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Aaaah.
Open thread.
The Case for ‘Right Pricing’
http://www.nytimes.com/2007/10/07/realestate/07njzo.html
Housing prices peaked in the state during the summer of 2005, and real estate brokers around New Jersey say the concept of “right pricing” — adjusting asking prices downward to suit a sluggish market — is finally starting to sink in.
But it still has not sunk in fully.
Even a casual look through lists of recently closed home sales from various real estate agencies shows substantial disparities between asking and sales price in numerous cases, across the price spectrum.
In seminars for brokers this fall, the residential market analyst Jeffrey G. Otteau says, he will be telling them about the impact he believes the recent cut in a key federal interest rate will have on the sagging house market: virtually nil.
It may help stimulate the economy, he said last week, “but it would take two or three more cuts before it would jump-start the housing market.”
But then again Reechard said that everything is fine so we should be back to the good old days of bidding wars.
From the link above:
In seminars for brokers this fall, the residential market analyst Jeffrey G. Otteau says, he will be telling them about the impact he believes the recent cut in a key federal interest rate will have on the sagging house market: virtually nil.
It may help stimulate the economy, he said last week, “but it would take two or three more cuts before it would jump-start the housing market.”
Since the lowering of the federal funds rate to 4.75 percent from 5.25 percent on Sept. 18, said Mr. Otteau, who runs the Otteau Appraisal Group, the average fixed rate for a mortgage has actually risen slightly.
He pointed out that the average interest rate for a 30-year fixed-rate mortgage was 6.31 percent just before the cut, according to Freddie Mac, the mortgage finance company. At the end of the month, it was 6.42 percent.
For five-year adjustable-rate mortgages, the average rate was 6.17, and it moved to 6.15 — which Mr. Otteau considers a “negligible” drop.
“What this shows,” he contended, “is that long-term loans are little influenced by short-term nuances of the market.”
But because the overall economy is considered perilously close to a full-blown recession, Mr. Otteau said, further federal rate cuts are likely — and further cuts will “eventually work their way through to the mortgage market.”
He expressed hope that this could happen by spring, the traditional season for the residential market to improve in any case.
He also said he wanted to emphasize that in an indirect sense, the recent rate cut is crucial to the housing market. “A recession is a big deal, a huge concern,” he said. “Right now, we have a housing market in a very deep slump, with 72,000 houses for sale in New Jersey, without a recession, which has never happened before.
“Given a housing market that is already in intensive care, if we added to all the problems with the economic complications of a recession, it would probably be more than the market could withstand — and we would likely see a housing market collapse.”
$20B worth of subprime pain
Banks have paid dearly for their big bets on mortgage securities. And the toll keeps mounting.
http://money.cnn.com/2007/10/05/news/companies/wall_street/index.htm?postversion=2007100607
IN THE RED
Merrill’s $5 Billion Bath Bares Deeper Divide
After Big Write-Down Tied to Mortgage Debt,
O’Neal Asserts Control
_________________________________________
http://online.wsj.com/article_print/SB119158978516350109.html
Merrill Lynch & Co.’s announcement Friday that it would take a $5.5 billion hit to third-quarter earnings is exposing the weak oversight exercised by top Merrill executives as it became a big force in the mortgage-securities business.
Wall Street has been reeling from the recent credit crunch tied to questionable home mortgages, with several companies taking multibillion-dollar write-downs. But Merrill is taking the biggest charge and is the only major U.S. firm so far that has said it will report a loss for the third quarter.
The ouster was surprising because Mr. O’Neal and one of his top executives, Ahmass Fakahany, had been seen within the firm as big backers of Mr. Semerci. The two ousted executives oversaw collateralized debt obligations, which are securities backed by pools of mortgages and other assets. Their group got “caught out” with a large position in these securities in a “game of musical chairs,” said someone familiar with the firm. Mr. O’Neal lost confidence in the executives’ ability to manage the business, said another person close to the firm.
The actual losses are even greater because they have been reported after fees, offsetting hedges and gains recorded by the financial firms due to declines in the value of their own debt. At Merrill, the bulk of the $5.5 billion hit was a $4.5 billion write-down, after offsetting hedges, on collateralized debt obligations and subprime mortgages. The remaining $967 million, which was reduced to $463 million by offsetting fees, reflected losses on loan commitments for buyouts.
Merrill wasn’t able to trade its way out of its problems, analysts noted, because it was one of the biggest creators of CDOs. These instruments are created by buying various kinds of debt — often risky mortgage-backed securities — pooling them together and using them to back the issuance of new bonds. The bonds, which are sold to investors, come with different levels of risk and return.
As the biggest seller of CDOs, Merrill had bought a large amount of mortgage securities and built a “warehouse” of them. To add capacity, Merrill paid $1.3 billion in January for subprime-mortgage originator First Franklin Corp., a deal which Mr. O’Neal conceded Friday was poorly timed.
Prices for subprime mortgage bonds and mortgage CDOs have dived by 5% to 60% since February, with much of the decline taking place this summer after investor demand for them dried up.
According to Blogger Reechard, the sub-prime problems have been completely removed from the system and the sub-prime spigot has been re-opened so “This is the best time to buy a house or be priced out of the market for ever”.
Can someone help me out with a tax question?
My house is for sale now. It is my first and only house I’ve owned.
Paid $110,000 many years ago. I have it listed for $800,000 now.
If I get full price, how much (dollar figure) will I owe in taxes on the sale of the house.
Thanks.
Zac (7)-
If you’re married, you owe taxes (at the cap gains rate) on your profit over and above 500K. If you’re single, you owe on your profit over and above 250K.
Consult with your tax professional to calculate your “basis”. Certain items, as well as agency fees and closing costs, could be used to up your cost basis, but it must be done properly and carefully.
“but it would take two or three more cuts before it would jump-start the housing market.”
Otteau, ever the optimist!
Nobody should miss the feature here on Ducky’s imminent foreclosure. Too funny.
Thanks Clot,
I’m single. So I would owe taxes on roughly $450,000. And Uncle Sam will want about 30 percent of that? So when all is said and done I will owe about $100,000 in taxes?
11 postings only? where all the bears at?
Here’s a question. It’s about the $50 billion resetting this month. Is money resetting every day or a few times this month or is there one day where it will all reset at the same time? my gut tells me that it will depend on when your mortgage is due and it will reflect on that billing period. Just curious.
Thanks.
My lawyer returned from the closing of my house sale in early August, shaking his head. The buyers had not yet listed their house in a premium Union County town (not Brigadoon) and were boasting that they were going to list the following week, price low, and have a bidding war after an open house the next Sunday, from which they would choose the perfect buyer.
Ran into the broker on my sale this morning. The buyers’ house is still on the market and they just reduced the price 5%. My old house is standing empty; they haven’t moved in.
The revolution is coming, taxes, trade,currencies, etc..
“A stream of residents pummeled the borough council with questions about this year’s tax increase after having received the first tax bills — due Oct. 10 — distributed since the new budget was passed.”
“The tone of the dialogue was rancorous and accusing, and at times, disrespectful. Residents claimed that professional service providers working for the borough are Democratic campaign contributors, and they questioned the compensation packages of borough employees. Money paid to Cliffhanger Productions remained a raw nerve.”
“I am a concerned citizen,” began one resident. He continued by reading a lengthy list of questions — including, how were cash payments from EnCap spent? What happened to money from the sale of the DPW building? When does the current police contract expire?
Noting the discrepancy between how the public and private sectors handle benefits, resident Pat Kinzler said that being taxed to pay for better benefits than the public gets in their own jobs doesn’t seem right. “No one has offered me medical for life,” he said. “No one has offered me medical for 20 hours per week. … At the end of the day, Bernadette, it’s our money.” Kinzler concluded with an appeal: “Respect our money. … I can’t go on this way.”
http://www.leadernewspapers.net/modules.php?name=News&file=article&sid=5414&new_topic=18
Great piece in the New Yorker about the dropping dollar. Amazingly, everything a few posters here have been saying is covered in the article. Some of you guys really know your s*it. Even though it looks like we won’t be buying in NJ – taxes, the state being terribly in debt, etc – i will certainly continue to read this board for all the other great info.
http://www.newyorker.com/talk/financial/2007/10/08/071008ta_talk_surowiecki
“The danger is that if no changes are made, and the dollar continues to fall, the safety net may at some point get yanked away, with China refusing to prop up the dollar anymore and foreign companies finally forced to raise prices.”
this board has been saying this for weeks … i always wondered why China would prop up the dollar. From earlier in the article:
“And China has played a huge role. Although the dollar’s value has plummeted against the euro, it has fallen much less against the Chinese yuan; that’s because the Chinese government continually buys dollars to prop up their value and insure that Americans can keep buying Chinese exports, which have been fundamental to China’s economic boom.”
Builders in Middlesex County (renaissance proprties – South Field Estates – Monroe, NJ) HAVE SLASHED THEIR PRICES ON ALL QUICK DELIVERY HOMES – $100,000 !!!!
#16:
I posted a few days back an article about the Indian Finance minister going on record saying that there is not much he can do about it and it is upto the US to enforce a strong dollar policy.
India is trying to help exports who have been hit by the appreciating ruppee by giving some export incentives/subsidies. But the Indian govt has decided to adjust to a weakening dollar. It’s only a matter of time before other countries get tired of our monetary mismanagement.
#19,
What does an Indian Finance minister know about finance? Their entire country is one big monetary mismanagement.
IS THAT REALLY DUCK’S HOUSE?????
Wow, too funny. I only briefly looked at the photo, but I’m going to check out the comments now. Should really be a hoot …
#19
Frank, You are partially correct about India.
But point is not about the Indian or Chinese economy growing at 10 plus percent. I am just highlighting the fact that we should no longer depend on other countries to save the dollar from further decline.
#13,
Joeycasz,
Interest rate will reset some time this month, depending on your payment date, but most of them will be on the 1st of Oct. Then the higher payment will be due on Nov. 1st. or Nov. payment date. What sucks about this month is the fact that most of these loans have a 45 days look back period on rates and 45 days ago 6 month Libor was around 5.6% and it dropped to 5.13% but because of the look back the new rate will be using 5.6%
#21,
Why not? If we can find suckers to bail us out, lets do it.
#6,
How long before Mr. O’Neal is out of work? Another month or so.
How many people do you think Merrill will layoff as a result of this?? They have been aggressively laying off people in NJ already, hundreds of people got the boot last month.
Frank,
The current Indian finance minister is a Harvard MBA graduate. He does know a thing or two about finance. India’s current Prime Minister Manmohan Singh was a former Finance Minister who ushered in India’s economic liberalization in the early 1990s. He is an Oxford-educated PhD.
India has never had two brilliant politicians at the top together….hope they can stay there a while.
Try balancing private sector capitalism while 300 million people don’t eat more than 1 full meal a day…… it’s a tall ask. There is no ‘right’ or ‘wrong’ answer in how to apportion capital.
It’s courageous than a Finance Minister goes on record saying let the markets dictate their currency versus the USD instead of intervening. It instills confidence in the foreign institutional investors pouring money into India.
than=that in the post above
Frank
FM has a MBA from Harvard.
The prime Minister has a Phd in economics from Oxford.
The know what they are doing but it takes lot more to undo 50 years of screwing around.
Zac, long-term cap gains tax rate is 15% if you’ve owned it for over a year and it was your primary residence for 2 of the last 5 years. I’d suggest you talk to a tax accountant to make sure you don’t overpay taxes. It’ll be worth the $150 fee to have it done correctly.
Thanks TBolt,
Looks like I’m looking at 50grand instead of 100 in cap-gains taxes. Thanks man, u made my day.
And I will talk to a tax accountant. Thanks for tha answer and the advice.
#27,
MBA and PhD does not mean anything, Alan Greenspan has a Ph.D. in Economics and he made millions of people homeless, what an accomplishment!
Since India is such a great country with so many smart people, why are you still in NJ?
Do you need help with one way ticket to Delhi?
Since India is such a great country with so many smart people, why are you still in NJ?
Do you need help with one way ticket to Delhi?
Aww jeez, not that tired old strawman again.
#30
Now that is just rude and uncalled for.
Grim, what can be done so that race-bashing is done away with on this blog?
How would some react if the subject of Frank’s (idiotic) rantings were italians? or jews? or russians? or mexicans?
Every immigrant group that’s ever come here has gotten the same old why-don’t-you-go-back to-where-you-came-from cr*p.
Frank, chill out and have a samosa :)
blood [16],
Our # 1 export, inflation.
Clot [10],
Is that really Duck’s bust? Maybe we get get A-Rod to buy it and hope that the landslide occurs the next day.
Although I am not an A-Rod fan, to be fair they are all s#cking. Maybe the fed will accept the Yanks at the discount widow? That said,there will be a game 5 on the lake.
From 19 : Frank Said: What does an Indian Finance minister know about finance?
I just proved Your assertion that Indian FM knows nothing about finance is wrong. Is it necessary that anyone who proves you wrong has to go back to Delhi? However, if you were planning to finance one leg of my round trip, then you are more than welcome.
#30…Like songs for the deaf….credentials are meaningless to someone with a regard for education….
Uh, make that ….. without…..a….regard….for…education…..damn I really botched that, must be that stupid masters degree.
Seems the traffic is slow today. I guess the good whether would force many to go out and buy houses.
Columbus thought that he had reached India. And the Indians (the real ones that is) said ‘Sir, your thought is our command, India is where Indians are, so here we come, to make thou’s thought truer than true ‘ :-))))))) Relax, Frank. Imagine what a Cherokee or Mohawk will tell us all :-)
#33,
Since I am Indian myself, can someone explain to me how my comments were race-bashing?
I tell you one thing, since I have decided to live in this country I will defend the actions of my government until the day that I can take it anymore and then I will move to the village outside of Bombay where I came from.
Cape May County is having a countywide open-house this weekend. 650 open houses.
Come on Down!
… since I have decided to live in this country I will defend the actions of my government until the day that I can take it anymore and then I will move to the village outside of Bombay where I came from.
As another American of Indian heritage, your statement smacks of exactly the kind of servility that has dragged India down for 50 years post-1947. You think living in America means having to agree with the actions of its government? These aren’t the Gandhis, my friend, leave your idol-worshipping for back home. Here in America we’re allowed to dissent. Heck, it’s encouraged.
If all you want to be is another naukar, India is probably where you want to be.
frank,
do you make samosas at home or get them ordered in?
I always wondered what those indians did once they came to the US
afe #44,
I can’t speak for other Indians, but I am partial to this brand –
http://www.deepfoods.com/Tandoor-Chef.asp
everyone hates us for our freedom syncmaster……(snicker)
I lvoe cape may….cept I understand it literally closes down in the winter months…..and prices are still way way way too high.
make that LOVE cape may…..!!
#41 Frank…doesn’t it go by Mumbai now?
Wife’s parents are selling a home in a neighborhood in Philly that has seen better days. They are looking to move about 5 miles away in the suburbs. They actually want to buy before they sell their home so that they can…move at their own pace.
They have no mortgage so they don’t see the carrying costs on two places as a problem.
Sheer madness…
Nino (#17) – I said in a previous post that the towns on the margins will have faster price declines for now as they do not have the support of NYC as much as northern NJ. Monroe counts since it’s about a 1 1/2 hr commute to NYC. $100k is about 15% on some of these homes.
FPA Buys Ad Section in WSJ
http://online.wsj.com/ad/financialplanning
How much time does Chuck Prince has left? More than Stanley O’Neil?
http://www.nytimes.com/2007/10/07/business/07prince.html
http://www.optonline.net/News/AP/Article?articleId=334261
Scary Article about foreclosures run wild
Also anything that is a capital improvement to the house, new bathroom, kitchen, doors, windows, additions, upgraded electric can be taken off the basis, (roof, paint, lawn service maint crap does not count), pretty easy to find the receipts to justify)
If you go to the IRS web site you can’t get the rules straight from “the man”
http://www.irs.gov/faqs/faq-kw113.html
Zac Says:
October 6th, 2007 at 2:40 pm
Thanks TBolt,
Looks like I’m looking at 50grand instead of 100 in cap-gains taxes. Thanks man, u made my day.
And I will talk to a tax accountant. Thanks for tha answer and the advice.
I tell you one thing, since I have decided to live in this country I will defend the actions of my government
All i said was that Indian economic leaders have knowledge of finance but it will take them time to undo past mistakes. How does better leaders in India undermine US government actions?
Bloodbath in Winter 2007 Says:
October 6th, 2007 at 1:21 pm
“The danger is that if no changes are made, and the dollar continues to fall, the safety net may at some point get yanked away, with China refusing to prop up the dollar anymore and foreign companies finally forced to raise prices.”
BBIW2K7: We discussed the economic forecasts for 2007 from the Chicago GSB faculty that were presented in December. One comment was the timing of China ceasing to “prop”. In appears that some out there are betting the around 2010…after the World Expo….surely at a minimum it will be the other side of the Olympics. They need to keep up the facade for the world to experience.
http://www.expo2010china.com/expo/expoenglish/index.html
AntiTrump Says:
October 6th, 2007 at 1:47 pm
#19
As I think about a falling dollar and India, I wondering what impact this could have on the outsourcing trend. The big incentive to outsource comes from it’s inexpensiveness, which could change with the dollar weakening. There could come a time where Indians don’t want dollars.
Frank, You are partially correct about India.
But point is not about the Indian or Chinese economy growing at 10 plus percent. I am just highlighting the fact that we should no longer depend on other countries to save the dollar from further decline.
Frank Says:
October 6th, 2007 at 7:32 pm
How much time does Chuck Prince has left? More than Stanley O’Neil?
Mr. Furter: What are doing? Pulling a bipolar? I can’t talk about this….but don’t be silly and take cheap shots. Think through the issues and look at 3, 4, 5 steps ahead…..don’t play checkers PLAY CHESS!
Repost. I screwed up the other one
As I think about a falling dollar and India, I wondering what impact this could have on the outsourcing trend. The big incentive to outsource comes from it’s inexpensiveness, which could change with the dollar weakening. There could come a time where Indians don’t want dollars.
AntiTrump Says:
October 6th, 2007 at 1:47 pm
#19
Frank, You are partially correct about India.
But point is not about the Indian or Chinese economy growing at 10 plus percent. I am just highlighting the fact that we should no longer depend on other countries to save the dollar from further decline.
Bloodbath in Winter 2007 Says:
October 6th, 2007 at 1:45 pm
IS THAT REALLY DUCK’S HOUSE?????
Wow, too funny. I only briefly looked at the photo, but I’m going to check out the comments now. Should really be a hoot …
BBIW2K&: You really think its funny? The guy is a jackass, but I don’t enjoy watching someone implode at close range. I hope this resolves itself in an orderly way.
john Says:
October 6th, 2007 at 9:12 pm
Mr. Toilet/Mr. Pay-For-$ex: STFU
I absolutely love Indian food. it’s the best. There’s a place near me in Bethlehem PA named Nawab which has the best Indian food bar none. I’ve eaten at a number of Indian restaurants in various places in the country and have yet to encounter food better than theirs!
syncmaster Says:
October 6th, 2007 at 5:42 pm
afe #44,
I can’t speak for other Indians, but I am partial to this brand –
http://www.deepfoods.com/Tandoor-Chef.asp
For your reading enjoyment:
http://news.yahoo.com/s/ap/20071006/ap_on_re_us/leaving_homes
enjoy:
http://news.yahoo.com/s/ap/20071006/ap_on_re_us/leaving_homes
njrefugee:
Re the outsourcing trend, I think it will still continue for atleast 10+ years. In my firm, we will bill $350K in the budget for a headcount in the US and $50K for a headcount in the Indian office. The 10% decline in the dollar vs the Indian Ruppee has hit the earnings of the Indian outsourcing firms, but outsourcing is still profitable for most firms.
Our Indian office is not just an IT shop, we have significant headcount in the operations and finance areas too.
BC
If your checking, I just replied to your email.
KL
What do you see occuring beyond the 10 year time horizon? Wages becoming equalized?
I recently began outsourcing for my small firm and it has relieved many headaches. I’m a CPA by profession and the accounting profession has been beset by severe shortages of accountants and bookkeepers. You literally have to steal the good ones from other people and the one’s that aren’t employed don’t really want to work. I was literally forced to outsource by the shortage circumstances and it’s been one of the best decisions I ever made. Not only is it cheaper to get the work done, they do it better than folks here. It’s hard to argue with that combination.
Based from where I’m at, this trend won’t end anytime soon and because of that, wages will definity rise in India at some point.
AntiTrump Says:
October 6th, 2007 at 9:39 pm
njrefugee:
Re the outsourcing trend, I think it will still continue for atleast 10+ years. In my firm, we will bill $350K in the budget for a headcount in the US and $50K for a headcount in the Indian office. The 10% decline in the dollar vs the Indian Ruppee has hit the earnings of the Indian outsourcing firms, but outsourcing is still profitable for most firms.
Our Indian office is not just an IT shop, we have significant headcount in the operations and finance areas too.
“I tell you one thing, since I have decided to live in this country I will defend the actions of my government until the day that I can take it anymore”
Frank,
Defend these rubes, clowns, bufffons, goons? Lies, trickery and deception? Inflation reports, debt ceilings, birth/death stats and an independent fed? Thank the Lord that there are markets that allow you to take a contradictory position. Our govt is selling this country down the tubes. Our dollar wealth has been transferred to other currencies and hard assets. The only positive statement that you can make about this govt is that they are so damn predictable that they allow you to make $[not to be confused with make money] in your sleep. That said, I would still rather we bring in a Volcker clone to get this country back on the right track. There may be a better defense for OJ than for “our” govt.
#62 John,
Have you ever met an Indian snake charmer? That’s how clueless you are about India. When you know nothing about a culture, learn to keep your trap shut.
“Based from where I’m at, this trend won’t end anytime soon and because of that, wages will definity rise in India at some point.”
NJRefugee, there is TREMENDOUS wage inflation in India the past 3-4 years….astronomical. I have friends of mine who are pulling in the equivalent of US dollars salaries in Indian Rupees. It’s mind boggling how salaries have shot through the roof there because so many US and European companies have set up shop there.
With the rupee strengthening, big IT shops can absorb it since they historically have been at 40-45%+ operating profit margins. The smaller guys and the ones much lower down the value chain are the ones getting crucified by the dollar decline.
Clot 10
Where is this duck feature of which you speak? I’m suffering from the stupids – not sure what I’m supposed to be looking at.
Now this is a sort of concern for me as one who has outsourced. That’s to say that the cost advantage may disappear.
With the severe shortage of experienced accountants here, I’d outsource anyway even if labor rates rose. There’s little choice in this matter when you have 20% less people over the last five years going into accounting. My profession is aging with fewer new entrants coming into it. At some point, they’ll probably allow more immigration from India for people with skills in certain professions like the arrangements we have with the Phillipines for nurses.
dreamtheaterr Says:
October 7th, 2007 at 12:18 am
“Based from where I’m at, this trend won’t end anytime soon and because of that, wages will definity rise in India at some point.”
NJRefugee, there is TREMENDOUS wage inflation in India the past 3-4 years….astronomical. I have friends of mine who are pulling in the equivalent of US dollars salaries in Indian Rupees. It’s mind boggling how salaries have shot through the roof there because so many US and European companies have set up shop there.
With the rupee strengthening, big IT shops can absorb it since they historically have been at 40-45%+ operating profit margins. The smaller guys and the ones much lower down the value chain are the ones getting crucified by the dollar decline.
It looks like the EU is getting fed up with us. Do you think they will start a war?
http://www.nytimes.com/aponline/business/AP-EU-Euro-vs-Dollar.html
This week has seen rising RE inventory in the expensive towns like Westfield and Scotch Plains and a lot of expiring listings in North Jersey. When will the bidding wars start again?
Oh my God, what a bargain!! I better hurry an bring my checkbook for this charmer!
http://homes.realtor.com/prop/1088520640
Gary
Buy that and I’ll burn it down myself. :)
Dear Realtors,
Please tell your sellers to put down the glass stem and get into rehab. I know they have dollar signs in their eyes but you need to tell them that the swindlers have packed up and left town. Yes, there are still a lot of suckers to be had but even the lenders know when a scam has been milked dry. I understand you’re late a few payments on the leased 3 series but maybe you should’ve saved a few bucks from the five year theft.
And please tell the sellers that if they’re going to insult would-be buyers with their dream prices, at least try to remove the smell. The chaos they call a house is enough on the visual senses, we don’t need to agitate the olfactory nerves, also.
Best Regards,
Your friendly neighborhood thorn in the side.
lostinny,
I hear that.
BC (35)-
Your words, to my wallet, to God. Yanks should see 2 straight games of BP-quality pitching.
Just hoping Clemens isn’t really hurt bad & trying to gut it out thru this game. If so, he’ll get hit hard.
Clot [80],
We’ll see in the 1st and 2nd inning. If he is not 100% and tries to be superman, he will get crushed. If he get thru these innnings with little damage, he may pitch a gem, for about 5 innings.
#76,
Is that 2 trailer homes put together or just one?
#76,
Wait, that’s my house!! I bought it for 900K with a subprime mortgage that is about to reset, my broker told me that I will be able to refi in time but he’s in jail right now.
Neighborhood warfare, the race to the bottom. 10-20 sellers, one qualified buyer with no contingencies?
“Darrell Major, a New York City schools administrator, was elated when he signed a contract in February 2006 to purchase a brand-new $650,000 condo at the Siena, a Tuscan-inspired complex in downtown Montclair on the site of the old Hahne’s department store.”
“Moving to the Siena and to Montclair will improve my commute, my social life,” Major said. “It will improve every part of my life.”
But in the intervening 19 months, Major said, “I’ve gone from being the most ecstatic person in the world to the most stressed-out person in the world.”
“Like many sellers in today’s market, he is literally caught between his past and his future, juggling the issues and the economics of his old home and his new home.”
“Major is still living in his four-year-old single-family home in Roxbury in Morris County. And his neighborhood has become an economic battleground, with neighbors who are selling similar homes recast as combatants.”
“There are six houses on the market in my complex, including mine,” said Major. “Four of the six are divorces. They keep dropping their price, and for me to be competitive, I have to drop my price too.”
“Prices on the homes were in the mid-to-high $700,000s a year and a half ago. Now, Major’s Roxbury house is languishing at $598,000.”
“Last year, my neighbor sold for $700,000 and we were all angry with him,” said Major. “Now we wish we could get anywhere near that. I’m stressing so badly over this.”
http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk3NDAmZmdiZWw3Zjd2cWVlRUV5eTcyMDM3NDYmeXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMQ==
Chifi – Great point about China and the dollar situation. 2010 … I’ll try to plan accordingly.
And of course I’m not laughing at the Duck’s house going into foreclosure … it’s just a twist of irony, that is all. If i was as stubborn as him, that could have been me, too.
I do accounting too. I don’t outsouce but do hire indians with green cards visa to do stuff like SOX testing, walkthroughs, compiling financials, basic audit work, etc. But the problem is they are great when you want to take a policy and have them check people follow policy, but like most of Asia with their route memorization schooling techniquestthey are not good at best practices, independent thought, sales, control tranformation, quickly grasping things they are completely unfamilar with and leading anyhow, dealing with different cultures and are a little too laid back.
I have a hard time finding them at the senior manager level who can lead c-level meetings on a spur of the moment unprepared. I pay a starting 250K salary for those type people and that can never be outsourced.
I my trips to asia you will even find the Japanese with great envy towards us americans. They did not invent the car, lightbulb, plane, camera, electricity, computer, internet, phone etc. Asians have trouble thinking outside the box. They can run with an idea and make the perfect car, computer, camera etc. Much better than we can, but they can’t think it up. I pay for that, and unless they can do that it is hard for them to break the 200K level at work.
Mind you I have heard this from many asians.
On a serious note, why do indians have indian wedding receptions?
I mean when you go to a german american wedding they aren’t dancing around in ladenhosen swinging around steins of beer?
Also how come when I take out the Jain guy at work, I have to make sure there is a special menu with out meat, eggs, root vegatables etc. but when he invites us over we have to eat all his slop and we can’t eat meat of normal food. At our weddings, events, meetings we go get Kosher food, vegatarian food for all our guests, but the Hindus jam that junk down your throat and invite kids over with no kids food except that smelly indian food. They try their best to remain apart from society but we have to bend to fit them in.
Bloodbath
Would you mind pointing me to the duck story?
Thanks
If the home we thought was duck’s home months ago, was duck’s home. The home in the posting prior to this weekend discussion is not duck’s home.
KL
john (86)-
You, however, take the cake for run-on sentences, mangled syntax and spelling that can only be described as “creative”.
For that, I will pay $14/hr to answer my phone and generate commission statements.
njpatient,
Go to the homepage. There’s another story about a house with a huge markdown that’s heading towards foreclosure.
Some people thought it was Duck’s house. But apparently, it isn’t.
We may have an opportunity to purchase a home from a family member located in Midland Park, NJ. They have been in the home for 30 years or so and our moving due to retirement. It’s an older but well-cared for 3br, 2.5 ba colonial located near to downtown Ridgewood. I was curious if any of the Bergen denizens here could offer some opinions on this town as we know nothing about it. We are curious about schools, neighborhoods, social life, etc. Any thoughts would be appreciated.
John –
Since you stopped plagiarizing, the quality of your posts has gone substantially downhill.
Did you get a stand-in to interview for you when you got your job?
Rhyming #89 –
That was positively zen.
For that, I will pay $14/hr to answer my phone and generate commission statements.
Clot,
It’s really slow in my field right now,are the hours flexible, and where can I send my resume?
KL
Zac (7)-
In addition to US capital gains tax, you may also owe state income tax on the gain.
90
“You, however, take the cake for run-on sentences, mangled syntax and spelling that can only be described as “creative”.
For that, I will pay $14/hr to answer my phone and generate commission statements.”
Would it be prudent to have such an antagonistic xenophob on your phones?
schab (97)-
You have a point there.
eff the Jets.
eff the Giants too…
Why do these clearly NJ teams just rename themselves to the NJ Giants and Jets. Why does the state let them get away with being a NY team when the teams clearly play and practice in NJ. NJ doesn’t get respect from the sports teams as well. NJ Nets leaving to go play in Brooklyn. Well at least NJ still has the Devils and the Red Bulls.
What’s with this house and shudders on the doors?
http://new.gsmls.com/public/getMediaReport.do?mlsNum=2424985&imageCount=10
China oil imports soar; refinery pact with Chad
http://www.marketwatch.com/news/story/china-says-oil-imports-soar/story.aspx?guid=%7BEFEC3C0F%2DBADB%2D493E%2DB726%2D9168305BFC40%7D&dist=hplatest
China’s net imports soared more than 18%
China brought in 110.4 million tons of crude
NYC11 (96)
any idea how much that is?
“Just hoping Clemens isn’t really hurt bad & trying to gut it out thru this game. If so, he’ll get hit hard.”
Clot 80 – just said those very words to Mrs. Patient.
Clemens has great valor but little discretion.
“Some people thought it was Duck’s house. But apparently, it isn’t.”
Thanks. And nope, definitely not. It’s much too pretty, and there’s grass and trees and the like – and Duck was asking 869 (and later 899) for his deathtrap.
re 106
I am somewhat surprised at the ripples still running here from the wake of that peciliar example of Aix Sponsa.
um, that’s peculiar…
Was this one of you guys?
http://newyork.craigslist.org/jsy/rfs/442726138.html
John, are you serious?
Number one, Germans don’t wear lederhosen to their weddings. Well, not usually.
And the Asians and folks from India I know are all different when it comes to “being good hosts/hostesses.” Just like rude old buggers like you and me.
“… have a hard time finding them at the senior manager level who can lead c-level meetings on a spur of the moment unprepared. I pay a starting 250K salary for those type people and that can never be outsourced. ”
Ah, maybe ’cause the good ones are taken?
Well, if they can’t solve all the client’s problems with three clicks of their heels, at least they’ll never p*ss in the wrong washroom at a client and then make up a stoopid poem about it later and enclose it with the first draft of a schedule.
I actually know someone who did that. Can you believe screwed up Americans?
Anyone who uses the term ‘c’ level to describe senior management is on the outside looking in…FYI
And now for some housing-related news:
http://www.katu.com/news/business/10300572.html
Second-quarter profits at Furniture Brands International Inc., the maker of Broyhill, Thomasville and Lane brands, were off 66 percent. The St. Louis-based company said in April it was closing three North Carolina plants and cutting 330 jobs as it continues to move production to lower-cost factories offshore. It recently said its third-quarter loss will be larger than previously expected due to the soft business environment and weak orders.
What’s with this house and shudders on the doors?
http://new.gsmls.com/public/getMediaReport.do?mlsNum=2424985&imageCount=10
WOW. I wonder if that was one of those “Shutters on the sides of the door – $5,000 added value” deals.
http://www.philippinesnews.net/story/288545
O.K. What IS the deal? We use “Toilet” and other useful French words. But ours aren’t good enough? Those durn French.
http://www.chinapost.com.tw/news/2007/10/06/125471/French-gov't.htm
I say “terlet”…
patient (105)-
Tonight is Exhibit #1 in why all baseball fans should hate the Yankees. Why?
1. The owner- suffering from dementia- pulls himself together to make his first coherent statement in months. The statement? That his manager- who cajoled and horse-whipped this team back from the dead- faces expulsion if they don’t win this series. Pure class. Then again, if he’d seen his daughter do the things I saw her do at UNC, he’d be a humbler guy. He also would’ve died 20 years ago.
2. The manager- placed squarely under the Sword of Damocles- manages a do-or-die game perfectly, pulling Clemens at exactly the right time, then replaces him with a pitcher who not only stops the bleed, but turns momentum. Expect that he will trot Mussina out tomorrow- with exactly the same game plan- and steal another one.
3. The obnoxious, front-running fans in the park can’t wait to start booing. Second inning? Third? Jesus. They were facing Jake Westbrook, not Koufax. The Yanks should seriously start thinking about making tickets available to actual baseball fans…somehow, some way. I’ve gotta think that 30,000 of the people there tonight either had comp tickets or got them via StubHub. I’m beginning to think the only baseball fans left in America are the ones who play the game.
4. I had more than a casual bet on tonight’s festivities, and I truly would not have cared if the Yankees lost. Even worse, my daughter wanted to switch to Desperate Housewives and my son wanted to watch EPL soccer on the TIVO. They weren’t just potential fans lost by the Yanks…they were potential fans of the game who were completely turned-off by the frontrunning arrogance of a team run amok.
I say “terlet”…
“Crapper” also works nicely
The French are probably bitter that we took their word for “shower” (douche) to mean the following:
1. A feminine product that today has been regarded as unnecessary and unhealthy
2. An unsavory male, who generally believes he’s God’s gift to women and/or humanity
John: You compelled me to reply. As an Indian American, I am not trying to prove Indian as superior, but would like to rebutt the inferiority given by you.
1. Eastern and Western cultures have had different focus in life. If you are smart, you would pick up best of the world, and not try to pit one against other.
2. Tell us about your inovations aka car, lightbulb, plane, camera, electricity, computer, internet, phone etc… Most Americans don’t invent as well.
3. You talk about out of the box thinking. I would dare you to find that out by going to India. The out-of-the box thinking is normally done by necessity. Goto villages and slums and you will see how one can survive and enjoy life in less than few hundred dollars a month with very basics in life. That is out-of-box thinking for you.
#117: All of the Yankee fans are “obnoxious, front running”? How can you make a generalization about 55,000 people? Dude, it was a good game, the Yanks won and everyone was happy. No one was “turned off”. You are totally way off base (and sound pretty bitter), but everyone is entitled to an opinion.
Hey India is thousands of years old than America and you still have people living in slums and shacks and let people live on less than a few hundred a month. They aren’t much better off than the pilgams were at the first thanksgiving. In fact if it was not for the English taking over your country you would be speaking a million crazy little languges and eating with your fingers. Most of the outsourcing success stories comes from the western culture forced upon you by England and most of what is holding you back is your old culture.
3. You talk about out of the box thinking. I would dare you to find that out by going to India. The out-of-the box thinking is normally done by necessity. Goto villages and slums and you will see how one can survive and enjoy life in less than few hundred dollars a month with very basics in life. That is out-of-box thinking for you.
Goto villages and slums and you will see how one can survive and enjoy life in less than few hundred dollars a month with very basics in life.
I’m happy your search for 250K ‘level-c’ manager types ended.
Hey I never had the memorization type schooling the Indians had. In the Bronx we were more worried about getting knifed than school. They are much better spellers. Spelling and writing is not much of a useful skill anyhow, Dcotors and Pharmaists can’t spell but secretaries can.
njrebear Says:
October 8th, 2007 at 8:57 am
Goto villages and slums and you will see how one can survive and enjoy life in less than few hundred dollars a month with very basics in life.
I’m happy your search for 250K ‘level-c’ manager types ended.
John:
India was at the height of its glory and declined before the western world was even conceived. It’s rather arrogant and racist to say that they’ve better off due to the so called “civilizing” influence of the British who raped and pillaged all over the world.
The western model of success is really a reflection of the successes of all prior highly evolved civilizations rather than a creation of its own. It is not the “be all and end all” of human achievement nor can success be always measured by massive wealth accumulation at the expense of others who have been exploited.
John Says:
October 8th, 2007 at 8:27 am
Hey India is thousands of years old than America and you still have people living in slums and shacks and let people live on less than a few hundred a month. They aren’t much better off than the pilgams were at the first thanksgiving. In fact if it was not for the English taking over your country you would be speaking a million crazy little languges and eating with your fingers. Most of the outsourcing success stories comes from the western culture forced upon you by England and most of what is holding you back is your old culture.
Hello.
I need some help