Everyone happy about housing again?

From HousingWire:

Experts: Spring home-buying season starts off with a bang

The spring home-buying season is in full swing and it started off with a bang.

Home prices increased in February to a new high for the fourth consecutive month, according to the S&P CoreLogic Case-Shiller Indices, released Tuesday by S&P Dow Jones and CoreLogic.

And another release Tuesday from the Federal Housing Finance Agency showed home prices rose 6.4% annually and 0.2% from the prior month.

But these rising home prices didn’t hold back new home sales, which increased a full 5.8% monthly and 15.6% annually, according to Tuesday’s release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

“The 2017 spring home shopping season has started off with a bang, and at this point the strength of the market shouldn’t come as much of a surprise,” Zillow Chief Economist Svenja Gudell said. “February Case-Shiller numbers point to more fierce competition in the housing market.”

“The thing to watch for now is when market conditions will shift, and change does seem to loom on the horizon, with rising mortgage interest rates and flattening rents,” Gudell said. “Both could put a dent in home-buyer demand and overall price growth and affordability.”

Another expert confirmed that the market is strong for now, but explains high home prices and low inventory create significant headwinds for first-time homebuyers.

“Strong demand bolstered by income and job growth sets the stage for intense competition and continued price growth in the housing market,” Trulia Senior Economist Cheryl Young said.

“Consumers are likely to also take advantage of mortgage rates as they remain low,” Young said. “While the housing market looks to be recovering, these high prices impact the affordability of homes, directing the strongest headwinds towards starter-home buyers.”

“The good news is that new home sales jumped for the third month in a row, to about the same as last year’s peak in July,” realtor.com Senior Economist Joseph Kirchner said. “Already this spring market is challenging last year’s high-water mark.”

“The bad news is that sales are increasingly concentrated at the mid- to upper-end of the price range,” Kirchner said. “Sales of affordable new homes under $200,000 dropped to 12% from 17% of the market since last April.”

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

159 Responses to Everyone happy about housing again?

  1. Grab them by the puzzy says:

    @StephenKing

    I say this gently and kindly:
    If you voted for Trump and still think he’s doing a good job,
    you haven’t been paying attention.

  2. dentss dunnigam says:

    He’s doing a better job than the alternative would be doing

  3. 3b says:

    Grim you and pumps are related?

  4. Steamy Cankles Foundation says:

    Stephen King. Great horror writer and now political policy expert to the simpleminded.

  5. Steamy Cankles Foundation says:

    Can’t be by blood. Have a feeling that last post was not Grim.

  6. Bystander says:

    Damn, I would make that analogous to 1980s Sly doing movies with Frank, but that would be an insult to Frank.

  7. The Great Pumpkin says:

    lmao….small world indeed! This blog never seems to stop amazing me. Crazy, I might somehow be related to you. Really can’t make this stuff up. Feel like I’m living through a real life “Star Wars” moment.

    Your godfather and cousin are a great success story. They really are an inspiration on how to do it. They have simply killed it! Highly intelligent combined with a great work ethic…..killer combination!

    Grim says:
    April 25, 2017 at 10:41 pm
    I have a distant family member

    You know you are talking about my godfather and cousin, right?

  8. The Original NJ ExPat says:

    ESPN will cut 100 on-air personalities today — more than twice what was initially reported.

  9. The Original NJ ExPat says:

    Yeah, but you feel the same way about tin foil.

    This blog never seems to stop amazing me.

  10. The Great Pumpkin says:

    “Robots have long been maligned for job-snatching. Now you can add depressing wages and promoting inequality to your list of automation-related grievances.

    Industrial robots cut into employment and pay for workers, based on an new analysis of local data stretching from 1990 and 2007. The change had the biggest impact on the lower half of the wage distribution, so it probably worsened America’s wage gap. ”

    https://www.bloomberg.com/news/articles/2017-03-28/robots-are-slashing-u-s-wages-and-worsening-pay-inequality

  11. chicagofinance says:

    what? grim and pumpkin do the nasty? did I read that right?

  12. The Great Pumpkin says:

    “Goldman Sachs economists think the doom and gloom may be overblown. They agree that the neutral rate fell substantially after the crisis, but they view the decline as more of a business-cycle quirk than a permanent situation. Among other factors, they point out that the labor market in advanced economies is outperforming expectations, which suggests that the recovery hasn’t been as stagnant as growth numbers might suggest.

    If they’re right, it could mean that interest rates will go higher than many expect in this hiking cycle. “We expect the nominal funds rate to reach 3.25 to 3.5 percent at the end of 2019, significantly above current market pricing,” according to their note. “

  13. Juice Box says:

    re: “the labor market in advanced economies” What about 1 in 4 workers are part time now? Will that head up to Japanese levels?

  14. Ottoman says:

    You could say the exact same thing about the people responsible for the financial collapse. So inspirational.

    “They really are an inspiration on how to do it. They have simply killed it! Highly intelligent combined with a great work ethic…..killer combination!”

  15. Ottoman says:

    Yes, the racist, pvssy grabbing, climate change deniers are the smart ones in the room.

    Steamy Cankles Foundation says:
    April 26, 2017 at 9:09 am
    Stephen King. Great horror writer and now political policy expert to the simpleminded.

  16. Ottoman says:

    He’s doing a great job of making Nancy Pelosi look good. I’ll give ya that.

    dentss dunnigam says:
    April 26, 2017 at 8:56 am
    He’s doing a better job than the alternative would be doing

  17. Fast Eddie says:

    Is Nancy Lugosi still alive?

  18. Steamy Cankles Foundation says:

    She’s still shopping for a white dress. Or is that a pant suit?

  19. Fast Eddie says:

    Nancy Pelosi’s mission on Tuesday was to give a brief speech and not renew questions about her health.

    She couldn’t do it.

    During Pelosi’s brief 7-minute speech to Refugees International, the House Democratic Leader garbled names, other words and even mispronounced countries.

    She congratulated honorees for their well-deserved “resc — recognition.”

    Pelosi complimented Refugees International’s “strong moral varce — voice.”

    She said America “degrades our values and our security when we slam the door in the face of children freeing — fleeing atrocities.”

    She botched country names as she read them from her notes.

    “With the specter of famine looming in, over northeast Nigeria, Somalia, south “Sudon,” and “Yuma — Yamen,” she said, flubbing “Yemen.”

    Pelosi asserted cutting the foreign aid budget would “only deepen the crisis fighting — facing the children.”

    “Children, America, children need America to be their champion,” she said moments later.

    Pelosi thanked Refugees International for “channeling — challenging us to honor our values.”

    Just over 7 minutes after she started, Pelosi thanked the group for the invitation, stood and stared awkwardly, then made her way off the stage.

    http://www.theamericanmirror.com/video-pelosi-breakdown-garbles-words-mispronounces-countries-short-speech/

  20. Steamy Cankles Foundation says:

    The 2017 climate change fanatics feel awfully like the 2009s birthers.

  21. Steamy Cankles Foundation says:

    The fact Pelosi is still the Dem leader speaks volumes of issues with the Democratic Party. Speaking of deniers, they continue to deny that their party is in huge trouble.

  22. Fast Eddie says:

    “General Lee, I have no division.” ~ Pickett

    a.k.a as the democrats.

  23. The Great Pumpkin says:

    I guess they are optimists and assume labor will find a way.

    Juice Box says:
    April 26, 2017 at 10:12 am
    re: “the labor market in advanced economies” What about 1 in 4 workers are part time now? Will that head up to Japanese levels?

  24. Blue Ribbon Teacher says:

    I’m pretty sure 99 percent of climate change fanatics have never read a single scientific journal article on the topic.

  25. chicagofinance says:

    BRT: I saw that Bill Nye video the other day where he made the declaration “….science and politics are strongly linked?” WTF? really? hmmmm

  26. chicagofinance says:

    Also, after seeing the Earth Day marches in NYC, and seeing some of the participants interviewed, it appeared more likely a picket line for academic jobs than activists supporting a cause…….

  27. chicagofinance says:

    call for advice: my 10 year old son has been playing a lot of basketball; he finally mentioned that he doesn’t care to wear the coolest shoes anymore; he wants something comfortable that will support his ankles best…..

    Do people have a recommendation for the best boys basketballs sneakers out there? He has UA stuff and it is crap……

  28. Yo! says:

    How fat are the Secaucus people to need a bed like that? It could withstand a direct it from a MOAB.

  29. The Original NJ ExPat says:

    Maybe she was just having fun by doing a Maxine Waters impersonation? Did she call the president’s cabinet a bunch of scumbags?

    During Pelosi’s brief 7-minute speech to Refugees International, the House Democratic Leader garbled names, other words and even mispronounced countries.

  30. leftwing says:

    “Goldman Sachs economists think the doom and gloom may be overblown. They agree that [Goldman was badly on the wrong side of this trade bl0wing 1st quarter earnings so] they point out that the labor market in advanced economies is outperforming expectations, which suggests [that if they can effectively talk their book they may salvage year end bonuses].”

    “Just over 7 minutes after she started, Pelosi thanked the group for the invitation, stood and stared awkwardly, then made her way off the stage.”

    Congen!tal l!beralism is dangerous to long term mental health.

  31. The Original NJ ExPat says:

    chi-fi – I’ve always liked the large-ish arch supports in Pumas:

    http://mybasketballshoes.com/best-puma-basketball-shoes/

  32. Steamy Cankles Foundation says:

    Sneakers blow. Of the majors, leather N1ke high tops, though they’ll leave your feet sweatier and smellier than the cool screened stuff would probably be the most durable if your kid plans to wear his basketball shoes both on and off the court.

    Personally, I wear N0rth Face sneakers (which are really cross-trainers) and they last me about a year and a half of nearly every day use. But these are not basketball shoes. Reeb0k’s tend to be more comfy, but softer means less durable material. Under Arm0ur shoes are crap. Though their clothes are high quality. New Balnce is still crap as are Scetcherz. Ad1das…all fashion, terrible soles. F1la and the like are all crap now too. And then there are J0rdans which are in a quality class of its own. But too expensive for a kid.

  33. D-FENS says:

    Interesting takeaway from the Bill Nye interview…was that Donald Trump’s uncle was a Physicist at MIT.

    https://en.wikipedia.org/wiki/John_G._Trump

  34. D-FENS says:

    They tell us the only way we should be allowed to buy a firearm is to have a law enforcement officer check to make sure we are not criminals….er uh krap…

    NYPD cops accepted strippers, vacations for expedited gun permits: feds

    http://www.nydailynews.com/new-york/nypd-cops-accepted-strippers-expedited-gun-permits-article-1.3098203

  35. No One says:

    Of course politics and science are linked now that the government does so much funding of it. Lefties have been using it to further their agenda of regulating all human life for decades.
    http://www.wsj.com/video/opinion-journal-how-government-twists-climate-statistics/80027CBC-2C36-4930-AB0B-9C3344B6E199.html

  36. No One says:

    I saw a bunch of loser hippies in Princeton Saturday carrying lame earth posters and wearing puzzy-hats. Making the earth and my environment dramatically worse with their smelly armpits and traffic jams and their unfounded faith in their alarmist propagandists

  37. The Great Pumpkin says:

    It’s a damn shame. Destroying progress with an agenda…..line them up and shoot. This movement can single handily destroy science by taking away its credibility. Ultimate sin in science….manipulate data to push an agenda.

    No One says:
    April 26, 2017 at 12:26 pm
    Of course politics and science are linked now that the government does so much funding of it. Lefties have been using it to further their agenda of regulating all human life for decades.
    http://www.wsj.com/video/opinion-journal-how-government-twists-climate-statistics/80027CBC-2C36-4930-AB0B-9C3344B6E199.html

  38. The Original NJ ExPat says:

    20% capital gains tax. Is that just for long gains and short gains are still treated as income?

  39. ponderer says:

    30 yr (from yesterday)

    You mentioned some of the things to ask of the realtor from your comment yesterday.
    Can you or anyone else shed some light about GLA and equalized value? Thanks!

  40. The Original NJ ExPat says:

    NJ taxes no longer deductible? Hahahahahahaaha

  41. The Original NJ ExPat says:

    I think Pumpandcantdumpit achieved his intention of never making a dollar on the sale of his home. Trump d1ck-whips the blue states!

    “the plan would eliminate the federal income-tax deduction allowed for state and local taxes — a provision that would hit high earners in high-tax states, including New York and New Jersey. The only itemized deductions that would be preserved under the plan would be for home mortgage interest and charitable contributions.”

    https://www.bloomberg.com/news/articles/2017-04-26/white-house-unveils-trump-s-opening-bid-for-biggest-tax-cut

  42. Steamy Cankles Foundation says:

    “a provision that would hit high earners in high-tax states, including New York and New Jersey.”

    Think we are not happy about the pensions now? This just adds more angst to the anti-public worker fire.

  43. abeiz says:

    Chifi,
    Don’t overlook the fact that most off the shelf sneakers come with inadequate, cheap insoles. Whichever shoes you get, you would do well do spend another $50 on a middle of the road insole that does a better job of encouraging a proper foot strike.

    Spenco/Superfeet make these products.

  44. yome says:

    I read under $24,000 AGI is proposed to be 0% above that is 10,25 and 35% brackets. Doubling Standard Deductions to $24,800 for a married couple. This a large gift to retirees withrawing on a before tax 401k. Basically, a couple can make $48,800 and not be taxed. How many Americans will not be paying Federal Tax?
    A retired couple getting $36,000 on SS plus $48,000 on 401k . Take half of $36,000 is $18,000 add $48,000 equals $66,000 >$32,000 Allowed will pay Federal tax on SS upto 80% of the $18,000. $48,000 withrawal on 401k will be zero taxed

  45. The Original NJ ExPat says:

    Good point, abeiz. My sneakers of choice are Salomon trail-running shoes (I have both the airy mesh type, and Gore-tex water-proof versions). I also have some mid ankle versions of the Gore-tex type that I use with Spenco insoles. My wife has the Superfeet insoles.

  46. Steamy Cankles Foundation says:

    I used to use Superfeet in my downhill ski boots, but then upgraded to a custom foot bed. Best $150 I ever spent. We are talking a 10 year old here. I would just find a cheap pair of N1ke Retros and be done.

  47. The Great Pumpkin says:

    Trump, you suck. Why in the world would you remove this, so the taxpayer can pay more? F u!

    “Broadband access is a necessity, not a luxury. Period.

    Since taking over the FCC, President Trump’s Chairman, Ajit Pai, has been waging war on internet access and consumer protections on the behalf of large corporations like Comcast, Verizon, and AT&T.
    Last week, Mr. Pai took action to remove price caps that are meant to protect schools, hospitals, libraries, and small businesses from being price gouged by large corporations that provide internet services.

    Mr. Pai says that price caps to protect schools, hospitals, libraries, and small businesses aren’t necessary in “areas with sufficient competition.”

    The problem with that is 97 percent of the schools, hospitals, libraries, and small businesses he thinks don’t need price protections are only served by one or two providers. 73 percent are only served by one provider.

    What this lack of choice means is that this increasingly concentrated industry is able to raise prices to whatever they want and we as consumers are left with the option of paying their exorbitant prices or going without internet. And do we as consumers get better services in return? No.

    Since its inception, the Internet has been a tool of democracy. It has allowed the dissemination of ideas, and enabled entrepreneurs to build companies.

    The action Mr. Pai took is simply unacceptable. We must do everything we can to prevent the Internet from being auctioned off to the highest corporate bidder and keep the Internet a space for the open exchange of ideas and information, free of discrimination.”

  48. The Great Pumpkin says:

    What a scumbag! Tax cut for the select few. Basically going into my pocket, taking out thousands, and giving it to some rich business owner. Nice job hooking himself up at my expense. No problem paying taxes, but have a huge problem giving select groups huge tax cuts while raising taxes on other groups. He basically is just hooking himself up with huge tax breaks. F u, if it’s not for everyone !

    “the plan would eliminate the federal income-tax deduction allowed for state and local taxes — a provision that would hit high earners in high-tax states, including New York and New Jersey. The only itemized deductions that would be preserved under the plan would be for home mortgage interest and charitable contributions.”

    https://www.bloomberg.com/news/articles/2017-04-26/white-house-unveils-trump-s-opening-bid-for-biggest-tax-cut

  49. Steamy Cankles Foundation says:

    What if the caps (regulations) make it more unlikely for companies like upstart ubiquity Networks, to enter the sector reducing competition? I can think of tons of government regulations that have caused more harm than good since most of these regs were made at the urging of lobbyists. In this particular case, I think it will encourage smaller entities to enter the field since they can now price in a profit, where before they couldn’t. And I thought YOU were the economics expert. Now the river pollution stuff that I read he repealed, this was simply a thank you to the coal lobby who always backs the Red Team.

  50. The Great Pumpkin says:

    Lib, you know what’s going to happen. Doesn’t take Einstein to figure out more competition will not come to the savior of the customer in this specific industry. Just not enough competition to lower prices.

  51. The Great Pumpkin says:

    Lib, just not going to happen.

    “The problem with that is 97 percent of the schools, hospitals, libraries, and small businesses he thinks don’t need price protections are only served by one or two providers. 73 percent are only served by one provider.”

  52. The Great Pumpkin says:

    Just better to keep it as is and put a cap on what they can charge.

  53. The Great Pumpkin says:

    Shocker!

    “President Donald Trump’s tax proposal would likely amount to a fat tax cut for Trump himself.
    The proposal, unveiled on Wednesday afternoon by Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn ― both alumni of Goldman Sachs ― offers more than a few breaks for the country’s millionaires.
    At least three of these changes would almost certainly benefit the president or his family ― the elimination of the alternative minimum tax or AMT, the repeal of the estate tax, and a reduction on the tax rate for small business owners.”

    How Donald Trump Would Benefit From His Tax Plan – HuffPost
    https://apple.news/A8b_ZJRejQg20NYTjmmSp_Q

  54. 30 year realtor says:

    Ponderer,

    GLA is gross living area (square feet of living space). Don’t think any explanation is required regarding why this is important.

    Equalized value is like an update to the assessed value. The accuracy of assessments varies due to when they were completed. The equalization ratio accounts for changes to the market since assessment was completed.

    Real estate valuation is soft science.

  55. chicagofinance says:

    ex-p & stu thx

    also, abeiz agreed thx

    abeiz says:
    April 26, 2017 at 3:12 pm
    Chifi,
    Don’t overlook the fact that most off the shelf sneakers come with inadequate, cheap insoles. Whichever shoes you get, you would do well do spend another $50 on a middle of the road insole that does a better job of encouraging a proper foot strike.

    Spenco/Superfeet make these products.

  56. ponderer says:

    30 yr – yup. And, many thanks!

  57. chicagofinance says:

    Just in case you haven’t seen a good combination of extortion and stupidity recently……

    NEWARK – Companies headquartered in Newark are not hiring enough people from the city, concludes a new report by the New Jersey Institute for Social Justice. There are nearly 140,000 jobs in Newark, but city residents hold just 18 percent of them, WNYC reports. And for the jobs that do go to Newark residents, only 10 percent earn at least $40,000 a year, keeping plenty in poverty “as a result of a discriminatory system,” the report says. Unclear if this report also tracks former Newark residents who were able to land a local job and then moved away for better schools and safety. Meanwhile, the mayor is trying to land jobs for 2,000 Newarkers by 2020. There’s hope his program includes more education, job training, internships and other factors that make hiring Newarkers the smart and obvious choice for local companies who make decisions based on meritocracy, not which zip code job applicants happen to reside in.

  58. The Original NJ ExPat says:

    LOL. When it comes to ski boots I’ve been transferring the same insoles from my original Lange’s from the mid 1980’s. There’s something about those original insoles that make any new boot feel like “mine”. I’ve also been using these since the mid-80’s (and you can’t get them anymore!). I store them in my ski boots so I know I’m never without them:

    https://books.google.com/books?id=SAzEkVzHYWkC&pg=RA1-PA187&lpg=RA1-PA187&dq=spenco+ski+spats&source=bl&ots=1pHCXL2YE1&sig=nO4wI8D58OKzhYW2guKKvtrFejQ&hl=en&sa=X&ved=0ahUKEwiymIK4oMPTAhWL5oMKHT_5D80Q6AEILTAD#v=onepage&q=spenco%20ski%20spats&f=false

  59. 3b says:

    Fab give it up. Some of us here or whats left of what used to be here perhaps most of us who are left don’t really care anymore. About any of them left right trump Obama etc. They are all the same with one difference the democrats say they care they don’t.

  60. Comrade Nom Deplume, The GOAT says:

    Hypocrisy is a hypocrite yelling hypocrisy

    Last time I checked, Ivanka wasn’t running for anything.

  61. Comrade Nom Deplume, The GOAT says:

    I’ve been transferring my Sidas foot beds from boot to boot and it helps, but I think I will see a true Boot Doctor about getting an awesome fit.

  62. Comrade Nom Deplume, The GOAT says:

    Especially now that I found my forever skis: Blizzard Brahmas

  63. Fabius Maximus says:

    Last I checked Ivanka had an office in the White House, Security clearance and the ear of the president. She doesn’t need to run for anything, she got it handed to her.

  64. Fabius Maximus says:

    3b,

    If you can’t call out the grift for what it is, you truly have given up.

    “One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.”

  65. Fast Eddie says:

    Salon = angry fake news

  66. Comrade Nom Deplume, The GOAT says:

    The sooner we start culling the herd, the better. Rory will use his citizenship to escape and can go back to dodging HM’s Inland Revenue.

  67. Comrade Nom Deplume, The GOAT says:

    Rory,

    I’ll wear my hypocrisy on this issue proudly. You’re still denying yours

  68. yome says:

    None of the campaign promises seems going to happen.

    Tax reform as propose will hurt the middle class.No more deduction for Home business,health cost,property tax and 401k is in question. Doubling the Standard Deduction to $24,800 for a married couple does not cover previous deductions that brings the middle class to 25%. Will pay more under this proposal due to tax payment of said previous deductions. WINNER Business , Retired Boomers and the 1%. The poor always did not pay Federal taxes

  69. The Great Pumpkin says:

    Yome, pretty sad. He’s pretty much going into the pocket of the middle class, grabbing the money, and putting it in his pocket with the promise jobs will be created from this grab. What a con artist. Not going to lie, I was a supporter of him at one point, I fell for the con talk myself. I thought he really was going to reform the tax system FOR EVERYONE and improve trade deals. What a joker.

  70. yome says:

    I doubt if middleclass with AGI going to 25% previously will go down to 15% on the new proposal

  71. STEAMTurd says:

    Nom,

    I bought my forever skis in the 90s. To this day, I have never skied anything faster or felt more secure on the northeast ice pack.

    https://tinyurl.com/stu-forever-ski

    Mine are 215s! The only problem I have with them is maneuvering through lift line rope courses. When everyone is pushing the flats or ups…you’ll see me ripping past as my girthy inertia and the stiffness of my all steels just don’t stop.

  72. STEAMTurd says:

    I am completely f’ed on this tax plan. Noticing the muted market reaction, no one in their right mind thinks it will pass. Not ever worth discussing. The loss of the itemized deductions will screw the entire middle class.

    Always knew a developer wouldn’t touch the mortgage interest deduction.

  73. STEAMTurd says:

    When I ski out west, I rent powder skis (parabolics they used to be called) and bring my old Salomon boots.

  74. Comrade Nom Deplume, The GOAT says:

    Steam,

    Why do you think I’ve not commented? It’s an opening gambit with zero chance in that formulation. Not worth the bandwidth.

  75. The Great Pumpkin says:

    Nothing like the “ice pack.” lol

    I was a victim to the “ice pack” a few times in my life. Nothing like bombing the hill and catching an edge on the “ice pack.”

    STEAMTurd says:
    April 27, 2017 at 9:13 am
    Nom,

    I bought my forever skis in the 90s. To this day, I have never skied anything faster or felt more secure on the northeast ice pack.

  76. STEAMTurd says:

    I figured that actually. At first, I thought you would be all over it yesterday and then I immediately came to the conclusion that you realized it ain’t happening. His plan may be worse thought out than his initial immigration ban.

    I know everyone is going bat-sh1t crazy over the anti-blue state loss of the property tax deduction, but there are countless other issues which are not taken care of through the doubling of the standard deduction. A few that hit me personally are the loss of writing off gambling losses versus winnings. Goodbye casin0s and state lotteries. Then there’s the medical deduction which so few are able to take but those that do really need it. Especially those who are not seniors. 10% is hard to hit for the non-retired. Yet, one can easily hit 10% when a serious medical issue hits. How much is really being saved here?

    This past year, I had $100,000 in itemized deductions. Going from $12,000 to $24,000 in the standard deduction is not going to amount to a drop in the bucket for compensation. Even with the mortgage interest rate deduction.

    This plan is dead in the water. If it is not, mark April 15th 2018 as the day in which the puzzy and earth day marches are dwarfed by the middle class tax day march. The Sheeple just don’t realize it yet because they are all too effin’ stupid to do their own taxes and realize what kind of an impact this will have on their income. I stand to lose a number in the low to mid five digits. And I only make low six digits.

  77. jcer says:

    The tax plan is insane, the unfortunate facts are the middle class will need to pay more in taxes, not that the Trump plan will fix our debt spending problems. But the only way to close the deficit is spreading the pain, Obama did the country a big disservice by keeping part of the Bush tax cuts in, with the wars, bailouts, etc revenue needs to be raised. Democrats don’t realize or maybe they do that raising taxes on 1000 people even if they raise an extra hundred thousand from each(and those people have smart people working for them to minimize tax liabilities) doesn’t fill the hole, they need to take a few thousand from the 30-40 million people who actually pay tax. Reigning in the spending would also be a good start unfortunately all of these things will be painful and politically unpopular so they will not be done.

  78. D-FENS says:

    This from the guy who said on this board that it was a mistake for the Republicans not to confirm Merrick Garland.

    yome says:
    April 27, 2017 at 7:50 am
    None of the campaign promises seems going to happen.

    Tax reform as propose will hurt the middle class.No more deduction for Home business,health cost,property tax and 401k is in question. Doubling the Standard Deduction to $24,800 for a married couple does not cover previous deductions that brings the middle class to 25%. Will pay more under this proposal due to tax payment of said previous deductions. WINNER Business , Retired Boomers and the 1%. The poor always did not pay Federal taxes

  79. D-FENS says:

    I for one am glad they are getting rid of itemized deductions.

  80. STEAMTurd says:

    I have no issue with them getting rid of itemized deductions, but only if it penalizes the wealthy as much as it penalizes the middle class. Currently, it doesn’t come even close. And if the lowering of the corporate tax rates spurs economic growth, it will benefit the wealthy many times more than it will help the middle class.

    This tax plan is the worst transfer of wealth I’ve ever witnessed. If it somehow passes, it will decimate the middle class. I will tell you this. If there are signs it will, I will immediately sell my multi. I expect every middle class investment property owner will do the same, which I would expect will rapidly drive down home prices creating personal equity issues worse than the last housing crisis.

  81. D-FENS says:

    It depends on what you consider “middle class”.

  82. 3b says:

    Stu sell the multi due to the inability to itemize as in property taxes?

  83. The Great Pumpkin says:

    Bingo. I will sell mine immediately, trying to beat everyone else to the punch before they drive down prices when they realize they should sell.

    “This tax plan is the worst transfer of wealth I’ve ever witnessed. If it somehow passes, it will decimate the middle class. I will tell you this. If there are signs it will, I will immediately sell my multi. I expect every middle class investment property owner will do the same, which I would expect will rapidly drive down home prices creating personal equity issues worse than the last housing crisis.”

  84. D-FENS says:

    It’s the “upper middle class” that’s the loser.

    Most of America considers them to be rich people.

  85. jcer says:

    Trump’s plan has big gifts to landlords in it, why sell?

  86. jcer says:

    Think about it, funnel profits into a corp with 15% income tax, write 0ff all expenses, reinvest in equities, bonds, etc hold profits in corp, pay yourself a dividend when needed. What am I missing, I feel like there is a way to make this work?

  87. The Original NJ ExPat says:

    Blue-staters with high state tax bills – elections have consequences. I hope NJ and NY refugees don’t move up to Boston and New Hampsire (no state income tax in NH) to take advantage of our low taxes like the ex-CA residents that invaded the Pacific Northwest did.

  88. Comrade Nom Deplume, The GOAT says:

    Today, I insulted gluteus, punked Stu on Facebook, and shook my head in bewilderment at the pumpkin.

    My work here is done.

  89. Comrade Nom Deplume, The GOAT says:

    Expat,

    Eliminating state tax deductions was one thing I hope gets through. Fails virtually every equity test in tax wonkdom. Has added bonus of screwing blue staters.

  90. STEAMTurd says:

    JCER,

    I thought of that. But with a 15% corporate tax rate (which ain’t happening btw), better off taking the equity right now (about 400K) and putting it into large cap growth ETF.

  91. No One says:

    I get most of my income via partnership, K1 form. Even 20% would be a big improvement. Paid about 800k taxes last year with nearly 50% marginal combined tax rate. Right now partnership income appears to be the least tax efficient way to earn.

  92. D-FENS says:

    So when does Chicagofinance going to weigh in on Trump’s tax plan? I’d be interested to hear what he thinks. I imagine he’s most qualified to do so…or would it be unethical to do so given his occupation?

  93. STEAMTurd says:

    I doubt it’s unethical. I think Nom is really the tax expert here. ChiFi provides financial advice with a side of his 80’s pop love affair.

  94. No One says:

    Only Congress passes tax , presidents talk about it. Without legislation all one can do is guess about taxes. Since taxes had a better chance to go down this year, I did accelerate donations and estimated state taxes last year to get more federal deductions in 2016.
    Proposals could be a boost to small business formation.

  95. chicagofinance says:

    Nom is the expert and “no one” is the person best suited with anecdotal evidence……………..I think what may be getting lost here is the removal of the AMT. Most of these deductions go into the sh!tter anyway for the multiple six digit earners…….when you move into the “no one” area, the phase outs make most of the deductions irrelevant to the point that even the AMT is rendered inert……but I will leave it to nom to speak and “no one” to basically point out that the double standard is actually relatively meaningful and a nice handout to Trump’s base (i.e. red states; struggling middle class in red states)……………I am just riffing here, so please firm up or refute anything I am pitching……

  96. No One says:

    Anyone know of restaurants in NJ using a doner kebab vertical rotisserie? I almost never see them in the US. There’s a space in the Bridgewater Mall food court that looks perfectly sized for that. Sell in a pita or on rice. No competition for that kind of food nearby. Seems like a layup business, for someone who knows how to operate it.

  97. chicagofinance says:

    anyone in Red Bank this evening? I have a function I need to hit at Red Rock Tap…..

  98. STEAMTurd says:

    Those rotisserie’s used to be at every grill and pizza joint. Not sure what happened, but the love of the gyro and souflaki seems to have faded in recent years. Even the falafel is a tough find these days.

  99. Yo! says:

    No one – Efe’s in New Brunswick and Princeton would be closest to Bridgewater. By the way that is doing great. Owners raked in $50 million of rent last year. First time that has happened. Tell the mall owners you might appeal their property tax assessment, which stands at $180 million when market value is closer to $700 million. They will probably rent you the space for free and even reimburse you for the rotisserie machine.

  100. The Great Pumpkin says:

    You have me thinking with this one. Over and over the claim is that 200,000 in a high income area is not much due to cost of living. Maybe the case if you are renting, but if you own, you really are killing it. Yes the home cost a lot, but it’s not like you are not getting that money back when you sell. So the point is, you really are rich to the avg American…..the minute you go to sell your home, you can take that money, go to a low cost area, purchase, and have a ton of money left over to do as please after buying. How is that not rich? Try living in the low cost area your whole life, sell, go live somewhere else, and have a ton of money left over…..good luck.

    D-Fens, thanks for bringing me back to reality. Almost all of us on this blog are wealthy based on a national and world level, yet none of consider ourselves wealthy. Guess that what happens when you only interact with the people in your own class on a daily basis. Lose sight of what is really rich and poor.

    D-FENS says:
    April 27, 2017 at 10:49 am
    It’s the “upper middle class” that’s the loser.

    Most of America considers them to be rich people.

  101. The Great Pumpkin says:

    Text rant from my friend today. He’s pretty upset.

    “The bureaucracy in the system is just such a bottleneck that frankly I don’t think anybody could change anything anymore these days. I also don’t believe he even knows what he’s doing. It’s the people he’s got around him that are making all these policies he probably doesn’t even understand what he is signing”

    “Sorry driving and doing talk to text I’m in court. All Philadelphia white trash ghetto poor here. This area is so pathetic with the skill set of people. There’s no motivation to have no skills. They are lazy it drives me crazy coming here. People are entitled, they sleep in the lobby, they don’t give a f@ck, this is what’s wrong with this country. No common sense. They make cheesesteaks in the cafeteria one at a time. If you’re the fourth person online, it’s 25 minutes before he starts making a cheese stick instead of taking four orders at once, example of the idiocrasy f@cking here.”

    “People need to really travel the country and see how the situation is just to realize how ridiculously uneducated the majority of this country is and how blatantly stupid people are. We take for granted the quality of indivduals where we live to the point that everyone thinks the other parts of our country has the same level of skill and work. Most of this country is a joke. Coming in on time is not an expectation it’s a privilege when it happens. We turn over staff here on a daily basis it’s unbelievable.”

    “I work for the enemy. I work for an outsourcing firm. I will be there because the skill set of people is so poor, the labors too expensive, so they want to outsource it because they are not getting a return on their investment. People are not helping the cause.
    In the IT industry there is surplus of jobs. The problem is there is not enough skilled labor to fill it. It’s great for us right now. The skilled labor is in demand. We’re paying for it. But like I said, there is a small amount of skilled labor. Most of it is people not skilled but think they are deserving of the role. I can go on for days. We need to do this over a beer.”

    “Benefits too expensive, people have no work ethic, people are entitled and leading to companies not wanting to deal with the headache of recruiting, on boarding and training. Outsourcing is way more cost effective. Whole thing is f@cked across the board. Starts with the home. Look at families. F@cken mess. Kids too confused by a billion different messages. All part of the dumbing down of the population. Priorities are internet, Hollywood etc. Kids now need to figure what gender they identify as. Get the f@ck outta here. Our kids are f@cked unless we really kick their a$$. Harder then ever to raise kids.”

  102. The Great Pumpkin says:

    He’s heading over to Kentucky and Tennessee next week to outsource some jobs. He does have a point, the masses of uneducated individuals out there are their own worse enemy.

  103. No One says:

    Yo!
    Thanks for the tip. I haven’t tried Efe’s, but have been a fan of Sahara in New Brunswick up the street.

    Since I both live and work in Bwater, the mall’s higher taxes could be my property tax break. Though the retailing implosion is starting to show up there as well – Mens Wearhouse and Crumbs both closed, not that I ever shopped at those stores.

  104. jcer says:

    No One, it’s the thinning of the herd, both of those retailers are poorly run. For a long time the consumer had more limited options, at this moment in both brick and mortar and on the internet there is more competition than ever. Also with regards to demographics lower and middle class retailers are hurting, the more high-end or seemingly affluent the better the retailer is doing. The internet kills you more utilitarian stores as certain products are a known entity and shopping in many of these stores is unpleasant. That mall has a good location with a good demographic, those stores will be re-tenanted by stronger tenants who are better operators(I mean Men’s Wearhouse…..really who buys clothes there? The brand is terrible and the products are junk).

  105. The Great Pumpkin says:

    Interesting.

    “In 2008 a young person could envision striking gold with a tech startup. Now that seems implausible, but rising through the political hierarchy seems imaginable. In 2017, conditions are in place for an unprecedented surge in the number of people looking to run for office.

    Part of the attraction of running for office in 2018, at least on the Democratic side, is the high level of attention and financial engagement the party’s base is showing already in the wake of President Donald Trump’s election. Jon Ossoff, the first-time Democratic candidate in Georgia’s 6th congressional district special election, raised over $8 million for the race’s recently completed “jungle primary,” with the race possibly on its way to being the most expensive congressional race ever. The vast majority of his money came from out of state, much of it raised via viral social media campaigns. Whereas in the past to run a successful congressional campaign a candidate may have needed a slew of local media and elected officials’ endorsements, plus the financial backing of wealthy and powerful people in the community, today seemingly any candidate and campaign has the potential to catch fire and go viral nationally.

    There’s a demographic component here as well. The same crop of people who were in their late teens and early 20s in the aftermath of the great recession are growing up, and are now old enough to run for office, like Ossoff, age 30 — and their cohort could vote for them in the same way young people consumed the products of Zynga and Snapchat. At the same time, most of the elected officials and leaders of the Democratic Party are nearing retirement. Nancy Pelosi is 77. Bernie Sanders is 75. Elizabeth Warren is 67. If you’re an ambitious person in your late 20s, what’s more likely — that you disrupt the businesses of Mark Zuckerberg and Jeff Bezos, or that you ascend through the ranks of the Democratic Party over the course of a few election cycles as the party’s leadership retires and baby boomers shrink as a share of the electorate?

    Just as it’s true that the tech startup boom minted only a handful of mega-winners, the same will be true for this electoral boom. But that doesn’t mean these new political elites will be the only beneficiaries. There’s only one Mark Zuckerberg, but Facebook created thousands of jobs, and is a platform used by a billion people today. A new civic wave might elect only a few dozen out of the hundreds who are running for national office, but a new generation can take comfort in knowing that its values will be the ones being heard in Congress rather than those of the current generation that can’t seem to get anything done.

    The trend is clear. The new tech ruling class has already claimed its stake. But government? It’s wide open.”

    https://www.bloomberg.com/view/articles/2017-04-27/millennials-will-aspire-to-elected-office-not-startups

  106. The Great Pumpkin says:

    “My context for thinking about markets is the psychology of longer-term secular cycles and how broad or narrow markets are (more on this shortly). Of lesser concern to me are the usual issues of valuation and rising rates. Let’s consider each in turn.

    By just about any valuation metric you care to use, U.S. stocks are not cheap; however, too many investors are overly concerned about valuations. Why? Fair value is a theoretical point that stocks careen past on their way to becoming wildly expensive or extremely cheap; it isn’t the point where equities gently come to rest.

    Recent history informs us that this matters a great deal to investors. As we have noted before, overvalued stocks can and do stay overvalued for long periods of time. In the mid-1990s, pricey stocks became even pricier, with the S&P 500 notching high double-digit gains for five consecutive years (1995 = 34 percent; 1996 = 20 percent; 1997 = 31 percent; 1998 = 27 percent; and 1999 = 20 percent). If you avoided stocks because they were expensive, you missed a lot of gains. Similarly, in the 1970s, cheap stocks got even cheaper. By the time that decade ended, price-to-earnings ratios were in the single digits — but you had little or nothing to show for buying cheap equities during the prior 15 years; and that’s before accounting for very high inflation.

    Thus, valuation alone isn’t the single determining factor many investors believe. Rather, market valuation should help you adjust your future return expectations.

    As to those impending rate hikes: Again, history informs us that when rates rise from low levels during periods of modest inflation, stocks tend to do well about three-quarters of the time. More dangerous for equities are those periods of rising interest rates amid high inflation.

    Let’s consider the new Nasdaq highs from a longer-term secular perspective. Markets tend to move in long sweeping eras that reflect underlying economic activity; think of the expansions that lasted a decade or two, such as the postwar era (1946-66), or the tech bull market (1982-2000).

    As these long booms age, markets tend to simultaneously narrow, and get ahead of themselves. In the 1960s, the “Nifty-Fifty” group of stocks attracted much of the capital, leading to a 1966 peak that wouldn’t be permanently surpassed for 16 years (1982). In the late 1990s, the stampede of the internet powered the Nasdaq to its 2000 peak; it took 15 years for that high to be surpassed (2015).

    This issue of narrowing markets is a regular concern (see this and this). As stock cycles enter their final phase, markets often show very specific characteristics. ”

    https://www.bloomberg.com/view/articles/2017-04-27/judging-the-staying-power-of-record-markets

  107. The Great Pumpkin says:

    “Desmond has analyzed every major market top since 1925, looking for consistent warning signs of an approaching bear market. He notes that “in virtually every case the warnings appear as a persistent divergence between the S&P 500 making a series of new highs, while market breadth makes a series of lower highs, showing that stocks are consistently dropping out of the bull market.” This process has lasted anywhere from four months to two years.

    If there were a credible argument to be made that the Nasdaq is “top heavy” — if it were being driven only by those handful of megacap companies — the bear case would be stronger. In the past, a narrow market led by few participants was in the final stage of its life cycle. But that’s not what we see at present. Desmond notes that Nasdaq 100 and Nasdaq 500 advance-decline ratios are at new bull market highs. That sort of broad-based market participation isn’t indicative of the end of market cycles. “The bottom line,” Desmond said, “is that there are no significant early warning signs of a major market top at present.”

    I am in agreement with Desmond’s bullish outlook, but time will tell if — and more importantly, when — the bears are finally right.”

  108. The Great Pumpkin says:

    Spoken like a true con artist.

    “‘Mr. Munoz said he was going to do the right thing, and he has,’ said Dao’s attorney Thomas Demetrio.

    ‘In addition, United has taken full responsibility for what happened on Flight 3411, without attempting to blame others, including the city of Chicago. For this acceptance of corporate accountability, United is to be applauded.’ 

    Demetrio saved his highest praise however for his client, who as a result of the horrific incident became the catalyst for what many hope will be major changes in the industry.

    ‘Dr. Dao has become the unintended champion for the adoption of changes which will certainly help improve the lives of literally millions of travelers,’ said Demetrio”

    United Airlines reaches settlement with passenger dragged off plane – Daily Mail
    https://apple.news/AFJ3EzmKLTSKMk2JsG_7xYg

  109. Yo! says:

    No One – Since you live in Bridgewater, you have standing to appeal the tax assessment on any property in Somerset County. I say go for it, appeal the tax assessment of the mall. Because the property is assessed at more than $1 million, the appeal will go straight to the state tax court, so Bridgewater and Somerset County politicians will struggle to interfere with the process. Anyway, tell these pols you’re just trying to help them out and bring in some more money for their governments.

    The owner of the mall is GGP. I recommend buying the stock. Earnings report next week should be good. Dominant malls like Bridgewater are getting higher rents, they aren’t dying like Phillipsburg Mall. During the financial crisis, rental revenue at Bridgewater didn’t budge. In the current mall “death march” revenue at the mall is at record high. Ultimately Brookfield will buy the 67% of GGP it doesn’t own, so there is downside protection (see RSE and BPO).

    By my calculations, which are accurate always, a successful Bridgewater appeal would take just $0.02 out of GGP earnings.

  110. 3b says:

    Pumps you are really busy today! My one and only comment
    You say you pay a lot for the house but you are killing it cause you get your money back. Hmmmm well just fyi a house just sold a few doors down from me. Newer construction blue ribbon school and all that. They got 15k more for it then they paid 10 years ago. So no money back there. I can provide many more examples from my town as well. More than a few have sold at prices paid in 2004 /05. So don’t make a broad blanket statement that you are killing it cause you get your money back.

  111. Blue Ribbon Teacher says:

    Thanks for the tip. I haven’t tried Efe’s, but have been a fan of Sahara in New Brunswick up the street.

    About 8 years ago, I lived a block away from Sahara. I would go there once a week and just order a bunch of dips/spreads and eat them with fresh baked pita. Place is the da bomb.

  112. The Great Pumpkin says:

    The property doesn’t have to appreciate a dollar. The point was that the individual pays a higher cost of living, but if they buy as opposed to rent, they get that money back. So people claiming that a 200,000 income is not significant because they live in a high cost of living area are just lying to everyone including themselves.

    Example. I make 300,000 income in NYC, but I’m broke because I have to pay off 1 million residence. Is this person really not wealthy?

    “So don’t make a broad blanket statement that you are killing it cause you get your money back.”

  113. LurksMcGee says:

    3B:

    I think that Pumps was making the point that if all things are equal, a person from Idaho couldn’t sell at 2004/05 levels and take the proceeds from that sale, move to NYC Metro and have cash left over.

    I’m sure if your neighbor decided to move to lower COL area, they’d have cash left over from the sale. The house in both of these cases would be like a tax refund or something else where your money didn’t gain anything

  114. The Great Pumpkin says:

    Thanks, Lurk. I’m terrible at explaining myself.

  115. 3b says:

    Lurks you don’t need to explain pumps for me. And my comment still stands. In their are holes in your argument too. I will let you find them.

  116. LurksMcGee says:

    3B

    Is your argument implying that the lack of appreciation means that they didn’t make any money over those 10 years? Even if they didn’t have any gains or even loss money, they still put together a higher down payment than the person in the lower COL.

    Let’s assume they both put down 20%.

    20% on 500k is more than 20% on 200k. If they both loss 10% since the purchase, the high COL still has more left over to go to the lower COL and purchase a better home than if the inverse happens.

    What am I missing?

  117. LurksMcGee says:

    3B

    Let’s assume they both put down 20%.

    20% on 500k is more than 20% on 200k. If they both loss 10% since the purchase, the high COL still has more left over to go to the lower COL and purchase a better home than if the inverse happens.

    What am I missing?

  118. D-FENS says:

    In both scenarios…they are both better off if they don’t spend their money on a mortgage payment…and plow more money in their 401k and an ETF that tracks an index.

  119. Blue Ribbon Teacher says:

    Exxon beats profits up <1%
    but if Elon tweets about a truck in production Tesla goes up 4%.

  120. LurksMcGee says:

    D-Fens

    I agree, but I’m pretty sure they’ll still need a place to live.

  121. Comrade Nom Deplorable says:

    Appreciate votes of confidence on tax policy but the reason I am not analyzing this proposal (really, talking points) is that they are largely DOA.

    No point in talking about whether a corpse can break 4.5 in the 40.

  122. The Great Pumpkin says:

    I started thinking about this based on your posts yesterday.

    “It’s the “upper middle class” that’s the loser.

    Most of America considers them to be rich people.”

    My point was that people like 3b don’t consider themselves well off with a 200,000 income because they claim they live in a “high cost of living” area. If you own as opposed to rent, you really are not paying the full cost of that “high cost of living area” because your house is really just a bank for your money. The minute this individual wants to feel “rich,” all they have to do is sell their home and move to a low cost of area to realize how well off they really are.

    I used to agree with people that took the philosophy that 200,000 is not really well off in high cost of living areas, but after thinking about it, I was wrong. These people are insane as was I for taking this approach. All that it shows is that you live in a bubble. I have to pay 1 million for a house that costs 200,000 in a low cost location, so this makes me poor? You don’t get that money back? You would not be making that 200,000 income in the location where the home costs 200,000, so why are you not considered wealthy when you make as much in one year as the avg cost of a home in a low cost area. Because the house costs more in the high cost area, it makes you poor? Never mind the fact that the biggest monetary gains (not percentage ) in housing are in these high cost locations, so a lot of people end up getting paid a ridiculous amount of money to own that house.

    D-FENS says:
    April 28, 2017 at 10:11 am
    In both scenarios…they are both better off if they don’t spend their money on a mortgage payment…and plow more money in their 401k and an ETF that tracks an index.

  123. D-FENS says:

    The guy who has the smaller mortgage payment would have the money leftover to potentially save/invest it.

    LurksMcGee says:
    April 28, 2017 at 10:38 am
    D-Fens

    I agree, but I’m pretty sure they’ll still need a place to live.

  124. LurksMcGee says:

    Here’s something I always found funny on forums discussing wealth in NJ

    “When discussing tax increases in NJ, $200,000 is barely middle class. When discussing teacher salaries, $65,000 is wealthy.”

  125. The Great Pumpkin says:

    And I know 200k is not living it up, but it still is rich when the avg family income is 51,000. You are making four times the avg income, and this doesn’t make you well off? In one year, you make what it takes the avg family to make in four years. But yea, keep telling yourself you are not well off compared to the avg family, instead keep comparing yourself to the slim percentage of ultra wealthy and claim poverty.

  126. 3b says:

    Pumps don’t put words in my mouth. Period.

  127. LurksMcGee says:

    Pretty sure the guy with the smaller mortgage payment is the one with more money left over to move to a lower COL and then invest. Which is in contrast to the one that has a potentially smaller home and almost no money to invest.

    D-FENS says:
    April 28, 2017 at 11:25 am
    The guy who has the smaller mortgage payment would have the money leftover to potentially save/invest it.

  128. LurksMcGee says:

    Also, I think 3B is right about the words in mouth Pumps.

    He never claimed of not thinking he’s well off. He just felt differently about the higher vs lower COL part of the argument.

    (feels good to go from Lurking to active)

  129. Steamy Cankles Foundation says:

    I would argue that the family making $200,000 a year and living in a $250,000 home is rich. The family making $200,000 a year living in the $700,000 home is poor. Just something to think about.

  130. The Great Pumpkin says:

    lmfao…..bingo! It’s amazing, right?

    LurksMcGee says:
    April 28, 2017 at 11:25 am
    Here’s something I always found funny on forums discussing wealth in NJ

    “When discussing tax increases in NJ, $200,000 is barely middle class. When discussing teacher salaries, $65,000 is wealthy.”

  131. The Great Pumpkin says:

    Lurks, 3b blasts cost of living on a regular basis. He is the president of the nj club claiming high property costs and taxes are preventing wealth accumulation. So he is very well in support of the 200,000 income doesn’t make you well off in nj, but I will let him state that I’m putting words in his mouth.

  132. The Great Pumpkin says:

    He is one of those that claim millionaires are leaving in droves….that the wealth is fleeing this state for low cost of living locations.

  133. The Great Pumpkin says:

    How, did the money from the 700,000 home just disappear? Is not real estate a form of monetary diversification? What are you going to just put all your money in equities? So I don’t quite understand how the 250,000 home makes them wealthier?

    Steamy Cankles Foundation says:
    April 28, 2017 at 11:55 am
    I would argue that the family making $200,000 a year and living in a $250,000 home is rich. The family making $200,000 a year living in the $700,000 home is poor. Just something to think abo

  134. 3b says:

    Pumps listen you insufferable fool. I never said millionaires are leaving in droves. But there are many people who have left and more who plan to leave due to the high cost of living including millionaires. As for the millionaires that are not leaving well we all know except for you that they are not creating high wage good benefits jobs in jersey. Except for the millionaire who owns bottle King! Which you recently proclaimed to be the sign of an economic rebound for New Jersey! And finally I know people from all walks of economic life who live in New Jersey and none I repeat all are concerned about the high cost of living in the state. Not to mention all the successful people on this blog. You are the only simpleton that sees this as something to be proud of. Now you can go back to your rambling conversation just leave me out of it.

  135. The Great Pumpkin says:

    3b, the majority of millionaires leaving nj for low cost of living locations are retirees who have already made their money. Sure, if this was a low cost state, they could retire here with no problem, but if it was a low cost state, they would have never come here to make their money.

    There are businesses creating jobs in nj. Business comes and go, it’s all a cycle, to write off nj for good is sign of not understanding how the cyclical patterns work. There are constant changes/transitions in business. To think things will stay the same forever and that there won’t be bumps in the road is naive.

    Can’t say it enough, nj’s location will always be attractive to business. It’s directly in the middle of the eastern coast and is located dead center of the biggest economic hub in our country. It has excellent schools that produce highly educated individuals. This is a recipe for disaster? Come on, now.

    It’s a globalized world economy, places on the coast are going to only increase in economic value due to their location. Don’t think so, why is it that almost every powerful economic hub in this world is located directly by the coast?

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  137. Njescapee says:

    Pumpkin,

    I was able to stash about 250k into my 401k in less than 10 yrs as a single earner and believe me I’m not a high roller. At that same level of income there is no way we could accumulate that much living in NJ. NJ Rent is too
    Dam high!

    Level
    Of
    Income
    My wife and I

  138. LurksMcGee says:

    Steam,

    You’re conflating wealth, col, and choice.

    By the logic about 200k income and 250k home, then someone with 75k income and 150k home is “richer” than the 200k income person.

    To illustrate it further, if someone from Nigeria makes 25k, and has a home that cost 30k, they’d be traveling the world on a regular basis – even though their money wouldn’t stretch far out of their bubble of existence.

    Its silly

  139. chicagofinance says:

  140. The Great Pumpkin says:

    Njescapee, no denying that. My formula only applies to people that own. This is why I look at renting as flushing money down the drain (don’t take this as a position that owning is always better than renting, but the majority of the time, owning beats the crap out of renting and rightfully so)

  141. The Great Pumpkin says:

    “The government is also looking at those on “high incomes” to contribute to the national coffers, including proposals for a deficit tax and compulsory private health insurance with access to Medicare cut off. Taxing people who can afford to pay a little extra is always a tad contentious, partly because people can’t agree on the definition of wealthy or rich.

    Social researcher and director of Ipsos Mackay Dr Rebecca Huntley said it’s not hard to define high incomes if you’re a statistician or an economist, but it is tricky for everyday people because of how they feel about their personal circumstance.

    She told news.com.au: “It’s rare to get people who are on $150,000 or $200,000 to call themselves rich. They’ll say they’re middle class or better off. Often the people on those incomes see multi-millionaires as the ones that are rich.””

  142. The Great Pumpkin says:

    “Donald Trump attracted a reputation over the years as a ruthless and unscrupulous businessman. He said on the campaign trail that having been “greedy all my life,” he now wanted to be greedy on behalf of the American people — but nobody seriously believed him. Marco Rubio warned that Trump was a “con artist,” and Ted Cruz labeled him “completely amoral.” Liberals, needless to say, were not kinder in their judgments.

    From the day Trump announced his candidacy until the day he took the Oval Office, the smart take on him was that he was running on a lark, as a publicity stunt, or to lay the groundwork for some business endeavor.

    Yet since his ascension to the White House, conventional wisdom has developed an odd tendency to describe his inability to make major legislative changes as an indication that his presidency is failing. It’s certainly true that Paul Ryan’s speakership of the House is failing, arguable that Mitch McConnell’s tenure as majority leader of the Senate is failing, and indisputably true that the Koch brothers’ drive to infuse hardcore libertarian ideological zeal into the GOP is failing.

    But Trump isn’t failing. He and his family appear to be making money hand over fist. It’s a spectacle the likes of which we’ve never seen in the United States, and while it may end in disaster for the Trumps someday, for now it shows no real sign of failure.”

    http://www.vox.com/policy-and-politics/2017/4/28/15365438/donald-trump-100-days-kleptocracy

  143. The Great Pumpkin says:

    Criminal for a guy who stated over and over that he would “make America great again.”

  144. The Great Pumpkin says:

    At this point, give me Hillary. Anything is better than what we currently have. I will never trust a businessman again in an elected position, I’ll take my chances with the career politicians.

  145. LurksMcGee says:

    Eh, I don’t like how people got to the point of saying”a is less evil than b”.

    Its like all the citizens (including myself) didn’t realize that we control the choices that we have for candidacy. Its pretty ridiculous when we blame the choices that ultimately come from the people. Or maybe I’m just naive.

  146. The Great Pumpkin says:

    Lurks, check this out. Loss of words. He can’t rent the carts for free? Just imagine if obama or any democrat did this, his followers would go nuts.

    “To an extent, this allows Trump to simply funnel money directly into his own pockets. Like many previous presidents, he golfs. And like all presidents who golf, when he hits the green, he is accompanied by Secret Service agents. The agents use golf carts to get around the courses. And to get their hands on the golf carts, they need to rent them from the golf courses at which the president plays. All of this is fundamentally normal — except for the fact that Trump golfs at courses he owns. So when the Secret Service spends $35,000 on Mar-a-Lago golf cart rentals, it’s not just a normal security expense — Trump is personally profiting from his own protection.”

  147. LurksMcGee says:

    Good Lord that’s greedy. When I hear things like this, it reminds of a saying “Wealthy people don’t become wealthy giving away money”. This character is like Scrooge McDuck and his money.

  148. Juice Box says:

    chi – did you hear the retort today?

  149. Bystander says:

    So, blumpkin has now created an alter ego named Lurks who debates then agrees with him? Man, this is getting sad.

  150. 3b says:

    Bystander. I want sure at first but that last comment from lurks convinced me. Pumps is lurks.

  151. chicagofinance says:
  152. No One says:

    Lurks is Pumpkin’s imaginary friend who tells him how smart and popular he is. Pathetic.

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