From the New Jersey Department of Labor and Workforce Development:
Employment in New Jersey Held Steady in May; Unemployment Rate at 5.4 Percent
Trenton, June 18, 2008 – For the third consecutive month, employment in New Jersey as virtually unchanged in May, while the state’s unemployment rate rose by 0.5 percentage point to
5.4 percent. This is the largest unrevised increase in the unemployment rate since April 2006. Despite the increase, the state’s unemployment rate is still below the rate for the United States as a whole, which rose by 0.5 percent to 5.5 percent in May, the largest increase since 1986.Total nonfarm wage and salary employment in the Garden State moved higher by just 100 in May, to reach a seasonally adjusted level of 4,071,700, based on preliminary estimates from the Department of Labor and Workforce Development’s monthly survey of employers. The previously released April estimates were revised lower by 1,100 to 4,071,600 after more complete reporting. In addition, April’s unemployment rate of 5.0 percent was revised slightly lower to 4.9 percent.
Private sector jobholding increased by 500 over the month but was offset by a decrease in government employment, which contracted by 400. Over the first five months of 2008, New Jersey’s total nonfarm employment has declined by 10,900 (-0.26%), while over the same period the nation has lost 324,000 jobs (-0.23%).
“Clearly, the national labor market is struggling, and New Jersey is consistent with that trend,” said Commissioner David J. Socolow. “As in prior downturns like this one, the federal government should step in to provide extended Unemployment Insurance benefits, so that job seekers will have additional support while they look for work in this uncertain economy.”
Frist?
if that chart were a stock, have to go long.
Ricky_nu,
Previous post #85
I think this will be the 3rd time I’ve posted this at your request.
The most up to date free site for home sales in Bergen and Passaic counties. 07/08 property taxes, too.
If this isn’t the site you’re talking about, let me know. Otherwise, bookmark it.
http://wallstreetexaminer.com/blogs/winter/?p=1726
What is FDIC waiting for.
http://wallstreetexaminer.com/blogs/winter/?p=1726
In the Inland Empire, we’re hearing land is going for 20 or 30 cents on the dollar” of its appraised value when the loans were made, said RBC Capital Markets analyst Joe Morford. According to data tracker Foresight Analytics of Oakland, 15.8% of single-family home construction loans were at least 30 days delinquent in Riverside and San Bernardino counties last quarter, up from just 1.7% a year earlier. The delinquency rate was 14.7% in Los Angeles County, 14.9% in Orange County and 15.4% in Ventura County. It was 30.4% in Merced County, near Sacramento.
30.4% of construction loans in Merced County are deliquent? YIKES.
Banks ar ein th ebusiness of lending money but they’re also in th ebusiness of being paid back. It seems during the last 5 yrs the latter was neglected.
I had asked this a few days ago, and I dont htink I got the right website, but some had posted a nifty site that had up to date home sales data in NJ (It had up to April few days ago), looking mainly for Bergen county data, but I think that other countied were included. Can anyone help here?
(4),
You’re kidding, right?
Lots of high paying jobs if you know where to look –
http://www.realmatch.com
http://www.monster.com
http://www.simplyhired.com
$75K, $100K, $150K …..Lots of jobs!
Ricky,
Are you talking about this:
http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=monm&passwd=data&district=1301&mode=11
BTW, I’m not sure how up to date that is.
From the Record:
N.J. unemployment rate sees largest jump in 2 years
New Jersey added 100 jobs in May, the third month the employment level has remained largely unchanged, but the unemployment rate took the largest jump in 25 months.
Unemployment rose from a revised figure of 4.9 percent to 5.4 percent, according to May employment figures released by the New Jersey Department of Labor and Workforce Development.
I’d greatly appreciate it if someone could please post a link to data regarding home sales in Bergen County. Thanks muchly.
Re Goldman Sachs from Dealbreaker, post two is pretty funny
http://dealbreaker.com/2008/06/goldmans_accelerated_analysts.php
http://dealbreaker.com/2008/06/its_not_a_lie_if_you_believe_i_1.php
Followed by Wachovia news:
http://dealbreaker.com/2008/06/layoffs_watch_08_wachovia.php
Grim Unmod #10,
Does anyone know a good site that has up to date home sales data for Bergen County? Thanks.
how about these two sites for the sold home data…
http://soldhomesreport.com/
http://buyinginbergen.com/sales.html
Does anyone know of a good real-estate blog? Preferably focused on NJ? Many thanks.
UK Telegraph:
RBS issues global stock and credit crash alert
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/18/cnrbs118.xml
“A report by the bank’s research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as “all the chickens come home to roost” from the excesses of the global boom, with contagion spreading across Europe and emerging markets.”
Does anyone know what the unemployment rate for NJ is? Thanks.
Does anyone know how to donate to Grim?
Does anyone know what happened to Rich in NNJ, I haven’t seen him post in a while?
The sad thing about NJ unemployment is that my Wall St. friends are having hard time finding jobs, but my illegal immigrant friends have no problem finding jobs.
Rich that sounds like a great site you talked about in #3.
What’s the URL Link?
#18,
Send a big check to me and I will send it to grim.
The sad thing about NJ unemployment is that my Wall St. friends are having hard time finding jobs, but my illegal immigrant friends have no problem finding jobs.
The solution:
http://youtube.com/watch?v=-OVpafuJIYI
Tom,
Do you have a web site where I can find your email address and send it to you?
How does employment stay the same while unemployment goes up? Did every college kid that graduated move back home without a job?
#7 susan
Did you research this?!?!?!
Gary (19),
I haven’t seen that funny guy from Clifton post in a while either. You know, the guy that likes to rant about realtors and prices… damn, “good ole what’s name”… I think it’s Larry…
I know a couple of finance manager job openings in NJ. Non-Wall street firms. Get email from grim if you are interested.
Rich,
I’m not sure, how can I find out if I have that or not?
I had this thing written down that was like tom% or # or something and an hwwwp:\\ something but I stopped looking at it because the connection seemed to have been crossed with some guy that helps nigerian royalty launder money and based on some of the messages I think he had “plumbing” problems if you know what I mean.
Good Read from Minyanville:
Next Stop: Desperation Station
http://www.minyanville.com/articles/lehman-Fed-LEH-Credit-mortgage-subprime/index/a/17615
YO !–Frank, did you catch this comment from yesterday’s postings ??:
“…alia Says:
June 17th, 2008 at 9:29 pm
Commander Bob, Frank: I’m sure you’re lovely people, and I can almost understand where you’re coming from, but I strongly disagree with where you’re going. Please remember you don’t know the entire audience listening to your posts…”
Yes, I am really “lovely”–alia. I also speak my mind in MY country. I also take threats seriously….Maybe you are giving me a “friendly warning” and maybe you are not…..
BOB
I know grim and others have said never to bother with a house with an oil tank but does that include tanks that are in basements or just buried underground?
Looking at a house with oil tank in basement. What would be approx cost to remove and switch to gas heat? Is it just a disaster waiting to happen? These days I hear you can just ask sellers for a credit but if I am looking at a potential nightmare, pass.
Thoughts?
“Recovery? You’ve got the graph upside down”
From earlier topic.
Has Caroline been reading posts on this site?
Going to see Petty tonight. Can’t wait for Free Fallin.
Oil tanks are good for hording ;)
How does employment stay the same while unemployment goes up? Did every college kid that graduated move back home without a job?
This isn’t uncommon, it is due to the fact that this data comes from two different sources. The employment data comes from a survey of employers, the unemployment data comes from a survey of households.
Seneca,
You’re better off asking a local plumber or hvac contractor.
You need to know if there’s already a gas line with adequate volume and pressure to satisfy a heating system.
If there’s no gas line coming in at all you’ll have to get a quote from PSE&G to run one to the home. Or upgrade it if it isn’t adequately sized.
You might want/need to replace the hot water heater as well. Replacing the boiler and hwh can run anywhere from 3-8k.
Just because there is a tank in the basement, doesn’t mean there isn’t an older one burried in the yard somewhere, possibly leaking.
From Bloomberg:
Subprime Losses Top $396 Billion on Brokers’ Writedowns: Table
Some older houses went straight from a coal burning furnace to a gas furnace. No oil tanks to worry about.
From NJBIZ:
Even the Affluent Face Loss of Homes
Homeowners in the state facing mortgage foreclosures are heading in droves to law firms, state agencies and nonprofits for advice on how to save their homes or buy time before they hand over their keys. At the same time, lenders chasing delinquent borrowers are seeking legal advice and in some cases easing up terms.
Glenn Reiser, a partner in the law firm of LoFaro & Reiser LLP in Hackensack, says he is seeing “a tremendous increase” in the number of distressed homeowners calling in for what his trade calls “foreclosure mitigation services.” Reiser says the firm has been getting three to five such inquiries a week since March, compared with one or two a week in January and February.
New Jersey ranked 14th in the country in terms of home loans in foreclosure at the end of last year, with a total 1.275 million such loans, according to the National Delinquency Survey, released this month by the Mortgage Bankers Association in Washington, D.C. It said the number of foreclosures in the state rose from 1.87 percent of home loans to 2.31 percent last year.
Reiser says that mortgages in arrears for 90 days or more enter the foreclosure process when lenders file complaints with the state Office of Foreclosure in Trenton. Homeowners can pay off the delinquencies while the complaint winds its way through court proceedings. Homes that remain in arrears can be sold through the offices of local sheriffs.
Reiser says foreclosures are now hitting people across the income spectrum. “Typically, the average person facing a foreclosure is one who has a hard-luck story or somebody who has lost a job, got sick or has had a divorce,” he says. “But the type of client coming to us now is one I have never seen before—a two-income family earning in excess of $100,000 annually and with an extremely high mortgage debt service.”
Reiser says his current clients include a Bergen County couple with a combined annual income of more than $120,000, and two mortgages totaling $443,000 on a home with a current market value of $400,000. He says they are nine months behind on monthly payments of more than $3,900, and are trying to sell their home.
Other attorneys have similar stories to tell. “This crunch has hit a far broader spectrum of the population than ever before in my 39 years” as a lawyer, says James Aaron, a partner in the Ocean-based law firm of Ansell Zaro Grimm & Aaron and chair of its litigation, bankruptcy and municipal departments. Aaron says the firm’s volume of foreclosure mitigation work has risen 10-to-15 percent in recent months.
Presently, crude inventories have dropped for 5 straight weeks, 25M barrels during this time frame. Blame the drop on speculators. I guess they are arriving at Cushing, Oklahoma and taking delivery, at contract expiration, of 1,000 barrels [42,000 gallons] per contract?
Gosh, if only someone would post a link to data regarding home sales in Bergen County.
21 frank
“The sad thing about NJ unemployment is that my Wall St. friends are having hard time finding jobs, but my illegal immigrant friends have no problem finding jobs.”
Maybe your illegal immigrant friends are better qualified?
BC Bob :34
Tom Petty’s “Won’t Back Down” will now and forever be associated with Super Bowl 42.
Fuld, 9th inning or Paulson, 3rd inning?
“June 18 (Bloomberg) — John Paulson, founder of the hedge fund company Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund’s $945 billion estimate.”
“We’re only about a third of the way through the writedowns,” Paulson, 52, told the GAIM International hedge fund conference in Monaco today. “There are a lot of problems out there and it will continue to be felt through the year. We don’t see any signs of stabilizing.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_dAvx5tof.o&refer=home
“Maybe your illegal immigrant friends are better qualified?”
It’s hard to create leverage when you mow lawns or demo bathrooms for a living.
“Won’t Back Down”
Fiddy [44],
I thought that was a description of today’s buyers?
BC Bob,
why did you think i wanted the house with the oil tank??? i need somewhere to keep all that oil while i speculate and drive prices up just to make a few bucks!
“BC Bob Says:
June 18th, 2008 at 1:30 pm
Fuld, 9th inning or Paulson, 3rd inning?”
Doesn’t Greenspan work for Paulson & Co now? Nothing like profiting from your own malfeasance…TWICE!!!
Tom #37
Aside from seeing exposed pipes leading into the basement connected to nothing in particular, or, hiring someone to test the soil, how does one know if an oil tank is buried in the back? Is there some sort of documentation I can ask the seller to provide or do I just have to take their word for it (they may not even know for sure themselves) until we get to inspection stage?
The MLS listing says “Fuel:Oil”, “Heating: 1 Unit, Radiant – Hot Water” and the C21 Agency listing “Heat: Forced Air-Gas” (The oven burners look like they are raised to support gas flame so at least I think we have the option to go gas heat without calling PSEG in.)
When I called the listing agent she said there was def. an oil tank in use to create forced air heat but that the tank was in the basement. If I ask if there is also a tank buried in the backyard I am sure they would say “no”. So, any other Sherlock Holmes clues I could use to try and guess if we are going to find one once a soil test is performed?
seneca,
You can have an engineer check the property, the do a ground penetrating radar scan ( there is other tech also)
From Reuters:
Investment banks need expanded supervision: FDIC
Any troubled U.S. investment bank headed toward bankruptcy should be subject to supervisory intervention just like commercial banks, the head of the Federal Deposit Insurance Corp said on Wednesday.
Renewing her call to expand regulation of investment banks after the collapse of Bear Stearns, FDIC Chairman Sheila Bair said a receivership and resolution plan should be created to maintain order in the markets and minimize losses for all parties involved.
“The government cannot be put in the position of having to simply write a blank check when these institutions get into trouble,” Bair said in prepared remarks to be delivered before a group of financial professionals.
Seriously, if “no known” oil tank exists on the property then who cares? Who is going to know either way? It is not like someone is going to come up to you after you bought your house and ask that you remediate soil.
Hoffa could be buried under my garage for all I know!
53
Because if a potential buyer finds one when you’re trying to sell the house, you could get hosed. Also, I’m guessing you could be on the hook for contamination if they trace it back to your property.
“Maybe your illegal immigrant friends are better qualified?”
They are not better qualified, but their skills are in much higher demand than someone with years of Wall St. experience.
55: I think doing a radar scan is a bit much. No reasonable person does this. Usually “no known tank on property” suffices.
From the NY Law Journal:
Free Breaking News: Chief Judge Unveils Program to Deal With Dramatic Rise in Foreclosures
By Mark Fass
June 19, 2008
Chief Judge Judith S. Kaye responded today to the dramatic rise in residential foreclosure filings throughout New York by announcing a new statewide program intended to educate homeowners and facilitate early negotiations and settlements.
http://www.law.com/jsp/nylj/PubArticleNY.jsp?hubtype=TopStories&id=1202422363307
Also, underground tanks usually have fill pipes protruding from the ground. Absence of said pipes is usually a good indicator there isnt a tank in the ground. Additionally, oil tanks are located close to the house. There will probably not be an underground tank more than a few feet from the house. Under the driveways or on the side of the house is a good place to look for pipes, sinking ground, water pooling and so forth.
[57] Penny wise, pound foolish. If the house ever had an oil tank and the sellers and town can’t show sufficient proof that it was decommissioned or removed properly then you better find the tank before you buy the home.
This should be helpful for you oil tank seekers:
http://www.inspect-ny.com/oiltanks/Buried_Oil_Tank_Location.htm
jam: if you take reasonable steps to find a tank which yield no results, then what? Ask the seller if you can excavate the yard? lol
“It is not like someone is going to come up to you after you bought your house and ask that you remediate soil.”
That’s not the impression I got from the guy that was digging out a tank around me. Plus for me it’s more about not having that crap on the property.
Seneca,
Don’t rely just on the following advice. There are people that do oil tank inspections that also take soil samples that can provide better guidance.
But the first thing I’d check would be the condition of the tank in the basement, if it looks really new, I’d wonder if the old one is buried outside. Look around the property for fill tubes. Call the oil supplier and see if they have any information. Go to the town hall and see if they have any records about an oil tank being located and/or decommissioned on the property. Ask the owners or agent. They’re obligated to tell you. Always double check unless they tell you that there was one.
If the tank was decommissioned properly the owners should have documentation. Even if they do have documentation, make sure it includes soil tests and if it doesn’t have them done along with other inspections.
If there was one, have someone do a soil sample to check for contamination.
Just because you may have a gas line coming in doesn’t mean it’s a big enough line to handle the load of a furnace. It probably is, but better to be safe than sorry. You might even be able to get PSE&G to come out and tell you if it is big enough. Make sure to tell them you want to convert from oil heat to gas.
At least that’s what I would do.
62 tbw
Then you could get a representation that there is no tank. It’s a latent defect, and the seller is on the hook to you.
32 commander
I don’t think alia was threatening you. IMO, she was merely pointing out that not all here share the same opinions.
NJ pateint,
any thoughts on the recent news of the weak levees in NOLA??
Oh and does anyone know of a website where i can find home sales data for bergen county???
Check out East Orange, it looks like everyone is getting foreclosed and I see ads for luxury condos in this town. What a joke.
http://www.realtytrac.com/MapSearch/MapSearch/MapSearch.aspx?txtZip=07017
previous thread, re St Joe’s and Hackensack
Go to Valley in Ridgewood
Oh…and I was wondering…where can I find info about Bergen County home sales????….can’t….seem….to…find…..out….where…. hmmm…..
sl
# frank Says:
June 18th, 2008 at 2:15 pm
“Maybe your illegal immigrant friends are better qualified?”
They are not better qualified, but their skills are in much higher demand than someone with years of Wall St. experience.
——————-
If their skills are in much higher demand, they are better qualified to work. Just not better qualified to hobnob with the hoi polloi. All real words. I looked them up.
Some information regarding the property tax rebates in the new budget:
http://www.northjersey.com/news/aroundnj/At_a_glance_NJs_proposed_328_billion_budget.html
PROPERTY TAX REBATES — Households earning up to $100,000 would receive rebates averaging $1,115. Households between $100,000 and $150,000 would get $665 after getting $960 last year. Those between $150,000 and $250,000 would get nothing after getting $745 last year. Renter rebates could drop from as much as $350 to $80.
As I said before, some houses never had tanks to begin with. Mine, for instance, built in 1925 went from coal to gas. No oil tank thus no documentation. Could there be an underground tank? Possibly…but I am not too concerned.
So
how about they just cut out the tax rebates and actually reduce property taxes?!?!?!?!?
I know, thats a revolutionary concept, but maybe we should give it a shot. While we are at it i would be all for a california style property tax cap. oh and while we are at it, how about a law requiring as governmental activities be 100% funded at the time of execution?
70#, another wealth redistribution scam run by trenton politicans. vote them all out this fall!
It’s just like with the stimulus checks, the people that actually pay more taxes are getting back less or nothing at all.
By the way, made an offer on a house, less than asking but still allot of money. Agent came back and told there was an accepted non-conditional cash offer above our price and we need to improve. Needless to say I declined to bid more. The next day I was told the other offer fell apart.
Anyone with MLS access give me address and history for #2824610.
Thx in advance
By the way, made an offer on a house, less than asking but still allot of money. Agent came back and told there was an accepted non-conditional cash offer above our price and we need to improve. Needless to say I declined to bid more. The next day I was told the other offer fell apart.
if they come back and want to accept your offer you should lower it by 5K.
and warn them that if they look elsewhere your next number will decrease by 10K.
Bi, 73
voting them all out wouldnt change anything. We will see the status quo changed when the state goes bankrupt on the primary tax base has fled the state.
I have finally talked the wife into at least starting to consider other locations besides NJ.
NNJJEFF,
No recent sales history
8900892 Sold
ACT 6 JOYCE RD $319,900 1/16/1989
U/C 6 JOYCE RD $319,900 1/23/1989
SLD 6 JOYCE RD $296,000 3/2/1989
Current Year Taxes: $10,490.31
PROPERTY TAX REBATES — Households earning up to $100,000 would receive rebates averaging $1,115. Households between $100,000 and $150,000 would get $665 after getting $960 last year. Those between $150,000 and $250,000 would get nothing after getting $745 last year. Renter rebates could drop from as much as $350 to $80.
I don’t understand why should a renter get rebates. A renter owns nothing, has no liability, no risks, didn’t pay anything towards taxes and/or maintance yet they are entitled to a rebate.
That’s just wrong.
MM (76),
There’s ALWAYS another, better offer.
I’m surprised they still playing this game of trying to create urgency.
MM (79),
You don’t figure the property tax into your rental properties when setting up the rental price?
kettle1,
me and you in Domenica enjoying the emerald pool and black sand beaches while eating fried fly fish.
I’ll bring the alcohol.
My wife says she’s gonna go down with the Titanic. I told het that I’m not Leonardo and will not give up the wood floter thing and freeze to death.
I’m rather be in Domenica with Kettle.
You don’t figure the property tax into your rental properties when setting up the rental price?
It’s the Market Price. My property taxes went up evey year, I couldn’t raise rents every year. It’s supply and demand.
Rich 78 over 10k taxes on a 296 house,they can have it.
Make,
For tenants, 18% of rent paid is considered property tax.
http://www.state.nj.us/treasury/taxation/index.html?njit35.htm~mainFrame
Mike (84),
FYI
That was the 1989 sale price.
The current asking is $585,000
69 RayC
Aristotle was not Belgian. The central message of Buddhism is not “Every man for himself.” And the London Underground is not a political movement.
perhaps we’ve had this discussion before, but what time period do people think was best in terms of construction quality– i.e., if you are looking at houses, ideally you would want a house built in decade X
make money :76
A “non-conditional cash offer” fell apart??!!
That agent has a lot of gall to try that tactic. Walk, no….run away from that agent. And mention, over your shoulder as you leave, sending a letter to the Realtor’s Board. They are located on Pierson Ave, in Edison.
66 kettle
“any thoughts on the recent news of the weak levees in NOLA??”
It’d be nice if we could build better levees, like the Dutch, but at this point we must confront the fact that their brains are much bigger than ours.
That being said, as many folks discovered (eventually) the last time around, historical New Orleans (i.e., the only parts most folks are ever likely to see) are above sea level, and with some hard work will survive the next 40-year hurrican. (much like FLA does every five years or so).
On the other hand, I hear the levees in Iowa, Missouri, Kansas, etc., are all likely to come tumbling down. Perhaps Des Moines should be moved to Montana.
thatbigwindow,
Were coal-burning furnaces common in NJ at one time?
71 tbw
“As I said before, some houses never had tanks to begin with. Mine, for instance, built in 1925 went from coal to gas. No oil tank thus no documentation. Could there be an underground tank? Possibly…but I am not too concerned.”
So, if you ever sold the place and the buyer asked you for a representation that there was no underground tank and a indemnity for breach of the rep, would you give it to them?
#76 make money:if they come back and want to accept your offer you should lower it by 5K.
5K? That is nothing,he should lower his bid by 10% penalty for wasting his time.
make,
Hmm, at this rate i might need to buy another lot, The requested guest list at the kettle expat residence is growing quickly as of late….. I find it interesting that while some friends and family thought i was silly at first, they seem to be showing a lot of interest lately.
76 make
Agree. Won’t raise my offer in the face of another, but if you tell me there’s another offer and then have to come crawling back to me, you’ve just confessed that your bargaining position has all the power of a fart in a hurricane.
82 make
“My wife says she’s gonna go down with the Titanic. I told het that I’m not Leonardo and will not give up the wood floter thing and freeze to death.”
…and if she chucks that gigantic diamond into the sea, then so help me…
nj patient,
from what i have read, a significant portion of the army corp of engineers is apolitical boondogle…..
also, while both des moines and and NOLA are in flood plans, at least the flooding of iowa is productive in that it silts the fields over and replaces loss nutrients. That is why that area was so fertile to begin with. Both towns should have flood zones zoned to exclude residential.
make,
dont worry though, there will be a spot for you. all i ask is that you bring gold guns or liquor.
From Reuters:
Corporate America taking grimmer view of economy
Corporate America’s view of the U.S. economy has grown bleaker, weighed down by surging energy prices, a credit crunch and the worst housing slump in decades, according to two surveys released on Wednesday.
#99 grim:and the worst housing slump in decades.
Except for Bergen County.
Rich 86 yes,was reading fast not looking at the dates to close. Still to high, damm taxes. Lets see if you lowball at 500k put down 20% that’s around 3200 a month. I’ll rent for 1100 & safe the dif. They can keep it.
Our ‘buyers’ agent gave us a long list of arguments why we should raise our offer in order to not later regret loosing the house just for a higher additional down or monthly mortgage payment.
Obviously, my agent just wants to get the deal done and get paid, but I really hate getting bored with this sort of line.
Can anyone tell a story about a good experience with the buyer agent? I mean besides just writing up the offer and brainwashing you into paying more? How about: “My agent helped to dig up some dirt on the seller that made him to accept our half price offer”
My buyer’s agent sent me houses in 2006 for two weeks. I said, “Stop,” in April, which she did.
One time, in 2007, she sent me a bargain listing, with a note to let her know when I’m ready.
That’s the last time I heard from her.
She’s been a very good buyer’s agent.
3b 100 Not Sussex county it is getting really ugly up here,1 more year & prices should even get me to make a move.
97 kettle
“Both towns should have flood zones zoned to exclude residential.”
That should cover much of the upper Mississippi.
3B (100),
Do you have a link for Bergen County sales data? If not, maybe Passaic? With tax info?
106 rich
You should also ask him for bergen info.
images of midwest flooding
http://www.boston.com/bigpicture/2008/06/mississippi_floodwaters_in_iow.html
#106 Rich: You are kidding, right? Did I miss something, just quickly reviewing posts during my emporary exile in Jersey City.
I must have missed something.
#104 mike: Good to hear about Sussex. I was just being sarcastic about Bergen.
Rich #3 – thanks a lot, I must have missed your prior responses – my apologies!
thanks – will not lose it this time!
# skep-tic Says:
June 18th, 2008 at 3:51 pm
“perhaps we’ve had this discussion before, but what time period do people think was best in terms of construction quality– i.e., if you are looking at houses, ideally you would want a house built in decade X”
Don’t know, but I do find that the houses I find the most attractive are invariably built between 1910-1920. Not sure why, just find the layout, materials and use of light to be appealing.
3b I know , just a sign of hope for the bc buyers as these things move from outer to inner areas. Lower prices coming to bc & train towns near you!
and just read the entire thread, geez, tough crowd!!!
ricky, you deserve a drink. I’ve been laughing all day at your expense.
#106 Rich: speaking of information. Has anything sold or went UC in River Edge lately, I have seen a couple of listings drop form the njmls, cnanot of course tell if they sold, or expired, or temporarily pulled.
Ricky,
No, thank you. Twas a pleasure to roast someone slowly today.
3B,
I’ll take a look and send you an email sometime tomorrow.
And yes, you missed a lot. The damn GTG for one.
Maybe we can have the next one in Bergen County. Hey, that reminds me, anyone have…
Huge movements today in small cap Oil & Gas plays. Looks like some hedgies and institutional longs have given up on the financials etc. and dumped serious money in forcing the shorts out. Do your due diligence, some obviously are risky and some riskier than others.
This is not investment advice. Just saying interesting movements today.
5K? That is nothing,he should lower his bid by 10% penalty for wasting his time.
3B,
Not if he actually wants to buy that property. 5K get him a new Bath out that stupid realtor gimic.
#117 Rich: I will be at the next one, forgot about the graduation. Bergen would be great for the next one, but Hoboken again would work.
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.
“A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist.
A report by the bank’s research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as “all the chickens come home to roost” from the excesses of the global boom, with contagion spreading across Europe and emerging markets.
RBS warning: Be prepared for a ‘nasty’ period
Such a slide on world bourses would amount to one of the worst bear markets over the last century.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/18/cnrbs118.xml
I want to see how Larry Cudlow is gonna react to this.
#119 make: He can buy another property, it’s only 4 walls and a roof.
3B,
That’s a given. What I’m saying is Why not get a free bath update out of the stupid realtor game.
He can then sit on his Jacuzzi have a cigar and laugh out loud.
It’s a heck of a feeling.
“June 18 (Bloomberg) — Bill Ackman was right: the world’s largest bond insurers aren’t worthy of a AAA credit rating and may be headed for the bottom of the scale.”
“Ackman, the 42-year-old hedge fund manager who says he stands to make hundreds of millions of dollars betting against MBIA Inc. and Ambac Financial Group Inc. if they go bankrupt, will tell investors at a conference in New York today that losses posted by bond insurers may threaten to breach the capital limits allowed by regulators, making them insolvent.”
http://www.bloomberg.com/apps/news?pid=20601109&sid=ayw26W322L2A&refer=home
LEH 24.78, -0.36, -1.4%) is not in discussions for a sale of the company and Chief Executive Richard Fuld is not considering a sale, Reuters Thomson reported Wednesday, citing a person close to the firm. Speculation that Lehman may be putting itself on the block have swirled amid dismal second-quarter earnings. On Monday, Lehman reported a loss of $2.8 billion, its first quarterly loss since the company went public in 1994.
Translation.
LEH is desperately looking for a buyer.
Does anyone have prior price and address info for NJMLS #2819461
Thanks
so who here thinks we are headed into
A: deflationary recession/depression
B: inflationary recession/depression (stagflation part 2)
I am going with A myself
Theo (126)
This is the only prior history
2743968 Expired
ACT 525 RUSSELL AVE $699,990 10/31/2007
PCH 525 RUSSELL AVE $649,999 3/26/2008
EXP 525 RUSSELL AVE $649,999 5/4/2008
Current Year Taxes (’07): $8,878.84
114 ricky
“and just read the entire thread, geez, tough crowd!!!”
In comedy, timing is everything. I busted a gut at the beginning of this thread.
lisoosh, homes from the 1920’s seem to have a lot of charm as to homes from the 1800’s. I’d say homes from 1840-1930, because only wealthy people owned homes at that time, they were all individually designed and built for an owner, tend to have high ceilings and intricate millwork. For the most part when you look at what it took to build a home in this period they were built to last a very long time, by 1930 commoditization begins and the focus changes from make it good, make it last to make it cheap, make it fast.
As further info on the money dump, look at some of these volume increases and price increases today, don’t know if it’s a reaction to Bush’s speech or what and I imagine there’ll be a sell off at some point but today was nuts:
EGY
KOG
HKN
LEI
NOG
PINN
TGC
GTE
#94 (last thread) Beach Bum
Here are some reductions from your fav shore towns.
Bradley Beach
620 3rd Ave. MLS#20818579
Orig. list-8/06/07-$598,000
Current list-$439,900
Belmar
1309 L St. MLS#20720103
Orig. list-5/10/07-$535,000
Current list-$365,000
905 13th Ave. MLS#20742659
Orig. list-10/11/07-$349,900
Current list- $295,000
517 13th Ave MLS#2080951
Orig. list-10/18/06-$559,900
Current list- $389,900
Ocean Grove
77 Asbury Ave. MLS#20748527
Orig. list-6/12/07-$574,900
Current list-$399,900
53 Cookman Ave. MLS#2080873
Orig. list-7/20/07-$569,000
Current list-$475,000
55 Stockton Ave. MLS#20805459
Orig. list-3/13/07- $600,000
Curent list- $495,000
Ket 127 A would be nice as cash will be king. One way or the other it is coming.
MM 121 Almost time for Kudlow.
Rich: How about the Iron Horse as a potential GTG spot for the next GTG?
3b 135 Where that be ? Missed last two daughters bday,then mine.
What happened to the very junior bubble bloggers GTG?
lisoosh Sure you want to subject the youngins to this crew. I hear Gary willing be giving a classes on anger management & kettle will give them the future outlook for their generation with out oil.
Study: Bargain-hunters may soon end California’s real estate ‘free fall’
Marlboro will pay Trenton to take affordable housing
I made an offer trough my realtor for a house listed by another realtor
now he is selling it directly by owner
can I make an offer now directly?
Kettle, weren’t you discussing this?
I had a theory that I wanted to check: Whether gun and ammo sales would be up in advance of the election. Had to think the government kept stats on that. What I found was remarkable:
Source: U.S. Department of Treasury
GUN, AMMO SALES UP 11% IN FOURTH QUARTER . . . Sales by firearm and ammunition manufacturers were up 10.8 percent in the fourth quarter of 2007, led by a 23.6 percent increase in ammunition sales, a 5.9 percent rise in handgun sales and a 4 percent increase in long gun sales, according to the firearm industry’s best economic indicator. The statistics are taken from the latest Pittman-Robertson federal excise tax collection report. Excise taxes are calculated as a percentage of wholesale receipts, paid quarterly by firearm and ammunition manufacturers, and earmarked for state wildlife conservation and habitat restoration programs. During the quarter, $74.8 million was generated for conservation, compared to $67.4 million in the same period in 2006. From October through December, $16.2 million was collected for pistols and revolvers, $31.4 million for long guns and $27.1 million for ammunition. The latest tax collections suggest overall sales of $694.4 million, not including retail markup or final retail sales. For the entire calendar year, a total of $303.2 million was collected in excise taxes, up 21.2 percent from the $250.1 million in 2006.
Save some ammo for the rest of us, Kettle!
I also lean toward houses built prior to WWII, but then when I read stuff like jcer’s post on how much it costs to upgrade them, I sometimes think I should just go for a house built in the 80s or later. To me the ideal (if money is no object) is to have a totally renovated old house.
#136 mike: Westwood, in Bergen Co.
njpatient Says:
June 18th, 2008 at 2:40 pm
32 commander
I don’t think alia was threatening you. IMO, she was merely pointing out that not all here share the same opinions.
Commanderbobnj sez: Do you really think so patient ? —-I dunno, It didn’t seem that way with me….I, of course know that many here may not agree with me and I don’t expect it…Just voicing my opinion. Just like you voice yours…
BOB
Mikeinwaiting Says:
June 18th, 2008 at 7:10 pm
“lisoosh Sure you want to subject the youngins to this crew. I hear Gary willing be giving a classes on anger management & kettle will give them the future outlook for their generation with out oil.”
LMAO
I was actually planning to sign them up for Clots patented grenade launching seminar and BC Bobs classes – “Gold, Gold Gold”, “Storage in Silos” and “Building a Bunker for the Ages”.
Well folks….I can give you some idea of costs….we moved into a decent 1950’s raised ranch…..New Roof $5k…new gutters $2k…new top line water heater…..$2k……new electrical service $2k….completely gutted and new kitchen $40k……new Pella Architecture series windows (including 3 — 10′ wide picture windows) $25k……..getting the idea?
Nom,
yes i did mention something about that before….
dont worry, i share with friends, so if you run out of ammo stop on by i might have something for you. And if i dont i am sure clott will ;)
Some moron democrat in congress calls for nationalizing the refining industry.
We have how may more months of this?
http://www.outsidethebeltway.com/archives/2008/06/nationalize-the-oil-industry/#comments
142, nom: so maybe instead of stockpiling guns, i should be stockpiling shares of smith and wesson?
commander bob: what, little ol’ me threaten big ol’ caps lock you? *bats eyes innocently*
Many older houses have great charm and character, but may need lots of upgrades and may have extensive lead paint problems. The best is finding one that has been upgraded/renovated with good materials, etc.
Mid-range and better houses built in the late 1960s and early 1970s usually no longer have lead paint problems, but they are solidly built with wood floors and no particle board.
I never look at houses built after that unless custom built with wood floors,wood siding, no particle board, and I look at the exposed beams in the cellar for confirmation.
Run, run, run from recently built houses with wall to wall carpeting, no wood floors, particle board, plastic interior doors, vinyl siding, and fake fireplaces.
(clearly, i have to practice this whole writing clearly in public thing)
bob: what part of “i strongly disagree with what you’re saying” is a threat?
So. Orth calls Michael Huffington a brain-dead idiot a number of times, quotes a dozen people calling Arianna his pupper-master, and even calls Michael gay, in two separate passages. (Michael Huffington came out as bisexual—though lots of people doubt even that—years later when the couple divorced.) Arianna joins a crazy new-age cult, whose leader organizes her wedding to a wealthy fool. Arianna pretends to volunteer for a childrens’ charity but it’s all a photo-op and she never does any work. She also fires all her servants and according to one unnamed observer calls Mexicans lazy.
Bob watch out for those bating eye lashes,
taken more men down than any gun.
lisoosh on the up side I will give cooking classes! Adults welcome!
Ket I need ammo lost FID card now have to go to PA for it, the gas… the gas……
Clot you out there Basil Hayden tonight !
Mike (153)-
Just about up to par on the sour mash. I warmed up a little while ago by putting a few posts on an abandoned thread here. Today has been a f*&^ng red-letter day. I’ll just regurg my rant so far:
1. ” we probably cannot handle space colonization”
Dunno about that. I’d check with bi first.
2. Had breakfast with my State Senator this AM (before attending an all-day short sale seminar, which I’ll discuss once I’ve had enough to drink). The COAH bill hits his chamber Monday for a vote. He doesn’t know which way it will go for sure, but he thinks it may pass.
He feels the six-town coalition against it has teeth and will litigate. The township I live in- and the township my office is in- are both participants in the coalition.
3. “To get to the liberal utopia of the permanent welfare state, taxes will be raised on anyone who makes money, there are no two ways about.”
Yup. The thing these liberal eggheads never get is that crushing taxes- both income and capital gains- are not checks on the ultrarich. The ultrarich can afford to pay them.
What they ARE, are a killer to those who are TRYING to improve their lot in life. Where’s the incentive to do better…if all “doing better” means is that the gubmint confisc@tes all the fruits of your labor?
Now, on to the marathon short sale seminar I went to today. I would’ve live-blogged, but these guys were good and had lots of proprietary info they didn’t want going out. All laptops off (don’t even ask me if I Crackberry…I don’t).
General observations:
1. 4,000 agents invited; 140 showed up. That speaks volumes.
2. The event was partially sponsored by Wells Fargo, whose rep kicked off the show by touting 3-2-1 buydowns in which borrowers can qualify at the teaser rate. I nearly stood up to ask a couple of timely questions, but it seemed as though the guys in the sharkskin suits at the fringes of the room might have been packing Tasers. Didn’t matter…only 2-3 agents in the room even knew what a buydown or teaser rate is.
3. The Wells Fargo rep then starting pushing free copies of David Bach’s Automatic Millionaire Homeowner (sort of a literary equivalent of Syrup of Ipecac). I graciously declined the copy offered to me by a 215-pound heifer in dimestore makeup and a suit I think I last saw on Melanie Griffith in Working Girl.
4. Speaking of 215-pound heifers, Realtors are fat. Really fat. If all these guys are sucking down ramen every day, they must be chasing it with pure schmaltz.
Gotta stop for now. Still some brown liquid in the bottle in front of me.
Clot at this point in the bottle I’m really ambivelent.
This state is on a one way trip to no where. I only hope I see the day they go broke & have to tell the unions to go pound salt.
#127 Kettle – I’m sticking with a sharp inflationary spike as the roller coaster goes to the top followed by a sickening drop into deflation.
Clot 155 #2 Are they crazy that’s how we got into this mess. Is that their remedy, you must have had a hard time holding back.
Well I’m a buyer with no hurry so let them F up again. Just goes to show how desperate they are.
Wow…
From CR:
WaMu Halts all NegAm Loans
Brown liquid gone good night.
3b Westwood sh#t I’ll never make it back to Vernon.
Grim 160 They just figured that out!!!!
127 kettle
I agree with 158 outofstater
RBS issues global stock and credit crash alert
Does anybody has a link to the original RBS report? Could not find it, only the newspaper article:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/18/cnrbs118.xml
skeptic, don’t know if you saw this yesterday.
Regarding our discussion on gov’t involvement, I ran across something today and I’m really confused.
As early as 2001, HUD was aware of flipping schemes that were being perpetrated in collusion with lenders and started working on rules for FHA insured mortgages to prevent this. The rule was finalized in 2003. I have more thoughts on it here so I don’t litter this page with more of my opinionated ramblings.
So the WP the other day says that the Bush administration encouraged things, then I find this, that is attributed to Bush that aims to try and stop artificial inflation, but for years artificial inflation continues.
The reason it came up in the news again is because it was suspended today for a year. So it’s ok for lenders to artificially inflate home prices again?
dblko:
Try to find it here.
http://www.rbs.com/economic01.asp?id=ECONOMIC
Clot,
Don’t forget the best part of the 3-2-1 buydowns is convincing the seller to pay for it ! That’s how we were taught anyway.
KL
Bugs crapping out Crude Oil?
hhttp://www.timesonline.co.uk/tol/news/environment/article4133668.ece
Re: 79 and property tax rebate. I did a dry run NJ tax return to see what my liability would be when I return. As I read the tax forms, you either take the rebate or deduct property taxes from your AGI, whichever gives you the bigger saving. For me, using property taxes as a deduction was the better deal.
Link to RBS report
http://strategy.rbsm.com/Tools/Content/ContentViewer.aspx?ContentID=35890&menuKey=407&source=ContentList
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