19 Yale Terrace, Montclair NJ
Purchased: 6/1/2005
Purchase Price: $762,000
MLS# 2503228
Sold: 6/26/2008
Sale Price: $705,000
19 Woods End Road, West Orange NJ
Purchased: 6/1/2004
Purchase Price: $379,000
MLS# 2493002
Sold: 6/27/2008
Sale Price: $362,500
31 North Road, Chester NJ
Purchased: 7/23/2004
Purchase Price: $425,000
MLS# 2498591
Sold: 6/26/2008
Sale Price: $390,000
2 Lent Street, East Hanover NJ
Purchased: 8/31/2005
Purchase Price: $595,000
MLS# 2504681
Sold: 6/23/2008
Sale Price: $490,000
3 Ryan Court, Montville NJ
Purchased: 9/7/2006
Purchase Price: $1,883,065
MLS# 2465933
Sold:6/27/2008
Sale Price: $1,875,000
2 Spring Brook Court, Randolph NJ
Purchased: 10/25/2005
Purchase Price: $620,000
MLS# 2502058
Sold:6/16/2008
Sale Price: $580,000
568 Herrick Drive, Rockaway NJ
Purchased: 12/22/2005
Purchase Price: $395,000
MLS# 2501924
Sold:6/27/2008
Sale Price: $385,000
1 Shannon Mountain Lane, Washington Twp NJ
Purchased: 7/23/2003
Purchase Price: $625,000
MLS# 2511748
Sold:6/26/2008
Sale Price: $616,500
(Under the 2003 Purchase Price!)
152 Patriot Hill Drive, Basking Ridge NJ
Purchased: 8/22/2007
Purchase Price: $640,000
MLS# 2498959
Sold:6/26/2008
Sale Price: $610,000
5 Crammer Lane, Hillsborough NJ
Purchased: 9/13/2006
Purchase Price: $495,000
MLS# 2515281
Sold:6/27/2008
Sale Price: $490,000
517 Cicilia Place, Scotch Plains NJ
Purchased: 6/15/2006
Purchase Price: $389,000
MLS# 2512061
Sold: 6/27/2008
Sale Price: $287,500
23 Park Ave, Newton NJ
Purchased: 9/12/2005
Purchase Price: $393,750
MLS# 2469605
Sold: 6/27/2008
Sale Price: $382,500
332 Knox Way, Hopatcong NJ
Purchased: 11/21/2006
Purchase Price: $210,000
MLS# 2516427
Sold: 6/26/2008
Sale Price: $175,000
10 Carolina Ave, Newark NJ
Purchased: 8/9/2006
Purchase Price: $195,000
MLS# 2516055
Sold: 6/26/2008
Sale Price: $50,500
95 Blue Hill Ave, Fairlawn NJ
Purchased: 9/15/2005
Purchase Price: $425,000
MLS#: 2811101
Sold: 6/27/2008
Sale Price: $401,000
From the Record:
Farthest suburbs taking a hit
With its hills, lakes and historic towns, Sussex County has long attracted home buyers from the more crowded – and costly – housing markets of Bergen, Passaic and Morris counties.
But $4 gas, long commutes and a renewed interest in walkable communities is expected to slow the migration to outlying areas like Sussex and Warren counties, as well as the Poconos.
In fact, signs of distress – such as foreclosures and high inventories of homes for sale – are already more pronounced in some of these areas. A look at Sussex County, which saw a large influx of buyers in the first half of this decade, shows how gas prices and shifting market demands can affect home values.
“I know some sellers are selling because they just have gotten tired of the commute, and the price of gas is really a big thing,” said Gary Anderson, a real estate agent with Re/Max Nextra in Vernon.
“People have been willing to put up with very long commutes because it’s nice living out in the country,” said Eric Snyder, planning director for Sussex County. “But there are a lot of people who are really taking a beating from high gas prices.”
From the Boston Globe:
The price must be right
There is no glaring reason that this five-bedroom Colonial in Waltham has been on the market for three years.
The house has one unusual feature: It is situated at the back of the lot, so the expanse of yard is in the front. But it could be any large house in a groomed Boston suburb. It has 3,250 square feet, a sunroom, fireplace, second-floor balcony, updated kitchen, and finished basement, shiny hardwood floors, and an elegant built-in hutch. It’s in “pristine” condition, its sales listing said.
The problem, said Glenna Gelineau, a Waltham real estate agent who has watched the tortuous history of the house, was that its initial list price was too high. When the real estate market began falling, it never caught up. It was first listed for $849,000, at a time when the sales market was still strong. Despite 15 downward price adjustments, the house apparently never hit the right number.
“They’ve been chasing the market down ever since,” she said. Gelineau, who has been inside the house, said it “shows nicely.” But, at some point, properties that languish that long without a sale are stigmatized among buyers and agents and become “stale.”
The seller has now cut the price again, the 16th time, a $10,000 reduction to $534,900. Dave DiGregorio, the listing agent for the property, predicted the new price would attract an offer, because it’s now priced “below market value.”
…
And buyers know they have the advantage.
“You’re either going to take my offer or I’m going to walk” was the attitude of Steve Pelland and his wife, Candice, recent buyers in Holliston. “We had set a budget, and that was it. I wasn’t going over that by a dollar more,” he said.
From the NYT:
As Housing Bill Evolves, Crisis Grows Deeper
When Congress started fashioning a sweeping rescue package for struggling homeowners earlier this year, 2.6 million loans were in trouble. But the problem has grown considerably in just six months and is continuing to worsen.
More than three million borrowers are in distress, and analysts are forecasting a couple of million more will fall behind on their payments in the coming year as home prices fall further and the economy weakens.
Those stark numbers not only illustrate the challenges for the lawmakers trying to provide some relief to their constituents but also hint at what the next administration will be facing after the election. While the proposed program would help some homeowners, analysts say it would touch only a small fraction of those in trouble — the Congressional Budget Office estimates it would be used by 400,000 borrowers — and would do little to bolster the housing market.
“It’s not enough, even in the best of circumstances,” said Mark Zandi, chief economist of Moody’s Economy.com. The number of people who will be helped “is going to be overwhelmed by the three million that are headed toward default.”
From the Daily News:
The tragic toll of housing nightmare
For many Americans the foreclosure crisis is nothing but a jumble of numbers and percentages, but here in the far edges of Queens, the human toll of the housing collapse is felt full force.
Foreclosures have popped up like weeds through the pavement, engulfing entire city blocks and profoundly altering people’s lives.
In one of the highest concentrations of foreclosures in the city, a three-by-three-block section of South Jamaica, the Daily News found 98 properties in foreclosure from January 2006 through this month. This is ground zero of New York’s foreclosure mess: Linden Blvd. to the north, Foch Blvd. to the south, 145th St., Inwood St., 146th and 147th Sts. west to east. No street is spared.
Some families are homeless, others are split in money fights. Plugs have been pulled on utilities. Abandoned houses have attracted rodents.
From Shiller and the NYT:
One Rebate Isn’t Enough
TAX rebates have been arriving in bank accounts and mailboxes, and will eventually put more than $100 billion into the hands of consumers. The hope is that by spending the money, they will lessen the risk of economic disaster from the subprime crisis.
Have the rebates, now mostly distributed, achieved their objective?
It’s not very likely. The rebates may be helping the economy, but the stimulus they are providing is certainly too small to make a real difference. More will be needed, perhaps much more, before the economy is truly on safe ground. From the outset, government officials considered the tax rebates as a kind of insurance for the overall economy. In January, just before Congress passed the stimulus bill authorizing the rebate checks, Peter R. Orszag, director of the Congressional Budget Office, wrote that, in the current economic situation, there was a risk of “a self-reinforcing spiral (of less lending, lower house prices, more foreclosures, even less lending, and so on) that could further impair economic activity and potentially turn a mild recession into a long and deep recession.”
Farthest suburbs taking a hit
And history, once again repeats itself.
Is there something about East Hanover that would cause such a huge drop in prices?
IMF to evaluate US financial system.
http://www.spiegel.de/international/world/0,1518,562291,00.html
No Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing.
When the final report on the risks of the US financial system is released in 2010 — and it is likely to cause a stir internationally — only one of the people in positions of responsiblity today will still be in office: Ben Bernanke
You won’t find this on NYT or Obamaweek (formerly known as Newsweek):
“More From Dodd Than ‘Trust Me”
“Dodd declared he will not trust our leaders unless he gets to see certain national security documents. Dodd insists, however, that we trust him when he says he didn’t know he received special treatment when he borrowed nearly $800,000 from Countrywide Financial Corp. in 2003. Dodd continues to refuse to release the standard documents (commitment letters, good-faith estimates of costs and fee summaries) that accompany every residential mortgage. They might confirm Dodd’s contention that he received the same deal that anyone shopping the rates could have secured in the spring of 2003. Or maybe they won’t.
Connecticut’s senior senator engaged in more disingenuous maneuvering Tuesday, telling reporters the details of his mortgages were already public records”
“Is there something about East Hanover that would cause such a huge drop in prices?”
$100K is a large drop? The house is still overpriced by 200K.
#2
16th time’s the charm?
jamil,
more bailouts on the way, many of them.
” The reality of the subprime situation, augmented by the energy crisis, at least suggests that we’d better get ready for another round of rebates. There is little talk of it now, but we should be putting in place another stimulus package like the current one, and stand ready for another after that, and another.”
Robert J. Shiller is professor of economics and finance at Yale and co-founder and chief economist of MacroMarkets LLC.
I love to see the bargain hunters winning after so long. I can only admire them vicariously though….as being a seller in this market isn’t something I would want. Maybe in a year…Maybe not.
When a townhouse in Basking Ridge NJ sells for $610K, the RE market is hot. Because you need to bee crazy to pay that much or may be someone just won a mortgage fraud lottery.
I love the comp killers…thanks to Grim and Richinnnj for those..that house in Washington township seems awful cheap..bad location??
Once again the split in my neighborhood is having another open house…the RE is really trying to get that house sold…I think the price may have dropped again..now only 75k too high.It would show SO much better if they would pull up all the red carpet (yes, wall to wall red)..
RE miracle, my town decided to lower my taxes by 10%. Should I play the lottery?
#14 frank,
But that’s in THE HILLS! The luxury townhouse of the Somerset Hills, the most prestigious place to be in NJ.
/ off saecasm
I don’t understand it either. The hills look nice, but there is no downtown or train. I don’t consider a little strip mall with a few restaurants and a drug store a downtown.
does anybody find it strange that the government is looking to bailout %4 of those who hold mortgages and ignore how many who can’t afford to buy because of a false run up in prices. Also oil prices are effecting %100 of the population and there is no rescue in sight. Not thatI believe its the government”s responsibility to rescue people
# frank Says:
June 29th, 2008 at 8:33 am
“Is there something about East Hanover that would cause such a huge drop in prices?”
“$100K is a large drop? The house is still overpriced by 200K.”
OMG. that’s twice before 1st coffee I agree with frank
#1: “But $4 gas, long commutes and a renewed interest in walkable communities”
I have always enjoyed walkable communities (without massive sector8/public housing projects). Besides, it would be good for the environment and health. State could easily encourage it (ie tax credits for builders for adding pavements and bike lanes, and allowing small/mid-size grocery stores to be located in residential areas (like in other countries).
Yeah, I know..it does not benefit local political mafia so it won’t happen.
#18: The government is bailing out mainly “Friends of Dodd” ie banks. Why do you think banks have been donating millions to these corrupt politicians?
GSMLS total listings are ticking up daily. Guess many homes that missed the “08 Spring Rebound” is making it’s way back into the inventory as a “New Listing”.
BC last night;
“Current asking or current closed, 10% off peak?”
Current asking price is 10% off peak asking. Merely FWIW, because obviously (and as grim repeats ad nauseum) sale price is what counts. At peak, houses were going for more than asking and now they’re going below asking, so the spread is even greater than it would appear.
In any event, we’re going to fall a lot further.
grim – I can’t load the site on bberry today – having no trouble with any other blogs, so not sure the cause.
Question for some on the board not necessarily related to housing, but you folks here seem to know what’s happening and what’s going to happen: how safe is one’s 401k investment? Meaning, what’s the risk of the trustee running away with the $$ in your account. I am decades away from retirement and I just don’t trust our banking system. How do I know that cash will be there 30-40 years from now when I retire and want to withdraw? Sometimes I think I should just buy actual gold and not invest in the 401k. Who knows what the world and our financial system will be like in 2040. Any thoughts? Am I way off base here?
19 bairen
“OMG. that’s twice before 1st coffee I agree with frank”
And right after that I agree with jamil at 20.
Must be something in the water this morning.
Dear Realtors and Sellers,
Any Questions?
25 poser
“what’s the risk of the trustee running away with the $$ in your account.”
0.01%
“how safe is one’s 401k investment? ”
Depends what it’s invested in. If you have a company stock fund (e.g., as an investment option, or if you get your company match in stock), you should get out of it instantly. Otherwise, your 401(k) is far safer than, say, your underfunded (or even, at this point, fully funded (if you’re not close to retirement)) defined benefit pension plan.
Not that I know anytning about pensions.
Is there a way to list my property on NJMLS without using a realtor?
I know I am already going to maybe break even on what I paid for or maybe less for my condo and do not want to pay for a realtor.
#25: “Am I way off base here?”
Yes. Besides, where you would safely store gold for the next 40 years? Anything can happen. The government may confiscate your gold or thieves may stole it from your house.
If you change jobs, you should transfer your 401k to a IRA (and diversify) so it would be safe then. As for 401k itself, there is some sort of federal guarantee (Pension Benefit Guaranty Corporation, I think).
Technically, it is possible that your employer or the company that manages the accounts steals the money in 401k (it has happened) but insurance/PBGC should guarantee most of it. Given that everything in life is risky, 401k is relatively safe investment vehicle.
(Of course, many 401k and 403b plans have been horrible, ie offer only annuities with super high expense ratios etc but that’s another story).
Thanks njpatient. Right now almost all is in a money market account. earning less than 2%. I guess the biggest risk is that the dollar will be worthless or inflation will erode the buying power years from now. my investment options are limited because of independence restrictions where I work.
“Is there a way to list my property on NJMLS without using a realtor?”
try http://www.assist2sell.com/
Assist-2-Sell “We’ll sell your home for as low as $3995!*”
*FEES VARY FOR HOMES OVER $300,000. CALL FOR DETAILS
#32: “Right now almost all is in a money market account. earning less than 2%. ”
Given that most funds and stocks are now “earning” -10% or -15%, that +2% does not sound too bad..
Assist 2 sell is not located in North NJ
#26,
NJP I agree with jamil on that one too.
What’s going on today?
Frank,
$4k sounds like a lot. have you used this site before?
Completely OT:
If anyone likes Turkish food, we found a great Turkish place on Broadway at 100th St. in the city. They had a great bellydancer who will embarass you if she’s told you’re there for a special occasion. She was fantastic and so was the food.
31 Poser
There are sites you can do research on to see what funds are performing at what rates. I think Vanguard does that. I have no idea about others. I’m also not a financial professional so take my advice lightly.
25 poser
I’d be more worried about the fees that your company is charging your HR dept to manage your 401 (and if they are passed in to you). Then there’s the silent thief, inflation. Anyway, if you’re still worried, next time you shift employers, transfer it outside of your workplace 401 into a direct 401 by say Vanguard (just be very careful to do it correctly so as not to get hit by tax penalties).
Also invest in ROTH IRA if you can, IRA’s so that you can convert ’em to ROTH’s in 2010, and standard cash investments. You want something in all 3 buckets so that when you retire you can pull a bit from each and minimize tax hit.
All disclaimers…
“It’s not enough, even in the best of circumstances,” said Mark Zandi, chief economist of Moody’s Economy.com. The number of people who will be helped “is going to be overwhelmed by the three million that are headed toward default.”
[4],
You can hang a line, smoke some hope or install a freeze. All a bunch of band aids, rubber bands and paper clips. Never in history, has any govt been able to alter the tide of a business cycle. This slowdown, rapid decline, bust, rout will continue. There is absolutely nothing Bergabe, Dodd, Frank, McCain or Obama can do about it. In two years we have regressed 4 years, back to 2004. By 2010, maybe sooner we will be back to 2000/2001. Lower prices beget lower prices, negative news is magnified, positive news, if there is any, is ignored. Once the cycle turns it lasts much longer, decline and duration, than most can imagine. Got a new pair of boots?
grim 31 in moderation.
40 Jonnyboy: I agree..though the costs are not typically charged from the employer, but taken from the assets directly (these fees are often hidden).
The extreme version has been teachers union’s 403b plans. The scam went so that the annuity company bribed the head of local teachers union and in exchange all teachers were forced to invest in their high-fee annuities. The end result was that teachers were making less than 1% in a good year. In some counties, teachers sued the union and got rid of the scam.
11 bairen
I was struck by the stupidity of that comment as well. Cut the price from 545K to 535K and suddenly its “below market value” and the buyers are supposed to rush in? Give me a break.
bairen Says:
June 29th, 2008 at 8:34 am
#2
16th time’s the charm?
Jonnyboy: “next time you shift employers, transfer it outside of your workplace 401 into a direct 401 by”
I think you mean direct “401k to IRA” transfer. 401k to a new 401k makes no sense.
Re ROTH and IRA and 2010. This is a bit more complicated and there can be nasty surprises, if you have both deductible and non-deductible IRA contributions. Google or check with tax adviser.
“The government is bailing out mainly “Friends of Dodd” ie banks. Why do you think banks have been donating millions to these corrupt politicians?”
Jamil,
Spot on.
In addition to this, Bergabe has screwed the American public with his plan to lower the ffr, adjusting the yield curve,[positive slope]. It’s another form of a bank bail out plan while screwing John Q.
A 2% ffr and increasing inflation to raise the yield, 10 year, turns incompetent/idiot bankers into geniuses.
Bergabe, be careful what you wish for.
#42 willwork4beer,
Exactly. Another example of a seller trying to hit the lottery with their house and winds up chasing the market down. If the market is falling, why not just price your house 5% below the most recent comps? Someone will think it’s a good deal and take it off your hands. Instead following the market down led this seller to 300k in cuts and no deal yet.
Bank of America and Countrywide – Fingers crossed
Is one of the credit crunch’s seminal deals inspired or insane?
Paul Miller, an analyst with FBR Capital Markets, thinks BofA could face $20 billion-30 billion of write-downs when Countrywide’s loans are marked at “fair value”, as they will have to be under acquisition-accounting rules. This would far exceed estimates when due diligence was performed, and could force BofA to raise new capital. The fair-value issue is one reason why other troubled lenders, such as National City, have failed to find buyers.
#13 Essex:Maybe in a year…Maybe not.
You think that for a seller’s perspective things might be better in a year?
That is definitely not going to be the case, it will only be worse.
I am all for walkable communities, but bear in mind that living in such a place will cost a lot more than a community that is not walkable. The walkable towns I looked at would have added several hundred dollars to my monthly housing costs between increased mortgage payments and taxes just so I could save maybe $30 a month in gas and walk to get a cup of coffee once in a while. My workplace isn’t accessible by transit like 95% of NJ workplaces, so I’d end up driving virtually everywhere anyway. Not to mention my budget buys considerably less home in someplace like Brigadoon, Cranford, or Montclair than it did in Hillsborough.
I agree that far-flung exurbs (Poconos, anyone?) are in danger of severe price declines. The transition to walkable communities will take 20 years to unfold though, and too many of our “up and coming” cities have a long, long way to go. I wouldn’t be surprised if towns that are currently unwalkable take steps in that direction. By the time the bullets stop flying and Newark is a New Urbanist paradise, North Brunswick could have a downtown of its own and (gasp!) sidewalks connecting neighborhoods to retail and transit.
Grim,
Here’s one for you. It was purchased & totally renovated in the last two years or so. Tried hard to sell in the $600s, rented for about a year & now…. Sparta Twp, NJ 07871
MLS ID# 2535314 for sale $400s. I’m sure you can find the solid data easier than I can.
If that’s not a comp killer, I don’t know what is.
Kristine Marcy and Bruce McConnell are helping their Suite 450 associates to `manage’ the Obama presidential election campaign through the unlawful custody of a bogus Hawaiian birth certificate which, if exposed, would prove that Barack Hussein Obama is not a natural born American and therefore he cannot be president.
SAS
“As Bill Evolves, Mortgage Debt Is Snowballing”
http://tinyurl.com/4g6ftm
SAS
51 sas: I doubt there is much there, except maybe some slightly embarrassing stuff for him (ie his first name is mohamed). Still, it is interesting that Obama camp refuses to release it (they even removed the debunking of this rumor from their website, and DailyKos released fabricated birth certificate).
Somehow Obama camp managed to elevate this easily debunked non-issue into a major issue.
Laurie #15: Hey! I have wall-to-wall red carpet! Yes, it was left by the previous owners, and since nothing else was updated by them any later than 1975, we are still plowing through updating a little at a time (no HELOC hell for us, thank you very much).
But I would never, ever try to sell it in this market without pulling the stuff up.
51 sas and 53 jamil: Do you have proof for these claims, or are you just resorting to the Faux Noise technique of just pulling stuff out of your nether regions?
55: Uh..Ask Obama camp. They are the one refusing to release it and obviously, when you refuse to release something, people get curious.
As I said, I doubt there is any problem here for Obama (apart from maybe some slightly embarrassing thing, like different first or middle name), but Obama camp could debunk this rumor at any time, if they want.
Instead, they refuse to do it. As for Fox News..Uhh. If you believe NYT, CBS “News” or Obamaweek (formerly Newsweek) are even remotely honest or neutral, you need serious help.
Jill (55)
They are just pulling stuff from their rears. Obama has released his Hawaiian Birth certificate through his website and fightthesmears dot org (sorry 2 links will throw me into moderation) which is a site the campaign has put up to fight nasty rumors like this one.
If you refuse to believe the Obama campaign check out http://www.politifact.org/truth-o-meter/article/2008/jun/27/obamas-birth-certificate-part-ii/
Politifact is a non partisan website that publishes the truth about what the candidates say and the rumors surrounding them. They check statements/rumors from both sides of the aisle and have caught all of the candidates in lies or half-truths at some point during the campaign.
Some people with believe what they want no mater how much evidence is presented to the contrary.
OK, here’s where your information is coming from: There are independence advocates in Hawaii who are claiming that because Obama was born in Hawaii, and because they believe that the U.S. annexation of Hawaii was illegal, that he was therefore born in the “Kingdom of Hawaii.”
http://the.honoluluadvertiser.com/article/2008/Mar/13/ln/hawaii803130344.html
Nice try, though. And remember: Google is your friend.
By the way, McCain was born in the Panama Canal zone.
As for “not releasing his birth certificate”, the only reference I saw to this was that the campaign wouldn’t release it to that POS Michelle Malkin. I wouldn’t release the receipt from my last trip to the Shop-Rite to Michelle Malkin. There’s no reason in the world for the campaign to release his birth certificate to a self-loathing Filipina who thinks the internment of the Japanese was just ducky.
We now return you to our vigil over the decline and fall of the American Empire As Evidenced by the New Jersey Real Estate Market.
ah, the racist slurs. really classy, Jill. The famous liberal “tolerance”.
The fact is that Obama camp could debunk this rumor easily, yet it refuses to do it.
BC Bob and Jamil,
Don’t forget the term auction facilities Bergabe put in place so they can stay solvent on a monthly basis and/or pad their trading incomes.
31 jamil
“If you change jobs, you should transfer your 401k to a IRA (and diversify)”
You should be able to diversify in your 401(k) already. To be a tax qualified plan under Section 401(a), the plan is required to include fully diversified investment options, otherwise your employer is in fiduciary breach and the plan is unqualified.
“As for 401k itself, there is some sort of federal guarantee (Pension Benefit Guaranty Corporation, I think).”
The PBGC only insures Title IV plans (i.e., defined benefit plans). 401(k) plans are defined contribution plans not covered by Title IV, and are therefore not backed by the PBGC.
401(k)’s are not federally guaranteed. It is, essentially, your money, held in your account, invested by you. Theoretically, if it disappears, it’s your fault.
It’s not racist to call Michelle Malkin a Filipina, she is. She is from the Philippines. Or were you referring to “self-loathing”? That’s not a racist slur, just an observation based on having seen her in action.
Is this how Republicans are planning to elect Unstable Anger Man as president? Pull a bunch of bogus rumors out of your butts, throw them up agains the wall and see what sticks? Classy indeed. And that’s all I’m going to say about this. I don’t want grim kicking me off. You keep believing the lies, dude. See where it gets you.
32 poser
“I guess the biggest risk is that the dollar will be worthless or inflation will erode the buying power years from now. my investment options are limited because of independence restrictions where I work.”
There’s a reasonable chance that your plan offers an inflation protected securities investment option, which you could take advantage of if you are afraid of rampant inflation (or deflation).
I’m not a financial adviser, though, and please feel free to listen to anyone but me.
Jamil (59)
Yes they certainly do refuse to release his birth certificate. They would never ever release it to his website: http://my.barackobama.com/page/invite/birthcert
They must must must be hiding something because they refuse to release it. I mean it is simply amazing that i cannot just google “Barack Obama birth certificate” and have a link show up right to it.
/Sarcasm
34 jamil
“Given that most funds and stocks are now “earning” -10% or -15%, that +2% does not sound too bad…”
Could easily do worse.
njp: “You should be able to diversify in your 401(k) already.”
Hmm, maybe in theory, but not in really in practice. Many 401ks plans are awful, ie extremely high-fees in most funds. In IRAs you have total freedom to invest in whatever you prefer.
“Theoretically, if it disappears, it’s your fault.”
I tried to find a clear answer to this but I didn’t find anything. I know incidents in which the employer or the firm that manages the accounts stole the 401k money, but the money has been recovered (is it some sort of mandatory private insurance then?)
40 jonnyboy
“I’d be more worried about the fees that your company is charging your HR dept to manage your 401 (and if they are passed in to you).”
There is required disclosure for all fees charged against your 401(k) balance.
jamil
“I’d be more worried about the fees that your company is charging your HR dept to manage your 401 (and if they are passed in to you).”
As you point out, this is illegal. Can you be robbed? Yes. Can you sue and win? Yes.
The fact is, as we have all been seeing, that the defined benefit pension that you’ve worked for your whole life, can be taken away from you at the last instant, leaving you with no legal recourse.
The DB pension was a better benefit, but the DC pension is a safer benefit. Hence federal backing for the former and not the latter. However, the PBGC simply doesn’t have near the money to cover what it is intended to insure (not by a long shot).
I’d draw parallels to other insuring type entities, but I must observe the weather.
44 jamil
“ROTH and IRA and 2010. This is a bit more complicated and there can be nasty surprises, if you have both deductible and non-deductible IRA contributions. Google or check with tax adviser.”
agree. Beyond that, the relative value of the standard and Roth 401(k) to any individual depends in great part on the market and on the individual’s circumstances. You really need to do your individual math on that decision, poser.
3B
“it will only be worse.”
Far worse.
56 jamil
“obviously, when you refuse to release something, people get curious. ”
Too right. That’s why I’d love to see Cindy McCain’s tax returns.
57 galgon
“Some people with believe what they want no matter how much evidence is presented to the contrary.”
We just had a president who fit that description. It didn’t work out well.
I’m busy trying to buy a piece of property and it seems like all I missed on here is a few weeks of Obama-McCain trashin’…
To update those who don’t know: I own a small business. (tiny, actually) We have to move, thanks to the landlord’s decision that we’re too big for the space. (don’t ask-we think they’re trying to get higher paying tenants in here…but I digress!)
So now I want to buy my own building. (yay!) The commercial market looks like residential did last year (boo!)… mostly crap bldgs for high prices, most sitting on market 300+ days…
Things I’ve noticed: commercial doesn’t have “price drops” like res. You list it, it stays at that ask price for forever. (and ever…)
Nothing moves fast. Might as well pull up a chair while you wait to sell your CRE bldg.
Nobody (AFA I can see) is panicked yet… landlords still asking retarded rates and owners still trying to sell for orig cost (circa 2001) x 50 (= hit jackpot) as if there are buyers everywhere ready at the helm to buy their POS bldg with a 1950’s furnace and grafitti’d windows for a bazillion dollars. Nevermind they did absolutely nothing to the bldg in upgrades except change 1 light switch.
sigh.
I’m living in the “way back machine” of real estate. :)
On a side note: I have a question for anyone who may know… would a town’s TAX assessment (let’s say it was done 6 months ago) be similar in price to an appraised value?
IOW, can you use the town’s assessment as a gauge of possible listing price?
I know some tax assessments are way off… but all things being equal, is it fair to say a town’s tax assessment is where an RE agent would start looking to price a property?
Anyway, I’m baaaaaaaack with a question for those who know:
Ooops…disregard last line… I maent to delete it :)
“There are independence advocates in Hawaii who are claiming that because Obama was born in Hawaii, and because they believe that the U.S. annexation of Hawaii was illegal, that he was therefore born in the “Kingdom of Hawaii.”
http://the.honoluluadvertiser.com/article/2008/Mar/13/ln/hawaii803130344.html
Nice try, though. And remember: Google is your friend.
By the way, McCain was born in the Panama Canal zone.”
All true.
“Mr. McCain was born on a military installation in the Canal Zone, where his mother and father, a Navy officer, were stationed. His campaign advisers say they are comfortable that Mr. McCain meets the requirement and note that the question was researched for his first presidential bid in 1999 and reviewed again this time around.”
http://www.nytimes.com/2008/02/28/us/politics/28mccain.html
71: “That’s why I’d love to see Cindy McCain’s tax returns.”
Really?
Ok, here you are:
Cindy McCain tax info
Fortunately for McCain, Obama is nicer than the smear merchants who want to claim that Panama is more a part of American than Hawaii is:
http://news.aol.com/political-machine/2008/05/01/clinton-obama-sponsor-mccain-citizenship-bill/
“The question of whether Sen. John McCain is eligible for the presidency has popped up from time to time in the media and on the Internet. The controversy, such as it is, hinges on the circumstances of McCain’s birth. The Constitution lays out three eligibility requirements for presidential candidates. A candidate must be at least 35 years old, a resident of the United States for at least 14 years, and must be a “natural-born citizen.” McCain qualifies on all three; but some commentators have questioned whether he can be considered to have been natural-born because he was born on a U.S. Navy base in the Panama Canal Zone.
Now, however, the Senate has moved to put that minor controversy to rest. Yesterday, the Senate passed a resolution declaring that McCain is a natural-born citizen. The resolution was passed by unanimous consent. More surprising than the result, however, was the fact that the bill was written and submitted by Democratic Senator Claire McCaskill (D-MO), and co sponsored by both Democratic presidential candidates, Sen. Hillary Clinton (D-NY), and Sen. Barack Obama (D-IL). ”
Some folks just have more class than others.
67 njp: In many companies, it is really difficult to get the 401k documents (yes, law requires that it must be given if requested, but real life is different).
“There is required disclosure for all fees charged against your 401(k) balance.”
I’m not sure how this works in practice as I have seen a lot of complaints (typically in smaller firms) about this. Expense ratios are usually available, but the management and admin fees are rarely well documented.
Also, general admin fee might be deducted from the underlying assets. I don’t know if the law really requires all these fees to be disclosed in a meaningful way.
Some of the financial sites and forums I followed are full of stories about bad 401k plans with a lot of hidden fees (often, the small company gets kickbacks or free service for offering lousy plan with high-fee funds).
Anyway, transferring 401k to IRA is always a good thing (more options available and you can control the fees).
76 jamil
“Really?
Ok, here you are:
Cindy McCain tax info”
Jamil, did you even look at the link you posted.
One year of returns? From 2006?
Almost makes it look worse, doesn’t it?
I’m sure they’re not hiding anything, of course, but why do you suppose they won’t release her tax returns?
We already know about the tax restatements that likely were necessary when she got caught stealing prescription druges from that charitable organization to feed her addiction, so there’d be no point in hiding them for that reason.
Really, I dislike this stuff, so if you and bi want to stop posting crap like that, I’ll promise to stop responding.
75 : Jamil…
Uhh…dude?
Your link says it WON’T be released…
“Note about Mrs. McCain’s financial information:
Since the beginning of their marriage, Senator McCain and Mrs. McCain have always maintained separate finances. As required by federal law and Senate rules, Mrs. McCain has released significant and extensive financial information through Senate and Presidential disclosure forms. In the interest of protecting the privacy of her children, Mrs. McCain will not be releasing her personal tax returns.”
66 jamil
” I know incidents in which the employer or the firm that manages the accounts stole the 401k money, but the money has been recovered (is it some sort of mandatory private insurance then?)”
Nah – just the legal system working properly.
I agree that the “diversified” options are fairly crappy and the fees are too high, but the question poser was asking was more along the lines of “am I going to lose my entire account.” That shouldn’t happen.
64 galgon: “Yes they certainly do refuse to release his birth certificate. They would never ever release it to his website: http://my.barackobama.com/page/invite/birthcert”
Well. Ok I was wrong here and I apologize.
Anyway, as i said several times, I doubted there was any scandal there. I saw some comments from HI people which questioned the birth certificate seal or stamp in the certificate on DailyKos site but I don’t think Obama camp would place a fake certificate on their site.
PS-The “privacy of her children”???
Holy cop-out, batman.
That means anyone with children should NEVER release their tax returns for fear of being a baaaaaaaaaad parent.
Hell, we should make a law that says you are FORBIDDEN to release your returns if you are a parent…to protect the children!
Why would her children’s privacy be violated? Is she claiming them all as mentally disabled and therefore dependent or something?
I don’t have kids..I truly don’t know what info you supply on an IRS tax return, but I’m sure you could black out the SS#’s if that’s her beef…
Still no valid reason given, IMHO….
73 spam
didn’t know you were still looking. I have a buddy who has done some commercial RE in the Newark area that I could hit with questions if you’d ever find it useful, but I suspect there are others here with far more direct learning in that area.
79: At least I can open Cindy’s tax returns
http://www.johnmccain.com/downloads/CIndyMcCain_2006_IncomeTax_1.pdf
Yeah, it is 2006 (not earlier years) but given that she never filed jointly with John McCain, I don’t really understand why this is a problem. She was wealthy before she met John.
78 jamil
“In many companies, it is really difficult to get the 401k documents”
If you want to name some of those companies, I’ve got friends who’d love to get rich suing them. It’d be a slam dunk.
PS- Under the “Cindy Law”, all politicians would IMMEDIATELY try to become parents so as to avoid releasing their tax returns.
What a field day for the media with everyone taking paternity tests and HOPING it is POSITIVE!!!
“Some of the financial sites and forums I followed are full of stories about bad 401k plans with a lot of hidden fees ”
At least some of that has to be taken with a grain of salt. People hate to lose money, and when they do, they want to find some third party to blame.
Just think about how many stories we read every day where people with $80K incomes default on $700K mortgages and then whine that they couldn’t possibly have known what the payments would be.
80 spam
“Since the beginning of their marriage, Senator McCain and Mrs. McCain have always maintained separate finances.”
Family Values??
76: “Fortunately for McCain, Obama is nicer than the smear merchants who want to claim that Panama is more a part of American than Hawaii is:”
I agree this is a ridiculous statement but the interest around his birth certificate was not about HI born not being eligible for POTUS. Instead, it was focusing on various theories about embarrassing first/middle name and even not being born in HI.
83: NJP…
Thanks… yeah, still looking.
Just started the SBA mortgage process and thought we found a bldg, but as a private sale, (no listing to go by) the talks broke down over unrealistic pricing. CRE owners are still thinking they are sitting on a goldmine. I’m sad.
One thing I have to say is we bought our house in 2000 and didn’t realize the depth of ANGER one goes thru when you are priced out of the market due to unrealistic asking prices. Some days I just wanna squeeze a dishrag into molecules with the frustration I feel. (I don’t harm linens, though… I’m optimistic overall…something will happen…)
CRE still hasn’t seen tough times long enough, yet… So no one is dropping their price to “get out”…
Sigh.
Isn’t the statement “.. Mrs. McCain will not be releasing her personal tax returns.” obsolete now?
I know she originally didn’t want to release her tax returns, but she eventually did release them as seen in the web page (but apparently, web site admin didn’t remove that statement in the bottom of the page).
“Isn’t the statement “.. Mrs. McCain will not be releasing her personal tax returns.” obsolete now?
I know she originally didn’t want to release her tax returns, but she eventually did release them as seen in the web page (but apparently, web site admin didn’t remove that statement in the bottom of the page).”
No. The statement still applies because she didn’t release her tax returns. Releasing one return from two years ago only highlights the question of why she won’t release her current tax return.
spam spam bacon spam Says:
June 29th, 2008 at 3:58 pm
“PS-The “privacy of her children”???
Holy cop-out, batman.
That means anyone with children should NEVER release their tax returns for fear of being a baaaaaaaaaad parent.”
I would guess that she is salting away a fair chunk of cash into trusts for the kids. And to avoid paying taxes of course.
njpatient Says:
June 29th, 2008 at 4:05 pm
“80 spam
“Since the beginning of their marriage, Senator McCain and Mrs. McCain have always maintained separate finances.”
Family Values??”
Smart woman. She was loaded, he had already proved to be less than trustworthy around his wives. I wouldn’t let him near my cash either.
and, in any event, I don’t particularly care about Mrs. McCain’s tax return. It just gets annoying to have to constantly read ridiculously irrelevant screeds that are factually wrong and are repeatedly from the same tomfool sources like bi and john and, unfortunately sas.
It’d be nice if they stopped wasting everyone’s time and did a little bit of their own research before repeating everything they read in the fever swamps of the internet emanating from the pajamas wearing, cheeto covered basements where these loons still dwell with Grandma.
Google would save us all some time.
96 soosh
“Smart woman. She was loaded, he had already proved to be less than trustworthy around his wives. I wouldn’t let him near my cash either.”
Of course. That’s why she made him sign a pre-nup and kept all the assets in her name. That’s probably why he calls her what he calls her.
That’s probably why he calls her what he calls her.
Nice!
uh, another unsubstantiated smear..
Viva La Spain!
1-0
“Viva La Spain!”
Nice!
http://www.washingtonmonthly.com/archives/individual/2008_06/013958.php
What do you see as the gravest long-term threat to the U.S. economy?
Obama: If we don’t get a handle on our energy policy, it is possible that the kinds of trends we’ve seen over the last year will just continue. Demand is clearly outstripping supply. It’s not a problem we can drill our way out of. It can be a drag on our economy for a very long time unless we take steps to innovate and invest in the research and development that’s required to find alternative fuels. I think it’s very important for the federal government to have a role in that process.
McCain: Well, I would think that the absolute gravest threat is the struggle that we’re in against Islamic extremism, which can affect, if they prevail, our very existence. Another successful attack on the United States of America could have devastating consequences.
McCain will not win this election unless he keeps instilling fear among people regarding terrorism. He has no other credibility. He is old, no vitality and just plain stupid.
for the goldbugs on here: this afternoon at the gym, in between the NASCAR and the ads for credit report/checking bureaus, was an advert for http://www.goldkit.com/… at first i thought it was a “how to *buy* gold etfs kit” as an investment. clearly i’ve been reading you guys too much. turns out it’s only an online pawnshop. sell your gold trinkets for cash.
so… not a sign of the top of the gold bubble… just hard times.
quick Re question: I looked at a bldg listed in GSMLS that expired.
Original price was $875,000
can anyone tell me what it expired at? Seller told he he wants $750,000, but I think the listing expired lower? (he copied listing for me, but covered price on top, but not bottom)
GSMLS# 2362561 [209 E Second Street]
Oh, any history would be cool, too, like if he listed before this MLS #…
TIA…
Be around later… gotta go ride my pony and forget about this stuff for a while…
Thanks!
can anyone tell me what it expired at?
Withdrawn at $725k
http://www.usatoday.com/money/world/2008-06-27-gasoline-protest_N.htm?csp=34
German man torches his 95 BMW 3 series because he can no longer afford the gas.
How long until we have mass SUV protest torchings in the US. Or more likely, how long until the number of “Mysterious SUV Fires” starts increasing drastically.
106 Alia
I used that before gold ran up so high. Had I thought it would run up I would have waited. And btw, I didn’t use it because times are hard. I used it because I had jewelry laying around for over 20 years that I never wore. So I got myself some pocket change.
“As Obama stonewalls on uncertified birth certificate, official doubts mount”
http://tinyurl.com/5nqovf
SAS
Marcy and her Suite 450 partners are `managing’ the election campaigns of both Barack Obama and John McCain through their unlawful custody of personal files stolen from INS and USIS by the Carlyle Canada private equity group.
SAS
We almost looked at that Scotch Plains house and passed on it. Something about it we didn’t like. We just noticed another house we passed on which it’s OLP was $360,000 has just been reduced to $325,000. We liked it very much but when we saw it the price was $340,000 and felt it was still WAY to high. I’m sure it will sell in the $300-315 range now though.
Governator says the slump is over.
Schwarzenegger sees end to housing woes in ’09
California Gov. Arnold Schwarzenegger said Sunday he believes his state will shake off its housing troubles by next year.
“We just have to wait until we grow our way out of the situation, and I think by next year, we will grow out of it,” Schwarzenegger said in an interview on NBC News program “Meet the Press.”
…
“I am as amazed as everyone else about how quickly it came,” Schwarzenegger said.
…
“There were big mistakes made by borrowers and big mistakes made by lenders. I think everyone was on such a roll … that people started speculating,” he said. “And of course what happened, the housing market was like the dot-com bubble, there was a housing bubble and finally the whole thing collapsed.”
114 Grim
How can elected officials be so blind?
#114
Predictions are never good. Although things are moving really fast there. Still doesn’t mean a recovery in ’09
Wrong site, I thought I logged on to the NJRER or at least the NJ Vulture Fund. Sorry, for being off topic. I’ll dig for that other site.
sort of on the topic of the is-my-401k-safe …
let’s say you have 250k saved, and instead of putting it into the risky stock market, where you already have money that you are losing, what’s the move?
95k in an HSBC online account and
95k in an ING online account and
the rest maybe in a yearlong CD somewhere?
I used 95k because apparently, the online banks only insure up to 100k. any other bright ideas?
poser & njp
as long as we need toilet paper, the dollar will never become completely worthless
118:
If you are risk-averse, sounds like a good plan (to place up to 100k into different banks). FDIC guarantees up to 100k in banks (online or not).
If you are in relatively high tax bracket, this is not very tax-efficient, though, but at least it is safe. Money-market funds are practically as safe (though not FDIC insured) and may have a bit higher yield, especially tax-exempt funds for people in higher tax brackets.
#50 D
There is nothing like and overpriced “Duff Man” listing to put a smile on my face. At one point I was going to put an offer on one of his listings but was told my offer was far too low and would I like to look at some listings more in my price range. Six months later he lost the listing. The house was rented for 1/2 the asking and went FSBO.
Bad news if you want to escape the US and give up your citizenship:
http://www.thestreet.com/story/10423687/2/youll-pay-if-you-give-up-us-citizenship.html
“You probably didn’t notice this little provision inserted into the Heroes Act of 2008, passed by Congress on June 17. The headlines in the press release about the law were about the increased benefits for veterans and families of deceased military.
But Richard Kohan of Price WaterhouseCoopers drew my attention to one section of the act, which states that anyone voluntarily giving up his or her citizenship will be taxed on all of his assets as if he or she had sold them — paying capital gains on assets that have increased in value, even though they have not been sold.
That’s right. While everyone in the media is focused on keeping aliens out of America, Congress has voted to lock its citizens – or at least a good portion of their assets — into America! Maybe they’re thinking that patriotism won’t be enough to keep the smart money from recognizing the coming increases in the tax burden.”
I didn’t check, but I guess this applies to green card holders leaving the US, as well. Anyway, too late now.
spammy (73)-
“On a side note: I have a question for anyone who may know… would a town’s TAX assessment (let’s say it was done 6 months ago) be similar in price to an appraised value?”
Not necessarily. On a super-recent assessment, you could work the rate/ratio math on the gross assessment and come up with something that might approach a market value. However, most commercial fee appraisals use a 50/50 blend of the income method and comparables method to come up with market value. Were I selling a building in this market, I’d order an appraisal done with the method described above, and use its result as my asking price.
[snip]
I know some tax assessments are way off… but all things being equal, is it fair to say a town’s tax assessment is where an RE agent would start looking to price a property?
Maybe a bad agent…or one who’s not being thorough.
Viva Espana! Oe, Oe, Oe!
Now into the 2nd half of the TIVO of this match. Great fun watching the German hacks chase the ball all over their own half of the field.
http://tinyurl.com/6qfpc8
It has begun in Manhattan. The bust is truly upon us.
#69 njpatient
When I looked into Roth 401k’s I came to the conclusion that they only make sense if you are starting out in your career or at the end of it. I you are in your prime earnings years you are probably going to pay more tax up front than you will save when you retire and your income drops.
Any thoughts.
All disclaimers, never take financails advice from someone on a blog.
110 sas
did you manage to avoid reading the entire thread?
“A lot of landlords were getting ready to increase rents for the busy season, but they’re finding that those projected rents aren’t attainable,” said Daniel Baum, the chief operating officer at the Real Estate Group New York, a Manhattan brokerage. “No one anticipated having problems on the rental side, and it’s definitely forcing property owners to take a second look at marketing and to rethink their pricing.”
[125],
Did Pret’s blackbox account for this?
re: 401k/IRAs. As a freelancer and sole proprietor of a very small unincorporated business (in the ’80s/90s), I socked away my 2K IRA deduction for about 12 years in CDs. Conservative though it was, by 2000 I’d almost doubled my money, and then, feeling I should be a little more aggressive, turned it into a mutual fund. Needless to say, I lost half of it almost immediately, and am only now almost back to where I was in ’00. Just sayin’.
re:Cindy McCain’s tax return. Oh, come on. Not only isn’t it last year’s return, but it isn’t even a whole return. Personally, I’d love to just file a 1040 without any other schedules, but I make under 40K and still file (in some years) schedules A, C and E.
re: jamil. Just because the FOX news slogan is “Fair and Balanced” doesn’t make it so, any more than the NY Times’ “All the News That’s Fit to Print” does. Also, just sayin’.
re: all those comp killers. Thanks for supplying them. A long, long while ago, I predicted that the big issue in this election would be the economy, although way back then—05/06?—I never thought things would be this bad.
“did you manage to avoid reading the entire thread?”
njp,
Thankfully, I did. I started at #125.
114 lost
“How can elected officials be so blind?”
In that particular case, it was probably the massive steroid abuse.
122 jamil
“anyone voluntarily giving up his or her citizenship will be taxed on all of his assets as if he or she had sold them”
interesting.
And yet, if you keep your citizenship but go operate in the bahamas, you don’t have to pay taxes at all.
Funny how that works.
125 PGC
re roth iras
I agree completely.
“…crossroads Says:
June 29th, 2008 at 8:48 am
does anybody find it strange that the government is looking to bailout %4 of those who hold mortgages and ignore how many who can’t afford to buy because of a false run up in prices. Also oil prices are effecting %100 of the population and there is no rescue in sight. Not thatI believe its the government”s responsibility to rescue people…”
Commanderbobnj sez:
Right NOW the BIG problem is –E N E R G Y –Fellow citizens and what WE have left of our industries are really hurting out there ! People have to get to work NOW and stay warm in the winter…$ 5.00 plus/gasoline/home heating oil is going to break the backs of ALL OF US—NEVER MIND what is happening to the real estate market—house prices will find its own level no matter what anyone here or anywhere else tries to do !!—The only way, in my opinion that the government can “HELP” or “RESCUE” us is to:
a)-For NJ and other states: Open off-shore oil drilling along the Atlantic Coast
b)-For Local/County Government–A 20% property tax rebate NOW and a property tax FREEZE for the next three years (They would have to cut ALL Waste and Mismanagement and cut all local and school programs “To the bone”
c) For Federal Government: Float a $5 Billion dollar GRANT to each and ALL 50 states ($ 250 Billion Total) to IMMEDIATELY plan/design and construct Nuclear power plants….If we have to call-in French nuclear engineers/scientists to help us get going–well, so be it ! The french have approx. 85% of their electric generation powered by nuclear !!
Many more ideas and projects could be proposed and brought to light but I think the above would be a good start. Would it happen ?—-I doubt it—Our so-called leaders unfortunately have had their “Ballz” cut off long ago and are too afraid to properly lead !!—Especially those two &&**-baggs Lousenberg and Menendez !!
BOB
Does anyone know a good MLS website for mercer county? I have been trying to find the GSMLS.com or NJMLS.com equivalent but have been unable to do so.
Kettle,
Report: U.S. ‘preparing the battlefield’ in Iran
http://www.cnn.com/2008/WORLD/meast/06/29/us.iran/index.html
Ole, Ole ole ole! Viva Espana!!!!!!
njpatient Says:
June 29th, 2008 at 4:02 pm
78 jamil
“In many companies, it is really difficult to get the 401k documents”
If you want to name some of those companies, I’ve got friends who’d love to get rich suing them. It’d be a slam dunk.
njp: Merrill Lynch plan administrator for the Walmart Savings Plan. There is a Revenue Sharing agreement in the Master Trust arrangement that by contract no one at ML or Walmart is allowed to disclose. The fees and expenses on the mutual funds are readily available, but the actual pass through returns would need to be calculated from account balances and activity ad hoc by the participant to isolate the embedded fees.
Campeones, campeones, ole ole ole!
Para arriba, para abajo, alemana pal carajo!
jamil Says:
June 29th, 2008 at 3:47 pm
Anyway, transferring 401k to IRA is always a good thing (more options available and you can control the fees).
j-man: you can never say “always”….if you are intending to convert certain accounts into Roth IRAs, you may actually perfer to keep certain OTHER money in the 401(k) arrangement.
“Thankfully, I did. I started at #125”
God bless, BC.
I aspire to your zen-like peace, but I can’t quite manage.
133 commander
“People have to get to work NOW and stay warm in the winter…$ 5.00 plus/gasoline/home heating oil is going to break the backs of ALL OF US”
…
“a)-For NJ and other states: Open off-shore oil drilling along the Atlantic Coast”
I don’t mind a little offshore drilling if it delays peak oil by a few days, but leaving aside the question of whether there is much oil to drill off the coast of Cape May, let alone enough to have an appreciable effect on world oil prices, the idea that we could start drilling today in order to stave off shortages this winter is truly precious.
139 syb
hee!
I feel Bernanke is doing all of us a favor by taking Interest rates low, and in turn falling dollar and rising gas prices. He has put himself in situation where he can increase rates without getting backlash from Real Estate lobby. Now whenever he increases rates, he will not be pushed to reduce it again to save RE. He has proved that lower rates have significant downside in current environment. I feel things don’t change until system break down, and I think Bernanke is getting us there faster.
njp, cf, 401(k) fees and transparency have nothing to do with disclosing fees directly to the participant.
So what? So what that Walmart makes a buck on the plan? So what if Walmart gets a huge break on other fees as long as ML holds the 401(k)?
What if the PT’s make more in that plan than any other “like” plan. [Knowing ML, that’s not likely, but let’s give it the benefit of the doubt.] You don’t want to cut off your nose to spite your face.
You can show me five hundred permutations of beige and I still can’t decide what color to paint the kitchen. Show me what the kitchen would like like with different colors.
Disclosure has everything to do with providing a framework for understanding the risks of choosing (or being defaulted into) participation in a plan, versus investing privately.
Like the decision to buy a home versus renting, 401(k) election risk can’t be mitigated unless participants are shown “comps” and “rent vs. own” ratios.
By this, I mean that each plan must be forced to provide participants with the ability to compare plan results [renting] for any cycle or period to results obtained buy investing individually [owning] in an IRA with either the exact retail option or the closest fascimile [SEC-defined and regulated].
/rant.
Pat: booya as it were ;-)
We just bought a 13 year old 4 bedroom colonial in Lafayette NJ on 4 acres, with views and a 18×36 inground pool for $415,000. It sold for $610,000 in December 2006.
Jamil, look what repubs have done in 7 years – they’ve spent a multi trillion dollar surplus, destroyed the entire economy, made usa the most hated, disrespected country ever, ran the debt to the moon, broken numerous laws, ignored the constitution. destabilized the mideast, etc etc – I don’t have a year to recite the list of what the obscene crooked party has done.
yet you focus on some bs about a senator’s mortgage?
what happened to “Murica”?
I blame some realtors as well as the mortgage lenders. I live in middlesex county and here the community was built by KHOVan people bought some of these homes in 2004 at $440,000 and know the realtors are trying to sell them or $579,000. These houses did not appreciate over $100,000 in value over 4 years. How did they even come up with those numbers. A lot of these homes have been on the market for almost a year. Why because these homes in NJ are very overpriced.
Take a look at the mult-dwellings in most northern part of nj mainly essex,union counties, they built new construction multi families and sold a lot of them for $400,000 to $600,000 in crime areas then set the rentals at a rate of $1800 to about $2400 a month. Who in there right mind would pay that much rent to have to look over your back all the time. Tenants can’t afford the rent now the investor goes into foreclosure because they can’t find anyone to pay that kind of rent in Newark,East Orange,Irvington,Union, or Elizabeth.
You take Sayreville and old bridge which used to be a lot of farm, developers like khovanian and private developers came there bought up 1000’s of acres and built overpriced homes. Before the developing some of the homes in these area’s were no more than $150,000 to $330,000 now they are in $400,000 to $700,000.
We won’t even get into the taxes people are paying for some of these homes.
This is very disturbing and I believe we have not even seen the bottom of this mess yet.