From NJ101.5:
Home flipping down, but not in New Jersey
Home “flipping” — buying and selling a dwelling quickly after renovations for a profit — is slowing in most parts of the country. But flipping activity in New Jersey is still going strong.
“Flipping” is selling a home for the second time in 12 months, usually after renovations that enable a quick sale and enhance curb appeal.
Daren Blomquist of real estate activity scorekeeper Attom Data Solutions said home sales data for the second quarter of the year finds 64 percent of the homes flipped in New Jersey were bought in foreclosure — and that is the highest of any state.
In most of the United States during that time, home flipping returns dropped to nearly a four-year low. Outside of the Garden State, Blomquist said, “fewer distressed sales are limiting the ability of home flippers to find deep discounts, even while rising interest rates are shrinking the pool of potential buyers for flipped homes.”
According to Blomquist, the main reason why flipping is alive and well in New Jersey is simple — it is very profitable.
“The home flippers are selling the properties for 73 percent more than they are buying them for.” He adds that the higher number of distressed properties, mortgage foreclosures and the like, in New Jersey is still part of the lingering residual effect of the burst housing bubble and the great recession.
In Atlantic City, better than 7 in 10 homes purchased by distressed sale in the 2nd quarter were flipped. In Trenton, it was better than 6 in 10 homes.
First …!
You can’t flip a flop !
Turd
I watched a guy come in, buy a foreclosure, did an amazing job inside, everything himself. Flipped it for $200k more than he bought. He might have poured $100k into the place. Total time, maybe 4 months. Obviously a pro.
Another house down from me, been a foreclosure for years. Indian couple came in, put lipstick on it, and trying to sell. Not looking good for them.
3 other foreclosures are in the process of being flipped. No sale yet. Work still needs to be done. But 100% of the distressed properties are in the works of being flipped. That’s a breath of fresh air from the zombie scenario.
I never understood the Banks and their approach to zombie properties. “…If you ignore it….it’ll just rot and not hit our balance sheeets……” Morons.
Still wonder WHY no one went to prison…..
JETS man…… unexpected…..
Infinite Jets
Stop Making me defend Donald Trump
https://www.youtube.com/watch?v=1eq0X4qDlR0
Essex, it’s clear you don’t understand the banking system. The losses aren’t the concern. It’s about mark to market vs. mark to model and pretending non-performing loans collateral can cover most of outstanding balance on the loan. In order to meet capital requirements and not fail stress tests, in order to continue conducting profitable business they needed to deploy capital they needed to report non-performing loans as assets. It’s about realizing the loss and the hit slowly rather than all at once, which would expose the fact that most of the banking system was heavily under capitalized based on losses from non-performing loans. Basically realizing the losses means no ability to loan out more money, underwrite deals, no funds for prop trading, etc realizing it at once destroys the bank.
Also banks are stupid…..bureaucratic system driven places where no-one can make a decision. They are incapable of processing things quickly, they didn’t do good due diligence to determine what properties are desirable, etc where they could recover a significant percentage of their money. Also it is at the cross section of the government, banks, and in NJ a Judicial foreclosure state the courts……this just makes things totally illogical.
Large “too big to fail” banks anyway…not small community banks and credit unions
You’re Insured But Still Owe $109K
https://khn.org/news/a-jolt-to-the-jugular-youre-insured-but-still-owe-109k-for-your-heart-attack/
Within that article, it says that consumer protection laws regarding emergencies and out of network coverage probably do not apply to employees of large companies that self insure.
https://californiahealthline.org/news/for-millions-of-insured-californians-state-health-laws-dont-apply/
More jobs than qualified candidates.
http://thesmokinggun.com/documents/stupid/arbys-sign-defacement-729435
Joyce everything that’s wrong in the healthcare business summed up in one article. I love the ending a bill for 109k, a settlement offer of $782, finally settled for $336. If that doesn’t tell you the initial billing is bogus I don’t know what does. It is a deeply flawed system, with all kinds of con-artists masquerading as business people doing all kinds of unethical things.
9/11/2016 – Never forget.
https://tinyurl.com/y8zagxad
grim,
Long time ago you made fun of Concur for T&E management, what was the new best of breed tool you like?
If you can’t beat them…buy them?
Group Threatens Sen. Collins with $1.3 Million Donation Over Kavanaugh Vote
https://www.newsmax.com/newsfront/susan-collins-brett-kavanaugh-supreme-court/2018/09/10/id/881082/
WTF is a flight $100 cheaper on Delta than United out of EWR, not including baggage fees? I hate EWR…
U.S. small business optimism surged to a record in August as the tax cuts and deregulation efforts of President Donald Trump and the Republican-led Congress led to more sales, hiring and investment, according to a survey by the National Federation of Independent Business.
The NFIB Small Business Optimism Index jumped to 108.8 last month, the highest level ever recorded in the survey’s 45-year history and above the previous record of 108 in 1983, set during the second year of Ronald Reagan’s presidency. The August figure was up from a 107.9 reading in July.
The NFIB noted record readings for job creation plans and the amount of owners saying it was a good time to expand. Capital spending plans were the highest since 2007.
“Today’s groundbreaking numbers are demonstrative of what I’m hearing everyday from small business owners – that business is booming,” said NFIB President and CEO Juanita D. Duggan, in a press release Tuesday. “As the tax and regulatory landscape changed, so did small business expectations and plans.”
Small businesses have been a key beneficiary of Trump’s economic plans. The U.S. economy expanded by 4.2 percent in the second quarter, the fastest pace in nearly four years.
The worst part is, that people try to use the $109k figure as an argument that health care costs are out of control. Costs are not out of control at all. Billing is out of control. If a car mechanic tried to operate the way health care does, they would be jailed.
9/11/2016 – Never forget.
We did a moment of silence in class today. None of my students were alive during 9/11. The emotional connection to that event is fading and I’m kind of disgusted that it’s not brought up more often.
JCer nails it on the banks. Even before the financial crisis there were regulatory rules as to when reserves and writedowns needed to be taken, eg. at 90 days delinquent. Mind numbing process to go through a loan portfolio with the credit officer, who did it with his boss, then his boss, then some regulator. Banks, most likely with regulators’ blessing, likely reserved to a value higher than market after the crisis. They simply did not have the capital to honestly mark to market. So they sat on inventory until (i) their own reserves/equity grew better able to absorb further losses on the asset and (ii) the asset grew in value to close the writeoff that would occur if they dumped the under-reserved property.
Unless you can fly direct with United. Always go with American (DFW/CLT in Winter and ORD in Summer) or Delta (ATL\SLC), they will always be cheaper. Or you can try for direct LGA a big American hub or JFK a big Delta hub. United has 72%+/- of flights out of EWR. On direct flights the price differential is worth the hassle/risk of missed connection.
BRT – The emotional link will always be less because of time, but undoubtedly a big factor is that after nearly 20 yrs, a lot of people realized their emotions were used for political advantage (Patriot Act/ War profiteering thru Iraq debacle). That is why if there is another like event, don’t expect the same level of public sympathy or concern. Like the “at that time nitwit president” could say straight, fool me once shame on you -fool me twice shame on me.
Blue I am down by Ground Zero and the crowds get smaller every year. The ceremonies are all over before noon and you would barely know anything was going on.
Re: flips, what (substantial) percentage of closed sales does our own 30yr represent lol?
“Flipped it for $200k more than he bought. He might have poured $100k into the place. Total time, maybe 4 months. Obviously a pro.”
Don’t forget broker’s fee and cost of carry. Even for just four months it takes a bite out of that $100k ‘profit’.
Unless you firmly know what you are doing like 30yr I find it difficult for the average guy to justify on a risk adjusted basis the returns especially if sales prices aren’t ramping up quickly.
Most successful ‘flippers’ I see are contractors filling gaps in their job book. One nearby married couple is a broker married to a contractor. They each effectively contribute their services to their projects at cost.
I suspect a good portion of the ‘profit’ on their projects is the ‘saved’ real estate commission and contracting services. John Q Citizen paying ‘retail’ for each in a flip would be out of pocket meaningful cash with much less profit.
I’m more worried about students forgetting the real meaning of the Declaration of Independence and the Constitution, and forgetting the heroism and ideals of the Founding Fathers (white and male as they may be), than I am worried about them forgetting 9/11. I don’t like it when countries cherish their tragedies more than their successes. The Chinese government reminds kids of all kinds of places and events when they were victimized by foreigners, to forever kindle a grudge against various foreign countries that the Party argues they are uniquely qualified to avenge. Russia has statues as monuments against rampaging Swedes, a long-outdated concern.
I survived 9/11, in the office opposite, at 90 West St. Saw fire falling out of the sky.
I’d rather hear the press documenting the primitive savage crimes and brutalities that are still being done in the name of Allah – that would serve more of a purpose for the awareness of future generations. As for those who died, remember them individually, not as a group of victims.
For BRT—9/11:
https://www.northjersey.com/videos/news/essex/verona-cedar-grove/2018/09/08/9-11-exhibit-adds-permanent-memorial/1238034002/
New gig started. It is me and my boss, the other white American surrounded by 17 Indians, in a room that resembles a wooden coffin in middle of a floor. This apparently indicates that we have sensitive data within. Nice guys but I am continually astounded by the number of East Asians that dominate banking these days. Apparently the head office has requested less outsourced Pune employees. They had only 5 US team members for years with dozens in Pune. Now they have to hire 13 in US by end of year. I asked him why the rush as every other bank continues to outsource? He said over last year, demand for cheap Indian labor has caused hiring problems. They have people not showing up and those that show up, give 3 months notice right away (yes, US companies have tried to f* them by requiring 3 months notice, unreal). He said that there is a frenzy for workers getting close to end of 3 month notice because everyone is desperate for cheap labor. Additionally the quality of labor pool is dropping as they keep throwing unqualified people just to keep contract. Finally realizing too much risk there and need to hire some in US. Hmm…and you wonder why it is so hard to find good paying jobs in NYC.
https://www.wsj.com/articles/job-openings-exceed-unemployed-americans-again-in-july-as-employers-feel-the-pinch-1536691533?emailToken=cff8f16a72be0f748a2af25ef1cd5b2fa8GFs+Li3wBXf9xyqu0fsXPCSzMigGfY7itF9BmPbKE5rGxvtTMcJEb8x1apZBhLbbh2negYFvqcRLp5kZVfHmdhuCh/V8JXRgE0mXGox099GWQkN+PT2iE+rJe0VL8Q4gKLDha2My4EaRLswxkfjw%3D%3D&reflink=article_copyURL_share
“The number of available jobs in the U.S. rose by about 117,000 to a seasonally adjusted 6.94 million in July, the Labor Department said Tuesday. That is the highest level on records back to 2000, exceeding the prior peak set in April. It also exceeds the 6.28 million Americans who were unemployed during the month, meaning they were without work but actively seeking a job.”
“The tight labor market—shown by an unemployment rate holding near a 17-year low—is shifting more power to workers. And increasingly they are willing to quit their jobs. In July, 3.58 million workers voluntarily left their jobs, the highest level on record, the Labor Department said.
“The tight labor market is quickly causing workers to gain the confidence they need to quit their jobs,” said JPMorgan Chase economist Jesse Edgerton. “That movement should lead to better wage growth.”
And indeed average hourly earnings for private-sector workers rose at the best rate in August since the recession ended in 2009, separate government data showed last week, though the figure remained somewhat sluggish by historical standards.”
Hello Do you Have a rodent problem recently?
I’m available here
dan222934542@gmail.com
Clan’ish ness is to be expected in certain employment scenarios. Reminds me of the Principal who only hired hot blondes to be his elementary school teachers. I dunno.
F-off, Blumpkin with your economist bs. Glad dishwashers and truck drivers are able to “ghost” their new employers. The white collar professionals on this blog have laid out truth that automation and AI are only growing areas. My boss mentioned it today that his boss values it and everyone is hot to try it. Until that ‘shiny new car’ passes and cheap labor frenzy is India starts creating major operational risks then the rest of us won’t see sh*t.
Tell them about the jumpers…
Blue Ribbon Teacher says:
September 11, 2018 at 3:57 pm
9/11/2016 – Never forget.
We did a moment of silence in class today. None of my students were alive during 9/11. The emotional connection to that event is fading and I’m kind of disgusted that it’s not brought up more often.
Why Is College in America So Expensive? – The Atlantic
https://apple.news/A5hsOV_tQSAi6u7HW6xqHvg
I am not against your cause.
Bystander says:
September 11, 2018 at 7:57 pm
F-off, Blumpkin with your economist bs. Glad dishwashers and truck drivers are able to “ghost” their new employers. The white collar professionals on this blog have laid out truth that automation and AI are only growing areas. My boss mentioned it today that his boss values it and everyone is hot to try it. Until that ‘shiny new car’ passes and cheap labor frenzy is India starts creating major operational risks then the rest of us won’t see sh*t.
Few people realize that the note-holding banks/investors/Govt agencies see no change in payments in the first 90 days after a default. This is because the servicing bank has to continue to pay the investors even if the home occupier doesn’t pay. If they cure the loan (home occupier catches up) and the home occupier stays less than 90 days behind, the late fees are the vig that makes the servicing bank whole for their trouble; they get to keep them.
JCer nails it on the banks. Even before the financial crisis there were regulatory rules as to when reserves and writedowns needed to be taken, eg. at 90 days delinquent.
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Bernanke, Geithner, and Paulson on CNBC right now. They still sound like morons/liars, except for Geithner. Geithner sounds like a paid off moron and liar.
^^^which he is.
My favorite quote from that interview:
“You don’t want to reward the arsonist” [Paulson]
Their argument that to protect the average American they needed to protect Wall Street is flawed. Without systemic consequences there is no ramification to one. Can’t have your cake and eat it, ie. blow up Wall Street but keep Joe Sixpack whole.
“Tell them about the jumpers…”
Had a 9/11 documentary on last night when my youngest came back from the gym. Forget the name – various ones were running all even on cable – but it was footage from a videographer embedded in a downtown firehouse to document the path of probationary firefighters to ‘men’ over the course of a month. 9/11 happens and he goes downtown with them. The result was unedited, dirty, cinema verite type stuff as he was at the elbows of the crew in 1WTC.
Had a sequence when 2WTC came down that blacked out everything in 1WTC. The Fire Chiefs had no idea what happened, they find a way up to the lobby guided by the videographer’s camera light. You keep hearing these bangs and see the firefighters flinching. They figure out on film it’s bodies from above and have a discussion on camera how to get out without getting hit…”maybe the bridge is still standing and we can use that as cover…” Crazy stuff.
didn’t JJ make a killing buying up every bond that should have defaulted betting they would get paid 100 cents on the dollar? IMO, the bailout was a way for the good ol boys to beef up their portfolio by buying up distressed assets that would be bailed out via inside information.
^^^^tin hat stuff.
“Big boys” were scared sh1tless life as they knew it was gone. They were in preservation mode, not ‘beef up’ mode….
Bailout came as a result of bigger boys (politicians) believing they could shield everyone actively involved in the crisis including liar borrowers through bankers and institutional principals from accountability for their own bad actions without cost or consequence.
Unicorns farting rainbows with your money. As usual, in DC.
Can you think of a better reason bond holders were paid 100 cents on the dollar? Why not 90 cents? 80 cents? 50 cents?
Tell them about the jumpers…
I was close enough to see the jumpers too as scenes from The Towering Inferno (a film I saw, like Deer Hunter, when I was way too young) kept jumping into my head. Was an extremely tough day in NY. Spent first 15 minutes convincing everyone this was no accident and most likely a Bin Laden scheme. No one believed me until the second plane hit. Went back downstairs to keep my crew working as SEC deadlines don’t change even for attacks on U.S. soil. Was extremely difficult keeping people focused on their work. Ended up working until 4pm, walked 50 or so blocks up to Molly Wee’s and had some drinks with firemen who were down at the site that morning. They already knew all to well that there wouldn’t be any survivors. Trains started running around 8pm and caught one back to Montclair. The walk uptown on the closed West Side Highway was surreal. We all felt like ants scurrying from the wreckage site of some kid with a magnifying glass. Gator, who waited on ferry lines for 4 or 5 hours got home an hour or so before me. Lots of people walked across the GWB and caught buses from Ft. Lee.
As for remembrance. It’s important. But it was a terrorist attack and not really a traditional act of war. I remember it every time I hear about a drone attack. As for history, it always sucks to be a victim of a cowardly terrorist attack. Ask the mamed victims of Hiroshima and Nagasaki. 200,000 people incinerated or left with excruciating painful cancer and burns. Now that’s worth remembering. Or the Holocaust or Russian and Cambodian massacres. But 9/11 is small beans when compared. I’m not surprised that the memorials are dying down.
And I’m not really trying to take anything any from it as I lost many a friend there. Just looking at it without emotional bias.
Can we have AI take over the administration of this site when Grim is gone and have it mine for bitcoin to pay for the hosting fees?
Worked in NY prior to 9/11 – in fact next door to the WTC. I’ll always be grateful for that experience.
To change the mood a bit……
NY Post Headline referring to Paul McCartney and John Lennon purportedly whacking off together to Brigitte Bardot movies……
COME TOGETHER
Leftwing….that film maker was working out of my brother’s Firehouse.
My brother went to his wedding!
Both my brothers were Battalion Chiefs in first due houses, as fate would have it both were scheduled off that day….but I did not know that until 12:05 that afternoon….was a stressful day
The Molly Wee was our under age go to place 25 years ago, we used to go Friday and Saturday nights after working at the Garden State Plaza
I give those firemen a lot of credit, though there were a lot of short-comings to the proper handling of major high rise fires discovered that day. Especially, faulty communication equipment I recall. Hell of a way to find out.
I always liked the seedyness and the low prices of the Wee.
The Molly Wee was our under age go to place 25 years ago, we used to go Friday and Saturday nights after working at the Garden State Plaza
Suspect we crossed paths.
The timing is nearly perfect.
But it had more fatalities than Pearl Harbor, and last time I checked, everyone that goes to Hawaii almost always visits to pay their respect. It was at the top of my list on my honeymoon, even though my parents weren’t even born by then. It’s quite an experience at the memorial and am amazed that tiny droplets of oil rise to the surface every few seconds from the sunken ship, still to this day.
1987 Condo, thanks for the link. I remember having students come up 8 or 9 years ago that lost family members in the attack.
I was driving to New Brunswick on my way to school and crossed over the Turnpike at Rt. 18 when the first one hit. I turned around and hopped on the turnpike. I was able to see it and then and turned off the turnpike once I did. I was listening to Howard Stern the whole time and a few minutes later, 2nd plane hit. I had to go to Hoboken to get my sister who was trying to get out of the city for 36 hours. I remember going down to Rite Aid and buying them out of Saline solution. I gave it to some emergency personnel who were on their way in to help.
I think Pearl Harbor was a bit different as we were hit by a country in a traditional war. Nearly everyone was impacted directly by WWII in this country, especially by the draft and then the industrial war effort. Though few families were impacted by the attack on Pearl Harbor, nearly everyone’s lives changed for the following five years. Not so much, with the WTC, unless you want to compare increased airport security with the war effort. :P
“Tell them about the jumpers…”
I saw that documentary before, that is some amazing and raw footage that could only be filmed by accidentally being in the right place at the right time.
That morning I was lazing at home, should have been at work, but I lived four minutes away from my job outside Boston. I held a weekly staff meeting at 10 AM, so I was shooting to be at work by 9:30-9:40 or so. So, I was laying in bed, listening to sports radio and the Boston sports radio guys started talking about smoke coming out of the WTC towers. Still in bed, I flipped on the TV. I figured it might be terrorism and I figured my two brothers-in-law, an EVP and a VP at Turner Construction in NY, would get another huge contract repairing the damage. Then I saw the second tower get hit. That cemented the idea that it was terrorism. Tragic, but I still figured my BILs would make a ton of money from it. I went to work, delayed my staff meeting by a half hour, I think, until 10:30AM. I was in my office trying to get information, but the young web was jammed with all the traffic. When I started my meeting somebody rushed in and said “The second tower just fell!” I asked what they meant by the “second” tower? They said, “The first tower fell 20 minutes ago!” I promptly cancelled the meeting.
I saw the first tower fall from Pier A park in Hoboken. I actually left right after that, because I thought to myself that I wasn’t going to stand there and gawk at people dying in front of me.
I brought my kids to the new WTC Observation Deck last week, and told them my story of that day. Maybe we’ll go to the museum soon. The Oculus is impressive and nice, but actually a gross embarassment of hubris. They could have spent that money on half of a Hudson River tunnel.
It is actually shocking to me how much unfettered public access there is now to the entire WTC site.
Chgo Occulus was a complete waste of money a mall
Full of ridiculously high end stores mostly empty whose secondary function is a transit hub that requires multiple stair cases to get out of. Oh and it masquerades as supposedly a memories to those who died.
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