From HousingWire:
Mortgage rates fall to four-month lows
Fixed mortgage rates spiraled down this week amid market speculation that the Federal Reserve will continue to commit to its bond buying purchases this year.
Consequently, mortgage rates declined to four-month lows as the industry deals with weak jobs numbers and the aftermath of the government shutdown.
The 30-year, fixed-rate mortgage came in at 4.13%, down from 4.28% last week, but up from 3.41% last year, Freddie Mac said in its Primary Mortgage Market Survey.
“Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year,” said Freddie Mac vice president and chief economist Frank Nothaft.
…
The 15-year, FRM decreased to 3.24%, down from 3.33% last week and a steep rebound from 2.72% last year.Meanwhile, the 5-year Treasury-index adjustable-rate mortgage averaged 3%, dropping from 3.07% last week, but an increase from 2.75% a year ago.
Additionally, the 1-year Treasury-index ARM came in at 2.6%, down from 2.63% last week, but up from 2.59% a year earlier.
…
Bankrate also witnessed mortgage rates hitting a four-month low as a result of the government shutdown’s aftershock on the market, and disappointing jobs report — driving investors into the haven of government bonds, which resulted in lower yields.Bankrate’s 30-year FRM dropped to 4.27% from 4.42% a week earlier.
Additionally, the 15-year, FRM decreased to 3.37%, down from 3.49%, while the 5/1 ARM dropped to 3.27%, down from 3.31%.
From CNN/Money:
Half of nation’s foreclosed homes still occupied
Foreclosure sounds like the end of the line, but actual eviction can take months or years — even after the bank has repossessed a home.
RealtyTrac estimates that 47% of the nation’s foreclosed homes are currently occupied. The percentage actually tops 60% in some hot housing markets, like Miami and Los Angeles.
Those still living in repossessed homes include both former owners and renters. Either way, their time in the homes is mortgage and rent free.
To arrive at its estimate, RealtyTrac compared its database of foreclosed homes with postal records showing whether mail was still being collected and whether change-of-address forms had been filed.
Even when occupants leave voluntarily, old owners typically take about two months to vacate.
With renters, it can take a year or more. “If someone has a bona fide rental agreement, we have to abide by that,” said Amy Bonitatibus, a spokeswoman for JP Morgan Chase.
From NJBIZ:
Rebound in institutional housing sales has limited impact in N.J., report finds
A national report showing a rising number of homes sold to institutional investors, including many cash-only purchases, is not playing out as much in New Jersey because sales are often delayed by a slower foreclosure process here, according to an expert.
RealtyTrac reported today that 14 percent of all homes in September were sold to institutional investors. That’s up from 9 percent one year ago, and represents the highest level since the real estate information company began tracking such totals in January 2011.
In New Jersey, only 3 percent of homes sold in September were to institutional investors.
Patrick O’Keefe, director of economic research at CohnReznick, in Roseland, noted institutional investors tend to hunt for homes at discounted prices after foreclosure.
But O’Keefe said New Jersey has fewer sales of this kind, because it is known as a judicial foreclosure state, where all foreclosures go through a court-approved process — a system inherently longer because it contains more procedural hurdles to protect homeowners.
“These units are just not available on the market yet, and when they get there, the people who have this investment profile will be the first in line to pick it up,” O’Keefe said.
i remember this guy and the line up at 102.7 WNEW
Scott Muni was my favorite
@nypost: Legendary New York DJ Dave Herman busted for trying to arrange a sick tryst with a 7-year-old girl http://t.co/iNcQCrmaT2
“I know a lot of Americans who are satisfied with their health care right now are wondering what reform would mean for them, so let me be clear: If you like your doctor or health care provider, you can keep them. If you like your health care plan, you can keep that too.” – Barack Obama, Remarks On Health Care, Washington, D.C., 7/15/09
Health insurance cancellation notices soar above Obamacare enrollment rates
Read more: http://dailycaller.com/2013/10/24/health-insurance-cancellation-notices-soar-above-obamacare-enrollment-rates/#ixzz2ijdfw0zE
Hundreds of thousands of Americans who purchase their own health insurance have received cancellation notices since August because the plans do not meet Obamacare’s requirements.
The number of cancellation notices greatly exceed the number of Obamacare enrollees.
Insurance carrier Florida Blue sent out 300,000 cancellation notices, or 80 percent of the entire state’s individual coverage policies, Kaiser Health News reports. California’s Kaiser Permanente canceled 160,000 plans — half of its insurance plans in the state — while Blue Shield of California sent 119,000 notices in mid-September alone.
Two major insurance carriers in Pennsylvania, Insurance Highmark in Pittsburgh and Independence Blue Cross in Philadelphia plan to cancel 20 percent and 45 percent of their total plans, respectively.
Nearly 800,000 New Jersey residents’ health-care plans will not longer exist in 2014, forcing insurers to create new ones for individuals and small business owners that hew to the Obamacare’s new regulations, The New Jersey Star Ledger found in early October.
“I don’t feel like I need to change, but I have to,” Jeff Learned, a television editor in Los Angeles, told Kaiser Health News. Learned now needs to scramble to find a plan to coverage his teenage daughter, whose health problems have required several surgeries.
More Americans have lost their individual health coverage in Florida and California than have gotten past the login screen on HealthCare.gov, according to The Washington Post, which reports that 476,000 applications have “been started,” but not completed. HealthCare.gov’s dysfunctional website has helped enrollment grind to almost a complete halt. (RELATED: HealthCare.gov contractor: We had only two weeks to test site)
But it’s difficult to determine exactly how lopsided the rates of cancellations versus the rates of enrollment are — the Obama administration jealously guards the official enrollment numbers, refusing to release them to even the law’s loyal Democratic supporters.
“It’s screwed up,” New York Rep. Charlie Rangel said of the White House’s secretive maneuvers.
Several states have released Obamacare enrollment data, however, revealing extremely low rates. South Dakota reported that only 23 people enrolled in the exchanges, a mere 0.0000276 percent of that state’s population. North Dakota enrolled only 20 residents.
Alaska, meanwhile, comes in at seven total enrollees, or 0.000957 percent of Alaskans.
Sources inside the Department of Health and Human Services told The Daily Mail that only 6,200 Americans signed up for coverage the day HealthCare.gov launched, while only 51,000 applied in the first week. (RELATED: Obama administration will not release number of Obamacare enrollees on opening day)
During his campaign to pitch the law to voters back in 2009, President Barack Obama vowed that Obamacare would merely lower costs for Americans with health insurance while providing coverage to the uninsured.
“[N]o matter how we reform health care, we will keep this promise to the American people: If you like your doctor, you will be able to keep your doctor, period,” Obama said to an audience at the annual conference of the American Medical Association. “If you like your health care plan, you’ll be able to keep your health care plan, period. No one will take it away, no matter what.”
“Again, [the Affordable Care Act] is for people who aren’t happy with their current plan. If you like what you’re getting, keep it. Nobody is forcing you to shift,” he later added.
42.anon (the good one) says:
October 24, 2013 at 3:18 pm
@TheObamaDiary: —> Thanks to #Obamacare, nearly 6 in 10 uninsured Americans will have access to health coverage for $100 per month http://t.co/A6TnXr3L5v
“If you like your health care plan, you’ll be able to keep your health care plan, period. No one will take it away, no matter what.”
NOT
I like my health plan, my only concern is I still have to pay for it and now pay for every unemployed bums health plan too. I am now paying for two sets of plans.
We got our cancellation notice from Horizon Blue Cross/Blue Shield for our private insurance. Our premiums now are $1960 a month for the two of us, I can just imagine what they’re going to be with Obamacare.
Best part of Bojanglescare will be the tax penalties assessed to people who are unable to sign up before the deadline because the website doesn’t work.
Has anyone called Cory’s office ? He can get this OBcare fixed. He said so
Always a good time to revisit this classic:
http://www.youtube.com/watch?v=rsL6mKxtOlQ
This comment is so witty, but for clot it is practically an autonomic reflex.
Spine Snapper says:
October 24, 2013 at 8:08 pm
plume (54)- That’s an insult to chinkbots.
Sebelius says she does not work for those calling for her resignation
Health and Human Services Secretary Kathleen Sebelius said Thursday that officials are working “24-7” to improve the government’s health insurance website after its clunky rollout.
Contractors: HHS failed to test website
freedy, would it help if I called for her to be shot?
“Sebelius says she does not work for those calling for her resignation”
This guy has always been 100% fraud….but finally, finally, finally he can be called on the carpet for it…..let’s see how he reacts……BTW it speaks volumes that Beyonce married this prick……kind in the same way Whitney Houston married Bobby Brown…..
Fans are targeting Jay Z for continuing to endorse Barneys after the store was accused of racially profiling two young black shoppers.
Brooklyn dad Derick Bowers has set up an online petition to boycott the Upper East Side fashion emporium and pressure the hip-hop mogul to end his collaboration with it for allegedly making false complaints against Trayon Christian and Kayla Phillips.
“Jay Z should be appalled by Barneys’ actions,” Bowers wrote in the petition on Change.org.
“Without his vast wealth and brand power, they would see him the same as they see Trayon Christian.”
Jay Z is collaborating with the store on a collection called “A New York Holiday.” His rep did not respond to calls for comment.
Meanwhile, Barneys yesterday apologized for the way the two black customers were treated, and said the store has hired a civil-rights expert to review what happened.
Jay-z is just another Uncle Tom fugazy Bojangles, propped up by TPTB as some sort of role model for single-parented street animals who became losers for life the minute they were born.
If these stooges hadn’t bungled practically every other major policy initiative they’ve undertaken, then I could perhaps be convinced that Obamacare was designed to fail(ie step one single payer) . The failure has been spectacular. But this POS was designed to benefit every SIG put them in office and it never even made it out of the gate.
Jay Z is a big time Studio G.
I knew of this jerk when he was dating this black girl I knew who of all things was a junior internal auditor at Bank of Ireland. Talk about crazy, She also was a junior auditor at Soc Gen while they dates. She was ok at best. He was stepping up at the time dating her.
Now it is like Mrs. Shawn Carter. Meanwhile the Junior Auditor dumped his butt. Obvisously without money he schlong and personality does not cut it.
He is about as much Gangsta as MC Hammer or LL Cool J.
chicagofinance says:
October 25, 2013 at 9:35 am
This guy has always been 100% fraud….but finally, finally, finally he can be called on the carpet for it…..let’s see how he reacts……BTW it speaks volumes that Beyonce married this prick……kind in the same way Whitney Houston married Bobby Brown…..
Fans are targeting Jay Z for continuing to endorse Barneys after the store was accused of racially profiling two young black shoppers.
Brooklyn dad Derick Bowers has set up an online petition to boycott the Upper East Side fashion emporium and pressure the hip-hop mogul to end his collaboration with it for allegedly making false complaints against Trayon Christian and Kayla Phillips.
“Jay Z should be appalled by Barneys’ actions,” Bowers wrote in the petition on Change.org.
“Without his vast wealth and brand power, they would see him the same as they see Trayon Christian.”
Jay Z is collaborating with the store on a collection called “A New York Holiday.” His rep did not respond to calls for comment.
Meanwhile, Barneys yesterday apologized for the way the two black customers were treated, and said the store has hired a civil-rights expert to review what happened.
Let’s remember how incensed Republicans were when the website for Bush’s unfunded medicare part D gift to big pharma crashed and burned, causing people to be thrown off their plans, denied medications, and delays in sign ups for more than 6 months:
“The implementation has been horrendous. We’ve made it far more complicated than it should be. I think the implementation side continues to need to be improved.” – John Boehner
“This is a huge undertaking and there are going to be glitches. My goal is the same as yours: Get rid of the glitches.
Rather than trying to scare and confuse seniors, I would hope that we can work together as we go through the implementation phase to find out what is wrong with the program and if we can make some changes to fix it, let us do it and let us do it on a bipartisan basis. We owe that to all of the millions of Medicare beneficiaries.” -Republican congressman and hypocrite Joe Barton, who Frank Pallone took down yesterday.
“Like most significant programs, the new benefit has not gone without a few isolated glitches and unexpected problems. But I believe that if there is anything wrong with the plan, most of it has been fixed and that that hasn’t can be fixed over time.” -Republican rep Nathan Deal
“Any time something is new, there is going to be some glitches. No matter what one does in life, when it is something new in learning the ropes of it, it is going to take a little adjustment.” – Republican rep Tim Murphy.
We’ve received “tens of thousands of complaints by seniors, pharmacists and others” about implementation failures. Health and Human Services vowed to “fix every problem as quickly as possible.” – Bush administration
Yoooooooou donnnnn’t liiikkkkkke mmmmmeeeeee caaaaaaaaaaause I suuuuuuuuuuuuck!
I love how it’s ok to fail, and fail miserably, because others have failed. That makes it all better.
Rap is just cultural conditioning used to reinforce and extend multigenerational failure.
14. Don hate da playa…..yo…..hate da game…..see?
22. Not to mention poor pant coverage.
21. Misery luvs company. Yo.
joyce (21)-
Gubmint activities are designed- on purpose- to either fail spectacularly, impoverish average Amerikans, or both at once.
Almost all rappers are race traitors and way worse than minstrels.
And still, we did not learn from that lesson. Your post further supports the point that government run healthcare results in lower quality.
19.Ottoman says:
October 25, 2013 at 9:49 am
Let’s remember how incensed Republicans were when the website for Bush’s unfunded medicare part D gift to big pharma crashed and burned, causing people to be thrown off their plans, denied medications, and delays in sign ups for more than 6 months:
I love the generous use of the word glitch also. Using that interpretation of the word, the challenger suffered from a glitch also. I prefer “crippling defects”.
People actually shop at Barneys? That place blows, bunch of pretentious pricks. I know that being treated like an asshole is an integral part of the high-end shopping experience, but there is just nothing redeeming about that store. Probably the most surprising thing is that those guys are actually still in business.
Kid should have went to the Ferragamo store
It’s one of my pet peeves how “computer glitch” has just worked it’s way easily into the mainstream, implying that technical problems can’t be predicted ahead of time or even explained afterword. There’s a brilliant quote in this article about Knight Capital’s $400 million one day loss, “Whenever there’s software involved, there’s always a danger of something going wrong,” I guess we shouldn’t be using software then, right?
http://www.bloomberg.com/news/2012-08-14/knight-software.html
I love the generous use of the word glitch
hemp clothing, bitchez!
This administration fails so consistently and at such an alarming rate, that I think the American people are immune to it all. It has become the norm and is now just background noise. It’s become an epic satire. I am astounded how so many miscues, mishaps, lies and damage is being inflicted yet, no one seems to care.
Require PE licensing for individuals involved in software development oversight and require that public projects require that individual to take legal responsibility for the resulting work product. You’ll see far less defects. You know, bridges and buildings used to have the same kinds of “glitches”.
Software engineering is not actually engineering as defined by law.
The website is a POS no doubt — perhaps intentionally so — it wasn’t tested/scaled properly — the code is probably poor due to changing specs. But I think it has transitioned to the whipping boy for all of the Obamacare shortcomings. They’ll milk that excuse for all they can.
So this “website” cost us between $100 and $350 million (nobody appears to know what the actual cost was)?
Good lord.
Oblama is the perfect representation of an under-acheiving nation. This is his only accomplishment and he is the embodiment of a soci0patheic narcissist.
Major Enterprise implementations (SAP, PeopleSoft, etc) at large corporations have been known to cost $100 million. That is not unusual. It’s the late changes in the game that created the mess. At least, it seems that way. On the other hand, no bid contracts make me say…hhhmmmm…
As someone having plenty of experience in these large scale implementations, the contractors will place the highest experienced people at the most visible positions and bill them at high rates. Then they will recruit the cheapest talent (??) that they can find and bill at 80-90% of the top rate. The client thinks they are getting a bargain.
Contractor laughs straight to the bank.
Hey I love rap, I saw Run DMC, Public Enemy, Rock Master Scott, House of Pain, Snoop Doggy Dog and Beastie Boys in concert. I wanted to see NWA buy my dawg EZ-E died from nasty poo-tang.
I used to Rap a little back in the day. Used to do a good full White Lines with a lot of free style. That side two had music and no words, used to have two turntables, mike did some sampling that took me a long time to master, did it at one or two keg parties and even won a contest once at Neptunes back in late 1980s for best rapper in front of a few hundred and in mid 90s my last rap performance was at Webster Hall in business suit and all I threw down with Naughty by Nature on stage around midnight suit and all. And with that my poser RAP career died.
Funniest oddest looks I used to get was I had a Jeep Wrangler back around summer 1991 and 1992, I had a five hundred watt kick butt stereo. After market around $600 bucks which was a lot of dough, Anyhow Jeeps are tiny. So you could not turn radio all the way up with top up or you would go deaf. I had four speakers, two in the doors and two I added to top of roll bars. I used to take top off, clip two doors open vs front wheel wells and face two roll bar speakers backwards.
Once I had the jeep on beach at top of hide tide line in Southampton blasting NWA F the police and other gangsta stuff like nine am and did a drive by Martha Stewarts house then off to flying point beach. Seeing white guys kicking if four letter style full volume on main street in south hampton in 1991 when Rap was pretty new I think I scared so much folk they were afraid to let Jay Z and Sean Combs go east of Riverhead for next ten years.
Now disney has ten year old princess rappers. Damm that is played Original Gangsta like me are done, I might kick it with my homie Flavor Flav in the projects tonight
Chorus:
You down with OPP (Yeah you know me) 3X
Who’s down with OPP (This whole party)
You down with OPP (Yeah you know me) 3X
Who’s down with OPP (This whole party)
Break it down!
Spine Snapper says:
October 25, 2013 at 9:51 am
Rap is just cultural conditioning used to reinforce and extend multigenerational failure.
cost with fixes approaching 1 billion .
Someone got very, very wealthy.
Grim,
They probably used the same development team as UMDNJ. Afterall installing an antivirus program should cost 500k in labor fees alone.
“Someone got very, very wealthy.”
Maybe it was Halliburton?
This administration is a colossal disaster and why the elitist continue to endorse a system of rule that undermines and divides is beyond reason. We’ve experienced five years of nothing but fraud and deceit. What’s even worse are those who defend it by using past events to justify present failures.
How naiive are you
Fast Eddie says:
October 25, 2013 at 11:55 am
…why the elitist continue to endorse a system of rule that undermines and divides is beyond reason.
❝ A New York Times review of hundreds of child firearm deaths found that accidental shootings occurred roughly twice as often as the records indicate, because of idiosyncrasies in how such deaths are classified by the authorities. The killings of Lucas, Cassie and Alex, for instance, were not recorded as accidents. Nor were more than half of the 259 accidental firearm deaths of children under age 15 identified by The Times in eight states where records were available. ❞
@swannoelle: NYT review of 100s of child firearm deaths found accidental shootings occurred ~2x more than record http://t.co/KAHfgeoeo9 via @michaelluo
You’re right Joyce, how silly of me.
I think gary is closer than I am to being permanently silenced in a mysterious “accident”.
Blackstone home-rental bond may open up new asset class
REUTERS — 1 MINUTE AGO
By Adam Tempkin
NEW YORK, Oct 25 (IFR) – Bankers are hoping that an innovative, long awaited US home-rental ABS from private equity giant Blackstone will open up a brand new single-family rental asset class with issuance of US$10bn likely over the next 18 months – providing they can win investors over.
The new sector, built on what some naysayers are calling the housing “detritus” of the financial crisis, is not expected to be met with tons of praise in the court of public opinion, some industry participants say.
“I think there’s a potential for a backlash on this,” said one RMBS investor.
Marketing on the US$500mInvitation Homes 2013-SFR1 transaction, backed by rental cashflows from tenants living in foreclosed single-family homes bought up by Blackstone at rock-bottom prices, will begin next Wednesday in New York. The teams will hit Boston and Los Angeles on Thursday and Friday.
Poop in your portfolio?
The new sector, built on what some naysayers are calling the housing “detritus” of the financial crisis, is not expected to be met with tons of praise in the court of public opinion, some industry participants say.
Who here has big enough brass balls to invest in that?
detritus (pronounced dee-try-tus) is non-living particulate organic material
Oh yeah! Triple A rated of course….
The trade will receive ratings from Kroll, Morningstar, and Moody’s. At least one of those ratings will be Triple A, a fact that shocked some investors relying on numerous rating agency reports over the past year that indicated a first-time REO-to-rental deal would never reach a rating higher than Single A.
http://www.reuters.com/article/2013/10/25/blackstone-abs-homerental-idUSL1N0IF0Z520131025
What could possibly go wrong?
[18] Yeah, if there’s one thing that the Obamacare fiasco shows us, it’s that we definitely need to put the government in charge of MORE stuff . . .
effing sinkhole of incompetence
Question for the board. Trying to close on this beach house still and getting hung up on inspection issues. There was a long list of items to fix and I asked seller to fix a small amount of them (figured I’d pick the ones I really cared about and take care of the rest myself, in a good faith effort to get this done and be fair).
He offered me a credit for the work but well below what my inspector is estimating. Unfortunately, I have two left thumbs and have no idea about maintenance/repair issues. For example, there were leaks in the siding on one of the garages (not living space) and the seller says he caulks that every 2 years and it just requires regular maintenance…the inspector is barking at this, probably rightfully so.
Anyways, Seller is getting an electrician, plumber and contractor to provide quotes/estimates for the work (as a starting point to figure out what the proper credit should be). I know it’s not ideal but I don’t have anybody in the area and figured I could talk to those guys after getting an estimate to assess whether they are quoting for band-aid fixes or for repairs that will actually be adequate and that I’ll be happy with. Really just trying to get this done and trying to get a reasonable credit at this point…any thoughts/advice?
Death by powerpoint this week. I should have been a shoe salesman this way I could at least look up skirts all day.
And look how hot Al Bundy’s new wife is on Modern Family.
Juice Box says:
October 25, 2013 at 2:16 pm
Death by powerpoint this week. I should have been a shoe salesman this way I could at least look up skirts all day.
Siding could be nothing if no wood rot behind, a siding tool is like five bucks.
But what do you mean electrical and plumbing wise? Real electrical and plumbing issues using licensed electricians and plumbers can get expensive. What exactly type of problems. I just did my house after Sandy so I know the prices.
Licensed Plumber and Electricians vs handymen are night and day.
ccb223 says:
October 25, 2013 at 2:16 pm
Question for the board. Trying to close on this beach house still and getting hung up on inspection issues. There was a long list of items to fix and I asked seller to fix a small amount of them (figured I’d pick the ones I really cared about and take care of the rest myself, in a good faith effort to get this done and be fair).
He offered me a credit for the work but well below what my inspector is estimating. Unfortunately, I have two left thumbs and have no idea about maintenance/repair issues. For example, there were leaks in the siding on one of the garages (not living space) and the seller says he caulks that every 2 years and it just requires regular maintenance…the inspector is barking at this, probably rightfully so.
Anyways, Seller is getting an electrician, plumber and contractor to provide quotes/estimates for the work (as a starting point to figure out what the proper credit should be). I know it’s not ideal but I don’t have anybody in the area and figured I could talk to those guys after getting an estimate to assess whether they are quoting for band-aid fixes or for repairs that will actually be adequate and that I’ll be happy with. Really just trying to get this done and trying to get a reasonable credit at this point…any thoughts/advice?
We are in for a bad winter (odds are about 60-70%)
http://www.bloomberg.com/news/2013-10-24/if-new-york-freezes-in-january-blame-siberian-snow-now.html
Clot (21) 110% true. Bill Cosby nailed that one and got excommunicated.
“Rap is just cultural conditioning used to reinforce and extend multigenerational failure.”
Grim (36)- just the typical difference in terms of efficiency and service between private sector profit based motivation and public sector incentives. Notice that NJ Transit lost trains in the hurricane but CSX didn’t? At CSX the buck stops somewhere. They could have gotten a much better website if they had just let the Pron site industry run it. But the website fail will be dwarfed by the ongoing healthcare industry fail, as government takes increasing control.
” So this “website” cost us between $100 and $350 million (nobody appears to know what the actual cost was)? … Good lord.”
JJ,
Here are the main issues:
1. Wiring at the left side in the ground near the A/C condensing unit is exposed to damage.
2. Second level deck has small bumps with rust marks. More concerned about the rust marks because water may be seeping through the deck. But the rust mark is very minor, barely visible.
4. Plumbing vent flashing on roof has damage and needs to be replaced.
5. Leaks at lower level siding and on top of garage doors (both front and back garages – this is the big one). Garage doors do not have drip cap flashing installed. Seller says simple re-caulking would fix all of this and that he does that about every 2 years. Inspector suggests I get a qualified contactor to evaluate and fix. Doesn’t seem like the vinyl is properly secured to the wall. Inspector estimates $800-1100 to fix.
6. Hot water pipe in wall above sink is leaking and should be repaired. This is in the garage bathroom. Inspector estimates about $300 to fix this.
7. Water pipe under the stairs needs insulation. Pipe needs black tubing insulation around to prevent freezing.
8. Junction box next to the left side wall does not have a cover plate.
9. Water entry noted in the main cable feed into the panel. At bottom left corner where cable comes in water is coming in. Also need to secure main panel, it’s loose.
10. Circuit Breakers – a 30 amp breaker on the right side column is serving undersized conduction (wires) which apparently is a fire hazard that should be corrected by an electrician. Breaker is rated 30, so need a 10 gauge wire or larger, and when wire is smaller it can be melted/overloaded and start a fire. To fix can take out current breaker and just put a lower amp breaker in to not overwhelm the wire. Inspector estimates $195.00
12. Wiring – several ground & neutral wires paired together to same screw. Rusted staples securing the wiring to the framing should be replaced.
13. Ground wire on a circuit is corroded; flood water may have soaked the wiring & outlet. Suggest all lower level wiring be evaluated for repairs. This is next to the garage door openers in the front garages. Wire is for an outlet. Also have active water entry around the junction box for front wall exterior light. Inspector estimates $300 of work.
14. Gas meter. Lower level (not living space, garage area) was flooded by Sandy; if gas pipe and meter (which are outside on left side of house) were submerged in salt water it can corrode & leak. Inspector says that meter is property of the gas company and they should repair that if there is an issue. Although the gas company would replace the meter the homeowner could be responsible for replacing piping to the meter and inside the house. Inspector suggests I get opinion from a plumber that all of this is ok. Seller says Gas company came in after Sandy and checked everything and didn’t raise any issues.
16. Will likely need to replace water heater soon. Seller says only used house in the summer and never rented it out so more like 5 years of actual use and says water heater should last a while.
17. Vent pipe issue – flue vent connector too close to combustible materials and should be corrected by a licensed plumber. A matter of moving the insulation out of the way, fiberglass won’t catch on fire it’s paper that is attached to the fiberglass which is the problem. Only requires a 1 inch clearance – should be very simple to correct.
18. Heating system — Inspector said to consider adding a humidifier to heating system ($600-800) because houses dry out much faster by there so this would moisten the air. Can do a cheaper fix and drop in humidifier from Home Depot in bedroom(s). Inspector suggests I have the ductwork cleaned.
19. Gas valve/connector – replace corroded pipe at the shutoff to prevent leaks. Inspector says this should be a $200 service call.
20. Fire place – air infiltration detected. This means that if you aren’t using it cold air is coming through and you’d have to turn up heat. May be able to install some insulation from fire place side – potentially an easy fix.
21. Main bedroom center rear window sainted from moisture entry – but low moisture levels noted. Seems like it leaked before but not at the time of inspection. Recommend further evaluation
22. Main bedroom – left side floor duct covered w/carpeting – remove carpet and install register.
25. Cracks in garage floor. Seller said most people would consider these type of small cracks normal and would have left the minor cracks as they were since it’s not a structural thing (the house is built on the pilings so it’s not going anywhere) but that he is anal so had more hard cement pumped in underneath the house. Doesn’t think it’s a big deal. Trying to get contractor’s contact info., and call them.
26. Double car garage has voids in ceiling of garage firewall – should be repaired to maintain necessary firewall separation between garage and living quarters. The large gaps in between the pipes provide a pathway for fire to get inside the house. Can use the red fire caulk to fix.
28. Inspector suggested we discuss full details of Sandy repairs and extent of damage. Any new requirements post-Sandy that you are aware of? Seller said nothing relevant here, no issues.
a. Did the town send any notices after Sandy or just generally regarding these types of requirements or suggestions? Seller said the town didn’t send any of these types of notices so no issue here (might want to get something in writing from him on this).
b. Spoke to seller about Sandy damage, nothing new to report. Said that we have to stain the wood underneath the vinyl. Have vents & breakaway wall and they did what they were supposed to. Studs are 24 inches off center so they can give-out (and they did).
34. OTHER NOTES FROM SPEAKING TO SELLER: In winter he leaves heat on at 55 degrees. Winterizes but not fully, meaning he blows the pipes/hoses (with air compressor, says there is a valve at end?) out so they don’t freeze (i.e., water off so if a pipe freezes and bursts the house doesn’t flood). Inspectors suggests the main water feed from the street should be cleared also. Puts anti-freeze in toilet in garage bathroom so the bowl doesn’t crack (gets cold down there). Says maintenance is key because of all the salt air since you are on the water…power washes the entire house every 2 years.
THOUGHTS?
http://tomsriver.patch.com/groups/police-and-fire/p/the-10-most-dangerous-small-towns-in-new-jersey_61d552e6-tomsriver
10 most dangerous small towns in NJ, just in case someone has a pending offer
freedy, every small nj town is dangerous for your wallet.
@BarackObama: President Obama on preparing for a global economy: We pull together. We up our game. We fight back. We work hard. We win.
@BarackObama: “Don’t tell me we can afford to shut down the government but we can’t afford to invest in our education system.” —President Obama
In almost no time at all, anon is more annoying than jamil
Boring partisans will be the death of this blog.
Grim time to make a choice…..
The sad thing about Bojangles is that if you read his quotes- and you don’t see that he’s the guy who said this stuff- it reads like Charlie Sheen on a c0ke bender.
I like the current format. Let it be.
Juice Box says:
October 25, 2013 at 10:18 pm
Boring partisans will be the death of this blog.
Grim time to make a choice…..
I’ve called for the banning of more than one poster at this blog.
Now, I say screw it. Let the dolts and trolls continue to expose themselves. Eventually, they will be hoist on the petard of their own vapid pronouncements, which are mostly incomprehensible twaddle.
Then again, I will gladly pay $10,000 to anyone who can set me up with a chance at a clean head shot on anon.
If an idiot jerks off the contents of his brain onto someone else’s blog page, does it make a sound?
[69] juice
I disagree. I come here for the banter. The blog is about RE, politics and economics. These are intertwined on many levels.
Besides, absent clear standards of conduct, how do we decide who is out of bounds? Me? Anon? Clot? It’s grims call but I think he’d be happier with some self policing. And I admit, I feed the trolls, and would happily dispatch anon in a TEOTWAWKI scenario, but we aren’t there.
I take Voltaire’s position with trolls like anon. I can only hope he takes the same with me.
The two sides also took up issues of evidence and arguments during the hearing By pure coincidence the AA has a subsidiary Drivetech that makes money out of speed awareness coursesStrength component: Building strength in your major muscle groups involves weight training and cardiovascular work”I’m just glad to get an explanation,” he said And really, the religion is no more or less ridiculous than some othersSwartz’s estate asked for the documents to be released to shed light on what they have t