From Bloomberg:
U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes.
More than 252,000 properties, or one in every 501 U.S. households, were in some stage of foreclosure, RealtyTrac Inc., an Irvine, California-based seller of default data, said today in a statement. Nevada, California and Arizona had the highest foreclosure rates.
“The foreclosure problem is getting worse and will stay with us well into the next decade,” Mark Zandi, chief economist for Moody’s Economy.com in West Chester, Pennsylvania, said in an interview. “The job market is eroding and homeowners have less equity. Lenders are much less willing to work with you if you’ve got negative equity, and you’re more likely to give up your house if you’re deeply underwater.”
About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006, when housing prices were at their peak, Zandi said. Home prices fell the most on record in April, according to the S&P/Case-Shiller index of 20 U.S. metropolitan areas. June was the second straight month in which more than a quarter million properties received foreclosure filings, RealtyTrac said. Filings fell 3 percent from May.
…
“The year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle,” James Saccacio, chief executive officer of RealtyTrac, said in the statement. Bank repossessions, which increased 171 percent in June, are rising at a “much faster pace” than default notices and auction notices, he said.
From the AP:
US foreclosure filings surge 53 percent in June
From Reuters:
U.S. June home foreclosures up 53 pct
U.S. home foreclosure filings jumped 53 percent in June from a year earlier, although they were down 3 percent from May, and foreclosures are expected to rise further, real estate data firm RealtyTrac said on Thursday.
Foreclosure filings rose on an annual basis in 39 states to a total of 252,363 properties during the month, with Nevada, California, Arizona and Florida posting the highest foreclosure rates.
One out of every 501 U.S. households received a notice of default, auction sale or bank repossession in June, RealtyTrac said.
“June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “We have not yet reached the top of this foreclosure cycle.”
The decrease from May, the first monthly dip since February, was not a fluke but it does not signal a trend, either, said Rick Sharga, vice president of marketing at RealtyTrac, based in Irvine, California, in an interview.
Am I really first?
From the Record:
Populations surge in many North Jersey towns
Edgewater has been the fastest-growing municipality in North Jersey since 2000, followed closely by Pequannock, according to statistics released Thursday by the U.S. Census Bureau. show.
The data also show that Bergen County’s population rose 1.3 percent and the population of Passaic County increased 0.4 percent during the 2000-07 span. New Jersey’s population grew by about 3.2 percent during the same period.
Bergen County’s population increases generally occurred in towns bordering along the Hudson River, while Passaic County experienced growth in its western municipalities.
The smallest increases and declines generally occurred in the southern portion of Bergen County and in the southern and urban municipalities of Passaic County, the 2007 estimates show.
Among the more upscale municipalities, Ridgewood lost 2.4 percent and Glen Rock lost 2.78 percent — the fourth-highest loss in the county, the data show.
…
Greg Harper, a Census Bureau demographer, cautioned that the numbers are estimates, and in small towns even a small numerical change can equal result in a large change in terms of percentage.
The next definitive data will come from the 2010 census, he said.
From Crains:
Brooklyn’s home sales, prices cooling
The Brooklyn real estate market is showing signs of wear as banks become skittish about lending and consumers worry about the economy. Home sales in Brooklyn took a nose dive during the second quarter, and median prices dipped, according to a report released Thursday by brokerage firm Prudential Douglas Elliman.
Across the borough, the number of sales fell to 2,031, down 43.6% compared to the year-earlier quarter. Median sales prices fell to $525,000, 1.9% lower than the comparable period of 2007.
The median prices for new condominiums grew 19.5% to an average sales price of $580,402. Among the most expensive apartment deals, the average sales price was $1.4 million, down slightly from $1.5 million a year ago.
“The new product that is entering the market is skewed toward luxury apartments,” said Jonathan Miller, chief executive of Miller Samuel Inc., the real estate appraisal firm that prepared the report. More than half of Brooklyn’s newly built condominiums are labeled as luxury homes, which caters to Manhattanites moving to Brooklyn and Brooklynites trading up, he added.
double speak:
title:
“Populations surge in many North Jersey towns”
then, in the article:
“Greg Harper, a Census Bureau demographer, cautioned that the numbers are estimates, and in small towns even a small numerical change can equal result in a large change in terms of percentage”
bad article.
SAS
“California town creates parking havens for homeless”
http://tinyurl.com/6yoo38
take it slave!
“Congress votes to immunize lawbreaking telecoms, legalize warrantless eavesdropping”
http://tinyurl.com/6kbljl
SAS
Another city said to be immune;
“U.K. house prices fell the most in 15 years in June as rising interest rates and reduced mortgage lending exacerbated the worst property slump since the last recession in 1991, an HBOS Plc report showed.”
“The average cost of a home declined 6.1 percent in the three months ending in June from a year earlier, the biggest drop since March 1993, the U.K.’s biggest mortgage lender said in a statement on the Regulatory News Service today. Prices fell 2 percent on the month to an average 180,344 pounds ($356,000).”
http://www.bloomberg.com/apps/news?pid=20601068&sid=atdFUC7UFOY4&refer=home
#6
That’s it. I’m voting for Teddy Roosevelt.
I guess when you are forced to sell Positive Carry [yacht], the whole foundation crumbles?
“One by one, John Devaney sold his treasures, hoping to forestall what was in the end inevitable. He sold his Renoir and his Gulfstream, his home and his helicopter. Even his cherished yacht — gone.”
“Mr. Devaney, who made and then lost a fortune trading mortgage investments, finally called it quits. He shut his hedge fund, and told his investors that all their money was gone too.”
“Mr. Devaney thinks the mortgage crisis is nowhere near its end and expects regional banks and insurance companies to face big losses on mortgage bonds.”
http://www.nytimes.com/2008/07/10/business/10fund.html?_r=2&scp=2&sq=hedge+funds&st=nyt&oref=slogin&oref=slogin
#9 BC Bob,
Why would people give money to that guy again? He already had his hedge fund go to zero once, history does have a way of repeating.
bairen [10],
Beats me. Gluttons for punishment.
“The Bush administration has held talks about what to do in the event mortgage giants Fannie Mae and Freddie Mac falter, according to three people familiar with the matter, as the stock prices of both companies continue to fall sharply.”
“If a loss of confidence among investors made it impossible for Fannie and Freddie to continue supporting the mortgage market, “the government would have to step in,” said Douglas Elmendorf, an economist at the Brookings Institution in Washington.”
“They can’t be allowed to fail,” said Peter Wallison, a former Treasury Department general counsel. “The losses would extend through so much of our economy, and so much of the world economy. There is simply no way that the United States government can let it happen.”
“It’s unclear what the government might do to either forestall or mitigate any potential problems. Treasury Secretary Henry Paulson has said in the past the government will not back the debt of Fannie and Freddie.”
http://online.wsj.com/article/SB121564782376340951.html?mod=mktw
20% down + no contingencies = no sale!
Just put in a starting bid on a house yesterday for $35,000 less than asking.
Owners counter offered $2000 less than asking.
This is the third house this has happened.
All were listed at $565,00+
What happened to all the buying power a qualified buyer should have…..
(pre-approved/20%+ down/no contigencies)
Here’s the kicker…the previous 2 houses that my bid was rejected sold for what my original bid was or less…..about 6 to 12 months later.
kicker #2, the one resonable homeowner who came down to near my asking (we went under contract) eventually sold for full asking price after a second buyer came in.
Go figure?
JB,
When do we get to see the monthly NNJ sales/inventory charts for June?
Always my favorite day of the month
re # p Quote ““I’m devastated, I’m totally devastated,” Mr. Devaney said by telephone from Aspen, Colo.”
Sure sounds like he is devestated.
CoolHandLuke, the trick is to get someone in before you to lowball, I think you set the tone with lowballing and at first the seller was shocked then they realized after many other lowball offers from other people that this was the trend.
BC Bob – I am unable to understand 95% of chapters 5 and 6 in “The Trillion Dollar Meltdown” 5 -A Tsunami of Dollars and 6 -The Great Unwinding. But I managed to understand this: pg. 136 – end of chpt. 6
“The parallel with the 1970s is also important for how it was resolved. In one of the great episodes of American public service, Paul Volker addressed the problems head-on, wrung inflation out of the economy, restored the international position of the dollar, and cleared the field for the economic booms of the 1980s and 1990s.”
Contrast Volker’s behavior with that of the Japanese when their own asset bubble imploded in the late 1980’s – a debacle also proportionally on the same scale as our own current one, and much more like it in detail. There was no Japanese Volker. Instead of adddressing their problems, the tight network of incumbent politicians and bankers concealed them. And nearly twenty years later, Japan still has not recovered.”
“The American financial sector today is far more powerful than it was in the 1970s. And to date, its response to the looming crisis has been, overwhelmingly, to downplay and to conceal. That is a path to turning a painful debacle into a decades-long tragedy.”
#13: must be that those “excellent school district” towns are still hot hot hot!
Coolhand,
What town(s) are you bidding in? I’m experiencing similar reactions from sellers.
People really care about the future of their children. That is why towns like Upper School River, Blue Ribbondale, and Wallstreetville will be immune to any “low ball” offers. Get with the program or be priced out forever…muhahahah!!!!
NJ Finance – what town are you looking in?
“There was no Japanese Volker”
Cindy,
Unfortunately, there is no Volker today. We will debase and debase until the dollar is worthless.
(23) Bob – I was depending on you….Don’t you know anybody over there?
At least there have been some write downs. If we could expose all of the bad players – get everything out into the open – stop pretending everything is “hunky-dory” – wouldn’t that help?
Luke and NJF,
Doesn’t matter what town, many sellers when they first put their house on the market hope that they’ll get what their neighbors got. After a few months they become aware of the actual housing market, start to read the economic articles in the paper and start to “get it”.
Many a home sold at or near my initial lowball many, MANY months after my lowball.
Philadelphia’s population is the lowest since the start of the 20th century, when the number of residents increased from 1.3 million in 1900 to 1.6 million in 1920, figures show.
Between 1990 and 2000, for example, the city lost 68,027 people, the third-highest number among 243 cities with populations of more than 100,000.
http://www.philly.com/inquirer/home_top_stories/20080710_Phila__s_population_shrinking__though_region_s_is_growing.html
“If we could expose all of the bad players -get everything out into the open – stop pretending everything is “hunky-dory” – wouldn’t that help?”
Cindy,
Yes, unfortunately, you are describing a total collapse. If Bear went under the whole system would have imploded. That said, in the end, we would be much stronger. However, this is the scenario our master planners are desperately trying to avoid. Their plan, inflate, accept trash for cash or die.
#23 – If we could expose all of the bad players – get everything out into the open – stop pretending everything is “hunky-dory” – wouldn’t that help?
Systemically, yes. For the individual banks, of course not.
Too many have too much to loose, and they all have much more power than we do.
Hmmm, beaten to the punch by Bob and I misspelled ‘lose’. Off to a great start this morning.
@25
DL
Sad to say the height of our population was in the 50’s. But I suppose a corrupt government, crime, high business and income tax will drive people out. However, that tide could/should be changing through the Nutter administration and tax incentives for companies relocating to Philly, i.e. Comcast and hopefully BlackRock.
#18 tbw: Well if that is the case then I guess there is some other reason that River Egde and Oradell has lots of inventory for sale. Houses on the market in both towns rotting on the market for months now.
Slummit is in freefall. This updated place has been reduced twice from it’s original ask of $509k down to $470k. Any guess as to what it will finally go for? Address is 3 Hughes. We have friends who were under the impression that their unupdated home on this same block was worth at least $525k. I guess they will have to start living in reality.
http://newmls.gsmls.com/public/show_public_report_rpt.do?method=getData&sysid=%203850310&ptype=RES&report=res_media&pubid=259341&fromPublic=PUBLIC
these politicians are disgusting…an article clip from Obama:
“But a busy day in the Senate delayed Obama in Washington, forcing him to combine two events into one where he was supposed to ask donors to help Clinton as well as contribute to his campaign.
Wednesday night, he praised Clinton as “extraordinary” and “tough” — but nearly forgot about her need for funds.
After wrapping up his speech to donors Wednesday evening with an emphatic, “We will change the world!”, Obama left the stage to loud music, only to re-appear minutes later to complete his duties.
“Hold on a second guys, I was getting all carried away. I’ve got one more thing that is important to do,” Obama said to a laughing audience. “Senator Clinton still has some debt. And I could have had some debt if I hadn’t won so I know the drill.”
BC Bob
Looking at the last paragraph below, it’s odd how the guy is wrong enough to lose everything, and yet still regards himself as an oracle who should impart his great wisdom to us.
Dude – you screwed up so badly that you lost everything you and anyone you knew had. You’re not an expert. Shut up!
“One by one, John Devaney sold his treasures, hoping to forestall what was in the end inevitable. He sold his Renoir and his Gulfstream, his home and his helicopter. Even his cherished yacht — gone.” “Mr. Devaney, who made and then lost a fortune trading mortgage investments, finally called it quits. He shut his hedge fund, and told his investors that all their money was gone too.”“Mr. Devaney thinks the mortgage crisis is nowhere near its end and expects regional banks and insurance companies to face big losses on mortgage bonds.”
#24,#13
I totally agree. A sellers mindset is a tough thing to get through to. I think as a first time lowballer on a property all you are doing is helping the guy (or gal) that comes after you with their lowball (realistic) bid. I was bidding on a house in ’06 and was lowballing then. The buyers were extremely displeased and insulted with my lowballs. They ended up selling the dump 6 months later for basically what I was offering originally as they then got desperate. In the end though you are setting the stage for comps to get down to a level that might have some effect on pricing 6 months down the line. This will ultimately help you but of course it does you no good for that particular house.
The perfect storm is the good house that was initially overpriced but now the seller is coming back to reality. I found that exact seller and house in late ’06. You just have to get a feel for each seller and property. This is where a good buyers agent comes in handy. I used mine to scope out each seller for me.
Another big week for NJ layoffs..
http://www.dol.gov/opa/media/press/eta/ui/current.htm
State Change State Supplied Comment
NJ +2,842
Layoffs in the transportation, service, and public administration industries.
NY +2,894
Layoffs in the service industry.
(26) Bob – Here is the answer from Morris…
“A less apocalyptic reading is that we are witnessing the final days of another quarter-century political/ideological cycle – the last gaspings of the raw-market, Chicago-school brand of financial capitalism that moved into the vacuum created by the 1970s collapse of the Keynesian/liberal paradigm. As I write this in the fall of 2007, comparisons of current events to the debacle of the late 1970s are popping up regularly in the daily press.”
“Political cycles turn when an extended period of either conservative or liberal hegemony brings the baser, more self-seeking, or barmiest elements to the fore.
The market and regulatory reforms introduced by economic and monetary conservatives in the 1980s, I believe, made a major contribution to the recovery of American competiveness and economic energy in the 1980s and 1990s. But as the more unsavory impulses in the conservative understanding have asserted themselves, the country has been brought to the brink of financial, economic, and, in politics, moral disaster. All signs that we are on the cusp of a turning of the cycle, much like that in 1980.”
“ASSUMING WE FACE OUR ISSUES SQUARELY (my caps) and get through the next couple of years, in much the same way we did in 1979-82, we can start addressing the detrius of knotty problems left over from the cycle’s turn. I’ll give my own short list of some of those issues in the next chapter.”
I haven’t finished the chapter yet but he does say “The very first priority will be to restore effective oversight over the financial industry.”
“It is transparency and integrity of American financial markets that has made them such a magnet for foreign investment, even in times like the present, when financial performance and the strength of the currency hardly justify it.”
He goes on to say we must start with the banks and feels congress should seriously consider restoring some version of the old Glass-Steagall separation of commercial and investment banking.
He says market dogmatism has become a problem rather than a solution and would like to see the pendulum swing in the other direction…
So does the whole book end up saying “What goes around turns around”….every 30 years or so….and that’s a good thing…?
#32 njp,
If Devaney knew so much about the mortgage crisis, how come he went to zero and how did his brokerage firm take a $50 million dollar loss on a trade?
Yet he’s probably a smooth talker and the trust fund and pension money mangers will break out the checkbooks.
Would be real funny if he raised another stake, shorted and bought puts right at the bottom and went to zero again.
20% down + no contingencies = no sale!
What happened to all the buying power a qualified buyer should have…..
(pre-approved/20%+ down/no contigencies)
Housing downturns are akin to trench warfare between buyers and sellers.
Most sellers in today’s market are jokers who refuse to drop their price. They either have too much pride; they simply refuse to take a loss or think that their house is special and these filthy buyers need to recognize that. Or, they are underwater and can’t afford to bring a check to closing.
You need to find a buyer who either needs to move or is ready to be realistic. This may mean dealing with a few rejected offers.
Remember, you can afford to wait longer than many sellers can remain solvent.
FRE & FNM both tanking hard again.
#31 NJgator,
That house is tempting. I think that would have been around 600k at the peak.
Maybe there will be even better prices next year!! Spring 07 pos capes and ranches that needed at least 50k in work were listing for more then that renovated colonial.
Nicholas, can you do me a favor if you have the right tech friends? When I was with R_ _ I could’ve done it. Do you know how to run 201-204-0022? He’s (“Steve Miller”) phishing our office directory this week.
http://800notes.com/Phone.aspx/1-201-204-0022/11
My take on the sellers is this,
When the listing first comes on even in this slow market, it is shown repeatedly. The reason being there are buyers out there. Buyers that have seen everything out there already that they don’t want. Their agent calls they go to see, so you have ten prospective buyers in a week. One (1) of those ten say yes. They bid, its not high enough because the sellers are thinking no way I’ve had all these people in I am not selling that low. So it sits the next week gets 4 visits , the next 2 and finally none. Buyers have to see it and wait. Do not bid the first week. Come back week 4.
That’s been my experience this year from both ends.
KL
KL
KL,
Saw this first hand four weeks ago. Listing came on the market in Wayne, nice place, was definately fresher than anything else on the market, price was good as well. I showed it on a Saturday, while I was there I happened to sneak a peek at her schedule for the day. We were one of 8 parties to see the house on that first Saturday. Still on the market, a month later with a $10k price cut.
I was sure it was going to see action with that many visits on the first weekend. Boy was I wrong.
39 Bairen – Beware. My friend on that street bought in in 03 for under 400k for a very similar home. Her house was the least expensive home on the market in Summit at that point. She thought the booming market would improve the neighborhood. She has been less than impressed to date on the progress in that regard.
Anyone who doesn’t consider offers in this market are doomed to own that property for years. The econ. is going down the toilet and shore vacation homes are expendable as used condoms.. Be happy you even got a offer, you have been lucky in finding a idiot.
#43 NJgator,
Thanks for the tip. We’re going to wait till next year anyway. Maybe a house in that condition will be around 400k by then.
“Most sellers in today’s market are jokers who refuse to drop their price. ”
They are living in the past when their neighbor sold his over priced jersey shore home. Now when the buyers are faced with bad econ. 6 % of disposable income going to gas and congress going on month long vacation. Lending institutions look hard at second homes and debt being carried.
In todays market a buyer must look at days on market.. BUT THIS MEANS ALL THE DAYS ON MARKET.. to do this must have realtor go to ALL THE AGENTS who have tried to sell this property in the last few yrs. By changing rel/ agents they get new listing and starts new days on market lie.
If Coolhand is bidding $35k off properties listed at $565+, that’s only about 6% off asking, which I don’t think even qualifies it as a lowball. I’d say that’s a good bid in this market, especially considering DP and no contingencies. I’d forget this delusional seller and move on. My own lowball metric starts at 10% off ask.
31 Gator
I’ve seen pics of that house before. I was wondering why someone living in prestigious Summit has what looks like an Ikea wardrobe in the bedroom.
49 Lost – Ha! Stu remarked on the IKEA furniture as well. Great minds think alike : )
That’s definitely an Ikea wardrobe, and caught my eye as well. Sadly, there aren’t too many semi-contemporary wardrobes on the market, so I don’t fault them for that.
But it begs the question – if they need a wardrobe, is the bedroom (and house) short on closet space? Or are the people living there total clotheshorses?
45 Bairen – There was another house on that street – 9 Hughes that was not quite as nice on the inside, but did have an extra 1/2 bath on the first floor. Last I saw it listed it was down to $419k down from it’s original list of around $485k.
Grim or someone else with GSMLS access, would you be able to provide a status for 9 Hughes? Did it sell or was it withdrawn?
9 Hughes Place
MLS#: 2468997
LD: 12/19/2007
XD: 06/18/2008
OLP: $489,000
LP: $415,000
Expired.
BC (12)-
“They can’t be allowed to fail,” said Peter Wallison, a former Treasury Department general counsel. “The losses would extend through so much of our economy, and so much of the world economy. There is simply no way that the United States government can let it happen.”
It wouldn’t be so bad…except that this whole failure of Fannie/Freddie has been planned from the get-go. The declarations of surprise and anxiety on the part of the bureaucrat donkeys is all feigned.
All of us here should stock up on KY and practice grabbing our ankles. Brace yourselves!
Bairen – Looks like you can get into Slummit for $400k. Maybe next year you can get in for $350 ; )
I guess Slummit is already at 2004 prices by the most optimistic analysis.
Cindy (23)-
The write-downs are nothing, compared to all the slop that’s been tamped into the septic of Fannie/Freddie.
Don’t even get me started on all the garbage mortgages that have been dumped at the window in return for Treasuries. The banks have now become the bank robbers.
And we get to pay for it all.
#53 Sybarite,
Thanks!!
Maybe I’ll be able to get a nice colonial for less then 350k next year
#56 clot,
You’re too optimistic. Our great grandchildren will be paying for it.
29 secondary
What’s the skinny on Blackrock to Philly? I had not heard this.
I actually like Slummit. I would much rather live among the blue collars since they tend to take pride in their homes. We could spend an extra 200 to 300K for an extra bathroom and bedroom in Chatham or Millburn and will have to deal with the white collar mentality of everyone feeling the need to outdo each other. I look forward to moving into Slummit for 350K. Anyone else here want to be our neighbors?
in a slightly different direction….
What would likely be the REAL results of the state of NJ going bankrupt? what actual impacts would people see day to day???
Anyone else here want to be our neighbors?
I’m with you.
Cindy (35)-
“The very first priority will be to restore effective oversight over the financial industry.”
Good luck with that one. As mentioned earlier, there are no modern-day Volckers. The henhouse is guarded by foxes.
Bairen, Clot, Cindy – The bailout of FNM/FRE will make the bailout of Bear Stearns look like lunch money. The rich keep getting richer and the USA is looking more and more like some South American countries.
“All of us here should stock up on KY and practice grabbing our ankles. Brace yourselves!”
Clot,
I’ve been bracing myself for quite some time. This will be the champ of all busts.
Stu
I hear there’s a lot of assholes in Summit. I don’t think you belong there.
@59
NJP,
They want to relocate their Plainsboro/Princeton operation and move it to the new Cira Center @ 30th St. Station. The current offer from the city has tax incentives till 2016 and Blackrock is asking to extend that benefit to 2018. Not too much to ask in my opinion. They are still negotiating with the city.
lostinny Says:
July 10th, 2008 at 10:11 am
31 Gator
I’ve seen pics of that house before. I was wondering why someone living in prestigious Summit has what looks like an Ikea wardrobe in the bedroom.
Lost- I have that same feeling many times looking at $700+ properties in other towns as well.
Bergabe is speaking now, anyone think Ron Paul will do a told you so dance on the table?
A general question –
Can the dollar possibly survive the bust and bailout of FNM and FRE?
Or is the plan to not bail them out? Let them go, let the debt die and start a new GSE not saddled with all the junk.
preach on (from Bloomberg):
*********
Chances are increasing that the U.S. will bail out Fannie Mae and Freddie Mac because they don’t have enough capital to weather the worst housing slump since the Great Depression, former St. Louis Federal Reserve President William Poole said in an interview. Freddie Mac owed $5.2 billion more than its assets were worth in the first quarter, making it insolvent under fair value accounting rules, he said. The fair value of Fannie Mae’s assets fell 66 percent to $12.2 billion, data provided by the Washington- based company show, and may be negative next quarter, Poole said.
“Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer,” Poole, 71, who left the Fed in March, said in the interview yesterday.
NJP,
a link to a blackrock article. i was off on the years, replace mentioned years with 2018 to 2020.
http://philadelphia.bizjournals.com/philadelphia/stories/2008/04/07/story8.html
#48 twice shy:
“If Coolhand is bidding $35k off properties listed at $565+, that’s only about 6% off asking, which I don’t think even qualifies it as a lowball.”
I totally agree…I do not feel my bid is a low ball rather a realistic price for that particular house.
My offer ws rejected and I was told sellers were offended.
68 afe
So many things come to mind.
[66] second that. With the exception of some brits, I haven’t yet met anyone in summit that I didn’t want to bludgeon with a 7 iron, just on principle.
Where is the link for the running tally of writedowns and losses?
#60 Stu,
I’m in next year!!
Stu,
Living in Chatham, I honestly think Summit has a hell of a lot more a-holes then my area. Chatham is a very chilled out town from what I have seen living here for the last two years. My block is for the most part completely down to earth. We have drinks together on Thursdays in the summer where the kids have fun in the backyard and all the adults get sh*tfaced. I honestly have found everyone to be refreshingly chilled. I can’t stand that “keep up with the Jones” mentality and I told my wife if I found it here we were moving back to the city. I have seen next to none of it.
You are welcome to be my neighbor any time.
#60 or Millburn and will have to deal with the white collar mentality of everyone feeling the need to outdo each other.
I suspect that going forward quite a few in Summit, and other so called prestige areas, will have more seriois things to worry about rather than keeping up with each other.
The party is over.
[72] 2ndary
Great. I knew I didn’t ask enough for my place in Philly.
Saw three Somerset Co. lis pendens filed yesterday on late ’07-vintage conforming mortgages. I’m increasingly seeing a disproportionate amount of defaults that seem to have begun 60-90 days out from the closing.
I shudder to think how much of this crap is backstopped by Fannie/Freddie…
This detonation is gonna be like a hydrogen bomb, ringed with daisy cutters.
Local towns poised to join COAH lawsuit
#70 toshiro
“Can the dollar possibly survive the bust and bailout of FNM and FRE?”
Yes if we auction off Hawaii or some territories to the Chinese or Japanese.
Laugh, but historically when an empire’s economic collapse picks up speed they try to sell off their most far flung real estate. We picked up the middle of the US with the Louisiana purchase from France, scored Alaska from Czarist Russia. Now it’s out turn.
re: #83 or we could expand into Canada.
MarketWatch:
Partying like it’s 1980 all over again
Economic, foreign policy issues in 2008 smack of Reagan-Carter contest
http://www.marketwatch.com/news/story/partying-its-1980-all-over/story.aspx?guid=%7B836BA60A-4840-4D90-9898-3383307DE484%7D
In other news the NG build was only 90 this week and we are rapidly running out of time to supply what is needed to meet this winters demand requirements. It appears that every week we are 5 to 10 BCFs below our 5 year average. If this winter is cold, your energy bill could very well double. I just installed a double insulated water heater which has an ROI of three years over the single insulated (not to mention the 12-year warranty). The way NG is pricing this Summer, I might get my return in only one winter! ;)
#81 clot: late 07 mtgs and already lis oendens? That is absolutely amazing!!! So they made what 2 or 3 payments and now they are going into foreclosure???? Amazing !!!! Ans pathetic, and we are supposed to feel abd for these people!!! What a joke!!!
Does anyone have any info on Commerce Bank’s balance sheet? Are they loaded with toxic MBS or are they conservatively run?
“all the adults get sh*tfaced.”
mike [78],
I’ll be doing the Chat this Sat.
#84 Sean,
Noy you’re talking!! Loads of resources and a short commute!
Lost (66),
I hate to sound like a bigot but they’re everywhere these days! Doesn’t matter what town you’re talking about.
It’s a damn shame.
Coolhand,
If the sellers say they were offended by your offer, walk away. You should be offended at their price.
Odds are you can come back in October and get it for the price you want.
#61
here’s an example from Alabama:
“Sewer bills for residents of Jefferson County, with a population of 659,000, have risen more than fourfold over the last 11 years as the county amassed $3.2 billion of debt to build a new sewer system.”
#90 Rich: Oh yes they are. But it is one thing to be an a-whole. Some are quite harmless.
But an a-whole who thinks they have a clue is far more dangerous.
90 Rich
Maybe. But I’m just sick of the better then you attitude.
Smart Housing Zones’ Are Topic of July 15 Meeting
SOMERVILLE – Municipal elected officials, planning board members and staff, planning consultants and the public are invited to a discussion of Smart Housing Zones at the Somerset County Planning Board’s monthly meeting.
Chris Sturm, senior director of state policy for New Jersey Future, will present the organization’s affordable-housing proposal to the county Planning Board at its regularly scheduled meeting on Tuesday, July 15, starting at 5 p.m. The session will be held in the third-floor freeholders’ meeting room at the Somerset County Administration Building, 20 Grove St.
New Jersey Future is a statewide research and policy group advocating growth that protects the state’s open lands and natural resources, revitalizes neighborhoods, keeps housing affordable and provides more transportation choices. For more information go to http://www.njfuture.org/index.cfm
lostinny Says:
“Stu, I hear there’s a lot of assholes in Summit. I don’t think you belong there.”
Awww, that’s heartwarming!
3b (86)-
I had heard through the grapevine that ’07 mortgages featured underwriting flaws that made ’05-’06 look like models for judicious lending. However, seeing the chatter become reality is shocking.
In less than two years, I’ve gone from fairly bullish, to bear…and now, I honestly believe that we could be on the brink of what can only be described as a multi-sector depression. I had a ringside seat for RTC, and I can’t even use the depths of RTC to come up with parallels for what’s going on now. We’re in uncharted waters, and the waters are chock-full of steroid-addled sharks.
37 renting
“Most sellers in today’s market are jokers who refuse to drop their price. They … have too much pride”
Pride cometh before the fall.
Did you know that the NJ state employees pension system took a hit of over $50 million this week on the block of Lehman common they bought in a private $180mm transaction, and yesterday the state again cut Lehman a $20 million tax break so taat they wouldn’t pull out of their JC location (mostly back office low paying positions)
In February the Division of Investment(D)! rolled the dice and purchased 8 million shares of Citigroup preferred at $50 per for a total of $400 million, and also both $300 Million worth of Merrill.
The taxpayer is going to get whacked, Corzine has seen fit to help bailout the banks with Pension funds.
http://www.nj.com/news/index.ssf/2008/06/nj_state_pension_funds_invest.html
3 Bridgewater 1 MIL lis pendens this AM (all Martinsville zip code). One Basking Ridge 2 MIL lis pendens.
41 rhyming
That sounds right to me.
lostinny Says:
July 10th, 2008 at 10:47 am
68 afe
So many things come to mind.
Seriously. I mean if I am going to buy your over-priced asset(?) and fund your retirement, at least give me the feeling that you have some disposable income to spare on furniture that fits your “elegant, turn-key, prestigious-neighborhood abode”.
On the other hand, I guess nothing really distinguishes the quality of my surroundings in my Ikea-furnished rental from those of “NJ’s millionaire home owners”. Plus I am pretty sure I do have some money in the bank.
44 jack
“shore vacation homes are expendable as used condoms”
Speaking of which, it’s been a long time since Sally’s been seen in these parts.
Sean (99)-
I can’t even time out buying LEH for a quick pop in the CNBC contest…and our Peoples’ Republic does this with real money?
I’m getting long of dog food. There are gonna be a lot of future pensioners using it as the basis of their diets.
96 Stu
I hold you in the highest regard.
Okay, so this discussion about summit and blue-collar neighborhoods is interesting. I am really on the fence about so called prestigious school districts.
So I am curious, in choosing the right town, what other factors would you look at to help you choose between say 2 blue-collar neighborhoods?
54 clot
“It wouldn’t be so bad…except that this whole failure of Fannie/Freddie has been planned from the get-go. ”
you said it from day one.
They’re not even making it look good. Someone should teach them how to do a better flop before they call their own penalty kick.
102 afe
The opposite of that though is to say “Look I had to sell off my blah blah blah antique whatchamacallit to pay the mortgage. Feel bad for me. I’m just like you.”
Can you see that? It’s the world’s smallest violin.
Stu
“Anyone else here want to be our neighbors?”
Yes.
@87
Bairen,
I don’t have anything empirical but I know Commerce to be very conservative with mortgages and loans in general. However, I think they were doing 100% LTV loans for “civil employees” like Police and Firemen, which they no longer offer.
I’m sure information could be found soon enough as Commerce will be TD Bank in the coming months.
Lost (108)
I guess you are right. The undertones to each seller’s story has moved on now hasn’t it? From “be like me” to “save me”.
Hindsight is 20/20 of course, but it is still amazing to me to see the thinking of a few years as IndyMac implodes today:
9/26/2005 Los Angeles Business Journal–
“While many on the Street continue to fret about pay-option ARMs and the negative amortization feature, we remain very positive on the product’s interest rate and credit characteristics,” Paul Miller, an analyst at Friedman Billings Ramsey & Co., wrote in a recent report.
Wohl, IndyMac’s president, argues that credit cards have been charging negative amortization to borrowers for decades with very little fallout or criticism. Moreover, homeowners actually have an asset that is likely to appreciate and the interest on it is tax deductible.
“We have financially sophisticated borrowers who have a high degree of understanding what they’re getting into,” he said. “Only a small proportion of borrowers take the negative amortization option anyway.”
67 secondary
thanks
re the IKEA furniture: I prefer it to the Sopranos-type furniture.
clott, 81
how about a Tsar Bomb (largest nuke ever detonated)
http://www.youtube.com/watch?v=FfoQsZa8F1c
#103 Speaking of which, it’s been a long time since Sally’s been seen in these parts.
Wow, that’s odd. I was just thinking about her the other day. I think she only showed up here a few times but made up for that in sheer obnoxious ignorance.
She was a regular on the the now defunct shorebubble.blogspot.com.
70 tosh
“Can the dollar possibly survive the bust and bailout of FNM and FRE?
Or is the plan to not bail them out? Let them go, let the debt die and start a new GSE not saddled with all the junk.”
The plan is to bail them out and to hell with the dollar.
I’ve been saying it for years Clotpoll. If I was a state worker, I would be maxing out my IRAs as I have a feeling that those pensions are not going to get paid. At some point, a brave governor will force the pension over to a 401k plan as have almost all private sector companies have.
When a business goes bankrupt and they haven’t been funding their pension obligations, the workers get screwed. Why should it be any different with the state or national government?
Eventually (and it appears to be happening sooner rather than later) our wages will not be able to keep up with our tax increases. If people can’t afford to pay the taxes, the protests will finally occur and there will either be a cut in the government workforce or their bloated benefits. I look forward to this day.
Summit is a blue collar town?
2ndary (110)-
Commerce Bank- as of three months ago- doesn’t even have a loss mitigation dept. in Cherry Hill. I tried to negotiate a short sale approval with a bank officer down there, and she stiffed me cold.
I offered her 10K on a 40K HELOC (which, BTW, is a fortune for a second lien these days), and she basically told me that they either wanted the full payoff, or they’d just get a deficiency judgment against the borrower.
All this tells me they don’t exactly have a ton of non-performing stuff. And, you know the Canadian guys coming in are even more whistle-clean than Commerce.
Looks like someone has it all figured out..
Pimco’s Gross scoops up mortgage debt: FT
The widely respected manager of the world’s largest bond fund, Bill Gross, has been buying beaten-down mortgage debt, and the contrarian bet appears to be paying off, the Financial Times reported Friday. Gross, managing director at Pacific Investment Management Co. or Pimco, has tripled his position in mortgage debt, which now represents more than 60% of Pimco Total Return fund, up from 20% a year ago, according to the report. Gross told the FT that Pimco was mainly buying mortgage-agency debt rather than “the subprime garbage.” The bond manager said his call was based on the government’s implicit guarantee to back mortgage giants , the report said. Pimco Total Return fund has gained 11.8% over the past year, well ahead of its peers, according to investment research firm Morningstar Inc
Paul Newman
“My offer ws rejected and I was told sellers were offended.”
Every day I get my listings from grim I’m offended. One of these days when my job slows down a tetch I’ll start calling these people to tell them that I was going to make an offer but I was offended by their asking price.
75 Nom de Guerre
” With the exception of some brits, I haven’t yet met anyone in summit that I didn’t want to bludgeon with a 7 iron, just on principle.”
Have I mentioned I’m a Brit?
114 Patient
I prefer furniture that doesn’t fall apart.
#110 secondary,
Thanks. I’m trying to convinve a realtive to close their Wachovia account and switch to a more conservative bank.
By conservative I mean one that is much less likely to implode/get Bear Sterned
In 2004, I remember hearing an interview on Bloomberg radio where a Buffet-like investment guru (can’t remember the name) was asked what would be his best long-term investment. He said to short FNM and FRE until they are bankrupt and do nothing else. He based his premise on the overinflated value of residential real-estate. I really wish I remembered who it was as it was probably the most brilliant call I’ve witnessed in my lifetime. I added FNM/FRE to my watch lists and have been watching them daily ever since. Anyone here know who made that call?
83 bairen
“Yes if we auction off Hawaii or some territories to the Chinese or Japanese.
Laugh, but historically when an empire’s economic collapse picks up speed they try to sell off their most far flung real estate. We picked up the middle of the US with the Louisiana purchase from France, scored Alaska from Czarist Russia. Now it’s out turn.”
How much do you think we could get for Iraq??
#127 njp
Not nearly what it’s costing us.
90 rich
“I hate to sound like a bigot…”
I think you get a pass for discriminating against a-holes.
@125, I bank there and never had issues.
watching CNBC
A stuttering Paulson is not what I would call a calming influence.
(201) 204-0022
Type: Land Line
Provider: Eureka Telecom, Inc. DBA Eureka Networks
Location: Jersey City, NJ
This information was provided free of charge by a web based service. You can call Eureka Telecom and complain to them directly about thier client directly.
Often if a tele-marketer doesn’t want you to call them back, a spoofed caller-ID number will appear and apparently this may be one of those numbers.
Phone numbers can change hands now-a-days pretty easily so I have seen reports linking it to both a wireless handset out of Union City, NJ and a land line out of Jersy City, NJ.
A nominal fee from one of these sites can provide you with more information about the phone number.
Other then this, I don’t have anyone that can reverse look up telephone numbers.
102 afe
“On the other hand, I guess nothing really distinguishes the quality of my surroundings in my Ikea-furnished rental from those of “NJ’s millionaire home owners”. Plus I am pretty sure I do have some money in the bank.”
You’ve described me, too.
Ron Paul is up now on CNBC.
#130 secondary
Wachovia has 180 billion in MBS on its books, 120 billion are arms and option arms from California.
108 lost
“The opposite of that though is to say “Look I had to sell off my blah blah blah antique whatchamacallit to pay the mortgage. Feel bad for me. I’m just like you.”
Can you see that? It’s the world’s smallest violin.”
I remember when Ken Lay’s wife was on my teevee telling me how difficult her life was (*sob*) because she and Kenny Boy had had to sell of a coupld of their extra mansions because they simply didn’t have that much cash in the vault (*sniff*) and they were “struggling for liquidity”.
Shoulda called her a waaahmbulance.
Frustrated with the market I am considering building my own home in middlesex co. Anyone has any idea on what is the cost per sq ft for recent constructions ?
116 tosh
“She was a regular on the the now defunct shorebubble.blogspot.com.”
She’s probably defunct as well.
not to be confused with john, who should be de-funked.
@135, right. i bank at Commerce. i didn’t clarify. Ooops.
#136 njp
And then Ken Lay allegedly drops dead in front of witnesses, the timing of his demise protecting his estate.
are we forming an NJREREPORT enclave? hostile takeover of summit/chatam?
Hey NJP, you are M&A, do you want to run the legal on this?
#97 Clot:In less than two years, I’ve gone from fairly bullish, to bear…and now, I honestly believe that we could be on the brink of what can only be described as a multi-sector depression.
And yet it appears the majority of people do not have a clue. Although much of the euphoria of real estate has dissipated over the last couple of years, replaced by a strabge silence.
I still do feel at times like the analogy my wife used during the height of the real estate madness.
” We appear to be the only 2 sane people in an insane asylum.”
lost
“I prefer furniture that doesn’t fall apart.”
Ridiculous.
All this talk about Summit… I posted this last night, but it was fairly late. I’ll repost…
Summit Comp Killers?
Just looking through some sales in Summit. There were a good number that sold at 2003-2005 prices with the buyer paying only slightly more to cover realtors commission, netting the seller no gain or a small loss. On an inflation adjusted basis, it would have been a loss. Here are some that caught my eye:
20 RUTHVEN PL
07/29/05 – 1250000
02/06/08 – 1150000
69 TEMPLAR WAY
06/25/02 – 1595000
01/16/08 – 1701000
328 MOUNTAIN AVE
02/27/08 – 2025000
07/08/05 – 2275000
look at all of the crap changing hands today:
http://www.newyorkfed.org/markets/omo/dmm/temp.cfm
I want to put up a quote from a RE agent on another site. This is the type of drivel that just makes me mistrust RE agents.
“I can only speak realistically to my market ( Philadelphia Pa, South and Central NJ). In this area if you want to buy, now is an excellant time ! Reasons are as follows: Interest Rates are still historically low ( if you qualify), number of homes on the market are stabalizing (slightly declined as compared to last year), home prices are stable ( median resale home price up app 3% over 1st half compared to 07), competition from other buyers is down ( due to tightened mortgage eligibilty requirements). In closing this market is probably in better shape than other areas due to continuing high rates of employment and income levels.”
1. Interest rates are historically low.
You can refinance your loan, you cannot refinance your purchase price. A higher interest rate means even lower purchase prices.
2. Number of homes on the market are stabalizing.
How can homes be stabilizing if home sales are down 4.7% over last month. You are probably outright lying at this point.
3. Home prices are stable.
Ok, now your insulting my intelligence.
4. Competition from other buyers is down.
Which is why you should wait or lowball like mad.
5. We have high rates of employment and income.
The jobs that leave the market first are the ones to illegals. A vast majority of our economy (illegal immigrants) goes unrecorded and unfortunately we don’t report unemployment data on them. They are a real part of our enconomy and to discount them is foolish.
Other comments?
#123 njpatient: My English cousins do not like the term Brit. They prefer English.
142 ket
“are we forming an NJREREPORT enclave? hostile takeover of summit/chatam?
Hey NJP, you are M&A, do you want to run the legal on this?”
No controlling legal authority, don’tcha know. We’ll launch a hostile tender offer, and since we don’t have to be subject to the all-holders/best-price rule, we’ll inform the locals that after the first 51% of properties are tendered, we’ll lower our offer price.
148 3b
“#123 njpatient: My English cousins do not like the term Brit. They prefer English.”
That’s because they want it to be clear that they’re not Welsh or Scottish, g*d forbid.
My father also gets mad if I describe England as being part of Europe.
Stu – 118 – pension benefits.
I’m all for that. I think NJ is headed for that trainwreck.
“A stuttering Paulson is not what I would call a calming influence.”
Sean [131],
Defending Fannie/Freddie, like his past dollar jawboning, while his buddies sell the crap out of them?
Nicholas, thx.
3b & njp,
What do they think of being called Poms and Pommies by the Australians?
It’s not really a recession! You just THINK it is!! It’s the media’s fault! No, wait, it’s the fault of regular citizens who … have the wrong kind of thoughts in their heads!!
We’re doomed.
http://tinyurl.com/57mg7p
In an interview with the Washington Times, Phil Gramm, a former Texas senator who is now vice chairman of UBS, the giant Swiss bank, said he expects Mr. McCain to inherit a sluggish economy if he wins the presidency, weighed down above all by the conviction of many Americans that economic conditions are the worst in two or three decades and that America is in decline.
“You’ve heard of mental depression; this is a mental recession,” he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. “We may have a recession; we haven’t had one yet.”
“We have sort of become a nation of whiners,” he said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline” despite a major export boom that is the primary reason that growth continues in the economy, he said.
Pat,
Some additional data forthcomming on further web searches. This data looks like the lat long of the last cell tower the guy made a call from. Thats just a guess though. It may be the reported location of the land line.
(201) 204-0022
Jersey City, NJ
CARRIER:
TIME ZONE: 10:53 AM EST
COUNTY: Hudson
LATITUDE: 40.71
LONGITUDE: 74.03
It’s not really a recession! You just THINK it is!! It’s the media’s fault! No, wait, it’s the fault of regular citizens who … have the wrong kind of thoughts in their heads!!
We’re doomed.
http://tinyurl.com/57mg7p
In an interview with the Washington Times, Phil Gramm, a former Texas senator who is now vice chairman of UBS, the giant Swiss bank, said he expects Mr. McC*in to inherit a sluggish economy if he wins the presidency, weighed down above all by the conviction of many Americans that economic conditions are the worst in two or three decades and that America is in decline.
“You’ve heard of mental depression; this is a mental recession,” he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. “We may have a recession; we haven’t had one yet.”
“We have sort of become a nation of whiners,” he said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline” despite a major export boom that is the primary reason that growth continues in the economy, he said.
#154 Nver heard that term.
bairen
“What do they think of being called Poms and Pommies by the Australians?”
They don’t care for the opinions of criminals.
#156 Njpatient: I have no idea what Mr. Gramm is talking about. That was one of the most incoherent ramblings I have read in some time.
But than again, why am I surpirsed?
Grim,
http://www.redlasso.com/ClipPlayer.aspx?id=eaaa2234-298b-41b3-97ad-aef9b628c09e
When are is Faux business gonna do a segment on you and NJREREPORT.
Aaron is one cool customer.
“despite a major export boom that is the primary reason that growth continues in the economy”
From 156,
Phil, no mention of our crippled dollar and that effect on our exports?
#157 & 158
It’s what the Aussies call the Brits, ehh.. English.
The Aussies aren’t sure how it started. They think maybe it’s from the criminals sent to OZ were “Property of his/her Majesty Service”. POMS for short.
4.95$ will get you this guys…
name
address
property information
average income
average home value
criminal records
address history
bankrupcies
lawsuits
relative’s names
addresses
Kinda scary…
Grim 162 in mod. I wrote cr*pola! Whoops.
#150 njpatient: I don’t know. I thought that perhaps because of their Irish background (parents), that may be the reason they prefer English. I also have 1 cousin who lives in Scotland, married to a Scots girl.
I will ask them when they come to NY in the Fall, on yet another shopping trip.
Gotta love how people will fly several hours just for shopping. The US has become the bargain bin of the world!
“Gotta love how people will fly several hours just for shopping.”
I see hoardes of them every morning on the way to my office. At first you think they are gay because of the outfits, then you notice they are holding hands with a woman and you realize they are just European.
I too have noticed an increase in lis pendens filing in Ocean County. My realtor says they are not real that most will get the money before it goes further into foreclosure. They keep pushing their listings to me. I am willing to wait a year or two but am willing to buy now if I find a great house at a great price. I know a couple of house that are lis pendens repeatedly every 3-4 months over the year. What does that mean? Is the process so backlogged that they get to live rent free for years? When I ask the realtors about these properties, they just say they are not on the market. Who should I approach to see these properties? TIA
Sean Says:
July 10th, 2008 at 10:53 am
re: #83 or we could expand into Canada.
Commanderbob sez: Actually there was discussion about the possibility of the Maritime provinces (Nova-Scotia) “joining” the USA ‘if’ Quebec formed a separate State. This was when the French-speaking areas of Canada felt that they were getting ‘short-changed’ by the English-speaking rest of Canada…At first, if I remember correctly, the majority of Canada fought against this idea…Then later after they had some time to think about it, they said (in effect) Go-Ahead split up. But then Quebec voted down the separatist candidates who pushed for this (Quebec-quoit ?)…..Now I guess all in well in the Great White North….
BOB
@167
L O friggn’ L!
skeptic – Know what you mean. I’m in tourist central working here at Rockefeller Center. I’m still amazed though at the amount of over bloated Americans waddling around 5th Ave.
Could someone please give me an address for the following MLS# 2541842?
thank you
OT,
Iran caught photoshopping its press release photo;s of its recent missile test!!! LOL
http://blogs.news.com.au/dailytelegraph/timblair/index.php/dailytelegraph/comments/irans_photoshoppery_guards/
OT,
Iran caught photoshopping its press release photo;s of its recent missile test!!! LOL
http://blogs.news.com.au/dailytelegraph/timblair/index.php/dailytelegraph/comments/irans_photoshoppery_guards/
Someone discovered the “clone” tool :)
There are still 17.4 months of homes for sale in Prince George’s County, MD.
Phew…and I thought that if I didn’t hurry then I would never get a house, seems there are still plenty left.
OT again sry….
regarding warrentless wiretapping
take a look
http://www.aclu.org/images/safefree/puc_ad052406.gif
“still amazed though at the amount of over bloated Americans waddling around 5th Ave.”
yes, at least the euros don’t take up so much sidewalk space!
#177
Could be the start of a new game show.
Hang out on 5th ave and play “Guess who is the American” as the people walk/waddle past.
It’s actually a lot of fun. I used to play it with friends in Sydney.
#175 nicholas: From what I am told there is several years worth of inventory on the market in Ocean City MD.
New question to ask your prospective RE agent.
“Six months of inventory is considered a healthy market. If four months of inventory put upward pressure on the price of housing and eight months put downward pressure on housing, what does 17.4 months of inventory mean?”
Tom [137],
“Anyone has any idea on what is the cost per sq ft for recent constructions ?”
A builder recently told me about $125 per square foot.
#177/178 – I don’t know about that. The French and Japanese are thin but the English are certainly trying to give us a run for our money in the “waddling butter-ball” category.
#180 what does 17.4 months of inventory mean?”
To which the realtor would reply: Hurry bring your check book.
#182 toshiro,
Body language, haircuts, clothing and accessories are also part of the overall view.
There are a lot of porkers in Australia too.
I get so frustrated with the real estate agents who insist on posting on city-data in response to questions regarding “can I afford this house”
or can I afford to live on in St. David’s on my CSR salary of $29k? Invariably, they respond, “Oh, of course!!!”
Number one, it should be illegal for a real estate agent to give financial advice.
Number two, it should be unnecessary for an adult citizen with the required 8th grade education to ask this question. How to use a simple paycheck calculator on dinkytown or paycheckcity should be required prior to entering the 9th grade.
Number four, why am I spelling out the numbers?
Number five, I am angry at myself that I get this worked up about this.
go to any mall in america as well
see the fat discusting teens
its a disgrace
Nicholas, I was saved by the hand of fate back in maybe 1995 or 1996 by cell tower data. Remember when you could see where peeps were calling you from?
This baaaad dude from Trenton was scamming me and the cell tower info saved me. I wish that was still on the bills, now that I’m going to have a teenage daughter in six years.
3b and Pat,
Yes but Suzanne researched this…
http://www.youtube.com/watch?v=Ubsd-tWYmZw
That is by and far my most very special video which shows a near emasculation which concludes by being driven wholesale into a purchase ruled solely on the concept that “Suzanne researched this”.
Nicholas, oh very young, sweet and innocent soul, didn’t you get the memo? Suzanne was fired:
http://www.seriouseats.com/required_eating/2007/10/photo-of-the-day-custom-cake-from-walmart.html
re summit. renting for 2 years in town as it’s a good train schedule for me to hobok (don’t consider myself in a**hole category). two listing i jog by on Ashland, nice road, one 599 the other in 800’s. the listings are seperated by two houses. My sister rationalized the diffrence in house cost as the higher one was amazing finish inside w/more bath and rooms. Both 30 days i think on. Same street two other listings close by sitting, sitting, sitting. Even Two others have gone under contract more quickly recently. One more listing just off street is for rent. All i mention within two/three minute walk i’d say.
@185
Pat:
“It is difficult to get a man to understand something when his salary depends upon his not understanding it.” – Upton Sinclair
English dudes may be chubby, but you can always tell them apart by their buzz cuts, vampire-like pallor and tendency to wear clothes like the below:
http://www.profilebrighton.co.uk/collections/dolce-and-gabbana/products/dolce-gabbana-sweatshirt
And the teeth.
re: building cost –
the construction cost can vary wildly based upon what you are trying to build. I have been quoted 200-225/sf in way north jersey for a really nice build quality (nice finishes, mouldings, wood floors, tray ceilings in places etc). My guess is that these prices will come under pressure as existing projects wrap up and there are no more in the pipeline.
also, I guess it depends upon where in jersey you are.
Truth leaks out Fed does not care about you!
http://www.marketwatch.com/news/story/fed-doesnt-want-you-get/story.aspx?guid=%7BE16371FF%2DFC85%2D4EE3%2D8179%2D0DEB909CEDE2%7D
I think Grim would look fab in that jacket (194) ;)
It kinda sorta reminds me of the color block crush valor worn by many North Jersey dudes when they’re down the shore.
[158] Patient
Oooohh, smackdown on the Ozzies!
Next time I run into the cross-pond accent at Cosimos, I will reply “is that you Patient?”
[175] nick
There’s a reason there is so much inventory in PG county. No one wants to be there. Neither do you.
Sean, that is absolute rubbish. The Fed should realize that inflation will not temper if wages remain stagnant, even if we reduce demand it is not like the old days where the economy was more localized and like a closed system. The demand in China and India will not let up and the dollar will by less and less while we are taking a pay cut. Hence my stagflation call unless the fed acts to shore up the dollar currency traders will beat us into submission and we will experience slow economic growth and inflation.
“Six months of inventory is considered a healthy market. If four months of inventory put upward pressure on the price of housing and eight months put downward pressure on housing, what does 17.4 months of inventory mean?”
Now more choices than ever!…but you had better hurry!!!
200 Nom
Cosimos catered our move this weekend.
Apparently I lost my accent around the age of 5, although I still get ribbed for pronouncing the word “been” as, well, been (as opposed to bin or ben, which is what I am told are the accepted American pronunciations).
Kettle,
You’ll love reading this.
http://image.guardian.co.uk/sys-files/Environment/documents/2008/07/10/Biofuels.PDF
Biofuels have forced global food prices up by 75% – far more than previously estimated – according to a confidential World Bank report obtained by the Guardian.
The damning unpublished assessment is based on the most detailed analysis of the crisis so far, carried out by an internationally-respected economist at global financial body.
The figure emphatically contradicts the US government’s claims that plant-derived fuels contribute less than 3% to food-price rises. It will add to pressure on governments in Washington and across Europe, which have turned to plant-derived fuels to reduce emissions of greenhouse gases and reduce their dependence on imported oil.
Senior development sources believe the report, completed in April, has not been published to avoid embarrassing President George Bush.
“It would put the World Bank in a political hot-spot with the White House,” said one yesterday.
The news comes at a critical point in the world’s negotiations on biofuels policy. Leaders of the G8 industrialised countries meet next week in Hokkaido, Japan, where they will discuss the food crisis and come under intense lobbying from campaigners calling for a moratorium on the use of plant-derived fuels.
It will also put pressure on the British government, which is due to release its own report on the impact of biofuels, the Gallagher Report. The Guardian has previously reported that the British study will state that plant fuels have played a “significant” part in pushing up food prices to record levels. Although it was expected last week, the report has still not been released.
“Political leaders seem intent on suppressing and ignoring the strong evidence that biofuels are a major factor in recent food price rises,” said Robert Bailey, policy adviser at Oxfam. “It is imperative that we have the full picture. While politicians concentrate on keeping industry lobbies happy, people in poor countries cannot afford enough to eat.”
Rising food prices have pushed 100m people worldwide below the poverty line, estimates the World Bank, and have sparked riots from Bangladesh to Egypt. Government ministers here have described higher food and fuel prices as “the first real economic crisis of globalisation”.
President Bush has linked higher food prices to higher demand from India and China, but the leaked World Bank study disputes that: “Rapid income growth in developing countries has not led to large increases in global grain consumption and was not a major factor responsible for the large price increases.”
Even successive droughts in Australia, calculates the report, have had a marginal impact. Instead, it argues that the EU and US drive for biofuels has had by far the biggest impact on food supply and prices.
Since April, all petrol and diesel in Britain has had to include 2.5% from biofuels. The EU has been considering raising that target to 10% by 2020, but is faced with mounting evidence that that will only push food prices higher.
“Without the increase in biofuels, global wheat and maize stocks would not have declined appreciably and price increases due to other factors would have been moderate,” says the report. The basket of food prices examined in the study rose by 140% between 2002 and this February. The report estimates that higher energy and fertiliser prices accounted for an increase of only 15%, while biofuels have been responsible for a 75% jump over that period.
It argues that production of biofuels has distorted food markets in three main ways. First, it has diverted grain away from food for fuel, with over a third of US corn now used to produce ethanol and about half of vegetable oils in the EU going towards the production of biodiesel. Second, farmers have been encouraged to set land aside for biofuel production. Third, it has sparked financial speculation in grains, driving prices up higher.
Other reviews of the food crisis looked at it over a much longer period, or have not linked these three factors, and so arrived at smaller estimates of the impact from biofuels. But the report author, Don Mitchell, is a senior economist at the Bank and has done a detailed, month-by-month analysis of the surge in food prices, which allows much closer examination of the link between biofuels and food supply.
The report points out biofuels derived from sugarcane, which Brazil specializes in, have not had such a dramatic impact.
Supporters of biofuels argue that they are a greener alternative to relying on oil and other fossil fuels, but even that claim has been disputed by some experts, who argue that it does not apply to US production of ethanol from plants.
“It is clear that some biofuels have huge impacts on food prices,” said Dr David King, the government’s former chief scientific adviser, last night. “All we are doing by supporting these is subsidising higher food prices, while doing nothing to tackle climate change.”
Sorry, didn’t realize how long that article was. The link is actually the referenced report.
More on that Suzanne thing…
I’m upset because my wife and I went looking for homes and when I decided to wait 6 months before looking again she got really pissed.
I think her exact words were “I feel as if your not trying hard enough”.
My response was that she was correct. Buying now would be throwing away your life savings and of course I wouldn’t try very hard at doing that.
We don’t fight often but over this one weeks of fights and tears ensued…we will be waiting to buy a house.
Since when is “retro decorated” a selling point?
Hideous wallpaper lovers come…enjoy!!!!
MLS ID# 2547062
http://www.realtor.com/search/listingdetail.aspx?mlslid=2547062&sid=807a9a09a9494acb89dde5ff858dc550&lid=1101218291&lsn=1&srcnt=1#Detail
Only in New York can a forklift truck driver go to the big house for insider trading. The spirit of Elliot lives on in the AG office.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20080710&id=8880264
#207
retro decorated = not renovated in at least 30 years.
I love translating Realtor speak into English.
That house looks like tons of interiors I saw back in the 70’s.
x-underwriter,
That home “Must be seen to be appreciated”.
With the 70s style interior, its more likely that it “must be seen to be depreciated”.
all original appliances?
make sure you look at the last picture…of the bathroom
#206 stand your ground. She will thank you in the end.
holy wallpaper batman!
vmarria
246 Emily Pl
Parsippany
207…hate to admit it, but some rooms I really dig in that crib. I dunno. Could be a great place. Time capsule to a simpler life.
#207 – Wow! I’m looking at the pictures and I keep expecting to see Jan or Marsha Brady.
Orange carpet. Words just fail; unless this is an ironic statement, in which case, bravo.
Also,
MGIC downgraded by Moody’s, outlook negative.
That place is another candidate for HQ of my bad taste museum.
Looks like someone threw up all over the bathroom walls. Nope, my mistake. that’s wallpaper.
#216 – Image 14 isn’t too bad.
Nicholas,
“We don’t fight often but over this one weeks of fights and tears ensued…we will be waiting to buy a house.”
The Gator and I get on to the same subject often. I devised this evil five-year plan that when we bought our multi-family in Montclair in Sept. of 2004, we would either buy a second home or convert our current residence to a single family. Why five years? Car payments on the Xterra and Ryan’s daycare fee will end. This should free up enough cash flow to get the loan approved.
Well we are approaching the 4 year anniversary and the tax situation combined with the great commuter location in Montclair has us leaning towards buying the 2nd house. Now that we have improved 2 bathrooms and a kitchen, there is no turning back.
Recently I revealed that we may need to push back to January of 2010 since we made so many (tax deductible) improvements on our multi in 2008 that the income it derives might not make us as loan eligible. We do not plan to make any improvements in 2009 to reflect the true income of the upstairs unit.
Well last night, just before turning out the lights, my wife says that she feels smothered. I can relate as I sometimes feel that we are successful enough to live a lot better than we do. Fortunately, the light is coming into view at the end of the tunnel and it’s getting brighter by the day.
What I can’t believe is how well it appears to be syncing up with the drop in residential real estate prices. I would love Volcker to come and double interest rates to end the “great delay”, but not until I sign the next mortgage…OK?
RE that retro designed house.
My childhood home had the same kitchen and bathroom wall paper and we had the same Danish? chairs in the living room. I was secretly hoping to see my picture up on one of the walls.
Bernanke closes his trap and the market gives up most of its gains. What’s new!
[207] Wow, that is quite a home. It is really something special.
“But even worse would be the development of a wage-price spiral, in which workers are able to demand higher wages to offset higher prices, but only by forcing their employer to raise prices in turn for their customers. Such an inflation spiral would be devastating, Yellen said.”
So would it be better for employers to raise prices due to commodities, causing lower sales, leading to layoffs?
Met’s gave up a run finally. It’s nice to see those high paid superstars like Church, Tatis, Pagan and the new Reyes drive the team. In other news….Delgado’s average is approaching .250.
All is well, nothing to see here, please move on.
http://www.ft.com/cms/s/0/019a648c-4e91-11dd-ba7c-000077b07658.html
Hank Paulson, US Treasury secretary, on Thursday attempted to calm fears about the financial health of Fannie Mae and Freddie Mac, the two government-sponsored mortgage companies, telling Congress they were “adequately capitalised”.
“adequately capitalised”
Isn’t that what Bear Sterns said on the Friday prior to their Sunday night demise?
“retro decorated” is real estate spin. It’s like a person trying to sell you a “designer dog”.
“It’s called a labradoodle, it’s half lab, half poodle.”
It wasn’t long ago we called those dogs mutts.
#224 Hobokenite
“wage-price spiral, in which workers are able to demand higher wages to offset higher prices”
Outside of the unionized workforce, who is able to “demand” higher wages without getting a pink slip in this economy.
Ben,
As a goldendoodle owner (I lose a bit of my masculinity every time I say it), I have dubbed him an overpriced mutt since day one.
Sybarite:
thank you.
Who wins the race to the bottom… LEH or C?
#232 – LEH, IMO just based on the rumors surrounding them.
PCG – re: “who is able to “demand” higher wages without getting a pink slip in this economy.”
I just met with my boss today to discuss my working from home one day a week to offset the losses in my stock options/grants. He said he would bring it up with the execs and see what they think.
I wonder if my access card will work tommorow?
I wonder if my access card will work tommorow?
Perhaps it will be coded to unlock the front door of your home ;)
Frank if you are still looking in Hoboken here is a one week special on a 2 Br w/parking new construction only 459k.
http://www.realtor.com/search/listingdetail.aspx?sby=2&ctid=85076&ml=3&mnp=18&mxp=29&typ=7&sid=77b3461512c94c3cbf3f58c7cfc1610a&pg=6&lid=1085846807&lsn=60&srcnt=183#Detail
Ofcouse you will need to like sipping 40s since that is all the liquior store sells in that neighborhood.
http://www.readatwork.com/
Only a slackard worse then me could invent a site that looks likes windows that converts books in to powerpoint so you can read them at work without being caught.
Pat,
It’s kind of funny how many times I have said “That’s a lot of money every month!” Why don’t you practice writing that amount on a check., why don’t you practice saving the difference in the amount you pay now and that amount, and add in some extra for unexpected repairs. There was (1) young couple that listened. That was it.
KL
Me and three other co-workers were having a conversation about the economy in the car when one of them said,
“Well at least you still have a job, right? I mean, with the economy going into a recession your doing better then every one else if you have a job.”
The conversation in the car went nervously quiet for a minute or two and then picked up again. I still maintain that Telcom/IT looks good.
[206] Nick
Feeling your pain.
But I remind the missus that we can certainly afford the 950K POS cape in Wychwood. Really. We don’t need to retire, consider a vacation property, send little Nom to college, or anything like that. That should free up the money we need for the overpriced house, sweetie.
#236 sean: It is a 1 week special. I wonder what happens next week, The price goes up?
Dodd has no shame:
*********
Senate Housing Rescue Bill
Edges Closer to Passage
Associated Press
July 10, 2008 1:03 p.m.
WASHINGTON — The Senate voted resoundingly Thursday to push closer to passage a massive mortgage rescue to help hundreds of thousands of stressed homeowners, even as the bill faced new obstacles in the House.
By a vote of 84-12, the Senate cleared away the last procedural hurdle hindering the measure, putting the election-year aid package on track for approval as early as Thursday afternoon. It is far from complete, however, with House leaders planning to rewrite key portions and the White House still threatening a veto.
The centerpiece of the plan would let the Federal Housing Administration back up to $300 billion in new loans to provide struggling homeowners with more affordable, fixed-rate mortgages. It allows lenders who agree to take a substantial loss on the mortgages to reclaim at least some money and avoid a costly foreclosure.
“Unless we act and do so promptly, we’re going to look at a situation that only gets worse,” said Sen. Christopher J. Dodd (D., Conn.), the Banking Committee chairman who is an architect of the bill.
Frank prefers sipping out of 3 gallon beer containers.
“After debating a ban on all beer in bottles and cans in sizes of 24 ounces or larger, the Granite City, Ill., Council compromised and voted this week to prohibit beer in bottles that are 40 ounces or larger.
Local police said the law would help them crack down on public drinking and littering. The 40-ounce bottle is a popular package for malt liquor brands. The law does not cover beer in containers that are three gallons or larger.”
http://lyke2drink.blogspot.com/2006/11/illinois-community-acts-to-ban-40.html
Sean, beautiful condo no doubt but when my GF looked over there the project dwellers were yelling at the car “hey white girl”, don’t know what they were trying to say but 15-18 year old project dwellers yelling is not a good idea. Whoever decided to build that building was an idiot.
“who is able to “demand” higher wages without getting a pink slip in this economy.”
I work in biotech which despite the overall economy is still quite strong, and there is a derth of qualifed people, many are stuggling to find people. So it really depends on your individual situation. If your company really needs your services and business is robust (or even steady), most would rather bump you up than have to lose time and hire somebody to replace you, train that person, and then wait for them to produce at your level. I find that critical employees often have much more leverage than they realize or they are afraid to use it.
I can tell you this, if you don’t ask, you will never get a raise, waiting for the charity of your boss is just not how it works.
Any company that promotes fear of a pink slip over asking for a raise is probably a dump to begin with and will go out of buisness eventuially thus you should probably already be looking for another job.
“If the ECB has thrown in the towel, stand by for lower rates, and intensified inflation throughout the world. In the United States, hyper-inflation is a distinct possibility. In such an environment investors should think not only of buying the financial ‘insurance’ of gold but of devising ways to hang on to it in the face of possible government confiscation, as happened in the 1930s. Given Bernanke’s preference for FDR era policy, such a move is not beyond the realm of possibilities”
Above is a transcript from an e-mail I received. Is that true did we confiscate gold from our citizens?
JBJB,
What area of biotech do you work in?
I was able to score a 2% raise and 2% bonus this year. I agree with your pink slip theory though.
jcer – it gets better, I drove by that place and the gym is on the first floor in that glass enclosure facing the projects.
JBJB, you just described UBS and citi places that promote fear of a pink slip, it could just be they are out of money.
“adequately capitalised”.
PCG [226],
What a crock. 60-1 leverage. They are worse off than Wamu and Countryslide.
Funny we have heard the same garbage from Erin Callan, Kerry Killinger, Jimmy Cayne, Stan O’Neal, Chuck, the dancer, formerly known as Prince and Kennedy Thompson. Just to name a few. It’s time Hank joins this crew.
#248
bingo on Citi.
I saw it probably 6 months ago when they had just started putting the glass in, really a nice looking building but the location makes it almost unsaleable.
BC[250]
You forgot to mention BI, he apparently stated that he’s adequately capitalised when margin gave him a call.
There is work to be done and I’m beginning already to think about the ideas of how to attack these issues that are currently real headwinds both to the financial services generally, the economy and to Wachovia, to be honest,” Steel said.
This statement today makes me think that he didn’t know exactly what he got into and that he didn’t sell a corrective action plan to the board.
makes me think about the hiring process and how he landed a job that no one else wanted.
“makes me think about the hiring process and how he landed a job that no one else wanted.”
make,
Hank Paulson.
can we allow Fannie and Freddie to fail? can we not?
“The liabilities of Fan and Fred are currently not on this U.S. balance sheet. But one danger is a run on the debt of either company, putting pressure on the Treasury and Federal Reserve to publicly guarantee that debt to prevent a systemic financial collapse. . . .U.S. debt held by the public would more than double, and the national balance sheet would look very ugly.” [from the WSJ]
How bout next time you guys declare a GTG that you give more then 1-2 days warning.
With more warning I might be able to plan a buisness trip to NJ.
[245]
BD for a biophramaceutical CMO.
As for Paulson saying today that Fannnie and Freddie are “adequately capitalised, its a bit like the Captain of the Titanic saying he only stopped to pick up some ice!
Fannie and Freddie will be the economic version of Dien Bien Phu.
The US will dump tons of resources into them as one rampart after another collapses, until the final redoubt surrenders.
Nicholas [147],
Let me see if I can sum up what that realtor is trying to say:
I suuck, I’m a f*cking liar, I have car lease payments to make on my Ford Escort, I’m a f*cking idiot, I drink koolaid and eat Ramen, I have the IQ of a sponge ball and I’m trying to hook on more morOn.
Sean [258],
In addition to this, the other cheerleaders are just realigning the deck chairs on the Titanic.
Stu 230 – Watch what you say about my dog!
Can someone please muzzle Ben Stein. He is embarrassing the chosen ones.
Ben Stein, How Not to Ruin Your Life
Don’t Panic – Buy Index Funds and Real Estate
http://finance.yahoo.com/expert/article/yourlife/91896
“The plain fact is that you don’t know when real estate will be at bottom until it’s too late. If you see a home you love, buy it now if you plan to be in it a long time. And know that the headline writers want to whip you up and make you crazy about the economy. They sell fear. Stay calm and stay well to do.”
People in the Cali/Fla/Nev/Detroit must be cringing.
If the ECB has thrown in the towel, stand by for lower rates, and intensified inflation throughout the world. In the United States, hyper-inflation is a distinct possibility. In such an environment investors should think not only of buying the financial insurance of gold but of devising ways to hang on to it in the face of possible government confiscation, as happened in the 1930s. Given Bens preference for FDR era policy, such a move is not beyond the realm of possibilities
Above is a transcript from an e-mail I received. Is that true did we confiscate gold from our citizens?
grim 265 in mod. Please release.
207 nicholas
Good for your for standing your ground.
Total credit provisions for the Pick-a-Pay portfolio, year to date, will amount to $5.1 billion, compared
with Wachovia’s previous estimate of about $3.5 billion for 2008. With the new reserve increase, the bank
will have a reserve of 4.4% on the Pick-a-Pay portfolio. While that is an improvement, we expect further,
large credit provisions for this portfolio, because we expect cumulative losses to exceed 10%.
Wachovia’s chairman said that the board recognized that the acquisition of “Golden West was a mistake
and we have to deal with the consequences.” In view of that statement and Wachovia’s decision to stop
originating Pick-a-Pay mortgages, we expect the bank to announce a large goodwill write-off (the goodwill
on its acquisition of Golden West is about $15 billion). However, the bank’s regulatory capital excludes
such goodwill, so any such write-off should not affect its regulatory capital ratios. The company said that
the Tier 1 capital ratio would remain at least 8%.
221 stu
“Well last night, just before turning out the lights, my wife says that she feels smothered. I can relate as I sometimes feel that we are successful enough to live a lot better than we do. Fortunately, the light is coming into view at the end of the tunnel and it’s getting brighter by the day.”
boy oh boy do I ever know where you’re coming from.
could i get an address for the following:
MLS#: 2511409
TIA
Wow Ben Stein wrote an article and didn’t mention variable annuities once, unbelievable.
I think they ended that TV show Win Ben Stein’s Money because he lost all of it in his sh*tty investments.
“The centerpiece of the plan would let the Federal Housing Administration back up to $300 billion in new loans to provide struggling homeowners with more affordable, fixed-rate mortgages.”
speechless
270 NJP,
got shiny metal?
So Freedy and Fannie are on the way out, oil has just about regained it’s 2 day loss, and Dow Chemical plans to purchase some synthetic company, and the Dow rallies 80 points.
I guess any little piece of good news is welcomed by the market.
#269 hehehe
I thought Ben Stein had a big chunk of his money in real estate.
Yo Ben Stein,
I’m not trying to time the bottom. I’m waiting till prices get more rational. I want to buy a house with 20% down, 30 year fixed, with a monthly payment that won’t force me to eat rice and ramen with some PBJ thrown in for variety.
“The centerpiece of the plan would let the Federal Housing Administration back up to $300 billion in new loans to provide struggling homeowners with more affordable, fixed-rate mortgages.”
That will shave 150K on 2 million mortgages. It won’t even make a dent.
263 Stu
“The plain fact is that you don’t know when real estate will be at bottom until it’s too late.”
The reason Ben Stein thinks this is true is that he didn’t know that real estate was at the top until it was too late.
Ben Stein is way off base. After the last real estate debacle, people had almost a decade of time to buy at safe prices. Now, given the bigger run up this time around, we’ll probably have a lot more time. Japan has been looking for a real estate bottom for 15 years.
JBJB,
Can you shoot me an email through grim? I’ve got some Q’s about that place; headhunter trying to make something happen there.
Kettle;
12 BREAKNECK RD
Ben Stein makes the assumption that you have to buy a house to be happy. Everyone talks about money and finance logically, but treat purchasing a house as an overwhelmingly emotional decision.
I do think it is a good thing to have a stable home life, and when buying a house contributes to that, I am in.
make money Says:
July 10th, 2008 at 4:19 pm
“The centerpiece of the plan would let the Federal Housing Administration back up to $300 billion in new loans to provide struggling homeowners with more affordable, fixed-rate mortgages.”
I would imagine there’s going to be some documentation of income before they get the new loan. Let’s see, Joey works at the McDonalds drive through and can’t make his burgeoning $475,000 ARM payments. That’s the job he was working at a year ago when he did the initial stated income loan saying he made $85,000 as the manager in the first place. How far will he get with the FHA? They’ll show him the door and say you never should have gotten the loan in the first place.
Emerson FUTURE Comp Killer!
SOLD: 1 POWELL RD $605,000 9/21/2005
MLS#: 2828681 (Short sale)
List: $460,000 7/10/2008
Ray (279)-
“Everyone talks about money and finance logically, but treat purchasing a house as an overwhelmingly emotional decision.”
Same as it ever was. If it ever changes, I’m out of a job.:)
I doubt this will ever happen, though.
Grim, 281 in moderation
Elmwood Park FUTURE Comp Killer!
SOLD: 92 BIRCHWOOD DR $319,000 5/5/2005
MLS#: 2813399 (REO)
Orig. List: $314,500 4/3/2008
Last List: $279,000 7/10/2008
Midland Park FUTURE Comp Killer!
SOLD: 60 REA AVE $397,000 6/17/2005
MLS#: 2808770
Orig. List: $399,171 3/3/2008
last List: $359,171 7/10/2008
our ever impressice leader….
“The American leader, who has been condemned throughout his presidency for failing to tackle climate change, ended a private meeting with the words: “Goodbye from the world’s biggest polluter.”
He then punched the air while grinning widely, as the rest of those present including Gordon Brown and Nicolas Sarkozy looked on in shock.”
http://www.telegraph.co.uk/news/worldnews/2277298/President-George-Bush-'Goodbye-from-the-world's-biggest-polluter‘.html?funny=not
#267
question: if men were simply castrated at birth, would there still have been a RE bubble?
Woodcliff Lake FUTURE Comp Killer!
SOLD: 143 WOODCLIFF AVE $499,000 2/16/2006
MLS#: 2815994
Orig. List: $499,900 4/18/2008
Last List: $495,900 7/10/2008
skep 286
yes…… monkey see monkey do
Bad Hindenberg Omen: An ominous signal – a huge gap between highs and lows in stocks – often predicts a stock market crash.
http://www.cnbc.com/id/15840232?video=789010961&play=1
skep
can’t … answer …
what would a stock market crash mean for mortgage origination?
Re Ben Stein: Financial geniuses like him and the mush heads at CNBC have only one interest, staying cozy with the CEOs who give them ad revenue and interviews. The dollar keeps tanking, the market falling through the floor, real estate imploding, commodies going through the roof, and they all want you to believe that markets know nothing and the real problem is the psychology of the consumer. Now get out there and buy something!
I too have noticed an increase in lis pendens filing in Ocean County. My realtor says they are not real that most will get the money before it goes further into foreclosure. They keep pushing their listings to me. I am willing to wait a year or two but am willing to buy now if I find a great house at a great price. I know a couple of house that are lis pendens repeatedly every 3-4 months over the year. What does that mean? Is the process so backlogged that they get to live rent free for years? When I ask the realtors about these properties, they just say they are not on the market. Who should I approach to see these properties? TIA
Anybody?
http://finance.yahoo.com/expert/article/yourlife/21845
I think Ben Stein may be schizophrenic. This article does not sound like the same take on housing.
I also remember someone posted an article by Ben 1-2 years ago (time flies) about how he lost money on a house in Malibu.
Midland Park FUTURE Comp Killer!
SOLD: 60 REA AVE $397,000 6/17/2005
MLS#: 2808770
Orig. List: $399,171 3/3/2008
last List: $359,171 7/10/2008
While this is in a good location, the fact it is a 2 bed on a small lot will kill it. There are 3 and 4 bed capes in the same price point and one 4 bed 2816943 at a fire sale price $285K.
50 Anderson Hill Road
Bernardsville, NJ
4-family property
OLP: $1,200,000
LP: $979,000
SP: $700,000
DOM: 66
Wow. 42% off OLP, and 28% off list price.
All this talk about Citi on the verge of BK. Having looked at their numbers, I’m surprised we have not seen a 20% headcount reduction at this place. I’d imagine they are working on those asset sales and once that happens see where they have to cut the fat.
After spending some time down in LBI last weekend, would love to see some places at more reasonable prices. Insane how many oversized vacation homes there are in this area. I did a last minute rental and had some good leftovers. Amazing how some people were willing to let a place go empty than get a 50-60% haircut on the asking rent. Unfortunately let my wife do the negotiating and she got too emotional about it and paid more than what I would have wanted. Expensive lesson on my part. Luckily some friends came down on the weekend and holiday to help offset the costs. Would definitely look into a purchase, but at much, much lower prices.
Anyone have thoughts on how much of a haircut we may be looking at in these areas when the market goes belly up?
“Six months of inventory is considered a healthy market. If four months of inventory put upward pressure on the price of housing and eight months put downward pressure on housing, what does 17.4 months of inventory mean?”
Usually means that if at the Jersey shore, you can’t get there fast enough to buy. Didn’t you know that all of Philadelphia is going to come to shore ? Oh that’s right Philly is loosing population faster than N.O.
Try this as a working model for purchase:
Buy or Rent? Learn the Rule of 15
Ever hear of the real estate Rule of 15? I mentioned it yesterday on a segment with Al Roker on the TODAY Show as we discussed a question tossing and turning through many American heads these days: “Should I buy or rent?”
Here’s how the rule goes: Let’s say you’re looking at a 2-bedroom house or apartment:
1) Find the going rent in the neighborhood or location you’re interested in—which you can track down through sites like Zillow.com and Trulia.com—and calculate how much you’d spend in rent a year. Say, $2,000 a month would mean an annual rent of $24,000.
2) Multiply that number—your annual rent—by 15. (in this case: $360,000)
3) Now look up and compare the going price of a comparable space in the same area, to buy.
4) If that number is much greater than your annual-rent-times-15, the location probably still has a way to go down in home value. The bubble here ain’t done burstin’ and you should rent for a while. The last thing you want to be is upside-down on a mortgage—owing more than your new home is worth.
Keep in mind that some bubbles burst more quickly than others. So if you’re going to stay put for 10 to 30 years and you need to buy now, then buy. Just be very well informed about where you’re buying, what property values are and, should you dip into the cheaper well of foreclosures, do your research. You want a ‘merit’ badge in your local market before you buy these days.
You can calculate your own “Rule of 15” numbers using the Center for Economic and Policy Research’s report on ownership vs. rental costs in 100 metropolitan areas. Click here for the PDF.
RELATED:
Buy vs. Rent Interactive Tool from the NYTimes
But just as important as rules and research is the need to clean up your credit score and credit history. The difference between a 680 and a 780 can mean hundreds of dollars in monthly mortgage payments and thousands over the life of your loan. Not to mention that it can bring you to the front of the line when you’re vying for a rental.
If I were to sell my home today, I’d rent for at least a year. And I’m in New York City.
Let me know what snags you’re running into in your housing market in terms of buying and/or renting. Are you having trouble deciding? What’s your timeframe? Write me below!
hard place
idle curiosity – you said “having seen their numbers” – presumably you did not mean their SEC filings?
I see non-public numbers of certain entities, but always subject to confidentiality agreements. You are talking something we would not know about?
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html#
Speaking of Ben Stein, check out this rebuttal from iTulip
http://www.itulip.com/forums/showthread.php?p=39709#post39709
“‘you can track down through sites like Zillow.com and Trulia.com””
The trouble with this idea is that both are working from a SOLD base in public records. So if nothing selling they broaden the search area to provide selling comps. that are worthless. Rule of thumb is if house sold down the street last month and is about same sq. ft. same age and similar features @ 325,000 and you are trying to sell yours at $450,000. Get ready for a long haul and many yucks coming your way.
164 Stu
I believe it about the baby furniture. I’d love to see pics of your parents’ furniture though.
I know a lot of people like IKEA. But honestly, if I had a nickel for every story about something splitting or falling apart from them, I’d buy a house in Summit in nickels!
Because that’s the kind of asshole I would be. :)
Can anyone explain this price ?
http://www.zillow.com/Gallery.htm?zpid=38333216
If you enjoyed the joke above try this one and see if they are doing drugs in Ocean city
http://www.zillow.com/HomeDetails.htm?zprop=2143927652
Kettle1 – 25 mile hydrogen commute using home charging.
http://news.sky.com/skynews/Archived-Content/Environmental-Motoring-ITM-Power-Hydrogen-Car-Fuelling-A-Green-Machine/Video/200807215029415?lpos=Archived%2BContent_1&lid=VIDEO_15029415_Environmental%2BMotoring%253A%2BITM%2BPower%2BHydrogen%2BCar%2BFuelling%2BA%2BGreen%2BMachine
njpat,
just from the basic info in the public domain. expenses r bit high for citi.
#312
Greed / Stupidity
2 sides of the same coin
hard place
ok
wish more folks were like you and looked at it.
$141.65
Ever closer to $40.
Latest foreclosure report brings good and bad news for Staten Island
Staten Island was the only borough to experience a drop in foreclosures in the second quarter, but the number of homes lost to the bank was up 124 percent — more than the rest of the city — over the same period last year, according to the online data firm PropertyShark.com.
http://www.silive.com/news/index.ssf/2008/07/latest_foreclosure_report_brin.html
http://www.nysun.com/business/would-john-templeton-buy-fannie-mae/81589/
CNN Stupid Headline Of The Day:
“Buffett’s not panicking – neither should you”
#321
they fail to mention Buffett thinks in terms of decades and is looking for 7% cagr. And that unlike CNN and the talking heads on CNBC, Buffett’s not an a$$hole.
Israel ‘ready to act’ over Iran
Its showtime folks …
http://news.bbc.co.uk/2/hi/middle_east/7500342.stm
$125 sq foot? Where’s this? Jamaica, using your neighbor’s blown off tin roof and a red stripe sign?
I was quoted, with a straight f***ing face, $104 sq ft for a front porch. No walls. No foundation. No mechanicals. And no vaseline.
I asked the contractor, “you know this is a porch, right? not an addition with stuff like…like…sheetrock…and insulation…and $%^& walls, right?!?!” And he replies, “yeah, but you can take out a home equity loan, right? If you do that, then the home pays for it.”
jeezus h cripes in a chicken basket…
Don’t ask me about the contractor that JUST quoted me, about 8 weeks ago, NINETEEN THOUSAND dollars, to paint my house.
My husband was walking past us on his way to the barn as the painter and I stood in the yard discussing what would get painted and my husband overhead the verbal price quote. He blew gatorade out his nose from choking back the laughter.
His selling point? He knows how to paint really good. He was taught by a master.
Contractors. &*%$
If Wachovia is toast, is Bank of America far behind? Seriously guys, are there any banks with nationwide branches that are ok?
After spending some time down in LBI last weekend, would love to see some places at more reasonable prices. Insane how many oversized vacation homes there are in this area. I did a last minute rental and had some good leftovers. Amazing how some people were willing to let a place go empty than get a 50-60% haircut on the asking rent. Unfortunately let my wife do the negotiating and she got too emotional about it and paid more than what I would have wanted. Expensive lesson on my part. Luckily some friends came down on the weekend and holiday to help offset the costs. Would definitely look into a purchase, but at much, much lower prices.
we were down there labor day weekend and stayed at the best B&B ever. across the street there was a plot of land (small) for $535k. it was probably 25 yards from the water – but the bay. only like a 4-5 block walk to the beach, which isn’t bad at all.
we really enjoyed it there, but we want a place on the water. does anyone know of any nice, up-and-coming beach towns in Del, MD, or NJ? The place can be off the beaten path, but we’re looking for some yard and on the water. i know, i know .. impossible
stater (325)-
No. It’s gonna be Woody Guthrie, trash-barrel fire, back to the Stone Age-time pretty soon.
Smoke ’em if you got ’em.
re njp being british: forget working at the same company… you practically *are* my husband! (i know you aren’t… i just find the similarities spooky. don’t mind me…)
one of his housing requirements is that there be a place to put our wall of ikea bookshelves. (being a doting and obedient wife, i agree)
248, jbjb: husband’s company announced yesterday they were giving everybody bigger bonuses, because inflation was eating into the amt they wanted to give to their employees (they were on a “this is the bonus you’ll get in two years” plan before).
being a doting and obediant wife… i am deeply suspicious. this must be a tax dodge. can’t be a company actually *really* giving money away to employees… right?!
#327 Thanks Clot. That’s what I thought. Just wait til this winter when the heating bills come in, food inflation is still rampant and gas is even higher than it is now. I am afraid most people think this is just a temporary blip and they are waiting for something to be announced that will solve it all. They have no clue they should prepare for the storm.
is this significant?
from the WSJ:
*********************
Home Supply Fell Over Past Year
By JAMES R. HAGERTY
July 10, 2008; Page D3
The supply of homes available for sale in 18 major metropolitan areas in June was down 2.4% from a year earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif.
The data cover listings of single-family homes, condominiums and town houses on local multiple-listing services in those areas. It was the first decline for the 18 markets since Zip began collecting the inventory data in mid-2006.
…
Nationwide, about 4.5 million previously occupied homes were listed for sale at the end of May, according to the National Association of Realtors. That is enough to last nearly 11 months at the current sales rate, the trade group says.
…
The Zip data don’t include New York. But Miller Samuel Inc., an appraisal firm based there, says there were 6,869 cooperative apartments and condominiums available in Manhattan at the end of June, up 31% from a year earlier.
…
The figures from Zip and the Realtors probably understate the supply of homes because not all foreclosed properties that lenders are trying to sell are listed on multiple-listing services.
********
oh man… too much happy hour at mcfadden’s.
Its going to be hell tomorrow at work, and I have a mtg at 8:30.
SAS
If I’m reading the above right, the bottom line is there may or may not have been a reduction in national inventory from a year ago, depending on how many foreclosed homes are on the market. 2.4% of 4.5m is only 108,000. I am pretty sure there are at least this many foreclosed homes on the market nationally, so I would think the headline is incorrect.
From the FT:
FT.com
Banks find way to cushion losses
By Francesco Guerrera and Ben White
Banks are set to cushion the blow of more credit-related losses by using an accounting rule that enables them to record exceptional gains when their financial health deteriorates.
The method, which has allowed US and European banks to add more than $8bn in paper profits, faces increasing opposition from investors, analysts and credit rating agencies.
Under the rule, introduced in February 2007 after lobbying from banks, financial companies are allowed to use “mark to market” accounting on their own debt. As a result, if the price of their bonds and notes falls, banks can record a gain equal to the difference between the original value of the debt and its market price.
In past months, the rule has helped banks including Lehman Brothers, Citigroup, Goldman Sachs, Morgan Stanley and Merrill Lynch to boost profits.
Analysts forecast that Merrill and Citi, which report second-quarter results next week, will offset part of their expected multibillion-dollar writedowns with these gains. The impact of the accounting rule could be muted by a brief rally in debt markets in April.
Critics, such as David Einhorn, the hedge fund manager who has been shorting Lehman shares, say the rule lets banks record accounting gains when sentiment towards the companies worsens.
Mark LaMonte, a senior vice-president at Moody’s, said the credit rating agency had advised investors to strip out these gains from their analyses. “We are not big fans of the fair-value option when it is applied to a company’s own debt because the results are very counterproductive. It creates very poor quality earnings.”
Corporate governance experts say investors face difficulties in finding these paper gains as banks disclose them in different ways: sometimes in footnotes, sometimes in press releases.
“Investors should not be required to go digging deep into the regulatory filings to find out these gains,” said Lynn Turner, former chief accountant at the US Securities and Exchange Commission.
skep (329)-
Any numbers that don’t pass the “common sense test” should be considered lies.
Outofstater,
get a rating of your local banks.
alot of banks are going under. I would get a score of your bank. If it stinks, withdraw and go else where.
SAS
also, I’m still sticken to my guns.
Washington Mutual… gone
Citibank….gone.
gas in Aug, $4.70/gallon.
SUV drivers…oatmeal 3x/day
SAS
and I remember when you blokes laughed at me when I called $100 oil.
ha!
but, I have to admit, I didn’t think it would get this high.
SAS
sas (355)-
I called WaMu gone before you.
However, I didn’t think Fannie & Freddie would beat them there.
“Housing Market Meltdown Will Cause Massive Losses in Household Wealth”
http://tinyurl.com/6n96t9
SAS
“I called WaMu gone before you”
noted.
“I didn’t think Fannie & Freddie would beat them there”
I totally agree w/ you.
SAS
If this Iran thing gets worse, wow.. I don’t want to even think about it.
“OPEC warns against military conflict with Iran”
http://tinyurl.com/6dawto
SAS
as much as people didn’t like Nixon, you have to admit, he did have a knack w/ foreign relations and was good at diplomacy.
man, what the hell ever happened to diplomacy in this nation??
this idiot president, congress, and the Fortune 100 companies that run the show.. they all need to get out now!
and remember, they ain’t building that wall south of the Border to keep the Mexicans out…. they are building it to keep you inside.
chew on that for awhile.
SAS
and don’t give me this Democrat/Republican..left right talk.
They are 2 heads of same snake.
Its a false debate.
SAS
sas (341)-
I need a porous border when we begin the hit-and-run operations.
Guess it will have to be the Canadian one.
#342
Sad state of affairs. Makes me want to change my voter registration, but then I wouldn’t be able to vote in any primaries.
Clotpoll,
you know, I really do wish I could run for a public office spot.
But, the secret service & a few shaddy connections will make sure I never do.
SAS
at the next gtg, remind me of the story when I was in La Boca, Argentina.
and when I came back to the states I had the secret service & ATF waiting for me at JFK.
SAS
SAS,
i got laughed at for calling $150 oil this year. we arent there yet, but give it a few weeks.
While aggressive evictions are making rent-stabilized apartments increasingly scarce in New York, Representative Charles B. Rangel is enjoying four of them, including three adjacent units in a sprawling residence overlooking Upper Manhattan, in a building owned by one of New York’s premier real estate developers.
http://www.nytimes.com/2008/07/11/nyregion/11rangel.html
skep-tic Says:
July 10th, 2008 at 9:40 pm
is this significant?
from the WSJ:
*********************
Home Supply Fell Over Past Year
By JAMES R. HAGERTY
July 10, 2008; Page D3
What about the supply of FSBO’s, REO’s’, and people taking their homes off the market until next spring, when the market will have “recovered”?
“people taking their homes off the market until next spring, when the market will have “recovered”?”
You mean the pant up supply.
Yes. Pant up supply. But hopefully by then the government will have bought a house for everyone that needs/wants one. Maybe a vacation home as well while they’re at it.
And a pony.
“And a pony.”
I believe there’s already a pony. Given the amount of sh*t all over the place, there’s gotta be a pony somewhere, no?
@341 sas:
Nixon also eradicated the last remnants of the golds standard!
NJP,
no pony, thats just the clydesdales carrying all the beer for the fed meetings
Thanks sas. My local bank is Wachovia. Oops. Anyone know how long it takes for the FDIC to reimburse depositors of a failed bank? (I can’t believe I’m even writing these words.)
“thats just the clydesdales carrying all the beer for the fed meetings”
The Inbev clydesdales, I guess.
Perhaps a hijacking is in order.
ruh roh
via Big Picture
“”Alarmed by the growing financial stress at the nation’s two largest mortgage finance companies, senior Bush administration officials are considering a plan to have the government take over one or both of the companies and place them in a conservatorship if their problems worsen, people briefed about the plan said on Thursday.
The companies, Fannie Mae and Freddie Mac, have been hit hard by the mortgage foreclosure crisis. Their shares are plummeting and their borrowing costs are rising as investors worry that the companies will suffer losses far larger than the $11 billion they have already lost in recent months. Now, as housing prices decline further and foreclosures grow, the markets are worried that Fannie and Freddie themselves may default on their debt.
Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers.”
and
“The government officials said that the administration had also considered calling for legislation that would offer an explicit government guarantee on the $5 trillion of debt owned or guaranteed by the companies. But that is a far less attractive option, they said, because it would effectively double the size of the public debt.”
further from bloomberg with Big Picture commentary:
“The government-chartered companies, which own or guarantee about half the $12 trillion of U.S. mortgages, can count on a federal lifeline, said Republican Senator John McCain, of Arizona, and Democratic Senator Charles Schumer, of New York.
The remarks by the presumptive Republican presidential candidate and the head of the congressional Joint Economic Committee followed a slide in the firms’ shares to the lowest level since 1991. They indicate Congress would push the administration to use government funds to prevent the companies from failing and threatening a deeper housing recession.”
I smell an ugly, taxpayer-funded bailout coming — and I am utterly aghast at what its going to cost . . .
http://bigpicture.typepad.com/comments/2008/07/fannie-freddie.html
comments not showing up…
further from bloomberg with Big Picture commentary:
“The government-chartered companies, which own or guarantee about half the $12 trillion of U.S. mortgages, can count on a federal lifeline, said Republican Senator John M*Cain, of Arizona, and Democratic Senator Charles Schumer, of New York.
The remarks by the presumptive Republican presidential candidate and the head of the congressional Joint Economic Committee followed a slide in the firms’ shares to the lowest level since 1991. They indicate Congress would push the administration to use government funds to prevent the companies from failing and threatening a deeper housing recession.”
I smell an ugly, taxpayer-funded bailout coming — and I am utterly aghast at what its going to cost . . .
http://bigpicture.typepad.com/comments/2008/07/fannie-freddie.html
“I smell an ugly, taxpayer-funded bailout coming — and I am utterly aghast at what its going to cost . . . ”
As far as the $300 Billion “housing rescue bill” (or whatever it’s called), I’m mostly annoyed that they’re basically bailing out the banks for making stupid decisions.
NJP<
5 trillion?? who cares, the US is already liable for 90 trillion.
welcome to the USA (Wiemar edition)!!!!
Oh and our GDP is what about 8 trillion???? it sounds like its about time to max out the credit cards! how ironic would it be to max your credit cards buying gold/silver right before the dollar collapses?!?!?!
ooops, sorry its about 13 trillion
NJP
how long before quick check accepts million dollar bills
http://tinyurl.com/5cv2s4
the housing bailout will be the point of no return for the US. yes i have had a few drinks…..
how long before we see these?
http://tinyurl.com/6k9cle
HOBO
“As far as the $300 Billion “housing rescue bill” (or whatever it’s called), I’m mostly annoyed that they’re basically bailing out the banks for making stupid decisions”
ya think? Instead of the maroons who “bought” the houses paying the banks for the loans, you and I will be paying the banks for the loans, except we won’t get the house – the maroons will.
Punish the innocent and reward the guilty.
“how ironic would it be to max your credit cards buying gold/silver right before the dollar collapses?!?!?!”
Nice.
getting freddie in the fannie is going to suck.
http://www.nytimes.com/2008/07/11/business/11fannie.html?_r=1&oref=slogin
last
July 11 (Bloomberg) — Citigroup Inc., the largest U.S. bank, agreed to sell its German consumer unit to France’s Credit Mutuel Group for 4.9 billion euros ($7.7 billion) in cash to shore up capital.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMeQUEFroXUg&refer=home
#267 stu, the idea in this day when it’s a HUGE buyers market to put off buying a “house” to LIVE IN . Not flip like a tech stock makes sense. The markets you mention are under a lot of selling pressure. I have not seen any Nostradamus yet on either stocks or Real Estate. You make a offer after doing your homework and your chances are very good you will be successful. If your time line for owning the house is at least 5 or more years than you will be OK.It’s the seconday vacation homes and condos built for flipping that are as dangerous as a Vegas crap table now.With discretionary income down now those days are long gone.
Thanks Chuck, as they say the most dangerous most dangerous place in the world is between Chucky and a microphone.
“The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York [that] … expressed concerns about IndyMac’s viability,” the agency said.
In the 11 business days following Schumer’s letter, depositors withdrew more than $1.3 billion from their accounts, the OTS said.
John D. Hawke, the U.S. comptroller of the currency (regulator of national banks) from 1998 to 2004, had more pointed words for Schumer in a story in the American Banker newspaper today.
“If Schumer continues to go public with letters raising questions about the condition of individual institutions, he will cause havoc in the banking system,” Hawke said.
“Leaking his IndyMac letter to the press was reckless and grossly irresponsible. I don’t see how he can be trusted with confidential information in the future. What this incredibly stupid conduct does is put at risk the willingness of regulators to share any information with the [congressional] oversight committees. After this, you’d be crazy to share information with Schumer.”
This, from a guy who bounced 900+ checks for $300,000 on the House Bank back in the 90’s.
“”and remember, they ain’t building that wall south of the Border to keep the Mexicans out…. they are building it to keep you inside.””
lol.. si se puedo. interesting view of the world. 12 to 15 million illegal aliens.. oopsie .. sorry undocumented workers.. workers without papers.. citizens of the world..citzens who can’t find their papers.. etc etc etc all trying to get back to points south. yep
Chris Dodd is head of the Senate Banking Committee. Recently, we found out that multiple times he received special rates from trouble mortgage lender Countrywide. Then, we found out that Dodd has been receiving campaign contributions averaging $1000 weekly from Bank of America.. Then, we all found out the clincher. Bank of America was responsible for drafting portions of the corrupt Dodd/Frank bill. So, what is Bank of America’s interest in the bill? Bank of America bought out Countrywide in January of this year. Countrywide’s stock price had been terribly depressed because they were heavily weighted in non performing sub prime and option arm loans. This deal was extremely risky for Bank of America because they were also accepting this non performing paper. That’s where the Dodd/Frank bill comes in. This bill provides $300 billion so that the federal government buys all this non performing paper from banks like Countrywide. This bill turns a risky transaction into a hundred billion dollar financial boondoggle for Bank of America.