From Bloomberg:
Sales of U.S. Existing Homes Fell to 4.86 Million Rate in June
Sales of previously owned U.S. homes fell in June to the lowest level in a decade, signaling tumbling real-estate prices and consumer confidence are hurting demand.
Resales dropped 2.6 percent to a lower than forecast 4.86 million annual rate from a 4.99 million pace the prior month, the National Association of Realtors said today in Washington. The median home price dropped 6.1 percent from June last year.
The biggest housing recession in a generation, now being exacerbated by a tightening in credit and rising borrowing costs as financial losses spread, threatens to stall economic growth. Mounting foreclosures are depressing home prices even more, prompting some buyers to hold out for bigger bargains.
“People are waiting until prices hit bottom, and credit is still difficult to obtain,” Gus Faucher, director of macroeconomics at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “We expect to see home sales fall further.”
Economists forecast home resales would fall to a 4.94 million pace, according to the median of 77 projections in a Bloomberg News survey. Estimates ranged from a 4.79 million pace to 5.1 million rate.
From CNBC:
Existing-Home Sales Skid To 10-Year Low in June
Sales of existing homes fell a bigger-than-expected 2.6% in June to a 10-year low, an industry group said, as the housing industry continued to be bruised by the worst slump in more than two decades.
The National Association of Realtors reported sales dropped to a seasonally adjusted annual rate of 4.86 million units. That’s more than double the expected decline.
It leaves sales 15.5 percent below where they were a year ago.
The downward slide in sales is depressing prices, too. The median price for a home sold in June has dropped to $215,100, down by 6.1 percent from a year ago.
That was the fifth largest year-over-year price drop on record.
From Reuters:
Existing home sales fall 2.6 percent
The pace of existing home sales in the United States fell in June to a 4.86 million-unit annual rate, the National Association of Realtors said in a report on Thursday that saw the sales volume hit a 10-year low.
Economists polled by Reuters were expecting home resales to fall to a 4.93 million-unit pace, from the 4.99 million rate initially reported for May. The June rate was the lowest since a 4.83 million rate in early 1998, the Realtors said.
The inventory of homes for sale held steady at 4.49 million homes or an 11.1 months’ supply at the current sales pace. The median national home price declined 6.1 percent from a year ago to $215,100.
From MarketWatch:
Existing-home sales fall 2.6% to 10-year low
Resales of U.S. single-family homes and condos fell 2.6% in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years, the National Association of Realtors reported Thursday.
Resales have sunk 15.5% in the past year and are down about 33% from the peak in 2005. The pace of sales has been relatively stable since last August at around a 5 million annual pace.
…
The inventory of unsold homes on the market rose 0.2% to 4.49 million, an 11.1-month supply at the current sales pace, the second-highest inventory level since the mid-1980s.
The median sales price fell 6.l% in the past year to $215,100.Sales of single-family homes fell 3.2% to a seasonally adjusted annual rate of 4.27 million, the lowest since January 1998. Sales of condos rose 1.7% to an annual rate of 590,000, the highest since November.
About a third of sales are distressed sales, either foreclosures or short-sales. Many foreclosures aren’t included in the data at all because they are not sold through the realtors’ multiple-listing service.
From the AP:
Existing home sales fall 2.6 percent in June
Existing home sales fall 2.6 percent in June, more than double the expected amount
From the Washington Post:
Fed Report Portrays Stressed Economy
The economy has continued slowing this summer across most of the nation as prices keep rising sharply, according to a report by the Federal Reserve, indicating that the squeeze that has made times tough for Americans throughout 2008 shows no sign of letting up.
Yesterday’s “beige book,” a compilation of anecdotal information from businesses around the country published eight times a year by the Fed, gives a portrait of an economy that continues to experience deep stresses from many sides: a soft labor market, banks that are reluctant to lend, higher fuel prices, and consumers hesitant to buy big-ticket items such as autos.
“Consumer spending was reported as slowing or sluggish in nearly all” parts of the country, the beige book said, and all businesses around the nation “characterized overall price pressures as elevated or increasing.”
From the WSJ:
Housing Bill Will Extend
Federal Role In Markets
By DAMIAN PALETTA and JAMES R. HAGERTY
July 24, 2008; Page A1
WASHINGTON — A sprawling bill that reaches deep into the U.S. housing industry is close to becoming law, in what will likely stand as the federal government’s most expansive effort to stabilize the mortgage and financial markets.
The bill, which began seven months ago as a modest attempt to help struggling homeowners, will now likely touch a vast array of borrowers, lenders, and investors: from owners in Colorado facing foreclosure to community banks in California and investment banks on Wall Street.
The package could also come at a significant cost to the U.S. government, which would be authorized to invest billions of dollars in troubled mortgage giants Fannie Mae and Freddie Mac, as well as insure up to $300 billion in refinanced mortgages. As a result of the bill, Congress will raise the national debt ceiling to $10.6 trillion from $9.8 trillion. It will also give Fannie Mae and Freddie Mac a new, tougher regulator.
To help consumers, Congress is providing a phalanx of tax breaks, incentives and refinancing options — many of which haven’t been tried before and whose effectiveness is unknown. One of the bill’s central planks is a government program to insure up to $300 billion in new loans for struggling homeowners. Its effectiveness will hinge on lenders’ willingness to take voluntary losses and write down the balance outstanding of troubled loans.
funny post from last night”
“The Top 3 Ways You Know You’re Really Drunk on Wall Street”
No. 3: Every time Wachovia cuts its dividend, you do a shot of Jager.
No. 2: You keep picturing Hank Paulson in a toga.
No.1: You stumble out of the bar at 2am and tap the Fed’s discount window to buy one more round.
“The Economic Show Trials Begin”
http://tinyurl.com/6696xf
“MTA Chief Proposes 13 Percent Fare Hike over 18 Months”
http://tinyurl.com/5dmz97
NYT: http://www.nytimes.com/2008/07/25/business/25ford.html?_r=1&hp&oref=slogin
Ford Posts $8.7 Billion Loss on Write-Downs
By NICK BUNKLEY
Published: July 25, 2008
DETROIT — The Ford Motor Company posted a second-quarter loss Thursday of $8.7 billion largely because of write-downs of its assets.
Ford said that it would take $8 billion in write-downs on its North American assets as well as the lease portfolio of the Ford Motor Credit Company.
The loss was $3.88 a share, compared with a profit of $750 million, or 31 cents in the quarter a year ago. Excluding the one-time charges, Ford had a loss of 62 cents a share.
The company also said that it would bring six European small car models to North America by the end of 2012 as it tries to shift to smaller cars after relying heavily on pickups and sport utility vehicles.
Ford’s sales fell 14 percent in the first half of the year, compared to 10.1 percent for the industry overall. But in June alone, Ford’s sales were off 27.9 percent, including a 35.3 percent drop for its trucks.
The disappointing performance led executives to back away from the company’s previous goal of returning to profitability next year. Ford now is expected to lose money for a fourth consecutive year in 2009.
Hey folks.
Back from my first Middle Eastern soujourn. Heading out again tomorrow afternoon.
Gordon Brown was there, Jon Corzine too. Obama arrived as I left. Some guy tried to kill some people. And I thoroughly enjoyed their version of Idol.
From sleepy Somerset to the eye of the storm and I loved it. Glad to be back in the thick of things.
On a professional/personal note. Went from humdrum routine to shmoozing, having tour operators suck up to me and making speeches to a room full of industrialists, diplomats and philanthropists and having them tell me what a great speaker I am.
Sc**w the money. I f&^%king loved it. Sure there will be a comedown at some point in time but everyone should get those kind of professional highs at some point in time in their lives.
Now off on vacation.
Grim, previous post in mod.
I’m sure everybody is happy go lucky today. Off to work for China, Russia and Bill Gross. Gotta love fascict style nationalism. Are copies available in print regarding the USA Manifesto?
lis,
I’d love to hear more about the trip over a beer at the next gtg
Let’s get the day off to a roaring start. Here’s a little taste of Mike Morgan’s latest screed.
Just a little reminder: even though his writing seems hyperbolic and off-the-wall, he’s been right every step of the way:
“I believe it is all but written into the screenplay at this point. The recent rally of 50-100% in banks and builders is indicative of the nonsensical days leading up to October 1929. What I am seeing in the field, is a crumbling of the builders and the banks, followed by retailers. But on Wall Street, Paulson is passing out the Kool-Aid and telling us we need protection from the short sellers. Let’s face it, if the short sellers push the envelope too far, buyers have the right to step in and take advantage of the bargains. But when the Federal Government, or should I say Goldman Sachs (Paulson), take it upon themselves to change the rules, that’s when you can bet Armageddon is in the cards. Over the next few weeks, we will all see just how much more pain there is, and the bag of garbage we just threw up in the air, will come back down harder and stinkier.”
For the entire rambling screed:
http://tinyurl.com/5z78me
BC and Clot – As far as I can tell, you guys are killin’ with your market analysis. Have either of you ever contemplated your own blog on the topic?
And Clot – In-laws live in Hunterdon County and we may know in the next two weeks if they are going to sell and move over here to Bucks County. There’s a chance we’ll lean on you as realtor. Just looking to downsize, avoid the massive taxes and get to a state where their pensions are not taxed.
“and the bag of garbage we just threw up in the air, will come back down harder and stinkier.”
Clot [11],
I’m confused. Was he addressing stocks, off balance sheet “assets”, level 2/3 do-do, swaps, the fed, the treasury, world central banks, rating agencies, policy makers, Trenton, etc… Too many are deserving of that quote.
Congress – Hey my SUV is loosing value very fast, can I get some help !!!
#14,
you are getting it, they are going to drill for oil in Florida and Alaska, what else do you want? a new one?
From the Mike Morgan Article (11):
“The third issue is financing. Its tough to put a deal together, and when you do, usually FHA is involved. The 3% down payment is a myth. Either the seller or the builder pays it, so you still have folks getting into homes with zero down. And the moment they close, they are into negative equity. Thirty days later, they could be 10-15% negative when you consider a falling market and the costs of a buy/sell transaction. When things go bad, as they are, it is the Fed that is eating the 10-15% plus another 50-60K in expenses to unload foreclosed properties . . . at a very minimum. If you want to hear more, you need to be a client. This is a very complicated subject, but it is at the heart of our crumbling economy.”
This is also the heart of the argument I was trying to make last night about our banks solvency.
Laughing (12)-
Thanks for the pump. FYI, I’d be happy to speak with your in-laws, gratis…then refer them to another agent to do what needs to be done.
On Day 1 here, I promised Grim I wouldn’t use his blog to troll for clients. He spends a lot on bandwidth, maintenance, etc here…all with no advertising.
wow ncc got a huge spanking. BTW coldwell banker on squak box this morning and got a grilling from Joe, pretty funny they also talked about BC.
As somebody who rents, barely makes over six figures, doesn’t work on Wall Street, yet got no stimulus check and is having tax dollars used to bail-out banks and overextended debtors I have one question for Hank Paulson, can you at least send me some KY jelly?
Laughing (12)-
Click my name to see my blog. It’s more RE-oriented than financial.
I don’t think I have any more to add to the financial blogosphere than what Mike Morgan has already done.
Thanks to Corzine who we all wanted (keep voting democratic NJ!!) we now have to provide affordable housing for all.
Indeed, כוכב נולד beats the pants of American Idol
National City shares rise 11%, to $5.25 in pre-open trade
John (18)-
The Squawk crew should’ve asked the Clodwell Banker guy what kind of flowers they buy the NY office staff when they miss payroll.
Realogy is hemorrhaging cash, and Apollo’s losses on this company are staggering. This was possibly the worst LBO done during the last frenzy, as this was a broken, dead company when the deal was done.
2nd-Lien Provision Added to Housing Bill
Second lien holders could benefit from permitting the refinancing of struggling homeowners under a special Federal Housing Administration foreclosure rescue program contained in a massive housing bill the House is expected to pass Wednesday. A provision added during final negotiations on the bill will allow second lien holders to share in a portion of future appreciation on the property. However, they have to agree to the restructuring and refinancing of the existing first mortgages, which would extinguish any second or subordinated liens. The provision was probably added to the bill so the special FHA refinancing program can help more troubled borrowers with piggyback loans. As previously reported, the bill bans seller-funded downpayment assistance on FHA loans and places a 12-month moratorium on the charging of risk-based mortgage insurance premiums by the FHA. Those provisions go into effect Oct. 1, 2008, according to a copy of the bill released on Tuesday. The bill (H.R. 3221) also raises the minimum downpayment requirement on FHA single-family loans from 3% to 3.5%
Herring (22) says:
“Indeed, כוכב נולד beats the pants of American Idol”
Perhaps, but how many times can one listen to הבה נגילה sung Beyonce-style before the ratings begin to drop?
#2 grim; In your estimation what does this do for the real estate market as a whole/house prices in our area? I believe they will continue to drop significantly.
On a personal note, hope all is going as well as can be expected in your personal life right now.
AMZN reported earnings of $158 million, or 37 cents a share, compared to earnings of $78 million, or 19 cents a share, for the same period last year. Revenue grew 41% to $4.06 billion. Analysts were expecting earnings of 26 cents a share on revenue of $3.94 billion.
People are buying more than ever. Where’s the recession?
Here come the layoffs!
The unemployment rate is expected to climb to 6 percent or higher by early next year.
http://biz.yahoo.com/ap/080724/economy.html
Clotpoll Says:
July 24th, 2008 at 8:39 am
Laughing (12)-
On Day 1 here, I promised Grim I wouldn’t use his blog to troll for clients. He spends a lot on bandwidth, maintenance, etc here…all with no advertising.
clotasaurus: I do appreciate the insinuation that your chronic trolling is in itself a worthy (not james) endgame…..
I was just looking at the income tax for NJ because a friend had asked me a question and I generally knew the answer. One thing I just wanted to point out is if you make $500k or over there is no incentive to live in NJ whatsoever. You pay 8.97% for state income taxes vs. 6.85% for NY. Also little deductions or exemptions. What warped sense of economics made that decision? You pay almost 31% more state income taxes if you are a extremely high earner. If you make under 500k you’re incentivized to move to NJ, over 500k look elsewhere. In the vicinity Penn is only 3.07% flat tax and Conn only 5.0% for over 10k. So smart NYC commuters should move to Conn from a income tax perspective.
Frank Says:
July 24th, 2008 at 8:52 am
People are buying more than ever. Where’s the recession?
furts: You don’t use any gas when you buy online, and the shipping is free. Did you see the numbers for UPS?
Bill Gross: The Housing/GSE Bill Is Best Way Out of Credit Crisis
http://seekingalpha.com/article/86768-bill-gross-the-housing-gse-bill-is-best-way-out-of-credit-crisis?source=feed
Hard Place Says:
July 24th, 2008 at 8:56 am
So smart NYC commuters should move to Conn from a income tax perspective.
hard: don’t look at tax in a vacuum
People are buying more than ever. Where’s the recession?
Gas is expensive, I buy online.
Free shipping and no sales tax? How can you beat it?
Lisoosh
Sounds fantastic. So glad you took this. If both of us are ever at a gtg, I’d love to hear more.
Grim
I’m with you. But I do have a love/hate relationship with EvilBay
#11 clot: What in your opinion does the bailout dow for housing prices in our are. I believe they will continue to decline significantly.
#28 frank; Take a look at what the CEO of American Express said the other day, regarding how his company’s most prime borrowers are struggling to pay their credit card balances.
From MarketWatch:
U.S. weekly initial jobless claims up 34,000 to 406,000
U.S. jobless claims highest since late March
U.S. 4-week avg. jobless claims up 4,500 to 382,500
Ha Stu, I always got a kick out of Naomi Shemer songs sung in Beyonce…
Bi disapeared.
KL
3b (38)-
I look at the housing bailout as the equivalent of taking a lousy joint, dusting it with PCP and ketamine, then soaking it in formaldehyde.
It’s a core of rotten, with all kinds of bad accelerants and nasty side effects. In sum, the bailout will make everything it touches worse.
And- worst of all- the whole process will take forever to play out, a la Japan.
Got cold fish & rice?
kl (42)-
I hear he’s marrying his margin clerk.
Wow….
Personal income tax
New Jersey’s tax system collects income taxes from its residents based on six or seven brackets, depending upon filing status.
Single taxpayers and married taxpayers filing separate returns face six rates:
— 1.4 percent on the first $20,000 of taxable income.
— 1.75 percent on taxable income between $20,001 and $35,000.
— 3.5 percent on taxable income between $35,001 and $40,000.
— 5.525 percent on taxable income between $40,001 and $75,000.
— 6.37 percent on taxable income between $75,001 and $500,000.
— 8.97 percent on taxable income of $500,001 and above.
Married taxpayers filing jointly, qualifying widow or widower and head of household filers face seven rates:
— 1.4 percent on the first $20,000 of taxable income.
— 1.75 percent on taxable income between $20,001 and $50,000.
— 2.45 percent on taxable income between $50,001 and $70,000.
— 3.5 percent on taxable income between $70,001 and $80,000.
— 5.525 percent on taxable income between $80,001 and $150,000.
— 6.37 percent on taxable income between $150,001 and $500,000.
— 8.97 percent on taxable income of $500,001 and above.
New Jersey tax returns are due on April 15 or the next business day if that date falls on a weekend or holiday.
http://www.bankrate.com/brm/itax/edit/state/profiles/state_tax_NJ.asp?caret=1e
i expect the mood of this board will get better today after seeing many days of decline of oil and gold and shooting up of financials… pre-open: oil and gold up.
I just didn’t see how what he posted was relevant.
Speaking of relevance, does anyone have a connection with a car dealer they wouldn’t mind sharing? Honda/Acura, BMW, Lexus, etc.
Ma’ Bednar totaled her car a few weeks back, head on collision with an SUV (she’s since recovered, although she may need knee surgery).
The other driver decided that the double yellow didn’t really apply to him.
well now that this bailout is in place, i think the gov. should issue housing stipends of at least 20% of purchase price up to maximum 200k home to all us renters. this should certainly get u.s. home ownership back on track and we won’t even have to worry about actual loss on our real dollars that we have been saving by renting.
# 43 – ..the equivalent of taking a lousy joint, dusting it with PCP and ketamine, then soaking it in formaldehyde.
Wow. Did you know me in high school? `cause if you added the DKs as a soundtrack you’d be accurately describing sophomore, junior and senior years.
Jim,
Glad to hear you mom’s okay.
KL
Grim
Sorry to hear about it. I hope she’s well. I can tell you to stay far away from the Honda dealer near me. They’re awful.
tosh (49)-
I’m assuming “DKs” mean Dead Kennedys.
If so, we may have run in the same crowd…but parallel universes.
grim, i have no connection but did have a great experience at bill vince’s bridgewater acura. got an 07′ mdx below invoice last august.
45#, frank, how about your options on FNM, FRE and etc?
bi (46)-
Do you engage in pre-market trading?
I have to know.
I have always liked Lexus of Bridgewater. No bad-breath salesmen pulling the usual cheap tricks.
We bought our used 06 Accord from D&C Honda in Tenafly. They had the best pricing on Certified used Accords in this area…
re: #48 Secondary Market
Congress included a $7,500 tax deduction for first time home buyers in the bailout bill, once approved by the Senate and signed by Bush we should start seeing the NAR advertise it.
Back in 1975 Congress implemented a $2,000 tax credit, it helped turn around the housing slump by clearing out the glut of new, unsold homes. More than 500,000 people used the tax credit.
Would $7,500 inspire you to buy a house in today’s market?
chifi,
“hard: don’t look at tax in a vacuum”
My post was solely from a tax perspective. I’m considering jersey due to friends and family.
45#, frank, how about your options on FNM, FRE and etc?
Made money on all of them, then I sold puts on FNM @5.
Nice profit on that as well.
@58,
nope.
If you are buying used, no need for certified. Search used car inventory via internet. Do your own general inspection. Find a good mechanic to do a full inspection for about $100. For BMW’s you can extend the warranty to “certified standard” by paying for it. That’s what I did and I bought my 2002 325i in 2003 for about 67% of MSRP and tack on the warranty for approx 73% of MSRP all in. I bought from a used car dealer and bought a gem at a great price.
For those fixated on granite countertops:
http://theater2.nytimes.com/2008/07/24/garden/24granite.html
From first hand experience, I can speak highly of Ray Catena’s operations specifically the Lexus dealership in Ocean Twp.
I’ve also found that there appears to be a Honda Tax, where the salesmen mark-up the price of Honda vehicles….just because. The Acura, on the other hand is a nice machine without all the rhetoric.
meter (63)-
Hoo boy. Granite = lung cancer.
Doesn’t get any better than this.
What does Corian emit?
JB,
Glad to hear your mom is OK. Maybe we can go in on a package deal. I had my pos stolen yesterday, at the Path station.
$7,500 might inspire a purchaser in the Midwest where it might represent a 5% discount on a home, but in the Northeast? Fuggedaboudit!
Fixed mortgage rates jumped in the latest week, according to Bankrate Inc.’s survey released Thursday. The average conforming 30-year fixed mortgage rate rose to 6.77% from 6.42% a week ago, while the average 15-year fixed mortgage rate climbed to 6.32% from 5.95% a week earlier. Ouch, rates over 6.75% on there way to 7% should all be made fine by a lousy $7,500 hundred bucks.
Certified cars are nonsense. My friend buys used cars under warranty, has mechanic run though it and fix anything covered by warranty then changes all fluids and details it. He avoids cars that needs tires/brakes. It is $75 for the dealer to run through it, $100 to change fluids and $150 for the detailing for a total of $325 and then he sells it for a 3K markup to dopes who think certified means anything.
How many first time homebuyers do they actually think are out there? I’d think most dove in when the banks were giving away money the past five years. Now you actually have to show you have a job.
#43 clot:But do you think it will hasten or prolong the decline in housing prices in our area?
Your opinion as always is appreciated.
Grim,
My neighbor just bought a beemer from his friend’s dealership (if I remember correctly it is in monmouth county) and reportedly got a good deal. He is away for a few days but I will get you a name and number when he returns.
afe
http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2008/Investment+Outlook+Bill+Gross+Mooooooo+August+2008.htm
Bill Gross great housing stuff today
#70: It is funny, we bought in December 2006 and our mortgage guy basically told us we had to provide 6 months of bank statements, pay stubs, investments, etc
BUT he said if we went for a stated income I/O loan we wouldnt have to provide any information.
$7,500 might inspire a purchaser in the Midwest where it might represent a 5% discount on a home, but in the Northeast? Fuggedaboudit!
From what I understand, it isn’t truly a tax credit. It’s a 15 year interest free loan.
For the 20% down buyer using a 30 yr. fixed, the difference between paying back a 30 yr fixed and 15 year interest free isn’t much. In other words, it won’t allow you to stretch your budget.
He also told us that “nobody puts down payments anymore, you guys are rare”
#76
BIG, now they do!
lis,
I must have missed all of your trip details: where? safe?? business related?
I’d love to hear about it. (I have relatives that visit the M.E now and then but not at much lately.)
sl
Is that individual AMEX or all AMEX is defaulting/paying off late?
I thought most of their business was corporate accounts
It’s gonna be a long walk home;
“July 24 (Bloomberg) — Sales of previously owned U.S. homes fell in June to the lowest level in a decade, signaling tumbling real-estate prices and consumer confidence are hurting demand.”
“Resales dropped 2.6 percent to a lower than forecast 4.86 million annual rate from a 4.99 million pace the prior month, the National Association of Realtors said today in Washington. The median home price dropped 6.1 percent from June last year.”
“The biggest housing recession in a generation, now being exacerbated by a tightening in credit and rising borrowing costs as financial losses spread, threatens to stall economic growth. Mounting foreclosures are depressing home prices even more, prompting some buyers to hold out for bigger bargains.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=awApxYbP2hwA&refer=home
Anyone want a good hedge against NG / Heating oil prices.
Just don’t tell the building inspector.
http://www.northerntool.com/webapp/wcs/stores/servlet/product_6970_20894_20894&issearch=16160
At that price it is worth it to throw one in the back of the garage for a rainy/cold day.
re: (63) Will people believe that their kitchen counter can kill? Lawyers are already advertising it, can’t wait for the TV commercials.
Quote:
Personal injury lawyers are already advertising on the Web for clients who think they may have been injured by countertops. “I think it will be like the mold litigation a few years back, where some cases were legitimate and a whole lot were not,” said Ernest P. Chiodo, a physician and lawyer in Detroit who specializes in toxic tort law. His kitchen counters are granite, he said, “but I don’t spend much time in the kitchen.”
http://cgi.ebay.com/ebaymotors/Cars-Trucks___2007-BMW-525I-6-Speed-Manual_W0QQitemZ270256872623QQddnZCarsQ20Q26Q20TrucksQQddiZ2282QQcmdZViewItem?hash=item270256872623&_trksid=p3756.m14.l1318
This NY area BMW on ebay that expires in a few hours is a great price from a private party, I was going to bid but changed mind.
#82 sean
and he didn’t inhale.
http://www.youtube.com/watch?v=KC9q2tK06nE
Say what you want about Ron Paul but I think all of you will appreciate what he’s trying to do.
Car warranty.
Just wanted to point out that my extended car warranty came from BMW directly. A third party warranty is a rip-off. Never know when they will go under.
Read about the warranty on e46fanatics.com.
re: granite countertops and Uraninum & Radon etc.
I sent that NY times article to a few coworkers who did extensive kitchen remodels and installed yards of granite.
The reaction so far has been shock.
thatBIGwindow Says:
July 24th, 2008 at 9:30 am
We bought our used 06 Accord from D&C Honda in Tenafly. They had the best pricing on Certified used Accords in this area…
I bought used from D&C twice and was satisfied. If you get past the fact that it is a car dealership, they are OK. When I last shopped there seven years ago, they had a 10-day full return policy (as opposed to a dealership credit). It really does not get better…..you can take the car wherever you want and get it fully checked out.
67
BCB,
You had your whip stolen from a park and ride in New Jersey???? … people still steal cars? (??) …so 90’s…
The last automobile theft related news blurb I remember was DMX’s unsuccessful attempt at Boosting a Yukon out of long term parking at JFK.
83
J,
I purchased my vehicle in the McDonald’s parking lot on the outskirts of Philly from a individual wielding a heavy eastern european accent. Wrote a check, was handed the keys and told “taitel wil be in mail in tirty day.” If you do ebay motors right, there is tremendous value to be had.
John,
I’m more of an E46/M kind of guy. Too young for the 5..
Grim,
89 in moderation.
CHI/TBW,
Thanks, I may be visiting.
#83 Straw
I seem to recall
“I would tithe but like most married men their is nothing left over after the IRS, SS, Medicare, wife and kids maul the paycheck. But if they want 10% of my lunch money they are welcome to it.”
So what will you buy the BMW and the million dollar LI house with. Has the Taurus gone classic and reached the price point of a 69 SS so it covers the trade in.
How about changing the statement to “I would tithe, but I’m cheap”
San Diego sues Bank of America to block foreclosures
We would like to see San Diego become a foreclosure sanctuary,” Aguirre said.
This worked out great during our Great depression. Why would anyone in th eright mind offer a mortgage to anyone residing in San Diego?
WM back down to $3.79. Any guesses on when the bank run begins?
From MarketWatch
FIXED-MORTGAGE RATES SOAR ON INFLATION FEARS; RATES AT HIGHEST LEVEL IN NEARLY A YEAR
Freddie Mac: 30-yr fixed-rate mortgage up on inflation woes
Freddie Mac said Thursday the 30-year fixed-rate mortgage average was up from last week to 6.63% with an average 0.6 point for the week ending July 24. Last week, the average was 6.26%, and the year-ago average was 6.69%. “Market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve will raise short-term rates this year all combined to push mortgage rates higher this week. Some of the key drivers to these concerns were consumer prices jumping 1.1% (annualized) in June – the largest increase since September 2005 on a year-over-year basis – coupled with consumer prices growing at a 5% clip (on a year-over-year basis), the strongest since February 1991,” said Frank Nothaft, Freddie Mac’s chief economist, said in a statement.
I hear in this housing bill there is a provision which will require every credit card transaction to be reported to IRS.
If this is true then I need to get Euro Passport immediately.
hey kettle.
How’s the property is Dominica coming along, can I crash on your couch.
WM back down to $3.79. Any guesses on when the bank run begins?
The bank run begins when Chuckies pmnt is late and he’s forced to write another letter.
“WM back down to $3.79. Any guesses on when the bank run begins?”
Stu,
See Clot’s post, #11.
“the bag of garbage we just threw up in the air, will come back down harder and stinkier.”
Depositors at WaMu better run to the bank before the door closes.
I am expecting another speach from Paulson sometime next coupe of weeks about how “sound” the banks are.
97 Make
My friend and her family just finished their house in Grenada. Maybe I’ll go pay a visit.
From MarketWatch
1998 levels for existing-home sales
Existing-home sales fall 2.6% to 10-year low
Resales of U.S. single-family homes and condos fell 2.6% in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years, the National Association of Realtors reported Thursday.
Resales have sunk 15.5% in the past year and are down about 33% from the peak in 2005. The pace of sales has been relatively stable since last August at around a 5 million annual pace.
—————
NJMLS Bergen County Stats show June down 22.6% in the past year and down 41% from the 2005 peak. But no fear, the numbe rof home Under Contract has… never mind.
Year Sales U/C
1991 840 757
1992 848 870
1993 828 978
1994 904 925
1995 821 898
1996 827 973
1997 886 919
1998 1090 1013
1999 1112 971
2000 1025 917
2001 929 969
2002 933 890
2003 929 1124
2004 1181 1132
2005 1187 1185
2006 933 919
2007 904 885
2008 700 712
#92
BC,
If you do, let me know how it goes. I’m due, but I’ve been putting it off for a while. That was one of the places on my list to check out.
47 Grim, so sorry to hear about your wife’s accident…thoughts and prayers are with you both
Elmwood Park FUTURE Comp Killer!
SOLD: 159 ORCHARD ST $463,500 12/6/2005
MLS#: 2831443
List: $389,000 7/24/2008
#97 MM: provision which will require every credit card transaction to be reported to IRS.
Does the article discuss why?
#96 Rich; 7% and + fixed mtg rates, right around the corner
make,
Havent built on the lot yet, but i think it may be time to step up plans and get a small house built. Was planning on sitting on the lot for a year or so then building.
At least is already has a large number of mature fruit trees :)
83….5 series fails the side impact tests significant risk of pelvic damage in a collision. Try story. The 2.5 liter is too little engine for that car….
I would say any car dealer would be dying to sell a car right now.
Grim, so sorry to hear about your wife’s accident
Oh no no, Ma’ was literal.
Actually I don’t title as it is not a part of my religion. The orgins of tithing date back to the old testament, around 7 AD some christian churches brought it back to line their own pockets. The other reason is in general I will not donate money to any charity that does not donate 100% of the funds to the truly needy. Drive through Great Neck any day and check out S classes parked in the Rabbi’s spot or the pinky rings on the minsters at the movie theater churches and it is a turn-off. I rather just pay my taxes and let the money be used to bail out the housing crisis, provide school lunch programs and support the cure for aids then give it to some fly by night church so the minister can fly his family on his Hawaii vacation. That said having three kids in school I get hit up for girl scouts, CCD, Fundraisers etc. every week. I can’t keep up with my own charities let alone give to others. My final reason I don’t give cause the poor that are really poor rarely stick their hand out, it is the scammers with $200 nikes looking for money while the real poor refuses it.
Funny part is whenever a charity calls me up for money I say great, in fact I could use some help with my bills how much are you willing to give me? Of course they hang up, they ain’t giving money to nobody but themselves.
(CBS/AP) The 2008 BMW 5 Series was the worst performer in new side-impact crash tests of luxury sedans by the insurance industry.
The Acura RL, Kia Amanti and Volvo S80 all earned the highest safety rating from the Insurance Institute for Highway Safety, according to results released Thursday. The Cadillac STS and Mercedes E-Class earned the second-highest rating.
The tests were designed to show what would happen if a truck or sport utility vehicle hit the side of the sedan at 31 mph, the speed of a serious crash. Side-impact crashes are the most common type of fatal crash after a frontal crash, killing around 9,000 people on U.S. roadways in 2005, the institute said.
Safety experts say a growing concern is for car drivers in side-impact crashes with bigger vehicles, points out CBS News correspondent Joie Chen.
“Growing sales of SUVs and pickups have exacerbated height mismatches among passenger vehicles, thereby increasing the risks to occupants of many vehicles struck in the side,” Insurance Institute President Adrian Lund said in a news release.
“The hoods of those vehicles come in right at head level,” Lund told Chen. “And if you don’t have an airbag between you and whatever is coming in, they’re literally the difference between life and death.”
All six sedans were equipped with standard side air bags. The air bags in the BMW 5 Series protected the head, but separate air bags designed to protect the chest and abdomen performed poorly, the institute said.
Doyle [103],
Will do. Wasn’t planning on visiting, however some thief had other ideas.
Grim I stand corrected, but same sentiment
#113
Sorry to hear it BC, that can’t be a good feeling. That’s happened to me a few times, but then I found out I was just towed and owed $300.
lost [101],
Does your friend rent rooms?
Doyle [115],
That’s what I first thought. Unfortunately, no.
116 BC
Nope, its a family compound. Although, you never know what will happen in the future with this economy.
BC, Grim,
Give this guy 2K, take this baby of his hands. $290 per month is a joke and you can really enjoy this ride.
http://www.leasetrader.com/2007_BMW_Z4_M_Roadster_126527.xhtml
The reported inventory levels are never “seasonally corrected”.
Usually, inventory peaks around June and stays high until the winter season.
So, if the inventory of homes for sale held steady at 4.49 million homes, this could be read as a sign that things are stablizing? Or… are foreclosures not always reported as inventory and only reported as a sale?
Or… do we have a short burst of investors and people stepping off the fence, a supply that will dry up once the oil starts burning up spare cash?
How will this housing bill effect RE on main street?
now that the abnk will dump the exotic and subprime mortgages to Hank and all the triple A stuff to Ben, will they be making new easy loans?
Add a credit of $7500, low interest rates, invetory stabilizing, high inflation, could be the forming of a bottom.
Any one leaning Bullish over the next 6 months.
#121
If you are p*ssy whipped and have been looking to buy a house, then you have a reason to turn bullish,
contrary if you are wearing the boxers in the house, then this is a reason to turn more bearish.
If you have 15 minutes and can stomach a little bit of the “pompous intellectual” and self-satisifed tone of this woman, this talk is tremendously fascinating.
Megan McArdle on debt in America
Your house won’t ever get housier
http://video.economist.com/?&fr_story=a4b7b8da05b2a331e4865b456e9c307ab573b16e&autoplay=true&skin=oneclip&rf=ev
I am generally not a fan of govt bailouts. But in a country where fiscal conservatives are a minority in the senate/house and an incompetent president in the white house the best I can hope for is less bailouts than more bailouts and less of a hit to tax payers.
The more I have researched the housing bill the less worried I am about it. It’s got more bark than bite. The tax payer is definitely going to help enrich the Mortgage banks/brokers but the scope of the people who can qualify into an FHA approved mortgage is fairly limited.
Assuming that a person does qualify and make it to top of the queue with soon to be overworked FHA reps desk, the original mortgage holder would have to eat 15% of the loan balance. So assuming the house eventually does end up in the tax payers hands hopefully the loss will be only another 20% or so. Something we have no choice but to live with. Atleast the home owner lives in the house.
The 4 billion that is going to go to communities to buy foreclosed homes is purely a tax payer funded enrichment of private mortgage enterprise.
Way to go liberals. Keep socking it to the tax payer.
Tom….if you want to know why I originally got bent out of shape with your posts here, I related very much to the opinion posit by McArdle at minute 7:30….
FYI the $7500 credit to the first time buyer is an interest free loan that has to paid back in 15 years or when the house is sold !!
Zack,
I’m Albanian, having said that what’s underwear got to do with housing fundamentals and feds monetary policy.
In evaluating the impact of the new housing bill, I stumbled upon this provision which relates to the refinancing of exotic arms to stem their future foreclosure:
The bill authorizes the Federal Housing Administration to insure up to $300 billion in refinanced loans for homeowners at risk of foreclosure, aiming to help as many as 400,000 homeowners trade expensive adjustable-rate mortgages for more affordable 30-year fixed-rate loans. To participate, each borrower’s lender must first voluntarily agree to reduce the principal balance of the loan to about 85 percent of each home’s current value. The borrowers must demonstrate the ability to pay the new loan and must also pay a 1.5 percent annual insurance fee to protect the government from future defaults.
Will the banks voluntarily reduce the principal to 85% of the homes value?
Considering the FEDs hazardous decision to bail out Bear (investment bank) I don’t think the banks will! The only thing this housing bill helps is to support FNM/FRE shareholders.
We’ve been fleeced again!!!
Oh Kettle1!
Release: 5521-08
For Release: July 24, 2008
CFTC Charges Optiver Holding BV, Two Subsidiaries, and High-Ranking Employees with Manipulation of NYMEX Crude Oil, Heating Oil, and Gasoline Futures Contracts
Quote//
The complaint charges all defendants with 19 separate instances of attempted manipulation involving the aforementioned energy futures contracts on 11 days in March 2007. The complaint further alleges that in at least five of those 19 attempts, defendants successfully manipulated certain of these energy futures contracts, causing artificial prices. In three of those instances, defendants forced futures prices lower, and in two instances, defendants forced futures prices higher. The complaint alleges that defendants profited by approximately $1 million from their manipulative scheme.
http://www.cftc.gov/newsroom/enforcementpressreleases/2008/pr5521-08.html
Grim #129 in Moderation
re: CTFC and Oil price manipulation charges filed.
http://www.cftc.gov/newsroom/enforcementpressreleases/2008/pr5521-08.html
126
Right. That’s what I need- to owe more money. Some incentive.
Antitrump,
Based on feds monetary policy and our USD being backed by fannie and freddy an interest free loan for 15 yrs is an equivalent to a grant.
#111 smoldering Straw
“I rather just pay my taxes and let the money be used to bail out the housing crisis”
I find that very hard to believe, I think you would resent every cent that went to anyone, even Uncle Sam. Where do you stand on Flat Tax?
Its nice however to see you backpedaling to put out the flames.
Get more housey? Funny. Increasing productive capacity? I would say that the employment of contractors and service people for homes is productive.
This is a bank driven meltdown….pure and simple.
Did Garden State Multiple Listing recently eliminate the box that indicated if the property was in a flood zone? I could have sworn there used to be a box that said “Flood: Yes” if the property was in a flood zone.
This property is on Fayette Ave in Wayne. Major flood area. No “flood” box.
http://new.gsmls.com/public/detailLst.do?mlsNum=2505775
Make,
“now that the abnk will dump the exotic and subprime mortgages to Hank and all the triple A stuff to Ben, will they be making new easy loans?”
They’ve been doing that for 6 months now and all they’ve done is use the Fed backstop to try and generate trading profits to keep themselves solvent. That house bill does nothing to change that fact.
Take a look at mortgage rates/lending standards; they’ve done nothing but increase since all of this started.
If you listened to Roubini you’d know the inventory numbers are a crock.
I’ll be bullish when you see about 100 banks fail and an end to the lending facilities. At that point I’ll consider buying a home.
make money Says:
July 24th, 2008 at 12:13 pm
Antitrump,
Based on feds monetary policy and our USD being backed by fannie and freddy an interest free loan for 15 yrs is an equivalent to a grant.
I’d agree, that it is a grant from the goverment. However here, in the East Coast 7500$ is laughable!!!
When a tear-down starter home 50/100lot in average blue collar town goes for 300K???
Come on, 7500 interest free does nothing for me. I’d say for people who never owned a house – give us poor renters INTEREST FREE 30 years MORTGAGE!!!
Than it would be fair!!!
LOL
Hehehe(136): I agree.
“I’ll be bullish when you see about 100 banks fail and an end to the lending facilities. At that point I’ll consider buying a home.”
I truly hope that when Obama gets elected, he significantly increases the income tax rate on those who make $500k and above. I want some of my money back!
“I’m Albanian, having said that what’s underwear got to do with housing fundamentals and feds monetary policy.”
make,
It’s a great indicator regarding sellers motivation.
It all depends on whether one’s wears are clean or dirty.
make money Says:
July 24th, 2008 at 12:09 pm
I’m Albanian……..
you had me at hello
“The only thing this housing bill helps is to support FNM/FRE shareholders.”
Stu,
Bingo. I stated last night, it has absolutely zero to do with the plight of those facing foreclosure. The only scenario that will save their hide is appreciation.
This, bailout, is strictly about the capital markets. China, Russia and Bill Gross are popping the champagne.
Where do the wearers of thongs stand in this?
“Where do the wearers of thongs stand in this?”
Gary nor I have yet formulated an opinion.
NJMLS First Half Sold & Under Contract (Pending) data for Bergen County
SFH, Condo, Co-op & Twnhse
Year Sold U/C
1991 3,151 4,794
1992 3,591 4,966
1993 3,542 4,919
1994 3,940 5,180
1995 3,235 4,639
1996 3,500 5,359
1997 3,834 5,253
1998 4,246 5,882
1999 4,364 5,494
2000 4,054 5,189
2001 3,822 5,019
2002 4,545 5,468
2003 4,139 5,344
2004 4,652 5,844
2005 4,796 6,026
2006 4,024 5,167
2007 4,134 5,110
2008 2,894 3,851
“Where do the wearers of thongs stand in this?”
lost [141],
Same question; clean or dirty?
Puryear Sees No Sign of U.S. Housing Inventory Decline
July 23 (Bloomberg) — Paul Puryear, a homebuilding analyst at Raymond James & Associates Inc., talks with Bloomberg’s Tom Keene from St. Petersburg, Florida, about the outlook for the U.S. real estate market, the impact of housing inventories on homebuilders and the implications of a possible government rescue of Fannie Mae and Freddie Mac.
minutes 18:20
http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vVrqfnCwVTWM.mp3
#141 – Where do the wearers of thongs stand in this
To earn a couple of bucks if they dance around a bit ;)
142 Stu
Let me know when you reach an agreement.
144 Bob
For each?
#143 – If falling off a cliff had a numerical representation that would be it.
New York sues UBS, alleges auction-rate fraud
http://biz.yahoo.com/rb/080724/auctionrates_probe.html
“Cuomo also accused several senior UBS executives of wrongdoing, saying subpoenaed e-mails detail how they dumped $21 million in personal holdings as the auction-rate market collapsed while still pushing securities to customers.”
re: #149 Perhaps Cuomo will have Phil Gramm do a perp walk?
This, bailout, is strictly about the capital markets. China, Russia and Bill Gross are popping the champagne.
Can the capital markets stabilize with housing heading south?
If yes, then can stable capital markets themselves prodide the floor for housing?
“That last data point is the most important one, so let’s review it: Fully one third of all existing sales are of distressed properties.This includes defaults, foreclosures, work-outs, walk-aways, etc.”
“Now for the really scary part: Shadow Inventory. The glut of homes for sale is likely much larger than reported. Inventory counted by the Realtors group only includes foreclosures that have been listed on the multiple listings service. The enormous number of REOs, auction properties, defaults and foreclosures not listed ARE NOT IN THIS DATA.”
“Because foreclosures aren’t included in the data at all (they are not sold through realtors’ MLS service) it is likely that the total inventory of houses for sale is APPRECIABLY HIGHER THAN REPORTED.”
http://bigpicture.typepad.com/
make,
no and no.
make,
It’s a great indicator regarding sellers motivation.
It all depends on whether one’s wears are clean or dirty.
with you and Warren is all about underwear. you’re looking for shit stains and he wants to know who’s swimming naked.
I love it.
Next time I put on the infamous boots I will bring in a K-9 dog with me to do some sniffing.
All this talk about cars and car dealerships, and practrically no references to any domestics. That’s kind of sad, isn’t it?
make,
no and no.
So why is Hanks underwear all bunched up about this Fannie Bill?
#156
Hobo,
Just got rid of my domestic, which is why I’m looking foreign.
Hobo
I’m sorry to say I’ve had nothing but trouble with any American car I’ve owned. DH has had more luck then I have but it still doesn’t make me feel very good.
Doyle,
buy foreign while you still can. In the near future(5-10yrs) none of us will be able to afford foreign with our zimbabve currency.
Hey Rich and All,
Regarding your future comp killer 159 Orchard
Elmwood Park.
Sale price 463,500 Recorded 12/09/2005
1st Mtg – 370,800 (Lender WMC Mtg Corp- WaMu?)
7.99 Adj. 30 yr.
2nd Mtg – 92,700 15 yr fixed (no company given)
This info from a subscription database.
Not the result of a recent mortgage search.
189 Orchard Elmwood Parks asking price of
380,000 is 10,000 more than the first.
How low is the first lien holder willing to accept?
just charted Riches MLS data….
http://bp0.blogger.com/_lsF4HSdqo04/SIi19T39B8I/AAAAAAAAAfQ/TW2o4WPrgbg/s1600-h/NJMLS.JPG
156…..the Dodge Challenger…one of which I saw today is a nicely built American car….unfortunately the timing is off for a 10 mpg car.
Having had both foreign, but mostly domestic vehicles, and observing friends and family, you can get a lemon of a car no matter what brand you buy.
I’m just surprised when times are tough that people are looking toward foreign vehicles. I currently drive a Mercedes, which is good but required a major overhaul of its electronics system within a year of its purchase. I bought it because at that time, there was no domestic vehicle offered that 1) wasn’t a truck and 2) wasn’t a old folks sedan and 3) wasn’t a starter-level car. I was furious that there was no domestic car option that fit my needs.
Given the current state of the economy, I’m buying domestic next. I can’t even think of supporting another country’s product (yes, some foreign cars are built here, I know).
It’s too late hobo….too late to prop up an industry that has been so poorly run that it finds itself in the state it is in today. Capitalism works.
which cars are selling…
http://online.wsj.com/mdc/public/page/2_3022-autosales.html?mod=mdc_h_econhl
What cheap, pos, used car would be on the top of anybody’s list, driving 8 miles ea way and parked at a train staion all day. Sleeps at night and weekends.
Would the fed have anything avialable at the window?
168 BC
Sounds like they thought it would be good for parts or a joy ride.
BC,
Maybe Bergabe and the PPT had it stolen for you calling BS on their various economic plans?
I used to consider my ’92 corolla a pos, soon I may have to get an anti-theft device:)
lost [169],
The full tank of gas was more valuable than the car.
interesting
The collapse this week of SemGroup LP, a little known private oil-marketing firm, may have played a role in crude oil’s 14% drop over the past 10 days.
http://online.wsj.com/article/SB121685645708379013.html?mod=googlenews_wsj
Ford Taurus hands down. Damm thing is crazy cheap to fix and rarely ever breaks. My Sable has been abused for eight years straight and like the wife of an acholic red neck is loves the beatings and comes back for more.
Hobo,
Whatever the reason, you can’t grandstand on buying Domestic while driving a Mercedes.
Non-crashworthy BMWs is just God’s way of keeping the douchebag population in check.
(I keed, I keed.)
“I used to consider my ‘92 corolla a pos, soon I may have to get an anti-theft device:)”
he,
LOL. The cops, I know some of them, thought I was joking when I showed up at the station. They said it doesn’t matter what year, whatever they can get. Last week they had an 82′ chevy stolen.
http://www.cars.com/go/search/detail.jsp;?tracktype=usedcc&searchType=21&pageNumber=0&numResultsPerPage=50&largeNumResultsPerPage=0&sortorder=ascending&sortfield=PRICE+ascending%2cPRICE+descending&certifiedOnly=false&criteria=K-%7cE-%7cM-_14_%7cD-_185_%7cN-N%7cR-75%7cI-1%7cP-PRICE+ascending%2cPRICE+descending%7cQ-ascending%7cZ-10004&aff=national&paId=281729112&recnum=1&leadExists=true
More than 12,000 people have been killed in SUV rollovers since the first SUV hit the road nearly two decades ago. Yet Congress ignored the dangers of SUVs until the fall of 2000, when it began a series of hearings that focused solely on deaths and injuries related to faulty Firestone tires mounted on Ford Explorers. Nearly forty times as many people have died in SUV accidents unrelated to tire failure.
“..the full tank of gas..”
There ya go.
We never had car break-ins in our neighborhood.
Up until about a month ago. All of a sudden, every night, it’s a row of cars on a block..then the next side of the street a few nights later.
What’s taken?
Change. Baby car seats are taken out and put on the curb so the perp can feel down in the seats.
kettle [172],
I’ll take the opposite side. The previous action, up, seemed like a huge short squeeze. How about they were hedging/speculating short and got annihilated. It’s possible they could not get the financing to cover their hedges and the market knew it. How else do you explain $10 daily moves on the upside, front month, while the spreads are blowing out in the back months?
John [177],
You got me thinking.
The cost of the House Bill $25B
http://www.cbo.gov/ftpdocs/95xx/doc9592/hr3221.pdf
FYI – so basically anyone saying that the housing market is bottoming or will bottom within the next 12 months is implicitly demanding that we will not move into a recession or are not in one currently. It appears to be a far fetched assumption from my perspective…..
BC (181)
All this is like an NBA game going into the 4th quarter.
All that has come before is churn; now the game’s for real. No more head games, no more silly stuff.
My 95 Civic has been broken into 2 times and the locks have been busted three times as well. Total cost for repairs is well over $1,000.
During one episode, since all of my locks were busted besides the one to my hatchback, I had to climb into the car through the hatch. As my backside is sticking out the rear hatch, a NYPD cop pulls up and asks me what the hell I’m doing. I asked him where he was when my car was nearly jacked. He just started laughing. I made the bright decision to put in an engine kill switch for $100 when I had my aftermarket ghetto blaster installed. The engine kill is the only reason I still have my baby today.
Another time, my window was smashed and the thief took my smelly old street hockey gear. What he wasn’t aware of was that I have $1,000s worth of mobile audio equipment in there. Of course, you would have to fold the rear seats down to access the amps and crossovers.
I wondered what he did with my hockey gear.
A little light reading re the current status of the mortgage market:
http://www.ofheo.gov/media/research/MME2007.pdf
On Natural Gas,
Buddy of mine is a natural gas market maker. He says in the last few days he has seen two major players in the industry blow up on the recent 30% drop. Might be a more affordable winter for all of us after all.
re: crime – a young couple I know had their home broken into in Maplewood recently and cleand them out, when through all closets, drawers in every room. The thieves had lots of time since they broken in during the day when the couple was at work.
I also have heard auto theft itself is on the rise again, I gather the chop shops are making a killing.
He he he:
“The cost of the House Bill $25B”
Not if FNM and FRE are much worse off than they allege to be. I read that there is a 5% chance they would need $100 billion to stay solvent.
The problem here is that no one knows what the true value of their loans are. If housing prices drop 50% rather than 30%, then that $25 billion will grow exponentially.
a good alarm system in the house……secure doors and windows…..and a dog with a deep bark…..priceless.
Mike:
I follow the NG market closely. Last week, there was a surprisingly huge supply build. This week, the build was more normal. We are still well below five-year averages. If this winter is colder than average and we don’t have more builds like last week, then the winter bills are still going to suck.
http://americanoilman.homestead.com/GasStorageGraph.html
Met’s are blowing it. Why is Perez still pitching?
BC,
I cannot make an educate claim one way or the other on the futures article, just thought it was interesting. I do enjoy seeing educated commentary on it however, so thanks.
DJIA down over 200.
Where is BI with his youthful optimism?
SAS,
ever read this book? or hear of it?
Confessions of an Economic Hit Man
by John Perkins
The only people buying these days are nesting mothers who have their husbands by the b@lls.
Singles, flippers and retirees are not buying. Nor are the level headed families who know that housing has a someways to bottom out.
Global Derivatives Market Now Valued at $1.14 Quadrillion!
http://www.istockanalyst.com/article/viewarticle+articleid_2432853&title=Global_Derivatives.html
http://sportsillustrated.cnn.com/2008/writers/favorite_venues/03/02/leastfavorite.venue/index.html?eref=T1
This is completely OT but funny.
http://www.zombieharmony.com/
Good NAR Rip under #3:
http://www.minyanville.com/articles/wm-wfc-depression-realtors-gaylord-CONSUMERISM/index/a/18191
Wachovia CEO Steel buys 1M shares
Short this stock, this guy just doesn’t get it. Once I saw that he’s putting his money on this I realize that he’s just plain stupid. Negative Amortization interest paid is not INCOME. Ask Mozzillo!
Dow down 200 points. Looks like the short sqeeze is over. I thought it would last another few days.
Oil will now climb up as money leaves financials and back into energy!
193. Stu Mets win 3-1.
What’s the options left in the RE for those hapless re agents? I’m looking into the mirror and just be curious.
NJI$%^& (205)-
“I’m looking into the mirror and just be curious.”
Dunno. Maybe you can teach us remedial English.
She left a note for her family saying they should “take the [life] insurance money and pay for the house,” O’Berg said.
Neighbors on this forested side street said Balderrama had lived in the two-story, brown-shingled, raised ranch for about four years with her husband, John, who is a plumber, and their 24-year-old son.
Joe Whitney, who works with her husband, said that Balderrama handled the bills in the household and that the husband was unaware of the foreclosure.
“John didn’t even know about it, that’s the surprise,” Whitney said outside the home, where he had come to comfort the family. “It’s just one of those awful, awful tragic events.”
http://www.boston.com/news/local/breaking_news/2008/07/facing_foreclos.html?p1=Well_MostPop_Emailed1
make (207)-
I thought life insurance didn’t pay off in the case of suicide.
“Wachovia CEO Steel buys 1M shares”
Is that a “pick a payment” purchase?
HE (209)-
Did he buy it on margin?
“I thought life insurance didn’t pay off in the case of suicide.”
Maybe it was the new Wachovia “pick a death” life insurance policy?
i believe it was a stated, stated, COSI COFI purchase via desktop underwriting. no human interaction at all.
The guys who sold Golden West to Wachovia must be busting a gut, they’re laughing so hard.
BC-
The Hi-Ho’s seeing some good action.
Yeah, look’s like Steel is real good at timing purchases
Can anyone provide me yearly sales for Middlesex county? I was thinking of moving there and the sales guy from Kaplan homes is feeding me bull crap about how his sales are great with his new homes. Meanwhile the homes are running at an average 550k and up. I just want to see if sales were just as bad as northern NJ.
I thought life insurance didn’t pay off in the case of suicide.
Clot,
You’re right. It’s sad. They’re not gonna get a penny.
Clot (213),
They’re the equivalent of Marc Cuban and his books.com sale for 4 Billion.
HE (211)-
It’s the new Wachovia “Pick a Nose” management initiative.
My only question is: how invested is Goldman in seeing Wachovia fly thru the guardrail, plummet, crash and burn?
Somebody at Goldman has got to have Steel’s back on this sham stock purchase.
Will (216)-
Be sure to visit Kaplan’s two utterly failed communities in Hunterdon Co. Then, go back…armed with the knowledge that Hunterdon’s market right now is Nirvana, compared to Middlesex.
Clot(219),
Bingo. Goldman his their advisor on their inceasingly toxic loan portfolio. They’re not on the do not short list for a reason.
Methinks Colonel Klink and Bergabe are waiting for their next shipment of economic tricks from Acme.
Beep, beep.
The wealthy taking care of each other? Come on?
Speaking of the well-heeled and real estate, my ex-wife worked for this clown at GS. Said he was a pretty nice guy but not much going on in the attic, could be genetic:
http://ny.therealdeal.com/articles/bush-cousin-buys-village-townhouse-for-14m
Lots of scary noise regarding WaMu right now.
WaMu busy issuing “I’m not dead yet” statements.
all credit card transactions will now be reported directly to IRS. and paypal and ebay.
this was in the housing bill.
how awesome is that?
I know someone who claimed (I never saw the paperwork – but I don’t know why they would make this up) that she was getting life insurance last year that paid off in the event of suicide, but there was at least a 1 year waiting period, and probably higher premiums.
I have a couple isseues here ot maybe just having a blonde moment.
If fannie and Freedy will now buy all kinds of toxic slime, and they’ll increase their limit to 650K instead of th 417 limit.
I’m a lender. I offer a no money down mortgage for 600K to a NJ guido borrower who’s hair is all gelled up, he takes it and buys a townhouse next to the club so that he can be a true player.
I make some money at closing and then make some money when I sell it to fannie and Freddy.(aka US gov’t).
Why would I not go back to selling toxic junk?
Who wants to start a mortgage companay and make some serious chips until this stupid bill expires?
“NJ guido borrower who’s hair is all gelled up, he takes it and buys a townhouse next to the club so that he can be a true player.”
that made me laugh and immediately thought of a complex in seaside heights.
Clot(220), Those are townhomes in hunterdon right? In Lebanon If so I wonder what kind of comparison I can make to their single family houses. Thanks for the tip though.
228 Make
DH is wondering wth I’m laughing so hard about.
RayC Says:
July 24th, 2008 at 3:53 pm
I know someone who claimed (I never saw the paperwork – but I don’t know why they would make this up) that she was getting life insurance last year that paid off in the event of suicide, but there was at least a 1 year waiting period, and probably higher premiums.
RayC: I don’t want to make a blanket statement, but generally there is a one or two year cancellation provision in term life policies. If you commit suicide within that time frame, then it is legally acceptable for the insurance company to revoke the policy and returning all the collected premiums in lieu of paying in full. Once you pass the contractual time period, then the policy is non-cancellable by the issuer except for non-payment. Just remember non-cancellable does not equal automatically renewable.
Often they restate terms of the contract if you are on anti-depressives at the time of underwriting.
It is all very complicated and generally useless…..
Bill Gross said correctly, the only way housing can rebound is to have the government go in and knock down and erase all those vacant houses in the country.
make money Says:
July 24th, 2008 at 3:55 pm
Why would I not go back to selling toxic junk?
albani: conforming loans will require cavity search…..
Chi Fi,
albani: conforming loans will require cavity search…..
Please provide details. I have a “special” feeling in my stomach to start something big.
chicagofinance
If I ever need to off myself, I will just make a list of stuff I did from age 16 to 26 for fun, and try to repeat it. I’d be dead in a week.
Nah, I’m not native speaker. But it’s not a bad idea considering less kids are doing serious reading these days in this country …
#206 Clotpoll Says:
July 24th, 2008 at 3:22 pm
NJI$%^& (205)-
“I’m looking into the mirror and just be curious.”
Dunno. Maybe you can teach us remedial English.
“Bull Market in Chinese Teachers Hits Wall Street Just in Time”
http://www.bloomberg.com/apps/news?pid=20601109&sid=aeQT_cCrj3eI&refer=home
Rich: When you get a chance, can you please check the sales history and taxes on this new listing in River Edge njmls 2831467. Thanks.
Is anyone familiar with the ease of getting a 203k type rehab loan in the current environment? All else being equal (creditworth, estimate, down payment, <400k), how difficult is it to obtain one vis-a-vis a regular mortgage?
Another example of corrupted politics in this country, isn’t it?
#224 HEHEHE Says:
July 24th, 2008 at 3:43 pm
Speaking of the well-heeled and real estate, my ex-wife worked for this clown at GS.
Now I can run my car with blood instead of gas.
This is an email I received.
Receive a GIFT CARD by helping our area hospitals have enough blood
for patients during the Summer! $15 Gas Card
Price of gas $4 per gallon and with 25 miles to a gallon. One pint of my blood can drive me 93.75 miles.
195# stu,
I am always cautiously optimistic
DJIA down over 200.
Where is BI with his youthful optimism?
> bi Says:
July 23rd, 2008 at 3:37 pm
203#, i would get a few shares SKF to hedge. for long term, i would think PPH, PBJ and XLU are attractive now
“Another example of corrupted politics in this country, isn’t it?”
Are you implying Goldman hired somebody on the basis of their connections rather than their intellect?
I would logically think though. GS guys are not stupid in general as I know.
#244
I would bet with 70% chance that your ex is not bad looking neither…
no offense & all disclaimers
#244 HEHEHE Says:
July 24th, 2008 at 4:30 pm
“Another example of corrupted politics in this country, isn’t it?”
Are you implying Goldman hired somebody on the basis of their connections rather than their intellect?
NJl$rd Says:
July 24th, 2008 at 4:36 pm
I would logically think though. GS guys are not stupid in general as I know.
They’re not saying Run on WaMu.
They’re just blogging. Lol
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2ZCdg_BBYlk
From talking to my ex and some of her co-workers GS is like anyplace else, smart people and people acting like they are smart people.
This is an example of corrupt politics
New White House Deputy Chief of Staff is Jenna Bush’s Ex-Boyfriend
During the four years he spent as President Bush’s “body man,” or personal aide, Blake Gottesman acquired an eclectic set of job skills.
He emerged from the experience schooled at reading presidential moods, expert at handling Mr. Bush’s Scottish terrier Barney, and adept at carting around the mundane necessities of presidential life, including Sharpies for autograph-signing, hand sanitizer for shooing away germs and money to pay the rare restaurant tab.
Now, after a two-year hiatus, Mr. Gottesman is back at the White House, with the lofty title of deputy chief of staff, responsibility for overseeing day-to-day operations and a $172,000-a-year salary. (With six months left in Mr. Bush’s term, he will earn only half that.) He is 28.
http://www.nytimes.com/2008/07/19/us/19memo.html?_r=1&oref=login
“We won’t use the phrase `run on the bank,’ but we would be remiss if we did not observe that many creditors have quietly been pulling funds,” wrote Shanley, based in Chicago. Their actions are “presenting an increasing funding challenge,” she wrote. Gimme Credit is an independent research firm serving corporate bond investors.
I love it!!!!!!!
“$172,000-a-year salary” WTF? He must have some serious sh*t on that Bush girl.
May be the CEO’s 1m shares purchase could pump up the morale??
#247 make money Says:
July 24th, 2008 at 4:44 pm
They’re not saying Run on WaMu.
They’re just blogging. Lol
http://www.bloomberg.com/apps/news?pid=20601087&sid=a2ZCdg_BBYlk
WASH MUT BK FA CA GLBL MTN BE 4.50000% 08/25/2008 FR
Basic Analytics
Price (Ask) 98.125
Yield to Worst (Ask) 30.446%
Bond of the day – 30% on an investment grade bank bond that matures in 30 days. Say What.
“$172,000-a-year salary” WTF? He must have some serious sh*t on that Bush girl.
You can’t hate the player. She got him into Harvard, got him a scholarship, now he’s Deputy Chief making big chips and pumping up his resume.
Let the player play. Play on player.
ps. He should have taken it all the way and gotten her pregnant.
make [250],
LOL. The boat is not sinking, it’s just consistently taking on an inordinate amount of water.
Trick is you go to a wide open space in a park and tie the gun to a few helium balloons and stand up and shoot yourself in back of head. You fall down, gun floats away and it looks like a murder so you get life insurance.
Maybe his d*ck is not long enough?
ps. He should have taken it all the way and gotten her pregnant.
re #249 – Victorian
You ain’t seen nothing yet, wait until the pardon list comes out in January, it will make clinton look like a boyscout.
WaMu is a national and people from all over the country have deposits in them as they have expanded like crazy during th ebubble years.
This collapse will trully open the Joe six pacs eyes.
John I tried that. Didn’t work. The concussion from the shot broke the balloons. Fortunately the skull of anyone who would ever try that is so thick, the bullet glanced off.
this is interesting. despite of media manic from overseas:
http://politicalticker.blogs.cnn.com/2008/07/24/new-state-polls-show-good-news-for-mccain/
WM was 20% of the total volume on the NYSE today. 20%. Somebody knows what’s coming. I’d stay away from the 30 Bond. We may not have 30 days.
there are so many bush-haters on this board. another terrorist attack may change your mind.
The FDIC website says that joint accounts provide $100,000 coverage per depositor.
There, any couple with more than $100k, but less than $200k in WAMU, can rest easy.
How much does the FDIC have left after Indymac? Check the back pockets too.
me don’t hate bush bi. just don’t like his way of handling public business sometimes that’s it.
262#, where is your 20% come from? it is only 5% (335M over 6B)
3B,
SOLD: $213,000 11/27/1996
SOLD: $429,000 6/26/2003
Mortgage: $300,000
Equity Extraction: $40,000 4/8/2005
Taxes (’07): $8,675.76
Need the address?
#266 Rich No got the address, thanks.
Bi,
I don’t hate bush any more/less than any other lying self-serving politician of which there are certainly many Democrats.
(146) chifi,
Heard this yesterday, terrific interview. I was looking for the podcast earlier today but never finished. I’ve issues with Bloomberg audio using a Mac. Thanks for posting it.
Why the Housing Bill Won’t Help the Housing Market Bill Conerly 7/24 Seeking Alpha
“The surplus of rental units makes the surplus of owner-occupied housing that much harder to solve.”
“What will solve the underlying problem of too many housing units? Population growth, which will come with time. You could also try to increase the number of households relative to the population. Kick the kids out. Get divorced.”
Now there’s a new approach…
(123) nChicago – Excellent perspective by Megan McArdle. She makes you think about several different issues.
Cindy #270-
Here’s another option for reducing inventory:
Tearing down/bulldozing under houses/apartment buildings/condominiums? If a development goes under and no one shows up to buy the remains for resales somewhere down the road, how about eliminating the empty houses? Or how about older housing stock that basically needs to be rebuilt to be up to today’s codes/standards.
Herring/Stu – you made me smile. They are up to 6 now.
Stu – you live in my Fed. “territory”
Grim, lost – at some time I will make a GTG. Will be out of the country for the next 6 weeks though.
If all goes well, I will host the Brigadoon GTG this fall. Our bid on a house was accepted when the higher bid (10K more) backed out the next day.
This house is perfect for us. Lot of money but worth the wait.
Yes Patient, there will be scotch.
(272) BklynHawk
Did you happen to listen to the interview at #146 with Paul Paryear? He talks about that and how existing homes are the issue.
He said that on any given night, 14% of the housing units in the US are vacant…18 1/2 million housing units.
He also says some tear down occurs all of the time 330,000 a year?? Can’t remember now but anyway he points out that the problem is we are talking about newly-built condos etc. with a lot of money in them – not too practical to just knock them down.
A lot of what I am reading today centers around the glut of units – rental and to own. Condos that were for sale, second homes etc. will get turned into rentals.
It sounds like we have to get rid of this inventory before any recovery can take place.
lisoosh. see earlier post. timing is perfect for you.
(274) Congratulations, Nom!
Nom,
We’ll hold you to that.
Nom
Congrats! I hope it goes through.
Wachovia Chief Financial Officer Thomas Wurtz
is taking the first lifeboat be dammed the women and children.
http://biz.yahoo.com/rb/080724/wachovia_cfo.html?.v=2
#281
Funny how Wachovia’s market cap is only 7 billion more then what they paid for Golden West 2 years ago.
Ooops.
How about a GTG to go see I.O.U.S.A?
http://movies.nytimes.com/movie/449591/I-O-U-S-A-/overview
“As the United States faces unprecedented financial crises, filmmaker Patrick Creadon explores just how America got to be in the economic mess that it finds itself in,”
i would be in for that bairen.
Anyone see the new batmna in IMAX??? havent seen it yet, so i figure i might try IMAX first? Does it make a big difference?
#275 Nom,
Congrats. Would love to attend.
Kettle
DH won’t go see Batman for at least another week. It must be amazing in IMAX.
#284 kettle1,
sounds great. Would be like going to a church, but with popcorn served. We could yell amen, and other forms of agreement.
(283) Barien
We are different than Japan…. when they had their financial crisis, wanting to save face, they kept everything under wraps. In the US, we make a movie about it.
(288) Maybe that will work in our favor and everything won’t drag on forever…
#275 Nom,
Congrat. Now I have one less competitor to worry about…
congrats nom but philly misses you.
263….hate Bush? More like feel sorry for him and the whole nation he f^cked.
Oh and the democrats are equally ineffectual….a thinking person would say we need to start over.
Bairen 287
sort of like a baptist financial bear revival!!!!
I hate Bush.
First, I want you to stop using my damn number or I’m going to sue your butt for infringement.
Second, Bush is a great man unlike this punk Obama. I just read today that he’s hiding his undergraduate Columbia thesis and won’t give the damn thing up. What the hell is he hiding? If you ask me, he’s hiding the fact that he’s a radical muslim extremist with communist leanings.
I know, you probably love this guy.
Sybarite101 X Says:
July 24th, 2008 at 7:58 pm
I hate Bush.
So how do we really feel?
GW, are you out there, babe? Can you please give us something…something?
This is just a little blog of little guys (and gals). Nobody’s gonna shoot you down.
Well, not too much. I might smash&grab a couple of pieces of low fruit. Sorry. That’s years of Six Sigma messing with my couth.
Redemption is hot right now. Here’s your shot.
I love bush, I just don’t like the president.
Essex Says:
July 24th, 2008 at 7:31 pm
263….hate Bush? More like feel sorry for him and the whole nation he f^cked.
Amen John….Amen.
re 123
Megan McArdle
After reviewing comments from Suze Orman over the last several years, I have not yet found an instance where she advocated the action Ms MsArdle accuses her of in the Economist clip as a general recommendation.
I would be interested in any documented example because, though I do not track her pronouncements comprehensively, as I recall, she has been skeptical about housing since at least mid 2004.
Suze Orman….? Uh….find a good hobby.
re:Suze Orman
ahooo..she has the most appealing face. I almost had a crush on her you know
WaMu…gone
keep your eyes on Citi ;)
SAS
Broken, my memory’s not what it used to be.
But sometime around Spring of 04, Suze was talking buying houses.
http://www.agorafinancial.com/iousa.html
SAS
so, are we in 1991 yet?
i think we are well on our way.
sas
It might have been summer.
I remember light behind me as she discussed mortgage options.
I was on a work committee for training programs for employees. Suze was a hot request. Videos and such. So I watched the show every week.
Bairen/Kettle,
I am in. I almost went to Baltimore for their film fest, it was showing there. Maybe we can plan a huge GTG, private showing, and invite David Walker or Addison Wiggin. I will bring gold coins, not sure they will accept US pesos.
http://youtube.com/watch?v=HBo2xQIWHiM
SAS,
the airlines are just as dead as citi and wamu.
from CNBC
But irrational exuberance is nothing if not irrational. The biggest airlines — American, United, Delta, Northwest, Continental and US Airways — can’t make money at $130 a barrel. They can’t make money at $100 a barrel, either. Nor can their smaller competitors. Even the double-digit cuts in passenger capacity and triple-digit aircraft retirements planned for the fall probably won’t restore profitability unless oil drops to about $80.
link to cnbc article
http://www.msnbc.msn.com/id/25820046/
“Don’t you dare rain on my parade,” an airline executive snapped at me Friday evening. “I want one weekend this summer when I can fantasize about not being in bankruptcy next year.”M/b>
will (230)-
Make every comparison. Failed is failed.
duck (240)-
The 203K is a non-starter. FHA has streamlined the application process, but nobody in the secondary market will take the paper.
I had a perfect candidate for one of these a few days ago, and five different lenders told me nobody would touch it.
John (256)-
“Trick is you go to a wide open space in a park and tie the gun to a few helium balloons and stand up and shoot yourself in back of head. You fall down, gun floats away and it looks like a murder so you get life insurance.”
Thanks, John. You just wrote the last scene to the screenplay I’ve been working on for the last 20 years.
I’ll be sure to mention you when I accept my Oscar. :)
bi (261)-
“…despite of media manic from overseas…”
Do you babble this incoherently when you’re conversing in public?
Get Shorty.
MSNBC is very biased for Obama. Here’s someone who’s hiding his college thesis. Here’s someone who wants to go the Germany to gather crowds. MSNBC and Brian Williams are actually running this guy’s campaign.
This is very premature. I wish Bush was running again. There’s really no one to vote for.
“the airlines are just as dead as citi and wamu”
yup, I agree.
that is why I proposed the question the other day on the boards:
So, whom is going to bail out the airlines?
:)
SAS
To answer my own question: the know nothing idiot public tax payer.
SAS
SAS i disagree,
how do you bail out airlines? you would have to nationalize them 100% as they cannot make money with oil over about $80. That goes way beyond a bailout.
Then again china might be interest in a cut rate deal!
re 304
Orman
This link is from the summer of 2004:
http://biz.yahoo.com/pfg/e10buyrent/
Seems cautionary to me…
BC bob,
ii like the private showing idea. we might actually be able to get enough people together!
[291] 2ndary
Are you still in Philly? I haven’t been in weeks, though I am going to Bucks on Saturday to buy a rifle.
Kettle,
Found someone selling a Mini 14 with suppressor, scope, and 8 30 round mags. Totally illegal in NJ but at 700 for the lot, I was sorely tempted. Not risking disbarment over what to stock for TEOTWAWKI. Will stick with basic ranch model.
Nom-
Is this what your planning for you basement rec room?
http://tinyurl.com/5lsg5v
Nom-
Best of luck with closing! Is this the one you were salivating over?
324 Broken:
Thanks for the memory jog…found this on your link and it’s the money quote I remember from a show:
“homeownership is a great achievement and a terrific investment. My message is simply to make sure you can afford it before you take the plunge. Once you determine you have the ability to cover all your housing costs, I say to go for it.
In most markets, homes appreciate at about 4 percent a year. Let’s say you buy a home for $200,000 and put 10 percent down. That’s a $20,000 outlay. If your house appreciates 4 percent, that’s a gain of $8,000. So you just made $8,000 on a cash outlay of $20,000; that’s a terrific 40 percent return on your investment. And on top of that there’s the tax write-off for your mortgage interest and property tax. As I said before, I don’t think there’s a better investment out there, and we haven’t even factored in the priceless emotional gain you get from owning your own home. “
GRIM
Just wanted to tell you your old foe Warren Boroson couldn’t debate you with facts so he resorted to name calling like a juvenile at his blog towards you instead.
Link here http://warrenboroson.blogspot.com/2008/07/truth-about-grim.html
Someone who calls himself NJ JEDI KNIGHT considers ME “juvenile”! I wonder how old NJ JEDI KNIGHT is? 12? Or is that his IQ?