Existing home sales hit 11 year high

From HousingWire:

Existing home sales surge past decade high

Existing home sales increased for the third straight month to their highest point in more than a decade, according to the latest report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 5.6% from last month to 5.81 million sales in November, up from an upwardly revised 5.5 million sales in October. This represents an increase of 3.8% from last year and their strongest pace since December 2006.

“Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” NAR Chief Economist Lawrence Yun said.

An expert described the growing homebuyer demand as “unquenchable.”

“Strong home buying fundamentals such as low mortgage rates and robust job growth continue to drive unquenchable demand,” Trulia Senior Economist Cheryl Young said. “For the second month in a row in over 12 years, the share of inventory sold exceeded its pre-recession peak.”

“As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month,” Yun said. “The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”

However, one expert pointed out that this surge could be revised down in the coming months.

“November marked the third month in a row in which sales strongly beat expectations, showing strength despite an early Thanksgiving that might have otherwise delayed some closings and ushered in the start of the typically slower holiday season,” Zillow Senior Economist Aaron Terrazas said. “Much of the last month’s surge looks to have been driven by a big spike in sales of condos and co-ops, which may be revised down in coming months.”

Median home prices also increased, rising 5.8% from $234,400 in November 2016 to $248,000 in November this year. This marks the 69th straight month of annual increases.

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

102 Responses to Existing home sales hit 11 year high

  1. Mike says:

    Good Morning New Jersey

  2. The Great Pumpkin says:

    Is Murphy me? God, I love the way this guy thinks!

    Comrade Nom Deplume, looking for a bump stock or five says:
    December 20, 2017 at 11:28 pm
    ‘”New Jersey was never a low-cost state to live in. We were always on our best day, the good-value-for-money state,” Murphy said. “You pay a premium to live in a state like ours, but you get a lot back for that. Our job is to make folks feel like … that premium was worth it.”

    So did everyone get their holiday reach around from Trenton?

  3. The Great Pumpkin says:

    Finally, a governor that gets it! This is how he is different than Christie, he understands money and how to make it. He understands what nj is about and understands how to invest in it to get the most out of it. Guy is going to kill it!

  4. Grim says:

    Or kill us…

  5. Hold my beer says:

    Pumpkin,

    By kill it do you mean the economy?

  6. Juice Box says:

    Wait till Murphy fires up the bank in New Jersey. You Ain’t Seen Nothing Yet.

  7. Juice Box says:

    Amazon second headquarters to Atlanta?

  8. Daddy Deported says:

    I think the fake news of 2018 is going to be polls.

  9. Daddy Deported says:

    So New Jersey is the Bitcoin of states?

  10. Daddy Deported says:

    Imagine the global unemployment when everyone who watched p0rn in the last 10 years loses their job.

    http://www.bbc.com/news/uk-politics-42434802

  11. Daddy Deported says:

    Q3 GDP came in at 3.2% vs. 3.3% est. MSNBC claims it the start of The Greatest Depression and it’s all Trump’s fault.

  12. Libturd, AKA Dr. Howie Feltersnatch says:

    This Murphy scares the crap outta me. He may very well bankrupt NJ. Mark my words. He is going to throw so much money at so many things that he is going to get kicked in the face like Florio did. I expect by the next gubernatorial, we’ll have almost all blue team representation in DC, but a red team governor.

    When it was all said and done, much like CTW, CC will end up being one of the better ones. All Dems in NJ know is spend, spend, spend.

  13. Daddy Deported says:

    That’s how we do it in MA.

    I expect by the next gubernatorial, we’ll have almost all blue team representation in DC, but a red team governor.

  14. Fast Eddie says:

    Q3 GDP came in at 3.2% vs. 3.3% est. MSNBC claims it the start of The Greatest Depression and it’s all Trump’s fault.

    Lol! But of course! I love going to their web page in the morning because the headlines make me laugh.

  15. Daddy Deported says:

    I don’t even get vote to against my blue Congressman (Capuano). He always runs unopposed. In 2016 he received 98.6% of the vote.

  16. grim says:

    I hope Christie makes the full pension payment before his term is over.

  17. grim says:

    Blockwha? People are stupid.

  18. Libturd, AKA Dr. Howie Feltersnatch says:

    ChiFi,

    They’ve been playing that name change game in China for like a decade. It will drop like a bomb within a week.

  19. Daddy Deported says:

    Since 1961 Massachusetts has had 4 Democrat governors versus 7 Republican governors.

    Since 1991 5 out of the last 6 MA governors have been Republican.

    When your entire state house is filled with 90% Democrats, most of whom run unopposed every year, you can’t have another fox minding fox house.

  20. JCer says:

    Murphy is stupid, I don’t feel like NJ is a value. I feel like the government employees have painted a target on me and I am here to be fleeced. My parents have friends who have worked in the government and all have a better situation than in the private sector they did not earn as big of salaries but the pension taken at 55 has allowed them to work private sector jobs and sock away 6 figure pension money for 10 or more years.

  21. Daddy Deported says:

    Maybe that’s why the MA people I know, pretty much all Democrats, aren’t bent out of shape about Trump like NY is. We elected Clinton Crime Family member Deval Patrick as governor from 2007-2015, succeeding Romney.

    I guess collectively we kind of shrugged our shoulders and decided, “OK, we gave the minority Democrat a couple tries at the top job. Now let’s get back to what we know works. “

    We tried the Obama Lite version in 2006 and realized it wasn’t working.

  22. Daddy Deported says:

    Ironically, Romneycare works just fine, but then again, it was devised by a Republican administration.

  23. Daddy Deported says:

    My MIL’s NJ house is on a very, very upscale cul-de-sac. Think Laborghinis in some of the third garages. All the homes are owned by people who made very high private sector incomes, except for one. That house is occupied by two retired NJ schoolteachers. Granted, they only have two garages but they have a nice automatic generator system for power failures.

    Murphy is stupid, I don’t feel like NJ is a value. I feel like the government employees have painted a target on me and I am here to be fleeced. My parents have friends who have worked in the government and all have a better situation than in the private sector they did not earn as big of salaries but the pension taken at 55 has allowed them to work private sector jobs and sock away 6 figure pension money for 10 or more years.

  24. leftwing says:

    “We were always on our best day, the good-value-for-money state,” Murphy said”

    Saw the interview live. Almost choked. Could not believe he said that.

    “I don’t even get vote to against my blue Congressman (Capuano). He always runs unopposed. In 2016 he received 98.6% of the vote.” LOL. Even the old Soviet Communists didn’t get to that level.

  25. grim says:

    Hard to do better than a Teacher and Cop in NJ.

  26. Libturd, AKA Dr. Howie Feltersnatch says:

    The firemen do alright too. Sucks to be in non-privatized sanitation though.

  27. Ottoman says:

    Kansas just bankrupted itself being lead by all Republicans. 19 of the 20 poorest states in the US have republican governors and majority republican legislatures. Wanna try again, dummy?

    “When your entire state house is filled with 90% Democrats, most of whom run unopposed every year, you can’t have another fox minding fox house.”

  28. Ottoman says:

    And yet, here you are. Who’s the stupid one?

    “Murphy is stupid, I don’t feel like NJ is a value.”

  29. Libturd, AKA Dr. Howie Feltersnatch says:

    Otto,
    rah rah shish koom bah, now blow me!

  30. Libturd, AKA Dr. Howie Feltersnatch says:

    Oh and no homo!

  31. dentss dunnign says:

    MA has had a cap on property taxes for over 20 years most towns rates are 60c to 1 buck on 100 assessed value ..avg tax is 4K most million dollar homes taxes are under 10K ..In NJ rate is avg 2.30 on 100 …..once the cap is gone …the sky is the limit

  32. JCer says:

    The sheer number of police and other state type employees who own 2-3 homes, north jersey, jersey shore and florida, tells me government work hands out too much in benefits. I don’t mind the salaries, it is the 40 years of pension, how can you work for 25 years drawing a salary and then be retired for 40?

  33. JCer says:

    Ottoman, I’m here because realistically this is where I am from and before you idiot liberals ruined it, it was a great little state and it still has many good qualities but good governance and efficient use of state funds are certainly not things that come to mind. My alternatives while working aren’t attractive either, to maximize salary it’s NYC, CA, maybe MA. I think my family up in CT has the same issue, at one point taxes were low businesses were moving here and there was a healthy job market….not so much anymore. This is why when people in NY, NJ, and CT retire they declare Florida as their residence……

  34. Mike S says:

    The revised tax bill isn’t as bad anymore if you only own one home in a lower tax town. (10-12k in taxes rather than 20-25k)

  35. dentss dunnign says:

    A look into our future …..Illinois Lost 1 Resident Every 4.3 Minutes In 2017, Dropped To 6th Most Populous State …Illinois is drowning under a mountain of debt, unpaid bills and underfunded pension liabilities and it’s largest city, Chicago, is suffering from a staggering outbreak of violent crime not seen since gang wars engulfed major cities from LA to New York in the mid-90’s. …I’m sure Murphy can speed things up for us ….

  36. Mike S says:

    Also in places like Boston you pay twice as much in taxes if you are not a resident.

  37. Daddy Deported says:

    You’re making my argument for me douchebag. Maybe you think single party rule is always the way to go, it just has to be the right party? Of course, that is exactly what you think.

    Kansas just bankrupted itself being lead by all Republicans. 19 of the 20 poorest states in the US have republican governors and majority republican legislatures. Wanna try again, dummy?

    “When your entire state house is filled with 90% Democrats, most of whom run unopposed every year, you can’t have another fox minding fox house.”

  38. JCer says:

    Fab people moving here for generous welfare are not living here by CHOICE.

  39. Daddy Deported says:

    Are you referring to owner-occupiers getting their prop taxes subsidized while those renting out their props pay full boat? I think that’s a great thing. It’s called the residential exemption and every homeowner gets a flat $1,961.58 off of their prop taxes in the city of Boston.

    https://www.cityofboston.gov/images_documents/2017_ResExempt1%262Q_tcm3-53613.pdf

    Also in places like Boston you pay twice as much in taxes if you are not a resident.

  40. Daddy Deported says:

    Apparently iphones have a built in “feature” that slows down the processor as the phone gets older. Cute.

    http://money.cnn.com/2017/12/21/technology/apple-slows-down-old-iphones/index.html

  41. Fast Eddie says:

    NEW YORK (Reuters) – AT&T Inc , Wells Fargo & Co and Boeing Co were among American companies promising more pay for workers or more investment in training on Wednesday after the biggest overhaul of the U.S. tax code in 30 years.

    Cable provider Comcast Corp also said it would give $1,000 bonuses to more than 100,000 employees and invest $50 billion over the next five years in its infrastructure.

    Wells Fargo & Co said the bank will hike minimum hourly pay to $15 an hour in March, up 11 percent from its previous minimum. It will also offer new restricted stock awards to 250,000 employees.

    Regional U.S. bank Fifth Third Bancorp said it would raise the hourly wage for nearly 3,000 of its employees to $15 and give a one-time bonus of $1,000 to more than 13,500 employees, which its CEO said was made possible by the corporate tax cut.

    “Within hours of passing #taxreform, we’re already seeing announcements that companies plan to give back to their employees and invest more at home,” said Senator Shelley Moore Capito of West Virginia on Twitter. “Good news for workers and the economy!”

  42. Juice Box says:

    Or you could just pay Apple to replace the battery.

    AppleCare+ ($199 for the X phone) or $79 without to replace battery.

    There is a reason why Apple now has $260 Billion in cash….

    I predicted they would suffer margin compression when the iPhone 3 came out in 2009 (price was $199), competition was similar priced range with top of the line Nesus at $299.

    Boy was I was wrong the competition just raised their prices too!!!!

    Samsumg Note 8 is now $930
    Iphone X is now $999

  43. Daddy Deported says:

    While Apple is using the battery excuse, it’s unclear (to me, anyway) whether the slowdown feature is based on actual battery metrics or purely on model age an assumption on battery condition based on age. It would be interesting to benchmark a new in box old phone vs. a used phone.

  44. Daddy Deported says:

    The tech giant issued a rare statement of explanation on Thursday, saying that it has used software updates to limit the performance of older iPhones that may have battery issues that would cause them to turn off suddenly.

  45. leftwing says:

    “Kansas just bankrupted itself being lead by all Republicans. 19 of the 20 poorest states in the US have republican governors and majority republican legislatures.”

    Can always tell libs are on the ropes when they propagandize statistics.

    Hmmmm….Kansas has a AA- credit rating, same as CT, CA, MI. Three levels higher than NJ at A-. NJ’s credit rating of course being the second lowest in the nation. Who’s bankrupt?

    Also, whether a State’s population is ‘rich’ or ‘poor’ has less to do with policies of any party or governing branch and more with history, geography, geology, and legacy industries.

    Nice try Otto, but you really have to up your misinformation and illogic game to beat some of Puzzy’s reposted ranters.

  46. leftwing says:

    Some of the comments in Fabs link are hilarious.

    “Gun control in NC and SC means hitting what you aimed at” LOL.

  47. Libturd, AKA Dr. Howie Feltersnatch says:

    new_jersey_population_hits_nine_million_finally.

    Poor peeps have lotsa kids yo.

  48. The Great Pumpkin says:

    Lefty,

    Kansas had to bring back tax increases to prevent their govt from crashing. The tax cuts did not create any new growth to pay for them.

  49. Grab them by the puzzy says:

    @elonmusk

    I love Twitter

  50. Bloomberg News says:

    Kansas rated 27th in fiscal health
    NJ rated 48th

    https://www.mercatus.org/statefiscalrankings-2016-edition

  51. Payday says:

    online loans direct lenders cash advance no credit check loans online [url=https://loan.us.org]payday loans[/url]

  52. grim says:

    I only drink craft IPA made by blockchain.

  53. Blue Ribbon Teacher says:

    LOS ANGELES, Dec. 20, 2017 (GLOBE NEWSWIRE) — Nova LifeStyle, Inc. (NVFY) (“Nova LifeStyle” or the “Company”), a leading U.S.-based, innovative designer and distributor of modern LifeStyle home products, today announced that the Company has launched a wholly-owned subsidiary “I Design Blockchain Technology Inc” to enhance product sales through a Blockchain technology-empowered digital platform, integrating designers, interior decorators, manufacturers, stagers, customers and marketers surrounding Nova-designed modern lifestyle products.

    Nova LifeStyle’s expansion into Blockchain technology is supported by its enormous existing worldwide consumer base through the Company’s 25-year operating history. Earlier this year, the Company announced its intention to begin accelerating the use of Blockchain technology to further enhance the brand recognition of Nova’s traditional furniture business while also creating a platform to offer other potential products and services. The Company believes that the integration of Blockchain into the current business model is essential to the future growth of Nova LifeStyle.

    Reminds me of the coworkers who just spout of buzzwords left and right but still haven’t figure out how to do their job.

  54. JCer says:

    Blockchain IPA, only $17,500 per six pack and so worth it!

  55. Daddy Deported says:

    That is some great data. I was quite surprised that MA is 49th, right below NJ. If you dive into the numbers, it is not good news for NJ. The reason NJ beats MA is because of one key metric:

    Service-level solvency measures how high taxes, revenues, and spending are when compared to state personal income. Do states have enough “fiscal slack”? If spending commitments demand more revenues, are states in a good position to increase taxes without harming the economy? Is spending high or low relative to the tax base? (New Jersey ranks 20th. Massachusetts ranks 31st)

    In other words, NJ still has more blood in the stone for future extraction.

    Kansas rated 27th in fiscal health
    NJ rated 48th

    https://www.mercatus.org/statefiscalrankings-2016-edition

  56. Juice Box says:

    ICOs are like Pokemon – you gotta catch em all

    https://tokenmarket.net/ico-calendar/upcoming

  57. Hold my beer says:

    what is everyone going to do with their tax cut and increased salary from the tax breaks companies will get?

  58. 3b says:

    Does the new tax law eliminate interest deduction for home equity loans? Can’t seem to find anything that addresses that topic.

  59. 3b says:

    Yes it does. Never mind.

  60. Daddy Deported says:

    Let me do some lame copy and paste (made me laugh):

    @morganhousel

    Blockbuster changes name to Blockbusterchain, surges 4 million percent, acquires Netflix.

  61. grim says:

    The most evil people at Goldman Sachs are furious they didn’t think of “cryptocurrency” as their next gag.

    They thought the pinnacle of financial engineering was synthetic derivatives.

    Little did they know, you didn’t even need the derivative part, all you needed was pure synthetic. No debt, no asset, no nothing.

    Genius.

    This won’t end well.

  62. The Great Pumpkin says:

    4:35

    Grim,

    Jew can’t touch…Jew dont likey.

  63. The Great Pumpkin says:

    Does anyone on this board think bitcoin is legit? Would like to hear your perspective.

    Obviously, I’m in the position that this is batsh!t crazy.

  64. Blue Ribbon Teacher says:

    I don’t think the originator or originators of bitcoin had a scam in mind. It was genuinely a proposed experimental payment system. It has taken off far beyond what I ever would have expected. But I don’t see it as a scam. It’s an experiment in the making. Fiat currency has been habitually abused the past 10 years. It’s just as much as a scam.

  65. Blue Ribbon Teacher says:

    Bitcoin is definitely here to stay. With a market cap the size it is, there is no way it drops to zero. No one knows how to value it. Some people say $50 is reasonable. Others say 100k. But I would openly bet someone on the board a gentleman’s $20 bet that it doesn’t go below $1000.

  66. Three Secret GEDs says:

    I rolled over 100% of my pancake in a can profits into bitcoin.

    Does anyone on this board think bitcoin is legit? Would like to hear your perspective.

    Obviously, I’m in the position that this is batsh!t crazy.

  67. Three Secret GEDs says:

    I have some CMGI stock to sell you. Maybe a bridge too. Seriously, it didn’t go to zero either:

    https://realmoney.thestreet.com/articles/04/25/2016/remember-cmgi-its-remnants-might-rate-buy

    Bitcoin is definitely here to stay. With a market cap the size it is, there is no way it drops to zero.

  68. Three Secret GEDs says:

    LOL. I you read to the end of the article you’ll find this gem about what’s left of CMGI:

    And one “asset” that ModusLink has on its books might come in handy some day: $2 billion in net-operating-loss carryforwards that expire between 2021 and 2033. That could make the company attractive to a potential buyer.

  69. Three Secret GEDs says:

    I inherited some dogs in my FIL’s portfolio. Annoying little stocks that are worth nothing and pester the hell out of you because there it is not even worth the commission to sell them. I give them nicknames. One of them has the symbol TBTEF which I call “Too Big to Exactly Fail”

  70. Three Secret GEDs says:

    For you youngsters CMGI was an incubator, holding a portfolio of internet companies. Blue Ribbon Teachers at the turn of the century probably figured, “The internet is here forever, there is no way this portfolio of internet companies goes to zero.”

    My favorite trades are never my winners. My favorites are when I use my intellect, reasoning, and analytical abilities to avoid catastrophic losses. In case anyone is interested how to progress down this road to investor stardom:

    Step 1: Have some catastrophic losses.

  71. grim says:

    It’s not a scam, but it’s pure speculation, and that makes it useless as a currency.

    So bitcoin’s “success” is actually it’s failure. If you can’t see this, it’s probably because you’ve “invested”.

  72. Three Secret GEDs says:

    Nowadays I’m just lazy. I place a stop loss 3% below the 30 week (not day) moving average. At certain points I move my stop loss up, never down.

    My favorite trades are never my winners. My favorites are when I use my intellect, reasoning, and analytical abilities to avoid catastrophic losses.

  73. Three Secret GEDs says:

    Here’s the smartest words I’ve heard about bitcoin:

    “If you really believe you know what’s gonna happen with bitcoin, you don’t need any advice from me at all…about anything. And if you think you do, and you’re wrong… you’re not going to take any advice from me, no matter what, anyway… so what difference does it make [what I think] because I don’t know how to value bitcoin.”

    Bitcoin talk starts just over 4 minutes in:
    https://www.youtube.com/watch?v=GAmAk1LNvJA

    It’s not a scam, but it’s pure speculation, and that makes it useless as a currency.

    So bitcoin’s “success” is actually it’s failure. If you can’t see this, it’s probably because you’ve “invested”.

  74. Blue Ribbon Teacher says:

    I have some CMGI stock to sell you. Maybe a bridge too. Seriously, it didn’t go to zero either:

    I’m an observer of it, not an investor in it. Just because I don’t think it will drop below $1000 doesn’t mean I’m buying it. But if you want, take the bet that it won’t go below $1000. $20 six months out? 12 months out?

  75. Three Secret GEDs says:

    Sorry BRT, I’m with Ken Fisher. I’m not a gambler and I don’t know how to value bitcoin. I’ve also never bought a lottery ticket in my life; I’m afraid my University would retroactively fail me in statistics and cancel my engineering degree.

  76. Three Secret GEDs says:

    NHMD just changed their name to Crypto in a Can.

  77. Blue Ribbon Teacher says:

    Or they could cancel it for not betting when you should. And buying a lottery ticket has less to do with winning and more to do with going to a place in your head imagining “what if”. It’s worth the buck.

  78. Juice Box says:

    You have to exchange real money for bitcoin, so bitcoin is obviously not a currency if you need to exchange hard currency for it. That money goes to the miners in Inner Monglia and other places.

    The computing power needed to keep it going is immense and so is the electric bill. More computing power is continually added to the system as the HASH become more complex. The miners have a 40% profit margin, but once that degrades it is over, and it will be for 25%ofthe machines running today

    https://qz.com/681996/everything-you-need-to-know-about-the-bitcoin-halving-event/

    It is only a matter of time. http://www.bitcoinblockhalf.com/

  79. Three Secret GEDs says:

    Therein lies the rub, BRT. My main beef with all lotteries is what it does in your head. My sense is rampant abandonment of productive thought, replaced with sugar plum fairies dancing in your head in the form of “When I win the lottery…, When I win the lottery…, When I win the lottery…” My father, a happily married (to my Mom, you have to stipulate these days) and retired man with a very comfortable life can’t leave the state of NJ without knowing he has surrogates that will buy “his numbers.” My MIL, an independently wealthy white Protestant (just to illustrate she has all of the advantages) who hasn’t been employed since 1963 still buys lottery tickets because she has great “dreams” of passing down tens of millions of dollars to her daughters, far exceeding the less than 10 million that my FIL amassed (therein is the point of the continued exercise, I think).

    It, the lottery, just makes you less than who you could be because it siphons off not only your dollars, but everything good about you. I’ll “wager” two things. 1. Your hot sauce is spectacular. 2. Your thoughts are as far as they could possibly be from your artistic and scientific talents every time you buy a lottery ticket, think about winning the lottery, or check “your numbers”. You’re chances are nil of ever winning the lottery and your chances of feeling good about yourself, in the off chance that you do win, will never occur.

    Chance is the worst substitute for achievement. I’ll bet you don’t advise your students that you buy lottery tickets nor do you encourage them to do the same. It’s your own secret vice. That’s fine. Just understand what it is.

    Or they could cancel it for not betting when you should. And buying a lottery ticket has less to do with winning and more to do with going to a place in your head imagining “what if”. It’s worth the buck.

  80. Three Secret GEDs says:

    OTOH, the lottery is nice in that it is a voluntary tax on the _________ (fill in with whatever makes you less than you could be)

  81. Blue Ribbon Teacher says:

    Lol…I’ve bought $6 this year. Chill out.

  82. Three Secret GEDs says:

    grim – I just thought of something. Can you distill something that tastes exactly like Scotch(even if you have to wait X years) even though it can’t ever be called that? I’m guessing you can, or is that someplace that noone goes?

  83. Blue Ribbon Teacher says:

    And btw I joke with my students the few times I buy a lottery ticket. I tell them how they’ll be on their own once I resign. They get a good laugh out of it. Again…well worth the dollar.

  84. Three Secret GEDs says:

    I asked this before, but I forgot if an answer was offered. Several years ago I rented a beach front house for two weeks in Sea Bright (pre-Sandy, the house was destroyed). It was a family house owned by middle class family in Rumson (yes, a middle class family in a small house in Rumson). The house apparently used to belong to the mother of the wife of the family I rented from. 1934 house that a pantry under the stairs that got lower and lower toward the back. I found some ancient bottles of Seagram’s Whiskey, probably 30+ years old, complete with the old paper NJ tax stamps over the cap. I figured nobody would mind, so I opened and finished at least two of them (I said I was there for two weeks, right?). They tasted incredible!

    Does old generic whiskey get better with age?

  85. grim says:

    Currency doesn’t require a valuation, you look at the notational value printed on it.

    What’s the value of 1 dollar? It’s 1 dollar.

    What’s the value of 1 bitcoin? Who the f*ck knows. Maybe zero, maybe $20,000.

  86. grim says:

    Does old generic whiskey get better with age?

    No, but it becomes more valuable. Some folks swear the old stuff tasted better, but that’s probably nonsense, because they made some real trash back in the day. Seagrams was pretty mainstream, and you are only talking about 60-70s liquor.

  87. grim says:

    Given the insanity in the secondary whiskey market these days, you could have probably gotten a couple hundred bucks a bottle.

  88. grim says:

    Hey Juice, if the bitcoin price falls substantially after the halving, what happens if everyone turns their bitcoin miners off, because they are no longer profitable?

    Oops, I just gave away the ending didn’t I.

  89. Three Secret GEDs says:

    LOL!

    Oops, I just gave away the ending didn’t I.

  90. Three Secret GEDs says:

    When it comes to wine, I have some (modern) gems. My FIL bought cases of Château Haut-Brion and Château Lafite Rothschild locally in Glen Rock in the early 1970’s, maybe $10-$12 per bottle. I probably drank more bottles than I should have.

  91. Three Secret GEDs says:

    Who woulda thunk that a GS alum would be surprised by this?

    Gov.-elect Phil Murphy on Thursday accused Gov. Chris Christie of “playing politics” in making a small accounting change to the public pensions system that will hike pension bills for the state and local governments by $800 million next year.

    Christie’s administration cut the pension fund’s assumed rate of return on its investments from 7.65 percent, a figure considered too high, to 7 percent, which actuaries say is in line with other large public pension funds and better reflects the state’s long-term investment returns.

  92. Three Secret GEDs says:

    It’s probably a great thing that NJ has an above average Service-level solvency, which measures how high taxes, revenues, and spending are when compared to state personal income. Do states have enough “fiscal slack”? If spending commitments demand more revenues, are states in a good position to increase taxes without harming the economy? Is spending high or low relative to the tax base?

    Welcome to the “Garden State” of politics and finance, Phil.

  93. Three Secret GEDs says:

    BTW, Is anybody else selling into the “tax reform” rally?

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