Moose says:
    November 7, 2014 at 5:29 pm
    Michael [84];

    We are talking skilled jobs here, right? If you have a company that requires high skills, are you going to want to higher someone that has been sitting on the couch collecting welfare the past five years while their skills have slowly but steadily eroded? Come on now, let’s be real here.

    Facts man, facts. Forget 5 years. Avg. duration of unemployment is currently 33 WEEKS (http://www.bls.gov/news.release/empsit.t12.htm). That’s less than 8 months. Median is significantly lower, at 14 wks; which suggests a long tail, i.e., a SMALL number of chronically unemployed. (Let’s not get into U6 and what a scam the headline U3 number of 5.8% is.)

    So you’re saying some practically negligible number of chronically unemployed people are swamping job listings? That all those people swamping job listing can be waved away by you by calling them slackards who have nothing of value to offer? No, they’re going to end up being employed for less money because supply for good jobs still outstrips demand, leaving your wage inflation theory looking threadbare.

    At the very least, don’t pull numbers like 5 years out of your a$$. Like I said when you first appeared, if you’re going to argue here, leave your JV game at home.

  99. Liquor Luge says:

    Notice the absence of gluteus whenever Arsenal is playing like shit and the turdblossom/anon dream team re-create Dumb and Dumber here.

  100. Liquor Luge says:

    Puking up a 3-goal lead vs. Anderlecht has to be one of Wanker’s all time lows.

  101. NJT says:

    Having it ‘too good’ promotes complacency, lowers your skills/market value and kills ambition. I almost got trapped in a dead end job. Had I been laid off recently (which is what happened to many that stayed there – and now can’t find a job) I would be unemployable in my profession.

    Company had an old fashioned pension plan with a vest after three years, 100%matching 401K, profit sharing, bonus and four weeks vacation to start!

    Found out after year two upward mobility was just about non-existent and raises in the low single digits were the best you could expect unless you had a ‘sponsor’ or relative way up on the food chain (I didn’t).

    Job was easy and I really liked most of the people I worked with.

    Technology there was behind the times with no training on new stuff. It was actually discouraged!

    Many were just marking the days until their retirement.

    I always asked them: “What if you get laid off or your job is outsourced? What are you going to do at your age”. They always replied: “XYZ NEVER lays off”.

    If not for a new A-hole VP (a true sociopath) I wouldn’t have been motivated to leave, on my own.

    Looking for a new gig made me realize that in just five years my value had decreased dramatically, so much that even H1Bs were competitive!

    Caught up on my own as fast as I could with the latest and greatest but interviews showed that despite my self education efforts I was still far behind.

    Finally landed a good FT, well paying position with great bennies at a growing, dynamic company. Had to lie about some things and then spent many sleepless nights catching up.

    Never again. But then I don’t have long to go until I’m a FT landlord.

    *Note – New VP outsourced (India) and insourced (H1Bs) an entire division. EVERYONE got laid off.

    Imagine being a near 50 year old white guy with no marketable skills in this economy? I don’t want to. Some, unfortunately, are living it.

  102. Hughesrep says:

    79

    Some jobs really only require social skills. A good sales guy who has been on the sidelines of any industry is toast. Relationships fade faster than a JJ train date.

    I sell hard goods, anyone who isn’t picked up immediately isn’t worth being picked up.

    That being said, I do work in a vey conservative industry, strategic hiring, poaching and attempted poaching is rampant. So is consolidation.

  103. Michael says:

    Exactly!!! I enjoy your posts. Interesting and funny. Keep it coming buddy. Good luck on your landlord endeavor. You know how I feel about it already….lol. Put that money to work!

    “Imagine being a near 50 year old white guy with no marketable skills in this economy? I don’t want to. Some, unfortunately, are living it.”

  104. Michael says:

    Definitely agree. Thanks for providing some insight from your neck of the woods.

    Hughesrep says:
    November 7, 2014 at 7:04 pm
    79

    Some jobs really only require social skills. A good sales guy who has been on the sidelines of any industry is toast. Relationships fade faster than a JJ train date.

    I sell hard goods, anyone who isn’t picked up immediately isn’t worth being picked up.

    That being said, I do work in a vey conservative industry, strategic hiring, poaching and attempted poaching is rampant. So is consolidation.

  105. Michael says:

    you’re softening up on me. You are usually much more harsh when describing me. Am I starting to grow on you?

    Ebola Frenzy says:
    November 7, 2014 at 5:50 pm
    Moose, you could have a better conversation with your cat than trying to converse with this straw-manning trilobite.

  106. Comrade Nom Deplume, at Peace With The Trolls says:

    [87] realtor,

    ” For a bright guy you sure say some ridiculous things.”

    Well, this place affords everyone a little license.

    “And that additional cost to the business owner isn’t going to be rolled right into the cost of your meal?”

    Some to be sure, but the accompanying tech ameliorates that, as does the lower overall cost after the owner reduces headcount. Dining out is elastic so a full pass through isn’t possible unless the place is that good and already competitive on price. Further, this is a done deal, by gov fiat so no one has a say. So, for my part, if the meal is more expensive because the waiter is getting a “living wage” that is part of my meal cost, then I feel no compulsion to tip.

    “If you didn’t ridicule others for making similar types of statements I would never take you to task. Trouble is you are an unmerciful ass to those you disagree with.”

    Occupational hazard.

  107. Comrade Nom Deplume, at Peace With The Trolls says:

    In retrospect, it does sound a bit inane. Certainly didn’t state or explain well. Oh well . . .

  108. Fast Eddie says:

    30 year realtor [92],

    I’m always listening, keep me in mind. :)

  109. Liquor Luge says:

    Welcome to another day in the abyss.

  110. Fast Eddie says:

    Michael,

    They bought in 2004 for 551k. Sold last month for 899k.

    Please don’t tell me how intelligent your friends are because they found someone to buy their property. The buyers are the 1diots here. Unless your friends bought for 550K and gutted the place and did a reno and addition, then the buyers are the s.uckers. Sure, some people have a lot of money. And for everyone in Ridgewood who’s well-oiled, I’ll show you three sorry-ass b@stards waiting for the train every morning because they’re hanging on for life by their financial fingertips.

  111. Fast Eddie says:

    Michael,

    C’mon, give us some pictures that are worthy of purchase. You’re the real estate expert, show us a bargain.

  112. Michael says:

    Yes, they gutted the place and added an addition. Still made good money on it and they bought in 2004. My point of showing you those homes was to show you that 2400 sq ft homes are going for 935,000 that need to be gutted. They have already started gutting the place. You would have complained about both listings as being way overpriced when the market obviously says otherwise. I was not saying that he is highly intelligent due to making money off a home bought in 2004. I was saying he was intelligent due to you calling people, who are paying these prices, names like muppets and idiots. When this family is neither.

    Fast Eddie says:
    November 8, 2014 at 7:51 am
    Michael,

    They bought in 2004 for 551k. Sold last month for 899k.

    Please don’t tell me how intelligent your friends are because they found someone to buy their property. The buyers are the 1diots here. Unless your friends bought for 550K and gutted the place and did a reno and addition, then the buyers are the s.uckers. Sure, some people have a lot of money. And for everyone in Ridgewood who’s well-oiled, I’ll show you three sorry-ass b@stards waiting for the train every morning because they’re hanging on for life by their financial fingertips.

  113. Michael says:

    You think I’m a sucker? When I decide to make my next purchase, I will show you a bargain after I complete the transaction. I’m not doing the work for you. Finding a bargain is hard work. That’s why real estate agents get paid.

    Fast Eddie says:
    November 8, 2014 at 7:55 am
    Michael,

    C’mon, give us some pictures that are worthy of purchase. You’re the real estate expert, show us a bargain.

  114. Michael says:

    I’m assuming he does not work for free.

    Fast Eddie says:
    November 8, 2014 at 7:42 am
    30 year realtor [92],

    I’m always listening, keep me in mind. :)

  115. Fast Eddie says:

    Yes, people who are paying these prices are f.ucking muppets. When agents start making innuendos under their breath, then it might be hint. Don’t ya think? The attitude adjustments of the agents from the bang-bang days until now is hilarious.

    I think the market right now is absurd and the only reason people are taking the bait is because Muffy needs a so-and-so address and there’s no inventory out there. Why? Because it was a f.ucking slaughter from 2002 to 2008 and the stup1d b.astards can’t tolerate the loss if they pull the trigger.

    I’m still waiting for you to send a link to a house you would consider. I want to see your savvy style and “keen” eye for a bargain.

  116. Liquor Luge says:

    We will all be muppets when the whole house of cards comes crashing down again.

  117. Liquor Luge says:

    My prediction is that when the ultra-violence starts in earnest, turdblossom will be capped by someone he doesn’t even know.

  118. Liquor Luge says:

    just for the fun of it…

  119. Liquor Luge says:

    “In future years, when historians try to ascertain why on earth the massive middle class of the United States (and other industrialized nations) willingly allowed itself to be completely hollowed out so that the rich could become uber-rich, they need look no farther than this video. The simple fact is that what’s going on around us is fairly complex, and the video below represents the mentality of most Americans; indeed, that is probably a generous assessment, since this woman has actually achieved a level of fame and fortune in her 20s. So she’s probably rather above-average compared to other fellow citizens. Watch the video. Please.”

    http://www.youtube.com/watch?v=Cey35bBWXls#t=182

  120. Fast Eddie says:

    Meat,

    I recognize that young lady in the video. She bought a house in Ridgewood because she was told it was a bargain.

  121. Michael says:

    120- I can’t stop laughing.

  122. McDullard says:

    Looks like all of us are unreasonable hacks!

    A new study from Duke University tested whether the desirability of a solution affects beliefs in the existence of the associated problem. Researchers found that ‘yes, people will deny the problem when they don’t like the solution. Quoting: “Participants in the experiment, including both self-identified Republicans and Democrats, read a statement asserting that global temperatures will rise 3.2 degrees in the 21st century. They were then asked to evaluate a proposed policy solution to address the warming. When the policy solution emphasized a tax on carbon emissions or some other form of government regulation, which is generally opposed by Republican ideology, only 22 percent of Republicans said they believed the temperatures would rise at least as much as indicated by the scientific statement they read.

    But when the proposed policy solution emphasized the free market, such as with innovative green technology, 55 percent of Republicans agreed with the scientific statement. The researchers found liberal-leaning individuals exhibited a similar aversion to solutions they viewed as politically undesirable in an experiment involving violent home break-ins. When the proposed solution called for looser versus tighter gun-control laws, those with more liberal gun-control ideologies were more likely to downplay the frequency of violent home break-ins.”

  123. Juice Box says:

    Going to be two nights in a row in the city for me this weekend. Last night I had my fill of hipster bartenders with their funny drinks and artisanal ice at a fancy party, tonight it will be the Irish mob from across the pond and 20 of us plastic paddies tearing it up…I may need to buy a new liver….

  124. joyce says:

    Chief Richard L. Castle said in a statement that Glans was suspended without pay after officials were alerted to the footage of his encounter with Fitch and Roberts.

    “At this time this is an internal personnel investigation as there is no criminal complaint from the involved civilian,” Castle stated.

    http://www.rawstory.com/rs/2014/11/you-wanna-fcking-resist-ny-sheriffs-deputy-caught-slapping-man-on-camera/

    what a freakin’ cop out… the government doesn’t need a complainant to bring a charge (it will help of course). pathetic

  125. joyce says:

    Should have been taken into custody, placed in county jail awaiting bail hearing on Monday. Anything else, (once again) proves some animals are more equal than others.

  126. The Original NJ ExPat says:

    Appreciation slowdown or just a temporary blip?

    1. Did we have a bubble or not?
    2. Did property taxes go up, despite the bubble, or not?
    3. Did wages stay stagnant, or not?

    OK, so the bubble prices are now real prices we need to “appreciate” to and the cost of owning occupying is not affected by rising tax burdens and our wages have grown so much that…really?

  127. The Original NJ ExPat says:

    The new underclass: Those occupying $500K houses with $12K tax bills and no equity in their homes. I don’t see many takers on the horizon to relieve them of their pain.

  128. Michael says:

    You guys might not respect him, but he is brilliant and open minded. A killer combination.

    http://m.youtube.com/watch?v=Za7pej9xmwY

Comments are closed.