From Inman News:
New Jersey bill seeks to lift rebate ban
New Jersey’s General Assembly on Monday voted 46-25 to pass a measure that allows real estate brokers in the state to give rebates to homebuyers — counterpart legislation has not yet been passed by the state Senate.
The New Jersey Association of Realtors, a statewide real estate trade group, had earlier expressed opposition to the rebates, which were proposed in legislation introduced last year.
…
The legislation, A-373, seeks to allow brokers to give rebates to both buyers or sellers, though the Assembly Regulated Professions Committee removed the provisions in the bill that would allow sellers to receive a rebate and clarified that “a rebate may only be paid to a purchaser of residential real property,” according to a committee report.In order to receive a rebate on home purchases, “the broker and the purchaser (must) contract for such a rebate at the onset of the broker relationship in a written document, electronic document or a buyer agency agreement,” according to the bill text, and the broker must comply “with any state or federal requirements with respect to the disclosure of the payment of the rebate.”
Also, the broker must recommend that the buyer “contact a tax professional concerning the tax implications of receiving that rebate,” and that the rebate be paid as “a credit, reducing the amount of the commission payable to the broker, or a check paid by the closing agent” made at the time of closing, the bill text states.
From the Philly Inquirer:
Mortgage fraud up 26% in 2008, data show
ncidents of mortgage fraud rose 26 percent nationally in 2008 over 2007 even as the number of home-loan originations dropped, the Mortgage Asset Research Institute reported yesterday.
The foreclosure epidemic helped boost the numbers as scammers sought to take advantage of borrowers trying to save their homes, said Denise James, an author of the annual report, presented at a Mortgage Bankers Association meeting in Washington.
“Mortgage fraud was once primarily a crime of opportunity,” James said in a conference call. “It is now a crime of desperation, as people who had been used to living a certain kind of lifestyle found that lenders had tightened the rules.”
Mortgage fraud relates to deception at any point in the process, from appraisals to verifications of employment to closing costs and credit reports. The data, covering 70 percent of mortgages originated over a year, are supplied by lenders, mortgage insurance firms, and other industry sources, James said.
…
Application fraud accounted for 61 percent of all reported incidents, for a fifth year. James said there had been an increase in identity theft among the elderly and immigrants to fabricate reverse-mortgage applications and other property transactions.
Mortgage Bankers Association president John Courson said the data showed that mortgage fraud was more prevalent now than during the recent real estate boom. Much of the fraud coming to light today was committed during the boom, however – Courson said a high volume of loans and loan products made it difficult to catch earlier.
Obviously, NAR and NJAR have not bribed the right people or paid them enough when they do bribe.
I knew I was right all these years when refusing to make my annual optional donation to our PAC. When it comes to favors, banks and oil companies are clearly in line ahead of us.
When NAR’s PAC can guarantee me bought-and-paid-for legislative action, I’ll donate. Until then, no thanks.
Ahhhhhhhh St Patrick. The patron saint of house selling. I hear if ya bury a bottle of Jameson in the front yard, your house will be sold within a week, for overasking……..and no more snakes
NJ Legislature approves pension deferral bill.
The value of pension system funds was $59.2 billion as of Feb. 20. As of June 30, it was underfunded by $28.4 billion.
Corzine’s $29.8 billion budget proposal reduces the state’s contribution to the chronically underfunded pension system by $895 million from last year’s $1.1 billion contribution.
The budget also decreases aid to schools by $94 million, largely by deferring pension contributions for school employees.
http://www.courierpostonline.com/article/20090317/NEWS01/903170346
Buy now, pay later…
NJ Legislature approves pension deferral bill.
The value of pension system funds was $59.2 billion as of Feb. 20. As of June 30, it was underfunded by $28.4 billion.
Corzine’s $29.8 billion budget proposal reduces the state’s contribution to the chronically underfunded pension system by $895 million from last year’s $1.1 billion contribution.
The budget also decreases aid to schools by $94 million, largely by deferring pension contributions for school employees.
http://www.courierpostonline.com/article/20090317/NEWS01/903170346
Buy now, pay later…
Can’t see any positives on the horizon for home-ownership. Credit tight; unrealistic asking prices, bank assessments at less than requested loan amounts, rising property taxes, unemployment, hyper-inflation.
Is a rebate different from an agent reducing commission? My realtor friend in Va tells me she did that routinely.
“When it comes to favors, banks and oil companies are clearly in line ahead of us.”
thats because big oil & banks have the best call girl list you can find in the states & europe.
SAS
sas (8)-
Then NAR should get to work upgrading its stable of call girls.
Fire Yun, hire an actor to do his job (like NAR needs an economist), get rid of extraneous personnel (i.e., everyone who does not deliver call girls, blow or bags of cash), and run this thing like a legitimate business.
Sheesh.
these CNBC people are morons.
propaganda by consolidated media companies.
SAS
#10 SAS
I like to watch Cnbc with the sound off while listening to Barry White.
7-Nope, no real difference if the buyer gets a reduced price or the seller pays less commission and the agents kick in a percent. In fact, I’d say the buyer has more leverage after the deal is started–if they’re refusing to offer or threatening to get out of a contract (from inspections or whatever) without an agent concession. It must be an advertising thing–maybe it sounds good to be able to tell people you give rebates.
“Chinese Drywall”
Isn’t that the name of a band?
Came back from vacation to learn my company has instituted both a wage and pension freeze.
Party on folks!
http://www.youtube.com/watch?v=l-JAP7Kf1cI
Happy St. Patrick’s Day to ya all!
#7 DL
yes, i guess the buyer has to pay tax on the rebate he receives. and i think that’s also why it can only be paid to the buyer, not the seller.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units. Economists were expecting construction to drop to a pace of around 450,000 units.
http://biz.yahoo.com/ap/090317/housing_starts.html
6- DL – you have to cherry pick and not want an average house that can be easily duplicated but one that will appeal, maybe not everyone, but to a broad enough group that you could sell it in the future. If it needs work, so much the better. I have absolutely no regrets on buying a home last summer and I’d buy it again today for the same price.
Can’t see any positives on the horizon for home-ownership. … hyper-inflation.
I agree with you on the other points, however if you think hyperinflation is on its way, then homeownership may not be a bad deal.
The one positive that I see in having a mortgage is that it provides an inflation hedge against my savings. It essentially acts as an offsetting dollar-short position against my savings (long position in the dollar).
Hyperinflation may wipe out my savings, but it will also wipe out my mortgage.
The arguments for not buying right now are many; taxes, threat of job loss and homes are still overpriced. However, if you really believe that hyperinflation is on its way, then renting and saving is also a risk. You could see your rent rise and savings wiped out.
#6,
“Can’t see any positives on the horizon for home-ownership..hyper-inflation”
Hyper-inflation is the reason for home-ownership. Wake up.
Housing starts up by 22.2%.
Where’s the recession?
Buy SRS??? Ohhh yehhhh
http://seekingalpha.com/article/126361-do-charge-off-rates-impact-the-ultrashort-real-estate-etf?source=yahoo
17
The key word is apartments.
Assuming a builder can get financing, it is the only thing being built right now.
In most places the “luxury” rental game is also dead. If they are building it, I get all kinds of requests to “value engineer” it on the plumbing and HVAC side.
Where’s the recession?
Here.
Where’s the recession?
Here.
and here…
recently got my numbers. I should probably be partying. A COLA increase and some resemblance of a bonus.
Grim,
why the decrease in traffic since Dec?
SAS
Deflation?
Picked up the dog upon our return from vacation. Boarder is lowering grooming and daycare prices.
That is all.
Er, Frank (21)-
Are sales up 22.2%?
If not, what do you think the result might be?
You have five minutes to answer. Please use a #2 pencil, and fill in the circle completely.
Tosh,
I like the giant assumption in the last paragraph of the credit card article you posted.
“Todd said credit card issuers shares — which are down up to 60 percent in 2009 — will remain under pressure until the end of 2009, or early next year, when bad loans could start to redeem.”
When bad loans could start to redeem?
Who and how are the bad loans redeeming? Was this article written by the Fed or Treasury?
Frank (22)-
That’s MY idea of a hockey stick.
Has the mote cleared from your eyes?
Or, are you the other Frank?
why the decrease in traffic since Dec?
Traffic (Visits, Pageviews, etc) are all up since December.
Readers outnumber writers by at least 200x. Comments aren’t at all representative of site traffic.
Site traffic does however mimic the seasonal pattern of sales in the area.
If we’re all testifying to the recession ..raises hand- 10% pay reduction for me. Plus with the lay offs- it means I’m getting paid 10% less and assuming an additional 30 hrs a week of work for the priviledge.
I work as a consultant and the permit starts are nice except they’re still down a little less than half from last year. These figures only track new construction either way.
As the city starts enforcing the code to generate violations and the hefty fines that come with them, we expect an uptick in work. It makes me feel like a vulture but we all have to eat.
grim (31)-
Wh0ring it out at the NY Times streetcorner doesn’t hurt, either. ;)
28#, clot, relax. this is important number. it means lenders and builders started to have confidence to put their money to work despite of current housing stocks. separately, PPI number is less than expected. it means Bernanke is right and he can print more money without introducing heavily inflation.
“Wh0ring it out at the NY Times streetcorner doesn’t hurt, either. ;)”
i thought i saw a familiar face in that red light district, with a shirt on that said “will sell your house for food”
ha ha :)
SAS
Posting again from yesterday. I think this will have profound impact on many so called top-towns.
S2577 Permits conversion of age-restricted housing units to non-age-restricted housing units and modifies laws concerning affordable housing. *
Passed Senate
2/23/2009 Introduced in the Senate, Referred to Senate Economic Growth Committee
2/26/2009 Reported from Senate Committee with Amendments, 2nd Reading
3/16/2009 Passed by the Senate (21-14)
#
Complete Bill text available at,
http://www.njleg.state.nj.us/2008/Bills/S3000/2577_I1.HTM
#30,
No, I am pro residential RE and against commercial RE. People need a place to live but they don’t need the 5th mall, 7th warehouse and 2 office building.
bi – Bergabe won’t be around to find out whether we can print our way out of a depression, since his term is up at the end of the year, and he won’t be back for an encore. Bergabe’s statement that recession ending ‘this year’ is pure horse hockey.
Someone should have asked him how is plan to halt deflation is working? Answer is it ain’t, because worldwide assest prices have declined 50 Trillion dollars in the last 19 months.
The next question for Bergabe should have been how will our Gov’t induce demand creation in a world of over-capacity and over-indebtedness without war?
That is the only question that needs answering right now and it will be the defining moment of the O’bama administration when he is presented with a plan to stimulate the economy with a war, whether he will decide to send our children off to fight for some yet to be know cause or will we let what remains of our economy completely crash.
All other questions are irrelevant right now.
Horse hockey?
Now THAT I would like to see.
Horse hockey?
Now THAT I would like to see.
Polo
bi (34)-
All it means is that the dumb, non-recourse money hasn’t dried up yet.
I sincerely hope you have the other side of my trade now. You will get your head lopped off.
[20] frank
Must agree here. In the event of hyperinflation, you want to be a property owner, preferably with a large mortgage and a stable cash stream. The mortgage is devalued along with the cash stream. If the property is income-producing, e.g. agriculture, you also have the ability to commoditize the property (incrementally of course) and commodities fare well in hyperinflationary environments.
last night, Bernie Lo was interviewing Jim Rogers, who apparently carries around gold coins and is still hawking ag commodities and farmland as the place to be.
Shore, if you are serious, we should talk.
sas (35)-
I think it said, “I will bl0w you for your listing”.
At least, that’s what mine says.
Frank (37)-
Nice to see you have a bifurcated mind.
[27] stu
Dog? What kind of dog?
We are doing more reciprocal dog-sitting now to save money. Our BT doesn’t go to the kennel anymore. Instead, we have friends with dogs willing to keep him during our vacations. Naturally, we offer to reciprocate when they go away.
There is also a growing dog-sitting barter network on Craigslist that we considered, but never needed. Same concept as above, except you don’t know the person beforehand.
grim, 45 in mod and I have no idea why.
Bi-polar Update:
On 2/9/2009: Bi once again reiterated that SRS would go to his 25 stop.
Let’s see the results of his brilliant call now that the US markets have had their best rally since early November of last year.
http://tinyurl.com/bi-srs-to-25-bad-call
I think it said, “I will bl0w you for your listing”
well, at least its tax free income.
SAS
Jim Rogers Mar-17-09 pt 1/4
#34 – bi – PPI number is less than expected. it means Bernanke is right and he can print more money without introducing heavily inflation.
With the FFR at .25% it means we’re in a deflationary environment despite him handing out bushels of cash to kids at halloween. And the PPI increase was largely led by rising gas prices as OPEC cuts production (that should work out well). From MarketWatch;
Gator,
On the bight side, to have one’s pay frozen at least means one still has pay to freeze.
“NJ Legislature approves pension deferral bill”
“NJ Legislature approves pension deferral bill”
“NJ Legislature approves pension deferral bill”
When deep in debt, and one that is growing by the day, it is always a good idea to reduce the payment on that debt to make up for the difference. That is how it works, no?
It actually reminds me of some people I have known who knew they were going to declare BK and went on a credit-card-fueled spending spree buying everything they ever wanted, knowing the party would soon be over for several years.
“NJ Legislature approves pension deferral bill”
Why don’t they just get it over with already and freeze the pensions now. Stupid gubmint workers!
I can’t wait until they finally do default on their pension obligations. Then, we’ll finally see gubmint workers in action. They’ll all be marching on Trenton and I’ll line the parade route with tomatoes in hand.
“Citi, Morgan Stanley look to sidestep bonus caps: report”
http://news.yahoo.com/s/nm/20090317/ts_nm/us_wallstreet_bonus
Nom,
I don’t buy anything as part of a group but I am serious and would be pleased to talk. Feel fre to get my e-mail from Grim. And, Grim, feel free to give my e-mail to Nom.
Has anyone here ever purchased RE in Puerto Rico? Does anyone have any first-hand knowledge about the south-west part of PR?
Not good.
“In a first, bankruptcy judge rules Calif. city can void union contracts”
http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1202429121561
-In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same protections Congress gave union workers at private companies.
Nom, ShoreGuy,
Don’t count the Gator’s out. On the bright side, Gator Jr. doesn’t seem to eat any vegetables besides tomato sauce. Fear for the livestock ;)
Does anyone have any first-hand knowledge about the south-west part of PR?
I used to date a girl from there… muy caliente!
Also; I’ve seen Sabado Gigante.
No?
bi:#34 means lenders and builders started to have confidence to put their money to work despite of current housing stocks.
Are you on the crack pipe again?? I suggest you go back and re-read both articles, from start to finish.
I will give you a hint the housing starts increase, 82% of that was in apartment as in rental buidling.
Also go back and look at the PPI number;read carefully.
Here we go…. Protectionism in progress
Mexico to raise tariffs on 90 U.S. exports
The new trade restrictions are in retaliation for a canceled U.S. commercial trucking project, according to Mexico’s state-run news agency
http://money.cnn.com/2009/03/16/news/international/mexico_tariffs/index.htm
“The key word is apartments.
Assuming a builder can get financing, it is the only thing being built right now.”
—
The only financing any commercial developer can get right now is through the agencies (FHA/Fannie/Freddie), which is solely focused on multifamily properties. I imagine that is why there is a significant spike in multifamily starts.
If I’m a developer, and all I know how to do is develop new properties, and I can’t get financing for any property besides a multifamily, what else am I going to do?
With falling rents and overcapacity (18mm unoccupied units at last count) already rampant, I’m certaintly not developing multifamily properties because I think I can make a lot of money there.
At least the developers can skim off some nice cash from the agencies on new projects before they fail miserably.
There are serious water problems in P.R.
Milk cost almost $6 a gallon on the island.
People live “locked down” i.e. fences around property.
Expect to spend a considerable amount of your life waiting in line.
Shore Guy-
I’ve been following with interest your posts on buying outside of Jersey, especially your forays into the Southern Outer Banks.
Have you looked inland just a little bit down there? We’ve been down to Atlantic Beach several times. Just inland, on the bayside, are some really nice towns. Beaufort…very interesting. And at the southern end, Swannsboro.
From what I saw the homes didn’t carry that upcharge for Ocean Front. And let’s face it, in my Golden Years….Am I really going to go Surfing or Skim Boarding ??
The properties I found had easy access to the Bay and many were on higher ground and didn’t need expensive Flood Insurance.
I’m trying to find out which state has the better overall tax structure…NC or SC.
“The Size of Derivatives Bubble = $190K Per Person on Planet”
http://www.siliconvalleywatcher.com/mt/archives/2008/10/the_size_of_der.php
“President won’t budge on veteran insurance proposal”
http://thisainthell.us/blog/?p=8779
“IMF poised to print billions of dollars in ‘global quantitative easing'”
-The International Monetary Fund is poised to embark on what analysts have described as “global quantitative easing” by printing billions of dollars worth of a global “super-currency” in an unprecedented new effort to address the economic crisis.”
http://tinyurl.com/ada3fv
Fiddy,
We have given some thought to bayfront in NC. But, in addition to being able to look out over the light dancing on the water, it is important for us to be able to stroll along the beach in the early morning. There is nothing like walking on wet sand at 6 a.m. That said, I have no interest in any bit of land on a barrier island that sits any lower than about 25′ above sea level. assuming a sea-level rise of 6′ over my lifetime and a 15 foot storm surge and 10 foot waves on top of that, a house up on pilings should be reasonably safe from most storms, if it is not in one of the “first beach rows”. We were looking at Bogue Banks, and kind of like the places in the middle of the island, shading towards the sound, where one gets great views of the bay and can see the ocean from upper windows or decks (but are spared the beach crowds, and the wear and tear of sandblasting from wind).
I had noticed in PR that there were many homes in gated communities. Ideally, if we bought something there, we would want to duplicate, inasmuch as possible, the feel of Grenada — the rural nature, out of th way from the tourist feel of SJ. Ideally, about 1,500 sq. feet, on the side of a hill, overlooking the water and a short walk to a beach with great snorkeling, a nice little town, and a marina.
As for NC vs. SC, I get the feeling, after looking over topo maps, that the SC coast is more prone to disaster from a decent tropical storm than the coast of NC (excluding the north/south running outer banks).
The USVI seem to be priced well higher than PR is.
You were looking around Pine Knoll Shores or Indian Beach ?? Nice Area.
I don’t think I would trust the stability of an island in the Carib, should things really deteriorate.
I am looking for someplace to retire to….it’s not that far away for me. I will NOT retire in Jersey, to be here when the debt collapses this state under it’s own weight.
Exploring the tax situations in NC and SC, and waiting for bargain prices.
Fiddy,
I will do any island that is under the control of the USG and the UK. Unfortunately, that is a limited number of places and they are in demand by people far better off than I. The advantage of the USVI and PR is that one is eligible for federal flood insurance. The down side is that the insurance has pretty caps on the damage covered, last I looked it was something like $250,000.
The upside of NC is that I can get there in a reasonably-short drive, which is much more economical than travel to PR. Of course, a place in PR would provide warmth and escape at times when NC is still cold and dreary.
On the downside of PR is that neithr I nor Mrs. Shore speak spanish, on the other hand, we don’t speak Southern either. Of coastal regions up and down the east coast have a common feel, so that helps offset the language barrier.
Shore
I lived in PR on and off for 8 yrs. I loved it there. Some nicer “Gringo” areas are Dorado, Rincon, Guanica, Manaubo and the islets of Culebra and Vieques. For me, one big advantage of PR is not having to give up things like movies, cable tv, decent utility services, and reasonable supermarkets. Also, inexpensive flights back to NJ. $208 r/t now.
Not yet in NJ buddy. It still remains to be seen if it has any effect. I went by the malls this weekend and suffice to say they are still packed and Applebees are still crowded as usual.
Bailout money is plenty-a-flowing around here with the financial as well as the public system well paid…
Gotta love it hearing on 101.5 this morning that Corzine’s new plan is to defer the pension payments for the teachers to save money. Defer it till when? After he gets re-elected and then double the taxes because he realizes that deferring means paying it later?
Frank says:
March 17, 2009 at 8:52 am
Housing starts up by 22.2%.
Where’s the recession?
Fiddy,
We were, yes; in that area. We want something small (again around 1,500 sq. ft.), the views and topography I described, and ideally within walking (maybe easy bike ride) from dining spots, a pharmacy, grocery store, physician, 5-10 store, etc.
“Vieques”
Isn’t that a bomb range? I’d love to hear more about your impressions and experiences of the island, either here, or, offline. Just ask Grim for my e-mail.
Many people in PR speak English. The post office(highly coveted jobs) are mostly staffed with ex US military. Many people who came to work in US factories during the 50’s returned after retirement and they all speak English.
#59
““In a first, bankruptcy judge rules Calif. city can void union contracts”
********
massive
In our preliminary search the area around Mayaguez seemed less overbuilt than the north shore.
would any judge in nj have the nerve?
or would jonny step in
I think they stopped bombing on Vieques years ago. I know several people who have rented houses there and say it is amazing. Not sure how it would be as a place to live– not very developed from what I understand. May be a plus for some but others might hate it.
Back to the Crystal Coast for a minute….
Some Great Restaurants down there. Amos Skito’s for casual dining. And there was a good seafood place at the southern end – the name escapes me at the moment.
Ah….I feel better already !!
shore….just crash here when the need hits….
http://www.starwoodhotels.com/preferredguest/property/area/index.html?propertyID=3170
Shore– have you considered the Bahamas?
PR = bunch of idiot drivers who do not know what a red light means. They import large quantities of food and with nearly 5 million people on that little island I would not want to be there when SHTF.
#75 200KNot yet in NJ buddy. Oh itys here, and I where exactly is this bailout money flowing around here?
I suggest you take a drive up and down Rts 4 and 17 and Ridgewood and Westwoods downtown, tons of empty retail space.
The recession is here dude.
[57] shore,
Sounds fine. It doesn’t sound like we are looking for the same thing in any event, but the info exchange would be useful.
Grim, much appreciated if you could make the introduction.
I have been writing less because I’m absolutely pissed about the lack of regulation and responsibility those in Gov. are showing toward the economy.
I’m shortly going to be reaching a tipping point. This AIG crap, even though it has been discussed here for the last 10 months, has started to finally wear on me.
What IS the deal on Vieques with “untitled land”? WTF buys land to which they don’t hold title?
Nicholas:
IMO, GS shorting real estate was the kicker for me. AIG just reveals the power of a lobby.
Skep,
The Bahamas are lovely. That said, they are not subject to US laws and have only a tangential relationship with the UK. When the SHTF, I want U.S. or U.K. Marines at the beck and call.
Everybody seems to be outraged at the 1%that AIG spends on bonuses. The other 99% flows right out the door to banks.
It looks like Vieques is a nice place but it also looks flatter than Culebra. It also looks to have fewer little bays. I will need to lok at them both a bit closer. In either event, they seem to look much like the USVI but at a lower cost.
Is the Baltic Dry Index Rising?
SAS
Silver Lining For Home Buyers
d2b (93) –
“The other 99% flows right out the door to banks.”
Try explaining CDS to the Average Joe.
Why would any corporation want to leave the US when their losses are borne by the taxpayer and their profits go to their Cayman accounts?
Nicholas (89) –
I am feeling the same as well. It is not fun watching a kleptocracy in action, even though I have profited from their actions and still have a job.
I can only imagine the feelings of the poor folks who have lost and continue losing their jobs due to the unchecked greed/theft of the banksters.
This can’t be good….
“Dear Ports America New Orleans Customers:
Worldwide economic conditions have caused a dramatic global trade slowdown. In response, shippers, carriers, and terminal operators are adjusting to this changing business environment.
Ports America is no exception. Gate volumes are such that beginning the week of March 23rd, 2009, our gate and container yard operations will be closed on Fridays. We will be open to truck traffic Monday through Thursday for export, import, and empty container pick-ups and deliveries, however, the gate and container yard operations will no longer be accessible on Fridays beginning with March 27th.
Vessel export delivery cut-offs will be extended to compensate for the shortened 4 day per week operation where necessary to ensure customers have ample time to deliver cargo for a particular vessel sailing.
Rgds,
Ports America New Orleans”
Pelosi is in la la land, as Rome burns.
Next up for a vote is the “Give Act”.
Generations Invigorating Volunteerism and Education (GIVE) Act, H.R. 1388
I wonder if the kids will be wearing fashionable brown shirts?
http://www.speaker.gov/newsroom/legislation?id=0286
Why is the traffic down since Dec?
Maybe because the comments section has become the domain of immature whiners who fantasize about leaving the state or country and talk about firearms and the SHTF. Makes one wonder where these folks will be when things get really tough; probably under their beds.
And to the fellow who is going to throw tomatoes at gubmit workers (what is it with this spelling? I believe the word is government; are you lazy, ignorant, or this a code word for you whiners),
are you going to be throwing those tomatoes at police and firemen, I think they are “gubmint” workers last time I check. Maybe that’s a task for our favorite chest thumping RE expert Clot.
Grim – love the site and the info but the whiners have taken over the comments and decreased any value or information that it used to provide.
From the CBS link above:
“•Christina Shane, her husband Jeremy and daughter Caitlin moved into a house that the previous owners bought for $211,000. It was later foreclosed on and because of the economy, they were able to get it for $133,000. The Shane’s were very excited to get such a great deal on their first home.”
If the house was worth $133k before and it was only irrational behavior that persuaded the prior owners to over pay for it, how is the house returning to its rightful value “a great deal”?
[97] vic
“Why would any corporation want to leave the US when their losses are borne by the taxpayer and their profits go to their Cayman accounts?”
If what you suggest is happening, hey wouldn’t. Not these corporations anyway. They would stay until it no longer benefitted them to do so, then they would leave (if it benefits them to do so). In fact, if a company has unused NOLs, I would not counsel it to leave unless it could continue to use the NOLs in a U.S. subsidiary after the company expatriates.
Hey Nom,
What is going on at Alston?
I’d throw a tomato at a pig of a “firefighta” anyday.
I’m not down with the praise jeebus gun nuts either but please stop idealizing lazy pigs and “fierfightas”.
pigs = thugs with an attitude
firefighters = state subsidized frat houses
[104] shore
Don’t know. Not my firm, not my universe ever since I left a peer firm years ago.
Try infirmation.com for the Greedy Associates boards. There may be something there. I’m hip deep in Section 936 intangibles right now.
I’m happy for anyone that has the confidence to buy now. It’s not the worst decision some people can make.
Unfortunately, it’s when anecdotes like these get national attention that people who are not really doing their homework prior to purchasing get stung. There are probably many places that weren’t too overvalued to begin with that are worth buying right now for some.
I don’t think it’s happened in NJ yet. I’m actually starting to get concerned that I’ll be so jaded that I’ll miss the opportunity when it’s staring me in the face.
I think a Vallejo scenario across the country could result in the seizure of private 401ks, SAS conspiracy-theory style. If across the board cities *postponed* their pension obligations during these “hard economic times” a la NJ and then commenced a chapter 9 bankruptcy case and got all present and future defined benefit obligations wiped out, I think the seizure of private 401Ks by the govt to “loss-share” with the pension recipients would become politically viable. What a terrible thought, yikes.
Could the Housing Market Be at a Bottom?
http://seekingalpha.com/article/126412-could-the-housing-market-be-at-a-bottom
Shore,
be careful about buying property in the virgin islands or vieques.
Pretty much everything must be imported and the majority of water comes from desalination. If things get ugly you may not eant o be down their. Plus from what i have seen and heard from a friend who lives in the USVI, the racial tensions are right under the surface and could easily boil over .
If tourism falls apart those islands economy are toast and then the natives get restless without work/income….
My Montclair firefighters took 6 figures of homeland security dollars to build a gym at their fancy new digs. I suppose the local NYSC was not up to snuff for our $100,000 or more per year firefighting force whose managers just received another 4% increase over last year’s 4% increase. When the town manager explained why it is justified, he said that the supervisors barely make more than their underlings. How are they supposed to give orders if they make less than them.
Blow it out you anus you mafia wannabe prick.
Corzine will visit Monmouth County home to talk about budget
by The Associated Press
Tuesday March 17, 2009, 9:00 AM
Gov. Jon Corzine today plans to visit the home of an Eatontown couple to discuss New Jersey budget issues.
Corzine will sit down with Frank and Martha Kijak at 2 p.m. Corzine has been criticized for hitting the state’s middle-class too hard since he proposed the $29.8 billion budget last week.
Frank and Martha live at 227 Grant Avenue in Eatontown NJ (Monmouth County.)
I think Corzine deserves a nice reception when he pulls up in his Suburban.
Shore,
This is all I was able to find out from the GA-South board, and this post is over a month old:
“Some actual facts to report: layoffs confirmed at A&B Charlotte. Some corporate associates were let go last week, 3 total, including a first year. The infamous global finance group also let go of one female midlevel associate. They also sent out an email to the firm informing everyone of staff firings accross all offices, but no mention of associate cuts. All has been handled in a very secretive way, and at least in the Charlotte office, partners have not had the decency/sincerity to address the firings with the associates to make it at least open. Associate morale is low and I know many are unhappy and looking desperately to get out.”
Some other posts yesterday discussed layoffs in Atlanta, but no details.
I agree with fredocorleone that the tone has shifted toward the negative but I compeletly understand why.
I don’t live in NJ but I’m the type of person that would stick around and try and make dedicated change then turn tail and run.
I heard an piece on NPR this morning where they were posing the hypothetical question, “How long has the Government known that these payments [bonuses] were going to happen and that the CDS payments were going to foreign banks”. It reminded me of some discussions that we had about 6 months back that talked about AIG’s true counterparty risk and how it must have been foreign banks (foreign banks == foreign governments).
I agree with you Victorian that the Kleptocracy is in full swing at this point and there is starting to be a very clear divide between government/politicians and their constituents.
Government and politicians are listinging to the rest of the world chastise them about being responsible for the global financial meltdown and they are reacting by spending taxpayer dollars by the billions.
The American taxpayer is saying “HEY, wait a minute…you [foreign banks and government] were there and you didn’t do sh!t to stop this. You are also at fault, none of you did due dilligence”.
Why should we have to bear the cost of a system in which everyone in the globe participated?
Frankly, I’m sick with the backwards way that this and the previous administration is treating the issue. The American government is not responsible for these companies but yet we endure both the cost and the shame.
[110] kettle,
Remember this?
Hurricane Hugo Haunts Virgin Islands
By William Branigin
Washington Post Foreign Service
Tuesday, October 31, 1989; Page A1
CHRISTIANSTED, U.S. VIRGIN ISLANDS—Six weeks after Hurricane Hugo lashed the Caribbean, damage in the Virgin Islands – particularly St. Croix – is extensive. Debris is being cleared, and full electricity and telephone service are not expected for months. But the psychological scars from what happened when Hugo’s winds stopped howling may take longer to heal.
Combined with lack of leadership from a territorial government widely denounced here as inept, the massive destruction, likened by some St. Croix residents to a nuclear holocaust, produced a sort of “day after” effect marked by a major breakdown of law and order.
Three days of near-anarchy followed Hugo’s terrible passage during the night of Sept. 17-18 and prompted President Bush to dispatch about 1,100 Army military police and 170 federal law-enforcement officers, including 75 FBI agents and a “special operations group” of the U.S. Marshals Service.
Their deployment Sept. 21 quickly quelled what the Federal Bureau of Investigation called in court documents here “pervasive looting” on St. Croix, the worst hit of the territory’s three main islands.
Most of the marshals have been withdrawn, but military police from the 18th Airborne Corps patrol in camouflage fatigues and purple berets, and many nervous residents said they want them to stay.
#68 Um, Mr. President, our armed forces are volunteers. Perhaps you would prefer a draft of all eighteen year old men and women? And I thought this administration was tone-deaf only on the economy.
January housing starts in graph form:
http://bloomberg.econoday.com/showimage.asp?imageid=17326
Check out January of 05, 06 and 07 as well.
I wouldn’t exactly go calling a bottom just yet.
Same with PPI:
http://bloomberg.econoday.com/showimage.asp?imageid=17329
daddyo (64)-
Think Phony/Fraudy/FHA aren’t being re-primed as bankruptcy/bailout vehicles yet again?
You are completely right on this. Watch the default rate on these new units reach about 50%. That’s my first-glance call.
“The only financing any commercial developer can get right now is through the agencies (FHA/Fannie/Freddie), which is solely focused on multifamily properties. I imagine that is why there is a significant spike in multifamily starts.”
We went to the Warren township car shows last year and it looks like our town firefighters bought one of those ATV quad with a bed that costs around $15k and proceed to load it up with some custom firefighting equipment. It looked fancy with tanks and gauges. I wouldn’t doubt it that they spent over $25k on it. What the heck do they plan to do with it? For the off-chance that they might find fire in a swamp that nobody lives on?
We also pay a police officer for permanent disability… get this… for undue stress at work… Stress? In Warren township?? Let me guess… it was too much stress pulling over all the trophy wives driving their Lexus???
These people are running rampant in NJ. They will also be the first ones to cry the blues through the unions.
Stu says:
March 17, 2009 at 12:28 pm
My Montclair firefighters took 6 figures of homeland security dollars to build a gym at their fancy new digs. I suppose the local NYSC was not up to snuff for our $100,000 or more per year firefighting
Shore (73)-
You should check out Belize. English-speaking.
I second the recommendation for Belize. And the snorkeling and diving is incredible as well.
Shore 51 – I am thankful. Just second guessing some recent decisions (I hate it when I do that), but recognize I am still more fortunate than most.
Now I just need to make sure all was done on the up and up.
Beer not too bad in Belize as well.
Re. St.Croix,
I have never heard much good about it and it always struck me as a bit too far away from everything else. St. Thomas seems okay but overpriced for what it is. But, at least it is close to PR and the BVI. I had not given racial tensions any consideration and will need to at least keep an eye open to that aspect of things. I have not encountered any such issues in my past travels and do not know if that is because: 1) I was not in places long enough, 2) they did not exist at that point, 3) Mrs. Shore and I are not (contrary to what some here might think) arrogant “Ugly American” types, and we are often mistaken for Canadian when we travel. One of our favorite places inthe world is Grenada, and we have explored just about every place one can get to on the island, including a Marxist emcampment in the mountains, back in the day, and never had any negative encounters that one might ascribe to race.
Stu,
I want to take jabs at you because of your gung ho long term investments in day trading products but you’re just so damn lovable with lines like that.
I’m confused!
nom 115
The USVI are incredibly beautiful. I can only imagine what they must have looked like in the 50’s when some friends of mine got married on the same beach the my wife and I did. The islands were largely undeveloped at that point and fairly primitive ( in a good way).
However, as soon as the islands lose access to imports (food, fuel, etc) for more then a few days due to weather or financial issues, The Hugo outburst will only be the tip of the iceberg.
How do you think the economy in the islands is going to fare of the next few years? then throw in shortages on top of that initial stress.
not pretty
fredo (101)-
Apropos of you to assume the handle of a moron, lickspittle turncoat.
Believe me, if I ever queue up to watch a march of aggrieved gubmint workers, it won’t be with a handful of tomatoes. Capiche?
To my mind, thinning out the ranks of gubmint employees who’ve been stiffed on their bennies sorta solves two problems at once.
“…are you going to be throwing those tomatoes at police and firemen, I think they are “gubmint” workers last time I check. Maybe that’s a task for our favorite chest thumping RE expert Clot.”
shore,
i vote for belize as well!
SAS, it looks like Elliot Spitzer agrees with you:
http://www.slate.com/id/2213942
The Real AIG Scandal: “It’s not the bonuses. It’s that AIG’s counterparties are getting paid back in full.”
Wouldn’t surprise me if the same people Spitzer’s railing against are the same ones who did him in via prostitution scandal.
I LOVE Belize, and enjoy the Belikin whenever there. Despite my affection for the country, I want to own land covered by either the U.S. or U.K. constitutions, and I prefer ours, as it is actually WRITTEN.
If I had sufficient assets that I did not mind losing a few hundred grand to an uprising, etc., I would buy in Belize, Grenada, and Dominica (or perhaps St. Kitts,instead of Dominica). We are doing well, but not so well as to run the risk of foreign governments — which might see us as being richer than even B.O. does.
Zieba,
I understand where you are coming from and I dislike no one, so don’t fret.
I heard all of the day trading BS when SRS dropped into the 50s last year. I held through it and sold no shares under 150. I also think there is no recovery in the making, hence the ‘leak’ that every day trader likes to discuss ad nauseum, will be nothing compared to the rocket ship ride which we’ll see once again when the SHTF. I should be shorting individual names, but homey is stubborn and don’t play that. For what it’s worth, I’m playing with found money and it’s still a small piece of the overall portfolio of 2% per year gaining crud.
Thanks for the compliment btw!
Shore,
What i know is from talking to some locals of dofferent races as well as a friend who has lived their for a long time.
Apparently there is a strong undercurrent of Them vs US. It is not overt as long as the money keeps coming in, but apparently there are numerous small local conflicts centered around “native vs outsider” outlooks.
There are some locals who see recent non african residents as interlopers.
As with many such things it seems to be nebulous and complex. But the tension is there.
I am no expert and my experiences ( no bad ones by the way) / conversations may not be representative.
Political corruption and cronyism is rife throughout the islands though
Ket,
It is something to keep in mind, I suppose. It may also be something that argues in favor of PR.
Funny story…
I received an cease and desist email from an attorney who claims I harassed and sent vulgar emails to his client threatening me with formal complaints.
Apparently, POS cape is a description that rubs the wrong way and any suggestions of property sitting in perpetuity at that price further irritated my friend David.
I’m really bummed out. These people are taking themselves too seriously; million dollar listing or not.
Stu (132)-
SRS, as we have discovered through practice and experience, works fine as a day-trading vehicle and as a leveraged, medium-term sector bet.
You can’t time the moves, so you need to be in when they happen. Can’t do that if all you do is day-trade it. That’s why I have my own rules as to when to hold and when to day-trade.
Not scientific, not precise; but then again, you don’t have to be surgical when you have a double-barrel shotgun with two full chambers of 00. At that point, just walking out your door presents you with a target-rich environment (not to strain the metaphor).
Rut ro:
http://www.foxnews.com/politics/first100days/2009/03/17/lawmakers-turn-obama-administration-aig-bonuses/
z (135)-
What does it matter, if at the end of the day the POS 1mm cape sits there unsold?
shore/kettle,
I considered the islands, including USVI for all of about 10 minutes.
* Been to St. Croix recently. Undercurrent of resentment is still palpable, though well-masked.
* Agree that my lifeboat property will be in a place where I have some semblance of constitutional (if not US Marine) protection.
* Ditto that island residents would view us as “ultra rich” far sooner than BO does. And you have no legal access to self protection measures there.
* The “nompound” plan does include what I would describe as a “value stripping” component to provide some protection against government expropriation. Will NOT elaborate here.
Shore (137)-
This is how a Secy of Treasury loses his job.
By June.
Clot…I would agree with you, but I really don’t believe that day-trading is a viable investment approach. Until I see someone with a decent medium to long term track record at it, I’ll stay miles away. Had a lot of friends get wrecked in the tech bubble. I simply got out slightly past the top. Same this time around, but got out before the top.
THIS, is just what I called for the other day. Instead of going to court to stop the AIG bonuses, lets just tax them away:
http://www.newsday.com/iphone/ny-usisra0318,0,5387391.story
plume (139)-
You’re my kind of attorney.
“The “nompound” plan does include what I would describe as a “value stripping” component to provide some protection against government expropriation. Will NOT elaborate here.”
I Just refinanced at 5% no points any any comments. saving 260. per month
John… With whom? Need more details please.
Stu (141)-
To use the tool box analogy, day-trading doesn’t work too well as a hammer or saw. However, a good tool box has plenty of specialty/finishing tools. To me, day-trading is just that.
Huntington mortgage 380, loan closing coasts aprox 3500.
Clot,
He might do well to rethink selling his place. A small apartment in DC might be just the thing for this short-term assignment. Someone may have to be tossed over the transom and it will NOT be B.O.
Oh Timmy. Timmy? Are you here?
[143] clot
Thanks.
The tax angle is one reason I wanted to do this in a group setting. Deal folks and tax folks may deduce why. Conversely, I don’t let the tax tail wag the dog. The primary reason for multiple owners is to have a property that isn’t sitting empty or underused for a big chunk of time. But the tax angles and the value stripping component are nice if you can pull them off, and for that, one needs multiple owners to avoid certain tax statuses.
John,
Shorter term too?
no need to stay at 30y fix
Gotcha Clot…Just be careful.
The worst thing a gambler can experience is beginner’s luck.
Nom,
Is a “group” of two sufficient?
Better yet…
There is an old saying in Nevada which I will write in the masculine “The worst
thing that happened to him was he hit a jackpot.”
John,
Well, the saved money, if used to prepay, shortens it anyway. The savings comes to, what, something like 1/2 a prin payment in the early years.
Nom,
I’m already actively involved in two General Partnerships (Investment Clubs). Don’t leave me here with the BIs and REinvestors of the world please.
Clot/Stu,
I’m not advocating day trading which is a lot of churn for relatively little reward. It’s a misleading term and swing trading may be more appropriate. What I am saying is this: if you find yourself in the lucky position to have three to four, perhaps even five, sessions of consecutive gains in something like these leveraged ETFs – and we’ve seen these things rip 10-15% daily for three days straight – it may be time to sell and come back in lower. With each white candle that paints the probability of a successive white candle diminishes. A generalization of the rule will go something like; one, two, three, four…sell. One, two, three…buy.
http://stockcharts.com/h-sc/ui?s=FAZ
No need for a dual screen setup, a Tradestation feed, suspeners or a cocky attitude. Index finger will suffice.
Here is what concerns me on a long term basis with these:
http://finance.yahoo.com/q/bc?s=FAZ&t=6m&l=on&z=m&q=l&c=FAS
By the time SHTF you’ll have enough money to come in five times heavier if you are so inclined. So long as it doesn’t open up fivefold in the premarket you’ll be set.
Clot,
I shouldn’t have emailed the guy in the first place. Just surprised these guys aren’t thick skinned. I mean you’re listing a crib for a shade under a mil in a lower middle class blue collar town.
Thank you, I was looking for 4.5 and for some reason besides savings I just jumped.
With this Commission Rebate legislation will we see discount brokers like Red Fin move into NJ?
Thanks for sharing John. I’m pretty much stuck waiting for 4.5, which I think ain’t gonna happen.
Rage at AIG Swells As Bonuses Go Out
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/16/AR2009031602961_pf.html
It is my understanding that these people are already well off. I don’t think the additional 5-10 mil is worth the hassle of being public enemy number #1… these kids need to go to school somewhere and the wives must socialize somewhere as well. Hire a PR person, forfeit ill gotten gains and law low for a year.
Stu (152)-
I ain’t no beginner.
I discovered all the ways to lose money fast in the stock market back in the ’80s.
Is there something that prevents these guys from working for less than 100K no bonus? Blurred vision? Decreased motor skills?
Either get fired and get lost or accept 85K each and get to work on unwinding this mess.
“Macey added that the government is caught in a difficult position, squeezed between public outrage over the bonuses and the need to keep AIG Financial Products going so the company can restructure and the government can recoup some of its money.”
John,
5% right now is solid. I was able to snag a 4 7/8th (30 yr fixed) loan when rates dipped that low in December. I closed in Feb and paid a total of $2750 in closing costs for at $487K loan. I saved some closing costs staying with the same lender (Wells). It is tough to look past that monthly savings (almost $500 for me).
z (163)-
I suggest that whole department be jailed inside a special room with computers, printers, etc. If they can unwind their mess, MAYBE they will get let out.
Mike I think it was your post that started my search for lower rates. Did you use First Valley Funding
In the NY Time’s Real Estate section they have an interactive community guide for NYC and for the
Tri-State Area
* Westchester County
* Putnam County
* Dutchess County
* Rockland County
* Suffolk County
* Nassau County
Those are all the clickable areas. What exactly are the tristates? Long Island, Westchester, and more Westchester?
Clot:
“I ain’t no beginner.”
Wasn’t implying you were. It was a message to so many of the CNBC watchers out there and on here.
Which reminds me of a funny story… When I went to get our SUV inspected after saving $600 a month by switching to GEICO (can’t believe it still), the shop we went to was a complete dump. I swear this place will be a Superfund site one day. Well anyhow, there is a 52″ plasma on the wall of the dumpy waiting area tuned to CNBC. The guy who handled the insurance inspections was a day trader and had a desk full of monitors and seemed way too busy monitoring them than to fill out my paperwork for GEICO. Well to make a short story long, he said that he knows a guy on the inside of Cramer’s show and he sometimes finds out the names of his stock picks prior to their broadcast. He said it was a virtual goldmine. Prior to having this connection, he was forced to call up Cramer and would ask him what he thought of a stock which he knew would illicit a positive response from Cramer. He would buy these stocks just prior to the market close. The only problem with this technique was that often his suggested stock wouldn’t get on to the broadcast.
I told him that I thought his shop was a dump as well as his lack of customer service skills and that he might do better to invest some of his lofty day-trading profits back in the business.
Lightning Automotive (Union) was the name of this junkyard. I expect them to be added to the dearth of available commercial RE space shortly.
Maybe one day soon, they be calling it Jewish Lightning Automotive.
They call me Mr. Tibbs.
[153] shore
No
[156] stu
?
“Jewish Lightning Automotive.”
Just remind me not to go to work that day. The fumes are gonna be lethal.
Found this review on line for them…
“I went for a simple oil change for my 2 year old car that never gave me any trouble. After I get my oil change I am told I need new tires, new brakes, an alignment. I refused these services, and I was told by Franco (the owner) “you’ll be sorry”. I quickly paid him for the oil change and went on my way. Would you believe 2 days later my car broke down on the highway and after I took it to a more reputable shop I was told it seemed as if my car was tampered with? I found all of this to be highly suspicious. I will not go back there again.
On a side note, I should have known better when I pulled into the lot and saw old tires scattered around and trash everywhere. In this case, I should have judged this book by its cover.
* Pros: n/a
* Cons: employees not in uniform, my car was covered in greasy fingerprints, waiting area filthy.
“
Grim 172 in mod
Shore Guy says:
March 17, 2009 at 1:27 pm
THIS, is just what I called for the other day. Instead of going to court to stop the AIG bonuses, lets just tax them away:
shore: that will make us fcuking Russia….that is a real Putin manuever…
Smell that? It aint North Jersey air. Its revolution……….
You gotta see this video. This guy is amazing.
http://www.youtube.com/watch?v=jeYscnFpEyA
THIS, is just what I called for the other day. Instead of going to court to stop the AIG bonuses, lets just tax them away:
Maybe we could do the same with UAW contracts.
Tax increases:
PROPERTY TAXES INCREASE
New State Police Fees, Municipal Aid Cut
The NJ State Police have patrolled rural areas forthe last 87 years. In fact, the law that created theagency cited rural patrols as their primary task.
Facing a budget crunch, Governor Corzine
proposed that the 89 rural municipalities that are served by the State Police pay a portion of that cost. Urban areas like Camden, Irvington, and Newark are patrolled but will not be charged
under the new plan. Bethlehem Township residents will pay an additional 3 cents per $100 assessed value to cover this fee.
The new budget also cut municipal aid.
Bethlehem Township faces a near 10% reduction.
Governor Corzine believes that such cuts will
encourage consolidations and shared services
among small municipalities.
“after saving $600 a month by switching to GEICO ”
$600 a month? How high were your premiums in the first place? Egads.
John,
Yeah that was probably me. I originally called FVF and was about to commit when Wells called me back directly and made me an offer I could not refuse (closing fee credits). All in all it was a smooth (but long) process as underwriting can take ages these days.
Up…
The markets are up WAY up and it’s not going to stop because growth is here to stay. Where’s all my cheerleaders? Bi? Jamil? Essex? They all work for AIG and are hiding or something?
Commission Rebate
I have been a Realtor for nearly 18 years. I and most of the other Realtors I have known over the years are honest hardworking people who do their best to protect their clients interest. The notion of allowing buyers to reach into their Realtors pocket and take a portion of their paycheck is ridiculous. If this legislation is passed there is sure to be unatticipated consequences. What kind of service do think you would get from a waitress if you told her– before I sit down an order I want you to agree to personally buy me desert after you have served me my meal. I think I am entitled to some of your paycheck because I think you are making to much money.
If this legislation passes GOD HELP THE BUYERS as only the least competent Realtors will agree to put up with this kind of crap. There is also sure to be trouble at the settlement table as greedy buyers will try to extort kick backs from their Realtor before they complete the transaction. Why should a buyer who is essentially receving a free service( Seller’s pay the commmission) be entitled to part of a Realtors pay. This legislation is sure to cause problems. THE JUSTICE DEPARTMENT APPARENTLY HAS NOTHING BETTER TO DO THAN MESS UP THE REALESTATE INDUSTRY. *** THANK YOU JUSTICE DEPARTMENT FOR KEEPING YOUR EYES ON THE BANKS AND INSURANCE COMPANIES. **NICE JOB**
I was justified reading a query on how to persuade your down comforter all puffy again and practically all the answers said that you can put some tennis balls in the dryer to make that happen. how to paly guitarSo how does that function exactly? Why does this happen? Can you use something else less than tennis balls? Hold responsible you!
how to increase your own tennis court