From CNN/Money:
Buyers flocked to foreclosures last year — and many paid all cash
Bargain hunters scooped up more foreclosed homes in 2013 — and many of them paid all cash.
Sales of foreclosed and distressed homes made up 16.2% of all home sales last year, up from 14.5% in 2012, according to RealtyTrac. Overall, U.S. home sales were up 10% year-over-year.
And many deals were done in cold, hard cash. All-cash deals accounted for 29.1% of all home purchases last year, up significantly from 19.4% the year before, RealtyTrac said.
The surge in sales of distressed properties comes despite the fact that far fewer Americans lost their homes to foreclosure last year.
“It may surprise some to see distressed sales rising in 2013 given that foreclosure starts dropped to a seven-year low for the year,” said Daren Blomquist, spokesman for RealtyTrac. “[But] there are still more than 1.2 million properties in the foreclosure process or bank-owned, providing a sizable pool of inventory that the housing market is in the process of absorbing.”
Distressed properties are attractive to buyers because they tend to be significantly cheaper. The median home price of a foreclosed or bank-owned property was $108,500 in December compared with $174,400 for non-distressed properties.
Institutional investors, including hedge funds and private equity groups, were buying up homes of all types last year including foreclosures. During the year, 7.3% of all home sales were to investors, up from 5.1% the year before.
Good Morning New Jersey
From HuffPo:
Foreclosure Settlement Still Failing 700,000 Families One Year Later
One year after federal bank regulators pledged that a nearly $10 billion legal settlement would quickly deliver cash to foreclosure abuse victims, hundreds of thousands of people are still checking their mailboxes each day, only to find them empty.
As of January, about 732,000 settlement checks had not been cashed, according to data shared with The Huffington Post by the Office of the Comptroller of the Currency — a number that exceeds the entire population of Baltimore. The total value of this unclaimed heap of money: $600 million.
Regulators say they are doing everything they can to make sure that all of those who qualify — 4.4 million people who received a foreclosure notice from one of more than a dozen major U.S. banks — receive their share of the $3.6 billion pie. It’s not clear how many of the uncashed checks were delivered to the wrong address, though regulators have acknowledged in the past that tracking people down has proved vexing.
An OCC spokesman said that Rust Consulting, the paying agent, has reissued more than 850,000 checks since autumn in an effort to make sure as many people as possible collect on what they are due.
Rust Consulting did not respond to a request for comment, but in the past has said that many of the addresses provided by the banks were old and inaccurate.
To those who are still waiting, these explanations provide little comfort.
From the Star Ledger:
Teaneck woman who baked ‘Mortgage Apple Cakes’ to save house now subject of movie
A movie about Angela Logan, who baked apple cakes to save her Teaneck home from foreclosure, will air April 27 at 7 p.m. on the UP network.
In 2009, Logan, an actress, was struggling to pay her mortgage. She decided to sell her famous apple cakes as a last resort.
News outlets around the country picked up her story. Customers in places like Canada and California placed orders.
The UP movie is called “Apple Mortgage Cake.” (Logan called her desserts Mortage Apple Cakes.) It focuses on the 10 days Logan had to come up with a payment to save her home.
So True
http://www.collegehumor.com/embed/6949437/a-conference-call-in-real-life
grim: same couple looking to buy in NP, Berkeley Heights or around Basking Ridge……what say you? Looking for 4BR CHC……what will get it done?
I think they are topping out at $750K, but I am pushing $800K……also, is the Superbowl a distraction in NNJ…..when do they need to be locked and loaded? I think they are about 2-3 weeks away from that point, but I am telling them to get their butts in gear……
Is buying in Berkley Heights liking buying in Pacific Heights?
#4..so good! Every call! Exactly like that!
Grim [2];
As of January, about 732,000 settlement checks had not been cashed,
We’re shocked that deadbeats can’t handle money well? If it were otherwise, wouldn’t they have avoided the bear trap in the first place? This clearly isn’t the deadbeats’ first fall out of the stupid tree.
Re: title post – What about “Its all cash on the closing table”? Is there any significance to be gleaned from the fact that investors have money to invest, and thus don’t use purchase money mortgages?
Having spent many years in the direct mail business. I suspect that many of these are MLNA (moved, left no address). I’ll say generally, these are people that probably didn’t realize they should have filled out a change of address card at the local post office, or even gone online. If they are debtor deadbeats, they may have done this on purpose.
Most big mailers will run their lists against the NCOA (National Change of Address) database, however, no change, no update. Mail goes nowhere.
People don’t realize how hard it is for someone to find you if all they have is an old address, with no COA.
Second option is to bounce the undeliverables against a big database provider like an Epsilon or Acxiom in hopes that the customer changed an address with a company that partners in the shared databases, and they can get a high probability match. Much easier to do with marketing collateral since the risk associated with misdelivery is low. For something like a check, it’s very risky, because if the names match, the wrong person could easily cash the check. We would always run into this sort of problem trying to deliver rebates via gift card through the mail.
I would suspect though, they would be able to leverage the credit reporting databases, since they should have SSID and likely some accounts continued to be maintained.
But yeah, I can see an idiot throwing out the envelope without opening it.
Independent review board says NSA phone data program is illegal and should end
In a strongly worded report to be issued Thursday, the Privacy and Civil Liberties Oversight Board (PCLOB) said that the statute upon which the program was based, Section 215 of the USA Patriot Act, “does not provide an adequate basis to support this program.”
“We have not identified a single instance involving a threat to the United States in which the telephone records program made a concrete difference in the outcome of a counterterrorism investigation,” said the report, a copy of which was obtained by The Washington Post. “Moreover, we are aware of no instance in which the program directly contributed to the discovery of a previously unknown terrorist plot or the disruption of a terrorist attack.”
The 238-page report is arguably the most extensive analysis to date of the program’s statutory and constitutional underpinnings, as well as of its practical value.
It rejects the reasoning of at least 15 federal surveillance court judges and the Justice Department in saying that the program cannot be grounded in Section 215. That statute requires that records sought by the government — in this case phone numbers dialed, call times and durations, but not call content — be relevant to an authorized investigation.
But the board found that it is impossible that all the records collected — billions daily — could be relevant to a single investigation “without redefining that word in a manner that is circular, unlimited in scope.”
http://www.washingtonpost.com/world/national-security/independent-review-board-says-nsa-phone-data-program-is-illegal-and-should-end/2014/01/22/4cebd470-83dd-11e3-bbe5-6a2a3141e3a9_story.html
please count me in for $10,000
“The largest liberal “super PAC” in the country has begun raising money to elect Hillary Rodham Clinton president, formally aligning itself with Mrs. Clinton’s undeclared presidential ambitions more than two years away from the election. “
Whoever it was that posted a picture of her saggy ass the other day created an indelible association in my brain. Every time I see the name, that horrid picture pops back in again. What is this, some kind of terroristic NLP?
Hey Nom, check this out:
MILLER: Smith & Wesson to stop selling guns in California due to microstamping law
D.C. passes emergency bill to postpone the firearm law until 2016
http://www.washingtontimes.com/news/2014/jan/22/smith-wesson-stop-selling-guns-california-due-micr/
What is to stop a criminal from taking 5 seconds to file down the tip of the firing pin, making the “microstamp” worthless?
It’s also a felony to remove the serial number from a gun, that never stopped anyone.
Isn’t it easier just to get fingerprints off the spent casings? Usually dumb crooks don’t realize they are doing it when loading the magazine. Seems to me, from an evidence perspective, a fingerprint on a spent casing is a whole lot better than a stamp on a casing. One links the bullet to the gun, the other links the bullet to the person.
“please count me in for $10,000”
Moron!
15 – Politicians aren’t interested in solving crimes. They’re interested in writing and voting for laws that pander to low-information voters in order to make a name for themselves and further their own careers.
FWIW, our “smart gun” law here in NJ is even dumber.
It’s going to be a $10 Billion dollar election cycle for 2016. Anon will be leading up the charge for the most inane blog posts.
Hillary is a weak person. If you want to waste 10K on a person who rode the coattails of her husband just like she used the moronic voters of New York City to get a jump start on her political career then so be it. I’m not a fan of anyone who knowingly stays married while their partner fcuks around regularly. Not as POTUS at least. I wonder how many Chiefs of State will send her cigars as inaugural gifts?
Hillary will turn out to be Amerika’s version of Eva Peron. Except worse.
Kiss it goodbye, folks.
Carpetbagging byatch.
She should go back to the State Dept and help get some more diplomats killed.
Carpetbagging or Carpetmunching?
Lubtard,
Carpetbagging is when some political chick has one woman munching her carpet while she is teabagging her politician husband. Like Hillary and DiBlasio’s wife do.
yesterday the conversation was so civilized about access, excel, dbs , etc and today the usual suspects have to foul it up
December jobs data out for NJ – numbers are CRAZY
Huge drop in unemployment rate, down to 7.3 from 7.8, unemployment down 1.1% point in a two month span, down 1.4% in a 6 month span. This is a massive drop in the UE rate.
Huge loss in jobs, down 36k in December.
WTF?
In the past year, 140,000 vaporized from NJ’s “civilian labor force” A year ago the UE Rate was 9.5% compared to the current 7.3%.
27 – lower participation rate? Something to do with UE benefits ending?
Participation rate dropped by 260bps.
Question is, why?
Were these people who stayed on the list simply to collect UE benefits, but had no plans to actually take work? Once UE ended, they dropped off the list.
Perhaps retirees who postponed retirement to collect UE?
From a demographics perspective, the fall in participation rate was something that demographers had been expecting as boomers began to retire.
“and today the usual suspects have to foul it up”
I beg to differ. Post 12 clearly incited the idiot band.
Something to do with UE benefits ending?
Too early I think.
How long do UE benefits last in NJ anyway?
Now? I believe we’re back to 26 weeks. 90,000 people were cut off as of the beginning of the month.
Grim,
26 weeks at $624 max per week or $16,224 max.
repost
chicagofinance says:
January 23, 2014 at 8:54 am
grim: same couple looking to buy in NP, Berkeley Heights or around Basking Ridge……what say you? Looking for 4BR CHC……what will get it done?
I think they are topping out at $750K, but I am pushing $800K……also, is the Superbowl a distraction in NNJ…..when do they need to be locked and loaded? I think they are about 2-3 weeks away from that point, but I am telling them to get their butts in gear……
Anyone here use Straight Talk prepaid unlimited data, talk, text prepaid plan? $45 per month unlimited almost seems worth the hassle of their terrible customer service.
The Super Bowl is only a distraction for people attending. For the rest of us, outside of the advertising in the Amtrak rotunda at Penn, I wouldn’t even know it was happening and it’s being played just a few miles from my house.
How’s that construction on Route 3 just west of the stadium going? I haven’t been past Costco in Clifton for a while.
Didn’t federal benefits end last month?
For my wife’s android I pay $60/Mo 2GB data plan unlimited text/talk with their customer loyalty plan.
37.Libtard in Union says:
January 23, 2014 at 1:44 pm
Anyone here use Straight Talk prepaid unlimited data, talk, text prepaid plan? $45 per month unlimited almost seems worth the hassle of their terrible customer service.
Anyone want to do me a huge favor?
I’m still waiting on my Honda Fit EV from Planet Honda in Union. They claim they have leased a total of three with the last one arriving in September. Supposedly, I am number one on their wait list. But I simply don’t trust them.
Would anyone want to call the dealer, pose as a columnist for a local paper and claim you are writing an article on electric cars? The person there who leases them is named Stephen March, but I would first ask to speak with the floor manager and see if you can get an EV leased count out of them and ask when the last one leased. For the record, I was told I was number one on their waitlist on June 10th. Due to a snafu (to put it kindly), I was told I was number two back in August and am now number one again.
First one who has the balls to make the call earns my eternal admiration and a free beer at the next GTG. I would do it, but trust me, they all know my voice. And I already called Honda Corporate twice to no avail.
Street…who with? I know Verizon is $70 with the employer discount.
How do we end up with DeBlasio or Luis Quintana? We need to take it up a notch….
https://www.youtube.com/watch?v=f-80obqClBg
[26] anon
“yesterday the conversation was so civilized about access, excel, dbs , etc and today the usual suspects have to foul it up”
Well you could have kept your mouth shut.
same couple looking to buy in NP, Berkeley Heights or around Basking Ridge……what say you?
Basking Ridge over NP and Berkeley – IMHO – these are 2 pretty different areas. NP and Berkeley are similar, but Basking a bit different. Inventory is thin all around though.
I think they are topping out at $750K, but I am pushing $800K……
750k will get it done in NP and Berkeley, but not in Basking, probably pushing $800 or more there.
also, is the Superbowl a distraction in NNJ…..when do they need to be locked and loaded?
Superbowl weekend is good for lots of no-shows, parties, etc. Scratch it off as a weekend. If the concern is beating the spring market, they probably have 2 months, but weather will start to play a role in showings (At 800k, you want to see the property and landscaping).
Inventory really blows, the only benefit is they are in a price range that isn’t quite as thin.
[14] street,
As long as pre- ban guns are grandfathered, I have no dog in that fight. An active gun control government makes my metal more valuable than gold.
I thought VZ was phasing out employer discounts……..I would do due diligence before you lock yourself up again for 2 years….
Libtard in Union says:
January 23, 2014 at 1:59 pm
Street…who with? I know Verizon is $70 with the employer discount.
[12] anon,
Wait, you’re actually offering to contribute money to an organization legitimized by a court decision you thoroughly despise?
And if you have $10,000 to throw in the pot, clearly you are making enough to be considered rich. Why don’t you give that to the treasury instead?
Still leaning towards the $45 unlimited. I actually like that it’s prepaid. I can bring a refurbished iPhone to the plan too and not have to pay $400 to $650 to Apple. Figure it’s good for about $600 savings per year over the big boys for same plan.
It’s with Verizon. They removed our old employee discount and were going to jack the contract price to like $90 or something crazy. I told them that was crazy and that I was thinking of switching rather than pay that and they put me on their customer loyalty plan. I’ve had that phone since 1998.
47.chicagofinance says:
January 23, 2014 at 2:04 pm
I thought VZ was phasing out employer discounts……..I would do due diligence before you lock yourself up again for 2 years….
I just thought it supported my point about S&W yesterday, they WILL NOT be seen as cooperating with any sort of gun control or anti-gun sentiment ever again. It nearly put them out of business last time.
If I’m understanding it correctly, they would end selling their “Military and Police” (M&P) line of products throughout California. They’d still be selling some rifles, revolvers, and the SDVE line of 9mm and 40S&W handguns (which is marketed to civilians for home defense).
Maybe that’s their way of saying Fuk da police.
46.Comrade Nom Deplume, a.k.a Captain Justice says:
January 23, 2014 at 2:04 pm
[14] street,
As long as pre- ban guns are grandfathered, I have no dog in that fight. An active gun control government makes my metal more valuable than gold.
[51] street,
Well, as it appears in the case of California, Smith and Wesson is coming down on the side of the civilian market. By abandoning military and police sales, they are deciding which side they will be on.
Of course, this could all be marketing. By indicating that they will abandon a market because of government gun-control efforts, it sends a signal to the populace to buy guns now. I would bet you anything that you will see a sales surge in California that outpaces the national surge.
Ironically, by the time you get any sort of gun control in place that restricts future manufacture, that would be a moot point. There will be so many guns out there in the secondary market that availability won’t be a problem. And any restriction on secondary market sales that amounts to an effective prohibition would most certainly be challenged under the takings clause.
Looks like Ruger already made the same announcement about California…
Lib,
I am on Straightalk for over a year now. They resell from various companies – AT&T, Sprint, VZ. I absolutely wanted VZ service so at time choices were limited. I had to go with Samsung proclaim which is ok, at least Android. You may be able to get VZ on iphone now. Understand that it is 3g and not unlimited. Cap is 2 gb before service comes to crawl. Buy refills on ebay or amazon. I found 6 mos. for $219 once. Customer service at first during transfer but then you don’t need them really.
Awesome story to follow
http://www.bloomberg.com/news/2014-01-23/u-s-says-five-in-custody-tied-to-lufthansa-heist-case.html
Five alleged members of a New York crime family were arrested by the U.S. in a case with links to the $5 million Lufthansa heist in 1978 at John F. Kennedy International Airport recounted in the film “Goodfellas.”
The five men, who prosecutors say are members of the Bonanno crime family, were engaged in a racketeering conspiracy that dates back to Jan. 1, 1968, and continued as recently as June 30, 2013, according to an indictment unsealed today in federal court in Brooklyn, New York.
One of the defendants, Vincent Asaro, 78, an alleged captain in the Bonanno crime family, plotted with unnamed organized crime members to carry out the Dec. 11, 1978, robbery of a Lufthansa Airlines plane at JFK, the U.S. said. About $5 million in U.S. currency and about $1 million in jewelry was stolen, according to the U.S.
Thanks Bystander. I don’t stream so 2gb is enough for me. I’ve been getting by with 1gb for 14 months on my FreedomPop (worked out to $6 a month), so 2gb should be fine. But their coverage is worse than spotty. Will let you all know how it goes. Plus, since my FreedomPop is free, figure I now have 3gb per month. :P
Now, must research how to end my VZ contract on my dumb phone. Damn thing restarts on it’s own all the time. Maybe I’ll call them up and will tell them about it.
Is there any doubt now that the Hoboken dust up was an orchestrated attack?
http://blog.nj.com/njv_tom_moran/2014/01/gov_chris_christies_luck_gets.html#incart_m-rpt-1
I use the family(T) mobile plan from wal mart and bought this POS android. You can get that all-unlimited plan for 39/mo. It works for my purposes.
http://www.walmart.com/ip/Walmart-Family-Mobile-Concord-Smartphone/21293391
Lib,
Service was why I would only do VZ compatible phone through Straigh talk. I was Verizon customer for 12 years and honestly service is same. Few spotty areas but nothing major. I was in Laguna earlier in Jan. and had bad service but probably would have with Verizon as well.
In Basking Ridge, a lot of for sale signs go up and June. Several parents look to move out the second their kids graduate. For some, its a four year pit stop.
Chifi,
$750K can buy you a nice 3br condo or a mediocre 4br house in Basking Ridge.
http://www.trulia.com/property/1052222773-5-Lindbergh-Ln-Basking-Ridge-NJ-07920#photo-22
http://www.trulia.com/property/3134361023-87-Highland-Ave-Basking-Ridge-NJ-07920#photo-24
Lib I use Kitty wireless. 3g unlimited talk and text 2.5 gigs. 49 mo. No IPhone, I use a Droid. Automatic prepaid renewal. Been on for years.
Rags: thank you.
grim: thank you.
Basking Ridge is a shit town full of preppie wannabees.
(Cliquez sur la recherche, à la recherche des recommandations, merci les amis!) Hsu Feng dormir refroidir, puis s’est réveillé et étiré, et ce geste plein d’enfants goût, hein, mais Hsu Feng est une âme à deux ans, mais après tout,illinois s’av’e rrtre the businesses de l’enfant, afin qu’il étirer enfantin geste donne us be on the lookout complet.: Xu Feng south east réveilla pour east retrouver couché dans une grotte, Hsu Feng estime q
I will try agggaiinn..since it was filtered///
Clot for you, manning the barri#cades……
http://tinyurl.com/pawg8wh
@BloombergNews: Samsung misses on profits as iPhone wins high-end buyers | http://t.co/ZKD0cQpzdw
#17 Lib
Funny, I don’t recall that response when Shore announced he was thinking of doubling down on his McCain donation in 2008. Or again when he announced he would quite happily donate to Hillary if she was running in 2012.
No double standard there!
Has Dr Doom been lurking in here?
http://www.bloomberg.com/video/dr-doom-roubini-tech-to-replace-white-collar-jobs-HLoOVr06QYC9nC0OPIpFWQ.html
re:#69 – 4 seasons does not have this..
http://www.bloomberg.com/video/this-170m-hotel-keeps-rich-and-powerful-super-safe-8RqhBCStROW~Dx_CjIborQ.html
juice (66)-
Nice party.
Fab: I felt this way about her since the Jennifer Flowers days. I have a lot more respect for Shore anyway. He never reposted the liberal handbook. But why am I explaining myself to you? Ultimately, anyone who gives a dime to anyone’s campaign is pretty dumb in my opinion. Unless of course, you give so much that political favor is bought. Then you are very smart.
One other thing Fab: I never supported McCain. The pre-conservative McCain was better than the party line McCain he became to run for president, but either way, I wouldn’t have sent in a dime.
I’d rather light a cigar with Jacksons than give them to a politician.
#72 lib
Who you supported in the election is not part of the conversation. The point is, the personal attack for a person holding an opinion differing from you and the double standard that you won’t hold that opinion across the board, is the issue.
Shore held his own views that I thought as dumb. Reganomics and the laughing curve were front and center. Springsteen has done something really worthwhile since Born in the USA. There is also my personal favorite, O could consider standing aside and not run for re-election in 2012.
But if its Shore, anon, Bi, Jamil, Ducky, you, Chi, me, Clot or even Grim. Debate the position, not the person, because if you cant take down the position, who said it is irrelevant.
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