Weekend Open Discussion – Part II

Posted on March 29, 2008 by grim

Now Open, Part II!

Prior weekend thread closed due to comment overflow.

This entry was posted in General. Bookmark the permalink.

248 Responses to Weekend Open Discussion – Part II

grim says:

March 29, 2008 at 6:53 am

From the Morning Call:

Foreclosures on rise in Lehigh Valley

The number of homes sold at sheriff’s sale is on the rise in both Lehigh and Northampton counties, and the tide of foreclosures has spread to higher-priced houses in the suburbs.

The number of homes sold at sheriff’s sales in Northampton County more than doubled to 99 properties during the first three months of the year, according to the county’s sheriff department, which handles the sales.

In Lehigh County, 94 homes sold at sheriff’s sale in January, February and March, nearly double the number in 2007. That’s a turnaround from last year. While foreclosures were already on the rise in 2007 in Northampton County, the number of homes sold at sheriff’s sales had fallen in Lehigh County, compared with 2006.

While the number of foreclosed homes in the Lehigh Valley remains small, the latest statistics provide a glimpse of what might lie ahead. Economists predict more homeowners nationally and in the Valley will default on mortgages this year as a larger number of adjustable rate mortgages reset to higher monthly payments.
grim says:

March 29, 2008 at 6:55 am

From the NY Times:

Treasury Dept. Plan Would Give Fed Wide New Power

The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.

The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
bairen says:

March 29, 2008 at 6:58 am

# 2 Seems a bit late.

Why not ban investment banks and hedge funds from leveraging themselves 35 or 40 to 1? That would prevent most of the problems we are having and are about to have.
grim says:

March 29, 2008 at 6:59 am

From Newsday:

Mastic Beach home, another casualty in mortgage mess

Linda Smith-Correa stood in her front yard, steps away from a “for sale” sign, and considered her future Friday.

“The Realtor is in the house,” Smith-Correa said, referring to the agent who toured the house with a prospective buyer.

Smith-Correa and her husband, Chris, live in Mastic Beach, and are about six months behind on their $2,400 monthly mortgage payments.

Her mortgage is headed for foreclosure, another casualty of the subprime lending crisis.

Mastic Beach ranked second in New York State communities, excluding New York City, with the highest percent of subprime loans already in foreclosure or behind by 30 days or more.
grim says:

March 29, 2008 at 7:07 am

Oh boy, a proposal like this would strike fear into the hearts of NJ homeowners..

From the Washington Post:

Proposal To Boost Housing In Fairfax

Gerald E. Connolly, chairman of the Fairfax County Board of Supervisors, proposed last night using county funds to buy foreclosed properties and then sell them at below-market prices to working families.

Doing so would not only create affordable housing in one of the nation’s most expensive communities, but it would also help protect neighborhoods in danger of decline from the exploding number of homes going into foreclosure across Fairfax, Connolly said in his annual State of the County speech at the government center.

“Taking a home out of foreclosure would help restore stability to a neighborhood and restore confidence in the local real estate market,” said Connolly, a candidate for Congress. “Workforce housing is in great demand but short in supply.”
bairen says:

March 29, 2008 at 7:11 am

#4 “A year ago, Smith-Correa said, she and her husband were able to move into their $235,000 three-bedroom Cape-style home with less than $3,000 down. The couple had to take on two mortgages, one with an interest rate of 13.1 percent, and another at 8.5 percent, that was slated to go up to 8.8 percent,”

Pretty much sums up what’s happening to millions of recent home owners. How bad does your credit have to be to get a 13% rate when you can get a loan for around 6% with good credit?
Clotpoll says:

March 29, 2008 at 7:36 am

sl (407, yesterday)-

“clot, getting impaled is serious…”

Thanks for clearing up the doubts I had about that.
Clotpoll says:

March 29, 2008 at 7:40 am

Lisoosh-

Rangers-Celtic today, first place on the line.

Players on both sides already talking about “trouble”. Sounds like a nice day to be at Ibrox, with a few drams under the belt, to keep the chill off.

Nothing beats the combination of soccer and religious hatred.
grim says:

March 29, 2008 at 7:54 am

From the WSJ:

Kitchens by Crayola
Cabinets, Appliances Offer More Ways
To Make a Loud Personal Statement
By JUNE FLETCHER
March 29, 2008

The next hot color for the kitchen is…you name it.

High-end kitchen appliances and cabinets used to come in just a few neutrals — white, bisque, black, stainless steel — with an occasional novelty option, like fire-engine red. But this year, more manufacturers are offering dozens and, in some cases, hundreds of vibrant color finishes — for an extra charge, of course — making for some eye-popping kitchen conversation pieces: The red refrigerator. Nordic-blue cabinets. The pumpkin range.

The expanded offerings go well beyond a decorative tile backsplash and a colorful toaster or coffee maker. Now, manufacturers are transforming functional items that aren’t easily or cheaply replaced — appliances, cabinets, window blinds and shutters — into décor. The message to consumers is: Make a bold individual statement with color.
…
The color explosion horrifies some real-estate brokers, who say too much creativity can backfire at resale, especially in a weak housing market. “If they don’t like the color, buyers move on,” Tampa, Fla., real-estate agent Russ Perlowski says.

Jay Serrao, a San Francisco architect, says more clients want a kitchen that opens onto other living areas, and they see unusual colors as a way to tie the kitchen to the rest of the house. Many homeowners old enough to remember the avocado appliances of the 1970s may be wary of straying beyond neutrals. But others are looking to express themselves with colors that are “fun, fresh and different,” he says.
Essex says:

March 29, 2008 at 8:07 am

Real estate Brokers are horrified by a lot these days….kitchen colors being the least of their worries.
njrebear says:

March 29, 2008 at 8:09 am

#5,
The county wants to be lowballed!
grim says:

March 29, 2008 at 8:45 am

Englewood Cliffs Comp Killer

55 Elm Street, Englewood Cliffs NJ

Purchased: 10/28/2005
Purchase Price: $865,000

MLS# 2614875
Sold: 3/28/2008
Sale Price: $799,000
8% under 2005 purchase price
grim says:

March 29, 2008 at 8:53 am

Oakland Comp Killer

5 Ponds Way, Oakland NJ

Purchased: 2/22/2005
Purchase Price: $1,535,000

MLS# 2808123
Sold: 3/28/2008
Sale Price: $1,400,000
9% under 2005 purchase price
db89 says:

March 29, 2008 at 9:00 am

Chifinance:

Your comments in the previous thread regarding the tax implications and benefits of a NJ resident with NY source income contributing to a NY 529 plan are much too simplistic. While it is true that you would get a deduction on non-resident NY income tax up to $10,000 on NY return, you would then still have to pay NJ state income tax on the amount of that deduction as you would not get a “credit” for income tax paid in another jurisdiction for that deducted amount as NJ only gives you a credit for taxes paid in another jurisdiction on actual amount taxed in other jurisdiction. Since that $10,000 is not taxed in NY, you will end up paying some taxes on it in NJ.

The benefit (if there is one and even if it is if it is worth it) might essentially be the difference in the marginal tax rates one pays to NY vs. NJ.

Anyway, each persons tax situation is different and blanket statements, as I am sure you now, sometimes do more harm than good.
lisoosh says:

March 29, 2008 at 9:01 am

Clot, the danger zone isn’t Ibrox, it’s the streets and bars after the match. Tens of thousands of pi$$ed off and drunk supporters looking for revenge and carrying knives and broken bottles.

A good day to go shopping in Edinburgh.
stu says:

March 29, 2008 at 9:14 am

db89(14): Thanks. If there is one thing that is certain, it is that I will soon need a financial advisor.
Mikeinwaiting says:

March 29, 2008 at 9:17 am

lisoosh I have seen on TV (yes thank goodness I have a remote)some really crazy dangerous behavior after sporting events in Europe as well as South America what with these people.This doesn’t happen here I wonder why no shortage of idiots in US either.Any thoughts as you have lived in both?
chicagofinance says:

March 29, 2008 at 9:28 am

db89 Says:
March 29th, 2008 at 9:00 am

stu noted that issue in his quote, and you are correct. I am not so sure I am jazzed with your tone though….
Futurehomebuyer says:

March 29, 2008 at 9:29 am

Was a lurker but have to add my two cents on that Fairfield property someone posted yesterday…

I hate to be the one to tell you this but I drive through Fairfield every day on my way to work…and those houses are STILL selling at their high prices. Very possibly not at their high asking price but even if they got the property for 10% less- they are still overpriced and people are still buying. Why? I don’t know- not sure why anyone would choose Fairfield over other local towns close to the highways but I am seeing “sold” signs with my own eyes on a very regular basis…
still_looking says:

March 29, 2008 at 9:32 am

#7 clot.

You wouldn’t believe how many patients from Newark [UH], Bronx [Jacobi] combined (altho less so Morristown [MMH]) had penetrating trauma that became lethal after a well-intentioned person removed the impaling object.

The screw driver to the eyesocket guy [Jacobi Hosp] was fortunate (lived) despite his injury.

Another minor one was a kid who accidently sat on a pencil — no, not one of those “I sat on it, I swear” injuries — but his mom was smart enough to not remove it (it was near the thigh/buttock area.

A more serious one was a knife impaled in a thigh (front) who had it removed and sutured at a hospital [not mine.]

He showed up at my hospital 2 days later with such a severe hemorrhage into his thigh that he needed a fasciotomy (cut the skin open to relieve pressure in the leg) and transfusions. It was ugly.

After 15 yrs of this, I have a healthy respect for penetrating trauma.

sl
spam spam bacon spam says:

March 29, 2008 at 9:38 am

With all the talk on cutting back from the previous thread…

Tonight is Earth Hour…it’s basic premise is to raise awareness about climate change, but it never hurts to turn out the lights :)

http://www8.earthhourus.org/

We invite everyone throughout North America and around the world to turn off the lights for an hour starting at 8 p.m. (your own local time)–whether at home or at work, with friends and family or solo, in a big city or a small town.

What will you do when the lights are off? We have lots of ideas.

Join people all around the world in showing that you care about our planet and want to play a part in helping to fight climate change. Don’t forget to sign up and let us know you want to join Earth Hour.

One hour, America. Earth Hour. Turn out for Earth Hour!
spam spam bacon spam says:

March 29, 2008 at 9:44 am

From previous open thread:

Firestorm Says:
March 28th, 2008 at 10:25 pm
Re: [380] spam spam bacon spam Says:
There is nothing there related to SMS. If you don’t understand it, it just means you know nothing about cars besides how to drive from point A to point B

You got me. I’ve been “outed”.

I know nothing about cars.

HeII, I can’t even spell karz.
RentinginNJ says:

March 29, 2008 at 9:50 am

JB (or anyone),

Can you please give me an address, OLP & DOM on MLS# 2483985

Thanks
Outofstater says:

March 29, 2008 at 10:02 am

#403 Bairen – Thank you very much – I just blew coffee all over my nice new laptop!!
very patient wife says:

March 29, 2008 at 10:30 am

Went to look at house yesterday in central jersey. They had 12 showings on Friday and 6 more were scheduled today. We were thinking making an offer and then my realtor told me that the listing agent said since the house is priced to sell at $588,888 that they were not taking anything less. Pretty arrogant no? Once again, a house is worth what a buyer is willing to pay. I’d love to see them get 0 offers after all those showings and that wonderful listing agents comment. Would be hilarious!
Tim says:

March 29, 2008 at 10:38 am

OBAMA TIES TO HAMAS TERROR

The Jewish Telegraphic Agency today reports that the Reverend Jeremiah Wright, Jr., long-time pastor of Barak Obama, published an op-ed piece signed by a Hamas leader. The item appeared in the July 22, 2007 edition of his Trinity United Church newspaper on the “Pastor””s Page.” The op-ed piece justifies attacks on Israeli civilians, and carries a supporting introduction by Mr. Wright.

Barak Obama issued a statement strongly condemning these views of his pastor. “I certainly wasn’t in church when that outrageously wrong [Hamas] piece was re-printed in the bulletin,” Obama added.

Obama is a long-time member of Trinity United, and his financial contributions to his church are reported to be substantial (“All told, the [Obama] couple gave $27,500 to [Trinity United] in 2005 and 2006,” according to the New York Times of March 26). His moral support to the church has been unwavering. As more and more and more details of the extremist political positions of the church are revealed, Obama””s response has been to distance himself from these, but also to repeat, over and over, that he didn””t know, that he wasn””t there.

I find it very difficult to believe that an intelligent, energetic, and very political man like Obama is perpetually ignorant about what goes on in the church to which he devotes so many of his resources. If he does get to the White House, will he be in similar ignorance about the goings on of his administration ?
Tim says:

March 29, 2008 at 10:38 am

Sorry to change the subject. Am I the only one that is bothered by this?
Orion says:

March 29, 2008 at 10:43 am

#25

If I had dime for every time my realtor used that line, I could buy ten tall lattes.

Every single time, the house/condo/building sold for WAY less than the realtor guestimated.

Although irritating to hear, I simply ignored the stupidity of “the seller won’t take less than” comment.

Do your research and make an offer. As you said, a house is worth what a buyer is willing to pay. Right on.
Ann says:

March 29, 2008 at 10:51 am

25

It really could be that the sellers will not take anything less than that right now. You could still make an offer, but the further you stray the less likely they will take it. Or, you may find in a couple of months, they drop their price themselves. There are always sellers out there who don’t need to move, for for whom, it doesn’t make sense to move for less than some amount.
Ann says:

March 29, 2008 at 10:52 am

26

Yes, I’ve heard the rumblings of these new developments on Wright but I thought we weren’t talking about politics/race on here anymore?
db89 says:

March 29, 2008 at 10:53 am

ChiFi:

Sorry you took offense. I really just would not want anyone to make any uninformed decisions based upon the following statement you made:

“529 overall note….IF you derive income from a NYS source…use one of those two plans…case closed…”

While it might conceivably make sense for some, as I believe the top marginal income tax rate in NJ is higher than in NY, it actually might be detrimental to others.
Ann says:

March 29, 2008 at 10:54 am

4

Standing by your For Sale sign while a realtor tries to sell your house is not the slickest sales move. Go for a ride and get a coffee for heaven’s sake! There is nothing worse than seeing the owner when you are looking at a house to buy.
Ann says:

March 29, 2008 at 10:56 am

9 re Colorful Kitchens

I’m all for injecting some color into kitchens and elsewhere (as long as it’s not WALLPAPER), but that’s what curtains, toasters, tableware, and pictures are for.

“Appliances, cabinets, window blinds and shutters”– Yikes! No thanks.
bairen says:

March 29, 2008 at 11:00 am

#24 I took the stairs after that to get off the floor. Did not want the Vice Chairman to connect me to that.

I LMAO for days thinking about it.
Alan says:

March 29, 2008 at 11:34 am

I was not offended by the odor. In fact, I was suffering from sever sinus congestion that day.

Unfortunately for me, after you took flight, the tall man from the front desk happened to run over to me with a message.

He never looked at me in the eye again on subsequent visits.
Alan says:

March 29, 2008 at 11:37 am

I am terribly sorry. You’ve all discovered my spelling deficiency. Severe, please.
mr potter says:

March 29, 2008 at 12:02 pm

#26 Obama and the Reverend

Getting ugly quickly. This is a real problem for Obama who certainly seems beatable now. What a creep this guy Wright is……..
BC Bob says:

March 29, 2008 at 12:06 pm

How is Mugabe doing today? Clot, Mugabe and the Tar Heels on the same day. Throw in a foreclosure fiesta and there’s potential for fireworks.

Speaking of fireworks, is anybody looking up watching the craters falling? Or is everybody preoccupied searching for that dim light at the end of the tunnel?
vince says:

March 29, 2008 at 12:20 pm

There is a home foreclosed in Oct 2007. If I buy this foreclosed home in May 2008. Do I as a buyer have to pay back-dated taxes from Nov-2007 to April 2008.

Any information will be helpful
BC Bob says:

March 29, 2008 at 12:20 pm

Unfortunately, there will be blood on the streets, in the not too distant future.

http://charts3.barchart.com/chart.asp?vol=Y&jav=adv&grid=Y&divd=Y&org=stk&sym=ZRN8&data=H&code=BSTK&evnt=adv
3b says:

March 29, 2008 at 12:26 pm

#29 Ann: The these sellers should not IMO go through the chardare of selling trying to sell theri house.

And if I was serious Realtor, I would not waste the time taking the lsiting.

This seller mentality of lets puts it on,and if I get the price I go, just seems like a huge waste of time.Esoecially in a market that has dramatically changed.
njrebear says:

March 29, 2008 at 12:27 pm

Bob,
Unintended consequence of trying to avoid a slowdown?
Ann says:

March 29, 2008 at 12:38 pm

41 3b

I totally agree. If they don’t want to move, or need to move, do us all a favor and get off the market. I had plenty of sellers waste our time when we were looking.

I bet if realtors charged some sellers 10 bucks a month to list their house, they would pull their listings.
bill says:

March 29, 2008 at 12:47 pm

Keep the race-baiting to yourself.
BC Bob says:

March 29, 2008 at 1:10 pm

“March 26 (Bloomberg) — Antonia Siguenza, a 47-year-old purchasing agent living in Los Angeles, visited Mexico in 2006 with only one destination on her itinerary: Sanatorio San Francisco Hospital in Tijuana.”

“Siguenza made the trip after learning she needed surgery on a cyst. Having it treated in the U.S. would cost $800 out of her pocket under her insurance plan with Health Net Inc., in Woodland Hills, California. The company told her it would pay the entire bill if she had the procedure in Mexico.”

“Yielding to pressure from employers, health insurers such as Health Net, Aetna Inc. and Blue Cross Blue Shield of South Carolina are offering cost savings to policy holders who take their ailing backs, hips and knees to foreign countries for non- emergency medical treatment. Mexico has emerged as a favored place for American medical tourists because of its proximity and U.S. insurer incentives.”

http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=aFXAEi5eek5I
Mikeinwaiting says:

March 29, 2008 at 1:12 pm

BILL 44 Who are you talking to.
rhymingrealtor says:

March 29, 2008 at 1:18 pm

Re: colors,

While I am not looking to sell my apartment, I love colors! I recently painted my range hood red. Yes red. I was replacing the stove the old one was almond the new one was white the hood was almond and while the stove was out and awaiting replacement I looked at the colors in my kitchen – Peanut butter walls, similar colors on tile floor, cabints earthy orangish, red just came to me. A red teapot, dishrack , and throw rug, wellah! I’ve been looking at my white fridge and thiking red for a while now.
Don’t judge me too harshly (-:

KL
Mikeinwaiting says:

March 29, 2008 at 1:18 pm

BC 45 Competition is good.I guess.
rhymingrealtor says:

March 29, 2008 at 1:20 pm

Adding to my post 47, having the oppurtunity to view interior designs on a regular basis, I am always drawn to the homes with vivid colors.

KL
Mikeinwaiting says:

March 29, 2008 at 1:26 pm

KL What ever floats your boat,not that I would go there.
Lehigh Valley says:

March 29, 2008 at 1:34 pm

http://www.mcall.com/business/local/all-foreclosures.6334713mar29,0,578466.story

The Lehigh Valley is a major bubble! Those fools came here from NJ & NY thinking they were getting a deal now they are getting SCREWED! They were buying homes that sold for 85k pre 2001 for 200k and thinking “SWEET DEAL”. Now those overpriced dumps are heading back too reality and will be selling for less than 85k when this is over.

So many McMansion (SAMEVILLE, PA) subdivisions went in around here it was making us locals head’s spin. They all looked identical and were built on former swamp land that not even pig farmers would use. Flooded basements, cracked foundations, cracks in the drywall on 2 year old homes that looked like a set from a earthquake movie and now “NEGATIVE EQUITITY”. Along with all this these morons were driving 3-5 hours a day commuting and when you figure in the cost of commuting they could have stayed home and spent less.

Thanks for making some local people signigicantly wealthy buy paying 2-3 times what they homes were worth. I love hearing how these people all were so well off, if they were they wouldnt have been priced out of the NJ & NY bubbles and surely wouldnt spend all that time commuting. These people work 8-10 hours a day and then throw in a 3-5 hour commute and that leaves enough time too shower and get 4 hours sleep. What a life!
afe says:

March 29, 2008 at 2:18 pm

Any thoughts on expanding the Fed’s power?

http://www.cnn.com/2008/US/03/28/financial.oversight/index.html
Laurie says:

March 29, 2008 at 2:27 pm

Regarding the PA proliferation of Mcmansions…my friend once used the term “seed houses” to explain those bland same subdivisions…it’s like someone came out into a field and threw out a bunch of seeds and houses popped up! A seed house…
bairen says:

March 29, 2008 at 2:53 pm

Gary,

Maybe you should move to Warren.

http://www.realtor.com/realestate/warren+twp-nj-07059-1097317653/

I think this was previously listed at 485 or 499. Now it’s down to 450k.
lisoosh says:

March 29, 2008 at 3:00 pm

#26 – The mod asked for racial/political discussions to be stopped. And with good reason. Plenty of blogs out there for that stuff.
lisoosh says:

March 29, 2008 at 3:04 pm

Mikeinwaiting Says:
March 29th, 2008 at 9:17 am
“lisoosh I have seen on TV (yes thank goodness I have a remote)some really crazy dangerous behavior after sporting events in Europe as well as South America what with these people.This doesn’t happen here I wonder why no shortage of idiots in US either.Any thoughts as you have lived in both?”

Pub/alcohol culture in Europe plus old national rivalries. England was banned from UEFA for years because of their fans behaviour. Well educated perfectly reasonable people (men) get into a crowd, drink and all h@ll breaks loose. They cut the violence down by insisting on the presence of a certain number of women which toned things down a lot and by getting a better handle on alcohol.
The US just doesn’t have the same nationalistic groups. Plus the beer is like urine.
BC Bob says:

March 29, 2008 at 3:24 pm

bairen [54],

Not bad.
Mikeinwaiting says:

March 29, 2008 at 3:24 pm

lisoosh 56 Ok, something to said for our watered down beer!Yes, women in the crowd will keep the boys in line.Thanks for the insights.
Mikeinwaiting says:

March 29, 2008 at 3:31 pm

#26 – The mod asked for racial/political discussions to be stopped. And with good reason. Plenty of blogs out there for that stuff.
I agree & ask all to also respect the other side of the political fence No Obama NO Bush etc.If not its open season right or are we just banned from disscussing one side?
Please let me know which side we are allowed to talk about if any.
lisoosh says:

March 29, 2008 at 3:42 pm

#59 – Well I reserve the right to bash Schumer for pushing this congressional mortgage bailout thing. And I lean left. But it IS housing related.

I don’t think that the women in the crowd keep the guys in line so much as it was found that the men moderated their own behaviour more when the group contained a certain percentage of women. That rule was put in force for bussed groups of fans and on cross-channel ferries.
bairen says:

March 29, 2008 at 3:47 pm

Cat in the walls. Workers tear out mcMansion ceilng trying to catch a cat in the walls and ceiling.

One hole and a can of cat food would have worked.

http://www.cnn.com/video/#/video/us/2008/03/28/vetscher.cat.in.wall.KNXV
bairen says:

March 29, 2008 at 3:49 pm

#57 Bc Bob,

I think it looks pretty decent. I wonder if it will sell in the 300s? This house is in Warren in Somerset County.
lostinny says:

March 29, 2008 at 3:50 pm

Lisoosh
Have you seen the Hooligans picture? I thought it was done well. Not sure how true to real life it is though.
BC Bob says:

March 29, 2008 at 3:54 pm

[52],

If you were the lender of last resort, wouldn’t you want to chain the wild dogs? Is Nurse Rached ready for a sequel?

http://www.youtube.com/watch?v=dE-LDfroa1w&feature=related
BC Bob says:

March 29, 2008 at 3:56 pm

bairen[62],

I would put in a 340-350K bid. If it came with a silo, I would bid up.
BC Bob says:

March 29, 2008 at 4:00 pm

miw[59],

Amen to that.
hoodafa says:

March 29, 2008 at 4:03 pm

Been a lurker-learner here for almost two years now and I say it to everyone I know: If it hadn’t been for this blog, I would have bought into the craze and purchased a house back in the Summer of ’06, with no down payment and an ARM. (And I would have been in a rather ugly state right now!)

So a big thank you to Grim, and everyone else here who foresaw, recognized and raised/waved the flag about the housing bubble and impending catastrophe.

I am now looking to rent an apartment in Weehawken (I’ve had it with my 3-hour Edison-NYC-Edison commute). Any tips on (un)desirable neighborhoods and knowledgeable real estate agents in the area will be muchly appreciated.

Thanks everyone!
bairen says:

March 29, 2008 at 4:04 pm

#65 BC Bob,

What about a working well and a bunker? The 1 acre should let you grow your own fruit and vegetables.
BC Bob says:

March 29, 2008 at 4:20 pm

bairen,

I’ll have to first extract some soil samples and send it out to Monsanto. Hopefully, the soil
does not reject their corn fertilizers.
hoodafa says:

March 29, 2008 at 4:30 pm

OT, but very interesting reading in New York Times today:

The United Plates of New Jersey

http://travel.nytimes.com/2008/03/28/travel/escapes/28turnpike.html?ei=5087&em=&en=a05bba1bff69b3ed&ex=1206936000&adxnnl=1&adxnnlx=1206822181-dzdyLOxzfGO7+Hve3xE+Xw
Alan says:

March 29, 2008 at 5:00 pm

http://www.app.com/apps/pbcs.dll/article?AID=/20080329/NEWS/80329015
Little choice for small New Jersey towns but to merge

Is stuff like that political?
Mikeinwaiting says:

March 29, 2008 at 5:26 pm

Alan “They have a gun to their heads,” he said. “The state is saying, ‘Thou shalt do
this now,’ and that is most regrettable.”
A cut from your link,they wouldn’t do it any other way.
Mikeinwaiting says:

March 29, 2008 at 5:48 pm

lioosh 60 Not that I disagree on Chuck S.
but others may think other wise.
I also feel that politics has alot to do with RE prices.This being said we must include it.The fact that Obama is the first black to run doesn’t make it raciest to not like his policy or challange his judgement by being so closely tied to this Wright guy.On the flip side Bush has done a terrible job & yes I lean right.
I think we all know when some one is just being a racist jerk & when others have different political leaning.But its an open site so we are between a rock & a hard place.
I usualy just keep an eye on my area which by most people here’s standards is affordable but to far from city.Today I looked thru the Ledger RE section.No wonder Gary & many others are so pissed.I couldn’t believe the prices on some of this crap.There aren’t enough people in NJ with pockets deep enough to buy at existing levels.They will fall because they must & no bailout or gov plan is going to stop it.
lostinny says:

March 29, 2008 at 5:56 pm

I have to ask, if the old formula of 2.5 times your income (is the price of the house you can afford) is out, what is the new ratio? Is there one at all anymore? My guess is 4 times your income.
pretorius says:

March 29, 2008 at 5:59 pm

Hoodafa,

I moved to Weehawken recently for the same reason you’re looking here, a quicker and more reliable commute.

There are 3 sections of town – the Waterfront, the Heights, and the Shades.

95% of the apartment vacancies will be in the Heights section. Bus service between this neighborhood and Port Authority Bus Terminal runs every minute or 2 during most of the day.

This part of town is small in area but has a diverse housing stock – mansions on the edge of the cliff (Kings Bluff neighborhood and Boulevard East) and apartment blocks housing low income people a block or two west (Park Avenue). In between, there are lots of owner-occupied 2- and 3-family homes and class B apartment buildings. Weehawken doesn’t have any fancy apartment properties.

The best way to find vacancies in Weehawken is by looking in the local weekly newspapers, like the Weehawken Reporter or the Hoboken Reporter. Sorry, I don’t know any real estate agents, so I can’t recommend one.
hoodafa says:

March 29, 2008 at 6:08 pm

Thanks a lot, Pretorius.

I don’t want to live in a fancy apartment building (and Hoboken’s too young for me). An apartment in a 2-or 3-family home would be ideal for me.

I’m going to the city this evening, and will swing by Weehawken to pick up the Weehawken (or Hoboken) Reporter…I’m guessing I should find it at local grocery stores.
Orion says:

March 29, 2008 at 6:09 pm

John Maulding’s Thoughts on Housing (good graphs also).

http://www.investorsinsight.com/thoughts_va_print.aspx?EditionID=672
Orion says:

March 29, 2008 at 6:10 pm

Ooops, that’s John Mauldin.
pretorius says:

March 29, 2008 at 6:17 pm

Hoodafa,

Yes, the larger grocery stores usually have a stack of Reporter newspapers, which are free. The bodega-type shops don’t usually carry the local Reporter though.
3b says:

March 29, 2008 at 6:22 pm

#74 lost:My guess is 4 times your income.

No, it will be bakk to 2.5 time one’s income.That 2.5 rule was there for a reason, because it worked.
lostinny says:

March 29, 2008 at 6:38 pm

3b
I think it worked too. I just wonder what people are thinking when they price these houses. Well they really aren’t thinking are they?
lostinny says:

March 29, 2008 at 6:45 pm

I’m curious to know what opinions are of this house. I expected a higher price in Berkeley Heights.
http://newyork.craigslist.org/jsy/rfs/623327813.html
Homer says:

March 29, 2008 at 6:48 pm

Hey I havent been here in a while, but I had to through my 2 sense in about this turn off your lights for an hour non sense.
How is that going to solve any problems.
The plain and simple solution is tear down any house over 3000 square feet. There is no need for them. Just beucase you have the money thats no exuse. The only way you need anything over 3000 square feet is if you have 5 kids plus. The casue of this energy issue is the same as why gas is so expensive. Get rid of gas guzzalers for people who do not need them.
I have an expedition, and although I average about 13 miles per gallon as I do not drive on highways, I get beter when the times when I do need to user highways, but it me the wife the twin boys and the pups. To me we go out with my wifes famaily and Taken the Expo is more logical to me than than taken 2 cars. We also have an 08 Sentra which we traded in the mid size SUV for that gets around average 28-30mpg.
So having a big SUV suits our family needs, plus most of these “Mid Size Suv’s” with the 3rd row only get around 2-3 mpg better than what my Expo get and they are samaller, so to me they are useless ie Trailblazers, Explorers, Envoys etc.
Plus it helps that we don’t go over 70 when on the highway with it.
These 2 issues go hand in hand.
People buy vehicles they don’t need that guzzle gas, just like people buy 3000 square foot homes they don’t need.
Most of these people have the money to waste on these things and than middle income family suffers.
If you go to http://www.fueleconomy.gov/feg/findacar.htm
this list what cars actual get.
The worst vehicles that you see out on the road that are gas guzzlers
Escalade 10mpg
H-3 Hummer 14mpg
Honda Pilot 15mpg
Envoy 13-14 mpg
Chrsler 300 13-18mpg
Denali 12 mpg
BMW 17 mpg
Mercedes 17 mpg
Dodge Magnum 15mpg

So these few examples show how bad mpg is even in cars not just SUV’s and the faster you go the more these Mpg decrease. Especially in North NJ. So we still really have not fixed the issue of gas. And we wonder why gas is so expesive. Check out the site and see what the mpg of your vehicle is. Remember maybe you drive mostly highwats but there are plenty of people who don’t.
So if we stop by vehciles we do not need and oversized home we do not need, maybe oil prices will gome down and maybe energy cost will come down if we stop buying over 3000square foot homes. THere is no need for them people. If you have 5 or more kids than ok, but these idiots you see on TV that have 2800 sqaure foot homes with 4 bed 2 bath huge living room and kitchens and then they have a baby and when the kid turns 1 year ohh we don’t have the room we need minuim 3500 square feet becuase we all know how much room kids take up. I guess peopels though process is for each person they each need 1000-1500 square feet of there own.
I think the simple solution is you buy a vehcile you don’t need you pay more for gas. If you have 10 cars and its just 1 person or 2 than they should pay more. IF you drive a mid size or large SUV if you have a large family than you sould pay less, but if its just one personal driving a mid size or large SUV than you should pay more for fuel. The more kids you have the less you should pay Although if you have a family and demand luxury than you should pay extra for that. Sounds kind of crazy but for the people who drive vehcile to suit there families or single people or couple who drive sesible cars like Prius, toyta or any car the gets great MPG should be rewarded.
Same with houses, if you are going to live in a MCMuffinMansion than you should be charged more per kilowat used, and people who buy logical noramal sized homes should pay less.
My view is why should people who make sensible decions buy normal sized homes or vehcile that suit there family should not have to pay the same as people who want to live luxurios and live in a 3500 square foot MCMuffinMansion.
So everyone should have to suffer for people who make a lot of money and want to buy lots of vehciles and a huge home as a status symbol.

So forget turning out the lights. Starte being reasonable and logical when purchase a home or vehicle.
I mean everyone has a choice to spend there money on what they want, but becuase people are more concerend about huge homes or fancy cars dont make the rest of us suffer
PeaceNow says:

March 29, 2008 at 7:17 pm

My loaner car while mine was in the shop turned out to be chevy uplander. Driving 28 miles cost me $8 in gas to refill to level required by rental company.
Essex says:

March 29, 2008 at 7:28 pm

83….wtf did you say?
Clotpoll says:

March 29, 2008 at 7:38 pm

BC (38)-

Mugabe: going down in that election

Heels: unstoppable

Clot: Pumped. Got to watch his 9th grade daughter punk Montgomery’s varsity lax!

Foreclosure Fiesta: Not in my Clinton listing. Now the object of a big bidding war. Plus, we’re going to end up almost breaking Countryslide even on it. Nobody touches that house.
Clotpoll says:

March 29, 2008 at 7:46 pm

soosh (56)-

Goon culture and “ultra” fans are endemic to Europe. And, you make a good point about the relative strength of US vs European beer.

Rip a few fresh Newcastles or Celebrator Dopplebocks at 10 AM, and you’ll feel like you can take on way more than you can handle, too.

Lots of potential Euro violence this week, unfortunately. Roma v. Man U again in Champions League. Two great teams…two awful gangs of completely insane fans.
Clotpoll says:

March 29, 2008 at 7:50 pm

BC (69)-

If your soil rejects Monsanto’s brave new everything, just buy more MON stock.

It is kinda scary that they have all kinds of crop seeds that completely resist RoundUp…
Clotpoll says:

March 29, 2008 at 7:52 pm

lost (74)-

A lender will still let you leverage up 4x income (if you have great credit), but the originator will sure as hell try to talk you down.

Different game now.
danrpi89 says:

March 29, 2008 at 7:52 pm

Hey Hoodafa,

My wife and I and the little crumb cruncher live in Weehawken (renting and waiting for the market to become more realistic.) The Weehawken Reporter is a great source for apartments. Also, many landlords simply put a sign on the front of the house. Check the following streets: King, Durer, Bonn or any of the streets off Blvd. East. It’s a convenient place to live but noisy: all the helicopters from the 38th street port seem to fly directly over Weehawken for landing and departure. Good luck!
Clotpoll says:

March 29, 2008 at 7:56 pm

I heard this lady yesterday on NPR. She got to sit down and interview Mugabe face-to-face a couple of times. Her book, called Dinner with Mugabe, is about to come out:

http://www.npr.org/templates/story/story.php?storyId=89195088
spam spam bacon spam says:

March 29, 2008 at 7:56 pm

[83]

Turning out your lights is not going to do a darned thing.

Except get you talking about it. Which is not going to do a darned thing.

Except get you thinking about it. Which is not going to do a darned thing.

Except get you talking about it some more. Which is not going to do a darned thing.

Which is how learning happens. And the more people learn about what is going on, about any “thing”, any “where”, is goog.

BTW-“McMuffinMansion”…I like it.

And your “simple” idea? Who’s the arbiter of what “needed” and what “superflous”?

I mean, I could argue your Expedition is overkill for 4 people. And what percentage of the time spent driving are all four in the vehicle?

Remember station wagons? What’s wrong with a vehicle like that? Why do you need such a heavy vehicle with the aerodynamics of a McMuffinMansion and four wheel drive to carry your butts around? You going off-roading for groceries?
spam spam bacon spam says:

March 29, 2008 at 7:58 pm

Ooops…I meant to type “but that is how learning happens…”

Got to learn me some keyboarding 101…
Clotpoll says:

March 29, 2008 at 8:00 pm

sx (85)-

Don’t ask. He wants it to be 1957 again.

And, the 1957 he wants it to be is Hungary.
d2b says:

March 29, 2008 at 8:17 pm

Is it unreasonable to think that the middle seat passenger on a plane should expect used of both armrests? The aisle person leans into the aisle. The window seat person leans into the window.

I heard someone complaining about this the other day and I thought that those armrests were middle seat property.
jmacdaddio says:

March 29, 2008 at 8:17 pm

Clot –

Check out How Soccer Explains the World, by Franklin Foer. Each chapter is dedicated to a different country, including a chapter on Celtic & Rangers. My favorite chapter is the one he dedicates to the USA, the only country where soccer is actively hated. Other non-soccer countries are merely indifferent, whereas here Jim Rome can do a periodic soccer bashing segment with impunity.
grim says:

March 29, 2008 at 8:19 pm

Her book, called Dinner with Mugabe, is about to come out

I hope they paid prior to eating.
bairen says:

March 29, 2008 at 8:28 pm

#96 Soccer is like bowling or golf. Fun to do, lousy to watch. Cricket simply is awful.

Now Rugby is pretty good. That was the only sport I actually enjoyed watching when I lived in Australia. New Zealand’s All Blacks were awesome to watch. Like watching great kick returners in the NFL, except with the All Blacks (name of NZ national team) every play is like a kick return.
stu says:

March 29, 2008 at 8:28 pm

My computer runs awfully slow on candle power. I typed this at 7:45.
gary says:

March 29, 2008 at 8:33 pm

bairen,

I saw that house you posted earlier from Warren, not bad. It has a warm, rustic look to it and the price didn’t make me want to puke. :)
mr potter says:

March 29, 2008 at 8:44 pm

Ara Hovnanian Price Reduction in Rumson

88 River Road

Purchased July – 05 for $6,750,000

$6M mortgage $34k taxes

Current Asking Price – $6,200,000

http://www.weichert.com/search/realestate/PropertyListing.aspx?P=15201047&cityid=44532
Fank says:

March 29, 2008 at 8:55 pm

#82,
RT 78 is in the back of the house that’s why the price is so low, you’ll need ear plugs to sleep.
lisoosh says:

March 29, 2008 at 9:27 pm

Bairen – I love rugby.

Now Australia Rules Football – THAT is scary.

And Shinty – a sort of Scottish field hockey where you are actually allowed to hit people with the sticks.
dinra says:

March 29, 2008 at 9:36 pm

2500961…any details on this?..thx.
R Patrick says:

March 29, 2008 at 9:47 pm

Anyway to move AGI from 2008 to 2009?
Other than maxing out 401K?

I keep getting hit with mandatory OT and there are some tax advantages that go away hat I will be right around missing.
MT says:

March 29, 2008 at 10:02 pm

How come? This house #2463080 came down 130K from OLP. Is it REO? Is there anybody who knows the history hidden behind?
bi says:

March 29, 2008 at 10:04 pm

without colorful discussions on various topics, this blog would be another boring housing bubble blog.
clintons are political animals and they will not easily give up. in addition, this bill richardson filed up clintons.
buffett did not endowse anybody yet but he will help either one nominated by dems.
Punch My Ticket says:

March 29, 2008 at 10:10 pm

105,

If you’re close and have an otherwise clean 1040, the simplest thing may be to engineer a capital loss.
HEHEHE says:

March 29, 2008 at 10:23 pm

Xavier, rough night, UGLY.
mr potter says:

March 29, 2008 at 10:27 pm

HEHEHE

like their coach though……good school
rhymingrealtor says:

March 29, 2008 at 10:40 pm

2500961…any details on this?..thx.
Dinra

514 Knollwood ct – Any other details?

KL
rhymingrealtor says:

March 29, 2008 at 10:43 pm

MT

11 Oldbrookside rd.

BEAUTIFUL, IMMACULATED UPDATED 3 BEDROOMS HOIME IN EXCELLENT CONDITION. MODERN KITCHEN 2 BATHS HARDWOOD FlOOR.ALL OFFERS SUBJECT TO BANK APPROVAL. BUYER’S RESPONSIBLE FOR C.O. “SOLD AS IS CONDITION”

Looks like short sale
They probably gave it a shot at the higher list now faced the fact it has to go short.
Thats my guess.

I will look up tax record for clues, possible NOD

KL
Herring123 says:

March 29, 2008 at 10:43 pm

Chifi:

The fact that Bear Stearns made up .14% of the Russell 5000 prior to it dramatic fall in value is hardly proof that “indexing doesn’t work.” Many “top” actively managed funds held large positions in Enron, Worldcom, Bear, etc. In fact, I’m sure you’re aware that the mutual fund getting the most press in connection with Bear Stearns is Legg Mason Value Trust, led by Bill Miller, who’s famous for (until recently) beating the S&P 500 I think about 20 years in a row.
Confused In NJ says:

March 29, 2008 at 10:43 pm

82.lostinny Says:
March 29th, 2008 at 6:45 pm
I’m curious to know what opinions are of this house. I expected a higher price in Berkeley Heights

Diamond Hill Road connects Mountain Avenue to rte 78, rte 22 & Blue Star Sopping Center. Summit Medical Group moved last year to Diamond Hill Road. Anything along Diamond Hill Road is not desirable. Traffic very bad.
MT says:

March 29, 2008 at 10:50 pm

#112
Thanks! Any further information, please post.
rhymingrealtor says:

March 29, 2008 at 10:54 pm

MT,

Tax record show sale of 1.00 in 2006. Can only assume it’s been heloced to the hilt. The loans are not showing in the tax records of either MLS

KL
Looks like a nice house for that price.
rhymingrealtor says:

March 29, 2008 at 11:05 pm

Lowest price sold home in Randolph since 01/01/2006 was 280,000

I am still looking for clues to what is owed on that house and why.

KL
njmom says:

March 29, 2008 at 11:59 pm

So I hear it’s a buyers market. well not in Central Jersey.
I just listed my home in Jackson and within a week have received 3 offers over asking. All prospective buyers are flexible and have no contingencies. there are not a lot of well cared for homes at appropriate prices. I guess because it is a vibrant, growing young family centered community. hate to leave myself cause it is a great safe place to raise a family. I would like to move for personal reasons however since I can’t seem to find what I am looking for with regard to home and a good community feeling. I put an offer on a home (8% below asking) that I wasn’t even that crazy about and that seller wouldn’t even counter. So here it is I have all these offers and might not be able to take any of them for fear of not finding a home. Perhaps this gloom and doom is more hype than reality. I guess it sells papers though. But sellers who have a decent home are not really having any problems in my area. Jackson is still a very hot area to move to.
Politely says:

March 30, 2008 at 12:13 am

On the savings issue – my inclination has been to run the other way. I’ve been spending like mad – while the dollar still holds some value and … while I still can. :)

And I can’t believe rugby isn’t more popular in the US. What a great sport to play and watch.

-P
Homer says:

March 30, 2008 at 12:43 am

I mean, I could argue your Expedition is overkill for 4 people. And what percentage of the time spent driving are all four in the vehicle?

Well I drive it too and from work. But I work 10 min from home
Well since the boys are 10.5 months old we take the everywhere we go. The wifes parents come down agleast once a week, so we cannot fit in there vehicle nor our Nissanm hence 2 cars. Plus what many people do not realize unless you have twins, that double stoller is not small and we have to take it out with us everywhere we go. So even when we had the rodeo, we had us the boys the double stoller in the back and there bookbag Which is there dipar bag. So forget about room for the puppies
Plus I think it worse taken 2 cars to go somwhere as opposed to taken the expo. I love the truck but I honestly wish I could get away using a mid size SUV. We tries it when the boys were first born. But with the double stroller there was not room for the puppies. Plus when her family came to visit we had too take 2 cars. We even looked at the mid size suv’s with the 3rd row Explorer, Envoy etc an they were not realistic for what we needed. No room for pups with the double stroller. I did not realize how much space it took up.
So to me I think it was good for what we needed. So now when her family comes we only need to take 1 vehicle as opposed to 2.
Plus in mid size suv;s with the 3rd row I could not fit back there and there is only 2 seats in most. Thats why we also got rid of the Rodeo, it was not logical to have 2 Suv’s. Hense why I traded it in on an 08 Nissan.
For families if you have a legit reason for having a larger SUV fine. But if you have it beuase its big and shiney and its just one personal driving it and not one else than its pointless. I mean watch MTV cribs and there ridiculous cars. There Escalade V-12 mercedes. All these gas guzzlers just becuase they have money to spend and they want to make a statement. Even if your ot famous just rich there is not need for you you to drive a large SUV unless you need it for your family. I am all for hybrids and making the world better. But until people stop thinking they need to keep up with the Johnson there will continue to be a gas crisis. And even with homes the More MCMuffinMansions there are, the more engery we will consume. And I am not thrilled we need to build another nulear powerplant in NJ, just stop building all these riduclous house that people do not need. For a family of 4 with 2 dogs there is nothing wrong with 2000 sq feet or even less.
But the problem is people need the Bedroom size bathrooms. To make a spa. And there room size walk in closet. I mean fine and dandy if you want a snazy crapper room. But when you build these monstrostees of bathrooms, most of it is was floor space. I mean whas the point of all that floor space? Are you getting a leaping start and flying through the air? OR are you like my puppies and have to roll around on the floor in a towel to dry yourslf. IF you need a bedroom size closet that right there you have too many close. No one can where that many. Donate close to good willl. Do something positive. And lastly on the housing subject 2 foot storiy foyers and open rooms use more energy to run. I am sorry but all these shows I see. I need to open all this up so I can see my kids when they are playing blah blah blah. Theres nothing wrong with an eat in kitchen, to fit you family but if your children are that little and need to have someone watch them while you cook, than have on parent go hang with the kids while the other cooks. SO much wasted space. I had a frind in Highschool. IT was the paretns and one kid. They had money. So for the 3 of them the lived in a 7200 square foot MCMuffinMansion. Now there is not need for that. Wasted space and engergy. But hey why not there rich.
I think its the fact that all I feel like we do in this country is put a bandaid on things to fix it temprorly to make people stop complaining. Evn at work all the local tech do is unintall and reinsall software over and over again to have it hopefully correct the users issue. Than they call back up companining to use a few weeks later when its not working. We need to stop bandaid and actully fix the issue. I guess that would be to hard though and putting a bandaid over things is so much eaiser. Bandaird will only temprorly fix things, and that seems to be ok. I am going to start a dr office and when someone comes in I will put a bandaid on there boo boo (sorry got kids) and say that should fix the issue and than they will come back a week later and I will give them a bigger bandaid or maybe a bandage. Thats how ridiclous this country is when we try to fix the energy crises, the oil crisies or the housing crisis.
Clotpoll says:

March 30, 2008 at 1:38 am

Mac (96)-

Love that book. Read it when it came out. All the Jewish stuff surrounding Spurs is really interesting, too. A few Jewish Londoners live near me, and I never could get why they all backed Hotspur till I read the book. Also the Real Madrid/Barca hatred…which is understandable, when under Generalissimo Franco, fans on the wrong side of him could find themselves executed.
Clotpoll says:

March 30, 2008 at 1:40 am

Homes (120)-

Good to see you back, but your posts today have a bit of the Unabomber in them.
njpatient says:

March 30, 2008 at 2:00 am

118 njmom

Funniest fako ever
bairen says:

March 30, 2008 at 4:36 am

#100 Gary,

That house does look pretty good. When houses like that or pre 1940 colonials in god locations around me start listing in the 380’s I’ll get interested.

That reminds me I just renewed my lease for 6 months.
bairen says:

March 30, 2008 at 4:37 am

#124 is good locations. The many current sellers think their houses are god locations.
bairen says:

March 30, 2008 at 4:39 am

#103 lishoosh,

Australian Rules Football is intense and odd. Could never figure out the rules. Many Aussies I asked claimed not to know the rules either.
bairen says:

March 30, 2008 at 4:46 am

#82 & #114

Diamond Hill Road has terrible traffic. There is also a gravel plant or something like that on it as well. A lot of the houses sit below street level so I would think they get flooded.

We avoid Diamond Hill Rd anytime of the day. I only take it if the roads are icy since the grade is much more gradual then the alternate routes are.
bairen says:

March 30, 2008 at 5:15 am

Mozilla and sidekick to get big payday

http://www.cnn.com/2008/US/03/29/countrywide.ceo/index.html

Why is BOA paying the sidekick 28 million to stay on? The stock has dropped from the mid 40’s to a 5 handle in less then a year nd might have gone to 0 if it wasn;t for BOA’s buy out.. I think any of the regular bearish posters on this board would have done a better job.
Pat says:

March 30, 2008 at 7:22 am

http://news.yahoo.com/s/ap/20080330/ap_on_go_co/housing_help_5

“Congressional leaders are racing to push through an array of election-year housing measures…

With foreclosure signs prevalent and a Wall Street rescue reverberating, majority Democrats want the government to step in and back up to $400 billion in troubled loans.”
Mikeinwaiting says:

March 30, 2008 at 7:23 am

Check out this link NAR bull,but more telling read the comments after.It sounds like some of the posters are from here.I didn’t recognize any of the handles.Anybody post there?If not a lot more people are getting it, good!
http://seekingalpha.com/article/70348-upside-to-falling-prices-housing-affordabilty-index-reaches-4-year-high
Mikeinwaiting says:

March 30, 2008 at 7:26 am

pat 129 I would say that it is in all our self interest to go with the candidate who opposes this type of bailout.
Pat says:

March 30, 2008 at 7:38 am

http://www.theledger.com/article/20080330/NEWS/669831887/1039

“Paulson made clear that any such program would address only a small fraction of the millions of homes facing foreclosures…

“Let me also emphasize that any homeowner who can afford his mortgage payment but chooses to walk away from an underwater property is simply a speculator,” Paulson said. “Washington cannot create any new mortgage program to induce these speculators to continue to own these houses, unless someone else foots the bill.”
Pat says:

March 30, 2008 at 7:44 am

http://www.lohud.com/apps/pbcs.dll/article?AID=/20080329/BUSINESS01/803290323

Subprime mortgage crisis expected to grow in New York, report says

“The subprime lending crisis started as a housing crisis, but has turned into an economic development crisis for New York,” said Kirsten Keefe, senior consumer law attorney with Empire Justice. “The impact will be tremendous if immediate assistance is not given.”
serenity now says:

March 30, 2008 at 8:20 am

Trying to get a handle on the “big picture”
regarding foreclosures………
Does any one have a break down of
Percentage of homes nationwide that
have mortgages, and of those homes
how many are in foreclosure?
Thanks.
MT says:

March 30, 2008 at 8:25 am

#116, #117
Thank you. I also think it is quite a bargen if there is no bad story behind.(Maybe ghost is hanging around)
serenity now says:

March 30, 2008 at 8:43 am

Question for the realtors on board-
If a home inspection reveals a serious
flaw in the integrity of a home and the
deal falls apart , is the owner legally
obligated to fix the problem before
relisting? Or do they just have to
update the sellers’ disclosure?
grim says:

March 30, 2008 at 8:43 am

From the Times Trenton:

Unrepairable damage

Dawn Inserra thought she had all the bases covered when she purchased her first home in July.

She said she hired a home inspector to survey the 35-year-old, three-bedroom ranch in Toms River for any hidden deficiencies and followed him around for four hours. Then, there was a one-year home warranty the seller threw in as a closing gift, just in case anything major broke.

Sure enough, two months after she moved in, Inserra said her furnace stopped working. A local contractor concluded the furnace was on its last leg and could potentially leak hazardous carbon monoxide through the ductwork in her home.

She said she expected the warranty company, American Home Shield, to pick up the tab. Instead, she said American Home Shield, the nation’s largest warrant company, initially refused to foot the $4,000 bill to replace her furnace because, a service representative told her, the heating system had not been maintained properly.

The company declined to comment on this specific case and eventually paid a portion of the cost after she complained to her Realtor. But it still rankles the 29-year-old Inserra.

“When I bought the house it came with the warranty, and I was reassured that I wouldn’t be stuck with any huge unexpected bills and it turns out to be the opposite,” she said.

Home warranties have become a popular sales tool in the real estate industry, touted by sales agents as a low-cost way to make a house stand out in a crowded market. American Home Shield said in documents filed with the Securities and Exchange Commission it serves 1.3 million homeowners, amounting for more than 35 percent of a $1.3 billion market.

But interviews with consumers, real estate agents, attorneys and consumer advocates across the country show the largely unregulated industry is clouded by complaints of poor service, questionable practices and in some cases, alleged fraud.
Richie says:

March 30, 2008 at 9:14 am

Most extended warranties are scams, this article doesn’t surprise me..

I’d put more blame on the home inspector for failing to see that the furnace was in poor condition. A furnace won’t go from “good” to “last leg” in 2 months, the signs of failure would have been there.

-Richie
Fank says:

March 30, 2008 at 9:22 am

Another week, another 1,000 homes hit NJ RE market, we are getting close to the magic 100,000 homes for sale in NJ.
Hoboken inventory is approaching 600, number unseen in 2 years, shore communities are seeing large jump in inventory, could we see a summer slump at the shore?
Fank says:

March 30, 2008 at 9:26 am

In general inventory seem to be going up in the expensive towns and going down in lower priced towns.
bairen says:

March 30, 2008 at 9:37 am

Are there any good job boards for the Somerset, Middlesex Morris, Union counties area? Anything besides Career Builder and Monster?
Confused In NJ says:

March 30, 2008 at 9:37 am

I find that Home Inspections in General, are about 10% as effective, as having a Priest say a Prayer over the house. If you can’t find the problem yourself, they can’t find it either.
rhymingrealtor says:

March 30, 2008 at 9:44 am

Having had an inspector on my home purchase, and still had major issues immediately (I fought with them and won some concessions-such as they gutted and installed bathroom I paid for materials) and being on so many inspections with clients I can’t think of a bigger rip-off.
They now have disclaimers relieving them of any responsiblity, so I am not sure of their purpose.
KL
njmom says:

March 30, 2008 at 9:45 am

123 njpatient…I am sorry for what ever situation you might be dealing with however I am not kidding. Things in this area are moving and well…The only other home in my development for sale was another home on my street just went under contract for full asking price in one week at their open house. There are not that many decent sized homes (4 bd 3 ba)on nice cul de sac lots for under 500k in the area. look for yourself before you make such comments.
Essex says:

March 30, 2008 at 9:48 am

142…mls #s or it aint real
rhymingrealtor says:

March 30, 2008 at 9:49 am

NJmom,

I have friends who moved to Jackson in 98 bought into an unfinished developement, it is complete now and very nice, however she has stated the real estate market there is in very bad shape, even though she bought in on the 98 price their upgrades would not come back to them right now. They would have possibly 2 years ago, not now.
KL
bairen says:

March 30, 2008 at 9:53 am

Houses in Jackson for over 400k?

When did it get so expensive to knock down pine trees and hire illegals to slap together a mcmushroom?
Mikeinwaiting says:

March 30, 2008 at 10:09 am

njmom & the mls # is……………
The bulls..t detector is starting to beep.
Salty Steve says:

March 30, 2008 at 10:13 am

…went to visit a house in Hanover on Thursday (workday) at noon and there was someone else looking at the house at the same time!

good looking/almost right priced homes are hitting the market and it looks like people are out buying.

btw, it seems like there are a ton of open houses in morris county today…
lisoosh says:

March 30, 2008 at 10:20 am

Bairen – I always thought that the point of Australian Rules was that it was a free for all and that the name was pretty much a cynical joke.

Agree about the All-Blacks, second favorite team as I can’t let Scotland down. The Scots tend to be smaller so they never get a weight advantage. The All-Blacks on the other hand, with all those Samoans….well.
Mikeinwaiting says:

March 30, 2008 at 10:25 am

Salty “almost” is the key word,there will be plenty of nice homes for sale in 6 months at better than almost right prices.
Let the resets hit & the sh*t hit the fan as no spring has sprung in sales.Time is on the side of the buyer we are no where near bottom. Patience is your friend.Hang with your friend!
Sheeple are out buying.
mikeymike says:

March 30, 2008 at 10:36 am

Can anyone provide history for NJMLS #2811239? Thanks in advance.

Mike
Mikeinwaiting says:

March 30, 2008 at 10:39 am

Home Prices Fall 11.4% in January: A Chance to Hit Bottom?
I have to say that is quite a shocking number – after median prices held up as sellers were very stubborn throughout 2007, failing to recognize reality and waiting for the “bounce” back to 2006 prices, it appears we are finally getting some capitulation. Remember, “they” told us this could never happen.
Good read check it out.

http://seekingalpha.com/article/70276-home-prices-fall-11-4-in-january-a-chance-to-hit-bottom
BC Bob says:

March 30, 2008 at 10:43 am

“Perhaps this gloom and doom is more hype than reality.”

[118],

Maybe you can contact the fed. They are offering new windows at a deep discount. Possibly you can partner with them? Also, arrange a vist to 383 Madison Ave. Try telling them that this charade is all hype.
Mikeinwaiting says:

March 30, 2008 at 10:53 am

As you can see from the mid/late 1970s to 2001/2002 the ratio was consistent in a tight range between 2.6x to 3.0x. Essentially this means the median home price in this country was 2.6x – 3.0x median household income. And it’s been right around 2.8x for most of that time. That’s 30 years

This link is the strongest case for a decline in 20% range in NJ.If you read this & still want to run out & buy this spring god bless you.The lord looks kindly on fools.
What was the med income NJ 70 & med home price 350(please correct the #s if I’m off alittle).3 x 70 is 210 we have aways to go.

http://www.fundmymutualfund.com/2007/12/analysis-what-should-median-housing.html
Shore Guy says:

March 30, 2008 at 10:55 am

http://www.reuters.com/article/ousiv/idUSN2843884320080330

By James B. Kelleher – Analysis

CHICAGO (Reuters) – Investors who have never sat behind the wheel of a tractor are helping drive the price of U.S. farmland to record levels, attracted by its assumed safety following the meltdown in mortgage-related securities and excited by the potential of plant-based biofuels.

But is agricultural land really a good long-term investment? Or could the rush into rural real estate be just another Wall Street craze — one that ends like the Internet and housing manias that preceded it?

An analysis of rents — a key measure of U.S. cropland values — suggests the returns investors can expect from farmland are not only substantially below those available in the stock market but in a long-term decline to boot.

That disconnect — between fast-rising farmland prices on the one hand and fast-falling returns from farmland rents on the other — has some growers and government officials worried a bubble may be forming, one similar to the one that took hold 30 years ago and left rural America reeling once it popped.

Iowa Bank Superintendent Thomas Gronstal is among those concerned. “Current agricultural conditions,” Gronstal told lawmakers in U.S. Senate testimony on March 4, “are reminiscent of conditions experienced in the 1970s, which led to the economic and financial collapse of the 1980s.”

Gronstal said soaring crop prices made “the agricultural sector look strong.” But he warned that retreats in those prices could have an immediate and devastating effect on land values.

“If there has been too much leveraged or loaned against the inflated value of farmland, the bubble will burst and we will once again experience an economic crisis similar to that of the 1980s,” Gronstal said.

[snip]
gary says:

March 30, 2008 at 10:59 am

njmom [118],

I’ve got about 350 more for you just like it. Multiple bids over asking? Try again.

http://www.realtor.com/realestate/jackson-nj-08527-1094941407/
njpatient says:

March 30, 2008 at 11:00 am

142 njmom

You don’t have to be sorry. I’m sitting on a cash down-payment that I will use (but not in NJ) after prices fall for another 18 months and I have a recession-proof job. I’m filled with Joy.

I do not need to desperately troll real estate websites blowing smoke up peoples’ a$$es.

You should make sure that Chuck Schumer and Barney Frank know that you don’t need a bailout. I’ve been telling them that you don’t deserve one, but your argument would be more effective: no bailout is needed because everything is JUST FINE.
hoodafa says:

March 30, 2008 at 11:01 am

Re: 90

Thanks, danrpi89.

I’m planning to move end-April, so will do some scouting in Weehawken for “for rent by owner” apartments. If I don’t find something by next weekend, I’m going to an agent. Would you say it is (un)realistic to expect a decent 2 BR apartment for around 2k a month in the areas you mentioned (off Boulevard East)?

Other thoughts on Weehawken from anyone else would be welcome!
gary says:

March 30, 2008 at 11:01 am

HURRY, I HEARD THERE’S 5 BIDS OVER ASKING COMING IN TOMORROW MORNING ON THIS ONE!!!

http://www.realtor.com/realestate/jackson-nj-08527-1096718818/
Mikeinwaiting says:

March 30, 2008 at 11:02 am

WHAT DO WE HAVE TO LOSE?
Lets just say that its all doom & gloom the #s lie & the NAR speaks truth. A stretch I know but humor me.We hang tough & in Sept. prices are about the same(No one at all in any thing I have read or seen says they will rise).We pay are rent & then start looking.No way you can own cheaper than renting so you saved some money & houses are the same price.I would be open to hear a counter on this plan?
njmom says:

March 30, 2008 at 11:03 am

The reason for all this interest in Jacskon is that it has gotten really nice. Beautiful new schools, great teachers, new shopping centers, gorgeous new library with cafe which has great programs for kids, great parks and sports complex. There are a lot of family friendly activities. It feels like the last place where americana still exists (it is not a satellite community for New York) In fact yesterday at the high school there was a talent show and over 60 kids performed everything from playing classical piano to modern dance. There is also a great rec sports program. Now there are big differences in areas. The west end however is much more desirable, larger wooded lots, newer homes, close to 195 and the turnpike, 15 minutes to Centrastate hospital and the Freehold mall. The beach is just 25 minutes away. People love it here because there isn’t any traffic on this end and it is peaceful and quiet. Kids here can still play outside and ride their bikes and at night you can still see the stars and hear the crickets. I hate to move away from here and may in fact bag moving as every other place is just too expensive and crowded. Which I know sounds crazy since I have a total of 4 offers for my house over asking price and willing to close whenever I want. I am tempted to take the money and run however the big question remains…..where? I can’t find any place further north with similar prices with such a high quality of life. if you know of any let me know.
bairen says:

March 30, 2008 at 11:08 am

#158 Gary,

Jackson is way overpriced. Unless you enjoy having a short commute to go cow tipping.
njmom says:

March 30, 2008 at 11:18 am

Over priced? I believe in towns in north jersey you can only buy a garage for about 450-500k I know there are some areas where cheaper prices exist of course you would have to be willing to wear a bullet proof jacket in your yard.
BC Bob says:

March 30, 2008 at 11:20 am

patient [156],

Where are you buying in 18 months?
t c m says:

March 30, 2008 at 11:20 am

#118 –

if the market is so great in your area, and you feel it’s gonna stay that way, then don’t put offers in at 8% below – pay asking – if you’re so confident…….
D says:

March 30, 2008 at 11:22 am

Njmom, that is quite the sales pitch! Your home sounds wonderful & what a great community! Do you have an MLS number? Thanks!
njpatient says:

March 30, 2008 at 11:23 am

BC
Main Line, outside Philly.
3b says:

March 30, 2008 at 11:25 am

#118njmom: If you say so dear.
njpatient says:

March 30, 2008 at 11:25 am

162 njmomma

“Over priced? I believe in towns in north jersey you can only buy a garage for about 450-500k”

Yes – that’s unquestionably overpriced.
gary says:

March 30, 2008 at 11:27 am

Price reduced, vacant and motivated owner… in Jackson, NJ.

http://www.realtor.com/realestate/jackson-nj-08527-1096542778/
All Hype says:

March 30, 2008 at 11:28 am

njmom:

You are a real estate saleswoman. Stop the BS already!
njpatient says:

March 30, 2008 at 11:29 am

169 gary

“Down goes Frazier! Down goes Frazier!”
3b says:

March 30, 2008 at 11:29 am

#142 njmom: Yes, everybody is just dying to move to Jackosn;its the home of Great Adventure!!!
gary says:

March 30, 2008 at 11:31 am

njpatient,

LOL!!! Great freakin’ line. Oh man, how dead on appropriate!
3b says:

March 30, 2008 at 11:32 am

#147 salty:and it looks like people are out buying.
Or out trying to buy,still have to get to closing.

And shockingly thats when quite a few people discover that things have changed. No more easy loans.
njmom says:

March 30, 2008 at 11:34 am

gary – that listing – not an acre, not the most desirable elementary, no cul de sac no woods in back and Not on the west end. as I mentioned there is a big difference in area – jackson consists of 100 square miles and there are big differences between the locations.
BC Bob says:

March 30, 2008 at 11:36 am

patient,

Do stars exist along the Main Line. Any crickets?

njmom,

Drinking a Jim Jones concoction?
3b says:

March 30, 2008 at 11:38 am

#175 njmom: OK Now here come the excuses and the backpedaling once you have been called out. Have a nice day dear.
gary says:

March 30, 2008 at 11:41 am

3b [177],

Our work is done. :)
dinra says:

March 30, 2008 at 11:41 am

Thx rhymingrealtor…do you have DOM OLP etc….thz again
D says:

March 30, 2008 at 11:41 am

Njmom, why won’t you share your home’s MLS #? I know I am not familiar with Jackson, so your guidance would help greatly! (Wouldn’t want to end up in that crummy area Gary posted!) Thank you!
njmom says:

March 30, 2008 at 11:44 am

I am not insulting anyone I am not a realtor, I am just explaining my dilemma. So I do not know why you all feel the need to be so negative.
Can any of you find a decent, clean, 4 bd home with a basement in the west end of Freehold township (not borough), or Manalapan either for under 500K which is Not on a busy road?
3b says:

March 30, 2008 at 11:44 am

#178 gary: Yes. Next!!!
t c m says:

March 30, 2008 at 11:44 am

Re: jackson and other more affordable areas in nj

i have a very close friend who wants to move back northeast to be closer to family – doesn’t need to be close to nyc for job reasons- very modest income (probably around 70K) and large downpayment (probably around 250K give or take a few) – but i could never recommend nj – even if he found a house at an affordable price for him because of the runaway taxes.

if this situation keeps up, there will come a point that at no matter what price, owning a house becomes such a liability that you won’t want to touch it.
njpatient says:

March 30, 2008 at 11:45 am

176 BC
I plan for stars, crickets and fireflies.
D says:

March 30, 2008 at 11:46 am

I guess that is a no then, Njmom. Very frustrating that you know of great, affordable NJ places to live, but won’t provide examples. *sigh* Oh, well.
njpatient says:

March 30, 2008 at 11:47 am

180 D
I begin to get the impression that njmom’s house doesn’t have an MLS number. How very odd!!
scribe says:

March 30, 2008 at 11:48 am

Why is there such an emphasis in so many ads on “hardwood floors”?

What’s the alternative – cheap plywood covered over with something else?
D says:

March 30, 2008 at 11:49 am

Njpatient (186), I have to agree with you at this point. What a tease!
njpatient says:

March 30, 2008 at 11:50 am

Mrs. Patient and I have been reading all about one of Brigadoon’s scariest properties: the List House.
If you all don’t know the story behind this house that is associated with multiple multiple murders, you should do a little Googlin’. Very scary!
(And yes, I know I used the word multiple multiple times – that was intentional).
bairen says:

March 30, 2008 at 11:52 am

#187 what’s the big deal about hardwood floors? All you’re gonna do is walk on them.
bairen says:

March 30, 2008 at 11:53 am

#189 Didn’t List get caught about 20 years later in Colorado or something like that? I think he was profiled on America’s Most Wanted or something like that.
njpatient says:

March 30, 2008 at 11:54 am

bairen, you’ve been paying attention!

D’ya know what happened to the subsequent owner?
bairen says:

March 30, 2008 at 11:54 am

#171 njpatient

That’s the line of the week.

Down goes Frazier!
All Hype says:

March 30, 2008 at 11:55 am

Hooray, let’s try to pump the Jackson Twp. marktet!!!
bairen says:

March 30, 2008 at 11:55 am

#192 njpatient,

No what happened? I know List wiped out his family then took off.
3b says:

March 30, 2008 at 11:55 am

#183 tcm:Some may consider 70K a very modest income, and yet in prestigious Beregn County, 70% of families earn under 100K a year.
D says:

March 30, 2008 at 11:56 am

Here’s a recent link about the List house & situation: http://tinyurl.com/ynlq53

The caption under the house pic says it burned down in 1972. What happened next?

A mountain of debt…. hmmm… sounds like we could possibly see more of these kinds of situations. very scary, indeed.
njpatient says:

March 30, 2008 at 11:58 am

http://www.crimelibrary.com/notorious_murders/family/list/1.html

Here’s the full list story (the details are freakish – reads like a story out of a horror movie).
bairen says:

March 30, 2008 at 11:59 am

We’re waiting till we can get a house for 2 to 2.5 x income. And not a POS either. I would prfer a pre 1940’s colonial or victorian.

I figure if we stay in NJ and buy something at 2 x income we have some wiggle room if one of us gets laid off and takes a lower paying job. We also won’t be stretched as property taxes keep going up.

I’m trying to convince my wife to go to Chicago or Texas this summer for a look around. If we move i would like to move to a suburb of a big city that did not vote for Huckabee.
njpatient says:

March 30, 2008 at 12:04 pm

Short version:
List lives in 19 room mansion in Brigadoon with wife and three kids and crazy old mother who is kept in the attic (really).
Is religious nut.
Loses job.
Pretends to keep going to work, but instead sits at the train station every day for six months while the money runs out.
One day, tells the family they need to decide whether to be buried or cremated.
Next week, murders them all in horrific fashion and disappears, leaving many freakish notes.

Remarries in Colorado, caught 18 years later.

A year after the murders, the abandoned mansion burns to the ground.

Businessman comes to town, buys the property, builds a new house, and starts the Westfield Leader newspaper (still the town paper).

Businessman dies in early 90s, leaving the house to his brother. Shortly after the brother becomes the new owner of the List House, his wife murders him and then commits suicide.

House is a few blocks from me. I will definitely drive by next Halloween.
3b says:

March 30, 2008 at 12:06 pm

Well another Sunday and another Real Estate section in the Bergen Record.

Dumb article this week about low balling. Make a long story short.

Mr./Mrs.Chen the realtor at the Chen agency in Ft.Lee, goes back to 2004 to get the true historical value of a house.

Guess it does not matter, that lenders in many case are only going back 3 months for comprables, and at the end of the day,the realtors’ so called historical value means nothing if the buyer cannot obtain the financing..

Sellers read these stupid articles,and act accordingly, which is stupid.
njpatient says:

March 30, 2008 at 12:11 pm

Scary:
http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=23084

List grave in the cemetary in Brigadoon, and folks/associates comment on the grave website…
t c m says:

March 30, 2008 at 12:18 pm

#196 –

i know – i guess that’s the problem
3b says:

March 30, 2008 at 12:20 pm

From Bloomberg
Jobs Slumped for Third Month: U.S. Economy Preview

By Bob Willis

March 30 (Bloomberg) — The U.S. lost jobs for a third month in March and manufacturing contracted at the fastest pace in five years, signs the economy continues to turn down, economists said before reports this week.

Payrolls probably shrank by 50,000, according to the median estimate of economists surveyed by Bloomberg News before the Labor Department’s April 4 report. The last time the economy lost jobs for at least three consecutive months coincided with the start of the Iraq War in 2003.

“The economy has slipped into a recession,” said Ethan Harris, chief U.S. economist at Lehman Brothers Holdings Inc. in New York. “We expect the labor market to weaken, with payrolls falling steadily through the middle of next year.”

Job losses, slumping confidence and the biggest plunge in housing in a generation all point to a slowdown in consumer spending that will weaken growth. Federal Reserve Chairman Ben S. Bernanke will testify before Congress this week after lowering interest rates and extending credit to non-banks in an attempt to calm financial markets.

The projected decrease in payrolls would follow a decline of 63,000 in February and a smaller drop in January. The jobless rate likely rose to 5 percent from 4.8 percent, the survey said.

Factory payrolls in March probably shrank by 40,000 workers, reflecting automakers’ efforts to trim costs and a strike at a suppler for General Motors Corp., economists project the jobs report may show.

Strike’s Influence

A walkout by workers at American Axle & Manufacturing over pay and benefits that started on Feb. 26 has idled almost half of GM’s North American workforce. The payroll figures may be reduced by as much as 20,000 workers because of the effects of the strike, according to Morgan Stanley economist David Greenlaw.

Ford Motor Co., which lost $15.3 billion in the past two years, may cut more jobs in North America, Chief Executive Officer Alan Mulally said earlier this month.

“The old ways of doing business are gone,” Joe Hinrichs, Ford’s manufacturing chief, and Marty Mulloy, vice president of labor affairs, said in a March 19 commentary sent to newspapers in communities where Ford has plants. “We must continue to downsize and simply will not have enough jobs for all of our current hourly workers.”

Job losses in financial markets are also mounting following the collapse in subprime lending.

Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001, according to the Securities Industry and Financial Markets Association.

Job Losses

This year, banks including Lehman, Citigroup Inc. and Morgan Stanley have been reducing staff in fixed income trading, securitization and investment banking. So far, Lehman has eliminated 18 percent of its workforce, Morgan Stanley has cut 6.2 percent, and Merrill Lynch & Co. has trimmed 4.5 percent.

“Rising unemployment should continue to slow wage growth, adding to the strain on consumers,” said Lehman’s Harris.

Manufacturers are retrenching as demand weakens. The Tempe, Arizona-based Institute for Supply Management may report April 1 that its factory index fell to 47.5 this month, the lowest level since April 2003, from 48.3 in February, according to the survey median. A reading of 50 is the dividing line between expansion and contraction.

The following day, the Commerce Department may report that factory orders in February dropped 0.8 percent following a 2.5 percent decline the prior month.
3b says:

March 30, 2008 at 12:22 pm

#204 Please note all of these financial job losses are lcoated in California.

Job losses in financial markets are also mounting following the collapse in subprime lending.

Wall Street banks hit by mortgage losses and writedowns have cut more than 34,000 jobs in the past nine months, the most since the dot-com boom fizzled in 2001, according to the Securities Industry and Financial Markets Association.
Clotpoll says:

March 30, 2008 at 12:29 pm

3b (172)-

That is, until Great Adventure gets shut down…or turned into a game preserve. Check the hideous chart of their parent company:

http://tinyurl.com/2pja25
njpatient says:

March 30, 2008 at 12:29 pm

Even more interesting, re List/Brigadoon:
http://members.aol.com/livingwithwords/johnlist.htm

“I was one of the team of reporters who covered the famed John List murder case in Westfield, NJ.”

[snip]

“One other point about List: Knowing the town of Westfield as well as I do I know he was under tremendous pressures to conform to the high quality affluent lifestyles of the place. Perhaps he was overcome by these pressures. In another area the result may have been different. But who knows or ever will now?

The town was deceptively tranquil and as I recall it no one would suspect such dark evil would exist in its quiet suburban enclaves.”
Clotpoll says:

March 30, 2008 at 12:30 pm

Speaking of game preserves, didn’t that lady who let a couple of tigers loose a few years ago live in Jackson?

Would be a shame if little Muffy were playing on the ground at her shimmering new school and got her arm chomped off by a 400-lb cat in heat…
Clotpoll says:

March 30, 2008 at 12:32 pm

njmom (175)-

In which area of Jackson does the lady with the tigers live?
Clotpoll says:

March 30, 2008 at 12:37 pm

patient (200)-

“Businessman dies in early 90s, leaving the house to his brother. Shortly after the brother becomes the new owner of the List House, his wife murders him and then commits suicide.

House is a few blocks from me. I will definitely drive by next Halloween.”

When you pass by there, knock on the door and say hello to Reechard. Ask him if he’s got his wife planted in the backyard.

Alas, since we haven’t heard from Reech in some time, perhaps Wifey has planted him…
njpatient says:

March 30, 2008 at 12:38 pm

209 clot
The part of Jackson where there are no MLS numbers, of course.
The tigers ate them.
gary says:

March 30, 2008 at 12:41 pm

Mrs. Gary wants to know if anyone knows how to get a Nintendo Wii? She’s been calling places for two weeks now w/o success. Suggestions? I’ll check in later.. thanks.
chicagofinance says:

March 30, 2008 at 12:41 pm

db89 Says:
March 29th, 2008 at 10:53 am
ChiFi: Sorry you took offense. I really just would not want anyone to make any uninformed decisions based upon the following statement you made: “529 overall note….IF you derive income from a NYS source…use one of those two plans…case closed…” While it might conceivably make sense for some, as I believe the top marginal income tax rate in NJ is higher than in NY, it actually might be detrimental to others.

db89: Thank you for raising this issue to my attention. I want to research this position, because it could conceivably come up in a client conversation, and I want to have clarity.

Before I make myself look like an a%% in front of a colleague (as opposed to the masses online), please let confirm a couple of things:
(1) you are a tax professional, work with a tax professional, or are well versed on these types of issues.
(2) you have specifically dealt with this situation so that you are speaking from experience.

I have performed some quick fact checking on the tax tables of the two states, and agree exactly with what you are asserting. However, I am not a tax professional, do not hold myself out as one, nor have I ever personally prepared a tax return for a fee.

Where this issue gets complicated is not so much a quick review of the tables, but rather how do they NYS and NJ taxing authorities interact. Applying logic (i.e. useless when dealing with tax code) would suggest that under your assetion, one would be NEUTRAL, not damaged, by taking a NYS tax deduction, as it serves as a CREDIT against a NJ tax liability. From my limited understanding, your NJ tax is your NJ tax….but again, a person actually needs to see how the overall impact plays out in a real situation.

Anyway, thank you again for raising this issue, and please provide some background. I will see whether some time this week I can get an exact answer, since I feel as if I owe it to anyone who reads the crap I post. I made a comment that suggested that I knew what I was talking about, and I am AT BEST HALF-WRONG here…..
NJGator says:

March 30, 2008 at 12:52 pm

Clotpoll – The tiger lady lost her tigers years ago. State made her get rid of em. They’re in Texas now. http://lists.envirolink.org/pipermail/ar-news/Week-of-Mon-20031110/009979.html

And heaven forbid Great Adventure get shut down. That’s the greatest old people job in all of Jackon. Stu’s parents own an “active adult” home in Jackson. They live there when they are not wintering in Boca Raton. His dad works there part time while collecting social security. At the end of the season, Great Adventure buses everyone to the local unemployment office so they all can collect while the park is closed. His dad gets to collect unemployment and social security while playing bridge in Florida.

And all of the Jackson market is tanking. Last year Stu’s folks turned down an offer to sell their Jackson home for $325k in a private sale. This year the best offers they got were less than $280k with a broker. A quick check on realtor.com shows homes in their neighborhood listed for around $235k.
lostinny says:

March 30, 2008 at 1:01 pm

212 Gary
Ebay!
stu says:

March 30, 2008 at 1:18 pm

ChiFi:

There is nothing I respect more than a person who is willing to both admit and then learn from their mistakes. I can’t begin to tell you how much I learned from you in our little conversation at the last GTG. When my net worth approaches the level of your average clientèle, I will be looking you up for sure.
db89 says:

March 30, 2008 at 1:24 pm

ChiFi:

1) I dislike the term “tax professional” because some (not all) of those that I have dealt with that hold themselves out as such have limited real understanding of how and why the IRC and states’ codes are structured the way they are especially dealing with income taxed in multiple jurisdictions. (it seems many simply plug numbers into a computer progam and don’t bother to understand why the program did what it did). In any event, I don’t hold myself out as a tax professional, have never done an individual return for money but because of my line of work (and prior study) have a fair amount of experience with the tax codes.

2) I have specifically dealt with the situation with non-nj source income and the credit one receives on nj tax for taxes paid in another jurisdiction.

The reality as I see it is that NJ makes sure that it taketh away that which other juridictions give. Thus, NJ only gives a proportional credit for taxes paid on the actual income taxed in the other jurisdiction. As an example away from a 529, if one has NY source income and has a SEP IRA in NY, while NY allows a deduction for that, NJ does not. Therefore, te SEP conribution is not part of the actual income taxed in NY. Therefore, the amounts contributed to the SEP IRA need to be added to income when calculating NJ taxes and because that income was not actually taxed in NY, it is not figured in to the actual income calculating the credit in NY for NY tax paid.

As I see it, if a NJ resident has a higher NJ marginal tax rate, has NY sourse income and a NY 529, it mught be better to forego the NY deduction. Of course calculations should be done both ways to make sure.

All disclaimers. I might be wrong, but that is how I see it. Please corect me if I am wrong as I would be curious as to your view.
grim says:

March 30, 2008 at 1:45 pm

mikey,

Purchased: 9/17/2003
Purchase Price: $360,000

Some interior renovations done post-purchase, but there aren’t enough pictures to know the extent. Looks like some exterior work as well.

MLS# 2613351
Listed: 4/9/2006
Original List Price: $585,000
Reduced to $565k in October
DOM: 184
Expired

MLS# 2644594
Listed: 11/18/2006
OLP: $545,000
Reduced to $524k in Jan 07
Reduced to $512k in May
DOM: 220
Withdrawn

MLS# 2725979
Listed: 6/25/2007
OLP: $490,000
DOM: 270
Withdrawn

MLS# 2811239
Listed: 3/20/2008
OLP: $430k
Active
grim says:

March 30, 2008 at 2:12 pm

Rich,

What is the skinny on NJMLS# 2811508?
mikeymike says:

March 30, 2008 at 3:00 pm

Thanks for the history on that house Grim. Boy,talk about chasing the market down! I just took a look at that house this afternoon and it is fairly priced in my opinion. The few negatives are size, septic, and busy corner (right off Colonial). I may have to discuss with the Mrs. about putting in a lowball on this one.

Mike
db89 says:

March 30, 2008 at 3:12 pm

ChiFi:

I want to clarify. I went back and looked at NY non-resident income tax. The way I see it, the 529 deduction is not subtracted from NY income but is subtracted from Fed. Income in NY. (you have to look at NY form and instructions). It’s complicated, but NY does not appear to give non-residents the deduction benefit. It’s all about the ratios between Fed Taxable Income and NY taxable income (as calculated by NY) and how that determines the NY tax bottom line. I thnk I was wrong when I said that if you have a higher marginal NJ income tax rate that it would be detrimental. However, I still don’t think you get a real benefit from doing so.
1987 Condo Buyer says:

March 30, 2008 at 3:58 pm

2 brothers in NYS..I believe the deduction is for NY State residents only..which makes sense to me.
NJGator says:

March 30, 2008 at 4:12 pm

Can someone with MLS access please give me the address for 2488774 in Madison? Thanks.
grim says:

March 30, 2008 at 4:18 pm

15 Pine

Prior sale:

Sold: 05/04/05
Sale Price: 730,000
rhymingrealtor says:

March 30, 2008 at 4:45 pm

Jim,

Do you need to acess NJMLS# 2811508?

Email me.

KL
gary says:

March 30, 2008 at 5:09 pm

The wife and I just rode through Little Falls and saw an open house and decided to go in. They were asking 419K… It was a small CHC, built in the 30’s or 40’s, w. 3/1.5. There were a lot of people going in and out. I asked the realtor how many she had and she said around 50 people. It was very busy when we were there. Don’t know what it indicates.
stu says:

March 30, 2008 at 6:00 pm

Pent up demand?

I’ll wait to see the monthly sales numbers. People have no DP and are still not aware of how tight credit is.

We’ll see, of course.
Politely says:

March 30, 2008 at 6:04 pm

#214 – When we were looking last year, Toys’R’Us at Times Square was where I had to go. Then, they were receiving a few hundred every Sunday. Everywhere else only a few. Good luck. Great system for younger kids (and older adults).
PA says:

March 30, 2008 at 6:09 pm

Morris hasn’t escaped crunch of foreclosures

Mortgage failings still greater in other areas

http://www.dailyrecord.com/apps/pbcs.dll/article?AID=/20080330/COMMUNITIES/803300337
Bloodbath in Winter 2007 says:

March 30, 2008 at 6:15 pm

Depressing: Talked to a friend in DC who bought last year when I knew he shouldn’t have. He thought he was ‘getting a deal’ when he got a massive, new-construction TOWNHOUSE for $552k. It’s apparently pretty sick, but still, it’s a townhouse, and that’s a ton. The builder lowered the price like 75-100k, which led him to believe it was a ‘deal.’

Now, he’s up for a promotion, and it would entail a MOVE to Connecticut. He is about to tell his company he’d only do so if they sell his place and swallow the difference. He talked to an agent … based on comps and foreclosures in his neighborhood … agent told him he could ONLY GET $400K.

(Not that it matters, but he bought this place without selling his old one, and though he’s renting that one out, he’s doing so at a loss right now. PLUS, he pulled out equity from the old one. I feel bad for the guy, but he made some terrible mistakes.)
Arr Elle says:

March 30, 2008 at 6:27 pm

Does anyone has access to the State of NY mls? Preferably Broome county??

Thanks
Mikeinwaiting says:

March 30, 2008 at 7:12 pm

Gary 228 More lambs to the slaughter.
ithink-ithink says:

March 30, 2008 at 7:19 pm

unsure if this has been posted before, but i’ve used the charts as part of our science metric when will we buy.

The middle class ($44,455+) in 2004 has problems, you’ll be paying out the nose compared to the previous generation. 500% of your yearly salary is needed to buy a median home, compared to 370% for those in this salary group in 1967.

http://goofyblog.net/historic-household-income-vs-home-prices/
Outofstater says:

March 30, 2008 at 7:34 pm

#156 Yup. Read “Broken Heartland” by Osha Gray Davidson, University of Iowa Press, 1996 (update of 1990 edition)
Outofstater says:

March 30, 2008 at 7:46 pm

The List House – Wasn’t it later discovered that the house had a real Louis Comfort Tiffany stained glass ceiling in the ballroom or something? Selling that would have taken care of all of his financial problems. Still remember when that happened – it creeps me out even now.
ithink-ithink says:

March 30, 2008 at 7:57 pm

now it’s a great time to buy a house. attention, the market has hit bottom & all new fabulous highs. :-)

I’m so happy about this.

http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=31009351

p.s. actually, love shack was ’89, so there’s your true market indicator.
rhymingrealtor says:

March 30, 2008 at 8:37 pm

Gary,

I have never held an open house with 50 people visiting, although I am wondering if they are counting kids,family members etc. We always count them as sets of people. I had an open house today I had 3 sets of people. It was a 2 hour open house. The most I can remember in an open house was maybe 15 sets of people. That was in the spring of 2004.

KL
stu says:

March 30, 2008 at 9:07 pm

Gary wasn’t at an open house, he was at a crack house!
gefilte says:

March 30, 2008 at 9:27 pm

Where can I find out more about the zoning/bylaws about the height/nature of fence/shubbery I can put on the perimeter of a property (clifton). (Assuming there are laws about that).

Thanks
rhymingrealtor says:

March 30, 2008 at 9:42 pm

Gerfite,

Go to the building/zoning deptartment of Clifton. You can usually even give them the specific lot and block you are inquiring about.

KL
Confused In NJ says:

March 30, 2008 at 10:46 pm

Vytorin, which came out in 2004, combines Zocor with Schering-Plough Corp.’s Zetia, which went on sale in 2002 and attacks cholesterol in a different way.

The study tested whether Vytorin was better than Zocor alone at limiting plaque buildup in the arteries of 720 people with super high cholesterol because of a gene disorder.

The results show the drug had “no result — zilch. In no subgroup, in no segment, was there any added benefit” for reducing plaque, said Dr. John Kastelein, the Dutch scientist who led the study.

That happened even though Vytorin dramatically lowered LDL, fats in the blood called triglycerides and a measure of artery inflammation — CRP.
Punch My Ticket says:

March 30, 2008 at 11:02 pm

WTF? Who knew about this? Fess up!

http://money.cnn.com/2008/02/20/news/companies/credit_suisse_accounting.fortune/index.htm
Donald says:

March 30, 2008 at 11:56 pm

Today I went to the open house for MLS#: 2501049,162 ROBBINS AVE, Berkeley Heights.

I estimate from the list of the visitors; there may be about 20. There have been five offers in one week after it was listed and the owner has accepted an offer and sent for review. It appeared that it is well priced.

In contrast, a few other open houses in Berkeley Heights or Mountainside at similar listing price, got only few of them. It is obvious that these houses are overpriced.

I have been searching house in these areas for about 3-month. It seemed to me that once a house is listed properly (mainly price, and a few other basics), it goes fast. However, the majority are overpriced. I have seen a few that have reduced the priced by about 20% from its original listing prices, and they are still in market “actively”….
danrpi89 says:

March 31, 2008 at 6:56 am

Hoodafa

Re 159

Yes, you can find apartments for under $2k/mo with two bedrooms. We have a duplex 3BR with basement for $1750 (no utilities). The Wee. Reporter listed several apartments this weekend for under $2K (don’t know location.) On our evening walks with the baby I have seen seveal “apartment for rent” signs on the side streets off Blvd.East. Take a drive or bike ride around. If you can’t find a Wee. Reporter at the news stand come around the area Saturday night or Sunday morning – the papers are laying all around the neighborhood (delivered Saturday PM.) Regards.
Jill says:

March 31, 2008 at 1:45 pm

Re: List murders: My first-hand recounting of that time and in the aftermath is here.

When that’s your first experience with death, it changes you forever. I have ever since been unable to muster the appropriate level of sympathy for someone whose 92-year-old grandmother died peacefully in her sleep surrounded by her loved ones.
FH NJ says:

March 31, 2008 at 9:00 pm

Funny, I too live further south (Monmouth County). Things here are not like you describe in Jackson…sounds a bit off, being that I live in an area where I have access to a train, boat and bus. Jackson is in the middle of no where, so why is housing taking off there? Its def. not the school system.

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