From HousingWire:
CoreLogic: September completes 41,000 foreclosures
There were 41,000 completed foreclosures nationally, down from 55,000 in October 2013, according to CoreLogic’s (CLGX) October National Foreclosure Report.
This marks a year-over-year decrease of 26.4% and is down 65% from the peak of completed foreclosures in September 2010.
Month-over-month, completed foreclosures were down by 34.1% from the 62,000 reported in September 2014.
To put it in perspective, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
Since the financial crisis began in September 2008, there have been approximately 5.3 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.
“While there has been a large improvement in the reduction of foreclosure inventory, completed foreclosures remain high and serve as one of the obstacles to new single-family construction,” said Sam Khater, deputy chief economist for CoreLogic. “Until the flow of completed foreclosures declines to normal levels, new-home construction will not pick up because builders have little incentive to compete with foreclosure stock.”
As of October 2014, approximately 605,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory. This is compared to 875,000 in October 2013, a year-over-year decrease of 30.9% and representing 36 consecutive months of year-over-year declines.
NJ’s foreclosure lead gains on Florida.
October Foreclosure Inventory
New Jersey 5.5%
Florida 4.1%
New York 4.1%
National 1.6%
Newark CSBA now takes top billing in the large metro statistical areas
Newark NJ-PA 5.5%
Nassau-Suffolk, NY 5.4%
Tampa-St Pete-Clearwater, FL 5.2%
Want to hear a crazy number?
Completed Foreclosures – 12 months ending October 2014
Florida – 117,583
Ohio – 28,003
Pennsylvania – 19,275
Illinois – 18,656
See a trend yet?
New Jersey – 6,126
GOP: Pipelines are OK for nation but not for New Jersey
http://www.nj.com/morris/index.ssf/2014/12/republican-dominated_towns_lining_up_against_pipeline_proposal.html
There are so many stalled foreclosures in NJ that I think it will just stay that way indefinitely, or until the Pumpkin gets his inflation. Banks are in such a lose-lose right now that the best option is to let their once paying customers live rent free as home sitters. If they foreclose on them all two very bad things happen:
1. They have to recognize losses.
2. They tank the market they have to sell into.
Want to hear a crazy number?
Completed Foreclosures – 12 months ending October 2014
Florida – 117,583
Ohio – 28,003
Pennsylvania – 19,275
Illinois – 18,656
See a trend yet?
New Jersey – 6,126
According to CNN money, The least affordable place in the U.S. is . . .
Brooklyn!!!
Oh, the ironies just abound with this one
I mentioned that Citi gave me an 18 month 0% credit card and the offer showed up in the mail unsolicited. I’ve been using the card for just a few days and today I set up online access. I got chuckle when I logged on. This is what they call my new card:
Citi ThankYou® Preferred Card for College Students
[5] The next thing you know, the hipsters will be priced out and will have to move to Queens.
“Oh the way Glenn Miller played…”
Job quits are blooming as economy brightens
Paul Davidson
1 Hour Ago
USA Today
American workers are on the move again, switching jobs in greater numbers in a trend that heralds faster economic growth and a more dynamic labor market.
In September, nearly 2.8 million Americans quit jobs, the most since April 2008
Jobs guess, 223k
@bencasselman:
If payrolls meet expectations today it’ll be the 10th straight month of 200k+ job growth. Last time that happened was 1995. #JobsDay
LL Bean boots are the hot millennial trend. I remember when they were uber trendy in 1980 and got my pair then.
Still have them. Bean replaced the lowers and I asked them if I could keep the old “Maine Hunting Shoe” label and Bean accommodated me. I didn’t want the newer “Bean Boots” label and I am so glad now because that is gonna be the shameful mark of a hipster.
Nom – Nice job on [96] from yesterday, re:federal/local court systems.
@Pervaizistan: NYPD: More than 200 people arrested into early this morning during citywide protests related to #EricGarner decision.
321k..wow!
Jobs…in SLC this week, our call centers were unable to hire suffucient staff at the rates we wanted to pay this year..
President Obama doing an outstanding job with the economy
@BreakingNews:
US employers added 321,000 jobs in November;
No, they are not just stalled, they are actively being stalled. There is an active and concerted effort to gridlock the foreclosure pipeline in NJ.
You have no idea the neutron bomb that would be dropped on Camden, Trenton, Paterson, Passaic, Newark, Oranges, Elizabeth, etc if the pipeline was allowed to flow through.
Entire neighborhoods would be evicted, thousands of families would be out on the street, maybe tens of thousands. It would eclipse Sandy in it’s impact.
[11] I just replaced a pair of Salomon hiking boots that were my good friends for exactly a dozen years. The leather uppers were still perfect, as was the Gore-Tex layer, but the Contagrip soles did that thing where one day they’re fine and the next day they just completely disintegrate. I bought them from Altrec where they will take anything back at any time for any reason for a full refund. I’ve called them on that more than a couple times, I just don’t have the heart to do it again. I got my replacement Salomons on sale two weeks ago at REI for $4 less than my annual dividend, so the new kicks didn’t cost me a dime. They even gave me back the $4 dividend balance in cash.
You guys done laughing yet, or are you starting to realize that the great pumpkin is coming? You have to be really ignorant to not see the writing on the wall with all these signs poking their head.
anon (the good one) says:
December 5, 2014 at 8:25 am
@bencasselman:
If payrolls meet expectations today it’ll be the 10th straight month of 200k+ job growth. Last time that happened was 1995. #JobsDay
anon (the good one) says:
December 5, 2014 at 8:23 am
Job quits are blooming as economy brightens
Paul Davidson
1 Hour Ago
USA Today
American workers are on the move again, switching jobs in greater numbers in a trend that heralds faster economic growth and a more dynamic labor market.
In September, nearly 2.8 million Americans quit jobs, the most since April 2008
Why are you guys wearing anything but T1mberlands?
1987 condo says:
December 5, 2014 at 8:32 am
Jobs…in SLC this week, our call centers were unable to hire suffucient staff at the rates we wanted to pay this year..
The Great Pumpkin says:
December 5, 2014 at 8:40 am
You guys done laughing yet, or are you starting to realize that the great pumpkin is coming? You have to be really ignorant to not see the writing on the wall with all these signs poking their head.
anon (the good one) says:
December 5, 2014 at 8:25 am
@bencasselman:
If payrolls meet expectations today it’ll be the 10th straight month of 200k+ job growth. Last time that happened was 1995. #JobsDay
anon (the good one) says:
December 5, 2014 at 8:23 am
Job quits are blooming as economy brightens
Paul Davidson
1 Hour Ago
USA Today
American workers are on the move again, switching jobs in greater numbers in a trend that heralds faster economic growth and a more dynamic labor market.
In September, nearly 2.8 million Americans quit jobs, the most since April 2008
[17] I fully agree and I would add that it doesn’t end at the urban borders of those towns. Why buy a house when you can stay in your current house for free for the foreseeable future? Better yet, move out and rent it to someone who will pay you in cash. It’s all gravy.
No, they are not just stalled, they are actively being stalled. There is an active and concerted effort to gridlock the foreclosure pipeline in NJ.
You have no idea the neutron bomb that would be dropped on Camden, Trenton, Paterson, Passaic, Newark, Oranges, Elizabeth, etc if the pipeline was allowed to flow through.
Entire neighborhoods would be evicted, thousands of families would be out on the street, maybe tens of thousands. It would eclipse Sandy in it’s impact.
18 – Vibram soles, my nearly 15 year old Asolo boots still look brand new.
Agreed. Exactly why I was telling fast eddie over the past 2 years that it’s wishful thinking to think that real estate will drop another 20-30% in prices. That would destroy the economy. Not going to happen.
grim says:
December 5, 2014 at 8:36 am
No, they are not just stalled, they are actively being stalled. There is an active and concerted effort to gridlock the foreclosure pipeline in NJ.
You have no idea the neutron bomb that would be dropped on Camden, Trenton, Paterson, Passaic, Newark, Oranges, Elizabeth, etc if the pipeline was allowed to flow through.
Entire neighborhoods would be evicted, thousands of families would be out on the street, maybe tens of thousands. It would eclipse Sandy in it’s impact.
There would be no price impact to neighboring areas, sorry, I don’t see it. The price of a house in East Orange is not in any way related or correlated to the price of a house in Glen Ridge. The percentage of properties in foreclosure in East Orange is not in any way related to the number of foreclosures in Glen Ridge.
Jobs numbers up… a positive reaction to the GOP landslide, no doubt. Jobs are created in the private sector; the private sector needs an ally. It’s really not hard to figure out.
President Obama doing an outstanding job with the economy
Before we get all warm and fuzzy let’s see the full time versus part time job, job type and high pay versus minimum wage jobs that were created last month. If 250k of the jobs are part time clerks at Wal Mart then nothing has changed from 6 years ago.
I didn’t say that. I just meant that the housing market in general could not handle a 30% loss in prices like fast eddie wants…..it would be lights out for the economy.
grim says:
December 5, 2014 at 8:51 am
There would be no price impact to neighboring areas, sorry, I don’t see it. The price of a house in East Orange is not in any way related or correlated to the price of a house in Glen Ridge. The percentage of properties in foreclosure in East Orange is not in any way related to the number of foreclosures in Glen Ridge.
I know three families in underwater homes (one in Morris two in Warren) that stopped paying their mortgages several years ago. One in Warren is renting the place out and pocketing the money (cash). Bank knows this and doesn’t care as long as its being maintained! The one is Morris took a FEMA grant for flood repair did minimal remediation himself and pocketed the rest!
BTW – these are all white middle class people in the suburbs. I bet there are thousands like them in NNJ.
29- I know two individuals one of them is going on three years
27- 52,000 were retail gearing up for the holiday
The only jobs picture anyone needs to know:
https://twitter.com/zerohedge/status/540870760819355648/photo/1
Pumpkin Head,
I didn’t say that. I just meant that the housing market in general could not handle a 30% loss in prices like fast eddie wants…..it would be lights out for the economy.
I didn’t say 30%. We’re 10% to 15% over-priced despite all the glossy, cherry picked data presented here to size the argument.
NJT,
I know three families in underwater homes (one in Morris two in Warren) that stopped paying their mortgages several years ago. BTW – these are all white middle class people in the suburbs. I bet there are thousands like them in NNJ.
Please try to explain this to the cheerleaders on this board. It’s a sea of f.ucked bag holders. They have no recourse. Some are making the payments and some are not. We’re talking about Graydon’s Mommy and Daddy who have the “Lexus to remember” parked in the garage but in reality, couldn’t buy a pot to p1ss in.
How about the Southern reaches of Glen Ridge? Anyway, my point wasn’t that there is huge kill radius from each of those cities. My point is there are kind of nice suburban towns with very high delinquency rates and if you foreclosed on those properties expeditiously you would kill the market in those towns. I’m thinking of towns like everything West of Denville in Morris County. If you look at the forclosure rates in those towns it’s so close to zero that it is ridiculous.
There would be no price impact to neighboring areas, sorry, I don’t see it. The price of a house in East Orange is not in any way related or correlated to the price of a house in Glen Ridge. The percentage of properties in foreclosure in East Orange is not in any way related to the number of foreclosures in Glen Ridge.
Moose (32):
Just as I thought, half the job gaines were part-time. The shocker is the number of older versus younger workers getting jobs. No soup for you for all the 25-54 year olds. Back to mom’s basement!
http://www.zerohedge.com/news/2014-12-05/full-time-jobs-down-150k-participation-rate-remains-35-year-lows
Speaking of boots, anyone have any experience with Sorel Caribou?
(34) Eddie,
You left out the part about POCKETING THE CASH from NJT’s post. Seems to me after years of not paying the mortgage, they can indeed afford a pot to piss in.
The data does not support your premise, the bifurcation is massively wide.
Labor Force Participation Remains at 36-Year Low
December 5, 2014 – 9:17 AM
http://www.cnsnews.com/news/article/ali-meyer/labor-force-participation-remains-36-year-low-0
(CNSNews.com) – The labor force participation rate remained at a 36-year low of 62.8 percent in November, according to the Bureau of Labor Statistics.
The participation rate, which is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job during the month or actively seeking one, was 62.8 percent in November which matches the percentage since March 1978.
In November, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 248,844,000. Of those, 156,397,000 participated in the labor force by either holding a job or actively seeking one.
The 156,397,000 who participated in the labor force was 62.8 percent of the 248,844,000 civilian noninsttutional population, which matches the 62.8 percent rate in April, May, June, August and October of 2014 as well as the participation rate in March of 1978. The participation rate hit its lowest level of 62.7 percent in September 2014.
Another 92,447,000 people did not participate in the labor force. These Americans did not have a job and were not actively trying to find one. When President Obama took office in January 2009, there were 80,529,000 Americans who were not participating in the office, which means that since then, 11,918,000 Americans have left the workforce.
participation rate
Of the 156,397,000 who did participate in the labor force, 147,287,000 had a job, and 9,110,000 did not have a job but were actively seeking one -– making them the nation’s unemployed.
The 9,110,000 job seekers were 5.8 percent of the 156,397,000 Americans actively participating in the labor force during the month of November. Thus, the unemployment rate was 5.8 percent, the same as it was in October.
We’re talking orders of magnitude differences, not percentage point differences.
After 6 years of negative interest rates, ability to borrow nearly for free, and an election likely to block further anti-business legislation, why wouldn’t hiring eventually pick up?
Little Betty Liu on Bloomberg this AM had her lefty economic experts laughing at the idea that the US election could have helped the jobs report. But in India this year, immediately after Modi was elected, and before doing anything, all sorts of economic statistics immediately picked up. Sentiment matters – being hammered everyday about “fair shares”, “minimum wage hikes”, “oblamacare mandates” and general regulatory vulnerability does not make most businesses eager to hire.
Whether Modi or US congress lives up to some people’s hopes is another matter entirely.
In all seriousness, what are the consequences of not paying on an underwater property? Especially if the income to make all of your payments (credit card, car, student loan, etc) and in theory don’t need credit for the next 3 years?
– 38
Seems to me after years of not paying the mortgage, they can indeed afford a pot to piss in.
Read that statement to yourself a few times and let me know if you can identify the glaring contradiction.
For one, you may have difficulty switching jobs or finding employment. Any financial institution I’ve ever worked for did a full credit check before hiring someone.
FKA 2010 Buyer says:
December 5, 2014 at 10:09 am
In all seriousness, what are the consequences of not paying on an underwater property? Especially if the income to make all of your payments (credit card, car, student loan, etc) and in theory don’t need credit for the next 3 years?
Can a Bad Credit Report Hurt Your Job Search?
http://online.wsj.com/articles/SB10001424127887324049504578543783979056290
By JONNELLE MARTE
June 14, 2013 6:10 p.m. ET
For some job seekers, repeated rejection by potential employers could be traceable to an unlikely source: their credit report.
Regulators are cracking down on some methods companies are using to screen candidates, such as criminal background checks. But employers’ use of credit checks during the hiring process is legal and fairly common.
Some 47% of employers conduct credit checks on job candidates, according to a 2012 survey by the Society for Human Resource Management in Alexandria, Va. And one in seven job seekers has been denied work as a result of a credit check, according to a survey by Demos, a left-leaning think tank in New York.
Employers are more likely to check the credit histories of applicants for senior executive positions, for positions with financial responsibilities and for jobs with access to highly sensitive information, according to the Society for Human Resource Management. Some companies initiate credit checks when they are worried about theft and embezzlement, the survey found. Red flags include missed payments, delinquencies, foreclosures and liens.
Just like you guys bring up the part time jobs in the added jobs equation. I challenge the participation rate. How do they come up with this? Does it account for illegal activity like drug dealers and does it account for people getting paid under the table?
Toxic Crayons says:
December 5, 2014 at 10:08 am
Labor Force Participation Remains at 36-Year Low
December 5, 2014 – 9:17 AM
http://www.cnsnews.com/news/article/ali-meyer/labor-force-participation-remains-36-year-low-0
(CNSNews.com) – The labor force participation rate remained at a 36-year low of 62.8 percent in November, according to the Bureau of Labor Statistics.
The participation rate, which is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job during the month or actively seeking one, was 62.8 percent in November which matches the percentage since March 1978.
In November, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 248,844,000. Of those, 156,397,000 participated in the labor force by either holding a job or actively seeking one.
The 156,397,000 who participated in the labor force was 62.8 percent of the 248,844,000 civilian noninsttutional population, which matches the 62.8 percent rate in April, May, June, August and October of 2014 as well as the participation rate in March of 1978. The participation rate hit its lowest level of 62.7 percent in September 2014.
Another 92,447,000 people did not participate in the labor force. These Americans did not have a job and were not actively trying to find one. When President Obama took office in January 2009, there were 80,529,000 Americans who were not participating in the office, which means that since then, 11,918,000 Americans have left the workforce.
participation rate
Of the 156,397,000 who did participate in the labor force, 147,287,000 had a job, and 9,110,000 did not have a job but were actively seeking one -– making them the nation’s unemployed.
The 9,110,000 job seekers were 5.8 percent of the 156,397,000 Americans actively participating in the labor force during the month of November. Thus, the unemployment rate was 5.8 percent, the same as it was in October.
(44) You are assuming not paying = can’t afford to pay. Strategic Default, anyone?
47- Does it count people that can actually work and are not disabled? Does it count people that actually have skills to get a job? Participation rate is a dangerous stat to play with to make a point that the economy is not improving.
As someone who has hiked most of the AT, the best long lasting boot out there is still the old Vasque Sundowner (now named the GTX). They are not terribly attractive and I’ve heard the Chinese ones don’t hold up quite as well as the Itailian ones did, but I logged over 1,500 miles in mine and they are still water proof, (one piece leather) still look good and the sole still has some tread on them, though I am close to resoling them.
47 – It comes from the same place as they unemployment rate and the “jobs created”.
The US Bureau of Labor Statistics.
http://data.bls.gov/timeseries/LNS11300000
[45] Toxic Crayons
Very good point! So you need job security (whatever that means).
http://www.bls.gov/opub/mlr/2013/article/labor-force-projections-to-2022-the-labor-force-participation-rate-continues-to-fall-1.htm
The labor force projections are estimated by combining population projections calculated by the U.S. Census Bureau with the labor force participation rate projections developed by BLS. Consequently, the growth of the labor force is the result of simultaneous changes in the civilian noninstitutional population and the labor force participation rates of the various gender, age, race, and Hispanic origin groups.
According to the Census Bureau’s 2012 population projections, the U.S. population is expected to continue to grow slowly, to grow older, and to become more racially and ethnically diverse.2 During the 2012–2022 period, the growth of the labor force is anticipated to be due entirely to population growth, as the overall labor force participation rate is expected to decrease from 63.7 percent in 2012 to 61.6 percent in 2022. In order to carry out its projections, BLS analyzes and projects the labor force participation rates of 136 different groups, including the two genders, 17 age groups, and four race and ethnicity categories. The basis of these projections is historical labor force participation trends in each of the various detailed categories, according to data provided by the BLS Current Population Survey (CPS) program.3
http://www.trailspace.com/gear/alico/tahoe/
Looks like the Italian company that made them for Vasque are still making them. Trust me, if you want the most durable HIKING boot, you can’t go wrong here unless maybe hiking in hot terrain, as the leather doesn’t let the foot breathe much and you’ll be wearing wool socks which creates a bit of heat. But great welts, Vibram sole, and a lifetime shoe is yours.
[12] expat
Thanks. Frankly, I could go on all day but that doesn’t pay as well as working so work comes first. Also, was sick as a dog through yesterday and that shows up as curtness in my posts.
#38 “Pocketing the cash” – Yeah, they have been and are squirrelling away a large portion of their income for two years now. One maybe two more years and they can buy a new home cash. They others are just scraping by just one minor disaster away total bankruptcy. You wouldn’t think it, though.
smart woman
Washington state woman wins $90 million Powerball jackpot on first try
SEATTLE | Thu Dec 4, 2014 7:58pm EST
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SEATTLE (Reuters) – A Washington state woman on Thursday claimed a $90 million Powerball lottery jackpot after buying a ticket for the first time, and said she would quit her job at plane maker Boeing Co and buy a new Subaru.
That big, huh?
The data does not support your premise, the bifurcation is massively wide.
please don’t
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
December 5, 2014 at 10:39 am
[12] expat
I could go on all day
I had a JJ style comment in there, but I edited before I submitted, the result was much less creative than I had intended… Use your imagination.
The vast majority of foreclosures are in urban areas. Some lenders are being exceptionally proactive about clearing their foreclosure cases via short sale or setting low enough upset prices at the sheriff sales as to prevent taking ownership of the properties going to auction.
The number of properties that will be sold at sheriff auction in 2015 in NJ will be huge. The foreclosure pipeline for new foreclosures is not clogged. If you filed a foreclosure action today you would have final judgement within 12 months. There is no conspiracy.
The current backlog is in getting foreclosure sales scheduled through the sheriff’s office in each county. The other backlog is growing on Writ of Possession evictions (type of eviction used in foreclosures). This is of course common sense as the clog moves through the foreclosure process.
Maybe I put a few too many layers of tinfoil on this morning, but comparatively, NJ REO rates should be multiples higher than it actually is. 2x? 4x? 6x? The monthly rate of foreclosure actions is dismal compared to the outstanding inventory, the population, other states. I can not imagine this to be specific to a lender, it simply makes no sense that a lender would have wildly different policies state by state, and that for whatever reason NJ is the most lenient. There *is* something at work here. We are foreclosing at a rate that is nearly a decimal place off from other judicial states.
Tool [59];
You should take your own advice.
Look at these numbers, for godsakes:
Zip/Name / Negative Equity % / % of NE that are also Delinquent
07102 Newark 55.3% 40.4%
07103 Newark 44.8% 43.3%
07104 Newark 45.9% 31.3%
07105 Newark 41.9% 31.6%
07106 Newark 50.3% 27.8%
07107 Newark 56.0% 32.0%
07108 Newark 51.5% 47.4%
07112 Newark 50.7% 40.2%
07114 Newark 57.1% 38.6%
What I want to know is the number of employed persons ages 18 to 62 vs the population of that group. This is what really matters. 18 is the real age you need to provide for yourself and 62 is when people can start collecting SS and retire.Maybe even make it 18 to 65.
Strategic Default, anyone?
An epic oxymoron.
They others are just scraping by just one minor disaster away total bankruptcy. You wouldn’t think it, though.
If they ever drained the ocean of f.ucked financial muppets in these “to die for” towns, the sight would be horrifying.
[59] anon
I’ll stop if you stop.
[69] redux,
Now, should anon actually take me up on this (and not come back under a different sock with his twiticisms), I hope that:
(a) Grim takes this as a contribution in kind of inestimable value; and
(b) I don’t have to buy my own drinks at the next GTG.
[70] redux
BTW, I lay claim to “twiticism” which I add to my lexicon, along with “nompound.”
Foreclosures since February, Housing Units, Town Name
FC HousingUnits Town
2 6243 Rockaway Boro
14 9587 Rockaway Twp
11 5783 Dennville
0 1363 Mountain Lakes
10 11244 Mount Olive
5 7823 Montville
3 2545 Mount Arlington
10 8597 Jefferson Township
That’s 55 foreclosures for 53,185 homes in pretty OK suburbs. Seems a little low to me.
Gary,
You’re losing it. There are examples (how many, who knows) of people that once they figured out how much equity they lost, they stopped paying, and started saving. Besides having the foreclosure on their record for a number of years, they will be fine with the cash under their mattress.
Damn those Newark zips are awfully close to mine. Can we erect a toll both on Bloomfield Avenue?
NJ 2010 census of population and housing:
http://www.census.gov/prod/cen2010/cph-2-32.pdf
74 – Close in what way? Glen Ridge is light years away.
Only 5.2% of all mortgage holders in Glen Ridge are in Negative Equity, and only 11.0% of those underwater are also in default.
Assuming that only 66% of homes in GR are mortgaged (this is a very high estimate), that means only 3.4% of homes in GR are underwater, and of those 3.4% of homes that are underwater. Given that only 11% of those underwater are in default, that means something like 0.37% of GR homes are both underwater and in default.
What is this, one in 300 houses?
grim – that data set publicly available?
If not could you tell me what the numbers are for 07801 and 07866?
Zip/Name / Negative Equity % / % of NE that are also Delinquent
The End Is Nigh (jj Public Court Security Edition):
A courtyard outside a federal courthouse in San Diego, Calif., was briefly evacuated after a sex toy was mistaken for a bomb on Thursday, officials said.
Authorities were called to the plaza near the Edward J. Schwartz United States Courthouse on Broadway after someone spotted the suspicious device about 10 a.m., KGTV reported.
But the discovery quickly turned salacious once bomb squad cops determined the egg-shaped piece of aluminum with an attached piece of wire was actually a sex toy.
A plastic box connected to the mechanism appeared to be the controls, San Diego Fire-Rescue spokesman Lee Swanson told reporters.
The area was opened back to the public within an hour.
Compare this to 07102, Newark with 55.3% of mortgage holders in negative equity and 40.4% of those in default.
Same assumption 66% mortgaged, that means 36.5% of all homes are in negative equity, and 14.75% of all are also in default.
We’re talking about 1 in 7 in 07102 versus 1 in 300 in Glen Ridge. Foreclosures are 4,200% higher in 07102 than in GR. You read that correctly, four thousand percent higher, not four hundred percent higher, four thousand.
That’s Zillow data, right? I forgot about that cool map you posted before.
Dover
NE – 26.1%
NED – 22.8%
Rockaway Twp
NE – 19.0%
NED – 11.2%
Yeah you can just download the dataset, it’s about 12mb
Our thoughts are aligned Grim. I was only trying to comment on the huge number of foreclosures so nearby. Ever notice the unmarked police SUV parked pointing south on Ridgewood Avenue near the East Orange border? I wave to him every time I drive by, which is almost daily.
joyce [73],
If they have cash under the mattress, why aren’t they just paying their mortgage? Is it really worth the pain associated with a foreclosure? Wouldn’t you meet your monthly obligation regardless? I know I would. Do you know a destroyed credit can affect many facets of ones life? And I thought the number of foreclosures in these white bread towns is essentially nothing? If we’re all supplying anecdotal horror stories of people we know that are underwater, how many do you think are out there?
In other news, I just checked Zillow’s value of our home since a nearby home went for ludicrous moolah a few months ago. We are worth $680K. If only I could believe it! Not bad for a house we purchased for 38% less not even four years ago. We should probably sell. If I’m not mistaken, I predicted the valley of the real estate crash would be 40% or was it 30%. Do you have that chart still Grim?
Gary,
I can’t tell if you’ve truly never heard of strategic default or just don’t believe it ever happens.
Proposed pipeline will carry Baaken Shale from Albany, NY to Linden, NJ. Will it go through your town?
http://stoppilgrimpipeline.com/maps/
(BTW, I have no position, it’s just that the people against the pipeline had the best map of it)
good word, like it
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
December 5, 2014 at 11:48 am
[70] redux
“twiticism”
I have two close friends/families that are around $150,000-$200,000 underwater; One in Chester, the other in Asbury (not Asbury park).
*Just HAD to buy their ‘dream’ houses during the peak of the bubble.
Both have several young children and are happy with the schools. They also have well paying, stable jobs and no intention of selling or moving anytime soon. Both are also current on mortgage payments. They figure on staying at these places for at least fifteen more years (or kids finish school) and that by then prices will have rebounded.
#73 and #84 – FORGET getting a security clearance with bad credit.
joyce,
The words “strategic” and “default” are as foreign to me as the Jabuti language.
Shake Jabuti on the dance floor.
But given the footprint of those rail lines, think of all the good a major accident would provide……..as it closes in on Essex county, I would endorse some hairpin turns and no-bank 45 degree turns…..
Toxic Crayons says:
December 5, 2014 at 12:27 pm
Proposed pipeline will carry Baaken Shale from Albany, NY to Linden, NJ. Will it go through your town?
http://stoppilgrimpipeline.com/maps/
(BTW, I have no position, it’s just that the people against the pipeline had the best map of it)
45 s.b. 90
Speaking of NOT carrying about your credit.
One of the scams out there during the housing boom involved flips. A scammer would find someone with decent credit and have them purchase a flip home (scammer owns) with no intentions of actually paying the mortgage. The scammer would give the purchaser a nominal fee (few grands) for their troubles.
Never understood why you would want bad credit, let alone knowingly mess it up, but for some it doesn’t matter.
From myFICO…
How long will a foreclosure affect my FICO score?
A foreclosure remains on your credit report for 7 years, but its impact to your FICO® score will lessen over time. While a foreclosure is considered a very negative event by your FICO score, it’s a common misconception that it will ruin your score for a very long time. In fact, if you keep all of your other credit obligations in good standing, your FICO score can begin to rebound in as little as 2 years. The important thing to keep in mind is that a foreclosure is a single negative item, and if you keep this item isolated, it will be much less damaging to your FICO score than if you had a foreclosure in addition to defaulting on other credit obligations.
93. Oh I agree. I’ve got no beef with them building that thing. I don’t live anywhere near it. But what’s funny about this Chicagofinance, is that a lot of those towns that the pipeline will go through pulled the lever for Christie, and are pro- Keystone XL pipeline folks. Oh, and did you know Christie is in Canada today touting the benefits of the Keystone XL pipeline?
Walking away from mortgage is costly
http://www.bankrate.com/finance/mortgages/walking-away-from-mortgage-is-costly-1.aspx
Well, I’m sorry to say that it sounds like sunk cost would also be foreign to you.
Fast Eddie says:
December 5, 2014 at 12:58 pm
joyce,
The words “strategic” and “default” are as foreign to me as the Jabuti language.
joyce,
I get it, sunk cost can’t be recovered. It’s simply not an option for me. Somebody should have explained this to the thousands who just had to have their “dream” house at any cost.
#92 “Shake Jabuti on the dance floor.”
Make my day.
Gary,
You’re a little all over the place today. The initial point being made was that for some people if (and really big if) they realized the mistake they made… assessed all of the pros/cons… decided to default, stay & save… when/if (another big if) they are finally kicked out, they should have a nice cash nest egg to cushion their fall.
joyce [102],
Understood. :)
Make my day.
Alright!
Thanks grim, I finally found the data set that I’ve wanted.
Foreclosures per 10,000 homes last 12 months (Nov 13 – Oct 14). Lowest foreclosure rate is indeed Morris County.
8.25 Morris
9.38 Hunterdon
9.31 Essex
12.12 Bergen
14.29 Warren
15.82 Gloucester
19.95 Middlesex
23.92 Monmouth
29.22 Somerset
26.85 Cape May
29.54 Burlington
29.97 Mercer
43.59 Salem
44.54 Camden
44.59 Hudson
46.52 Sussex
47.77 Ocean
57.57 Union
61.47 Passaic
75.78 Atlantic
104.10 Cumberland
I’d argue that even county by county aggregation is meaningless in understanding actual impact, it’s just too broad.
Look at Essex for example, for half of Essex, 9/100 is a wild overestimate, and the other half it’s a wild underestimate.
ChiFi [93];
Notice how many of the NYC-orbit towns in NNJ are green (meaning they have passed pointless resolutions opposing the pipeline thus assuaging their consciences and establishing their coffee-house cred) v. the much smaller number (only 2 by my count) of upstate NY town that have opposed. And people call NY a reliably blue state.
grim – They have the dataset by zip code and neighborhood too. I’ll be having fun for a while;-)
I think the last one was q2?
Morris County by Zip code last 12 months. It looks like they like foreclosing in Succasunna, but that’s about it. Zillow is also missing a few in those zero towns per the numbers I put up earlier:
FC/10K RegionName City
0 07054 Parsippany-Troy Hills Township
0 07928 Chatham Township
0 07836 Mt Olive Township
0 07932 Florham Park
0 07981 Hanover
0 07945 Mendham Township
0 07058 Montville
0 07856 Mount Arlington
0 07082 Montville
0 07440 Pequannock
0 07046 Mountain Lakes
0 07933 Long Hill Township
0 07946 Long Hill Township
0 07976 Harding Township
0 07878 Parsippany-Troy Hills Township
1.1919 07005 Boonton
1.3252 07940 Madison
1.3774 07936 East Hanover
1.4908 07438 Jefferson Township
1.6383 07444 Pequannock
3.0005 07876 Succasunna
3.283 07457 Riverdale
3.4671 07850 Roxbury Township
3.9004 07960 Morris Township
4.4131 07852 Roxbury Township
4.4655 07828 Budd Lake
4.4854 07045 Montville
5.0835 07866 Rockaway Township
5.4916 07950 Parsippany-Troy Hills Township
6.2189 07853 Long Valley
6.5882 07035 Lincoln Park
7.4374 07849 Jefferson Township
8.2645 07980 Long Hill Township
8.5802 07405 Kinnelon
9.8503 07834 Denville
10.0046 07930 Chester Township
10.2491 07869 Randolph
10.2833 07803 Mine Hill
13.2559 07801 Dover
15.2508 07885 Wharton
17.3875 07034 Parsippany-Troy Hills Township
99.7009 07847 Succasunna
New York is two states…..Westchester/Putnam/Dutchess County and south, and everything else…..the “everything else” part is the vast majority of the land in the state, but holds only about 30% of the population. The part that desperately needs the shale energy is the red part, but it is hopeless outgunned (pun intended) by the masses that don’t want it and are happy to keep the desolate and desperate in the same straits……
Anon E. Moose says:
December 5, 2014 at 2:52 pm
ChiFi [93];
Notice how many of the NYC-orbit towns in NNJ are green (meaning they have passed pointless resolutions opposing the pipeline thus assuaging their consciences and establishing their coffee-house cred) v. the much smaller number (only 2 by my count) of upstate NY town that have opposed. And people call NY a reliably blue state.
The banks seem to enjoy foreclosing in Passaic County a lot more:
FC/10K RegionName City
5.3191 07512 Totowa
7.764 07435 Newfoundland
12.0082 07470 Wayne
14.3293 07465 Wanaque
19.5364 07012 Clifton
20.9021 07013 Clifton
24.1353 07403 Bloomingdale
24.9569 07513 Paterson
25.2493 07424 Little Falls
25.7898 07506 Hawthorne
35.211 07456 Ringwood
37.4261 07421 Hewitt
39.0315 07442 Pompton Lakes
39.7471 07011 Clifton
43.878 07508 North Haledon
45.8072 07055 Passaic
46.1786 07514 Paterson
46.7122 07014 Clifton
59.5734 07503 Paterson
65.219 07480 West Milford
71.9871 07524 Paterson
78.2071 07502 Paterson
86.6673 07504 Paterson
98.1247 07501 Paterson
136.1144 07522 Paterson
Bergen has a very Morris look to it:
FC/10K RegionName City
0 07071 Lyndhurst
0 07452 Glen Rock
0 07073 East Rutherford
0 07605 Leonia
0 07401 Allendale
0 07662 Rochelle Park
0 07632 Englewood Cliffs
0 07423 Ho Ho Kus
0 07074 Moonachie
0 07606 South Hackensack Township
0.6914 07450 Ridgewood
1.041 07628 Dumont
1.0645 07446 Ramsey
1.1281 07670 Tenafly
1.2646 07663 Saddle Brook
1.5147 07417 Franklin Lakes
1.5314 07675 River Vale
1.5611 07458 Upper Saddle River
1.5873 07604 Hasbrouck Heights
1.5959 07676 Washington Township
1.6255 07642 Hillsdale
1.6296 07010 Cliffside Park
1.92 07410 Fair Lawn
2.009 07481 Wyckoff
2.0661 07607 Maywood
2.0755 07649 Oradell
2.1395 07645 Montvale
2.2104 07075 Wood Ridge
2.5088 07432 Midland Park
2.632 07430 Mahwah
2.8564 07031 North Arlington
2.9155 07026 Garfield
2.9586 07648 Norwood
3.06 07677 Woodcliff Lake
3.2057 07463 Waldwick
3.2134 07627 Demarest
3.2698 07652 Paramus
3.2851 07072 Carlstadt
3.6151 07070 Rutherford
3.6346 07656 Park Ridge
3.7119 07647 Northvale
3.9612 07601 Hackensack
4.1556 07436 Oakland
4.2569 07657 Ridgefield
4.5956 07641 Haworth
4.6581 07621 Bergenfield
4.8215 07643 Little Ferry
4.8829 07057 Wallington
5.2333 07022 Fairview
6.1708 07661 River Edge
7.0529 07646 New Milford
7.2204 07624 Closter
7.345 07024 Fort Lee
7.6048 07666 Teaneck
8.3071 07650 Palisades Park
8.4063 07640 Harrington Park
9.9494 07603 Bogota
10.1049 07407 Elmwood Park
10.115 07020 Edgewater
11.2675 07644 Lodi
11.6991 07631 Englewood
11.7392 07626 Cresskill
21.2457 07630 Emerson
28.2317 07660 Ridgefield Park
Passaic County numbers in mod. Is Wanaque a dirty word? Anyway the numbers prove out that there isn’t much actual foreclosure activity going on in most of NJ.
If you looked at these foreclosure rates in Essex you would think that there isn’t much of a problem. Only 10 out every 10,000 homes in Irvington were foreclosed on in the last 12 months.
FC/10K RegionName City
0 07102 Newark
0 07009 Cedar Grove
0 07078 Short Hills
0 07041 Millburn
0 07028 Glen Ridge
0 07068 Roseland
0 07021 Essex Fells
0.523 07039 Livingston
1.0843 07044 Verona
1.2174 07079 South Orange
1.4746 07006 West Caldwell
1.6005 07043 Montclair
1.7519 07040 Maplewood
2.1617 07004 Fairfield
3.1552 07042 Montclair
3.4516 07110 Nutley
3.663 07109 Belleville
4.2392 07052 West Orange
5.7276 07105 Newark
8.4137 07104 Newark
8.8796 07003 Bloomfield
8.9929 07106 Newark
9.5511 07112 Newark
10.5009 07111 Irvington
11.3853 07050 Orange
12.1996 07018 East Orange
13.5606 07017 East Orange
13.8889 07114 Newark
17.6317 07107 Newark
23.6855 07103 Newark
25.9084 07108 Newark
first time back in a year+, just happened to step into a foreclosure thread:
friend of family: house purchased in 1992 for 160K, cashed out during bubble, 2006 principal was 400K? Stopped making payments in 2009. lender attempted to foreclose in 2010, stalled in robo land and dismissed for non-action. served notice of intent again earlier this year. uncontested foreclosure, nine months later, motion to enter for final summary judgement. Case will probably see a gavel within one or two months, at which point a writ of attachment will be issued. He thinks he’s going to get another year out of it before it goes through the auction process. Hudson county.
The End Is Nigh (clot Edition):
http://www.cnbc.com/id/102236497
First we get the shale oil route and the credit hit that will be forthcoming…..now….he is the new flavor of shite……one set of data points is notable, but keep the antenna out for more….
These days in Silicon Valley, venture capitalists appear to be valuing companies in only one direction: up. Two companies may soon break that pattern when they go public, a warning sign for investors in sizzling startups.
App-analytics firm New Relic Inc. and data-crunching software company Hortonworks Inc. this week proposed to sell shares to the public at a 25% to 50% discount to the roughly $1 billion valuations that some venture-capital firms and big mutual funds paid earlier this year.
Bankers for Hortonworks and New Relic could be proposing conservative initial public prices to entice investors. The target prices for IPO shares often are revised higher as bankers get a better sense of demand.
Still, if the IPOs do value New Relic and Hortonworks well below their private-market valuations, it could fan worries that such valuations have gotten out of whack with public markets.
Beyond Uber Technologies Inc. and its near-record $41 billion valuation, other tech startups such as software provider Dropbox Inc. and data-mining startup Palantir Inc. have also attracted multibillion price tags in a relatively short period. Venture-capital firms, hedge funds and mutual funds have plowed billions of dollars into those companies on the expectations they will continue to soar in value.
There are now at least 48 private U.S. companies valued at $1 billion or more by venture-capital firms, versus 27 at the start of the year, according to Dow Jones VentureSource. That is a record number—during the height of the dot-com boom in 2000, there were 10 such companies.
Until this week, both New Relic and Hortonworks were on that list. But now those companies and their bankers need to reflect lower public-market valuations in their shares.
So far in 2014, at least 30 companies have gone public in the U.S. with lower prices than they were worth in private stock sales or option grants in the prior 90 days, according to Valuation Advisors LLC, which conducts valuations for private companies. That compares with 10 such companies last year.
“When it comes to riskier assets, as the economy improves, [investors are] willing to take on more risks,” said Valuation Advisors President Brian Pearson. “To the extent people view tech companies as higher risk, higher reward-type companies, that’s what’s driving private valuations.”
Some investors and bankers say valuations of tech startups continued inflating this spring even as the stock prices of some fast-growing and richly valued public tech companies took a dive.
“Any disconnect between private and public market valuations is ephemeral, and corrects very quickly,” said David Weild, chairman and CEO of investment bank IssuWorks Inc. and a former vice chairman of the Nasdaq Stock Market. “Markets are ultimately very rational.”
The potentially depressed valuations for Hortonworks and New Relic could be specific to their financial makeup. Both companies employ large sales forces that have contributed to swelling losses, while their annual revenue is under the $100 million threshold that bankers have typically set as IPO-ready.
Hortonworks had just $33.4 million in revenue for the nine months ended Sept. 30. That doubled last year’s mark but wasn’t enough to outweigh expenses, which led to a nearly doubling of its loss to $86.7 million.
An index of public cloud-computing stocks—which includes companies such as Salesforce.com Inc. and Workday Inc. and is tracked by Bessemer Venture Partners—fell more than 5% from a peak in February to mid-November. The median enterprise value of the 38 companies in this index fell to 4.9 times next year’s expected revenue from 6.4 times over that time period, according to Bessemer.
Hortonworks’ funding round in March and July valued the shares at $12.19 each, putting the company’s valuation above $1 billion. Last week, Hortonworks conducted a 1-for-2 reverse stock split that effectively raised the share price to $24.37. Bankers then set the proposed IPO price range at $12 to $14 a share, which cut the company’s valuation nearly in half to about $540 million.
New Relic said investors bought company stock in an April private investment round at about $27.97 a share, or a valuation of more than $1.1 billion, according to a New Relic IPO filing Monday.
Currently the San Francisco-based company proposes to sell its IPO shares at $18 to $20 each, valuing the company at as high as $740 million excluding stock awards.
New Relic and Hortonworks had two of the same lead investors in their most recent private investment rounds: funds managed by BlackRock and Passport Capital. Mutual fund giants T. Rowe Price and Wellington Management also invested in New Relic’s private stock sale announced in April.
Representatives for Passport Capital, T. Rowe Price and Wellington declined to comment. BlackRock didn’t respond to requests for comment.
San Francisco based Passport has some protection from any gap between Hortonworks’ IPO shares price and what the firm paid for Hortonworks stock earlier this year. Under a stock agreement amended this week, funds affiliated with Password will buy about 487,000 Hortonworks shares at the same price as the IPO shares.
route = rout
Eyeballing raw zip code foreclosure statistics and it seems that foreclosures are highly correlated to income and minority population percentages. Discrimination!
Or originally, it was discrimination to not provide mortgage loans to poor minorities who couldn’t afford to pay it back, so regulators told mortgage lenders to make them. Now we’re getting around to the long delayed reckoning of those policies in NJ.
121 – Discrimination? No.
In fact, from my perspective, most of the bad loans made in these areas were peddled by individuals who shared the same race, culture or heritage with the buyer/borrower and leveraged that affinity to persuade them into making the decision and signing the papers.
I think it’s discrimination, but a different kind of discrimination. My opinion is that banks will foreclose on what they can quickly sell or otherwise mitigate losses. My inclination is that there is more investor appeal with the urban properties and perhaps less confidence that home sitters will keep up the property. Meanwhile the suburban family that hasn’t paid their mortgage in years is probably still mowing the lawn and otherwise creating an outward appearance that everything is mostly fine.
Eyeballing raw zip code foreclosure statistics and it seems that foreclosures are highly correlated to income and minority population percentages. Discrimination!
never takes long for you find race as the defining factor on most negative issues
Ragnar says:
December 5, 2014 at 5:16 pm
Eyeballing raw zip code foreclosure statistics and it seems that foreclosures are highly correlated to income and minority population percentages. Discrimination!
Or originally, it was discrimination to not provide mortgage loans to poor minorities who couldn’t afford to pay it back, so regulators told mortgage lenders to make them. Now we’re getting around to the long delayed reckoning of those policies in NJ.
I left my spreadsheets at work, but going by county, the median foreclosure rate nationally was around 45 houses per 10,000 for the last 12 months, so Salem, Camden, Hudson, Sussex, and Ocean are right in that ballpark. Only Union, Passaic, Atlantic, and Cumberland are well above that median. The rest of NJ, by county, is well below the median by either a lot or a ton.
anon (124)-
At least with you, the issue is clearly water on the brain.
“never takes long for you find race as the defining factor on most negative issues”
There was a lot to cheer about in Friday’s jobs report:
The U.S. economy added 321,000 jobs in November, well above consensus estimates, the highest since January 2010 and the 10th-straight month above 200,000.
Payroll gains for October and September were revised up a combined 44,000.
The unemployment rate held steady at 5.8%, matching a 6-year low.
The average workweek rose to 34.6 hours, the highest since May 2008.
Average hourly earnings rose 0.4%, the biggest jump since June 2013, bringing the annual rate of increase to 2.1%.
“We’re now generating sufficient jobs, we’re seeing a tightening of labor market and even room for people out of the labor force for some time to come back in,” says Joseph Brusuelas, chief economist at McGladrey LLP. “We are seeing a deepening and broadening out of prosperity for first time in this cycle. I’ve been very very cautious…but I’m encouraged by what I’ve seen in last several months.”
And while the blowout payroll figure will (understandably) dominate the headlines, the ‘real’ story may be the 0.4% gain in average hourly earnings. Wage growth has been notably weak — if not nonexistent — for the entirety of the recovery, a big reason why many Americans don’t believe the recession ever ended.
Looking forward, Brusuelas predicts year-over-year wages gains are likely to rise into the 2.5% to 3% range in the next six months. “That’s good but we’ve got to do better,” he adds, suggesting the annualized rate “should be closer to 4.5% at this point in the cycle based on past recoveries.”
Presuming Janet Yellen and Co. are armed with similar data, that calls into question the knee-jerk reaction that Friday’s strong jobs report means a Fed rate hike sooner vs. later.
“We would need to see a continuation of a trend above 300,000 [non-farm payrolls] and a growth rate above 4% in fourth-quarter [GDP] to move first potential rate hike from June to March,” says Brusuelas, who currently predicts the Fed will stand pat in June owing to the “soggy” state of the U.S. housing market and economic weakness in Europe and China.
http://finance.yahoo.com/news/jobs-report-was-strong-but–we-ve-got-to-do-better—brusuelas-173800641.html
By Jason Lange
(Reuters) – While the acceleration in U.S. hiring last month was surprisingly sharp and broad-based, a sector that has had a particularly rough 21st century – manufacturing – offered one of the brightest signals.
U.S. factories added 28,000 jobs in November, the most in a year, according to government data released on Friday. Manufacturers also raised the average work week for their production workers to 42.2 hours, returning to levels reached earlier in 2014 that were the highest since the end of World War Two.
“We are definitely in growth mode,” said Lee Eilers, the chief executive at Marion Mixers, an Iowa maker of giant mixing machines used in the production of everything from pancake mix to dishwasher soap.
The firm has added three welders this year, bringing its head count to 44, and Eilers plans to hire six more people in 2015, although he said there are enough available workers in Marion, Iowa, that he doesn’t have to pay signing bonuses.
After hemorrhaging hundreds of thousands of jobs during the first decade of this century, the U.S. factory sector is now an example of America’s economic upswing even as a slowing global economy and a stronger dollar clouds the outlook for exporters.
Employers added 321,000 workers to their payrolls last month, with strong gains in most sectors, from construction and retail to finance.
In manufacturing, the rise in hours worked was particularly illustrative because it could signal further hiring ahead for a sector that has added about 700,000 jobs over the last five years but that remains 5 million jobs in the hole in the 21st century.
“Manufacturers are getting just about all they can out of their current workforce,” said Russell Price, an economist at Ameriprise Financial in Troy, Michigan. “As long as they see new orders come in the door, they’re going to have to hire more employees to satisfy those orders.”
While part-time employment has climbed significantly since the 2007-09 recession, a brisker pace of business in November led businesses across the economy to give their workers more hours as well. Among all private sector workers, the workweek in November was its longest since May 2008.
Still, factories are also good examples of the U.S. economy’s inability in recent years to generate a faster pace of wage gains. Manufacturing wages grew a tepid 1.5 percent in the 12 months through November.
While a top Federal Reserve official said this week that faster wage growth could be around the corner, Friday’s data suggested that manufacturers and other firms still had leverage in setting wages even as they expanded their payrolls. Across the private sector as a whole, average hourly earnings were up just 2.1 percent over the past year.
Grammer Inc., a subsidiary of Germany’s Grammer AG (GMMG.DE), opened a factory in Lee County, Mississippi, in September and plans to hire 650 workers to make car consoles and seats for heavy machinery. The plant currently employs 92 workers who were selected out of a torrent of applicants from the region, which suffered throughout the 1990s and early 2000s as the furniture manufacturing industry shrank.
When Grammer’s hiring began in the spring, the agency in charge of the process had to cap the number of applications at 5,000.
http://finance.yahoo.com/news/u-factories-show-luster-bullish-211939694.html
Fast Eddie is going to be sorry he didn’t buy now. He’s going to be one mad guy in 10 years, saying I should have listened. Wage inflation will come my friend, and that’s when homes have their biggest gains.
Speaking from personal experience, even if you default on all your debt, you’ll be fine in about 8-10 years, so long as you do it right. As a 27 year old kid in 1987 I had just bought my second condo and had some appreciable debt (back when around $12K was appreciable). I thought about it a couple times, but I still opted to close on my condo a week after I lost my job in October 1987. I made one mortgage payment of $924.10 in December and never made another one. Being a dumb kid, I was surprised when my many other credit cards cut me off (and I cut off payments to them out of spite as they dropped me). I also defaulted on a credit union loan and I had a line of credit through Chase which was the biggest debt, maybe $6500, second only to my $118K mortgage. I also had a cash management account with Merril Lynch that was wholly unaffected so I just used checks and credit (really debit) card from my margin account for many years after that. A few years later I switched to Schwab, but still the same deal. I never talked to creditors, just ignored them. It didn’t take too long for them to stop calling. I was all cash for several years, but I still had my stocks and my Schwab card which looked just like a credit card. Some time in the mid 90’s Sears sent me a store credit card which kind of amused me. I can’t remember if I ever used it, I may have used it once and paid the bill. A few months later Sears sent me a MasterCard and said that was my new store credit card and I could use it anywhere I pleased. “Holy crap, I have credit again?” I thought. I used that card like crazy, paying off the balance every month, this was probably 1998 or so. A year later I put $20,000 down on a $25,000 car and took a 1 year loan from the dealer for the remaining $5,000 and it was clear sailing from then on. I logged onto all the credit reporting agencies, challenged all my old debts and they were removed post haste because they were all too old to still appear on my report. I think the only reason this worked out well for me was because I refused to even acknowledge or deal with my creditors. Every time you make a payment, no matter how small, that starts the 7 year clock again as debts are allowed to stay on your credit report from the date of “last activity”. To FE’s comment earlier about not ever getting a security clearance if you default, I had had a US Secret and Nato Confidential clearances prior to my money problems, but I haven’t needed them since then, so I don’t know if that had any effect on future employment. I did lose out on getting a consulting gig at a Wall Street bank over my credit though, probably 1992 or so. Unfortunately, the consulting firm had already hired me because the bank liked me and had to pay me something like $2400 in wages and give me COBRa benefits even though they released me when the bank wouldn’t take me. I hadn’t worked a day for them, just sat at home taking an MS-Access course on PC with cassette audio. It was weird early e-learning, each of these courses had a floppy disk and an audio cassette. Pretty good too.
How long will a foreclosure affect my FICO score?
expat (130)-
What about those two h00kers you killed in Tijuana? ;)
That was right after I received my Sears Master Card. My credit score went up after that trip. Good times, good times.
expat (130)-
What about those two h00kers you killed in Tijuana? ;)
I never did find the Donkey show, though.
130 – #crimingwhilewhite
Clot – btw, I was working (not earning) as a realtor while not paying my bills and trying to entice people with good credit to take on a mortgage. I guess I fit the bill.
It wasn’t as good as today, though. I only got to stay 34 months in my condo while not paying. At least I was collecting rent from roommates.
grim – Isn’t that a prejudiced and racist assumption? Only whites are prone to leveraging and bailing? Ok, so you were right this time;-)
130 – #crimingwhilewhite
expat (135)-
You just described 80% of the current membership of GSMLS.
“btw, I was working (not earning) as a realtor while not paying my bills and trying to entice people with good credit to take on a mortgage.”
BTW, I only got to stay 34 months because I had a hot Italian paralegal girlfriend who wrote the answer to contest the FC and filed it for me. The bank actually had decent chance on the back end to get a deficiency judgement, but they filed it a couple weeks too late. I think the developer who converted the condos bought his money from the First Bank of Rochester as they did all the mortgages for insiders, like myself, who were buying. Because I defaulted so fast and it was a different world back then, they never got to sell the mortgage and still owned it all through FC. 9.25% 1 year ARM.
[139] I just remembered. We weren’t even going out anymore. Except she polished off a bottle of Chardonnay that she brought with her while she was using my typewriter to type the answer. Afterward she made it hard for me…and sought payment.
[124] anon
By posting snarky, pointless crap, you have rejected my offer. Accordingly, it is extinguished.
anon (the good one) says:
December 5, 2014 at 12:42 pm
good word, like it
Comrade Nom Deplume, who needs to stop screwing around and get back to work says:
December 5, 2014 at 11:48 am
[70] redux
“twiticism”
You do realize that it isn’t a compliment?
expat (140)-
Smart woman, foolish choice.
It looks like Bank Santander is now in NJ too, right? They have a dopey program that will pay you $20 per month if you do Direct Deposit and use their billpay for two transactions a month. I’m guessing they only make money if they lure in enough dumbfcuks with the prudent. It’s been around for a year but I just found out about it today. If you left a balance of $1500 there all the time it’s a 16% yield, even more if you draw it down quickly.
https://www.santanderbank.com/us/pages/personal/extra20
#130
“not ever getting a security clearance if you default, I had had a US Secret and Nato Confidential clearances prior to my money problems, but I haven’t needed them since then,…”.
Try getting one now. Oh, yeah, clearances expire, too. Just because you got one once and nothing has changed you may not get one again and, you’ll never know why. Bad credit history (even if everything else about you is squeaky clean), don’t even bother.
Even good credit and too much debt can hurt, too:
Back in the late 90s I applied for several consulting gigs at several prestigious firms in NYC through my agency (they had some great connection I could never get on my own). Went on the interviews and they loved me but none would let me back in the door again after looking at my debts. What were they? Four mortgages (none over $150,000). Three were rental properties with large positive cash flows and my home had far over 20% equity. I was considered a high risk for theft! NO, late payments and a great FICO, too!
Man those would have been SWEET gigs! (Easy year 2000 stuff for big bucks!).
If I could get some sort of bank gig, I’d steal everything that wasn’t nailed down.
146
It’s called ceo.
You’re overqualified, and too psychologically sound.
I could snap at any moment.
Perfect.
The world best Open House!
https://www.youtube.com/watch?v=wTt0vbRc4qE&feature=youtu.be
#130
“…MS-Access…”.
Fabulous short term consulting gigs for that app. back in the day. Easiest programming (if you can call it that) I ever did and all the clients thought I was genius! Learned it by reading the help files, using the wizard and then reading it’s code (having a background in VB helped, a lot).
Actually (for the time) it was an amazingly simple, flexible and upgradable app. with everything you needed and most companies had it already built into the PC image if they bought MS Office. You could build a nifty GUI based DB in a day then upgrade the backend to SQL and publish the front end to the web… TOO EASY!
I miss those days…
NJT – I have about 25 production apps still in use that I architected and migrated in exactly that way. Only in the last couple years have I started designing MVC apps from the get-go instead. I’ve done a couple as code-first, but I mostly prefer database-first now.
You could build a nifty GUI based DB in a day then upgrade the backend to SQL and publish the front end to the web… TOO EASY!
151 152
Seemed like English?
Sales guys made the money. Can’t send that to India.
The easiest way to make those SQL back end, Web Forms or MS-Access front end apps bullet proof and unbreakable is to write stored procedures in SQL server and only give the front end execute permission, then base every form or web page on a stored procedure, not a query. The users think they can read and write from the db, but they really can’t. They can only pass parameters to stored procedures that do all the reads and writes and only in the manner that you’ve established.
Same applies to bouncers, waiters, and strippers, oh my!
Sales guys made the money. Can’t send that to India.
156
Same applies to bouncers, waiters, and strippers, oh my!
Glad you have options.
If Gary went to an open house that featured a roller coaster, he’d end up tying the RE agent to the tracks.
I couldn’t refrain from commenting. Exceptionally well written!
my page – Salomon botas (Bradley)