From the Record:
Bergen County home closing costs top $10,000
Buying a home in North Jersey is expensive, and we’re not just talking about the purchase price.
Closing costs top $10,000 in Bergen County – the highest in the state – and $8,000 in Passaic County, according to a new survey by a personal finance website, SmartAsset.com. This is the first year SmartAsset has studied closing costs.
Those costs include “every possible fee you could be charged,” SmartAsset.com said, including inspection fees, title insurance premiums, appraisal costs and attorney’s fees, the website said. It also includes prepaid property taxes and prepaid home insurance premiums.
Annekee Brahver-Keely, an agent with Russo Real Estate in Teaneck, said that closing costs can vary depending on such factors as how high a town’s property taxes are and how much the lawyer charges.
“There are a lot of variables,” she said.
AJ Smith, managing editor for SmartAsset.com, agreed that while some closing costs are fixed, home buyers can shop around to reduce their costs – for example, comparison-shopping for a lawyer, homeowners insurance and other costs.
Bergen and Passaic county closing costs come in at about 2.2 percent of the median home price in each county – about the same percentage as statewide and nationally, Smith said.
Bergen’s closing costs, at $10,265, reflected its high median home values. Morris was close behind, with closing costs of $9,939. Hudson County, at $8,031, was about the same as Passaic ($8,044).
Under federal Housing and Urban Development rules, lenders are required to provide a “good faith estimate” of these costs within three days after a buyer submits a loan application.
frist
Yeah, yeah, we’ll use tools. That’s the ticket.
https://finance.yahoo.com/news/markets-rebound-softer-greek-approach-101210035.html
The Athens stock exchange was up 7 percent in morning trading Tuesday, while the Euro Stoxx index gained 1.5 percent.
Markets were responding to comments by Greek Finance Minister Yanis Varoufakis, who said the government would, if necessary, use debt “engineering tools” to make Greece’s 320 billion-euro debt mountain viable.
$10K closing costs? What can you do with $10K in NJ anyway? That won’t even cover property taxes for a year. They should make you pay that much on each anniversary of your closing just for the privilege of not having to throw your money away on rent anymore.
Biggest portion of closing costs is prepaids, with property taxes what they are, it’s no surprise that closing costs are high.
@stiglitzian:
Austerity had failed repeatedly, from its early use under Herbert Hoover to the IMF programs imposed on East Asia & LatAm in recent decades.
Closing costs to buy a house is not high. It is the cost to buy a house with a mortgage that is high. Mortgage recording fees, pre-paying taxes, escrows for insurance, paying banks attorney, appraisal and fees.
Closing Cost Game!
Pick a zip code.
Rules
1) 500,000 purchase price
2) 20% Down
3) 30 year fixed mortgage
Pick a zip code.
I picked Ft. Lauderdale Florida zip 33301
Estimated Closing costs are $13,858
Link to Play the Game.
https://www.bankofamerica.com/home-loans/mortgage/closing-costs-calculator.go?request_locale=en_US
Just punched in Paramus NJ Zip 07652
Closing costs are estimated $2,425 LOWER than Ft. Lauderdale
$11,433
Expecting people to spend less than their income has failed. People are much more excited and dynamic when they outspend their incomes by 130%. Paying your bills on time and living within your income is a real downer, and should be outlawed, and those who lent to such people should be forced to grin and bear it, and extend and pretend forever. Only then there will be a little red hen in every pot.
Chris Christie is on front page on nytimes. Isn’t pretty.
http://www.nytimes.com/2015/02/03/nyregion/in-christies-career-a-fondness-forluxe-benefits-when-others-pay-the-bills.html
Shake Shack coming to Bridgewater someday
http://www.mycentraljersey.com/story/news/local/somerset-county/2015/02/02/shake-shack-coming-bridgewater/22760959/
With both Chipotle and Shake Shack in that spot, it will become a real fast casual destination.
I have a Chipolte, Mos and Taco Bell all within a few hundred feet of each other near me. Amazing the Appetite for fast food that three taco places walking distance to each other are all packed.
Burger Fi is also a hot Burger Joint
(10) Hanging out with Barbara Streisand! Ugh. South side of a north bound mule, that one. I live in a strongly Republican leaning county. Heck, most towns here Democrats don’t even run for office as they know they’ll get mauled. But we all know what this character is made of. He will get very few votes running against other Republicans.
He was a miserable failure. But then again, Corzine, McGreevey, et al. were even worse.
Say what you will but there is the argument for wealthy in positions of power.
Typical congresscritter will sell you out of billions of dollars in unnecessary spending for about $10k of personal benefit.
“squeeze all the juice out of the orange.” Priceless.
Say what you will about Bloomberg, Romney, and the rest of the bunch (and there are many faults). At least with $30k being a rounding error on their monthly income I know they are unlikely to spend boatload of my tax dollars as repayment for a family vacation.
There is something to be said for enough money to have total “fu”-ability.
So let me get this straight, I pay you (bank) to hold (save) my money? If the application is not programmed to consider the possibility of a negative rate, does your mortgage company pay you interest?
—-
How negative can interest rates go?
As global bond yields plumb new depths, an unprecedented experiment in monetary policy is underway in two small countries in Europe. By pushing policy interest rates more deeply into negative territory than ever seen before, the Swiss and Danish central banks are testing where the effective lower bound on interest rates really lies. The results are being closely watched by bond investors, and by the major central banks, which had previously assumed that the effective lower bound was close to zero.
The Danish central bank cut interest rates to -0.5 per cent last week, the third cut in the last two weeks. The Swiss National Bank cut its deposit rate to -0.75 per cent when it recently removed the ceiling on the Swiss franc.
http://blogs.ft.com/gavyndavies/2015/02/01/how-negative-can-interest-rates-go/
Shake Shack – we should read between the lines that article about how the stock price got boosted. Seems that it is a favorite of Wall Street guys. For what reason?
I guess Mittens bid was DOA without the Koch backing. I have never been too involved in politics other than going to the poll. I wonder what’s the impetus to donate thousands of dollars to a campaign? I would prefer the odds at Vegas.
—-
Mitt Romney Has a Koch Problem
Romney, despite earning David Koch’s endorsement in 2008, has never been beloved by the Kochs and their allies. In fact, donors who travel in the Kochs’ circles singled out Romney for blame after his 2012 defeat at the hands of an unpopular sitting president….In the 2012 presidential race, the Kochs and their allies threw their weight behind Romney once he’d clinched the nomination, but he didn’t always appear to be their first choice. In September 2011, months after Romney had announced his candidacy, David Koch, who is an executive vice president and board member at Koch Industries, joined a group of other business titans to urge New Jersey Gov. Chris Christie to get into the race. ….Earlier that summer, Christie had scored an invitation to the Kochs’ summer donor retreat at the Ritz-Carlton in Vail, Colorado. The audio of Christie’s closely guarded speech, first reported by Mother Jones, included David Koch introducing Christie before the governor’s remarks to donors as “my kind of guy.”
http://billmoyers.com/2015/01/23/mitt-romney-koch-problem/
Kids these days don’t have what it takes to last on the job. I want to be paid now!!!She was a Wall Street intern now she’s giving new meaning to spread sheets..lol
—————–
Seriously, less than a month ago I was staring at an excel spreadsheet and tonight I’m memorizing lines for my first porn scene. #winning
— Veronica Vain (@TheVeronicaVain) February 1, 2015
re # 16 – They are looking for another Chipolte, it started at 22 a share now trades over 700.
Romney is a more polished, slightly more self made, and moderately more intelligent version of Bush. Not the Kochs’ kind of guy. He was the guy that had the ball on the one yard line with 30 seconds on the clock on second down with the leading running back and would punch it through for the Republicans in this high probability win scenario…..whoops
Guarantee no (meaningful) Koch money or support reaches CC.
Its an old article but nevertheless still interesting.…
——–
How the Cold War Shaped the Design of American Malls
Regardless of location, the American shopping mall takes the same form: two floors of enclosed shopping and parking connected by escalators, with a lush central arboretum and two anchor department stores at either end. Today this design seems cliche, but in 1956, it was a revolutionary setup that brought comfort to a nation that feared itself on the brink of nuclear war. America’s first mall, Southdale in Edina, Minnesota, was a Cold War-era invention that forever changed the way America lives and shops.
Southdale was designed by Austrian-born architect Victor Gruen. Gruen grew up in the high arts scene in Vienna and designed housing projects and stores for local merchants, but he fled his home and the rise of Nazi Germany in 1938. He settled in America, where he first designed a leather goods boutique for Ludwig Leder on Fifth Avenue in New York. Gruen turned the typical street-fronting New York boutique on its head by designing a mini arcade entranceway for Lederer. Then he turned his attention to larger-scale design, entering a 1943 Architectural Forum competition called “Architecture 194x,” which solicited ideas from renowned modern architects to design components of a futuristic model town.
http://curbed.com/archives/2014/06/11/how-the-cold-war-shaped-the-design-of-american-malls.php
Retail banking (jj edition):
read the caption on the Tweet….
http://nypost.com/2015/02/03/mans-affair-with-co-worker-is-revealed-after-pub-goers-live-tweet-office-romp/
CHIFI that is a direct violation of Bro-code
Richard,
I expected Chris Christie to get a puff piece for sure on the front of the NYTimes. Both the NYTimes and the Washington Times are actually doing their part more than ever to make FOX appear fair and balanced.
Baa.
19. Leftwing,
You stated that Mitt is a moderately more intelligent version than George W. Bush, implying that Bush was a dunce. Look, I’m no fan of W.
but keep in mind, Bush was a jet fighter pilot, that takes a lot more intelligence than some guy reading off a teleprompter.
Bush was a jet fighter pilot, that takes a lot more intelligence than some guy reading off a teleprompter.
The left is always looking to justify their purpose in life so they invent a phrase and have all the lefty muppets parrot the phrase over and over. Success to a liberal is nothing more than middling mediocrity to cloud reality. They adhere to a rudderless ideology based on kabuki voodoo.
Hello, I enjoy reading all of your post. I wanted to write a little comment to support you.
In the new economy, analog jobs may be the hardest to fire, and a path to six figures.
http://www.npr.org/2015/02/02/383335110/economists-say-millennials-should-consider-careers-in-trades
http://www.nj.com/politics/index.ssf/2015/02/nj_property_taxes_rose_22_percent_last_year.html?ath=e48193b1505a73e67f7874531301093d
Check out this article from USA TODAY:
OPEC sees oil prices at $200 a barrel
http://usat.ly/1DBOc9j
I heard Christie has been caught pandering to the anti vaccine folks? What a tard.
27-
“”You can get a particular skill in a particular field and make more than a college graduate,” he says. For example, he says the average electrician makes $5,000 a year more than the average college graduate. And the country is going to need a lot more skilled tradespeople.”
Koch 1 to Langone 1 – I think we have a problem.
http://www.businessinsider.com/chris-christies-london-trip-was-a-disaster-2015-2
“OPEC sees oil prices at $200 a barrel”
Sure…one day long after we are all dead.
27-
“”Averages lie,” says Anthony Carnevale, the director of the Georgetown University Center on Education and the Workforce.
He says the problem with those averages is that people who work at RadioShack or Target get lumped in with master carpenters and electricians.
“You can get a particular skill in a particular field and make more than a college graduate,” he says. For example, he says the average electrician makes $5,000 a year more than the average college graduate. And the country is going to need a lot more skilled tradespeople.”
It’s a false controversy…he basically took the libertarian position and said the government shouldn’t force you to do it. It doesn’t mean he is against getting vaccinated.
Libturd in Union says:
February 3, 2015 at 2:36 pm
I heard Christie has been caught pandering to the anti vaccine folks? What a tard.
Read the article. States that we have hit bottom, and due to cutting future investments in oil exploration, we could see in the future demand not meet supply and result in 200 dollars a barrel.
So in other words, cutthroat capitalism at its best. They have dropped the price to take out their competition, once the competition is gone, they will jump prices and take full advantage of the situation that they have created.
Libturd in Union says:
February 3, 2015 at 2:39 pm
“OPEC sees oil prices at $200 a barrel”
Sure…one day long after we are all dead.
re: #33 – $ 200 a barrell = depression for the world.
WTI prices are up more than 20% this week which is a bull market baby. The oil majors are all cutting capex and that alone will drive prices higher. $ 100 a barrell will be back before you know it.
Pumpkin [34];
The statement from Carnivale makes no sense. “[P]eople who work at RadioShack or Target get lumped in with master carpenters and electricians.” Skilled electricians work at Radio shack or Target? He’s talking about “lumping together” people who should be on opposite sides of the ledger.
There are millions of “college graduates” that are lifetime baristas, or work at Target or Radio Shack. etc. They shouldn’t count for some reason? One has to consider not only what the likely salary will be, but how likely they are to get that salary. There are millions of would-be ‘professional’ ballers on city schoolyard courts; or mogul rappers just waiting to be discovered. And >99% of them are never going to even get close to the brass ring. On the other hand, an electrician or plumber will rarely lack the money to pay rent.
For Grim!:
Millennials are choosing bourbon over Budweiser
Published: Feb 3, 2015 11:01 a.m. ET
Is the millennial generation forsaking Budweiser for Jim Beam?
That’s the question many liquor industry insiders and experts are asking as bourbon sales continue to grow. A new report, released today by the Distilled Spirits Council of the United States (DISCUS), shows that sales of bourbon and Tennessee whiskey soared by 7.4% in 2014 to 19 million 9-liter cases, outpacing such categories as single-malt Scotch (6.4%), tequila (5%) and vodka (1.6%). (Overall spirits sales increased by 2.2% to 210 million cases, according to the council.)
And some bourbon brands and product lines are seeing more dramatic spikes. For example, the line of high-end (or “super premium”) bourbons produced by the Jim Beam unit of spirits conglomerate Beam Suntory, including Knob Creek, Basil Hayden’s, Bookers and Maker’s, is up 27% in 2014, according to Nielsen, which gathers spirits market data. Basil Hayden’s alone soared by 44%.
The news comes at a time when American beer sales have been on a decline — they’re down 4% over the last five years to 2.79 billion cases. (That means that consumers are still drinking considerably more beer than spirits, even if there’s a shifting trend.) Some beer brands are facing an even tougher time: Domestic sales of Budweiser BUD, +1.31% are down 28% over the past five years, according to a published report.
Most industry watchers point to the fact that those splashy Super Bowl ads notwithstanding, millennials just don’t seem to be as interested in mass-market brews — like Budweiser — as their parents were. (Craft brews are a different story: Sales of those were up 18% through the first half of 2014, according to the Brewers Association, a trade group; nevertheless, craft beer constitutes only 10% of the overall U.S. beer market.) In a survey by Consumer Edge, a research group, 40% of drinkers between the ages of 21 to 27 said they were “getting tired of the taste” of mass-market beers.
But why bourbon as the alternative, especially compared with other spirits? Experts say it’s for a variety of reasons, including the spirit’s inherently appealing taste: Bourbon must be made from a mix of grains that includes at least 50% corn — in turn, that corn component lends a sweetness to the liquid.
“It’s generally a smooth, fairly drinkable spirit,” says Noah Rothbaum, an industry authority and author of the soon-to-be-released book, “The Art of American Whiskey.”
Plus, at a time when many of the popular single-malt Scotches sell for $50 or more, bourbon is simply an affordable alternative, often priced well below that mark. A case in point: Tincup, a new and much acclaimed bourbon-style whiskey that sells for around $25. The relatively low price point was key to Jess Graber, the Colorado-based distiller who launched the brand.
“It’s good enough, but you don’t have to break the bank to buy it,” he says.
http://www.marketwatch.com/story/millennials-are-choosing-bourbon-over-budweiser-2015-02-03?dist=countdown
Toxic,
I am sure that is the case, but as libertarian as I am, there are times when the individual does not have a choice. Such as in drafts and in the case of vaccination.
CC is no different than anyone before him. I actually liked him and his thick skin and found his style refreshing. Once the presidential aspirations appeared, he began to pander like everyone else. Now he is no different than anyone else.
Juice and PF,
You are both crazy. Oil will bounce back a bit for sure. But we won’t see $100 oil for years. I would expect it to settle in the $60s at the highest with occasional pops into the $70s. Probably won’t see $100 for at least half a decade. Heck, the whole reason the shale field went crazy in the first place was that oil over $70 made it profitable. The second oil sees $80 again, all of the small cats will be back driving supply levels too high once again.
re #41 -Not so if we will lose millions of barrels a day in production domestically. Unless they continue to drill new wells every day of the week the price is going to climb as production slumps here. Cutbacks are immense so far and the leveraged producers are now selling assets. Just to keep Bakken open for business requires drilling something lots and lots of new wells, so $100 is not out of the question.
Wage inflation alert!
https://ricochet.com/sf-raises-minimum-wage-zero/
Juice. We’ll see. When do you see $100 oil again? Gimme a date. We’ll have some fun with this. I’m going with 2019.
Fill up your gas tanks on way home in NJ tonight when the Diaper Head Gas Station owners get wind oil is going up they are jacking up prices. Good thing they only read Mumbai news so you got a good 12 hour start
A private book store in sf as an example to go against min wage, really? This author has it all wrong. The minimum wage didn’t put this book store under, its business model did. Should we lower the cost of labor to supplement a dying business from going under? Is that what you believe, rags? That cheap labor, labor you can’t even sustain life on, be allowed so a business can survive?
There are two sides of the story(worker and business owner), you have to have some sort of balance for the equation to work.
Ragnar says:
February 3, 2015 at 4:20 pm
Wage inflation alert!
https://ricochet.com/sf-raises-minimum-wage-zero/
I’m just looking for freedom of contract. If someone is willing to work for $5/hr or $10/hr, that’s their business, not yours. The balance is this: an employer is willing to hire for $X, an employee is willing to work for $X. Both are in agreement. If either the employee or the business no longer agrees, the trade ends.
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It’s this kind of nonsense that puts food on my table, and takes food off theirs.
I’d rather them keep the jobs where they are, but if they are going out of their way to drive business to me, who am I to do anything but oblige? If not me, someone else will.
It’s really a shame that you don’t give them the choice.
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Lucky for us Diblasio is going to increase the nyc minimum wage to 13
You want our workers to compete with these lower wage countries, then lower the cost of living. The reason the people in these places can take a lower wage is because it costs less to live. Kind of unfair for getting mad at the American worker for thinking it is utterly pointless to work at a low wage in certain parts of thia country. Working at those wages (combined with the high cost of living) only put you in debt, you have to borrow to survive or jump on govt welfare train. There is no saving to try and get ahead. There is no getting ahead. You just go into futher debt working at those levels and paying the high costs of living. Something wrong with the picture when working at certain levels is literally pointless.
Grim says:
February 3, 2015 at 5:31 pm
It’s this kind of nonsense that puts food on my table, and takes food off theirs.
I’d rather them keep the jobs where they are, but if they are going out of their way to drive business to me, who am I to do anything but oblige? If not me, someone else will.
It’s really a shame that you don’t give them the choice.
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Check out this article from USA TODAY:
Coke to sell premium milk
http://usat.ly/1DCza3k
Anon…what does Colonel Sanders have to say about this?
http://www.northjersey.com/news/xanadu-exec-says-company-was-asked-for-menendez-contribution-after-key-federal-permit-was-issued-1.1263676
That can’t be lib. Senators are Patriots and do their jobs because they love their country.
What the Arabs want, and are also good at getting, is $80 oil. Mind you, they don’t want flat-line $80 oil, they want average price $80 oil. The wider the swings the better. As long as oil prices are unstable, investment in alternative fuels is consequently unstable. Sine waves of $40 to $120 is what serves OPEC best.
Juice and PF,
You are both crazy. Oil will bounce back a bit for sure. But we won’t see $100 oil for years. I would expect it to settle in the $60s at the highest with occasional pops into the $70s. Probably won’t see $100 for at least half a decade. Heck, the whole reason the shale field went crazy in the first place was that oil over $70 made it profitable. The second oil sees $80 again, all of the small cats will be back driving supply levels too high once again.
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