Did TRID cause the November dip?

From HousingWire:

The TRID effect is real: Existing-home sales fall sharply in November

First there was anecdotal evidence that the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October had caused issues with the housing industry, but now, concrete data is beginning to show just how much the impact of TRID is being felt – and the news isn’t great.

Last week, the latest Origination Insight Report by Ellie Mae showed the average time to close a loan increased by 3 days during the month of November to 49 total days, making it the longest time needed to close a loan since Feb. 2013.

And according to the latest report from the National Association of Realtors, those closing delays helped considerably slow down existing-home sales in the month of November.

According to NAR’s latest report, the total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 10.5% to a seasonally adjusted annual rate of 4.76 million in November.

Existing-home sales cooled to the slowest pace in 19 months during November, NAR’s report showed, to the lowest seasonally adjusted annual rate since April 2014 when it was 4.75 million.

This it the second month in a row that existing-home sales have fallen. In October, total existing-home sales decreased 3.4% to a seasonally adjusted annual rate of 5.36 million.

After last month’s decline, which NAR said was the largest since July 2010 at 22.5%, existing-home sales are now 3.8% below a year ago, which is the first year-over-year decrease since Sept. 2014.

According to NAR Chief Economist Lawrence Yun, the decline is not entirely due to TRID, but TRID certainly isn’t helping.

NAR’s report also showed extended closing times, which Yun said may be pushing sales out into December, with the hope being that closings are just being delayed, not disappearing entirely.

This entry was posted in Housing Recovery, Mortgages, National Real Estate. Bookmark the permalink.

119 Responses to Did TRID cause the November dip?

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    Oxford Dictionary tearing up the press release this morning in an attempt to somehow fit “Shlonged” into the Best New Words 2015 list.

    Urban Dictionary offers some colorful opinion on the etymology.

  3. Maybe jj took a leave of absence from his job to copyright “schlonged”.

  4. Whatever NAR says, the reality is the opposite.

    “NAR’s report also showed extended closing times, which Yun said may be pushing sales out into December, with the hope being that closings are just being delayed, not disappearing entirely.”

  5. Essex says:

    2. Without the “c”schlonged is just another word.

  6. Essex says:

    Everyone knows Hilary hasn’t been “schlonged” since the nineties. And that was an Accident.

  7. yome says:

    WTI $36.65 >>>Brent $36.62

  8. grim says:

    Why no news commentary about Obama being the one who did the schlonging, per Trump?

  9. grim says:

    Where is JJ when you need him.

  10. grim says:

    From the AP:

    New Jersey girl calls 911 after touching Elf on the Shelf

    A New Jersey girl called 911 after she touched her elf on the shelf.

    Police say 7-year-old Isabelle LaPeruta of Old Bridge was worried because, according to the popular children’s book, the magic of Christmas goes away if the elf is touched.

    WNBC-TV reports the girl told the 911 operator not to come to her house because she was trying to call her dad.

    However, police are required to check 911 calls and an officer found the child in tears.

    The officer radioed headquarters: “Isabella apologized. She touched the Elf on a Shelf. She won’t call 911 again.”

  11. anon (the good one) says:

    @WSJecon

    What’s happening to wages in Lincoln, Neb, one of 31 metros with unemployment at or below 3%

  12. anon (the good one) says:

    @intlspector

    Price change from year ago.

    Crude oil: -35%
    Natural gas: -45%
    Gold: -13%
    Wheat: -22%
    Coffee: -28%
    Copper: -28%
    Coal: -17%
    Aluminum: -57%

    yome says:
    December 23, 2015 at 7:39 am
    WTI $36.65 >>>Brent

  13. walking bye says:

    speaking of Nebraska. I was on Zillow and accidently looked up woodcliff ne, instead of woodcliff lake nj. I was surprised at how expensive the area is. I would think a 5 bed 12 acre home would have been in the 200’s , instead they wanted 700. very interesting n0t sure what drives the market in that location, but its priced like nj.

  14. Libturd at home says:

    Whoop whoop this is the sound of the police.

  15. Libturd at home says:

    AbFabMax (from yesterday):

    “One thing of note is that when Hillary was NY Senator, the pork was passed to upgrade NY RT17 to Interstate Standards.”

    First, Hilary absolutely used NY. Second, I spent plenty of Summers as a counselor at Kutsher’s Camp Anawana. I never found Route 17 substandard. Was happy too that it was not a toll road like the Westway and the Northway.

  16. Libturd at home says:

    Caught the gambling bug at the crooked racetrack too.

  17. Grim says:

    High end/desirable suburbs are expensive everywhere.

    The big misconception with NJians is that they look elsewhere, see big McMansions and equate those subdivisions with being desirable – but in most cases that’s not true, and the big McMansions aren’t in the best neighborhoods, and when you point them to where people really want to live, they see something that looks very similar to a desirable NJ town in terms of housing stock and prices, so a little cognitive dissonance there.

  18. grim says:

    Spend a lot of time in Nebraska – there is a lot of old telecommunications money there. If you go back far enough to know what “long distance” is, and remember what you used to pay for a long distance call, realize that most of that business was based out of Nebraska. In the late 80s, Omaha had the most technologically advanced telecommunications infrastructure of anywhere in the world, by early 90s there was more fiber in Omaha than anywhere else. The words “If you have a question about your bill, press 1 now” – can be blamed entirely on Nebraska. Lots of the telco infrastructure initially had to do with NORAD and the strategic air command, but really, you can trace it back to telecommunications lines following interstate and rail right of ways (Route 80 goes right through Omaha and Lincoln).

  19. leftwing says:

    13/17

    Notwithstanding some vociferous ‘homerist’ opinion from other posters to the contrary, there are many wonderful areas of ‘flyover’ country offering high quality housing stock, solid neighborhoods, multi-acre lots, cultural attractions, vibrant economies, a plethora of nearby outdoor activities, and ten minute commutes. And all else being equal their kids will beat your kid into an Ivy each time.

    And, btw, the Short Hills Mall is a pock mark on humanity.

  20. The Great Pumpkin says:

    Wish the avg individual understood this when they complain about nj home prices and taxes. Upper half of nj is not normal, it’s wealthy suburb after wealthy suburb. Not many locations in this country have a wealth belt as large as new jersey. They have wealthy sections as parts of towns or cities, but they don’t have town after town of pure wealth. So people with avg knowledge when it comes to real estate, thinks nj is expensive when they compare avg prices to places like carolina. Not realizing that those cheap areas in carolina are the equivalent to cheap places in jersey, just that nj doesn’t have as many of those cheap locations as carolina does, so our avg home price reflect a much higher price. Since real estate prices are so much higher on avg in nj, our property taxes reflect that. Sure we pay a higher tax rate than other states, but how much percentage wise, do we pay more. Not much at all. The reason for the higher property tax avg is higher avg property values than other states. That’s the truth. You want to lower property taxes and property prices, then drive away the rich from nj. It’s as simple as that.

    Grim says:
    December 23, 2015 at 9:29 am
    High end/desirable suburbs are expensive everywhere.

  21. Juice Box says:

    re: The one and only Short Hills Mall.

    Need to go go Neiman today too, I rarely step foot in a mall except for Christmas, hopefully I won’t get capped in the parking garage.

  22. leftwing says:

    Also, the Chatham Section 8 house is back on the market.

    Oops, not entirely correct.

    The fact that the house is near a major highway, a stone’s throw from the sewage treatment plant, located on a main thoroughfare, and has one bath and an indeterminate number of bedrooms on a 5000 sq ft lot (yes, lot, not home footprint, paved btw) is irrelevant.

    Because it’s a blue ribbon school, top ten CNN town.

    All yours for the bargain basement price of $430k.

    Section 8 anywhere else in the country. Seriously, my father has some Section 8 tenants and his houses are better than this one.

    http://www.zillow.com/homes/for_sale/house,condo,apartment_duplex,mobile,townhouse_type/55559058_zpid/pricea_sort/40.751532,-74.363644,40.733096,-74.405529_rect/14_zm/

  23. Fast Eddie says:

    The home dip and lack of supply are exactly the reasons we’ve discussed here. People can’t dig out, there in deep debt, fighting to survive and can’t sell. Nothing has changed and it will be this way for years. The NAR is a collection of the biggest f.ucking lies on the planet.

    And let me add again that house agents serve no purpose at all in the transaction. None. They submit a contract and basically collect at the end of the closing. Everything else is all on the sellers and buyers to do the leg work. The only plus is that the agents know a few painters, contractors, etc. that have built a good local reputation. Other than that, they actually cause aggravation and impede the process.

  24. grim says:

    19 – You have a great chance of getting into an Ivy if you move to Passaic. You also get low housing prices, a fast commute, and even a train to manhattan, and access to some of the best culture in the world.

    Be sure to make the appropriate comparison. Plenty of Omaha neighborhoods that are nearly identical to an upper tier neighborhood in NNJ. Plenty of neighborhoods where the average household income is north of $200k, like the top neighborhoods in NJ.

    And just like NJ, you just need to drive a few miles to significantly increase your chances of being carjacked or shot in a drive by.

  25. Fast Eddie says:

    there = they’re

  26. Fast Eddie says:

    You have a great chance of getting into an Ivy if you move to Passaic. You also get low housing prices, a fast commute, and even a train to manhattan.

    Five houses were robbed around my old house in the last two months. Five! Three houses behind me and two houses beyond my old next door neighbor. The neighborhood is beginning to look like Paterson. The shopping plaza where Big Lots is on route 46 looks like a UN gathering. My timing on this move was impeccable.

  27. Grim says:

    You can pick these out is nearly every city, Omaha/Nebraska just an example.

  28. Grim says:

    And you’ve got guys building $700k houses on Valley Road

  29. leftwing says:

    20.

    Income and paper real estate wealth. Not real wealth. Being classified as a $250 p.a. ‘millionaire’ is all downside when you end the year with less in the savings account than where you started.

    No comparison between high end/low end in Jersey and other places. See post 22 for a low end example here. Low end comparisons against this one from comparable out of state areas welcome.

    High end take your pick from here vs. other comparable suburbs in different locales. My personal fave would be Belle Meade, outside Nashville, since I now have two relatives that relocated to TN. Compare that to, say, the older area of Summit. Again, price, quality of life, etc go to Belle Meade.

  30. leftwing says:

    *$250k p.a.* obviously

  31. Fast Eddie says:

    And you’ve got guys building $700k houses on Valley Road

    G0d bless them.

  32. Ragnar says:

    It’s a Wonderful Life (leftist edition)

    http://www.tfas.org/page.aspx?pid=3086

  33. leftwing says:

    Underbrush behind my house sprouting green buds.

    Merry Christmas to those who celebrate.

  34. 1987 Condo says:

    Sorry, what is “p.a.”?

  35. leftwing says:

    $250,000 earnings per annum, sorry

  36. leftwing says:

    Juice, enjoy your trip to “Needless Markup”.

    Pack a lunch for the car if you are entering off of 24.

  37. leftwing says:

    Asked my ex- about a decade ago to pick me up a new shirt on her trip to the Mall, we had a formal event that night.

    She came back with a shirt from Neiman. $600.

    Refused to wear it. She was insulted and refused to return it. Sat in the closet, where it is today.

    Got rid of the wife, should clean that shirt out as well this holiday season.

  38. Raymond Reddington formerly Phoenix says: says:

    33. LW,
    I was late this year to overseed some areas in my lawn. Bought 5 yd Mushroom/Topsoil combo, spread it in the thin areas and seeded mid November. Never thought it would germinate till spring so was worried about using spring pre-emergent. No problem now….

  39. leftwing says:

    Pumps, if that is your definition of wealth, you can keep it.

  40. leftwing says:

    Pumps, 37.

  41. leftwing says:

    See y’all later tonight. Off into mosh pit of “I put off my shopping too long”.

    Wish me luck and a safe return.

  42. Libturd at home says:

    Saw buds on the smaller trees in my backyard this morning. Crazy! And the first two weeks in January are going to be warmer than usual as well.

  43. Juice Box says:

    Bloomingdales, Neiman and Nordstrom all carry the same piece I am shopping for same price, there is no discount ever on certain things just cash back on the credit card, so I have to go for a schluff or schlep to the Mall. Whatever the correct Yiddish term is.

  44. Juice Box says:

    I still have my outdoor furniture out and tonight I am going to sit out enjoy a drink and a cigar if it does not rain.

  45. Ragnar says:

    I switched to winter tires yesterday, just in case. Still need to put them on my wife’s van. In snow, it cannot climb the hill to get out of our neighborhood without them.

  46. D-FENS says:

    I haven’t done anything to prepare for winter this year, as usual. Like every year, I will be in the garage tuning up the snowblower and fixing it the day of the first snowstorm.

    Beer takes priority over everything in life.

  47. anon (the good one) says:

    Subaru is always there for me

    chifi approved as he doesn’t like ppl in fancy cars

    Ragnar says:
    December 23, 2015 at 11:21 am
    I switched to winter tires yesterday, just in case. Still need to put them on my wife’s van. In snow, it cannot climb the hill to get out of our neighborhood without them.

  48. The Great Pumpkin says:

    Is that supposed to mean something, that five houses were robbed in the same neighborhood? First, poor neighborhoods don’t get robbed. Second, there have been five robberies because it’s obviously a professional gang at work that is targeting that specific neighborhood.

    Fast Eddie says:
    December 23, 2015 at 10:11 am
    You have a great chance of getting into an Ivy if you move to Passaic. You also get low housing prices, a fast commute, and even a train to manhattan.

    Five houses were robbed around my old house in the last two months. Five! Three houses behind me and two houses beyond my old next door neighbor. The neighborhood is beginning to look like Paterson. The shopping plaza where Big Lots is on route 46 looks like a UN gathering. My timing on this move was impeccable.

  49. chicagofinance says:

    in the same network…..the undersea cable came ashore in Monmouth County…it is why you had Fort Monmouth, with its focus on “communication”, telegraph hill at the PNC arts center and also why Bell Labs was created right there…..the wires went up to Bedminster where the Network Operation Center (NOC) is (was?) at 202/206/287…..I assumed it fanned out to the country from there….and obviously due west to Omaha….

    grim says:
    December 23, 2015 at 9:34 am
    Spend a lot of time in Nebraska – there is a lot of old telecommunications money there. If you go back far enough to know what “long distance” is, and remember what you used to pay for a long distance call, realize that most of that business was based out of Nebraska. In the late 80s, Omaha had the most technologically advanced telecommunications infrastructure of anywhere in the world, by early 90s there was more fiber in Omaha than anywhere else. The words “If you have a question about your bill, press 1 now” – can be blamed entirely on Nebraska. Lots of the telco infrastructure initially had to do with NORAD and the strategic air command, but really, you can trace it back to telecommunications lines following interstate and rail right of ways (Route 80 goes right through Omaha and Lincoln).

  50. The Great Pumpkin says:

    Paper real estate wealth? Wtf? Dude, the idea of building wealth is to enjoy it, not to keep every got damn penny. You only live once, and only a sucker sits there and saves everything. Stop trying to paint the picture that nj is faux wealth. It’s not, it really is wealthy. So what if they don’t save every penny, they live a high standard of life, and that is what true wealth is. True wealth is not being a millionaire, living like a bum, and looking at your bank account all day. It’s a standard of living. Never fault someone that can afford to buy an expensive car or expensive house as doing something foolish. They are increasing their living standard, isn’t that the purpose of wealth, to improve your life? If you are going to continue to buy the used honda and live in a cheap house, why the hell are you even wasting your time making money? So you can look at it and tell yourself how proud you are of yourself for accumulating so much by being a scrooge? If you are not going to use the money to improve your life, what the hell is the purpose? You will die with it and that’s just brilliant.

    leftwing says:
    December 23, 2015 at 10:14 am
    20.

    Income and paper real estate wealth. Not real wealth. Being classified as a $250 p.a. ‘millionaire’ is all downside when you end the year with less in the savings account than where you started.

    No comparison between high end/low end in Jersey and other places. See post 22 for a low end example here. Low end comparisons against this one from comparable out of state areas welcome.

    High end take your pick from here vs. other comparable suburbs in different locales. My personal fave would be Belle Meade, outside Nashville, since I now have two relatives that relocated to TN. Compare that to, say, the older area of Summit. Again, price, quality of life, etc go to Belle Meade.

  51. The Great Pumpkin says:

    That’s crazy!

    Raymond Reddington formerly Phoenix says: says:
    December 23, 2015 at 10:46 am
    33. LW,
    I was late this year to overseed some areas in my lawn. Bought 5 yd Mushroom/Topsoil combo, spread it in the thin areas and seeded mid November. Never thought it would germinate till spring so was worried about using spring pre-emergent. No problem now….

  52. anon (the good one) says:

    Cubans desperate to live in Montclair driving a brand new, well-equipped Subaru

    and in turn these people desperate to live like Cubans

    The Great Pumpkin says:
    December 23, 2015 at 11:56 am

    Paper real estate wealth? Wtf? Dude, the idea of building wealth is to enjoy it, not to keep every got damn penny. You only live once, and only a sucker sits there and saves everything. Stop trying to paint the picture that nj is faux wealth. It’s not, it really is wealthy. So what if they don’t save every penny, they live a high standard of life, and that is what true wealth is. True wealth is not being a millionaire, living like a bum, and looking at your bank account all day. It’s a standard of living. Never fault someone that can afford to buy an expensive car or expensive house as doing something foolish. They are increasing their living standard, isn’t that the purpose of wealth, to improve your life? If you are going to continue to buy the used honda and live in a cheap house, why the hell are you even wasting your time making money? So you can look at it and tell yourself how proud you are of yourself for accumulating so much by being a scrooge? If you are not going to use the money to improve your life, what the hell is the purpose? You will die with it and that’s just brilliant.

    leftwing says:
    December 23, 2015 at 10:14 am
    20.

    Income and paper real estate wealth. Not real wealth. Being classified as a $250 p.a. ‘millionaire’ is all downside when you end the year with less in the savings account than where you started.

    No comparison between high end/low end in Jersey and other places. See post 22 for a low end example here. Low end comparisons against this one from comparable out of state areas welcome.

    High end take your pick from here vs. other comparable suburbs in different locales. My personal fave would be Belle Meade, outside Nashville, since I now have two relatives that relocated to TN. Compare that to, say, the older area of Summit. Again, price, quality of life, etc go to Belle Meade.

  53. chicagofinance says:

    That’s Crazy is a product……

    Haute Cuisine (clot Edition):
    http://ezramagazine.cornell.edu/Update/Dec15/EU.Cfu.Foods.html

  54. Fast Eddie says:

    First, poor neighborhoods don’t get robbed.

    What are those bars for that I see on basement and first floor windows in the more down trodden areas?

  55. Ragnar says:

    If someone wanted to spend $1m on Florida vacation possibly even retirement real estate, anyone here have an informed opinion of where is a good place? I hear the Sarasota area is nice.

  56. The Great Pumpkin says:

    Trap house(drug house). No one has anything valuable in their homes in a poor area. They barely have anything in their fridge and you are lucky if the lights work. What are you expecting to rob from the poor?

    Fast Eddie says:
    December 23, 2015 at 12:20 pm
    First, poor neighborhoods don’t get robbed.

    What are those bars for that I see on basement and first floor windows in the more down trodden areas?

  57. homeboken says:

    “First, poor neighborhoods don’t get robbed.”

    Pumpkin – it will surprise no one that you are dead wrong with this statement. Take my word for it – I’ve owned and operated thousands of affordable housing units over the last 12 years and still do today. They likelihood of crime (all types) is directly correlated to the affluence of the residents. Take a tour around the site – http://www.crimemapping.com and compare it to a wealth map. The data does not lie.

  58. 1987 Condo says:

    #57…I’d say…cash, iphones, x box, drugs, jewelry makes for a quick 30 second grab and go

  59. homeboken says:

    59 – No way, in Pumpkins world the only thing inside the home of a poor person are his work boots, text books and self-help audio tapes. Nothing of value there.

  60. Essex says:

    56. Venice, Sanibel Island, Fishers Island…

  61. Essex says:

    ….not Fishers…scratch that. But the other two yeah.

  62. The Great Pumpkin says:

    Jewelry? What kind of jewelry do you think a poor person could afford? You are not getting the iphone, they have it on them at all times, it’s their only prized possession. Cash? They are in freaking debt? What world do you guys live in? As soon as they get cash, they spend it. Only an idiot what target a poor person to rob. What the hell are you going to do with an x box or flat screen tv? Get 50 dollars? Big robbery going down at the poor guys house.

  63. The Great Pumpkin says:

    You are right, they are just living it up. So much valuable stuff to rob.

    homeboken says:
    December 23, 2015 at 1:37 pm
    59 – No way, in Pumpkins world the only thing inside the home of a poor person are his work boots, text books and self-help audio tapes. Nothing of value there

  64. Marilyn says:

    51, you know some millionaires don’t know how to enjoy it either. My father was a depression era kind of guy who just could not spend it. So he gave it to me. Now im not really have a problem spending some of it but your missing one factor I DONT HAVE KIDS. I think to blow it all and not leave some for your children is selfish.

  65. The Great Pumpkin says:

    How many robberies in rich towns are swept under the rug, as to not raise the crime rate and kill the value of the properties? I would be careful on relying on data to understand robberies where something of value is actually robbed. Cities are dense with population. Crackheads always robbing stupid crap that goes down as a robbery statistic. But in reality, what did they really rob? Nothing of value. Gets them barely enough money for their next fix.

    homeboken says:
    December 23, 2015 at 12:43 pm
    “First, poor neighborhoods don’t get robbed.”

    Pumpkin – it will surprise no one that you are dead wrong with this statement. Take my word for it – I’ve owned and operated thousands of affordable housing units over the last 12 years and still do today. They likelihood of crime (all types) is directly correlated to the affluence of the residents. Take a tour around the site – http://www.crimemapping.com and compare it to a wealth map. The data does not lie.

  66. Marilyn says:

    And Im to add that this stuff on NJ is so high class and so wealthy is why I left. It makes me sick. I wish people who judge people on honestly they heart not their bank account. Who the hell really cares? I mean if material possession were the key to happiness and it was THAT SIMPLE I would be the first one running out the door to buy shit. It just not the ticket to happiness. It was not for me. Its such a hard emotion happiness. In fact I think at my level of misery , my only ticket to real happiness would be death and find out if there is heaven and that’s a pretty big risk to take. Not like investing in vanguard growth index fund.

  67. The Great Pumpkin says:

    Your kid doesn’t need anything, but the gift of teaching them how to make it on their own. Saving your whole entire life, like your dad did, just to give it to a kid(you) is pointless. Want to give them some help, fine, whatever floats your boat, but understand that you are not really helping them when your child relies on you for their finances. It might make you feel good, but you are creating someone that depends on you to survive. I don’t want to see my kid rely on my handouts to survive. If that’s the case, I failed as a father.

    Marilyn says:
    December 23, 2015 at 2:22 pm
    51, you know some millionaires don’t know how to enjoy it either. My father was a depression era kind of guy who just could not spend it. So he gave it to me. Now im not really have a problem spending some of it but your missing one factor I DONT HAVE KIDS. I think to blow it all and not leave some for your children is selfish.

  68. Juice Box says:

    re: # 50 – AT&Ts old Submarine Cables came in Manasquan and Tuckerton, used to be a grand total of 128 telephone circuits in each cable, their two cables were installed in the early 1960s. Wasn’t until the 80s that the the first fiber crossed the ocean.

    Neat history here, going back to the telegraph days.

    http://atlantic-cable.com/Cables/CableTimeLine/atlantic.htm

  69. The Great Pumpkin says:

    I’ll help with the down payment on their first house and pay for their education. I think that’s more than enough. Why should I save my whole life to pay for their house? My grandma didn’t give me a house, she SOLD me a house. Big difference.

  70. Marilyn says:

    well that’s what happens but its nice to leave some of you estate to your kids when you die. Have a nice Chistmas in your Wealthy NJ with your Wealthy neighbors paying your Wealthy government little pumpkin and I will have my Christmas w/ the Conservative poor poor underpaid no unions, low wages, Baptist bible thumpers all w/ wooden teeth and no money , not even an Edward Jones in Durham the home of RTP and the State that has only 10million pop.of dumb hillibllies all living in trailers w/ no gdp.

  71. Marilyn says:

    im not moving back that’s how bad it is.

  72. Marilyn says:

    ask those Belle Meade NJ ohhh its TN, here that TN and take a look at those houses , them darn hillbillies if they want to come back to NJ. You could not drag them back. Even vacation in NJ have become torture.

  73. Juice Box says:

    There are more hogs than people in North Carolina, and those hogs are owned by the Chinese.

  74. The Great Pumpkin says:

    Nashville, Tennessee is norther jersey. Just on a smaller scale.

  75. The Great Pumpkin says:

    And I get you hate nj, it’s not for everyone. For me, it’s a great place, and I can only see myself living in certain other locations in this country. Cali being at the top of my list, but guess what, you need a sick amount of money to live in the nice areas of cali. I’m okay in jersey, the homes in nice areas of jersey are actually cheaper than similar areas of wealth in other states. There aren’t that many desirable places for wealthy in other states and that causes them to compete and drive up the price to levels that make jersey cheaper. Nj has a lot of options for millionaires, and it causes the prices to not get to the levels you see in these other states, esp cali.

  76. Marilyn says:

    74 hehe. I hate pork

  77. A Home Buyer says:

    63 – Troll,

    Perhaps the real reason you cannot name your employer is because your thinly veiled (or other times blatant) racism and discrimination against the poor and minorities would result in your immediate dismissal. Cannot be tied to that.

    Heck, I could understand not wanting to name your employer out of privacy concerns, but you’ve already given enough information otherwise to identify yourself so that cannot be it.

  78. Essex says:

    71. Um. Thanks?

  79. The Great Pumpkin says:

    Man, you need millions to live in a nice house in place like cali. 1 million just gets you a 1200 sq ft house in the nice areas. You better bring at the minimum 3 million for a decent house. In nj, 3 million gets you a great house in a great area. These other states, since they have such limited areas of wealth, good look finding something nice for 3 million.

  80. Marilyn says:

    Maybe its me but I love Raliegh. The inner belt is old, old mature landscape, old homes, its like sort Englewood, North Raleigh is new, so its like old and new and some hills so its not flat . Its got a charm about it. Durham is funky , rtp and hipsters, and Chapel Hill is liberal nuts, so like the Montclair and I stay out of Cary because its all people from NJ. However Greensboro is the shits. Its so ugly. I took a trip to Hang Rock State Park it was beautiful like the Gunks, and heading in the spring to buy eventually a cabin in and by Ashville. I like it here, happy w/ my decision. I thought maybe I would be running back but NO. Glad I could do this. I was scared believe me. Im a bit of a creature of habit. But this was easy. Now if I picked Ashville full time, I would be running back to NJ.

  81. 1987 Condo says:

    I’ll say that I worked in Newark, NJ for 10 years and worked side by side with the “working class”…African – American women raising kids on their own…my staff frequently were robbed..usually by the adult males living in the complex on welfare…they did own things (1980s) like TVs, radios, etc..these were women working for Pru making a living wage if you like that saved and bought things that were in fact stolen.

  82. The Great Pumpkin says:

    Merry Christmas, Marylin. Wish you all the best, and I’m glad you actually do what you say. People complain, but never leave. You, on the other hand, acted on what you say. I hope you find happiness, nj is not for everyone, esp someone that is a very young retiree. It’s a rat race, but it is a great place for someone still working on a career and trying to raise a family. Very fast paced life and the area satisfies the needs of someone living a fast paced lifestyle. You do not hit any of these marks, and it totally makes sense that nj is not all for you. It’s nothing you are about, therefore, you did the right thing by moving to a place with a much slower pace of life and lots of outdoor activities to keep you busy.

  83. Marilyn says:

    I don’t want to be around rich assholes. I guess if I was poor and wanted the illusion of rich. or the crumbs of the rich I would love that but I want to blend the real people. I hate rich assholes. I dont even think being rich today is 4.5 million . I mean I am adding up this years cap gains and dividends and let me tell you , ITS NOT RICH. Last year was much better. So I dont want to be around NJ assholes. Actually I like the Southern Baptists. I love the Pastor at Duke. this guy is great. there is very little soul in the North East. Now that Im sober I need more.

  84. Marilyn says:

    Let the Pumpkin be proud that he is in the wealth belt, that he is King of the rich, that he is one of them. God will take it away. God has a cycle and there is a John Cash song and trust me God will strike you down. You may have to spend you wealth on your kids buddy , rare diseases come all the time. You never know. You spend all your money on yourself and your kid get sick , you may be sorry.

  85. The Great Pumpkin says:

    They were robbed by crack heads. Simple as that. The things being stolen, only a drug addict would steal to support their addiction. No professional thief is going to waste their time with that crap.

    1987 Condo says:
    December 23, 2015 at 2:59 pm
    I’ll say that I worked in Newark, NJ for 10 years and worked side by side with the “working class”…African – American women raising kids on their own…my staff frequently were robbed..usually by the adult males living in the complex on welfare…they did own things (1980s) like TVs, radios, etc..these were women working for Pru making a living wage if you like that saved and bought things that were in fact stolen.

  86. Marilyn says:

    hey now, Im sorry, I did not mean to insult you, remember I quit that drug.

  87. Marilyn says:

    Merry Christmas everyone. And Little Pumpkin, remember who gives a shit, because your laughing all the way to the bank!! I love you too little pumpkin. Im glad your not alittle coward at least you take some abuse too. Were in this together. I took it for along time on here. You saved me , until anon comes along today.

  88. The Great Pumpkin says:

    I don’t know why you are getting so mad at me. I was being sincere in my last post. I know I’m not rich, I live in nj, and know exactly what wealthy is. I have rich people living all around me, reminding me everyday that I am nowhere near their level.

    Marilyn says:
    December 23, 2015 at 3:05 pm
    Let the Pumpkin be proud that he is in the wealth belt, that he is King of the rich, that he is one of them. God will take it away. God has a cycle and there is a John Cash song and trust me God will strike you down. You may have to spend you wealth on your kids buddy , rare diseases come all the time. You never know. You spend all your money on yourself and your kid get sick , you may be sorry.

  89. Marilyn says:

    im not mad at you, im playing with you. When I dont joke w. you, then you better run!! I love little one. im old enough to be your mother.

  90. Marilyn says:

    ohh that post, just save some for a rain day, my sister needed a kidney and went blind and need a lot of care before she died so money is a nice level of protection. Cant spend it all for fun. Not this young.

  91. Marilyn says:

    motherly advise cant help it, your the son I never had. Now let me go take my lithium and feel better.

  92. The Great Pumpkin says:

    Fair enough, I didn’t get why you were so angry with me. I’m just an honest person, and sometimes the truth gets people agitated.

    You know very well the abuse I took on this blog. It got to the point where I was called an idiot and belittled so much, that I started to question my intelligence. Why do you think I flip flopped on issues so much, I was literally questioning my intelligence. It’s okay, it made me a stronger person. I’m glad that I was roughed up, it pushed me to learn more and more. I’m much better person for it, and I wouldn’t have it any other way. Tough love is sometimes the best means of learning. I have no hard feelings or resentment, only appreciation for making me a better individual than I was when I started participating on this blog.

    Marilyn says:
    December 23, 2015 at 3:12 pm
    Merry Christmas everyone. And Little Pumpkin, remember who gives a shit, because your laughing all the way to the bank!! I love you too little pumpkin. Im glad your not alittle coward at least you take some abuse too. Were in this together. I took it for along time on here. You saved me , until anon comes along today.

  93. D-FENS says:

    Short Hills Mall needs a firearms dealer.

  94. The Great Pumpkin says:

    That’s why I love hanging around a bunch of intellectual old people, the amount I learned on this blog, is like a free college education. Priceless.

    Marilyn says:
    December 23, 2015 at 3:15 pm
    im not mad at you, im playing with you. When I dont joke w. you, then you better run!! I love little one. im old enough to be your mother.

  95. grim says:

    Nashville? Well, I spent a lot of time in Nashville too. Good luck in Nashville – You are talking at least $700k for a nice house in Brentwood. To live in a good neighborhood in Nashville proper, probably $650k to $1m – and you’ll be sending your kid to private school. $650k gets you a renovated 2k square foot 1910 house.

    The Nashville boat sailed 10+ years ago, when you could have got a nice place downtown, that needed remodel, for under $100k – that today you could probably sell for 6-7-8 times that.

  96. Essex says:

    96. Nashville……Meh. Nothing special.

  97. Marilyn says:

    So Nashville is a nice place to visit but I would not want live there. Got you.

  98. grim says:

    I could live in Nashville.

  99. Marilyn says:

    thanks little pumpkins I will make you my little adopted son. I always want a nice kid to teach my Archy Bunker views too. I had fantasies of me being Archy and you being little Mike and me teaching you all the evils of Government and ranting just like Bob Grant used to do. I have no one to do this to, this is what I lacking in my life. My BOB GRANT MOMENT never happened.

  100. Marilyn says:

    And Pumpkin you could be the gentle version of the some co host on the view and gentle make me see your side. how does this political fantasy sound to you? You see some women like red tube, but my fantasy was always to have a BOB GRANT MOMENT.

  101. Marilyn says:

    GET OFF MY BLOG YOU JERK

  102. Marilyn says:

    IM DONE. NOW ITS RED TUBE.

  103. Walking bye says:

    Pumpkin /Marylyn -et all have a great holiday and better new year. As Marylyn said in the end good health is priceless. As I sit home recovering from surgery. Grim thanks for the insights on Nebraska interesting stuff. And yes woodcliff NE is on the outskirts of Omaha.

  104. anon (the good one) says:

    so he left you with his money and his misery

    would you trade that for no money but happiness?

    Marilyn says:
    December 23, 2015 at 2:22 pm
    51, you know some millionaires don’t know how to enjoy it either. My father was a depression era kind of guy who just could not spend it. So he gave it to me.

  105. Marilyn says:

    106 yes, I can always work

  106. anon (the good one) says:

    wonder if he raised you as a depression era kid to repeat the cycle

  107. Marilyn says:

    104. get better and merry Christmas, crawl to the eggnog. thank you.

  108. Marilyn says:

    107 funny you say that , unfortunately he got the female Charlie sheen for a decade. HAHA!!

  109. Marilyn says:

    no really I was afraid to even take control. I did not manage this monster of a portfolio until age 48!!! By then the cost basis was so over grown I had no choice but to live off of the cap gain and dividend anyway. SO Im either waiting for the next pres to drop the rates or selling it off in small 10k chunks its over 900k in cost basis. Its just grown and I had basically no knowledge. I did tons of learning. When actually down to Vanguard got into FORT KNOX , excuse me Malvern PA and met w/ them to learn all the stuff.

  110. Juice Box says:

    1.67 for regular gas!

  111. anon (the good one) says:

    guy wrote a book about growing up dirt poor with his parents working like slaves for an uncle some place in Brooklyn or somewhere. some kind of Eastern Europeans off the boat working in a bakery owned by the uncle, eating rotten food and the like. guy grows up and puts himself thru school, was doing ok. uncle dies and leaves him with millions. guy goes nuts, gets really depressed

  112. Marilyn says:

    112 who Bob Grant?

  113. Marilyn says:

    Anon if you were here I would not need this darn red tube. Shit its like Ashley Madison to JJ , Red tube to Marilyn , HAHA. No , I have not relapsed. No I did not hit the eggnog. Still sober.

  114. leftwing says:

    “To live in a good neighborhood in Nashville proper, probably $650k to $1m – and you’ll be sending your kid to private school. $650k gets you a renovated 2k square foot 1910 house.”

    Seems to me that better older areas of Nashville (Belle Meade) resemble Summit, excluding the 1.25 hr door to door commute and other peculiarities here. Summit, the hill section, is very similar especially in that their kids populate a good portion of Kent Place, Oak Knoll, Peck, Pingry, and Mo-Beard as Summit proper schools are likely right on par with Nashville proper.

    They are pretty close to eachother in most comparable respects – even down to the distance to their respective NHL/NFL teams.

    I believe I’m correct in saying that for the exact Nashville values you reference above you would need to add another $500k if not a cool $1m for the same exact property here in Summit.

    Can you find the handful of $8m+ manses in Nashville from the “hey, my Frist healthcare spinout went public and I have a gajillion dollars now”? Of course, but no different here. He11, the guy in the $10m manse in Summit probably did the IPO for the healthcare CEO with the $8m manse in Belle Meade.

  115. Ragnar says:

    What do people do in Nashville besides make music?

  116. Essex says:

    117. My family used to be in the costume / tux rental business.

  117. leftwing says:

    Big healthcare. Tom Frist formed HCA a while back, turned into the largest hospital chain in US. Spun out about six regionals over time as well as a boatload of ancillary businesses embedded in the acute care corporate. That fueled a thriving VC/PE environment. Had a regional broker or two of decent size based there, since absorbed. Political scene as well with the money. I did a lot of business there, one partner’s spouse was on the Board of the Kennedy Center in DC, another ran the successful campaign for their US Senator. Plus education with Vandy.

    Matter of taste but the nice thing I find with the affluent areas around midsize cities is the concentration of power/wealth in a smaller area. Unlike major metropolitan areas where influence is spread out over a wide geographic area – different states sometimes – in smaller metropolitan areas you can assemble the provost of a top 20 university, US Senator, a few CEOs of real NYSE companies, and your banker on your back deck for a BBQ without getting in car.

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