From Bloomberg:
U.S. Jobs Gain Seen Too Small to Cut Jobless
American employers probably failed to create enough jobs in July to reduce the jobless rate, showing anxiety over government debt deliberations and a slowdown in consumer spending have shaken confidence, economists said before a report today.
Payrolls climbed by 85,000 workers after an 18,000 increase in June that was the smallest this year, according to the median forecast of 88 economists surveyed by Bloomberg News before a Labor Department report. The jobless rate held at 9.2 percent after rising in each of the previous three months.
Limited job gains and concern the economic recovery will be cut short led U.S. equities to their biggest slump since February 2009 yesterday. Slowing growth puts more pressure on Federal Reserve policy makers meeting next week to try to steer the world’s largest economy away from another recession at a time when inflation is also accelerating.
“The labor market is slowing towards stall speed,” said Patrick O’Keefe, chief economist at J.H. Cohn LLP in Roseland, New Jersey. “Employers were certainly seeing a decline, or leveling off, in demand for goods and services.”
The Labor Department’s data are due at 8:30 a.m. in Washington. Bloomberg payroll survey estimates range from no change to a 150,000 increase.
Oh nooooooes! First.
From the WSJ:
Hackensack Moves to Lift Main Street
After decades of store vacancies and dwindling foot traffic along its struggling Main Street, Hackensack, the seat of affluent Bergen County, is taking steps toward an overhaul.
In June, the Hackensack City Council voted to designate the Main Street area in need of rehabilitation, which the city hopes will help it qualify for state aid to improve infrastructure. The next step, city and business leaders say, is to update the area’s zoning to ease restrictions on development. Ultimately, they hope, the changes will draw developers, new residents and national retailers.
“We really just needed a plan to figure out how to connect these dots and make our downtown work,” says Jerome Lombardo, chairman of the Upper Main Alliance, the merchants group working with the city on the redevelopment plans. “We’ll try to have a downtown where you can live here, eat here, play here, work here, do everything here—but this is a complicated plan with a lot of moving parts.”
Good Morning New Jersey And Happy Friday!
Anyone got a line on a good landscaper? I need 11,500 square feet of topsoil and grass.
From CNBC:
Authorities Charge 14 in $58 Million Mortgage Fraud
Federal prosecutors in Manhattan Thursday said they had dismantled a $58 million mortgage fraud scheme run by a New York brokerage company.
…
All 14 defendants could face up to 30 years in prison if convicted on a conspiracy to commit bank and wire fraud charge, according to court papers. Some of the defendants face additional charges.
Court papers said that from 2004 to 2009, some of the accused would pose as fake home buyers and received more than 100 home mortgage loans valued at $58 million. Assisting in the scheme, prosecutors said, were five lawyers, one of whom was disbarred.
From HousingWire:
Altos: Housing ‘catfish’ swims to the bottom again
July home prices showed the first signs of heading down again as the spring and summer selling season ends, according to analytics firm Altos Research.
Earlier in the year, Scott Sambucci, vice president of market analytics at Altos, gave a presentation detailing future volatility in home prices, what he called a “catfish recovery.” Sambucci said as the market moves into the next cycle, prices will fluctuate between new bottoms and new surfaces, as historical data shows.
The Altos 10-city national median price began heading down from the uptick measured at the start of the buying season, dipping to $450,176 from $450,894 the month before. Prices dropped in seven markets, “a significant change” from the only one to show a decline the month before, which was Las Vegas.
“Home prices nationally responded well to spring-time demand and ultra-low interest rates,” Altos said in a report released Thursday. “Now as the summer ends, housing demand shifts and prices will decline to bump along the bottom of the pond again.”
Grim – invest in a sprinkler system if it is in budget – you will not
regret it.
WE MIGHT ALREADY BE IN RECESSION…maybe even by the official statistics
The first quarter GDP was initially declared as 1.9%.
The revised first quarter GDP was 0.4%.
The initial second quarter GDP was 0.3%.
Even if the second quarter GDP were to be revised down by quarter of the downward revision of the first quarter, we have negative GDP.
Might be? We’ve been in recession for the past 10 years (with a case of credit bubblitis in the middle).
No landscaper suggestions grim but if you do in ground sprinklers, Springhouse irrigation does nice work and I think they are in New Providence. Dragging out the hose and moving around a sprinkler gets old very quickly.
Greetings from Arlington, MA, where I will comment later on the reno boom going on in my sister’s hood. And there are some expansions here that defy logic.
Right now, a soaking wet St Bernard is mooching my toast. Feh.
Rumors : Corzine the next Sec.of Tres.
pray for us
Fetore di morte. Fumo ’em se hai’ em.
“Might be? We’ve been in recession for the past 10 years (with a case of credit bubblitis in the middle).”
What? The Prez said last year he saved the economy. You calling him a liar?
freedy (13)-
Don’t you realize that the Constitution specifies that the Sec. of Treasury should be the biggest walking clusterfcuk that can be found?
Welcome to the Third World, folks. Pay no attention to the jackboot patrol with machine guns.
Put your heads down and work harder. You can be replaced at will by somebody who can do your job- better and faster- for a bowl of gruel a day.
I think we should give Flava Flav a shot at Treasury.
…the Hamburglar’s talents are also terribly underutilized at his current job.
Muni bonds had their best second quarter since 1992, returning 4.45 percent, according to Bank of America Merrill Lynch’s Municipal Master Index. The securities outperformed corporate debt and Treasuries in the period.
Somehow, I am not too upset.
Problem with housing is what is the point, take Shirley and Coram LI, two lower middle class neighborhoods that was hit hard by the triple wammy of subprime lending, rapidly falling home prices and declining incomes. Massive amounts of homes are now unoccupied some for in excess of two years. People have bunched up in Shirley I ready today, Kids move back in with Mom, Mom moves in with kids and they just abandon the underwater house. With less than 1/2 the housing cost as they dumped the more expensive home and double the income via bunching up and families with bad credit this will go on a long time.
meat 18
http://www.marclamonthill.com/mlhblog/wp-content/uploads/2006/10/flava-flav.0.jpg
he’s got my vote
meat
a Treas Sec we could be proud of and that would be recognized internationally
http://www.youtube.com/watch?v=IFJSkcpLgbY&feature=related
18. haha
Most definitely. Flavor had enough financial acumen to pull the plug (early) on his chicken joint licensing deal when he saw that it “wasn’t being run right.”
Right now, a soaking wet St Bernard is mooching my toast. Feh.
JJ, care to supply a tagline for this? ;)
“catfish recovery.”
[4],
Not bad.
JJ [20],
4%? I would hide under a rock with the Geico guy.
Freedy 13 Had similar thoughts when I read it.
Something for Doom/Clot/Meat for his listening pleasure:
http://www.youtube.com/watch?v=p6q9nBusrq8
#11 Sounds like people are planning on staying, unless of course Arlington is a Mass version of Brigadoon.
Numbers better than expected, sound the all clear.
That is not a gold return but that is 4% a quarter, annualized 16%. Yesterday near closing bell I got in on a MBS ETF with a 19.9% yield, a REIT with a 12% yield, small Cap fund and a S&P fund.
What was up with gold yesterday, is it the pause that refreashes.
BC Bob says:
August 5, 2011 at 8:09 am
JJ [20],
4%? I would hide under a rock with the Geico guy.
117,000 total, UE @ 9.1%
Buy now or be priced out forever.
117,000 jobs 9.1@ UE Rally on
futures not moving down
#32 The drop in the UE rate is what the cheerleaders will focus on.
rally on!!!
“What was up with gold yesterday, is it the pause that refreashes.”
CME will raise margin rates, blow out the weak. CB’s need to buy much more, they don’t have a margin clerk. I’m locked at 1,650, hoping for a retracement to 1,500-1,480.
The economy finally got a break with better-than-expected numbers in the July jobs report. Payroll jobs advanced 117, 000, following a revised 46,000 rise in June, and revised 53,000 in May. Analysts had projected a 75,000 gain. Also, the May and June revisions were up net 56,000. Private sector growth was somewhat healthier as private nonfarm payrolls grew 154,000 in July, following an 80,000 rise in June and 99,000 increase in May. The median forecast was for a 108,000 boost for the latest month.
A rebound in the auto sector appears to be helping earnings. Wage growth picked up as average hourly earnings increased 0.4 percent, no change in June. The market forecast was for a 0.2 percent increase. The average workweek for all workers in July was unchanged at 34.3 hours and matched the market consensus.
From the household survey, the unemployment rate slipped to 9.1 percent from 9.2 percent in June. The July figure came in below expectations for 9.2 percent.
Today’s report should relieve fears that the economy is headed back into recession. Growth is still modest but positive. And maybe the phrase “transitory” will again be seen applying to first half weakness. Equity futures jumped on the news.
4 bed/3 bath CHC in Demarest on a dead end street listed at 495K. A comp killer? Capitulation? Long time owner who just wants to sell? This one’s a little curious.
http://www.realtor.com/realestateandhomes-detail/Demarest_NJ_07627_M69062-80383?ex=BCNJ_1130277&mlslid=1130277
Anyone besides me buying at the close yesterday?
From the WSJ:
http://online.wsj.com/article/SB10001424053111903454504576488373490568488.html?mod=WSJ_WSJ_US_News_5
Homeowners Can’t Hop on Low Rates
Many in U.S. Could Lower Their Mortgage Rates but Don’t Qualify
By NICK TIMIRAOS
Mortgage rates have fallen to the lowest levels of the year, fueled by new worries that the economy could be sliding back toward recession. But rates may need to drop even lower to ignite a major refinancing wave.
The average rate on 30-year fixed-rate mortgages fell to 4.39% in the week ended Thursday, according to a widely watched survey by government-backed mortgage company Freddie Mac. That is down from 4.55% last week and a high of 5.05% six months ago. Rates on 15-year fixed-rate loans dropped to 3.54%, the lowest rate since Freddie began its survey in 1991.
Nearly 42% of all borrowers with a 30-year fixed-rate loan could lower their rate by one percentage point given current rates, according to researchers at Credit Suisse. But some may not qualify because they don’t have enough equity in their home while others have had their income or credit scores fall. Mortgage analysts say rates would need to fall to about 4% to ignite major refinance activity.
Some lenders, to be sure, are reporting a surge in refinancing activity. Quicken Loans said it took in more applications on Wednesday than any single day in its 26-year history, narrowly eclipsing levels seen last fall. “It’s not as though everybody who could have taken advantage of lower rates last year did so,” said Bob Walters, Quicken’s chief economist.
Richard Oberle knocked about $200 off of the monthly payment for his Murietta, Calif., home when he lowered his mortgage rate to 4.88% last week from 5.88%. Mr. Oberle, who didn’t pay any origination fees to refinance, said he will apply the savings toward paying off his loan over 20 years instead of 30. Mr. Oberle didn’t refinance last year when rates fell to similar levels because his income wasn’t strong enough to qualify.
Mortgage rates tend to track yields on 10-year Treasury notes, which are falling as anxious investors snap up Treasury securities and sell stocks. By late Thursday, yields on the 10-year Treasury were 2.46%, down from a February high of 3.74%.
The Treasury and Federal Reserve have taken unprecedented steps over the past three years to keep mortgage rates low and spur refinancing. And the White House two years ago rolled out a program that allows underwater borrowers with loans backed by Fannie Mae and Freddie Mac to refinance if the amount of the mortgage is no more than 125% of a home’s value. But that program hasn’t been widely used.
Also, because mortgage rates have been at or near-historic lows for several years, many borrowers who could refinance have already done so.
Some economists and mortgage bankers say new-loan fees charged by Fannie and Freddie have made it less practical for many of these borrowers to refinance. A borrower who doesn’t have pristine credit or a big down payment can be forced to pay higher fees that are passed along from banks in the form of higher rates. So a borrower with, say, a credit score of 650 and just 10% in equity could end up with an interest rate that isn’t close to the widely quoted low rates. “All of a sudden, refinancing may not make sense,” Mr. Walters said.
Some mortgage analysts say the risk-based fees aren’t the main hurdle for refinancing.
Instead, they say banks are reluctant to refinance riskier borrowers, even if those loans are already guaranteed by Fannie and Freddie, because they don’t want to assume the risk that they would be forced to buy back the loan in case of default.
“One of the biggest problems right now is qualifying,” said Nicholas Strand of Barclays Capital. “For originators, the risk-reward profile” of refinancing riskier borrowers “is not very good.”
Federal policy makers are looking at ways to ease some refinancing hurdles. Sen. Barbara Boxer (D., Calif.) has introduced a bill that would waive the risk-based fees, eliminate the 125% loan-to-value limit, and make other adjustments to the refinance program.
(More at the link)
#39 gary: That looks like a really nice house, and it is a ncie town, from what I know of it.
“Federal policy makers are looking at ways to ease some refinancing hurdles. Sen. Barbara Boxer (D., Calif.) has introduced a bill that would waive the risk-based fees, eliminate the 125% loan-to-value limit, and make other adjustments to the refinance program.”
OMG…..did they learn NOTHING from the past ???
#38 Time will tell, better than hoped for, but nothing to get excited about. May and June revised up but still only double digits.
We also had the Challenger report on expected job cuts going forward earlier in the week, and that was ugly.
If this is all we get after all the stimulus, and market manipulations etc, it is not very much to cheer about.
#40 JJ Yes.
*41 I am not under water.Mortgage owed is equal to assessment value.I need to bring 20% cash on the closing table to meet 20% equity without paying PMI.I will be saving $200 a month.I don’t think it is worth refinancing with a heavy cash plus closing cost.
#43 It is different this time.
I love the smell of a bull market in the morning.
Back when rates fell in 1993 and lots of homes were underwater lots of people who bought from 1986-1990 had to bring money to table to refinance. My old GF was a little mad as she put down 20% when she bought her place in 1989 and when it fell 20% she had to put up another 20% to refinance.
But in end she paid down her balance 20% at the closing and got a much lower rate. Problem is people want to refinance homes with neg equity without putting up cash. That is only reason refinancing is hard.
NICE what did you buy, I am a little mad at myself as I got greed and did low limit orders on stuff like PG, JNJ, KO, MSFT, PEP CSCO, VZ, NYX at closing and got shut out. Should have went all balls in and entered market orders for 3:55 to 4pm.
Blue chips are what you buy in a 500 point down day when baby is bring thrown out with bathwater. Best move was I sold 20K Pimco Total return and split it 10K small cap fund and 10K S&P fund. Got out of bonds while they were up and into stocks. Why oh why did I not move more, I hate it!!
3b says:
August 5, 2011 at 9:14 am
#40 JJ Yes.
JJ
Putting some more cash in a depreciating asset does not look smart when you walk away
Any decent job now does a credit check. I can’t walk away because if I ended up job hunting I would not pass a background check.
yo’me says:
August 5, 2011 at 9:24 am
JJ
Putting some more cash in a depreciating asset does not look smart when you walk away
New Jersey Targets Mortgage Modification Schemes
More states appear to be taking aim at businesses that lure desperate homeowners into mortgage modification plans, only to leave the homeowners in worse shape financially.
New Jersey reports administrative actions against seven businesses for illegally offering mortgage modification services to homeowners in dire financial straits. State law requires that anyone providing these services in New Jersey be licensed as a Debt Adjuster by the Department of Banking and Insurance, or be otherwise authorized.
The seven companies served with a Notice of Violation are:
• Dunwell Financial Services, LLC – Jersey City
• Home Mitigation Group – Matawan
• Loss Mitigation Consultant Services – Paulsboro
• Rose MM, LLC – Newark
• Save Americas Mortgages Corp. – Fort Lee
• TWI Corp. – Winter Garden, Fla.
• Continental Associates, Ltd. – Commack, N.Y.
Gary [39];
One photo, the drive-by that the listing agent gets for free with the MLS fee. That’s a guy who’s really going above and beyond the call to earn his $25,000 fee.
“Near Public Transportation” read as — NJ Transit tracks through your backyard, kind like Bull Durham…
Miniscule job creation in July that’s sure to be revised downward = minor relief rally. I bought some shares of one of the major miners at the end of the day yesterday – P/E 12 most miners trading 30 P/E plus they pay a 2% dividend tough to beat.
#49 Mc Donalds. AMAZON, and SODA Stream to name just 3.
Moose [53],
LOL! I picture a guy with a comb-over, reeking of cigarettes!
#39 Gary – The Demarest listing is 3 days on the market. Estate sale. House is all original and needs extensive updating. Excellent price. With regard to Moose’s comment about the agent, listings like that sell themselves.
(29) 3b
Arlington is the Mass version of Montclair.
Fake job numbers only buy a half hour of positive impact on the markets these days? Get the junkie a fix.
I thought we’d stick to about 1% gains today. Ruh-roh
#57 30 Year: Any ideas why the inventory in Park Ridge is so low. This would be a perfect move town for us, train town, closer to my spouses employment, LOW TAXES quiet etc. When checking the mls, there is under 30 listings in the whole town.
Why such little turn over in that town??
SELL EVERYTHING!!!!!!
‘Rent is Too Damn High’ candidate facing eviction from rent-controlled apartment
Read more: http://www.nypost.com/p/news/local/manhattan/damn_is_bursting_zGNw7pG5TLpxGGPJgMwHmO#ixzz1UAC29Y5u
# 61 3b – Only 24 closed sales in last 6 months in Park Ridge. It is a small town. Market is just as f*cked as everywhere else.
Remind me why it is I work?
8:30 AM, August 1, 2011ι Abby W. Schachter
Pennsylvanians on public assistance now have a new ‘civil right’ — free cell phones. Meanwhile, the rest of us get to pay higher cell bills as a result.
Recently, a federal government program called the Universal Service Fund came to the Keystone State and some residents are thrilled because it means they can enjoy 250 minutes a month and a handset for free, just because they don’t have the money to pay for it. Through Assurance Wireless and SafeLink from Tracfone Wireless these folks get to reach out and touch someone while the cost of their service is paid for by everyone else. You see, the telecommunications companies are funding the Universal Service Fund to the tune of $4 billion a year because the feds said they have to and in order to recoup their money, the companies turn around and hike their fees to paying customers. But those of use paying for the free service for the poor, should be happy about this infuriating situation, says Gary Carter, manager of national partnerships for Assurance, because “the program is about peace of mind.” Free cell service means “one less bill that someone has to pay, so they can pay their rent or for day care…it is a right to have peace of mind,” Cater explained.
Well, the telecommunications companies don’t seem to love providing this ‘right’ to poor folks because they are trying to renegotiate the deal with the FCC. The telecommunications companies like Verizon and AT&T want more paying customers, but their desire to reform their deal with the feds dovetails nicely with the political ideology of the current FCC chairman Julian Genachowski, who like all Obama administration flunkies sees ‘rights’ where others see ‘priviledges’.
snip
http://www.nypost.com/p/blogs/capitol/free_cell_phones_are_civil_right_htTMcKQFrjdvyl9A6NHPdP#ixzz1UADk2yTP
3b cops haven’t gotten all the dead seniors oout of their houses yet due to budget cuts.
#63 But when you compare the current inventory in town to other towns, there is almost nothing available. In the land of Unicorns there are around 70 listings, in WT the same, but in PR only 20 odd listings.
WT would be a good choice, lower taxes in comparison to other towns, no school funding issues, and a lot of inventory in the price range I would like to be. The only drawback is the drive to Hillsdale train station every morning, and the additional monies to park, which eats up a chunk of the tax savings.
We would be out looking now in PR, but there is simply almost nothing to look at.
“‘Rent is Too Damn High’ candidate facing eviction from rent-controlled apartment”
I guess he was right.
But, if he moves to PA, he can have a free cell phone.
30-yr [57];
Two generations before mine in my family were butchers. They had a saying – ‘Cheap is delicious.’ If you undercut the market, it will always sell.
I told my mother this when she sold her house in 2007 – I could offer it at $100k below market and sell it tommorrow. How much of that baseline is the realtor earning? His value is getting you the extra $100k, and for that he takes 5% of the $100k and also 5% of the baseline. His $25,000 in commision is really 25% of the value added, not 5%.
When you look at it like that, for 25% commission you tend expect a little more than a drive-by photo.
Con’t [70];
And lest you think I’m unfairly picking on your trade, a similr faulty logic applies to plaintiff’s contingency lawyers, especially with personal injury auto accidents.
The theory of the contingency fee is that supposedly the lawyer is taking the risk of no recovery in exchange for a percentage of the eventual recovery or a fixed fee. But with mandatory auto insurance, and often unisured motorist coverage for the cases where they other guy is not insured, there is only a negligible chance that the plaintiff will recover nothing. The plaintiff’s lawyer captures 33% of that baseline with no risk, and having added no value.
They are essentially free-rolling on a lottery ticket that any particular plaintiff will be a windfall payday; just like the used house salesman is free-rolling by collecting a commision on the value of the property that he did nothing to enhance.
Shore
it is a right to have peace of mind
LMAO! time to hit the reset button.
Clot [17],
Third World
http://www.dailymail.co.uk/news/article-2021173/Americas-city-broken-dreams-50-jobless-destitute-people-set-forest-community-New-Yorks-doorstep.html
http://www.youtube.com/watch?v=FUoUJpzZCg0
Fun south of the border:
Mexico town’s police force quits after attack
http://news.yahoo.com/mexico-towns-police-force-quits-attack-232518398.html
I have a brother who’s an auto engineer who’s been battling colon cancer the past ten years. I get more worried for his life when he tells me he has to visit his clients at the Ford plant in Chihuahua then when he tells me he’s back on chemo.
punch 72
hooverville 2011, or is it now O’Ville?
69 & 70 Moose – I would expect do it yourself lawyers fare as well as do it yourself agents.
Good guidance and access to MLS is what you pay an agent for. I cannot get you 25% over market value nor can any other agent. I can provide accurate pricing guidance and objectivity along with lots of useful help and knowledge. If a seller listens, I can help them market and negotiate for the best price available under current market conditions.
I don’t know if your issue is unrealistic expectation or “everyone is out to f*ck me syndrome”?
But pricing is free. Before you decide to hire a realtor you have 2-3 over to tour your home and give an estimate of what it should list at and approximately what it will sell for. I have that information before I sign an agreement. Access to MLS is available for as little as a few hundred bucks.
only value realtor has is does he have a long list of qualified buyers to buy your house. If he is just sticking a for sale sign on your front lawn and MLSign your house and hoping another realtor sells it for him you have paid for nothing. A good realtor is worth his weight in gold, but 90% of realtors are just bored housewives and coporate failures doing this in act two of their lives
30 year realtor says:
August 5, 2011 at 11:03 am
69 & 70 Moose – I would expect do it yourself lawyers fare as well as do it yourself agents.
Good guidance and access to MLS is what you pay an agent for. I cannot get you 25% over market value nor can any other agent. I can provide accurate pricing guidance and objectivity along with lots of useful help and knowledge. If a seller listens, I can help them market and negotiate for the best price available under current market conditions.
I don’t know if your issue is unrealistic expectation or “everyone is out to f*ck me syndrome”?
#76 30 Year: If you could comment on my post at #66 I would appreciate it. Thanks.
#75 A little ironic one of the residents brought their Mercedes with them.
JJ #77 – So what your saying is that if you have 10 agents look at your home to provide pricing assistance that only one of their opinions is likely to be of value. I would have to agree with this statement. I know my opinion of value is going to be correct. If you can’t pick me as the correct agent to hire, you have likely wasted 6 months of market time and your property has depreciated.
The MLS will provide you with that “long list of qualified buyers” if the pricing is attractive. If not, all the marketing in the world will not help!
3b: Park Ridge doesn’t have a lot of train parking either. So unless you bought close to the train station, you might have commutation issues from there as well.
FYI…finally, Washington Twp. is looking into shared services with Westwood. Stay tuned.
30-yr [76];
I would expect do it yourself lawyers fare as well as do it yourself agents.
Freakonomics covered the reality of do-in-yourself agents (that is, agents selling their own houses). I’d agree with you that access to the MLS is the defining variable.
“everyone is out to f*ck me” syndrome
Do you leave all your car and home doors unlocked and walk around with your wallet out and open? If not, you must be just as paranoid as you are trying to paint me.
HEHE [74];
No private armed security? Spouse did some work in the ME some time ago. Her locations did not require it at the times she was there, but some of her colleagues were in places were it was provided.
3b: New listing, 374 Coolidge Ave, WT ($380K):
http://www.trulia.com/property/3059448993-Single-Family-Home-Washington-Township-NJ-07676
Open house 1-4 on Sunday. Pascack Rd. North, turn left at the strip mall, bear left to stay on Manhattan Ave, fourth right turn onto Coolidge.
82 Moose – I do not lock my house.
30-yr [80];
The MLS will provide you with that “long list of qualified buyers” if the pricing is attractive. If not, all the marketing in the world will not help!
So you agree there is only one knob to turn.
Any questions, sellers?
HEHE Moose
my brother occasionally has to do some work in mexico and is always provided with 24/hr armed body guards.
3b – Park Ridge is the smallest of the 3 towns you mention. Even though Wash Twp is similar in population to Park Ridge, the Twp has no apartments. The sales to inventory ratios are similar in all 3 towns.
They have it to and from the plant and hotel. They’ve been told not to exit the hotel, mix up routes when travelling etc. His employer has had former FBI agents come in and put on seminars etc on what to avoid etc. All kinds of funny stuff: never give your cell phone number to anybody in Mexico as it opens the opportunity for them to call relatives and claim you are kidnapped etc.
Armed security etc is fine but when there is a shootout in the hotel lobby, which happened when one of his co-workers was down there, it really doesn’t matter – stray bullets don’t discriminate.
Ralph Nader: ‘Almost 100 percent’ chance of a Democratic primary challenger to Obama.
Hope for change?
Karzai’s brother was killed by one of his armed body guards in Afghanistan. The Mexican Drug Gangs seemed to be able to kill multiple armed police & federal soldiers.
#81 JC PR Has limited parking, but it is there,and at a cost only $50 per year. Also if I could walk to the train (as I have always done) that would be great. Some of the streets are within walking distance to the train/downtown.
My monthly commute cost rises whether I go to WT or PR, but going to WT makes it rise more as parking in Hillsdale is almost $800 a year, plus gas. It is approximately a 4 to 5 mile drive each way form WT to the Hillsdale train station. But the main issue is the whole schlep ofhaving to deal with driving. I would really like to avoid that if I could. Otherwise we would be out looking in WT now as there is plenty of inventory, and although some of the asking prices are stuck in a time warp, it appears it would be fairly easy to get something in our price range that is not a hovel.
As far as shared services with WW, anything that can lower taxes is good; hope it works out.
3b – have you considered Waldwick? May be a good fit all the way around.
#88 30 Year, does PR have apartments?
Moose – You can twist and turn my meaning in any direction you desire. It doesn’t change the reality that it takes more than just MLS to sell a house. MLS is a powerful tool and if used properly it makes real estate an almost liquid asset. Used without skill MLS does little to nothing.
3b – There are apartments in Park Ridge.
[64] “it is a right to have peace of mind” (right to a free cell phone)
Weren’t we saying something the other day about Chinese overlords? I changed my mind and no longer consider this part of the “down side” of the future.
30 yr – I really do not understand this statement:
” MLS is a powerful tool and if used properly it makes real estate an almost liquid asset. ”
Even if a home is priced 50% below market, it is not a liquid asset. It still takes days/weeks to get to closing and transfer of title.
Depending on where you are in WT, it’s not that far to Hillsdale. From where I live you can do it by bike. If you cut up Hillside Avenue near the Lafayette/Washington Avenue light and go through the Brookside area, you’re there in 2 minutes.
From the “Tree-named” streets to the train station in Hillsdale is about 2 miles.
Hillsdale parking permits are $360/year:
http://www.hillsdalenj.org/assets/pdf/CommuterParking.pdf
So the only valuable piece of advice you give is pricing and you give it away for free. Even girls know wait till they buy you dinner, drinks and drive you home before you put out.
30 year realtor says:
August 5, 2011 at 11:17 am
JJ #77 – So what your saying is that if you have 10 agents look at your home to provide pricing assistance that only one of their opinions is likely to be of value. I would have to agree with this statement. I know my opinion of value is going to be correct. If you can’t pick me as the correct agent to hire, you have likely wasted 6 months of market time and your property has depreciated.
The MLS will provide you with that “long list of qualified buyers” if the pricing is attractive. If not, all the marketing in the world will not help!
#96 Interesting how WT has no apartments. I would think that would be part of meeting their Mt. Lauel obigations.
380 point drop in the Dow since the opening high….
Thanks God I am embracing the doom.
THE JJ FUND – Hope you dumped these at the open JJ. Owning equities now is about as fun as ma$turbating with a cheese grater. Plenty of downside to come.
PG -0.01 -0.02%
JNJ -0.34 -0.55%
KO -0.50 -0.76%
MSFT -0.67 -2.58%
PEP +1.02 1.61%
CSCO -0.42 -2.83%
VZ -0.73 -2.09%
NYX -1.67 – 5.72%
99/00 JC: I will have to rework my Mapquest scenario’s; must have done something wrong. Also I was under the impression that the parking in Hillsdale was for town residents; $360 a year is not bad. When I checked I was looking at the lot that charged per day, that is where i got the $800 number from. I will have to check and see what permit availability is like. Still hate driving though!!!
#84 JC: That is alot of house; can only imagine what it would have sold for at the bubble. Don’t think we need that much, but we may take a look at it.
#98 homeboken – Figure of speech.
JJ #101 – You are absolutely correct!
http://news.yahoo.com/libyan-rebels-nato-airstrike-kills-gadhafis-son-095404406.html
BENGHAZI, Libya (AP) — Libya’s rebels said Friday they have reports that Moammar Gadhafi’s youngest son, who commands one of the regime’s strongest military brigades, was killed in a NATO airstrike in the western town of Zlitan.
The death of the 27-year-old Khamis Gadhafi would be a significant blow to the regime’s efforts to fight off the rebels.
In February, eight days before the Libyan uprising began, Khamis Gadhafi was given a VIP tour of the Air Force Academy in Colorado during a U.S. tour. After he returned home, he led forces loyal to his father in an assault on the rebel-held city of Zawiya, where civilian protests against his father were crushed.
30 yr.,
Thank you for the info on that house in Demarest. :)
Beware a bificated market. When executives and traders are buying in their personal accounts and retail is selling it is normally a bullish sign
All Hype says:
August 5, 2011 at 12:04 pm
380 point drop in the Dow since the opening high….
Thanks God I am embracing the doom.
Punch [72];
I wonder why haven’t I seen anything like that in the mainstream US media outlets? You think the Brits just have better investigative reporters, sniffing out things the Times and the WashPost or other smaller localized papers couldn’t find? How about the Journal papers getting scooped in their own backyard?
Market news: PPT back from lunchtime beach trip early.
JC You are getting me back again on WT; you should be in sales!!!
to regain all the losses in the labor force since the December 2007 start of the great depression, which at this point are 10,596,000 when adding the 3,870,000 growth in the labor force over that period together with the 6,726,000 cumulative jobs lost, somehow America needs to add 16,356,500 jobs over the next 64 months.
64 months from now would be the end of O’s second term.
YES WE CAN!!!!
II always wondered why parking is so expensive at the train station in most NJ towns,. I used to park for free up till 2000, now it is $3 buck a year for a permit. So in my life sum total I have spent $33 dollars on parking.
In fact at $3 dollars a year for parking in my train station, your $360 to park is 120 years worth of parking in my town.
3b says:
August 5, 2011 at 12:06 pm
99/00 JC: I will have to rework my Mapquest scenario’s; must have done something wrong. Also I was under the impression that the parking in Hillsdale was for town residents; $360 a year is not bad. When I checked I was looking at the lot that charged per day, that is where i got the $800 number from. I will have to check and see what permit availability is like. Still hate driving though!!!
Moose
ECB tentatively agreeing to bailout italian and spanish bonds.
Well I picked up some mining shares. Now all I need is Ben Bernanke to produce the goods.
Kettle,
Short-term pop followed by return to selling. There’ll be no end to it in the long-term until the Euro-zone decides to dump the PIIGS. They supposedly are conditioning it already on austerity measures. Those Italians are rowdier than the Greeks. These stupid politicians/central bankers keep making these moves to calm the markets. Wait until they have to deal with the problems of blood flowing through the streets when the sheeple in all those countries get riled up.
Speaking of landscapers.
Can any of the lawn gurus inform me as to what the usual September lawn treatment consists of?
13.
If Corzine is the next Sec Treasury then panic. Im out of my IRA 1st business day of 2012.
Jim Sinclair is at GATA this weekend. He had some interesting remarks. More serious than usual.
“I am in London this evening in my room posting as much serious material as possible to help you understand the new nature of gold; a nature fraught with unprecedented volatility. I will deliver my presentation tomorrow. Right now we have to talk.
Gold from $248 to $524.90 was an arithmetic uptrend based on a re-birthing of gold’s currency roll.
When gold broke out above $524.90 I asked you to please cease trading as gold had moved from phase 1 into a runaway price phase 2. It is this phase which has given you prices in excess of $1650.
$1764 has the same significance as $524.90 because it represents phase 3, the point when a runaway price market for gold would gain exponential properties.
Because $1764 is such significant a number you can expect one of the more serious price battles before the price departs to Alf Fields’ and Armstrong’s higher potentials.
To sum up the situation you haven’t seen anything yet.
As strange as it sounds right now, soon you will begin to see the bearish cabal on mining shares looking for cover where gold will be sold for correct precious metals shares.
Keep the faith. $1650 has been the minimum upside since $248, not the most likely top.”
#16 JJ It’s NJ JJ it’s NJ; what can I tell you?
#17 Germany gets whacked again. At what point do the German people say enough??
I now but what do they do wth all the money from property taxes. When I grew up in Great Neck we had a beautful water from park, Stepping Stone, on the grounds of a mansion, if you called up they even put the chairs out for you, a boat marina with almost free docking and young girls and boys who took you to your boat, drop dead amazing library that was waterfront, number one schools, unbeilvable parks, garbage pickup three days a week where they came into your back yard. Busses for everyone to school, even three sets of late buses if you kids had teams, free summer camp, short train commute, amazing places to eat, sewers, heck they even washed the sidewalk every morning in middle neck road. Amazingly the last year my Mom had her house her annual property taxes were $4,200 in 2003!!!! Jersey charges like three times the RE taxes of great neck and I always wonder where does money go?
3b says:
August 5, 2011 at 1:15 pm
#16 JJ It’s NJ JJ it’s NJ; what can I tell you?
3b: Bookmark this link; this gives you Pascack Valley home sales with photos and prices every 2 weeks:
http://pascackhomes.com/index.cfm?contenttype=true&layoutfile=layout_4.cfm&pageid=14079&layoutid=4&CFID=2142730&CFTOKEN=54845433
JJ [116];
I used to live between Floral Park and NHP, but was a resident of neither. Both limited parking permits to town residents only, and they were a hell of a lot more than $3 a year.
FP had meters, so in addition to constantly carrying rolls of quarters in my car, I had to deal with the tickets when the meters took the money, but didn’t register the time. You see, to ‘modernize’ the meters were made electronic. Electronics need batteries. No problem, they were solar powered meters. Except when you show up to park shortly after dawn, when there’s been no sun to charge the meters, they malfunction and don’t register the quarters that you put in. When you inevitably got a ticket, you could register a meter complaint, and they would test your meter… at 3:00 in the afternoon, after the sun has been shining and the meter works just fine. That’ll be $2.50 a day plus $35 a ticket, please.
NHP has a more archaic, but more reliable systyem. You buy scratch-off vouchers from any of a few local merchants (two of them were adjacent to the train station) for $3 each. You scratch off your date – vouchers good for one day only. $60/mo. On top of $200/mo. for the train ticket. That doesn’t replace the need for the car either, so you can’t offset that way like you were living in the boroughs.
BOHICA. Long Island should fall into the sea like the glacier intended it to.
I always wonder where does money go?
To pay the bloated salary, pensions and healthcare benefits of public sector workers, 40% of which are not needed.
Al – Interesting perspective on Gold. Thanks for posting. My entry point was sub-$300 several years ago.
Regarding your lawn question…..in September, I would simply put down Slow-Release Lime. The important date to remember is mid-November, when a winterizing fertilizer with low nitrogen (low first number 3-15-15 or so) is put down. This builds up the root system.
Al gasoline and matches
Scotts fall is fine proceed with lime in november and your good to go
Funny in NJ lots of indians and asians want civil service jobs, no so much by me as they involve actual work like picking up garbage and manning a plow.
homeboken says:
August 5, 2011 at 1:27 pm
I always wonder where does money go?
To pay the bloated salary, pensions and healthcare benefits of public sector workers, 40% of which are not needed.
Don’t put a lot of nitrogen on your lawn late in the year, unless you want to be cutting grass after Thanksgiving. Nitrogen is for spring green-up.
#26 JC Thanks. I just went through the list quickly, cannot believe how low, (yes low) those sold prices are in comparison to alot of asking prices in the land of Unicorns. Talk about denial, too many people inhaling the pixies dust.
HEHE 119
The end game here is perfectly clear.
One has to wonder why they don’t just send Germany a formal invasion request
Explaining How The Just Announced ECB Market Rescue Pledged 133% Of German GDP To Cover All Of Europe’s Bad Debt
Two weeks after Zero Hedge readers were informed about it, slowly the sell side is coming to the realization that not only will the EFSF have to be expanded (that much was known), but that Germany, and specifically the outright economy, will be on the hook by an unprecedented amount of money. And expanded it will have to be: not by two, not by three, but by a cool four times, to a unbelievable €3.5 trillion which according to Daiwa’s Head of Economic Research, Grant Lewis, is an act which will be necessary to convince financial markets of euro area resolve to save Italy and Spain. Says Lewis: “France, Germany contribution to EFSF’s capital would increase to 80% if Spain, Italy had to drop out of guarantee structure. France, German contingent liabilities would be > 50% of GDP if EFSF expanded; added to France, Germany current debt may trigger downgrades to both countries.” Yes… and no. As we explained when we referred to a far more accurate and complete report by Bernstein, merely a €1.5 trillion expansion in the EFSF, would mean that Germany is on the hook to the tune of €790 billion or 32% of German GDP. If France is downgraded, Germany essentially becomes the sole backstopper of the entire Eurozone, to the tune of €1.4 trillion or 56% of its GDP. Now let’s assume Daiwa is correct, and the full amount under the EFSF has to increase to €3.5 trillion. That means that Germany “contin[g]ent liabilities”, in the worst case scenario where France again gets downgraded, and it likely will eventually, would surge to about €3.3 trillion, or an insane 133% of German GDP
http://www.zerohedge.com/news/explaining-how-just-announced-ecb-market-rescue-pledged-133-german-gdp-cover-all-europes-bad-de
#35 Ironic from a historicl perspective now is it not!!!
CIUDAD JUAREZ, Mexico (AP) — An entire 20-man police force resigned in a northern Mexican town after a series of attacks that killed the police chief and five officers over the last three months, state officials said Thursday.
The officers’ resignation Thursday left the 13,000 people of Ascension without local police services, Chihuahua state chief prosecutor Carlos Manuel Salas said. State and federal police have moved in to take over police work, he said.
The mass resignation appeared to be connected to a Tuesday attack by gunmen that killed three of the town’s officers, Salas said.
But it wasn’t the first deadly attack on the police department this year.
In mid-May, police chief Manuel Martinez, who had been in office just seven months, was gunned down with two other officers on a nearby highway. The three had been kidnapped a day before police found their bodies riddled with bullets in the back seat of a sedan.
I share his pain on a much smaller scale…..
Billionaire Slim Loses $8 Billion in Four Days as Mexican Holdings Suffer
http://finance.yahoo.com/news/Billionaire-Slim-Loses-8-bloomberg-115859515.html?x=0&sec=topStories&pos=9&asset=&ccode=
Housing Busts
In a study of housing busts during banking crises, Reinhart and Rogoff found that the average decline in home prices was 35.5 percent from peak to trough.
“Notably, the duration of housing price declines has been quite long lived, averaging roughly six years,” the authors said. The S&P/Case-Shiller index is down 32 percent from a July 2006 peak.
“We are still seeing every indication that the housing market has yet to fully recover,” Reinhart said. “And I think that that will continue still for the immediate period ahead.”
From a review of the new Planet of the Apes movie:
Caesar and the other apes in captivity are surly, maladjusted, vaguely Marxist and forever trying to organize themselves — they’re a lot like graduate students — but when they finally pull together you can almost forgive the dullness of everything that’s come before.
At last, the primates run amok in San Francisco and roar over the Golden Gate Bridge while behind them guns are blazing, helicopters are whirling and Will is wandering into the spray of bullets asking if anybody’s seen his lost buddy. (Pinto’s line during the pandemonium: “Be careful.”)
The monkeys don’t seem to want anything except to live in the redwood forest and maybe an apology for the 1976 version of “King Kong.” But as they settle down and establish themselves as the alpha species, I couldn’t quite summon much terror. Could they really be any worse than the real-life government of the state of California?
3b you could argue the colapse of Italy and inability to control Greece had the same effect in WWII. Germany falls again without the nastiness of a bullet fired.
Return to the Deutshemark all but assured
The end is nigh!
Watching HGTV at the hair salon and some woman from Scottsdale let her husband include a keggerator and master bath urinal in their home renovation. WTF?
#41 You have to love history!!!
#42 Nj gator: From yesterday> The land of Unicorns has around 41 housing units of which 1100 are rental apartments. To date the town has had 132 tax appeals, and 150 for 2010. Seems like a lot to me.
The cost of the reassessment is going to be 200k, which of course has to be borrowed,a and the repayment terms will be spread out over 5 years.
What exactly is the difference between a reassessment and a reevaluation; I know a reval is more involved etc.
Pain [141];
I still have some DM notes. I just assumed I was going to have to keep it as a souvenir.
#44 Sorry should have said 4100 hundred units.
Hackensack Moves to Lift Main Street
“…After decades of store vacancies and dwindling foot traffic along its struggling Main Street, Hackensack…”
CommanderBOB sez:
That’s a joke ! Who in hell goes to that place, unless you have the urge to join the “Hip” people who think it is ok to stand in long lines to gobble-down food at that tiny greasy burger place on River Street !…. Or maybe you can take your last live trip on earth to that so-called self-declared “award-winning” Hospital on Prospect Steet !
The best years of shopping Hackensack’s Main Street was in the late 1950’s before the FREE PARKING malls opened in Paramus …. I recommend that they immediately remove those stupid parking meters and declare the entire avenue from the courthouse up to the Target Store DOLLAR STORE LAND –They already have the Bus Terminal there for the third-world folks to get to the place from miles around !- I can picture it now: A continueous line of Jitneys up-and-down the avenue dropping-off and picking-up hundreds to their choice of those cheapo stores !!
Any other plan for this has-been city is like throwing good money down a rat hole.
#45 Ironically one of the course of WW1 was the fact that Germany wanted to force the continent into an economic union. Well they got that 60 years later;now they are paying for it.
#47 They tried this before some years back, paver’s, street light, and it all fell apart. There is no demand for any real retail in Hackensack. It is a dreary dismal place; especially on a rainy day.
Hey I am booking a vacation, has anyone been to Beaches Turks and Caicos, planning on staying in the new part, Italian Village so wondering if anyone has been there? It is one of those all inclusive family type resort
Reviving retail in Hackensack isn’t going to happen. The only retail that works in the center of towns is dining, entertainment(Movies, bars, etc) and quirky retail targeting upper segments. Hackensack doesn’t have the population to support this type of town center especially figuring it as an organic development. The only way to fix main street is to mall-ify it, condemn and sell to a retail developer, build parking and master plan a retail strip, which given it’s location isn’t an easy sell, the town is not affluent enough to make it a success, the government would be stuck heavily subsidizing it to be a viable project.
#51 JCer IMO it is too close to Paramus to mall-ify it, and Hackensack already has Riverside Sq,a nd the Home Depot mall.
Comapre how sad looking Hackensack ( Bergen County’s seat of government) is to White Plains (Weestchester’s seat of government).
the only thing that will work in downtown hackensack is mexican/columbia eating
joints and gun stores
3b – answered yesterday. A revaluation involves physically inspecting every house and is more costly than a reassessment that uses SF,condition, lot size, etc data from the last revaluation. Both reset values to current market value but a reassessment is much cheaper. If they are getting their clocks cleaned at the county tax board, a reassessment is worth every penny of the cost.
oh, and i forgot fake id stores for those who want to get the food stamps/s8 housing/free medical /and any other free services that they can apply for down the street and the court house
JJ: Never been to Beaches, but have been to Sandals Antigua in 1996.. Not that impressed with Butch Stewart’s product. Food is chain restaurant quality and rooms are nothing special. And everything is branded, from the pool to the games they want you to play.
1996 is awhile ago. But who is Butch Stewart? I never trust a man with two first names.
JC says:
August 5, 2011 at 3:35 pm
JJ: Never been to Beaches, but have been to Sandals Antigua in 1996.. Not that impressed with Butch Stewart’s product. Food is chain restaurant quality and rooms are nothing special. And everything is branded, from the pool to the games they want you to play.
[155] “oh, and i forgot fake id stores for those who want to get the food stamps/s8 housing/free medical /and any other free services that they can apply for down the street and the court house”
Don’t forget to include free cell phones with 250/month free minutes. They have a “right to have peace of mind” ya know.
when I say mall-ify I don’t mean literally a mall or strip mall but, an outdoor “main street” run like a mall, owned and maintained by a single entity, so that it is cohesive and master planned and the landlord has the ability to bring in national tenants, if you’ve been to west palm beach think a small scale City Place. The location isn’t the problem it is the demographics of the town and the immediate surrounding area. Without wealthy people who spend a local main street of this type doesn’t survive, hackensack, teaneck, etc residents are going out to the target and the mall, and don’t dine out enough to support would in all likelihood be mostly restaurants.
#54 NJ Gator: Sorry I missed it yesterday. Thanks for the information. If they believe the 200K (which they plan to borrow) expense is worth it, than I would assume they are in fact getting their clocks cleaned.
yes i forgot the free cell phones so they can call the boyfriend/husband/coke dealer and of course they can call home.
these low lifes have killed New jersey
“Used without skill MLS does little to nothing.”
30, I look forward to 99% of your posts but this is pretty much horse shlt. Buyers and sellers are ten times ‘smarter and more skilled’ than any re agent, even if only because they know what they want more than any 3rd party is capable of. The gig is up. Let’s demystify the term ‘mls’ and agree that its a ‘website’. The power would be much better off in the hands of the consumer so lets stop trying to justify a 6% fee for a skillset that may or may not exist. The role of agent needs to be optional.
#59 I don’t see that happening.
NE [162];
NAR spent $37 million in lobbying money and $15 million in political contributions ’09-’10 to keep the FTC off their backs over the closed MLS system. Pretty pricey to protection something that ‘Ain’t nothing but a thing’ to hear 30-yr talk.
#54 One final question, won’t the town ultimately change the tax rate to make up the difference to collect the same monies?
#62 I have no confidence that buyer and sellers are smart. We would not have had the housing mess if they were.
3b [166];
I have no confidence that buyer and sellers are smart. We would not have had the housing mess if they were.
Whether the buyers and/or sellers are smart or dumb, did the used house sales guild and their closed MLS system promote or restrain the bubble? At least you have to admit that they did nothing to mitigate it, right? I have to say they did lots to inflate it.
161.freedy says:
August 5, 2011 at 4:01 pm
yes i forgot the free cell phones so they can call the boyfriend/husband/coke dealer and of course they can call home.
these low lifes have killed New jersey
Don’t forget the Free Cancer treatment for the Brain Cancer they get from the free cell phone.
A rare stock question. MHS, Medco hit 55 today. It has a buy out offer on table from Express Scripts at 70. Is this the arbitrage op of the century or does market think deal is shakey. It is a NJ company so you guys should know.
3b- yes the tax rate will rise. Montclair was losing over $2M/ year in appeals so the reassessment is a no brainer. They should have done it a few years ago. The other issue about the expense is that the reassessment can be paid over 5 years. Municipalities used to be able to borrow long term to pay back appeal refunds. The state recently changed the law and they are no longer allowed to do so – refunds must be paid out of current monies. This has wreaked havoc on municipal budgets and has given the towns an added incentive to stay on top of this.
We actually just settled both our 2010 and 2011 appeals today. The bad news is that we are now valued over $40k below our 2004 purchase price. The good news is that the refunds will pay for a very modest dining room set for the new house and that we don’t have to spend Monday morning in East Orange. I’ll take that as a win.
“We would not have had the housing mess if they were.”
3b, first, you’re doing your own legwork in your house search so why act like you will be relying on a realtor to choose the home and decide the price? Second, the agents had more to do with stoking the bubble than not. How many ‘bidding wars’ in 04-06 were real and not just instigated phantom bids made up from the imagination of two colliding agents? How many times did an unsuspecting buyer trust the agent as an expert and professional only to have it used against their greater financial benefit based on empty promises of building investment equity due to the value of granite and the blue ribbon elementary.
#161 Bam ba lam, White Flight Freedy
You should read up on the Universal Service Fund.That free cell phone traces its roots all the way back to 1913.
JJ #157: Butch Stewart is the founder and head honcho of the Sandals/Beaches empire.
Here’s an article about him from 2008:
http://www.inc.com/magazine/20080401/how-i-did-it-butch-stewart-sandals-resorts.html
There’s nothing really WRONG with these resorts (though the family of Claudia Kirschhoch, who disappeared from Beaches Negril 11 years ago and was never seen again, might disagree). They have a lot of sound and fury and columns and glitz (all of it branded with the Sandals or Beaches logo, as the case may be), but at least in 1996 in Antigua, the rooms were about on a par with a decent hotel and the “specialty restaurants” were on a par with chain restaurants. Maybe if you live in Indiana, this is fine traveling…but I don’t think these resorts are worth what they cost.
I’ve had just as nice a room at Club Ambiance in Runaway Bay, Jamaica for $95/night with local dishes and the same rum drinks you can get at the big clubs. Not as nice a beach, but a perfectly fine vacation.
http://www.hollywoodreporter.com/live-feed/jersey-shore-scores-watched-season-219893
Pray for the country , more people are interested in jersey shore than our debt .
we’re finished , beyond hope at this point .
How could this have happened ?
162.
Neanderthal, agree and add to that appraisers.
Shore, when are you headed down to the Carolinas?
Bend over folks…
http://cityroom.blogs.nytimes.com/2011/08/05/port-authority-seeks-major-toll-increase/?hp
United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative
That will leave a mark.
This will leave a mark.
United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative
http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245316529563
Apologies for double post. On the other hand it was worth repeating.
By the way, since ratings of subordinate entities are generally capped by the rating of the sovereign, all GSE debt, likely all state debt, and a variety of others now AAA will be downgraded no later than Monday.
JJ-
My neighbor is the President and CEO of Medco Celesio B.V. , a division of Medco Health Solutions. Unfortunately he is spending this year in Holland, I’d like to have a chat with him.
U.S. debt downgraded for the first time in history?
Green shoots … Green scores!
How’s that public sentiment?
#72 You have some valid points.
Hmm, the S&P move might explain what was going on with BoNY’s 13 bps charge on large deposits the other day.
#70 NJ Gator: so if they increase the rate, wont the taxes go up again? or are you buying a few years until the increase in rate caches up with the decline in yealy taxes.
#67 At least you have to admit that they did nothing to mitigate it, right? I have to say they did lots to inflate it.
United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative
The Tea Party must be proud…
…Oh noooooes!
schabadoo 189 or rather trillions of dollars run up of debt under the present group in the White House. Don’t get me wrong both sides are in it up to their eye balls. To blame the guys who want to cut , somewhat puzzled.
Obviously S&P isn’t telling anyone anything they didn’t already know. Punch is correct, this will definately have large impact on state and municipal debt financing.
Does this impact QE3 is the real question? Kind of hard to debase a currency further a couple weeks after your credit rating gets downgraded.
Only upside is I ditched my longs today. I am all short and cash. Black Monday on the horizon?
The Tea Party people ( I don’t mean the original libertarians who started the movement and were co-opted by the usual GOP operatives and kicked to the curb) are a bunch of nuts, but they had little if anything to do with the credit rating downgrade.
schabadoo,
LOL! It’s Bush’s fault!
No impact folks…..
Dissident HEHEHE says:
August 5, 2011 at 10:40 pm
Obviously S&P isn’t telling anyone anything they didn’t already know. Punch is correct, this will definately have large impact on state and municipal debt financing.
Does this impact QE3 is the real question? Kind of hard to debase a currency further a couple weeks after your credit rating gets downgraded.
Only upside is I ditched my longs today. I am all short and cash. Black Monday on the horizon?
Follow the yield on the UST Ten…..who gives a sh!t about a bunch of paper pushers that work for a magazine publisher…..FYI Fitch & Moody’s affirmed AAA, so S&P should no onions waiting…I would give them a modicum of credit if they lead with the AA+ negative watch, but this is a tree falling in the forest when no one is there…..
should = showed
“No impact folks…..”
Wrong. Punch is exactly right. Take a look at your muni bond prospectuses @ssclown. It’s going to mean higher rates for a bunch of them.
I understand the formal importance of the credit ratings for covenant purposes, etc (though, there we should be OK as long as Moody’s and Fitch keep their top ratings), but in all seriousness why anyone should pay attention to the opinion of the shop that brought us AAA-rated subprime MBS?
gary
LOL! It’s Bush’s tax cuts fault!
(191) Mike,
Don’t waste bandwidth on that biased, bigoted, and pigheaded troll. I’ve called him out to put up or shut up, and all you will hear is crickets.
The day schab man’s up at s gtg to take his metaphorical lumps, I may change my opinion. But for now, an empty beer can is more useful. At least I can use the can for target practice.
guano….
Dissident HEHEHE says:
August 5, 2011 at 11:11 pm
“No impact folks…..”
Wrong. Punch is exactly right. Take a look at your muni bond prospectuses @ssclown. It’s going to mean higher rates for a bunch of them.
to be clear…it will need to say specifically S&P AAA….split rating will be credibly constued as AAA…regardless, spread is spread, and it can be whatever the market dictates contractual terms aside…..haven’t you ever seen something trade through Treasuries?
Dissident HEHEHE says:
August 5, 2011 at 11:11 pm
“No impact folks…..”
Wrong. Punch is exactly right. Take a look at your muni bond prospectuses @ssclown. It’s going to mean higher rates for a bunch of them.
30 Year (80)-
God bless you, but you are talking to a wall.
RE is dead money for at least the rest of your life and mine. Get out while you can.
30 Year (95)-
There is no reasoning with a dolt. Have a seat, and sip on a nice beer.
I will be peaceful.
Until it is time to become violent.
al (120)-
Drink some Everclear, and watch the mf’ing crabgrass grow.
“Can any of the lawn gurus inform me as to what the usual September lawn treatment consists of?”
Sure hope Ben can deliver the goods on Tuesday.
207,
You cant eat crabgrass!
If I can braise an IPod, I sure as shit can make crabgrass salad.
Maybe you are right. F-ck grass. Im just going to plant potatoes like they did in the old country.
AAA is for nerdy overachievers who don’t know how to party. Everyone likes the laid back guy with a firm handshake and a cool demeanor. The US is going to be like a Godard film.
chifi [203],
My experience is that split rated bonds trade as if they had the lower rating.
Monday’s going to be an ugly day. Nothing changed with the S&P announcement, but everything changed. Too many portfolios have completely inflexible rules that depend on published ratings. Those portfolios will be blowing paper out next week. The portfolio managers have no choice. They have a mandate to own only AAA paper and it’s a violation of their fiduciary duty if they don’t dispose of downgraded issues pronto.
When the dealers see that supply come Monday morning in a flood, they’re going to step out of the way. The on the run 10 year closed at about 105 today; faced with an avalanche of bid lists, no sane dealer will bid more than par on Monday. And it’s not just Treasuries. By end of day Monday, Fannie and Freddie and every MBS will be AA+. I would lay high odds that no state will be better than AA+. More supply. The only possible buyer is going to be the Fed.
Think a $2t balance sheet is big? Just you wait.
Wow, Comrade going with personal insults. How shocking.
(214)
Just following your lead. But any time you want to man up and shut me up, let us know.
Just following your lead.
You seem to have me confused with some childish name-caller. Not my bag.
But any time you want to man up and shut me up, let us know.
How’s that, remove your internet access?