Buy or rent, can’t win either way right now

From the Record:

Why your rent will rise again this year

Living in an apartment? Expect your rent to go up again.

Renting has gotten increasingly expensive in the past five years. The average U.S. rent has climbed 14 percent to $1,124 since 2010, according to commercial property tracker Reis Inc. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices in the same period.

Now, even with a surge in apartment construction, rents are projected to rise an additional 3.3 percent this year, to an average $1,161, according to Reis. While that’s slower than last year’s 3.6 percent increase, the broader upward trend isn’t going away.

“The only relief in sight is rents in the hottest markets are going to go up at a slower pace, but they’re still going to go up,” said Hessam Nadji, chief strategy officer at Marcus & Millichap, a commercial real estate services firm.

The main reason: More people than ever are apartment hunting.

Young people who have been living with their parents are increasingly finding jobs and moving out. Rising home prices are leading many longtime renters to stay put.

In addition, most of the new apartments coming on the market are aimed at affluent tenants and carry higher-than-average rents. That’s especially true in cities where new buildings are going up in urban core areas, which means builders need to recoup higher land and development costs.

During the last recession, many workers who lost their jobs moved in with relatives or took on roommates. About 32 percent of U.S. adults were living with roommates or adult family members in 2012, up from 27.4 percent in 2006, according to Zillow, an online real estate firm.

Stepped-up hiring has begun to reverse that trend. About 2.8 million more Americans have jobs than 12 months ago.

“The share of young adults with jobs has climbed in the past year, and that will help many of them move out of their parents’ homes,” said Jed Kolko, chief economist at online real estate firm Trulia. “Most of them will be renters first.”

Developers added 238,000 apartments nationwide last year, a 14-year high, with an additional 210,000 expected this year, according to Marcus & Millichap.

In theory, more apartment construction should help bring down rents because landlords would compete for tenants. But 80 percent of new complexes, Nadji estimated, are high-end projects aimed at renters willing to pay a premium for amenities like gourmet kitchens and concierge service.

How much of a premium? The average rent for apartments completed last year was $1,721. That’s 46 percent higher than the average apartment rent for older units, according to Marcus & Millichap and data provider MPF Research.

“There’s very little new supply being added anywhere else,” said Nadji, “so that’s why there’s so much pressure on rents and very little choice for the average renter.”

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

107 Responses to Buy or rent, can’t win either way right now

  1. grim says:

    From Housingwire:

    CoreLogic: Foreclosure inventory down 27.3% since February 2014

    The national foreclosure inventory declined by 27.3% and completed foreclosures declined by 15.7% from February 2014, according to the latest from CoreLogic (CLGX).

    There were 39,000 completed foreclosures nationwide in February 2015, down from 46,000 in February 2014 and representing a decrease of 67% from the peak of completed foreclosures in September 2010.

    CoreLogic also reports the number of mortgages in serious delinquency declined by 19.3% from February 2014 to February 2015 with 1.5 million mortgages, or 4%, in serious delinquency, which is defined as 90 days or more past due, including those loans in foreclosure or REO.

    This is the lowest delinquency rate since June 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 1.1%.

    As of February 2015 the national foreclosure inventory included approximately 553,000 homes compared to 761,000 homes in February 2014. The foreclosure inventory as of February 2015 represented 1.4% of all homes with a mortgage, compared to 1.9% in February 2014.

    “The number of homes in foreclosure proceedings fell by 27% from a year ago and stands at about one-third of what it was at the trough of the housing cycle,” said Frank Nothaft, chief economist at CoreLogic. “While the drop in the share of mortgages in foreclosure to 1.4% is a welcome sign of continued recovery in the housing market, the share remains more than double the 0.6% average foreclosure rate that we saw during 2000-2004.”

    Four states and the District of Columbia had the highest foreclosure inventory as a%age of all mortgaged homes: New Jersey (5.3%), New York (4.0%), Florida (3.4%), Hawaii (2.8%) and the District of Columbia (2.6%).

  2. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    Happy Tax Day.

    Thanks to deferred comp, stock options and stock grants, we are solidly within the 1% for this year. But irrelevant, small caliber, footrest and Rory Martin can smile: I’ll be walking funny for awhile after writing the extension estimated payment check to IRS. Obama definitely gave it to me no vas this year.

  3. The Great Pumpkin says:

    Someone that doesn’t want their cheap rent raised on them.

    Better ask me before you install anything on my house. Also, I am reasonable, you can install anything that doesn’t damage my house.

    D-FENS says:
    April 14, 2015 at 10:47 pm
    By law, you cannot deny your tenant the right to install a satellite dish. You can, however, place “reasonable” restrictions on them.

    Who the fcuck asks their landlord first anyway. This is Jersey. I would have bolted that sh1t to the side of the building, then sued you if you gave me any krap about it.

    The Great Pumpkin says:
    April 14, 2015 at 4:50 pm
    Had a huge fight with my tenant over direct tv and installing it. Told him, not on my house. Wasted at least an hour of my time trying to convince me that it is safe to install. I told him does he think I was born yesterday. He finally got the point that it was not going to happen. Kept stressing that direct TV said it will not do any harm to your house. Told him that’s great, so go buy your own house and let them screw holes into your roof. Hate people that do not understand what no means.

  4. D-FENS says:

    NJ Lawmaker Pushing For Stiffer ‘Swatting’ Penalties Becomes Target Of Hoax

    http://newyork.cbslocal.com/2015/04/14/nj-lawmaker-pushing-for-stiffer-swatting-penalties-becomes-target-of-hoax/

  5. Wily Millenial says:

    Mailed the IRS their pound of flesh yesterday. Owed enough to squeak under the penalty line by a few bucks, that’s the dream.

    SPY total return Jan 1 2014 – Apr 14 2015 14.57%. Fortunately I remembered to actually keep it in SPY this time. No hard feelings.

  6. anon (the good one) says:

    whats your definition threshold of the 1%

    in America 30% considers themselves to be in the 1%, particularly if right winger

    Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
    April 15, 2015 at 7:45 am
    Happy Tax Day.

    we are solidly within the 1% for this year.

  7. anon (the good one) says:

    thanks Obama

    Wily Millenial says:
    April 15, 2015 at 8:12 am

    SPY total return Jan 1 2014 – Apr 14 2015 14.57%. No hard feelings.

  8. D-FENS says:

    3 – What town is your rental in?

  9. D-FENS says:

    Thanks Republican controlled congress.

    anon (the good one) says:

    April 15, 2015 at 8:30 am

    thanks Obama

  10. Comrade Nom Deplume, the anon-tidote says:

    [6] irrelevant.

    Google it. I’m not your fcuking researcher.

  11. chicagofinance says:

    Atlantis

    D-FENS says:
    April 15, 2015 at 8:44 am
    3 – What town is your rental in?

  12. Ragnar says:

    Thanks Obama and your central bank pawns for your “trickle down” economic policies enriching bankers at the expense of savers.
    And by the way, I paid way more than my “fair share”.

  13. anon (the good one) says:

    as I said, 30% of ppl call themselves one percenters

  14. anon (the good one) says:

    Jose “Pepe” Fanjul is the 1%
    You are no “Pepe”

    @WFLAGene:
    After speech about bartenders & working class, Marco Rubio beelines for billionaire sugar tycoon Jose “Pepe” Fanjul

  15. Ragnar says:

    I’ve been in the low tier of the 1% for the last few years. You going to audit me when you break yourself away from the unicorn p()rn and get back to work?

  16. Walking Bye says:

    It all depends on raising rents and what age bracket you are in. Friend has not raised rate on tenants for 5 years, but they are in retirement (70 in age), tenants are clean, trouble free and pay on time. Also take care of the small maint issues. As a landlord at that age you enjoy peace and quiet vs a few extra bucks.

  17. Liquor Luge says:

    Fcuk the gubmint. Burn the mf’er down, and start over.

  18. chicagofinance says:

    That Met game last night was fun….

  19. Ragnar says:

    On 1999 as a Hillary Clinton accomplishment.
    Some issues known by people who paid attention to politics in the 90s: 1) Hillary was such a f-up for Bill with her Stalinist health care bill that failed, that Bill Clinton essentially threw her out of real policymaking after that. 2)Hillary’s Stalinist health care bill was so unpopular that she helped sweep Republicans into control of Congress. 3) Bill Clinton after that period governed as a centrist southern democrat, making deals with Republicans, listening to people like Greenspan and Rubin, playing with c1gars, and basically ignoring lefties like his shrill l3sbo wife Hillary and that mental dwarf communist Robert Reich, leaving them to plot a return to power someday.

  20. FKA 2010 Buyer says:

    Was talking to this very subject this past weekend. Besides obviously having the money to do so, what factors go into deciding to purchase a home, demo it, and rebuild on the lot? Has to be in a good neighborhood and a great lot size.

    Garden State — beyond the Gold Coast

    Brokers selling multimillion-dollar penthouses and Midtown Manhattan buildings aren’t the only game in town — or in the outskirts of town. The New Jersey suburbs are gaining ground.

    On the residential side, that includes both Bergen County, where a slew of celebrities live in sprawling gated mansions, and Essex County, home to Wall Streeters and media types who have flocked to towns like Montclair, Maplewood, South Orange, Summit and Short Hills for their easy commutes to Penn Station.

    Like New York City, the Garden State’s popular towns are starved for inventory and seeing well-priced homes move fast. But unlike the city, there is not enough new development to keep pace with demand.

    As a result, “more people are looking at resale homes as knockdowns than ever before,” said Dennis McCormack, a broker with Prominent Properties Sotheby’s International Realty, who’s handled some of the priciest sales in Bergen County and currently has two $12 million-plus Alpine listings.

    “If a house is an older home on a good piece of land, buyers aren’t giving the house any credence; they look at it as a piece of property,” said McCormack, who noted that resale prices are flat over last year.

    Similarly, in Essex County, buyers and developers are pouncing on any piece of land of a half an acre or more, shelling out as much as $3 million before putting a shovel in the ground. Nonetheless, buyers are still wary of overpaying for existing homes.

    http://therealdeal.com/issues_articles/garden-state-beyond-the-gold-coast/

  21. Juice Box says:

    Millennials – No credit means no FICO score. No FICO score means no house for you!

    “A lot of millennials seem to have gotten the message from their older siblings and parents: Beware of credit cards.

    Some 36% of millennials — those aged 18 to 29 — have never owned a credit card, according to a new study by CreditCards.com”

    http://www.marketwatch.com/story/millennials-distrust-or-ignore-credit-cards-2015-04-15

  22. Liquor Luge says:

    Take Hilary, Jeb, Rubio, Rand, etc.

    Line them up against a wall.

    Machine gun until they look like cryovaced meat.

    That is all.

  23. Liquor Luge says:

    On this most sacred of all Amerikan days, remember:

    Blue team or red team, whenever there’s a chance to limit your freedom, extend our policy of perpetual war or infiltrate your wallet, people who otherwise act like petulant children can suddenly “find consensus” and “reach across the aisle” in a united effort to take you and me up the arse.

  24. Thomas says:

    Breaking economic news:

    Industrial production posts biggest drop in 6 years.

  25. Libturd in Union says:

    Take Hilary, Jeb, Rubio, Rand, etc. and forcefully inject them with Krokodil.

  26. The Great Pumpkin says:

    21- Understand, fast eddie?

    “How is overall sales activity doing in your area, and how much is that up or down by compared to each of the last few years?
    I do Short Hills, Summit, Livingston and Maplewood. The market in those towns is spectacular and has been for several months. What I mean by that is that any home that is priced [well] in this market should have multiple bids. … There is a large demand and a small supply, probably because [many owners] opted not to put their houses on the market because of the bad winter.”

  27. The Great Pumpkin says:

    Clifton.

    D-FENS says:
    April 15, 2015 at 8:44 am
    3 – What town is your rental in?

  28. The Great Pumpkin says:

    21-

    “What’s happening with appraisals and mortgages these days?
    Appraisals are difficult, because the market is so strong [and they are surpassing the prices of closed deals]. As a result, sellers are asking
    [buyers] to remove their mortgage contingency, but also, at a minimum, to remove their appraisal contingency. By July or September, we’ll have comparables. Homes with close and everyone will see the high prices … so the appraisals will have some data. “

  29. Fast Eddie says:

    There is a large demand and a small supply, probably because [many owners] opted not to put their houses on the market because of the bad winter.”

    Why, of course (slaps hand to forehead)! I had no idea!

  30. The Great Pumpkin says:

    30- Exactly what I stated yesterday. No way they can get a mortgage if the appraisal is off by a 100,000.

  31. Libturd in Union says:

    What if it goes the other way?

    I payed 430K (subtract 7K for inspection items). and house appraised for 550K. Should the bank have given me a lower interest rate on the mortgage?

  32. Juice Box says:

    re # 30 – LOL! re”sellers are asking [buyers] to remove their mortgage contingency”

    Why not add in a clause that the buyer is required to find an alternate buyer if the first buyer cannot obtain mortgage approval?

  33. ccb223 says:

    Love how Com and co come on here to tell us they are in the 1%. Classic. Can you also tell us the size of your dong?
    Complete lack of self-awareness.

  34. The Great Pumpkin says:
  35. joyce says:

    No bueno

    Ragnar says:
    April 15, 2015 at 9:34 am

    Bill Clinton … listening to people like Greenspan and Rubin

  36. joyce says:

    Hows your bailout firm/industry treating you these days? How’s your beach house?

    ccb223 says:
    April 15, 2015 at 12:05 pm

    Complete lack of self-awareness.

  37. Libturd in Union says:

    “Yup!!! Finally, a reasonable ceo not overcome with greed. ”

    I excitingly await the CEO’s about face.

  38. joyce says:

    Auburn says people who didn’t apply to university had personal data exposed on website
    http://www.al.com/news/index.ssf/2015/04/auburn_confirms_students_who_d.html

    [market ticker commentary]
    So you think you’re conscientious about who gets access to things like your social security number and other personal information. Then you find out that even without you giving that data out someone got ahold of it and had it stolen. Not just any “someone” either — a big University.

    “”A few days ago, North Carolina native Lyndsay Medlin received a letter stating some of her personal information may have been inadvertently accessible to the public on Auburn University’s website.

    Medlin, now studying at the University of Virginia School of Law, was confused because she never attended Auburn. She didn’t even apply there. Neither did three of her classmates who also received letters.””

    How did Auburn get ahold of Lindsay’s social security number?

    She didn’t apply there, she didn’t send her SAT or ACT results there, so how did they get the data?

    They won’t say — nor will they confirm if they have it and thus whether it could have been disclosed.

    Wait — what?

    This is a problem folks — a big problem. You have institutions and firms all over the place that get access through means other than your direct action and without your knowledge or permission. Leaving aside the problem when that data gets stolen exactly how is it that Auburn had the right to access that information in the first place and why isn’t that access, without your knowledge or consent, illegal?

    This needs to change — across the board.
    http://market-ticker.org/akcs-www?post=230018#discuss

  39. Grim says:

    There are lots of very large companies that do nothing but aggregate and sell data about YOU.

  40. Grim says:

    Ive worked with both Epsilon and Acxiom before.

    Access to the best customer datasets typically requires that you provide your own data to enhance the dataset. Most are shared models where you get deeper access based on the premium you are willing to pay.

  41. Libturd in Union says:

    I can only guess what Grim has collected on my sorry ass.

  42. anon (the good one) says:

    and you very gladly provide as much of your private info as you can cause you want a FICO

    Grim says:
    April 15, 2015 at 1:01 pm
    There are lots of very large companies that do nothing but aggregate and sell data about YOU.

  43. Ragnar says:

    It’s the left that is obsessed with how much money I make . The Huffington Post even has a column tag called “one percent” where they gripe and whine about this mark of shame that nobody ever heard of until the statist left turned it into their buzzword and a yellow badge to stick on people.

    So for you lefties out there hating 1% percenters, and then getting your panties in a bunch if someone says – yeah, I’m in the 1%, why should I be ashamed of that, when you made it your business to have the state investigate my professional affairs, extract money from me, and then pillory me in your campaign speeches for my “not paying your fair share”, I have this to say: Haters gonna hate. Ain’ters gonna ain’t.

  44. joyce says:

    I would hope everyone already knows that. My inference from the commentary in #40 was that the actions that led to this outcome should be against the law (not a current law necessary but hopefully a future one).

    Grim says:
    April 15, 2015 at 1:01 pm
    There are lots of very large companies that do nothing but aggregate and sell data about YOU.

  45. Grim says:

    Magazine subscription data used to makeup a bulk of the personalization data. Years back I worked with Playboy magazine and their list/data business was huge.

  46. [36] Yup!!! The Great Pump’n’Ooze shows once again that he understands nothing in the world of economics. The original AT&T (pre-break-up) did this and the productivity of the entire company went into the toilet. “Golden Handcuffs” never work. Now everyone who is overpaid ends up staying and eventually hating their jobs and their lack of mobility because they can’t go anywhere else without taking a huge pay cut. And the high payroll invites more competitors to come in and eat your lunch. Think of workers on GM’s assembly lines.

    Yup!!! Finally, a reasonable ceo not overcome with greed.

    http://www.foxnews.com/us/2015/04/15/seattle-boss-raises-entire-company-minimum-wage-to-70000/

  47. JJ says:

    But in NY/NJ area I think it is something like 650K a year salary AFTER all deductions gets you into the 1% at bare bottom.

    anon (the good one) says:
    April 15, 2015 at 8:27 am
    whats your definition threshold of the 1%

    in America 30% considers themselves to be in the 1%, particularly if right winger

    Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
    April 15, 2015 at 7:45 am
    Happy Tax Day.

    we are solidly within the 1% for this year.

  48. anon (the good one) says:

    you tell me that you are the one %, and then refuse to clarify

    don’t give a fukc what your economic strata is, but you brought it up. what’s your income that according to you makes you 1%

  49. The Great Pumpkin says:

    No different than you complaining about the poor on welfare. Just the other side of the spectrum. People look at the 1% as taking advantage of them, just like you look at the poor as taking advantage of you. Just a different perspective.

    Ragnar says:
    April 15, 2015 at 1:38 pm
    It’s the left that is obsessed with how much money I make . The Huffington Post even has a column tag called “one percent” where they gripe and whine about this mark of shame that nobody ever heard of until the statist left turned it into their buzzword and a yellow badge to stick on people.

    So for you lefties out there hating 1% percenters, and then getting your panties in a bunch if someone says – yeah, I’m in the 1%, why should I be ashamed of that, when you made it your business to have the state investigate my professional affairs, extract money from me, and then pillory me in your campaign speeches for my “not paying your fair share”, I have this to say: Haters gonna hate. Ain’ters gonna ain’t.

  50. Libturd in Union says:

    Who cares what composes the 1%. What would be great would be if the 1% all took a one year sabbatical from work or earning interest. The whole country would f’in riot. This anti rich thing is getting tired. Where do you think Hilary ranks? Just shut the F up already.

  51. The Great Pumpkin says:

    Hasn’t this happened anyway with wages that are properly aligned to market value? Does not most people today hate their jobs and are presented with lack of mobility in the workplace despite not being overpaid?

    “Now everyone who is overpaid ends up staying and eventually hating their jobs and their lack of mobility because they can’t go anywhere else without taking a huge pay cut.”

  52. The Great Pumpkin says:

    You are wrong, gifted people will replace them. Anyone and everyone is replaceable. Don’t kid yourself.

    Libturd in Union says:
    April 15, 2015 at 2:21 pm
    Who cares what composes the 1%. What would be great would be if the 1% all took a one year sabbatical from work or earning interest. The whole country would f’in riot. This anti rich thing is getting tired. Where do you think Hilary ranks? Just shut the F up already.

  53. Richard says:

    TurboTax charged me $25+ again to efile NJ return. Do you guys pay up? I’m not sure if its just as easy to print out and mail, or just webfile the whole thing. https://njwebfile1.state.nj.us/nji/Welcome.asp

  54. The Great Pumpkin says:

    Damn, I don’t even know what I would do with 532,000 a year. Seriously, you get to point where you are just spending it on bull shi!. Do you really need a 2 million dollar house? 200,000 car? Millions in your bank account? I guess it gets people off. How many properties and crap can you buy?

    Ragnar says:
    April 15, 2015 at 2:19 pm
    Here are the 1% thresholds anon
    http://www.washingtonpost.com/news/get-there/wp/2015/01/26/what-the-top-1-percent-makes-in-every-state/

  55. Ragnar says:

    Turbo Tax always nickel and dimed me when I was using it. But I haven’t used it for a few years. Still lots cheaper than a tax accountant.

  56. The Great Pumpkin says:

    57- My family income is in the 200,000 to 300,000 range and I don’t worry about money.

  57. joyce says:

    I have a question about car buying, if anyone cares to comment. Moose, if memory serves, you made a comment regarding this a while back. I’d be in the market for a used car, a few years old, I don’t care about CPO … has the market for new cars vs 2-3 years old cars tightened significantly in the last several years? I don’t see that much difference anymore. I’m driving a 14 year old car at the moment, and it’s fine… I’m just considering future options.

  58. Libturd in Union says:

    Richard,

    I am not allowed to efile in NJ due to having to many W2Gs and multiple K-1s due to my investment clubs.

    I also found a way to not have to pay to download a 2nd state (or 3rd, or 4th), so I feel bad and pay the efiling fee for New York. My federal form was 97 pages this year. I’m glad I do it myself.

  59. Ragnar says:

    I wish I could send you back in time to Ch1na of the 1950s so you could enjoy the company of people who couldn’t tell the difference between the two, and their treatment of “landl()rds”.

  60. Ragnar says:

    No difference between complaining about a leech and complaining about someone who is economically productive?

  61. FKA 2010 Buyer says:

    Hmmmm let’s see, you rent for $1100, then offer on Airbnb at a substantial higher rate. Guess the Airbnb site is a good (electronic) paper trail

    Banker Sued For Renting Out Tribeca Pad by the Night

    United American Land is suing an investment banker for renting out his rent-stabilized Tribeca apartment by the night.

    The real estate development and management company alleges in a New York Supreme Court lawsuit that William Terry Krueger, the co-founder and senior managing partner at Nova Capital Partners, an investment bank focused on emerging markets, and the other tenant of record, Adrienne Kennedy, were renting out Unit 5SW at 118-120 Duane Street between Broadway and Church Street on a nightly basis. The recent suit also names the subtenants, John Doe and Jane Doe, as defendants.

    Mr. Kreuger and Ms. Kennedy extended their lease on May 13, 2014 for a two-year period commencing Sept. 1, 2014 at a monthly rent of $1,093.21, according to court documents. A month later, the defendants “began renting the premises to various individuals unknown to plaintiff and without plaintiff’s consent on a daily and/or short-term and transient basis,” the suit alleges. Ms. Kennedy is a member of Airbnb and since last June has listed the apartment on the website for a four-night minimum-stay.

    United American’s suit charges that “tourists and other transient visitors” are staying in the apartment for “stays of less than 30 days at a rate of $290 to $450 per night.” If the defendants rented their apartment out every night of the year, they could make an annual profit of $92,731.48, the suit claims. Short-term term renters have submitted “at least nine reviews since August 2014 describing their experiences in the premises and with defendant-Kennedy as the host,” court documents show.

    http://commercialobserver.com/2015/04/banker-sued-for-renting-out-tribeca-pad-by-the-night/

  62. 1987 Condo says:

    #56..I mail the NJ in because $25 is more than $1.20 postage. My household income is between $200,000-$300,000..but I DO worry about money.

  63. Richard says:

    Thanks – is it just easy to print out from TT & mail or do you fill out another form manually. I might next year

  64. Anon E. Moose says:

    Joyce [60];

    I wouldn’t say that my used car buying experience was typical — I was in the market for a second AWD car after moving to the NJ highlands and took a liking to Grim’s Legacy GT with 5MT.

    I think the beater market took a hit from “Cash for Clunkers” getting a lot of older used cars out of circulation. If you’re looking for something less than 5 years old, however, that market for late ’00 era cars wasn’t much affected by $4C at the time in the first place — the car had to be below a certain mileage to e eligible for the rebate, and most of those were pre-’00 when $4C was on. In any case that was ’09, and the market for <5yo cars today would have largely repopulated itself.

  65. 1987 Condo says:

    #66…just print out from TT and mail.

  66. joyce says:

    67
    Appreciate it.
    I know asking prices are just that, but nevertheless it still surprised me.

  67. joyce says:

    Tulsa sheriff spokesman: Other deputies didn’t hear shot
    A sheriff’s deputy who can be heard in a video cursing at a suspect who later died was unaware that a volunteer deputy had shot the man
    Today at 12:21 PM
    Associated Press

    Other great qualities you want in law enforcement : poor hearing and lack of awareness

  68. Liquor Luge says:

    Chi (29)-

    Cantu was a con man and a guy who sells flavored air. Unfortunately, like most petulant child chefs, he couldn’t grasp that his investors’ money wasn’t his personal slush fund.

  69. Liquor Luge says:

    Gimme what I want, and leave me alone…or I’ll kill myself.

  70. Liquor Luge says:

    Punkin (36)-

    Along with their raises, did this dolt’s employees also shoulder a larger portion of the company’s downside risk? If not, he is surely a fcuktard on your level.

    “Yup!!! Finally, a reasonable ceo not overcome with greed.”

    http://www.foxnews.com/us/2015/04/15/seattle-boss-raises-entire-company-minimum-wage-to-70000/

  71. The Great Pumpkin says:

    You are going from one extreme to another. Who is advocating that there should not be a 1% in our economy? The debate is over how much of the economy should they own. How much of the pie should go to the 1%? Clearly, right now, it’s too much. It stagnated the economy. Why is it a sin to ask for the people with the most by a lot, to kick in and help a little during the bad times in the business cycle? Why is this a sin? Why do you get called a commie for advocating for this?

    Ragnar says:
    April 15, 2015 at 2:42 pm
    I wish I could send you back in time to Ch1na of the 1950s so you could enjoy the company of people who couldn’t tell the difference between the two, and their treatment of “landl()rds”.

  72. The Great Pumpkin says:

    For once, I agree. He is nuts, but I enjoy the point he is trying to make. It’s for the good!! That’s it. He’s trying to do something good. This world is full of too many people with the complete opposite mindset of this guy. If everyone was like this guy, there would be no wars. It would be impossible with a selfless mindset like this ceo. I wish I could be like him. I admire this attribute he possesses. Like you, I couldn’t do it. It would boil my blood.

    Liquor Luge says:
    April 15, 2015 at 3:50 pm
    Punkin (36)-

    Along with their raises, did this dolt’s employees also shoulder a larger portion of the company’s downside risk? If not, he is surely a fcuktard on your level.

    “Yup!!! Finally, a reasonable ceo not overcome with greed.”

    http://www.foxnews.com/us/2015/04/15/seattle-boss-raises-entire-company-minimum-wage-to-70000/

  73. Liquor Luge says:

    Punkin (55)-

    Wish you could be replaced on this blog by someone whose brain is larger than a peanut.

    “Anyone and everyone is replaceable. Don’t kid yourself.

  74. 1987 Condo says:

    I need the 1% to make more $$…otherwise my taxes would surely go up to pay for our bloated budget…

  75. 1987 Condo says:

    I also need illegal immigrants to become legal asap so that they pay taxes, SS and no longer qualify for free tuition!

  76. AG says:

    My 15/hour burger flipper is irreplaceable. Hillary’s a billboard for ugly feminists.

  77. jj says:

    It is only April 15 so making only $200,000 to $300,000 year to date is not that bad.

    1987 Condo says:

    April 15, 2015 at 2:46 pm

    #56..I mail the NJ in because $25 is more than $1.20 postage. My household income is between $200,000-$300,000..but I DO worry about money.

  78. jj says:

    My friend the car dealer predicts a big tidal wave of used cars hitting market between Nov 2015 and Nov 2016.

    One million cars in Northeast destroyed in Sandy. Folks were short cash so tons of folks leased cars and leases are 3-4 years. So you have and extra one million cars rolling off lease in a 12 month period which should temporiarly depress prices. Good time to pick up a used 2012 or 2013 car coming off lease.

    Anon E. Moose says:

    April 15, 2015 at 2:55 pm

    Joyce [60];

    I wouldn’t say that my used car buying experience was typical — I was in the market for a second AWD car after moving to the NJ highlands and took a liking to Grim’s Legacy GT with 5MT.

    I think the beater market took a hit from “Cash for Clunkers” getting a lot of older used cars out of circulation. If you’re looking for something less than 5 years old, however, that market for late ’00 era cars wasn’t much affected by $4C at the time in the first place — the car had to be below a certain mileage to e eligible for the rebate, and most of those were pre-’00 when $4C was on. In any case that was ’09, and the market for <5yo cars today would have largely repopulated itself.

  79. 1987 Condo says:

    JJ..unfortunately that is for the full year…..but I thank you for your taxes!

  80. jj says:

    I own a 10K piece of this bond for like forever.
    BORDEN CHEMICAL INC SINK DEB
    8.37500% 04/15/2016

    Amazing it is a 30 year bond issued in 1986 that is finally being called on May 1st 2015. It was a 200 million dollar bond issue in 1986. I get sick to my stomach just thinking what it cost to finance a 200 million dollar loan at 8.375 percent for 29 years.

  81. jj says:

    At least you get food stamps and section 8 housing

    1987 Condo says:

    April 15, 2015 at 4:29 pm

    JJ..unfortunately that is for the full year…..but I thank you for your taxes!

  82. Statler Waldorf says:

    Had forgotten about “cash for clunkers. According to wiki, the leading vehicle trade-in was a Ford, and the leading replacement purchase was a Toyota. Government in action…

  83. Ragnar says:

    Cash for clunkers was amongst the most idiotic programs ever. Right up there with FDR program idiotic. The government actually running around and paying people to break windows.

  84. Ragnar says:

    I think Punkin should give away 5 months of rent every year to all his tenants. “It’s for the good!!!!” And let them install DirecTV as well.

  85. Statler Waldorf says:

    Japanese, Koreans gain most from cash for clunkers

    Japanese and South Korean automakers registered the biggest market share gains in the U.S. government’s “cash for clunkers” program that ended this week with bankruptcy related inventory shortages hurting General Motors Co GM.UL and Chrysler.

    reuters.com/article/2009/08/26/retire-us-usa-clunkers-sales-idUSTRE57P5C220090826

    U.S. cars excluded from Japan’s cash-for-clunkers program

    The good news for automakers is that Japan is mounting its own cash-for-clunkers program. The bad news is that foreign automakers — like Ford and G.M. — are effectively excluded, even though half the vehicles bought under the U.S. program were Japanese.

    content.usatoday.com/communities/ondeadline/post/2009/12/us-cars-excluded-from-japans-cash-for-clunkers-program-/1

  86. 1987 Condo says:

    #84..I go to ShopRite and live in New Jersey so I have those items covered!

  87. Thomas says:

    87-Great idea!

  88. Anon E. Moose says:

    Gourd,

    I don’t know why you’re being such a hard azz, but its your place. Tell your tenant to mix a small bag of quickcrete in a 5-gal bucket, then stick a pole in it. Once dried, he can mount the dish on the pole and it won’t move much. That’s what my friend did when living in a rental community in FL about 15 years ago. It worked out fine for him.

  89. The Great Pumpkin says:

    I don’t know why you do. Different incomes work for different folks I suppose. I’m not going on five vacations a year, but I have a pretty good life.

    1987 Condo says:
    April 15, 2015 at 2:46 pm
    #56..I mail the NJ in because $25 is more than $1.20 postage. My household income is between $200,000-$300,000..but I DO worry about money.

  90. Anon E. Moose says:

    JJ [81];

    One million new cars coming off lease? According to this story there were 15,000 flood cars stored on the runways of the former Grumman F-14 Tomcat factory in Calverton. Were there another 65 similarly filled sites with flood cars to get up to a million?

  91. Ragnar says:

    What’s JJ’s take on what increasingly looks like a bond bubble?
    http://davidstockmanscontracorner.com/none-dare-call-it-fraud/

  92. NJT says:

    #60 Joyce

    I hear ya. Thought my clunker/jalopy/beater (not really in bad shape for 15+ huh, people think it’s less than 1/2 its age) commuter car was going to cost more in repairs than it was worth to put into it recently (check engine light with several codes).

    So, looked at 2-3 year old stuff just in case. Like you said, not much of a discount vs. new these days.

    *My commuter (and others before it) was a hard found bargain off of Craigslist – IF
    you are experienced with car mechanicals, have cash, can negotiate and are willing
    to give up a whole weekend driving around looking at relics…there are deals to be
    had. Believe it or not people are dying everyday and they leave decade old used cars
    behind in near new condition to kids eager for money (kinda like estate sales but
    they are not so greedy or emotionally attached). Of course I would NOT recommend
    this to a single woman or wimpy guy. Works for me, though.

    Back to my ‘ol lady Ethel. Well, turned out a cheap part fixed the issue (whew). Hoping for another few years outta her. Think I’ll get it. Don’t want to go bargain hunting again (especially after seeing the used car prices these days) if I can help it. Um, except for a 1969, 428 Super Cobra Jet Mustang (Forget the BOSS 429 prices they are…ridiculous but then there COULD be a bargain out there somewhere…).

  93. Comrade Nom Deplume, Loan Snark says:

    [50]. anon (the number one) says:
    April 15, 2015 at 2:02 pm
    you tell me that you are the one %, and then refuse to clarify”

    That’s right. Deal with it.

  94. Wily Millenial says:

    re ceo: I’m so sick of hearing that f*cking $70K number. Funny how it’s always a boss telling me about that study. At least have the decency to adjust your bullshit for inflation since 2010, guy.

  95. Wily Millenial says:

    I have never bought/sold a car anywhere but Craigslist. Plenty good cars out there, as long as your time is worthless. Nobody else knows how to negotiate. It rules. Buyers always try to diddle the sales tax manifest though. Also the buyers are always dirtbags.

  96. NJT says:

    “as long as your time is worthless. Nobody else knows how to negotiate. It rules.”

    Time IS money but thousands or a weekend? I don’t get paid three to five grand over two days. I did have reservations about spending some (time) with my family that’s why I looked at the recently used stuff.

    ” …Also the buyers are always dirtbags.”

    I’ve been a buyer and you’ve stated you have, too. I prefer the term ‘hardass’. FAR more ‘dirtbags’ are selling, or trying to.

  97. Liquor Luge says:

    Trying to do business on Craigslist is a great way to get shot in the face.

  98. Comrade Nom Deplume, who needs to stop screwing around and get back to work says:

    Mark Everson is running for president.

    I thought I was high when I heard that. In the meantime, the rest of you are bringing up google pages and muttering “Mark who?”

    I don’t know when, if ever, a former IRS Commissioner ran for president. I used to work with one whose office overlooked the North Lawn but that was as close to the WH residence as any have ever been I think.

    I have no idea what to make of this. I really don’t.

  99. The Great Pumpkin says:

    Hilarious!! You really should think about trying to make some money off your natural ability to entertain. Your comedy is pure genius.

    Liquor Luge says:
    April 15, 2015 at 8:09 pm
    Trying to do business on Craigslist is a great way to get shot in the face.

  100. Libturd at home says:

    Especially if your meet up location is the 4th ward in Montclair.

  101. Wily Millenial says:

    In my experience the buyers are pretty squishy and easy to handle. It’s the weird racist tirades and failure to keep appointments that turns me off.

    Still they all hand me the money and drive away forever, which has a certain charm.

  102. ccb223 says:

    Joyce: first of all, don’t work at a bank so didn’t get a bailout. And the beach house is just fine, thx for asking. Adding a pool next summer.

    That’s the reason I came on the site, to figure out about NJ RE as I was looking to purchase the house. I didn’t come on the site and announce (unsolicited) that I was in the 1%.

    Ragnar – more power to you, keep on keeping on. You didn’t start the topic. Not hating at all. Don’t really care, just don’t think it’s polite or appropriate to advertise that kind of stuff generally, but to each their own.

  103. joyce says:

    But you’re a lawyer working for financial industry firms like PE or hedge or some sh-t like that. I don’t feel like site searching right now to find your old posts.

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