This is the time and place to post observations about your local areas, comments on news stories or the New Jersey housing market, open house reports, etc. If you have any questions you wanted to ask earlier in the week but never posted them up, let’s have them. Also a good place to post suggestions, requests for information, criticism, and praise.
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From the NYT:
New Jersey Brokers Seeking a Rush From a ‘Crawl’
IN many communities, the pace of condominium sales is just crawling along these days.
“You set up an open house, and maybe one person comes,” said Roberta Baldwin, an agent with Re/Max Village Square Realtors in Montclair. “Then, you have maybe two or three showings over the course of a month or two.”
In the Montclair-Glen Ridge area alone, she said, there are more than 60 condos for sale — some new and amenity-rich; others of the older garden-apartment variety with a galley kitchen and a single bedroom.
“What can we do for the sellers,” Ms. Baldwin said she was recently asking herself, “to get people to at least look at these apartments, so when buyers do start making decisions, they will know what’s available?”
She came up with an answer that seems somewhat revolutionary in the world of brokers: cooperation. Starting last month, she began contacting agents from various brokerages seeking to have their clients’ condos included in a “Condo Crawl”: a mass open house for offerings in Montclair and surrounding towns. Some 35 agents signed up, and the event took place on Nov. 1 from 1 to 4 p.m.
…
At 6 Kips Ridge in Verona, a 22-year-old town house with four bedrooms, four and a half baths, an elevator and a four-car garage, listed at $997,500, there were a number of wide-eyed lookers. The lavishly finished end unit caused a “sensation” among them, according to its agent, Kathryn Lemmer of Coldwell Banker. But it had no immediate takers.
Neither, apparently, did any other property on the tour.
But Ms. Baldwin said her primary goal had been achieved. “The real point was to get people to feeling comfortable about looking at condos again,” was how she put it.
Brandon Jennings is the truth.
NBA best watch out.
Now let’s see if Ms. Lemmer has the guts and skill to get that seller to drop the price to about 750K. My bet would be on the “doesn’t and doesn’t” proposition:
“At 6 Kips Ridge in Verona, a 22-year-old town house with four bedrooms, four and a half baths, an elevator and a four-car garage, listed at $997,500, there were a number of wide-eyed lookers. The lavishly finished end unit caused a “sensation” among them, according to its agent, Kathryn Lemmer of Coldwell Banker. But it had no immediate takers.”
Schump
Why do these places always seem to have more bathrooms than bedrooms? BPH? Overactive bladder syndrome? Maybe they should put up some flyers in the Depends section of the local supermarket…
http://bit.ly/2ee1ZV
My two-year old built something that looked just like this beauty in Cranford with MegaBlocks last night.
beer (4)-
Go figure.
By the time this thing hits bottom, we’ll all be pooping in holes in the ground.
Race to the bottom:
“The debate is simple: the US needs the dollar to hit the bottom of the currency stack post haste, and for that to happen, China’s currency needs to appreciate. This is merely in keeping with the Fed’s current strategy of inflating assets at all costs via monetary manipulation as both fiscal and “consumer” based attempts to increase prices have largely failed (record unemployment may be a lagging economic indicator but it is a very much coincident wage-deflation indicator). It is in this environment that the PBoC has been sending mixed signals, with a variation of the “party line” language in its Thursday release being read as a prompt that China is willing to play Russian Roulette with over 1 billion increasingly unhappy citizens in the biggest communism-capitalism experiment in history.”
http://www.zerohedge.com/article/whither-de-pegging
Seneca (5)-
Where do I sign up for the privilege of paying close to 1mm for a fake stucco hovel with a front-facing 2-car garage?
That’s a house I don’t even think Belmar John could warm up to.
8 Clot
Money does not = taste.
From the Daily Record:
Gun permit applications jump in Morris
Some say fear of curbs spurs rise
MATT MANOCHIO • STAFF WRITER • NOVEMBER 15, 2009
Barack Obama campaigned on hope and change, but he also might have delivered on something else: the urge to buy handguns. Obama’s presidential run — and fears he will clamp down on gun sales — seems to have triggered a larger surge in Morris County handgun permit applications than in the months following Sept. 11, 2001. “The firearms industry has seen a jump in sales since the election, and the assumption is that the Democratic party could attempt to resurrect old, stricter gun control policies,” Parsippany Police Sgt. Yvonne Christiano said.
http://www.dailyrecord.com/article/20091115/COMMUNITIES/91114018/Gun-permit-applications-jump-in-Morris
Montclair maybe slow, but Hoboken is on fire. 15 UC this week. Where’s the 10% unemployment when people pay $500/sq ft??
http://hudson.fnismls.com/publink/default.aspx?GUID=48a35d8e-7284-4bd0-a715-65cf4ce18fb7&Report=Yes
11 Frank
Where does it say those listings are UC?
Gee I dunno Fwank.
Fwank rode the short bus a kid.
Fwank wode da bus.
8 Clot – I see that crappy facade all over when I go visit my parents in Marlboro. Stu and I call it Jap-ifying the house. I think it looks “best” when applied to a split or POS cape.
essex: even dot herman says we have bidding wars breaking out. get with the program.
the trend is your friend.
How about this “beauty” in Madison. Original ask $1.1M. Now can be yours for $729k.
http://emailrpt.gsmls.com/public/media.do?method=gethighresolution&mlnum=2688972&num=0&res=highres&imagecnt=10&sysid=3952973&pubid=259341&servername=null
16 – thought the style was referred to as cheap Italian restaurant…
Slow market my a&&, Bidding Wars Resume
http://www.nytimes.com/2009/11/15/realestate/15Cov.html?_r=1
18 Gator
The more I see things like this the more I think I should be vacationing in Europe more often.
18. I actually like that ‘style’ but those old windows are a real problem.
10. Morris county has always loved their guns though. And with the huge population of illegals…might actually need them.
Grim 19 – Stu likes your description better.
19 Grim Gator 24
Around here, they’re called Guinea Mansions.
Yeah I love the “white” brick facade…almost as much as the ‘gravel treatment’ on the yards in Florida. You know.
Bergen /passaic , with the highest taxes
in the country should enjoy bidding wars.
After all, it’s NNJ, wonderland
From the NY Times article….
At open houses for the past year, she noted, “no one wants to give their name. They don’t want to sign in, or tell you about themselves — because these are hard times, and it may not be a fun story.”
http://mhanson.com/archives/305
Mark Hanson – Mid-to-high end housing & borrower reality
a slower moving train wreck
28. B.S. they just know that if they give out their names they will be hounded and endlessly called at home by desperate “sales professionals”. Come on.
http://online.wsj.com/article/SB125798004542744219.html
Maybe a bit of ingenuity could spur employment in the private sector via innovation…..
“Tinkering Makes Comeback Amid Crisis” WSJ
“An American tradition of tinkering – the spark for inventions from the telephone to the Apple computer – is making a comeback, boosted by a renewed interest in hands-on work amid the economic crisis and falling prices of high-tech tools and materials.”
Tinkering won’t mean a lot unless they can get Venture funding Cindy.
32- Essex – Just me looking for encouraging news…
Now this one is a bit over the top…from Slate- Daniel Gross
http://www.slate.com/id/2235477/?from=rss
“There’s an outside chance we could see job growth by the end of the year.”
“We shouldn’t expect job growth to come from the Fortune 500. According to a new study from the Kaufman Foundation, companies less than five years old created nearly two-thirds of new jobs in 2007. Growth will come from the two guys subletting an office suite in Palo Alto who may be creating the next Google, or from the hole-in-the-wall Mexican spot that could be the next Chipolte.”
Again, just me – seeking out good news. I can’t help myself – Stop laughing Clot.
You won’t find much encouraging news dear. Control what You can control. Your health. Your finances. Your tude’. Be Happy.
The media will spin this stuff forever and day.
P.S. The only people who are going to thrive right now are sitting on $$$ in their mattresses. If I had the cash I would head to Telluride…and just laugh as the crap continues to unroll….down hill.
Unfortunately I am trapped here with the rest of you….Oy.
..31..That dosen’t look like tinkering ,that looks like a full all out factory !…he better apply for all the proper permits !
1. One wonders….where all the “innovative marketing plans” for selling a house are now? Seriously. This was a claim made by many realtors — so ?
Gold…..
A genius driving a $1.5mm Bugatti Veyron crashes into a lake, and it’s captured on video by gawkers in nearby vehicle.
http://www.youtube.com/watch?v=4bq9ls3oaHc
The driver claims he dropped a cell phone.
My new favorite song:
http://www.youtube.com/watch?v=7xsQkk6p9zk
Crash aftermath…….
http://www.youtube.com/watch?v=mhj4z1iU2QY
#17 dottie Moo Moo!!!
There’s an open house in an Upper Bergen County town that’s listed at 729K. The listing states that the seller will “entertain” all offers between 690K to 720K. I’ll say no more.
#43 gary:Than grab this one because its only 700k, and they might take 675K, which will leave you a little cash for any er, um improvements you migh want to make.
http://www.njmls.com/cf/details.cfm?mls_number=2900677&id=999999
38. would have been awesome if it were a test drive.
I’m betting he’ll entertain 689k. yep.
A magnificient home for you gary in Fairlawn next to those upper haughty towns.
http://www.njmls.com/cf/details.cfm?mls_number=2947475&id=999999
Gary: Perhaps you should give up your dream of upper haughty Bergen and make your dreams come true in this beauty in delightful Lyndhurst!!! Listed at a competitive price of 749K, subject to bank approval and all, but you and the bank together can make this fantasty become your reality.
http://www.njmls.com/cf/details.cfm?mls_number=2939460&id=999999
Since this board has a higher than usual number of Depeche Mode fans, here’s a link to a 46 minute German documentary I saw today. You have to go through 14 seconds of an ad before it starts. Lots of footage from their 3 years in Berlin. Enjpoy.
http://www.kabeleins.de/musik/number_one/webshow/artikel/22017/
A picture is worth a thousand words,and I will leave it at that. Make this picture yours today, all for a delightful price of 749K.
http://www.njmls.com/cf/details.cfm?mls_number=2933485&id=999999
PS: Click on the photo under the date 11-11-09 to get the DP documentary started.
#47 – that has got to be one of the funniest things I’ve ever seen. I haven’t seen so much skirting around furniture in my life. Owners must be in the rag trade because the amount of fabric that home consumed is breathtaking.
And why do people put some many curtains on their windows – oh yeah, because the neighbors are only 5 feet away…
I hung out with ‘The Mode” backstage in 85. Biggest bunch of DBs I’ve ever met. I went as a favor for my eurotrashy goth BFF, she bought my ticket, we got back stage. They were all a bunch of junkies, fingernails rotting off their fingers, suspicious and paranoid. Bunch of creeps. They wouldn’t even share a cigar sized joint with anyone in the small room. Not sure why they even bothered with the backstage thing. Just go back to your hotel room and smoke some H, k?
Sorry fans.
gary: It ain’t Ramsey but it is Ridgefield, and they both start with an R, so work with that. Call Attilio today, and give your family a wonderful new home today.
http://www.njmls.com/cf/details.cfm?mls_number=2927369&id=999999
BeachBum-
Lowballing in Belmar
MLS#20925607-106 17th Ave.
Orig list- 1/30/08- $1,299,00
Last list- 10/10/09- $849,000
Closed-11/15/09- $740,000
Wow, every picture is an eyesore.
http://www.realtor.com/realestateandhomes-detail/Montvale_NJ_07645_1109455387
Only 875K
# 11 – Frank, since when does under contract equal sold. The new phrase should be UCA “under contract AGAIN”.
Pacquiao vs Cotto Rd 1 of 12
http://www.youtube.com/watch?v=aYRG1mhpxbE&feature=video_response
Click on video response to go to next round.What a great fight!!
#58 no longer available.
I am a fan of your website, keep up the great work.
53. Addicts tend to be selfish with their stuff….’-)
Don’t procrastinate, buy a house now, before you get out bid.
“House hunting usually slows down this time of year, as people put their searches on hold during the holidays.
This winter could be different, however, thanks to the extension — and expansion — of the first-time home-buyer tax credit.”
http://online.wsj.com/article/SB125823720330748853.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsThird
#62 Nah with the extension and all, people can take their time. With the credit was extended, no need to rush. Silly journalists.
bidding wars will continue. dottie says so
Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume Consume
Lets all band together to make this country great. Let Business men succeed and people learn their fate.
WWSPD…..what would Sarah Palin Do?
Cindy (33)-
Good news for me, too. My Xmas present to me this year is going to be a nice Ruger SR-556.
Anyone who gets near my house when the fun starts is getting the full Cormac McCarthy “Road” treatment.
“Again, just me – seeking out good news. I can’t help myself – Stop laughing Clot.”
Feel the love. This guy describes the SR-556 like his long-lost brother:
http://www.youtube.com/watch?v=O4nTJvvLF3I
gary (43)-
That guy should “entertain” us by letting his wife work a stripper pole during his futile open houses.
yo (58)-
Pacquiao is not human. Sick.
sx (67)-
Assess the situation, then try to make a buck off it. To the negative, she embodies all the possible downside scenarios of trying to sack a cougar. After a while, that voice has gotta be like a gopher hitting a running table saw.
“WWSPD…..what would Sarah Palin Do?”
Help me; John has inhabited my brain, and I can’t get him out.
#71 Pacquiao is not human. Sick
That fight should have been stopped after the 3rd round.The guy just suffered to the 12th.I will be surprise if he does not get concussion.But then again maybe he can blog here and join the brain damaged bloggers.Yeah,you know who you are…
53 Barbara
I’ve hung out with DM several times and never found them to be anything other then friendly. Perhaps it was just a bad night. I hardly see the reason to bash them 24 years later for one bad evening.
69 Schump
Tell Santa that’s what I want for Xmas.
#64 MOOOOOOOOOOO,MOOOOOOOOOO!!!
http://www.kelowna.com/2009/11/12/rocking-the-boat-film-plunders-british-history-for-radio-pirate-treasure/
Clot,
Do you remember Red Krayola?
http://www.reuters.com/article/newsOne/idUSTRE5AA1UH20091111?pageNumber=2&virtualBrandChannel=11604&sp=true
“the seller will “entertain” all offers between 690K to 720K”
Card tricks? Strip tease? Finger animals with a projector bulb? What kind of entertainment can one expect?
NJC,
That Belmar lowball is a nice thing to see. Itsuddenly makes the overpriced $700,000 houses seem even more overpriced.
53.Barbara says:
November 15, 2009 at 11:56 am
I hung out with ‘The Mode” backstage in 85. Biggest bunch of DBs I’ve ever met.
Babs: They were maybe 22 years old at the time?…..you kind of just told us a whole lot about yourself just now.
DL – I followed your instructions, but I was blocked because I am in the U.S. Any way around this issue? Regardless, thank you.
49.DL says:
November 15, 2009 at 11:50 am
Since this board has a higher than usual number of Depeche Mode fans, here’s a link to a 46 minute German documentary I saw today. You have to go through 14 seconds of an ad before it starts. Lots of footage from their 3 years in Berlin. Enjpoy.
http://www.kabeleins.de/musik/number_one/webshow/artikel/22017/
but dottie does fit well into the pant suite
75. lostlinny
they aren’t my relatives and I’ve always thought their music sucked. Rotting nails and track marks don’t really add up to a bad night. Maybe they’ve straighten up. *shrug*
oh, I’m sorry. I didn’t realize that depeche mode was the official band of njrereport.
get ready to change your diapers:
http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html
SAS
World Rushes to Prop Up U.S. Dollar
In efforts to prop up the ailing U.S. dollar, experts estimate that some of the largest emerging economies may have spent as much as $150 billion on currency intervention over the past two months, according to data from Brown Brothers Harriman.
Though currency markets usually experience turnover of more than $3 trillion a day, traders pay close attention to what governments are doing and where they are likely to intervene.
Thailand, South Korea, Russia and the Philippines have been buying dollars in hopes of holding down the value of their currencies, as the dollar hovered near 15-month lows.
Thailand alone has bought $15 billion trying to push the dollar higher against the baht, Korn Chatikavanij, Thailand’s finance minister, told The Wall Street Journal.
“Quite clearly, all Asian central banks have found it necessary to intervene, and it’s costing us,” Korn said.
“I’m convinced that in the long term the dollar is more likely than not to decline in value, so we’re building up assets that are declining in value over time. That’s not healthy.”
A softer greenback makes gold, which is priced in dollars around the world, cheaper for buyers using stronger currencies.
The weak dollar has also fueled speculation that overseas central banks will move to increase their gold holdings as an alternative to the U.S. currency, CNN Money reports.
Analysts say the metal’s recent strength has attracted many short-term market participants who trade largely based on momentum
#87 Like watching a spreading plague.
69.
Excellent choice and a great present. 223 is getting expensive. You can get some 30 round mags clipped to 15 pretty cheap.
I think everyone should have one of these in their homes.
http://www.youtube.com/watch?v=XtWAC4vL1GI
New Brunswick – Old Bay has a pretty good beer selection usually. Carry a lot of microbrews and short term specials.
Geezus. I dunno. That seems better suited for an assassination.
Old Bay maks a great cajun bloody mary. rim of glass coated with old bay seasoning.
lost (76)-
That’s one badass gun.
shore (79)-
I’m stumped. I thought listening to Velvet Underground and Big Star put me in a tiny group. Gotta admit, I never heard of these guys.
I like the random aspect of the whole vibe, though. Kinda seems like stuff Philip Glass would do if he weren’t a self-sucking asshole.
chi (82)-
The bitterness over being trapped in Maplewood for the rest of her life is beginning to boil over.
OTOH, I can’t stand DM either. To me, they are the musical equivalent of stale Quaaludes.
Then again, you can’t get too much meat & potatoes:
http://www.youtube.com/watch?v=MeP220xx7Bs
I’m not in Maplewood, never was, just thought I’d offer up a topical irl story that was actually true. Kinda a novelty for njrereport.
Carry on, girls.
Dessert?
http://www.youtube.com/watch?v=hk41Gbjljfo&feature=related
barb (98)-
Sorry. Had you confused with some other bitter, cry-ass femme here.
Haters. Ya’ll are haters. :)
Just the typical Sunday night dread of climbing back into the clusterfcuk tomorrow.
100 schump
bitter and cry assed? funny coming from a guy who posts daily about armageddon, assassination and moving the fam to Chile.
Let us know how all that works out, k?
Schumpeter,
take this one into work tomorrow
NTW 20 Rifle
http://www.liveleak.com/view?i=f61_1258071089
102.Schumpeter says:
November 15, 2009 at 9:59 pm
Just the typical Sunday night dread of climbing back into the clusterfcuk tomorrow.
I think they should make a pilates video based on two girls, one cup….
WSJ
INVESTING
NOVEMBER 15, 2009
Greatest Trade’: How You Can Make $20 Billion
By GREGORY ZUCKERMAN
Even as the financial system collapsed last year, and millions of investors lost billions of dollars, one unlikely investor was racking up historic profits: John Paulson, a hedge-fund manager in New York.
His firm made $20 billion between 2007 and early 2009 by betting against the housing market and big financial companies. Mr. Paulson’s personal cut would amount to nearly $4 billion, or more than $10 million a day. That was more than the 2007 earnings of J.K. Rowling, Oprah Winfrey and Tiger Woods combined.
Adapted from “The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,” by Gregory Zuckerman. Broadway Books. Copyright © 2009 by Gregory Zuckerman.
How did he do it? Believing that a housing-market collapse was coming, Mr. Paulson spent over $1 billion in 2006 to buy insurance on what he then saw as risky mortgage investments. When the housing market cracked and the mortgages tumbled, the value of Mr. Paulson’s insurance soared. One of his funds rose more than 500% that year. Then in 2008, he shorted financial shares, or wagered that they would fall in price, profiting again when these companies collapsed.
And are there any investing skills that average investors can learn from his success? Yes. There are no guarantees, of course, but the success of Mr. Paulson and a few other underdog investors lends encouragement to individuals trying to compete with Wall Street’s pros.
Here are eight investing lessons of Mr. Paulson’s $20 billion gamble, the greatest trade in financial history:
1 Don’t Rely on the Experts
Many investors lost big in 2007 and 2008 as housing crumbled and the stock market tumbled. But no one lost more than commercial and investment banks caught with toxic mortgage-related securities. These bankers were the very same ones who created these investments, and Wall Street’s top analysts had vouched for their safety, even as Mr. Paulson and others bet against the investments.
Lesson: When Wall Street is wheeling out its latest can’t-miss product, be skeptical.
2 Bubble Trouble
Some academics argue that financial markets have become more efficient. But a rash of financial bubbles in recent years — including housing, energy, technology and Asian currencies — suggests that markets are becoming harder to navigate, and are more prone to overshooting. Today, investors of all sizes read the same articles, watch the same business-television programs and chase the same hot tips. They invariably head for the exits at the same time.
Lesson: Have an exit strategy — and cash to cushion any tumble.
3 Focus on Debt Markets
Most investors track the ups and downs of the stock market but have only a vague sense of moves in debt markets. That’s a mistake. Early signs of trouble were seen in sophisticated markets that don’t get much limelight, like the subprime-mortgage bond market. These problems eventually felled the housing and stock markets, and the overall economy, a set of falling dominos that Mr. Paulson and his team correctly anticipated.
Lesson: Debt markets can do a better job predicting problems than stock markets.
4 Master New Investments
Mr. Paulson scored huge profits by buying credit-default swaps, a derivative investment that serves as insurance on debt. When risky mortgage bonds tumbled in value, Mr. Paulson’s insurance soared. But many experts were flummoxed by CDS contracts or shied away from educating themselves about these relatively new investments.
Mr. Paulson and his team had no experience with CDS contracts. But they put the time into learning about them.
Lesson: Educate yourself about the range of exchange-traded funds being introduced, some of which can play a valuable role in a portfolio.
5 Insurance Pays
A number of investors worried about a bursting of the housing market, but few did much about it, even though insurance, such as CDS contracts, at the time were selling at dirt-cheap prices. Out-of-the-money put contracts — options that pay off only if the market tumbles — also were trading at reasonable levels. As cheap as this insurance was, many pros ignored it.
Lesson: Don’t underestimate the value of a safety net, such as put options.
6 Experience Counts
Some of the biggest winners in the meltdown were middle-aged investors dismissed by some as past their prime. But they had experienced past market downturns, while some of the bankers and analysts caught flat-footed knew only good times.
Lesson: A historical perspective can be a valuable tool.
7 Don’t Fall in Love
With an Investment
In early 2009, Mr. Paulson became more bullish about the banks and financial companies that he had wagered against in 2008, after determining that these companies had improved their balance sheets. The moves resulted in profits this year.
Lesson: Even the greatest trade doesn’t last forever.
8 Luck Helps
In early 2006, Mr. Paulson determined that housing was in trouble and set out to profit from the impending fall. But some housing experts already had determined that real estate was overpriced; others had wagered against housing but could no longer stomach their losses. Just months after Mr. Paulson placed his historic trade, U.S. housing prices began to fall.
Lesson: Don’t risk too much in any one trade, even one that seems like a sure thing.
http://online.wsj.com/article/SB125826103009548975.html?mod=WSJ_hpp_LEFTTop
Liu Mingkang, chairman of the China Banking Regulatory Commission, said that a weak U.S. dollar and low U.S. interest rates had led to “massive speculation” that was inflating asset bubbles around the world. It has created “unavoidable risks for the recovery of the global economy, especially emerging economies,” Mr. Liu said. The situation is “seriously impacting global asset prices and encouraging speculation in stock and property markets.”
Chinese leaders previously expressed nervousness that the U.S. may be ready to sacrifice China’s economic interests to haul itself out of the worst recession since World War II. China is the largest creditor to the U.S. It frets that huge U.S. budget deficits will weaken the dollar and slash the value of China’s massive foreign-currency holdings, which hit $2.273 trillion at the end of September, the latest figure available.
We’re all suckers:
http://www.nytimes.com/2009/11/15/business/economy/15gret.html?em
Home Builders (You Heard That Right) Get a Gift
“…..tucked inside the law was another prize: a tax break that lets big companies offset losses incurred in 2008 and 2009 against profits booked as far back as 2004. The tax cuts will generate corporate refunds or relief worth about $33 billion, according to an administration estimate.
…….Among the biggest beneficiaries are home builders, analysts say. Once again, at the front of the government assistance line, stand some of the very companies that contributed mightily to the credit crisis by building and financing too many homes.
This is getting to be a habit: companies that participated on the upside and are now reaping rewards from the taxpayers on the downside. The banks that underwrote so many dubious loans, for example, received government aid to get them lending again. Unfortunately, that hasn’t been the result.
……..Unfortunately, this seems to be another example of an age-old phenomenon: Good Things Come to Those With Lobbying Power.
Securing this tax break was a top priority for home builders, lobbying records show. The Center for Responsive Politics reports that through Oct. 26 of this year, home builders paid $6 million to their lobbyists. Last year, the industry spent $8.2 million lobbying.
Much of this year’s lobbying expenditures were focused on arguing for the tax loss carry-forward, documents show.
Among individual companies, Lennar spent $240,000 lobbying while companies affiliated with Hovnanian Enterprises spent $222,000. Pulte Homes spent $210,000 this year.
That’s some return on investment. After spending its $210,000, Pulte will receive $450 million in refunds. And Hovnanian, after spending its $222,000, will get as much as $275 million.”
Meanwhile, the bag that we taxpayers are left holding gets bigger and bigger.
#48 Coy fish in Lyndhurst per the link? I thought that was more of a Lodi/Garfield thing……..
chi (105)-
I concur. :)
Barbara should be one of the girls.
“But then, government is all about granting itself the right to commit acts which are illegal for its subjects — such as the Federal Reserve’s 96-year-long currency counterfeiting operation. When the sovereign itself is dishonest, openly bilking its own pensioners, it is idle to talk of ‘reform.’ Organized crime is not amenable to reform. Either you end it, or you trust your security to the nebulous notion of ‘honor among thieves.’ Good luck with that!”
http://www.zerohedge.com/article/guest-post-robbed-blind-lipstick-wearing-pig
OT: If you like Turkish food, go to Lodos in New Milford. Best damn Turkish food in Bergen County and no one knows about it. The hummus is nothing short of sublime. It’s next door to Jersey Boys Grill. The guy has been trying to sell the place like forever, but the food is still fantastic. Go. Tonight.
Hi there!
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For quite a long time, I make money with the help of these programs.
I don’t have problems with money now, but there are heights that must be conquered . I make 2G daily, and my first investment was 500 dollars only.
Right now, I managed to catch a guaranteed variant to make a sharp rise . Turn to my blog to get additional info.
[url=http://easymoneyltd.info]http://easymoneyltd.info[/url]
Hello everyone!
I would like to burn a theme at this forum. There is such a thing, called HYIP, or High Yield Investment Program. It reminds of ponzy-like structure, but in rare cases one may happen to meet a company that really pays up to 2% daily not on invested money, but from real profits.
For quite a long time, I earn money with the help of these programs.
I don’t have problems with money now, but there are heights that must be conquered . I make 2G daily, and my first investment was 500 dollars only.
Right now, I managed to catch a guaranteed variant to make a sharp rise . Turn to my web site to get additional info.
[url=http://easymoneyltd.info]http://easymoneyltd.info[/url]
I’m fascinated by the diverse range of views and opinions. Who’s your “go to” guy?