Are you really sure New York City jobs are going to save New Jersey real estate?
From the Ledger:
N.Y.C. jobless rate hit 8.1 percent in February
New York’s unemployment rate jumped in February to its highest level since June 1993, rising to 7.8 percent from 7 percent in January, the state labor department said Thursday.
That compares with 4.6 percent in February 2008.
In New York City, the February rate was 8.1 percent –up from 6.9 percent in January and 4.4 percent a year earlier. Those are the highest numbers in the city since 2003.
Outside New York City, the rate stands at 7.6 percent, up from 4.8 percent last year and a 25-year high, said Peter Neenan, director of the Division of Research and Statistics.
“In the past six months, the state has lost almost 150,000 private sector jobs,” Neenan said.
The losses are fairly widespread and “the pace has definitely picked up in the last month,” said James Brown, the department’s New York City labor market analyst.
In addition to Wall Street and commercial banking job losses, “we’re also taking significant losses in what we call the ‘business and professional sector,’ which includes lawyers, accountants, architects, and temp work agencies,” said Brown.
From the WSJ:
Lenders Would Face Tougher Standards Under House Bill
Mortgage lenders would have to adhere to far tougher underwriting standards under a U.S. House bill introduced Thursday.
The legislation, which will be considered by the House Financial Services Committee as soon as next week, would require lenders and other originators of home mortgages to determine whether a borrower could reasonably repay the loan and cover any taxes, insurance and other fees.
The legislation is a tougher version of a bill to overhaul mortgage lending that Financial Services Chairman Barney Frank, D-Mass., pushed in 2007. It passed the House but failed to gain traction in the Senate. Proponents believe the new bill has far better prospects now that public opinion has soured on financial institutions and the foreclosure problem has infected the broader economy.
“The political climate has changed,” said Rep. Brad Miller, D-N.C., one of the bill’s authors. “The foreclosure crisis has wreaked havoc on middle-class families and our economy as a whole.”
The legislation contains measures to discourage mortgage originators from breaking rules or steering borrowers into unaffordable loans. Originators would have to retain a material portion of the credit risk of the loan after selling it off to a mortgage servicer or other third party. The legislation directs the federal bank regulators to decide how much credit risk must be retained, as long as it is at least 5% of the loan value.
The bill would also restrict compensation to mortgage brokers based on the interest rate and terms of the loan. Borrowers who were given fraudulent loans would have the right to sue investors in the loans.
Off topic:Wait Four Minutes to Drink Tea to Avoid Cancer, Researchers Say
http://www.bloomberg.com/apps/news?pid=20601124&sid=aZJ98fMMLw6k&refer=home
From the NYT:
City Jobless Rate Takes Highest-Ever One-Month Leap
In the biggest jump in a single month on record, New York City’s unemployment rate leapt to 8.1 percent from 6.9 percent in February, the State Labor Department reported on Thursday.
That rate matched the national unemployment rate for the month and reflected an unprecedented one-year rise from 4.4 percent a year earlier. The rapid deterioration of the city’s job market has erased the notion that the region could be insulated from the wave of job losses sweeping across America.
All told, there were about 335,000 unemployed people in the city, a number reached only once — briefly — in more than a decade. It is almost double the 175,000 city residents who were unemployed a year ago. Over the same period, the number of private-sector jobs in the city has dropped by almost 77,000, to 3.13 million, the report showed.
“The city’s economy continues to weaken month by month” and the rate of job loss is still accelerating, said James Brown, an analyst at the Labor Department. “The job market usually starts to build momentum in February with strong gains every month through June.”
The city lost about 3,600 jobs in February, a month in which it normally gains five times that number, Mr. Brown said. On average over the last decade, the city added 18,900 jobs each February.
I bet the unemployment rate is actually higher. I thought someone wasn’t added to the unemployment figures until their severance package ran out?
Traffic on 287 in the morning is a lot lighter then it was a few months ago. Traffic is now usually flowing at highway speeds. No recession, just great traffic management by Corzine I’m sure. / off sarcasm
“would require lenders and other originators of home mortgages to determine whether a borrower could reasonably repay the loan and cover any taxes, insurance and other fees”.
adding taxes to the formula can’t be good for nj real estate.
what about food? seems during the bubble they forgot about essentials
http://www.theatlantic.com/doc/200905/imf-advice
From Baseline Scenario – The Atlantic – May 2009
“The Quiet Coup” – Simon Johnson
“But these various policies – lightweight regulation, cheap money, the unwritten Chinese-American economic alliance, the promotion of homeownership – had something in common. Even though some are traditionally associated with Democrats and some with Republicans, they all benefited the financial sector.”
A fantastic article…
One stat – money=influence
“From 1973 to 1985, the financial sector never earned more than 16 percent of domestic corporate profits. In 1986, that figure reached 19 percent. In the 1990’s, it oscillated between 21 percent and 30 percent, higher than it had been in the postwar period. This decade, it reached 41 percent. Pay rose just as dramatically. From 1948 to 1982, average compensation in the financial sector ranged between 99 percent and 108 percent of the average for all domestic private industries. From 1983, it shot upward, reaching 181 percent in 2007.”
http://www.bloomberg.com/apps/news?pid=20601110&sid=aUzSQ01UhV6s
Roubini in the morning…
“Stocks Will Drop as Banks Go “Belly Up”
“The stock market is a bit ahead of the macroeconomic and financial news.”
“Treasury Secretary Geithner’s new plan to remove toxic debt from financial companies won’t be enough for insolvent banks, he said.”
With deflationary forces lasing as long as three years, Roubini said U.S. bond yields will remain low and American house prices will fall as much as 20 percent in the next 18 months.”
I don’t worry about unemployment figures too much. O is going to save us. Happy times are here again. Too bad his cabinet doesn’t know what they are doing. Hill, the Presidental Wannabe, has now let the US take responsibility for the drug cartel violence in Mexico. We are a ship without a rudder. I don’t think the O man is going to be able to control her. Also Geithner is in way over his head. 2009 will be defined by smoke and mirrors by our government but not by a recovery won’t be anywhere in sight.
I’d be interested in anyone’s opinion about Lansdale, Pa. Seems to have a decent downtown. On the R-5 to Philly. Taxes reasonable.
Checking in from the surgical waiting room at Robert Wood Johnson today. What did we ever do without wireless internet?
What did we ever do without wireless internet?
Year old waiting room magazines.
10 Gator
I hope whomever you’re there for will be all right.
@6 “The flow of Goldman alumni – including Jon Corzine, now the governor of new Jersey, along with Rubin and Paulson – not only placed people with Wall Street’s worldview in the halls of power; it also helped create an image of Goldman ( inside the beltway, at least ) as an institution that was itself almost a form of public service.”
“Even leaving aside the fairness to taxpayers, the government’s velvet-glove approach with the banks is deeply troubling, for one simple reason: it is inadequate to change the behavior of a financial sector accustomed to doing business on its own terms, at a time that behavior must change.”
(10) NJGator – surgical waiting room…everything okay?
Lansdale is all about convenience and is about as close to an average NJ suburb as you can find in pennsylvania. by that, I mean its a little (or a lot) boring. Bucks and chester counties are a lot more interesting to me (I like 200 year old houses so my opinion on that may not matter much to you) but Lansdale’s downtown isn’t bad, a little bit like an underutilized Bergen county train town but where the split levels are 2-3 times less expensive. the biggest appeal is the proximity to the turnpike extension, which is always clogged at rush hour and rt 309 which is always clogged always. the Gwynneds just south of town have much higher cache if you can snag a cheap house there. My dad lived in upper gwynned. shopping in montgomeryville is a big plus–i lived on the delaware river in NJ and our closest and best shopping was 309–has almost everything. plus the yum yum shop! Also, best korean food in the philly area is in blue bell.
Thanks, Cindy and Lost. My dad is getting an Abdominal Aortic Aneurysm repaired. If all goes well he will be home tomorrow.
(16) Thanks for letting us know – SCARED me. How awesome they detected it. My twin died many years ago of a brain aneurysm. No warning.
THERE was high drama at CNBC yesterday as “Fast Money” anchor Dylan Ratigan quit — sources say today will be his last day on-air — and an insider is blaming his battles with network big Susan Krakower.
http://www.nypost.com/seven/03272009/gossip/pagesix/fast_flare_up_rattles_cnbc_161468.htm
Can’t wait for his replacement. Hot babe or bald guy. Any bets?
Bubbalicious, thanks. Hard to judge from 4,000 miles away but from what I could gleen off the web, it seemed to resemble Carlisle, PA. a place we lived for a year. We like to train link, area shopping seems to be good, and places to eat pleantiful. On our next trip back we will probably stay in an area hotel so we can get a feel for the place. Small town and boring is ok. How easy is it to get to NYC?
Stan,
That Duke loss made my week. After sitting through a Duke blowout of Xavier back in December I understood for the first time why people hate their fans so much. What a bunch of spoiled douchebags. Most fans would acknowledge when they’re having a great shooting night not say sh*t like “actually we shoot this well most games”. Ugh, yeah, in f’g fantasyland.
Gator,
Good luck to your dad. How is Little Gator doing with the news?
http://www.nytimes.com/2009/03/27/business/economy/27portland.html?th&emc=th
http://www.nytimes.com/2009/03/27/business/economy/27portland.html?th&emc=th
So, unemployment in NY goes up 17-18% in one month and is up, what, 90-odd % YOY and there are not HUGE headlines? This news plus GDP should have people concerned and instead the reporting is all lightness and cheer because of misreported existing home sale data.
Cindy I’m sorry about your sister. They found it while they were doing tests for something else. I’ve always said my dad was the luckiest man on earth. He was a 40+ year heavy smoker, and they saw a spot on his lungs and instead of lung cancer, he got diagnosed with a non-fatal illness that normally affects female non-smokers. He will probably outlive us all :)
I think he is relieved that they are finally doing the repair. They found this about a year ago, and it was too small to operate at that point. He’s been pretty stressed about living with a ticking time bomb in his body ever since.
He was in good spirits before they took him in. We got to have our regular dialogue this morning where he tells me that the housing crisis was Clinton’s fault because he forced the banks to lend to subprime borrowers in minority neighborhoods. He must be ok if he can spout off the Fox talking points :)
So today I get to keep up with the blog and work on our tax appeal :)
Gator best of luck and a speedy recovery to your dad!
Shore – Thanks. Lil Gator asked Pop Pop why his tummy had to be fixed last night. Then he proceeded to ask him about what snacks Pop Pop got him for Saturday. He was more concerned about the snacks. Chocolate straws and twisted fruit are very exciting when you are 3.
(23) Shore – Thanks for the Portland post. I will forward it to my daughter who lives there.
BTW – Powell’s Books in a total experience. You can literally spend a day there…
NJ’s best friend on Bloom,, telling us what a great job he’s doing,,,,
he has our best interest in his/Carla’s heart.
jon
“No recession, just great traffic management by Corzine I’m sure.”
[4],
LOL!
By the way, are you the old Bairen?
(25) Gator – Wow – a miracle they found it. That is awesome. He sounds like a “character” (which is a good thing as far as I’m concerned.) – Tell him “even the folks on the blog hope you get well soon!”
Gator,
Hope you have a portable DVD with you. Just sit back and watch highlights of the championship season.
Hope all is well.
grim (1)-
Congress sets underwriting standards?
That’ll lead to a robust recovery.
[sarcasm off]
No DVD, but I am teaching my mother about this thing called “the internet” today. That should keep me busy for a while.
“In addition to Wall Street and commercial banking job losses, “we’re also taking significant losses in what we call the ‘business and professional sector,’ which includes lawyers, accountants, architects, and temp work agencies,” said Brown.”
It’s a total blowout. I would not be comfortable trying to sell a crap box, 4 walls and a roof, in the mold coast. Then again, I warned them on that site, close to 2 years ago. They removed my post. How was that Koo-Koo juice?
Years of no-money-down car loans followed by sinking home values and rising unemployment has made many people desperate over car payments they can no longer afford. For some, the answer is to ditch the car, report it stolen and collect the insurance money to pay it off without hurting their credit.
Authorities report a growing number of cars dumped in the Great Lakes, burned along remote New Jersey roadsides and driven into canals in California. The phenomenon is acute in Las Vegas, where sharp declines in tourism and construction have left thousands of workers unemployed and broke.
http://finance.yahoo.com/insurance/article/106813/Signs-of-Stress-Fraud-on-Roadside;_ylt=Aj6cKH7RE0U1EFFsW7.ZIHa7YWsA
Shore (24)-
The media’s idiocy is our opportunity.
In other news, I found out my company has been doing some stealth layoffs this week. A friend in our Delaware office had to layoff 2 out of her 10 staff. There were more layoffs in other departments. Seems like they are first hitting the unglamorous satellite offices pretty hard.
Did someone says Vegas?
MGM Vegas Project Considers Bankruptcy: Report
City Center, an $8 billion Las Vegas project owned by MGM Mirage and Dubai World, has hired counsel to advise on a possible bankruptcy filing, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The casino operator, controlled by billionaire Kirk Kerkorian, and its joint venture partner Dubai World are likely to struggle to pay $220 million due Friday on CityCenter, the newspaper said.
When contacted by Reuters, a spokeswoman for MGM Mirage declined comment.
CityCenter has hired Dewey & LeBoeuf to prepare for a possible Chapter 11 filing as soon as this weekend, depending on the outcome of talks between MGM Mirage, the lenders and Dubai World, the people told the WSJ.
Dubai World said on Monday it sued MGM over the CityCenter development, asking Delaware Chancery Court to find that some financial disclosures in a recent MGM filing constitute events of default under the joint venture.
CityCenter is a 67-acre residential, resort and retail complex on the Las Vegas Strip and it is slated to open late this year. MGM and Dubai World have $500 million to fund before a $1.8 billion bank facility becomes available in May.
http://www.cnbc.com/id/29911001
Layoffs? My roomate has laid close to 40% of his staff at JPM. Unfortunately, he does not think he is finished.
Just opened two sets of daily listings; the asking prices are still around 2005 levels to 5% below. So, just so I have my arithmetic correct, salaries increased about 25% over the last nine years while houses doubled. Ok, now it makes sense. Carry on.
BC-
I take back my suggestion to dine chez Robuchon in Vegas.
On second thought, the $9.99 all-you-can-eat prime rib dinner at Glitter Gulch is probably the best meal in Vegas.
Even if it’s horse meat.
BC (40)-
As my nephew at C says, you’re not done laying off until there’s no one left but you.
He’s now thinking of firing himself. He sold all his C shares @ $37, and they sent three guys from upstairs to try to strongarm him into buying them back.
Nice company.
Gator,
Hang in there, in my thoughts.
I may need a car. My wife wants an suv. She never really drives, 30k miles on her seven year old 3 series. I’m not worried about gas because she fills up about twice a month.
Has anyone bought a suv lately? I’m thinking CRV, Acura MDX, or VW Taureg. Are there any deals lately>
jon talking about perp walks,, what a joke. release the em’s jon.
BC Bob says:
March 27, 2009 at 8:30 am
Layoffs? My roomate has laid close to 40% of his staff at JPM. Unfortunately, he does not think he is finished.
Nice Freudian.
Sounds like he has 10% of the staff to go before switch hitting :)
When is Carla transferring to the Univ. of Guam?
#41 gary: Hey the other day I posted an assortment of wonderful listings for you in Oradell, blue ribbon Bergen Co train town. Check them out. Hurry, hurry!!
DL – Its got to be a 2 hour drive from Lansdale to NYC more or less no matter which way you go–NJ turnpike, Rt 78 or rt 202. Trenton is maybe 40 minutes if you catch the train there. if shopping matters Landsale/Montgomery County is prob the best place to be in the philly suburbs. Doylestown 10 miles east, Montgomeryville right there. the main line and King of Prussia about 15 minutes south. Lehigh valley 20 minutes north. Bucks is pretty lacking in good restaurants but Montgomery and Chester have some very good ones. i now live 30 minutes from the Delaware and we still end up down that way to shop and eat. much nicer than dealing with NJ folk plus watching PA people trying to drive–worth the trip from anywhere.
From MarketWatch:
U.S. Feb. real consumer spending down 0.2%
U.S. Feb. real disposable incomes down 0.4%
U.S. Feb. core PCE price index up 0.2%
U.S. Feb. personal savings rate falls to 4.2%
U.S. Feb. wage income falls 0.4%
http://economistsview.typepad.com/economistsview/2009/03/paul-krugman-the-market-mystique.html
Paul Krugman: The Market Mystique
“But the wizards were frauds, whether they knew it or not, and their magic turned out to be no more than a collection of cheap stage tricks. Above all, the key promise of securitization – that it would make the financial system more robust by spreading risk more widely – turned out to be a lie. Banks use securitization to increase their risk, not reduce it, and in the process they made the economy more, not less, vulnerable to financial disruption.”
“I don’t think the Obama administration can bring securitization back to life, and I don’t believe it should try.”
“Even if it’s horse meat.”
Clot,
After tini’s, watching March Madness, I may not know the difference?
Did anyone try reading “The Quiet Coup”
@ #6? I thought it was a fantastic article (11 pages) and wondered what others thought???
CA governor’s most recent approval rating: 33%
Oh, that was good.
CA legislature’s approval rating: 11%
My office is in Harleysville, PA, one mile from the Lansdale exit on the PA turnpike. I live in Lafayette Hill. The one thing I miss in the suburbs is the main street, center if town. Lansdale has a main street with no real vibe.
Ambler, PA, Newtown, PA, and Narberth, PA all have decent main streets with cafes and restaurants.
HEHE-
I agree. There is a reason the dookies are so despised, aside from the success under the K years.
Does anyone else break into Jim Mora whenever they see the word layoffs?
Layoffs? LAYOFFS? You wanna talk about layoffs.
Never heard of Lansdale and google revealed this little nugget:
“According to legend, Lansdale was once home to the mysterious H tree, which stood on a 12 foot hill. There were supposedly 3 H trees in the whole world, which were thought to be the entrances to hell. One would have to circle one of the trees six times, and jump off the cliff, and the ground would open up and take you to hell. The H tree was cut down to make room for housing development. This has been featured in the book “Weird Pennsylvania.””
Love how the housing development became the defacto entrance to hell. How apt.
The president said he agreed with a questioner at the town hall — a Maryland woman with family members who work for GM and Ford Motor Co. — that “there’s been a lot of mismanagement of the auto industry over the last several years.”
Hey lady, you’re just jealous because someone was way more devious than you and was able to pilfer more money then you can imagine. I propose an increase in pricing to sustain profit and an increase in taxes to pay for more government programs. If one can’t afford to pay their fair share, then leave the country.
http://www.ritholtz.com/blog/2009/03/greenspans-amnesia/
The Big Picture – Greenspan’s Amnesia
“Alan Greenspan continues his campaign to deflect attention from his failure to regulate the shadow banking system….”
[9] DL,
I have a friend who lives in lansdale and she likes it. They have good community sports for kids, a fields and pool complex that is pretty nice, and it is relatively accessible by train or the NE extension.
“Sounds like he has 10% of the staff to go before switch hitting :)”
[47],
I’ll be happy to take the other side of that bet.
http://www.housingwire.com/2009/03/26/mortgage-rates-how-low-can-they-go-2/
Mortgage rates – how low will they go?
A friend in the industry told me the rates had stopped dropping because of the 30% increase in refinancing. The idea being, I guess, that they had plenty of new loans now to process with the refi’s so they stopped cutting the rate.
Does that make sense? Is that how it works? Plenty to do at that low rate so cut back and handle the business you have for now?
[55] d
Yes, but Ambler and Narbeth are Main Line, and Newtown is, well, Newtown. You pay thru the nose to live in any one of those places, and you have to deal with the attitude. Think Brigadoon (would say Millburn or Summit, but it really is not THAT bad). Lansdale, North Wales, etc. are a lot cheaper, even if they don’t have a vibe.
From informal conversation at lunch with my friend inn Monmonth county:
Better towns prices for low to middle price range are not dropping. She sold 3!!!! houses total since last September. All houses she sold were above 800K (according to her all were over a million during boom times).
She said – their brokerage is losing money at the end of the year – commissions do not cover expenses. Her salary for the last 6 month – 0 (and she still have to pay for gasoline and license fee).
Her husband still has his job though…
Here are her reasons for this situation:
1. Well qualified (smart) Buyers all want 50% off peak prices – e.g. 350K house for 200K…
2. Sellers are willing to give 5% off peak prices.
3. Buyers who are ignorant and want to buy have no money for down payment. She is amazed how many people walk into her office and say well can’t we get seller to pay closing costs and get 100% loan???
So according to her – bargains o be had in 600K-1mil price range right now. Lower end to 600Kish is in a stand still…. very few selling or buying.
But she simply do not see ANY Foreclosures on the market – NJ is IMMUNE???, and banks are not willing to work on short-sales. (once again banks would go 10% off LP but buyers want 50%)
P.S, She did say – greedy buyers like yourself!!! Which I took as a compliment!
P.P.S. I am not looking to buy in Monmonth County – I just had lunch with her and her husband – we are friends. Her husband is thinking of convincing her to drop her license for a year or to – saving costs.
She has being a realtor for the past 15 years – so not entirely a newbie. Also she is convinced that Housing market rebound will be very sharp and sudden, and will happen within next year – 2010.
BO going on the tube in a moment.
[1]
If that passes, it will increase fees exponentially. The institutions will not be able to pay for that level of oversight and risk without passing it on, either through higher fees or higher LTVs.
It will also further push lenders into noncompliance with CRA. Not that it means much these days, since no regulator is going to push an institution to make more subprime or risky loans.
It will also make mortgage brokers far fewer as lawsuits will take these thinly capped shops right out.
Finally, it will cripple securitization of mortgages as investors will not want to take on litigation risk without a commensurate premium. When one state passed a similar law about 6 years ago, the ratings agencies said that they would not rate the securitizations, and the law was repealed within weeks as it would mean lending in the state would effectively stop. Ironically, the state was Georgia.
So, in effect, the bill protects borrowers from themselves, and their cost for this protection is higher fees and higher hurdles for middle class borrowers, and much less money available to the LMI borrowers.
That will free up credit for housing. Sure.
And the weird thing is that the banks will probably go along with it. It essentially eviserates their wholesale competitors and CRA with a stroke of the O-man’s pen.
BC,
Golden dinner with a Silver price in Vegas:
If it is romance and good food you are after, Rosemary’s (off strip) and Hugo’s Cellar (Downtown) are your best bets. Hugo’s is in the 4 Queens, but everything downtown is a great value compared to the strip.
Lot’s of the higher end casino’s (Wynn, Bellagio, MGM Grand, Encore) have top chef satellite restaurants, but the prices are way jacked up since most of their customers are getting the meal comped and the casino sees it as a way to reduce the value of the gamblers earned comps.
Michael’s in South Point is supposed to be killer, but pricey.
Andre’s in Monte Carlo is a great value as well, less pricey than the top chef type places, but equally as good.
Let’s face it. We live near New York and can get great foody food almost any time we want. Why miss the nostalgia of Vegas to eat at Nobu or Le Circque and pay more than had you eaten in New York?
One last recommendation. If you are willing to go slumming, Vegas Thai BBQ is excellent and should not be missed. IMO it is better than Lotus of Siam, never a wait, very inexpensive and what I consider the best thai in the country besides this little joint Gator and I found on the Big Island in Volcano Hawaii. Get at least one BBQ dish (I suggest the ribs) and one traditional curry. Pad thai is for lamos IMO!
http://www.thaibbqoflasvegas.com/
“Well qualified (smart) Buyers all want 50% off peak prices e.g. 350K house for 200K”
She also seems to have top-notch math skills.
nom,
Ambler is next to North Wales. It’s on the R5, Lansdale line. I think that you are thinking of Adrmore, which is near Villanova. I would also throw Hatboro into the mix of small towns with main streets.
Throw Chestnut Hill in that mix as well. But then you are getting into that upper tier, attitude places.
Philly has it’s downsides but in does have some cool neighborhoods.
nobody’s buying cars? no wonder will are in a recession…
First-Time Home Buyers Getting Great Deals
Dad is out of surgery. The surgeon said all went well. Now he’ll be in recovery for 4 hours before we can see him.
Thanks for all the well wishes!
GRIM, CLOT OR ANYONE,
I picked up a nice 100×100 lot in staten island princess bay area for dirt cheap. Great area.
Apparently, it zoned as a wetland in ’99. Since it has mostly dried up. Barely wet. DEC manages wetland preservation.
Do you know anything about their apeals process? How do I remove the wetland restriction and what are my chances?
ps. The lot is surrounded ny NYC parks and recreation land. On all three sides.
Can I sell it to NYC?
any input would be valuable.
Shore Guy says:
March 27, 2009 at 9:39 am
“Well qualified (smart) Buyers all want 50% off peak prices e.g. 350K house for 200K”
She also seems to have top-notch math skills.
Number are actually mine :)
they are approximatelly correct :)
She just said – everybody serious buyer want a lot off – almost half.
In addition – 150K/350K = 42% Off.
150K/200K = 75% off.
So depending how you look at it, you might arrive to 50% :)
Personal income report analysis (Bloomberg):
Today’s report shows the consumer losing ground. With less income and a strong deleveraging trend (reducing debt), the outlook for consumer spending is not good. Although the overall numbers matched or were close to expectations, the wage income number should be disconcerting to equities while bonds should not like the headline PCE price index. But the bond market is having to decide which is the greater force – a rebound in inflation pressures or the Fed intervening in the markets.
First-Time Home Buyers Getting Great Deals
First time buyers in Jersey will get great deals too.
When prices are down 30% off peak.
Until then, few deals, lots of overpriced garbage.
From Philly Realtor,
A Change Is Brewing in the Real Estate Marketplace
It also means that consumers who can purchase a home are out there living the American dream. It means that people who can purchase a home are. And people who shouldn’t be purchasing or simply are not in the position to purchase, are not. It’s back to basics. Consumers need to have great credit, a stable job and money saved for closing costs and a down payment. Gone are the days of 100% financing for those with absolutely no money who probably shouldn’t have been allowed to purchase a home in the first place.
First-time home buyers are out there in droves taking advantage of the First-Time Home Buyer $8000 Tax Credit as well as seller assist for their closing costs and back to normal home prices. Plenty of inventory is still available.
I picked up a nice 100×100 lot in staten island princess bay area for dirt cheap. Great area.
Apparently, it zoned as a wetland in ‘99. Since it has mostly dried up. Barely wet. DEC manages wetland preservation.
Great price, of course, because based on your description the lot might be useless and nothing but a liability.
The price-point is good news for Michael Rutledge and his wife, April Rose Chevalier. They’ve made an offer on a 1,200 square-foot villa near Carrollwood and are waiting on lender approval.
The home was listed in May 2008 for $155,000. Now, it’s listed for $69,900, and they’ve offered $60,000.
Listed at 54% off from original price!!
Yea recovery is near!!!
(72) Gator – “The surgeon said all went well.” Yeah!
Have a great day all.
Stu [67],
Thanks. Greatly appreciated.
“So according to her – bargains o be had in 600K-1mil price range right now. Lower end to 600Kish is in a stand still…. very few selling or buying.”
As a potential buyer in Monmouth, I would have to agree with this generally. Homes priced in the 525-625 range seem sticky, with sellers not budging, or cutting the price by 2-5% after sitting for 3-4 months. Not sure what it is about this price point.
[25] gator,
Good luck to your dad. Tell him bonne chance, or, if more appropriate, zol zein gezunt. He should be fine as this is preventative surgery. Hopefully you all live to ripe old ages. Even you, Stu. ;-)
As for your dad’s Clinton-bashing, I can attest to the fact that there is some truth to that. I represented major banks, and they were strong-armed by regulators into making “commitments” in the hundreds of millions for RE loans to low income borrowers. I was there, I saw it, I had to draft the responses to regulators. Don’t believe it if you want, but it won’t erase the letters in my old legal files, and you can go upstairs to the managing partner of the law firm there and he can tell you (okay, he won’t but he could).
Was it the only cause? Heck no, but it is a fact that the regulators under Clinton, and continuing under Bush, and probably under Bush I and Reagan and Carter, did strong arm those lenders, and the ACORN type groups were egging them on. Again, I was there, I saw it, I was in the room, I can name names.
IMHO, three of the most significant factors for the RE bubble and financial collapse were (a) the regulatory push for LMI lending (and it wasn’t just CRA, but LIHTCs and other “initiatives”); (b) Section 121 of the Internal Revenue Code; and (3) the GLB Act.
And, much to the anguish of the board’s resident liberals, you cannot realistically blame these on Dubya. I know its fashionable to blame him for everything from the extinction of the dodo bird to the sinking of the Andrea Doria, but he was running a baseball team in Texas when I was fending off community groups that were attacking my clients for not lending enough in Oakland and the Bronx. So he has a pretty good alibi for his whereabouts at the time.
/rant off
Grim, just dropped you a donation.
Made it mostly in response to all the great discussion on this board. I threw a chunk of change at the SRS at the close yesterday and got out a little while ago up 7% overnight.
Keep it up guys.
[69] d
You’re right. I always mix up Ambler and Ardmore, and Wynnfield and Wynnwood.
“Shore (198)-
Please stop adding context when I rant. :)”
Pardon me. Carry on :)
The End is near:
Google to slash jobs, Mass. hit unclear
http://www.bizjournals.com/boston/stories/2009/03/23/daily54.html
The company also said it overinvested in some areas “in preparation for the growth trends we were experiencing at the time.”
No kidding….. Google was spending is the past 10 years like they print money :)…
Perks they were giving to their employees are crazy. I think they are using this downturn to bring compensations down to general level in the IT…
I see it a lot right now – a lot of layoff’s and salary cuts /401k freezes/other perks removal is happening in all industries.
Not because companies is in financial trouble (some are) but because they see this situation as a perfect timing to push back on total compensation and costs which were rising very high in the past 10 years – low unemployment was putting job-seekers in the driving seat in negotiations and salary requests.
My company now offers quite a bit lower starting pay to all new hires and not negotiating starting bonuses and moving expenses. And guess what – people are fighting for jobs!!!
This might be the way American Work Force will become more competitive on global market – by significantly lowering salaries and perks.
Nom,
Didn’t Amble Ardmore Wynnfield & Wynnwood, LLC just lay-off a bunch of associates?
Great price, of course, because based on your description the lot might be useless and nothing but a liability.
Grim,
It’s almost dry, I find it difficult to believe that NYC will protect a dry land as a wetland if one is to appeal.
“Was it the only cause? Heck no, but it is a fact that the regulators under Clinton, and continuing under Bush, and probably under Bush I and Reagan and Carter, did strong arm those lenders, and the ACORN type groups were egging them on. Again, I was there, I saw it, I was in the room, I can name names.”
This push to “extend homeownership” was just an attempt to attract minority groups to one party or another; it was electoral politics, not economic policy.
Staten Island…the dream of everyone is the redesignation of “wetlands” so they can build. Much of the island is swamp land anyway! Grew up there!
It’s almost dry, I find it difficult to believe that NYC will protect a dry land as a wetland if one is to appeal
The distinction is a bit more complicated than the ground being visibly wet.
Otherwise, I can just truck in fill and turn any wetland into “dryland”.
Nom,
For the most part, I agree with your assessment, but heard second hand from the CEO of a rather large mortgage broker (dad was the first hand) that they knew this whole thing would collapse one day due to the subprime lending, but they also knew it would be worth it from a profit stand point. So Bill Clinton and other Dems pushed for it, but greed on the part of the banks
was the impetus for them to take undue risk.
This only covers half the issue. The second half was the enabling of securitization of mortgages due to the relaxed regulation of the IBs from the repeal of Glass Steagal, which was predominantly Phil Gramm’s doing. It came through veto proof, although I don’t know if Mr. pro-business Bill Clinton would have vetoed it anyway.
As much as we want to make this a partisan issue, it really isn’t. The rich got filthy richer knowing it would eventual bankrupt their businesses. The instant gratification was just too great to ignore and the economics behind their decision probably made sense from a financial standpoint.
Who cares if the whole country will be put at risk, right?
84#, if you ask how many people on this board who have played ultrashort stuff over 1 year made money by mark-to-market, i bet it would be zero if they are honest.
“Today’s report shows the consumer losing ground. With less income and a strong deleveraging trend (reducing debt), the outlook for consumer spending is not good. ”
Indeed. I found interesting that income went down twice as much as spending went down. Hence, the decline in savings rates. Faced with declining wages, one would think it prudent to pull-back more than consumers are doing. I wonder what the credit-card debt figures will show for the same period.
bi [94],
How about just short individual stocks? I would luv to take that bet.
Read up on why wetlands are protected – it is not just “wetness” or “water level”
Good luck convincing authorities that rare type of Alaskan Duck does not use this area for migration!!!
but you never know you might get lucky I guess…
I’m looking at some listings on the GSMLS and come up with this gem – GSMLS 2664008. It’s a tudor listed for $669,900 in Millburn. The listing proudly states “Assessed for $747,000. Great value in this little gem.”
I’m sure it’s just me, but at Millburn’s average ratio of 90.54 for this tax year, this house is being taxed as if it is worth $825k. The house should be assessed at $607k if it’s market value is actually around LP. What’s the value in paying an extra $2300 in taxes/year?
The distinction is a bit more complicated than the ground being visibly wet.
Otherwise, I can just truck in fill and turn any wetland into “dryland”.
Grim,
You seem to know what you’re talking baout. Can I put some gravel on it and rent it out as parking lot. Or start a hand car wash or something.
Shore 24
<i.March 27, 2009 at 8:05 am
So, unemployment in NY goes up 17-18% in one month and is up, what, 90-odd % YOY and there are not HUGE headlines? This news plus GDP should have people concerned and instead the reporting is all lightness and cheer because of misreported existing home sale data.
Its all a confidence game at this point. TPTB are very precariously positioned. Modern society has been bred to have a 5 second attention span and observe apathy as though it were their religion. Big Brother will take care of you.
That works great as long as most of the people are warm and have full bellies. As soon as people cant cover their basic needs or fear that to be the case things get ugly. We have already seen the result. Look at what happened during Katrina.
this is why i agree with clot that we will see violence. Once a bond market dislocation occurs the daily financial machinery that people depend on could fall apart. And a guy with a hungry family at home wont hesitate to start looting for necessities once he loses faith in Big Brother.
About the SI wetlands lot. One might do well to see if one can get the lot appraised at an attractive number and then donate the lot to a non-profit nature group and just take the tax break, before B.O. kills them.
(Correction)
Shore 24
March 27, 2009 at 8:05 am
So, unemployment in NY goes up 17-18% in one month and is up, what, 90-odd % YOY and there are not HUGE headlines? This news plus GDP should have people concerned and instead the reporting is all lightness and cheer because of misreported existing home sale data.
Its all a confidence game at this point. TPTB are very precariously positioned. Modern society has been bred to have a 5 second attention span and observe apathy as though it were their religion. Big Brother will take care of you.
That works great as long as most of the people are warm and have full bellies. As soon as people cant cover their basic needs or fear that to be the case things get ugly. We have already seen the result. Look at what happened during Katrina.
this is why i agree with clot that we will see violence. Once a bond market dislocation occurs the daily financial machinery that people depend on could fall apart. And a guy with a hungry family at home wont hesitate to start looting for necessities once he loses faith in Big Brother.
make money – I would think if nobody built on it during the boom years there has to be a good reason. When you visited the lot did you hear a distinct gwaack-gwaack sound?
If you did that would be the endangered Staten Island spotted leopard frog. Experts say there are not many left, and they are battling to survive in quiet corners of city parks or in weed-filled lots full of abandoned cars.
DL says:
March 27, 2009 at 7:25 am
I’d be interested in anyone’s opinion about Lansdale, Pa. Seems to have a decent downtown. On the R-5 to Philly. Taxes reasonable.
never been but so far so good in bucks county …
“Can I put some gravel on it and rent it out as parking lot. Or start a hand car wash or something.”
Welcome to the world of environmental law. Wetlands are a world of their own.
d2b, nom, ruggles, bubbalicious:
many thanks for the info. I know the Main Line pretty well. We considered Ardmore and Chestnut Hill but thought they didn’t live up to the hype. Problem with alot of these towns and their reputations is that the commercial sections got old and worn and everything that made them quaint was killed by big box stores. Spent a day in Newtown and couldn’t believe the attitude. Seriously, I didn’t know it competed with the Oracle of Delphi for center of the universe honors. There’s a lot on the Main Line but its strung out and since my bride doesn’t drive, we are looking for a town that is more compact. Doylestown fit the bill but we wanted to get a little closer in to Phila (60 versus 90 minutes one way on the train.)
bi says:
March 27, 2009 at 10:21 am
84#, if you ask how many people on this board who have played ultrashort stuff over 1 year made money by mark-to-market, i bet it would be zero if they are honest.
Not my concern. I guess one would classify me as a ‘swing trader’, looking for situations that over a few days to two weeks will prove profitable. Mostly writing options and I don’t get greedy.
I’ve dabbled in SRS a little so far (net profitable, actually by alot) with an average hold time of much less than a day. Took alot for me to go overnight (this things moves 20% in a day with frequency) but markets moved up too far and fast and were due for at least a slight pullback.
Use tight stops and you live another day. My philosophy is kind of like the house in Vegas, even if I’m right just over 50% of the time I’ll be profitable. But unlike blackjack I can significantly influence that percentage.
DL,
Haverford is nice.
Al 87
This might be the way American Work Force will become more competitive on global market – by significantly lowering salaries and perks.
that is the ONLY way. Globalization brings everyone down to the lowest common denominator unless you institute equalization measures such as tarrifs and universal environmental requirements.
No one is going to force china to observe US and/or European environmental standards. They would be out of business overnight and would have to put a few hundred thousand people out of work overnight. It would be economic suicide for china.
The only other option is to reduce the living standard of a given area until it is competitive with everyone else. Or break globalization and return to a regional model
#6
“From 1948 to 1982, average compensation in the financial sector ranged between 99 percent and 108 percent of the average for all domestic private industries. From 1983, it shot upward, reaching 181 percent in 2007”
and here we have yet another reason why NYC-area real estate prices are unsustainable.
bub #15 and others: I took a week of training at Brookwood in Lower Gwynedd a few years ago. Loved the area. There’s a very good Persian restaurant not too far away, shopping, and I just loved Ambler, especially the arthouse movie theater there. And of course awesome Wawa coffee. If I had to live in PA, I’d go there.
Bi,
Long-term gains obtained last year. Bought all my shares at 100, 80 and 60. Sold them all off between 130 and 200. All long-term gains. Uncle Sam is slamming me hard.
This year, no realized losses although I’m currently down 46% in FXP and 35% in SRS. Did take two sets of 20% short term gains in SRS not reflected in these percentages.
Last year, I was down way more in SRS than I am currently in FXP when the government decided to foolishly place short ban on financials. I suppose I should have sold then, right?
As long as fundamentals don’t change (government keep doing the wrong thing), I will not sell a thing. If tomorrow Obama closes the banks to determine which should fail and which should survive, well I’ll take my losses then.
Until then, patience.
And don’t worry, I’ll let you know when I sell. I always do!
96# bob, you need to have gut facing potential loss of infinity. most folks here choose an easy way of shorthing the market by playing ultrashort etfs. no free lunch.
107#, this strategy may work as long as you can cut loss when it moves against you.
We are getting closer to some exciting automotive times:
http://www.bizjournals.com/sanfrancisco/stories/2009/03/23/daily88.html
Now, if we can find a way to recharge or replace batteries in 5 minutes time, it will make sense.
108: True enough. But forgot to mention most important factor, price. We’re trying to keep purchase price under 450k.
More evidence that there is no more recession. Go back to spending, folks:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aIOHipJbUv.s&refer=home
Blue Horseshoe Loves Anacott Steel
bi [113],
Have covered all except 1 stock. I won’t tell you my current position. You would not believe me.
“Fargodome”
Maybe Xanadu can become the Xanodome.
http://www.nytimes.com/2009/03/28/us/28flood.html?hp
Cooper,
That sounds like a passphrase for entry into a secret facility.
Probably the only ‘dishonest’ one here is Bi himself.
His record for fulfilling his end of a bet is a whopping 0%.
If this was my blog, I would have banned him. Seriously!
I would imagine that las vegas will be growing into a pretty dangerous place in the near future. given that it already attracts a disproportionate share of seedy lowlifes, many of whom now are unable to get real employment easily as they once were.
112#, stu, cut the crap, use your realiazed gain so far to offset your current paper loss. what is your P/L in percentage term? don’t think the market will always move to your favor in the future. you live in the current.
118#, beleive it or not, i tend to believe you.
Skep,
Just wait until the water runs out. I heard that the city water resource manager is proposing that they divert much of the water from the Ohio, Missouri, and Missippi rivers to Las Vegas via a huge pipe across the country.
Make, agree with all above you have a better chance of being a snowball in hell than getting a change on a wetland designation. Especially in developed areas.
Donate to a conservation society at value of the land to knock down tax burden otherwise the land isn’t worth much from a development option.
Another of the list of institutions that turned me down for a job (and for which I am grateful):
“WASHINGTON – A top bank regulator has been placed on leave pending a Treasury Department investigation into regulators’ approval of backdated cash infusions for troubled thrifts.
The Office of Thrift Supervision said Thursday that its acting director, Scott Polakoff, was placed on leave “pending a review by the Department of the Treasury of the OTS’ August 2008 actions related to post-period capital contributions.”
Treasury Secretary Timothy Geithner named OTS Chief Counsel John Bowman to replace Polakoff as acting director, the agency said. The OTS gave no further details on the Treasury Department’s review and how it might relate to Polakoff.
Polakoff, who is the agency’s chief operating officer, had held the acting-director position only since last month following the resignation of OTS Director John Reich. Agency spokesmen and Polakoff could not be reached for comment late Thursday.
Late last year it was revealed the OTS had approved in May a backdated infusion of $18 million for IndyMac Bancorp to March 31, allowing it to meet first-quarter government requirements for reserves held against possible losses.
Pasadena, Calif.-based IndyMac failed in July and cost the federal insurance fund for banks nearly $9 billion. The OTS removed Darrel Dochow, the agency’s official in charge of the Western region, from that position and he later resigned from the agency.”
Methinks the OTS’ days are numbered.
#123… Why would someone use last year’s gains to “offset” current year’s loss? From a tax perspective, it makes sense to do the other way [offset last year’s losses with current gains — just sell and buy again]. The gains are already taxed, so…
S
[126] Pain
Must agree. That was the route we took with a client when we got held up by the Corps on a development deal that the SHPO was adamantly trying to block.
We actually got the conservation group to buy the land at a significant discount and took a tax deduction on the rest of the value. Must be careful doing that though as the rules in this area have changed in recent years.
Okay, enough law. Back to work for me.
Bi,
A loss is not a loss until it is taken. I don’t have time to perform the math for your reading pleasure. Just assume that my current unrealized losses are not even close to offset by my realized gains (about 1/6th of my total position). I’ll be sure to let you know when my unrealized losses become realized gains.
If you want a back of the envelope guess, of my non-cash positions, I am probably down about 30%. My position this year is smaller than my position of last year and my realized gains of last year were well over 100% on my non-cash position.
And trust me. Due to the great gains I had last year, I owe your uncle a lot more on April 15th than you probably have invested in your portfolio. Now give it a rest ya pea brain.
[128] sastry,
Interesting idea. see if it will fly. Here’s the address for the taxwriters:
The Joint Committee on Taxation
1015 Longworth House Office Building
Washington, DC. 20515
Front Office: (202) 225‑3621
Shore 125,
Re Piping water to Las vegas…
This is how you know they are desperate. if i could short a city it would be Vegas. if for no other reason then water. not that there arent plenty of other ones as well.
[120] shore guy
“Greed is good”
Okay, now I really gotta get to work.
130#, stu, you are too funny. i thought this rule only applies to begholders (home owners).
>A loss is not a loss until it is taken.
OT: Depeche Mode just knocked the cover off the ball. It’s sick. I’m shocked.
To be clear, you have to appreciate this style of music, or it is a bunch of doom-fest bleeps and bloops.
The precision of the production is impressive.
Sastry(128):
“Why would someone use last year’s gains to “offset” current year’s loss?”
Rather take nothing but gains Mr. Instant Gratification.
Patience, is the number one friend of the investor.
Especially when one already has nearly six figures of long-term loss carryover to offset serious gains from a particular fund that Gator’s family foolishly let a professional broker manage. Janney Montgomery Scott, because I feel like naming names.
I realize that my track record seems uncanny, but that’s because it is.
I would never manage somebody elses money though. For then I probably wouldn’t be able to sleep at night.
Axe fell at Xerox yesterday. Lots of tech reps, some managers. Really sad. 25 year+ tenured employess escorted out of 245 Park. Totally sucked.
But no recession here.
“Axe fell at Xerox yesterday.”
Probably had to many duplicates any way.
wah, wah!
Since the lawyers here will read the Cadwalader memo and wonder to themselves, no, this guy is not me:
“Steven Lofchie was raised in Boston, Massachusetts. He believes the land of Bill Russell, Bob Cousy, and Larry Bird; of Bill
Belichick and Tom Brady and Rodney Harrison; of Bobby Orr; of Doug Flutie; of Bruno Sammartino; of Ted Williams and
David Ortiz, must not be trounced on by Manny Ramirez: See Mr. Lofchie’s article, The Future of Financial Regulation: Meet
the New Regulators, Better Than the Old Regulators? (Jan. 2009), available at
http://www.cwt.com/assets/client_friend/012209_Future_of_Financial_Regulation.pdf. He also writes a regular column for
Global Custodian under the nom-de-plume [pen name in French] “Custodial Coward.”
Nope, not me. But I already like him.
Xerox had an office on Park Ave???
No wonder they are cutting back. Are they crazy?? How about moving to Newark NJ?
#131… Nom…
My impression (I am ready to stand corrected) is that if you have carry over losses and unrealized gains, you can “realize” your gains without wash rule, right?
Conversely, you cannot “carry over” your gains (as Bi seems to be implying — taking current losses against previous gains, which have already passed. Furthermore, the losses would be subject to wash sale rule, right?)
Pls correct me if I am wrong.
S
S
#64
1. Well qualified (smart) Buyers all want 50% off peak prices – e.g. 350K house for 200K…
2. Sellers are willing to give 5% off peak prices.
3. Buyers who are ignorant and want to buy have no money for down payment. She is amazed how many people walk into her office and say well can’t we get seller to pay closing costs and get 100% loan???
So according to her – bargains o be had in 600K-1mil price range right now. Lower end to 600Kish is in a stand still…. very few selling or buying.
************
so in her mind 5% off is a bargain?? looks like she’s not going to be making many commissions this year
“Xerox had an office on Park Ave???”
How else could they close enough to Abercrombie and Fitch to avoid those around the block lines?
Make, wet lands are a sticky situation. Your best bet if you really want to appeal is find a lawyer who has political connections with environmental agency that designated this land. With enough influence peddling if the ground is not really wildlife supporting wetlands you could get approvals to build on some or all of it. But unless you have a lot of money to spend or considerable connections you are unfortunately stuck. DEP et al pretty much want to prevent building anywhere they can so even if they have the slightest claim they will fight you.
Wash rule doesn’t apply to me. I almost never buy and sell often enough to worry about it. It’s not my style to enrich the brokerages.
141#, Sastry, i am not imply anything for taxation purpose. what i am trying to ask is what your total P/L is in percetage term since you started playing ultrashorts. my theory is you will eventually lose money in longer term.
> (as Bi seems to be implying —
#137,
Let get this right, I bet you those
tech reps and managers we making $150K+ fixing copy machines.
#137
What exactly does a “tenured” employee mean in the private sector?
DL – did you try Media? fairly big downtown with a trader joes, quick train ride to Philly, prob not much farther from manhattan than lansdale. only been a few times so only know that it looks nice, no nothing about housing stock, people.
Some good news in jobs:
NYC self-employment figures have been rising in the past few weeks. This has been ascribed to an increase in number of hot dog vending carts on the streets.
#146… fair enough.
With respect to strategy, I am not at picking stocks…
I do notice one interesting thing: from March 20, last year to today, the SKF is down 31% and UGY is down 89%. Seems like the middle men made tonnes of money! Perfect hedging!!
S
“my theory is you will eventually lose money in longer term.”
Especially when the market rallies on no noticeable change in its underlying earnings…right?
“I am not *good* at picking stocks”
Maybe Corzine will get Carla Katz to run with him as Lieutenant Governor. She definately is qualified for that job, now that she’s out of work with the CWA.
carla’s got bigger plans. she’s going for broke,
“Especially when the market rallies on no noticeable change in its underlying earnings…right?”
Stu –
I think it was Jeremy Grantham (or maybe Richard Russel) who said that, in a bear market the one who loses the least is the winner.
bi = be a gentleman an shut up, you lost the bet, now go and sulk in the corner
“Six months ago, “luxury” was the all-encompassing buzzword of Manhattan real estate. Now, Manhattan buyers are just as demanding, but their criteria have changed drastically. The new buzzword — and subject of buyers’singlemindedness is “bargain.”
“I tell all my sellers, ‘You must give them a deal,'” said real estate doyenne Sharon Baum, a senior vice president at the Corcoran Group. “If you’re not willing to do that, you shouldn’t be in this market.”
http://ny.therealdeal.com/articles/bring-on-the-bargains?ref=patrick.net
157#, i lost bet on the unltrshort reit etf so i don’t mention it anymore. but real trajedy is people like you who lost real money playing these craps.
999 out of 1,000 Jersey residents have never heard of Carla Katz!
Unfortunately, about 450 of every 1,000 Jersey voters vote.
Go to hell, Dook.
Bi,
The stock market goes up and it goes down, some days you make money, some days you lose money. You can lose it buying Citibank stock or Microsoft just as much as you can any ETF. Your argument carries no water, now back in the corner, chop chop.
New thread!
Up!
Al (64)-
How many other idiots do you have as friends?
#77
“First-time home buyers are out there in droves taking advantage of the First-Time Home Buyer $8000 Tax Credit as well as seller assist for their closing costs and back to normal home prices. Plenty of inventory is still available.”
not in the NYC-area where if you qualify for the tax credit you can’t afford anything anyway
#82
“Homes priced in the 525-625 range seem sticky, with sellers not budging, or cutting the price by 2-5% after sitting for 3-4 months.”
possibly because these remain within FHA range? above 700k will require 20% down
#127
“Methinks the OTS’ days are numbered.”
seems pretty obvious that the patchwork of regulation on the banks needs to be pulled together under 1 new regulator. just a question of when this happens, not if, IMO
#30 BC Bob,
That I am.
Job loss…Been there. Done that. Yep, still ‘there’.
Losing a job is one of those defining moments in life. We can choose to lose our way (our mind), or we can rise to the challenge and follow what our Spirit tells us to do.
Remember: We are more than a statistic on the news.
I’ll share with you what I was told the day I got “set free” (laid off) from my job: “This is a new chapter in your life. WRITE ONE HELL OF A CHAPTER!” And I did just that! Will you?
Need a break from the doom and gloom? Ready to begin your journey today? Then let me send you a FREE (no strings) book download. Sign up at:
http://www.noexpertsneeded dot com
It’s simply my way of ‘giving back’!
take care,
Louise Lewis, author
No Experts Needed: The Meaning of Life According to You!