Home Prices continue to hit new highs

From HousingWire:

Home prices rise 0.3% in August, up 5.6% since January

Home prices were up 0.3% for the month, rising 5.5% on a year-over- year basis, according to the August house price index from Black Knight Financial Services.

This puts national home prices up 5.6% since the beginning of the year and 27% since the bottom of the market at the start of 2012.

At $253,000, the national level HPI is now just 5.3% off its June 2006 peak of $268,000.

New York led gains among the states, seeing 1.8% month-over-month appreciation, and accounted for every one of the month’s top 10 metro area movers as well.

Among the nation’s 20 largest states, 3 hit new peaks again in August:

New York ($358,000)
Tennessee ($177,000)
Texas ($215,000)

Of the nation’s 40 largest metros, 9 hit new peaks:

Austin, Texas ($286,000)
Boston, Massachusetts ($409,000)
Dallas, Texas ($218,000)
Denver, Colorado ($326,000)
Houston, Texas ($221,000)
Nashville, Tennessee ($217,000)
Portland, Oregon ($319,000)
San Antonio, Texas ($195,000)
San Francisco, California ($720,000)

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69 Responses to Home Prices continue to hit new highs

  1. grim says:

    From the Record:

    N.J. jobless claims fall to record lows

    The number of people claiming unemployment insurance in New Jersey last week hit the lowest point in 15 years, well below the level at the start of the recession at the end of 2007, prompting economists to suggest the figures provide evidence of underlying strength in the job market.

    The number of continuing claimants fell to 84,892 in the first week of October, from 88,062 the week before, according to the U.S. Department of Labor, which released the figures on Thursday.

    The October figure, more than 40 percent below the level at the start of the year, is about one-third of the 230,000 claimants at the peak in March 2009, the figures show.

    The number of first-time claimants, considered a proxy for layoffs and a more volatile figure than continued claimants, is less than half the level at the start of the year, the figures show. It is about one-third of the number at the peak in mid-2010.

    Patrick O’Keefe, an economist with CohnReznick in New York and Roseland, said it is “striking” the “extent to which the unemployment insurance system is signaling the underlying strength in New Jersey’s employment picture.”

    Further evidence can be seen, O’Keefe said, in a separate federal report showing a drop in the number of people who’ve been unemployed for so long that they’ve exhausted their 26 weeks of benefits and have been removed from the claimant rolls. The number of people whose benefits were used up in September was at the lowest since the recession began, he said.

  2. grim says:

    First bourbon mash yesterday. Ran through a half batch to test equipment, making a total of 250 gallons of mash into the fermenter. Everything worked flawlessly. As of last night, yeast were happily bubbling away.

  3. anon (the good one) says:

    yep

    The Great Pumpkin says:
    October 24, 2015 at 8:47 am
    Can’t stress it enough, you don’t have to live in America. You can go to some Somalia and not even have to worry about taxes. Just remember, you are on your own there. From your own security, to teaching your own kid. If you have money, good luck not getting shaken down by the local war lords. This applies to all the other low tax/ no tax locations in the world. They are dangerous places. High tax areas in the world are the safe places, I wonder why?

  4. yome says:

    Gravity Payments, that Seattle credit-card-payments processing company that said all its employees would earn at least $70,000 in three years, is defying the doomsayers.

    Revenue is growing at twice the rate it was before Chief Executive Dan Price made his announcement this spring, according to a report on Inc.com. Profits have doubled. Customer retention is up, despite some who left because they disagreed with the decision or feared service would suffer. (Price said he’d make up the extra cost by cutting his own $1.1 million pay.)

    Barely any employees have left — although some outsiders, including some commenting on a MarketWatch article about the decision earlier this year, warned that employees could start putting in less effort because everyone is being paid the same regardless.

    Perhaps not surprisingly, plenty of people want to work for Gravity. One who now works there is a former Yahoo executive who says she took an 80%-to-85% pay cut to take the job, according to Inc.

    The company has hired an extra 10 people to handle the anticipated new business, Gravity’s vice president of operations, Maria Haley, told Inc.

    Price, meanwhile, has invested another $3 million in the company after selling all his stocks, emptying his retirement accounts and taking out mortgages on two homes, according to Inc. (He told the New York Times three months ago that he was “renting out my house right now to try to make ends meet.)

    “Having to depend on modest pay is not a bad thing,” he told the magazine, speaking about himself. “It will help me stay focused.”

    Still hanging over him is a lawsuit filed by his brother, a Gravity co-founder and minority shareholder, that alleges Dan Price had previously paid himself “excessive compensation.” Lucas Price’s lawsuit isn’t related to the pay increases, Inc. said, citing Lucas Price’s lawyer.

    The $70,000 minimum wage is paying off for that Seattle company

  5. D-FENS says:

    “High tax areas in the world are the safe places, I wonder why?”

    It’s because of the differences in the civility of the people that live there, not the taxes. Correlation does not mean causation.

    You’re above statement regarding taxes is like saying….It snows in the northeast in the winter and it doesn’t in Somalia. Therefore, places where it snows are safer to live than places where it doesn’t.

    anon (the good one) says:
    October 26, 2015 at 8:02 am
    yep

    The Great Pumpkin says:
    October 24, 2015 at 8:47 am
    Can’t stress it enough, you don’t have to live in America. You can go to some Somalia and not even have to worry about taxes. Just remember, you are on your own there. From your own security, to teaching your own kid. If you have money, good luck not getting shaken down by the local war lords. This applies to all the other low tax/ no tax locations in the world. They are dangerous places. High tax areas in the world are the safe places, I wonder why?

  6. The Great Pumpkin says:

    The Great Pumpkin’s call on wage inflation (back in 2012) by 2017/2018 looks stronger by the day. My real estate call (from 2012) of the housing market going up slowly, or sideways, till 2018/2019, and then picking up steam from wage inflation and demographics is looking strong too. By 2021, we should well be on our way to starting our next bubble in real estate. Should peak anywhere between 2025-2030.

  7. The Great Pumpkin says:

    Yes it does. Places with high taxes are usually well structured areas. They have educated populations and lots of laws to protect the people living there. Civil individuals are attracted to these areas. Uncivil are attracted to low tax areas where they can do whatever the hell they want. Therefore, it becomes the wild west, which is exactly what places like Somalia are.

    D-FENS says:
    October 26, 2015 at 8:42 am
    “High tax areas in the world are the safe places, I wonder why?”

    It’s because of the differences in the civility of the people that live there, not the taxes. Correlation does not mean causation.

    You’re above statement regarding taxes is like saying….It snows in the northeast in the winter and it doesn’t in Somalia. Therefore, places where it snows are safer to live than places where it doesn’t.

  8. yome says:

    Marco Rubio is a U.S. senator. And he just can’t stand it anymore.

    “I don’t know that ‘hate’ is the right word,” Rubio said in an interview. “I’m frustrated.”

    This year, as Rubio runs for president, he has cast the Senate — the very place that cemented him as a national politician — as a place he’s given up on, after less than one term. It’s too slow. Too rule-bound. So Rubio, 44, has decided not to run for his seat again. It’s the White House or bust.

    “That’s why I’m missing votes. Because I am leaving the Senate. I am not running for reelection,” Rubio said in the last Republican debate, after Donald Trump had mocked him for his unusual number of absences during Senate votes.

    Five years ago, Rubio arrived with a potential that thrilled Republicans. He was young, ambitious, charismatic, fluent in English and Spanish, and beloved by the establishment and the tea party.

    https://www.washingtonpost.com/politics/2015/10/25/28cfaff0-6d59-11e5-9bfe-e59f5e244f92_story.html

  9. NJCoast says:

    Congrats Grim! Will you have a tasting room? My daughter’s brewery is slated to open spring 2016.

  10. D-FENS says:

    The murder rate in Vermont is 1.1 per 100,000 residents. The murder rate in NJ is 4.1 per 100,000 residents. Who pays higher taxes?

    The Great Pumpkin says:
    October 26, 2015 at 8:56 am
    Yes it does. Places with high taxes are usually well structured areas. They have educated populations and lots of laws to protect the people living there. Civil individuals are attracted to these areas. Uncivil are attracted to low tax areas where they can do whatever the hell they want. Therefore, it becomes the wild west, which is exactly what places like Somalia are.

  11. grim says:

    Yes, tasting room will open once we’ve got enough variation in product to taste.

  12. D-FENS says:

    I love that there are so many new wineries, breweries and distilleries opening up across the state. It’s something to be proud of.

    Well done Grim.

  13. Fast Eddie says:

    Who woulda thunk I’d be a Bergen County resident with a mud room, great room, den, sitting room, office and a CHC no less. All with a price tag on the buy side and sell side that made even my eyes open wide! It was the right place/right time thing. A day after attorney review concluded, offers on the place I bought were still coming in.

    And by the way, now that it’s all in the books, I can honestly confirm that house agents offer “this much” in the way of value. They really serve no great purpose. In fact, the house tour guide representing the house sellers I bought from earned the “B” word and was on her way to earning the “C” word. I understand that they actually tried submitting offers well after attorney review and even up to the mortgage commitments that were etched in stone. Of course she didn’t show up at the closing.

  14. The Great Pumpkin says:

    You are missing the point.

    First, I will agree that there is corruption and therefore your tax dollars are not spent in the best way. That’s the human nature aspect, and there is no easy answer on how to fix that.

    When you purchase a product, is there no waste involved? First off, that 20% lost through fraud in the public sector, is lost through profit in the private sector, but you probably have no problem paying for excess profit. Do you not realize this?

    Is there not nepotism in the private sector? Add that into the price of your product.

    My point is, do you think waste is not included in the price of products in the private sector? You just don’t see the waste like you do in the public sphere since all information is public. Also, the economy is not perfect. Meaning, pricing is not perfect. Some companies get away with massive profit that is not justified and other companies aren’t able to get the prices they need to stay in business. It’s a complex system.

    So the public (sharing and paying of services/products) domain is needed. It serves a major role. Believe it or not, it saves money. Do you know how much school would cost if we had to pay for it individually? The market will take over and school costs will resemble private colleges. Only the rich will get a good education due to the costs, and our entire society will suffer and be worse off for it. Poor will be even worse off because their parents will not pay for it. In paterson, you will have legions of kids on the street and not in school. It will not have a good impact on our quality of life.

    Emergency services will also be affected by this. How many people are going to be able to afford the cost of private emergency services? It will cause legions of people to become bankrupt. Just think how much it will cost to call 911 or to put out a fire. You are done, bankrupt under these situations. So why not share in the cost so people don’t go bankrupt and it makes our society better for it. You want legions of people going bankrupt overnight because they had a disaster? Is that a better society?

    I will try to comment more on this during the day as I find time. For now, this is all I have time to post.

    homeboken says:
    October 24, 2015 at 1:41 pm
    Pumpkin – I agree that there are many services that my tax dollars pay for and that I benefit from. But will you agree that not everyone of my tax dollars is spent in the best possible manner? Moreover, probably 20% of my tax dollars are lost through fraud, graft and unearned payments (pension scams, insurance fraud, housing subsidy fraud, etc etc).

    So knowing this, are you really defending the position that we should consider ourselves lucky to be able to pay taxes? If I gave my 10 year old niece my paycheck and told her to cover my monthly bills, she would surely get some payments right, but there is a very good chance that she would not be as skilled or as efficient as I am in my spending my money.

    That is the issue we are discussing – I believe that I am better than spending my money than some legislative body, state assembly, town council you name it. I understand there is some amount that I should contribute to keep the the machine moving – but I can’t fathom how an educated person believes that tax reform and spending cuts, at any level, is not a good option.

  15. 1987 Condo says:

    Congrats Gary!!!!!!!!!!!!!!

  16. Fast Eddie says:

    Thanks Condo. :)

  17. The Great Pumpkin says:

    14- If someone steals from a store or an employee steals from their company, who picks up the cost? Private field has problems too, don’t act like it’s perfect.

  18. Fast Eddie says:

    Grim,

    Congrats on the distillery. Send some my way, I think I’m going to need it.

  19. D-FENS says:

    17 – Just divide the state school up in a fair way and I’ll be happy. Send the exact amount of money PER STUDENT to each district in the state regardless of the person’s economic status, race, religion or whatever.

    Do that, and 90% of the people who complain about property taxes on this board will be satisfied.

  20. Libturd in Union says:

    “Perhaps not surprisingly, plenty of people want to work for Gravity. One who now works there is a former Yahoo executive who says she took an 80%-to-85% pay cut to take the job, according to Inc.”

    There are only so many hippies around willing to work for less than they are worth. The novelty of paying a janitor the same as a Yahoo Exec loses it’s novelty too as a second and third company try the same tactics.

    But go on and claim this hippie owner is succeeding.

  21. Libturd in Union says:

    Way to go Gary. I heard housing in going to crash tomorrow.

  22. grim says:

    I know enough about payment processing to know it’s an industry dominated by big players, and once you reach a certain scale, the big players make more sense. The angle, as I see it, is accepting lower profitability by focusing on smaller customers, specifically by charging slightly lower fees to these small customers, or perhaps providing some additional hand-holding for new businesses. It’s a classic toll-taker kind of business. Offer a lower toll to a subset of users, and hopefully you can keep the ship afloat and keep the sharks at bay. We’re realistically talking about tenths of a percentage point difference here.

    The IT security aspects are mind-boggling now that PCI is in full effect, the liability is tremendous. None of these small players would survive a data breach.

    If this guy is mortgaging his house to grow the business, he’s doing something wrong, not doing something right.

    I also know that if the big players move into the bespoke small business category, it will blow all these companies right off the map. This is very much a business dominated by economies of scale.

    I worked with the guys at Paymentech (now Chase Paymentech) for more than 20 years. We had a great relationship and processed nearly a billion dollars in transactions on behalf of my clients. We serviced the biggest direct mailers, catalogers, book clubs, and many of the largest first-wave eCommerce sites.

  23. D-FENS says:

    22 – Vegetables are covered in pesticides or are genetically modified. What’s left to eat that’s completely safe? Bugs?

  24. D-FENS says:

    Capitalism:

    @Mark_J_Perry: Progress made against poverty in past 30 yrs is arguably most dramatic economic event since Industrial Revolution https://t.co/M7Ed6hulGp

  25. number2 says:

    #24 – problem solved, enjoy the veggies
    http://www.whatsonmyfood.org/

  26. Juice Box says:

    re #24 – re: “What’s left to eat that’s completely safe.”

    If you looked at the scare mongering going on in Facebook feeds you would think nothing. I wonder who is paying for all of those ads? glyphosate is a carcingen?

    Who is shorting Monsanto?

  27. Fast Eddie says:

    Lib,

    Way to go Gary. I heard housing in going to crash tomorrow.

    You can almost guarantee that something somewhere is going to shave 10% of house prices real quick. :)

    Btw, I locked in at 3.875% on a 30 yr. fixed.

  28. grim says:

    You’d be surprised how many small farmers don’t want to be bothered with non-gmo/organic.

    Spent a lot of time talking to NJ grain farmers on the topic. It’s not clear cut.

    Both Non-GMO and Organic is non-starter for many of these guys. If they are going to do Organic, it’s going to be with GMO seed stock.

    What I’m hearing is that the GMO is just plain better. Most interesting, is that certain GMO varieties actually use less pesticides than non-GMO organics, sometimes significantly less. Non-GMO organic actually needing a shitload more pesticide and fungicide.

    So if pesticides on your produce are a problem, you should be celebrating GMO.

    Most of these guys say you can get a very reasonable balance if you are willing to give up some yield and pay a higher price, just by exercising reasonable husbandry. You don’t get any kind of fancy label, but the end result is better than the one with the fancy label.

  29. D-FENS says:

    29 – No wonder they taste so good.

  30. grim says:

    Do vegans not bite their nails?

  31. Juice Box says:

    re GMO- we aren’t far off from Humans now.

    Porkier Pigs….

    http://www.nature.com/news/super-muscly-pigs-created-by-small-genetic-tweak-1.17874

    Key to creating the double-muscled pigs is a mutation in the myostatin gene (MSTN). MSTN inhibits the growth of muscle cells, keeping muscle size in check. But in some cattle, dogs and humans, MSTN is disrupted and the muscle cells proliferate, creating an abnormal bulk of muscle fibres.

    To introduce this mutation in pigs, Kim used a gene-editing technology called a TALEN, which consists of a DNA-cutting enzyme attached to a DNA-binding protein. The protein guides the cutting enzyme to a specific gene inside cells, in this case in MSTN, which it then cuts. The cell’s natural repair system stitches the DNA back together, but some base pairs are often deleted or added in the process, rendering the gene dysfunctional.

  32. joyce says:

    ” In a move that would make many capitalists’ head explode if it ever happened here, Iceland just sentenced their 26th banker to prison for their part in the 2008 financial collapse.

    In two separate Icelandic Supreme Court and Reykjavik District Court rulings, five top bankers from Landsbankinn and Kaupping — the two largest banks in the country — were found guilty of market manipulation, embezzlement, and breach of fiduciary duties. Most of those convicted have been sentenced to prison for two to five years. The maximum penalty for financial crimes in Iceland is six years, although their Supreme Court is currently hearing arguments to consider expanding sentences beyond the six year maximum. “

  33. yome says:

    Now,the Competitor needs to up the ante to fight for talents.
    Re: hippie that took a pay cut. Looking up to a better position in the future?

    “But go on and claim this hippie owner is succeeding.”

  34. chicagofinance says:

    • MARKETS
    • YOUR MONEY
    To those who are carefully planning, this change is meaningful…..especially non-parent 529 owners….

    A Chance to Boost Financial Aid for Today’s High-School Sophomores

    Strategic moves by Dec. 31 may help some families reduce the income to be reported on the Fafsa form for the freshman year of college

    By VERONICA DAGHER
    Attention, parents of high-school sophomores: There are financial steps you may want to take before year-end to help your child get more financial aid for the freshman year of college.
    A recent executive order signed by President Barack Obama will change the rules for the Free Application for Federal Student Aid beginning with aid for the 2017-18 school year. Families will complete the form based on their “prior prior year” income instead of prior-year income as they do now.
    That means that current high-school sophomores who graduate in 2018 will use 2016, not 2017, as the base year in reporting family and student income on their first Fafsa form. The government form is used in determining the amount of grants, loans and other forms of financial aid.
    The upshot: If families were contemplating actions in 2016 that might boost their taxable income, they should consider accelerating those moves into 2015 instead. And they may want to look for other opportunities to shift 2016 income into this year and delay deductions—contrary to the standard tax-planning strategy of trying to delay income and accelerate deductions.

    “You used to do this planning in a student’s junior year. Now you need to do it a year earlier,” says Mark Kantrowitz, a financial-aid expert in Las Vegas.
    For example, he says parents of high-school sophomores who are considering converting a traditional individual retirement account to a Roth IRA, a move that boosts taxable income, may want to do it before year-end.
    Deborah Fox, founder of Fox College Funding LLC in San Diego, advised the business-owning mother of one high-school sophomore to wait until 2016 to establish and contribute to a simplified employee pension plan. She also recommended the woman delay deductible computer purchases until next year and speed up her company’s billing so she receives as much income as possible in 2015.

    Ms. Fox advised the family against prepaying their January mortgage and property-tax bills in December as they had planned. And she told the father to see if he can receive his bonus by Dec. 31 instead of in early January.
    Before year-end, affected families may want to lock in any capital gains on investments they were planning to sell next year. Children who have investments with embedded capital gains in their own names—such as in a custodial account—should also consider selling before year-end to recognize the gains if the investments will be used for college, says Michael Kitces, partner at Pinnacle Advisory Group in Columbia, Md.
    Families should check with their accountants to see how accelerating income or delaying deductions will affect their taxes, Ms. Fox says.
    As of now, the base-year change applies only to the Fafsa and not the CSS/Financial Aid Profile, the financial-aid form almost 300 private colleges use to award their own funds. The College Board, which manages the CSS form, says it is “committed to supporting institutions as they make the transition” to prior-prior-year data and is “working closely with our members and leaders at colleges and universities to determine next steps for the CSS/Financial Aid Profile.”

    Grandparents will also want to be aware of the change to prior-prior-year numbers on the Fafsa, Mr. Kitces says. When the change kicks in, it will enable them to make financial gifts to college students, including distributions from grandparent-owned 529 college-savings plans, earlier in the college years without those dollars being counted as student income on the Fafsa.

    As of the second semester of these students’ sophomore year in college, the prior prior year for their third and fourth years of college will already be over.

    Write to Veronica Dagher at veronica.dagher@wsj.com

  35. chicagofinance says:

    It is a novelty….nothing else…

    Libturd in Union says:
    October 26, 2015 at 9:43 am
    “Perhaps not surprisingly, plenty of people want to work for Gravity. One who now works there is a former Yahoo executive who says she took an 80%-to-85% pay cut to take the job, according to Inc.”

    There are only so many hippies around willing to work for less than they are worth. The novelty of paying a janitor the same as a Yahoo Exec loses it’s novelty too as a second and third company try the same tactics.

    But go on and claim this hippie owner is succeeding.

  36. Libturd in Union says:

    “It is a novelty….nothing else…”

    Absolutely. Yome simply doesn’t get it. Without that novelty and liberal appeal, that company is probably already out of business.

  37. 1987 Condo says:

    I started college planning in earnest in 2001. I had all plans to adjust income, assets, etc. Essentially learned that if you have any reasonable income, say $90,000 to $100,000 household, you were expected to pay about half that each year based off income alone. Even if you did get a favorable (low) EFC figure, I was uncertain if you were really just receiving the difference in parent plus type loans, etc. Plus room and board was not usually discussed and that is approaching $40,000 to $50,000 over 4 years.

    Bottom line just decided to put an upper cap on what I would pay and save it all up.

  38. chicagofinance says:

    condo: 2001 is already a different world…..the last 6-7 years have taken on a life of their own…..if your student goes to a school with a huge endowment, there is a lot of wiggle room…..

  39. Libturd in Union says:

    Condo,

    I have a very unusual college savings plan. The old 529s have a whopping 30K in them in total. Once we moved out of our multi, we shortened the term to 15 years, slightly raising our monthly nut, but the rental market pricing has more than been making up the difference. Somehow, the rental market has even been able to keep up with our yearly Montclair and Essex County tax increases. So from 2011 to 2026, our two tenants will be saving up for our kids college tuition. The multi is worth about 500K (25k more than we paid for it way back in 2004) now. By 2023, when our first college bill is due, it should be worth $625k. That better be enough to cover two kids’ college costs. If not and with the current lack of wage growth, they would be better off just moving into the house Scott free and having one become a plumber and the other an electrician.

  40. xolepa says:

    Best way to pay for college, even Ivies: Have your kid be a great athlete.

    Ask me how I know.

  41. Libturd in Union says:

    “Have your kid be a great athlete.”

    Judging by all of the youth sporting events I attend…everyone’s kid is a great athlete. According to said kid’s parents, of course.

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

    [4] yome

    It’s his money (well, his and his investors). He is free to do with it as he pleases.

    Now I seem to recall that he was running into a lot of headwinds, a different take on this story, but it matters not whether he is or isn’t.

    What matters is whether he is filing for an IPO in five years time or bankruptcy. And the market makes that decision, not you or me.

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

    [42] xol,

    May be a bit late to the party but my older daughter finally decided to ditch competitive cheer. She is instead on a swim team and taking up tennis.

    I am immensely pleased by this development. There are very few scholarships for cheer.

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

    [22] juice

    “Go vegan or die.”

    No bacon? I’ll die.

  45. xolepa says:

    My eldest was varsity soccer. Not special. No soup for him.

    Middle one quit sports in HS. As much soup as the first.

    Youngest was All-State Volleyball. She got big $$ from a DIV 3 even though they technically cannot give athletic scholarships.

  46. 1987 Condo says:

    At the end of the day we just paid it out of current income as I had timed it so all mortgage and car payments were done by the time tuition started.

  47. xolepa says:

    Word of advice to potential parents of college bound kids. Buy those College almanac books. Study the financial aid percentages of the school and their endowment numbers. Very indicative of how they will fund your child’s ( and parents, hehe) needs.

  48. walking bye says:

    These college savings advice articles always spew out non sense. Most larger companies give out bonuses when they give out bonuses. With 60,000 employees what are your chances of getting your bonus early? Zero. Same thing for getting them to speed up your RSUs. Speed up billing? ha ha good luck getting your billing net 90, let alone once your bill gets lost in India. As for holding off on buying a computer? really $500-$1500 is going make that much of a difference in your business income.

  49. walking bye says:

    Has anyone every tried buying a home in a low instate college state? Setting up your residency there ahead of time so one could apply for the lower tuition?

  50. 1987 Condo says:

    #51..some states it is more doable than others. Some states are “checklist” states where if you meet the residency requirements on paper you may be good to go. Others will base everything on the parents residency and work location and you will need a 1 year lead time as well.

  51. [40] A case in point is Harvard. Under $75K, your kid goes free. Under $120K, EFC will be about 10%. All Harvard awards are grants. No loans.

    As chifi implies, the tuition bubble has already popped. What hasn’t popped is the tuition “List Price” bubble.

    condo: 2001 is already a different world…..the last 6-7 years have taken on a life of their own…..if your student goes to a school with a huge endowment, there is a lot of wiggle room…..

  52. walking bye says:

    @53 realistically dual income NJ family in the 250k-300 range? Can they expect any college tuition assistance or should you plan to pay the full load? (250k is probably low for a 2 police office family)

  53. chicagofinance says:

    the best part is the trigger warning….
    http://www.hulu.com/watch/861960

  54. BTW, if your kid graduates from a Boston Public school and gains admission to BU – tuition is free. They have endless scholarships that are never exhausted. At the top end, tuition (not room and board) is just plain free. At the bottom end, still free tuition but your kid may have to do up to 40 hours of community service per year. A lot of the young teachers at Boston Latin HS have followed this pattern. Step 1: graduate from Boston Latin. Step 2: Stay at home and graduate from BU. Step 3: Go back to Boston Latin as a union teacher and teach well-behaved, smart kids until you want to do something else. A lot of them seem to get a Masters degree in teaching at BU too, which ups their income automatically.

  55. yome says:

    At $150k annual income plus $600k net assets, I did not get sh!t applying for fafsa. They even ask for 401 k balance

  56. walking bye says:

    That’s why I wonder no one uses the buy a home to gain in state tuition rate. I have 12 years of tuition to pay in the future I could save $240k. If I buy a condo now, I have a 1 in 50 chance of getting it right (1 in 49, as I’m willing to bet not one kid from Jersey has ventured to Alaska).

  57. Libturd in Union says:

    I wonder if moving to Nevada would help me discounted tuition? UNLV perhaps?

  58. Fast Eddie says:

    Omg, what boring discussion!

  59. 1987 Condo says:

    #62..lol, I’ll see you on the “College Tuition Bubble” board soon enough….

  60. Fast Eddie says:

    #63,

    Certainly! :)

  61. Bystander says:

    Fast,

    Congrats on re-upping the bagholder status. You could have left, just remember ;>)

    It was one year ago when I started to make serious offers on homes here in CT. While fourth time was a charm in terms of bidding, I kept a spreadsheet of addresses I visited. Decided to check zillow this weekend. There were a dozen horrendous crapshacks that I visited in Ridgefield and Wilton and all that started near $550k OLP. I told the realtwh#res, no way and laughed. They scoffed at me that these were well priced. Guess what? 8 of the 12 waited another 8 months or more to sell and for 20% on average off the OLP, two at nearly 30%. A few were pulled off market as well. Also have two good friends across from each other (parents homes actually) trying to sell in Northvale for 6 months and no decent offers. They are too high and can’t believe it. Just reamplifies my belief that market is messed up with greed and it takes so much time and patience to find a decent situation as a buyer. You could get f’ed easily if you are not careful.

  62. Juice Box says:

    Speaking of Credit Card processing companies.

    “Square Inc. reports another loss as IPO roadshow approaches.”

    “Square this year has lost $131.5 million on $892.2 million in sales, according to the filings.”

  63. grim says:

    How do you lose a billion dollars?

  64. Juice Box says:

    re # 68 – Dorsey = Steve Case.

  65. POS cape says:

    13 Gary,

    ” I understand that they actually tried submitting offers well after attorney review and even up to the mortgage commitments that were etched in stone. Of course she didn’t show up at the closing.”

    How could that even work? Can they just return your down payment, contract or no contract, and go for the higher offer?

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