From Fitch Ratings:
Fitch Takes Various Actions on 543 2005-2008 U.S. Subprime RMBS Deals
Fitch Ratings has taken various rating actions on 543 2005 through 2008 vintage U.S. subprime RMBS transactions in the course of its ongoing review of subprime RMBS.
…
The updated expected collateral losses incorporate performance trends since the last rating revisions which relied on September 2008 remittance data. The projected losses also reflect an assumption that from the first quarter of 2009, home prices will fall an additional 12.5% nationally and 36% in California, with home prices not exhibiting stability until the second half of 2010. To date, national home prices have declined by 27%. Fitch Rating’s revised peak-to-trough expectation is for prices to decline by 36% from the peak price achieved in mid-2006. The additional 9% decline represents a 12.5% decline from today’s levels.The home price declines to date have resulted in negative equity for approximately 50% of the remaining performing borrowers in the 2005-2007 vintages. In addition to continued home price deterioration, unemployment has risen significantly since the third quarter of last year, particularly in California where the unemployment rate has jumped from 7.8% to 11%.
The combination of continued home price and employment decline has kept negative pressure on the roll-rates of performing borrowers into a delinquency status. Although net roll-rates have moderated from the seasonal high in January, the most recent month’s performing-to-delinquent net roll-rate of 3.17% remained modestly higher than that exhibited in the third quarter of 2008 when modified loans are excluded.
From the Record:
Buying a home in Bergen still out of reach for many
Even with recent home price declines, buying a house in North Jersey — especially in Bergen County — remains out of reach for many working people, the New Jersey Association of Realtors said today.
With a median price of $481,250 in the third quarter of 2008, Bergen County is the most expensive home purchase market in the state, the trade association said. At a more affordable median of $352,900, Passaic comes in ninth of New Jersey’s 21 counties.
NJAR released this data in introducing its new Internet database, called Paycheck to Paycheck, which allows workers to compare the average salary in different occupations to the income needed to buy or rent a home in different counties. As you might expect, even middle-class workers such as teachers, nurses and police officers would be hard-pressed to buy a home in Bergen County. For example, nurses have average income of about $71,000, but an annual income of almost $156,000 is required to buy a house in Bergen, and $135,000 to buy a house in Passaic.
Rentals in North Jersey are also a stretch for many people, according to the database. Workers need an annual income of $50,240 to afford a two-bedroom apartment in Bergen or Passaic. That’s beyond the means of retail sales people or janitors, who make less than $30,000 a year on average.
The least expensive housing markets — Atlantic, Gloucester, Camden, Cumberland and Salem counties — are all in the southern part of the state.
De-Dollarization, Dismantling America’s Financial-Military Empire
A house that I bid on last week recevied 4 offers (two @ full list price) in a total of 7 days on the market… Might I add list price was not a steal, all comps pointed to the fact this house should to selling for 40k less than list.
Who said people aren’t buying houses?
Where, what price range, and who was the listing agency?
MLS #2687189 :)
Paul Krugman’s fear for lost decade
Interview with Will Hutton
http://www.guardian.co.uk/business/2009/jun/14/economics-globalrecession
From the NY Times:
Luxury Condos, All Bids Considered
Created from the towering Art Deco buildings of the city’s former medical center, it is — according to officials at the national historic tax-credit program — the largest residential restoration project currently under way in the country. State preservationists say it is one of the largest historical restoration projects ever undertaken in New Jersey. And a couple of years ago, developers said, the Beacon became the first condominium building in Jersey City to sell a unit for more than $2 million.
Now, its developer has announced that the Beacon will be the first high-end complex in the Hudson River area to auction units.
In what is being billed as a “closeout” auction, 25 one- and two-bedroom units in the first two towers to be restored are to be auctioned on June 27. Original prices ranged from $380,000 to $700,000; suggested starting bids are $150,000 to $250,000.
At the auction, which is to be held at the Hyatt Regency Jersey City, a few blocks down Montgomery Street, 12 units will be sold “absolute” — that is, regardless of the suggested starting bid.
#5,
The place looks like a prison with those little windows.
Multiple bids on this house, when there’s 468 on the market??
Well, where’s the housing recession??
#5 – Let them have it. 109 Wesley (2678285) looks like a nicer place.
Grim,
Exactly my thought.
MLS #2687189 :)
can we see a link of the property please.
http://www.weichert.com/25668695/
However, back in reality land, i think we will see something or like argentina, where personal security becomes very much a personal matter and infrastructure, both physical and service, become intermittent. not madmax, but a different universe then most americans can fathom
Kettle – Like a lot of what you say, but THIS is reality? ive read some of the great links posted here about argentina, but the US is going to need super duper hyper inflation for that to happen.
my problem with inflation is that there isn’t even a consensus on how bad it’ll be. not even from people HERE. back in 06 when i started reading this site, it was universal that housing would crash, and the market would, too.
everyone nailed it. but the board SEEMS to be split on what the inflation will be like. that leads me to guess it won’t be Argentina-like.
Grim, have you offered your thoughts on inflation?
A good question to SAS
A little bird told me that Rupert Murdoch’s wife -Wendi Deng, is being investigated for Chinese intelligence link. Is well known that Chinese intelligence uses their own. Like the lady in California that was a GOP big wig, and bedded 2 of the FBI Counterintelligence’s big wig, which let out about the satellite triggered bugs inside the new Boing 747 the chinese premier got from boeing.
If it is, it would explain a lot of FOX news behavior, toward using the soap box toward/away from different agendas.
Gman thanks.
Nice size land
40 miles to the city
Opportunity subdividing the lot?
No, def not possible to subdivide.
a question you don’t need to answer with any specifics: do a lot of people on here use a financial adviser?
Opportunity subdividing the lot?
Hell no.
anyone own the ‘little giant’ ladder?
the price tag on this bad boy is between $300-400. is this thing worth the hype?
i have 2 friends who swear by it, but im balking at the price.
JBJB says:
June 13, 2009 at 11:04 am
Yikes [293]
We are driving out to Bucks tomorrow to have a look around. What towns do you recommend we check out first?
sorry i missed this, was off the grid all day. the ones right across the river probably will keep you close to your old job – Washington Crossing and Newtown. Prices are lower than NJ, and the taxes are, too. Schools are good. Cross-ref them with some of the Philly rankings (we saw them in 2-3 magazines).
New Hope is also a pretty good area for schools, but it’s a bit too woodsy for my taste. i like a cul-de-sac and proximity to food/gas/gym, etc.
i hear Doylestown has a ‘big town’ feel to it with more bars and restaurants than the aforementioned two. have never been, though.
it’s been about 15 months for us in Bucks County and so far it ain’t bad. we’re happy with the house purchase, the people aren’t as uppity as some had claimed, and we’re still in a good spot for travel (airport: 45 mins, philly 45 mins, nyc: 90 mins, DC 3 hrs, beach – depending where you go – 60-120 mins).
Thanks Yikes, we are actually heading out now. Will hit Newtown, Yardley and Doylestown as well as some others.
whats the median family income from county to county? I think the state is 85k
22 – Doylestown is gorgeous–Its like a smaller version of Morristown if morristown wasn’t destroyed by the high rises. surrounding area — doylestown township is also like morris township. Lots of decent (not as good as jersey though) restaurants and shops. library and big museums right downtown. doylestown bookshop rules! might be the best bucks town as it has as much to do as new hope but its geared towards real people not tourists and goth kids. plus they have a wegmans 10 minutes south of town. and all the big box stores are about 15 min west in montgomeryville. worst part is if you live there and need to get to jersey, the intersection of rt 202 and 413 is brutal heading east. you have two choices: a stop sign/ left turn onto a very busy road (traffic backs up maybe 15 cars deep) or a stop light with no left turn signal (thats the better way). totally sucks.
JB JB, Yardley ahs some beautiful spots…but if you are in it for the schools, you most likely want Council Rock (Newtown Wash Crossing). Pennsbury district so – so just from what I hear
In my humble opinion, Doylestown is inconvenient if you are a NJ-Princeton corridor commuter. That being said, Doylestown is as great as Ruggles states.
One last thing, I realize this is a NJ site and appreciate all of the great posts/comments, but I have to take issue with always comparing the various Bucks towns to NJ towns and somehow the NJ towns end up having something “better”. For example, Doylestown is like Morristown BUT resturants not as good etc. As a Bucks PA native, I have to tell you that Bucks has never aspired to be like any NJ town, and most would be offended to hear such comparisons. If you make the decision to move to Bucks, please remember it is a different place than NJ. Embrace it for it’s own identity, not a cheaper version of the town from whence you came. ;o)
Also, Yikes I think you missed mentioning Yardley/Lower Makefield in your list. Taxes even lower than Wash X and Newtown and easier commute to NJ jobs. Schools also good – don’t believe all of the hype of the Philadelphia magazine school ranking list. Like most things Philly mag not necessarily the most objective.
Just my opinion. Not meant to offend anyone.
Re#20 Little Giant-
Yes I own four of them, I own a
build/ remodel company…they take
a beating and work well. Can be
rather heavy to carry.
ruggles – thanks for that doylestown insight. actually interesting in going now.
the newtown bookshop has made barnes and nobles irrelevant for us. you can bring in a book – anything – and then get to buy a used book for very cheap. it’s great. have a wide variety of books, also.
other than costco, im anti-chain
bucks county + … i have NOT seen a wal-mart. seriously. it’s great.
Council Rock way overrated. Do your own research if “you’re in it for the schools”. Pennsbury has many pros and cons too. Of recent, most of the word of mouth issues about Pennsbury revolve around the fact that it’s a big district and when you reach high school, half the kids come from “blue collar” areas like Levittown and Fairless Hills. This is a big point of contention for some in the Yardley/Lower Makefield area. They don’t want their children with “those types of people.” So, people believe that living in Newtown/Council Rock insulates their children from “blue collar issues” Whatever those are.
Not taking sides here. Just want to inform.
13 yikes
“my problem with inflation is that there isn’t even a consensus on how bad it’ll be. not even from people HERE. back in 06 when i started reading this site, it was universal that housing would crash, and the market would, too.”
many of us felt real estate was a bubble in maybe 03-04 or earlier. I did an addition on my house in 03 and qualified for more then double what I could get 2 years earlier. I knew something was wrong then. There weren’t many places to read about a housing bubble then. Kettle is just ahead of the curve here.
http://www.prudentbear.com/index.php/creditbubblebulletinview?art_id=10240
yikes-
We got walmarts. you must not take the PA turnpike much (Neshaminy) or get over to Fairless Hills. Both are only 10 min ride from Newtown. :o)
CAIBC says:
June 13, 2009 at 4:58 pm
For those on this blog that want to go out to Bucks County…no worries, prices are collapsing all over the place – northern NJ west of say Denville is starting to collapse….i mean newer colonials going for under 400K….a friend of mine just closed out in panther valley for ~330K…prices in that area two year not too long ago were asking close to 600K! its happening and we on the sidelines have a front row seat to the horror show…hopefully we all are sitting on a sizable downpayment….our time is finally here….
Got any links?
yikes – will have to try newtown bookstore. we’re in richboro often. dont get to newtown much tho.
livinginpa – good points. don’t mean to compare except I can’t help it. spent 7 years living within walking distance of bucks county. experienced everything in both states almost every day. my point is that its more of a culture shock than most people think. maybe not along rt 95 but definitely in new hope/ doylestown and points north.
If i had my way, I would be living in PA right now. and actually i live in a place that looks exactly like and maybe better than most of the bucks countryside. except with NJ taxes.
I would recommend that folks think twice before committing to a 60-90 minute commute to work each day. My brother did it for many years so the family could live in Doylestown – Buckingham. The family loved the area and the house, but the commute was going to kill him. Route 202 is a disaster in both PA and NJ. Lucky for him, he was offered a transfer and sold the home.
I would factor in even $5 a gal since gas (for the next bubble) and the enormous time that you are committing to for that commute. Folks buy houses without thinking through the consequences: 90 minutes twice a day at rush hour.
http://suddendebt.blogspot.com/2009/06/deflation-v-inflation.html
I have found a few recent articles re inflation V. deflation.
34 – exactly why we don’t live in PA. moving from the delaware river to our current place shaved 15 miles and 30 minutes off the commute each way. priceless.
http://www.boston.com/business/personalfinance/articles/2009/06/13/does_the_borrowing_of_2_trillion_mean_inflation_will_follow_not_necessarily/
Does Borrowing $2 Trillion mean inflation will follow? Not Necessarily.
Boston Globe
And this quote from somewhere in the blogosphere…
“Excess debt controls nearly all the economic variables.” Irving Fisher
Saying 5 to 10 years to work our way out of it…Sorry – No notes as to where I read it ? Big Picture? unsure…
It takes a month or two to buy a house that you love, but that commute stays and cannot be fixed like a leaky roof. I am looking to move within 5 miles of work and drive a Yaris.
http://www.vanityfair.com/politics/features/2009/07/third-world-debt200907
Joseph Stiglitz – Vanity Fair – July 2009
“Wall Street’s Toxic Message” _
It will take time – And our rep is pretty tarnished – Many countries want to see what model will work. Interesting read.
http://seekingalpha.com/article/143010-the-debt-conundrum-part-i?source=email
James Quinn – from Seeking Alpha – I like this guy’s writing – Parts one and two: The Debt Conundrum
Yikes, cindy
I suggest Argentina as a social and economic model in terms of its dysfunction.
I do believe we will see substantial inflation, but not for another 2+ years, most likely around or after 2012. Despite the amount of money that the government is printing, thee is entirely to much debt destruction going on for inflation to be the dominant effect at his point.
Is a 60-90 minute commute via train considered more acceptable because you can work or sleep on the train?
I know very few people who are front door-to-office in less than 60 minutes. Between driving to the train and parking, take the train to Penn and then likely taking the subway to the final destination, most are looking at 60-90 min. I live in “Transit Village” and it still takes me 90 min on the way to work and 80 min on the way home.
Just wondering. I would take a 45 minute drive over 80-90 minutes on the train any day of the week.
http://www.statesman.com/business/content/business/stories/personalfinance/06/07/0607burns.html
Here is the article from last W/E with the Irving Fisher reference….
Thanks for everybody for the input on this board. I got ton of info, looking for a house right now but not in a hurry to jump in. I have a question regarding a post by 3b ( see link below)
I tried to call the number listed, left a message and got no replies at all. I am not sure whether the listing agent is seriously selling the house. That happens to me before. All REO or short sale house agents are not responsive. Feel very frustrated. Should I first find a good foreclosure special realtor first? or the sellers do not deal with buyers directly? Here is another example mls ID 2825089.
http://www.njmls.com/cf/details.cfm?mls_number=2825089&id=999999
My observation is that current market is still a standoff between the buyer and seller.
Thank!
>>https://njrereport.com/index.php/2009/06/08/northern-nj-may-home-sales/
# 3b says:
June 9, 2009 at 9:48 am
#116 gator: Look at this listing below. I have posted it a coupel of time, got no resposne form teh board.
Sold for 740K in March of 06, sold again 6 months later for 968K!!!!.
Now bank owned for sale asking 623K!!. In my blue ribbon Bergen co train town.
http://www.njmls.com/cf/details.cfm?mls_number=2925359&id=999999
42 Kettle1
I agree inflation is in the future 2 years but then I think of the number of variables and it could happen much sooner. What happens when other countries stop buying t-bills, hedge funds drive commodities up well beyond demand…?
DEFLATION is the real risk not inflation. Per,
http://www.boston.com/business/personalfinance/articles/2009/06/13/does_the_borrowing_of_2_trillion_mean_inflation_will_follow_not_necessarily/
Cindy, 33
:) interesting article!
Now from the financial gurus…;) you know who you are…
snip And since income is extremely unlikely to rise suddenly, debt must also come down, sooner or later.snip
above clipped from the article Cindy posted…
Is it safe to say that even worse than incomes not rising suddenly, that given the rate of unemployment and persistence of sustained unemployment that it’s actually worse than it appears?
sl
How about deflation in certain sectors such as housing with inflation in others such as energy and food.
Still – What strikes me – Here in CA and for Wall Street as well – The sheer loss of jobs: They are gone – they will not return.
Yet, folks are adapting here the best they can. I have two friends whose husbands have formed a business working for banks mowing lawns and cleaning out houses. The $1,000 a day fine – creating a business opportunity.
“A good question to SAS”
well, i can’t comment on the specific situation that you bring forward, cause i do not know. but, i can tell you in a very generic format what i do know.
The chinese are masters at double agents. For some reason, they are good at working both sides of the coin. On the flip side, their is also a segment of the military & politicans that would love a “return to the motherland” and see nothing more for the USA to fall to the level of a europe nation, and take back Taiwan. (btw-the Taiwan situation is far from over).
as for Fox news, i’d lean more towards wacky govt talking points from DC, rather than from China.
Fox is desperate, they don’t know which way to go.
i wouldn’t trust any corporate main stream media too much.
these are just my thoughts…
yikes,
The little giants are heavy and cumbersome, to say the least. I bought one in case I needed it to use on stairs, but years have passed and I have yet to use it for that. I have the small one (5 ft?) but for every project that needs that height I just grab my lightweight aluminum A frame and I’m done in minutes. The little giant, on the other hand, takes a lot of effort to haul around, then it takes time to push in all the pins and pull the rungs into place. Then you have to undo everything when you’re done. In a nutshell, it’s exhausting to even think about using it. Yikes, indeed.
oh, (to yikes again), no we don’t use a financial advisor. terrible latent mistrust on my part. sometimes, I wish we did have somebody but c’est la vie.
I don’t use a financial adviser either.Between the threads and links i get in this blog i survived two downturns and made some money on the bubbles.So thank you for all the advice :)
yome (6)-
Funny thing is, a “lost decade” seems to be the best-case scenario.
Me? I’m still betting on an implosion of Western civilization.
#10 gman: Lets see if it closes.
living (26)-
Why do people think NJ restaurants are good? This I can’t figure out.
Other than down & dirty ethnic stuff (which is where NJ restaurants shine), I cannot think of one place in NJ I’d want to drop $$$ on a meal.
Wow, cool site. I’ll be back to read more that’s for sure.
Cindy,
I see it too. Even in my own company. Our CEO travelled to India to see the part of our company that does billing — and shocker– has been for the past 6 yrs!! Was news to me.
Not sure how soon they will start outsourcing our IT dept there next….
It’s scary. Seems that job security resides in a local job that requires a physical body present.
I still feel pressured to buy in NJ… mostly from family. I’m still assplanted on the fence. But at least agreed to look at (on paper only!) some homes local to my in laws.
sl
Clot 56
I’m with you on this one…. Few places really are great food and value. I just cook at home with the best stuff I can get my hands on.
We don’t miss going out. I love to cook — I mean really, really love to cook so I am surely disappointed to pay for food that is worse than I can make at home.
My achilles? A wickedly delicious paella. I dunno what I’m doing wrong. Can seem to get the rice/stock ratio right or the timing.
Hey SAS, can I borrow Juanita??? :)
sl
Faith in democracy is another victim. In the developing world, people look at Washington and see a system of government that allowed Wall Street to write self-serving rules which put at risk the entire global economy—and then, when the day of reckoning came, turned to Wall Street to manage the recovery. They see continued re-distributions of wealth to the top of the pyramid, transparently at the expense of ordinary citizens. They see, in short, a fundamental problem of political accountability in the American system of democracy. After they have seen all this, it is but a short step to conclude that something is fatally wrong, and inevitably so, with democracy itself.
Re: schools in pa… Haven’t spoken with teachers about pennsbury v council rock, but Isnt pennsbury much larger? Again, we’re newbies, but it seems like council rock was headed that way and split into 2.
I haven’t checked test scores or where kids end up going, either. Does that even matter? Depends who u ask, I guess. Highly subjective.
I have been to fairless hills… Where’s the walmart? Just so I can avoid it.
lingin in pa (26) and yikes…regarding Pennsbury, purely subjective, no judgemental. some folks at work have stong opinions either way…brother moved from fairless hills to newtown as well. We are in that dilema in NJ. I am not chasing private school or west windsor…but moved out of Ewing into Hopewell school distict…which has it pros and cons as well. Just have to decide on which is best for you….still renting by the way and have been for almost three years, love it, but think it is time to bite if the deal it right
I personally thing the school thing is overrated …try to tell my son I am the main teacher in his life:) he likes to disagree, but he is thirteen
56 – for me, its NJ restaurants relative to PA not that NJ restaurants are so great. Bucks in particular. I think you can get a really good meal in PA but its more likely to be in montco, chester or CC than Bucks. Even the Lehigh Valley prob has 1 or 2 very good places over Bucks. Too many tourists and suburbanites in Bucks means lots of higher prices/mediocre food.
my fav korean place, outside of palisades park or queens is in Montco PA. plus in NJ you can get to NYC easier so you have better access to those places.
Oh, and we forgot to tell that guy to check out the Q Mart! The absolute best thing about Bucks County!
hey Clot…did you see this from the prior thread: I think Clot will like this new show (he seems right up your alley) 11:00pm/10:00c HGTV on Sunday – tonight….
New Series : Real Estate Intervention
“Real estate expert Mike Aubrey offers a reality check for homeowners desperate to sell” I saw a clip where he basically said if you agree with my approach fine, if not buzz off.
House Hunter 62
What do you mean by “..chasing West Windsor?”
In the city of Detroit, the median sales price in May was $6,000, down 29.4% from May 2008.
http://globaleconomicanalysis.blogspot.com/2009/06/medium-home-prices-in-detroit-fall-to.html
#66 is that missed print?
#66 What is the median income $2,000.00
3x income.WOW!!
It must be the whisky…
yome says:
June 14, 2009 at 3:56 pm
In the city of Detroit, the median sales price in May was $6,000, down 29.4% from May 2008
When the share of homes sold for $1 exceeds 50%, the median price will be $1… An ideal situation for reducing the pressure on the market – the only expense is renting a bulldozer.
Is the housing bust about to take Manhattan?
New York City real estate prices are looking increasingly shaky as instability in two of the city’s sexier submarkets — second homes in the Hamptons, and new condos in Manhattan — register the latest signs of a housing downturn.
More at: http://www.reuters.com/article/newsOne/idUSTRE55D1ON20090614?sp=true
yikes, re Walmart 495 South Oxford Valley Road, Fairless Hills. Basically, it’s south east of Route 1 (south and east of where Pep Boys, Sesame Place, etc are)
yup, Pennsbury is larger, graduating class around 800. CR split into North and South a few years ago to reduce class size to about 400 each. I gather it’s been both good and bad as with most things. Anyway, back to RE!
Kettle1,
how do you think broadband, and the push for high speeds globally effect inflation, or more accurately deflation?
SAS
““A good question to SAS””
in addition to my previous post, here is an article that you may find interesting.
“When the world steps out of a sixty-year old referential framework”
http://tinyurl.com/per7p6
SAS
SAS 73
how do you think broadband, and the push for high speeds globally effect inflation, or more accurately deflation?
If the increase in the availability were effectively used by the average joe, then I would expect to see deflation/inflation proceed at accelerated rates and hence a quicker return to economic equilibrium.
The problem is that so far it does not appear that the average joe has utilized the increased access to and rate of information available from the web at the same scale at which the web has grown. On top of that the corporate world seems to be becoming more adept at co-opting the users attention towards revenue generating activities instead of “information awareness”.
At this point i think the large scale effects of the web are somewhat limited as the average joe is still tied to MSM and only a fraction of those on the web use it for information like most of the people on this blog do.
The web complicates matters for the big banks and the government as it is much harder to sneak bills/bailouts/etc through, however unless you have a critical mass that cares then the effect is limited.
In the end, i think the web will accelerate the divide between the have’s and have-nots. A great example is those who managed their money by following the MSM Vs those who actively search out information on markets through the web. The MSM group have been devastated for the most part, while a good portion of those who have utilized the web seem to have been able to limit damage or even profit.
The Web still stands to be much more influential then it has been so far, but i think the change will be a generational shift, one that is already occurring as can be seen in Obama’s campaign, but will take another decade or so to really develop.
55.Clotpoll says:
June 14, 2009 at 12:36 pm
living (26)- Why do people think NJ restaurants are good? This I can’t figure out. Other than down & dirty ethnic stuff (which is where NJ restaurants shine), I cannot think of one place in NJ I’d want to drop $$$ on a meal.
clot: three scotches numbs the palette before the meal; I am all about dropping $250 for two and not remembering any of it……dining out is all about getting nookie….
Girm, Clot,
You have both warned against trying to rent out a house you cant sell. Being a land lord is a profession, not a hobby.
My immediate neighbor stopped by today and told me how he came back up for NC to check on the house and the renters after multiple people int eh neighborhood had called the cops on the renters for noise complaints. He said that the inside of the house was destroyed, with animal feces in the house, the carpets ripped out and 2 dog when the lease stated no pets. the exterior of the house and yard is pretty messed up as well.
They dont think they can afford to clean the place up and pay the mortgage and apologized, that they will most likely let the house go into foreclosure.
The crazy thing is that the renters are a family with 4 kids from about 5 to 12 and they are living in filth, by choice, not because they cant pay the rent
A warning to anyone looking to rent because they cant sell. Be aware that it is a job with the attendant risks, not a plan B!
Time to accelerate plans to find a new place to live
76 ChiFi
we dont agree on much, but on that point we do!
;)
51.lurker til now says:
June 14, 2009 at 12:18 pm
oh, (to yikes again), no we don’t use a financial advisor. terrible latent mistrust on my part. sometimes, I wish we did have somebody but c’est la vie.
lurk: This is how I run my meetings….I am very successful at getting clothes….
http://www.youtube.com/watch?v=0qKs7SeCoKE
My niece visited today. She is nine years old. Anyway, for whatever reason the discussion turns to losing teeth. My niece tells a little story. “I remember when I lost my first tooth. I was eating a hot dog and my tooth just ripped out. Man, that was one stiff weenie.”
Then my brother-in-law shoots me this look that says “…if you laugh or make a snide remark I will rip you balls off…”
so are your balls gone? that would be a hard one to hold in
Daily Show on the death of the Newspapers.
Why is aged news better than real news?
http://www.thedailyshow.com/video/index.jhtml?videoId=230076&title=End-Times
Kettle 77 Come north my friend. Got your email another time. As far as being a landlord been there done that same conclusion.
sounds like Iran is heating up.
Grand Ayatollah Sanei in Iran has declared Ahmadinejad’s presidency illegitimate and cooperating with his government against Islam. There are strong rumors that his house and office are surrounded by the police and his website is filtered. He had previously issued a fatwa, against rigging of the elections in any form or shape, calling it a mortal sin.
…blurb from a farsi blog, we’ll see how accurate it is
mike 83
thinking about heading to bucks
kettle 85 A lot closer by me. Check your email.
The Kettle Adventures continue….
2 cop cars just pulled up in front of of the house across the street from me. the cops had papers in their hands, and walked around the house looking in all the windows…..
and no i really dont live in down town dover
Ket get out of Dodge, or so the saying goes.
mike
replied to your e-mail
The house across the street from us finally closed. The home is larger than ours and is on a larger plot of land. It was assessed by our town at 657K. We bought our home for 480K in a private sale in October of 2004. This house was sold through a realtor.
Anyone wanna guess what it sold for?
can anyone recommend resources for rentals in bucks
Stu drop the other shoe?
stu
450K?
“2 cop cars just pulled up in front of of the house across the street from me. the cops had papers in their hands, and walked around the house looking in all the windows”
don’t tell them you know me :)
I’ve always got these cops following me? and I even donate to their basketball leagues.
I get no respect :)
SAS
SAS
it wasnt a black helicopter. in that case i might get worried ;)
stu
420,000
whats up in iran,
unofficial sources are making things sound pretty crazy, in the uprising sense
97 is for sas
ok blokes, back by popular demand, here is an email i set up specifically for njrereport bubble blog.
here is my email
sas_njrereport@yahoo.com
feel free to email for offline convo.
but, i get most my emails screened, and if your with any agency (both legal or illegal), i will know it before you can say “you have mail”.
no interviews. no hollywood reps.
SAS
“i get most my emails screened”
so i may be slow on the uptake to respond to you if you send electronic.
SAS
Hey look,
some built an interactive simulation of the US!
http://www.youtube.com/watch?v=hw_xyDPLFpc&eurl=http%3A%2F%2Fgoma.blogsome.com%2F2009%2F06%2F13%2Ftrailer-do-game-fat-princess%2F&feature=player_embedded
Pretty good guesses. 440K!
To those recent buyers who feel they got a steal, be forewarned.
To those future buyers sitting on the fence, sit a little while longer.
We got a steal and did not buy that close to peak. Even though we sunk at least 75k into our home since then, I doubt it would sell for much more than 480 if we tried to sell it today.
Worst of all, I still think we have a lot more pain to absorb in the next year or two. This Autumn is going to royally suck for homeowners. We are not immune.
“unofficial sources are making things sound pretty crazy, in the uprising sense”
too early to tell, we need more time & data.
Ahmadinejad doesn’t always place nice, but he ain’t the total nut the US press tries to make him out.
Keep and eye out for US & Israel sponsored terrorism in the Iran to build an escalation.
switch gears, N. Korea is talking alot too. But, imagine its hot air & paper tiger stuff.
SAS
Took the family to the Camden Aquarium today. How nice the usual road in had us take a detour through all the urban blight.
sas,
Saw your Taiwan comment. I think Taiwan’s current president is very pro China and for unification or something similar.
This guy has a pretty good blog on politics in Taiwan with links to other east asian blogs
http://michaelturton.blogspot.com/
kettle, what kind of rental? What kind of environment? Kids/families or Not? You can search the mls for the various zips at kw . The rentals hang at the end. Click on price to resort rentals to top.
Do Yardley, Langhorne and Newtown, or limit your search by school district.
Then e-mail the listing agents and they’ll start sending you rental lists.
Here’s a typical condo rental, but I know that place and they’re available cheaper .#5537794
SAS,
i figure NK is more of a distraction form the real time fuse of Iran and pakistan.
What scares me is the thought of the US trying to “fix” or “improve” Iran by meddling, in order to get the party in power that they would prefer. we know how that tends to work out for both the citizens and overall in the long term.
SAS, correct me if i am wrong, but worst case scenario with NK seems to be somewhat self limiting. Worst case being NK moves into SK and overwhelms the nation before anyone steps in, followed by the lack of international will/willingness to remove the NK. One could argue that both china and japan stand to benefit from such a scenario.
“i figure NK is more of a distraction form the real time fuse of Iran and pakistan”
agree. Pakistan is a concern.
I don’t think NK would move into SK.
but, I’m not the guy at the pentagon calling the shots.
SAS
sas
whats your take on the web and it inpact on inflation/deflation
“whats your take on the web and it inpact on inflation/deflation”
well, i do know the web has had a deflationary effect.
I think the push for broadband was in part a way to hide inflation. i think broadband is going to be pushed more and more.
however, cause of broadband, i don’t think we can make any comparison to past recession or depressions. These are unique times.
SAS
(PS. Juanita just made some mahi mahi)
“owever, cause of broadband, i don’t think we can make any comparison to past recession or depressions.”
just ballpark figures.
but, who knows.
a little heavy on the wine tonight :)
SAS
gman
I have been telling my wife for the last 2 years not to buy a house in NJ. We started looking with an agent in Bergen County about 2 weeks ago. Out of the dozen or so houses that we were interested in seeing, we were told that about half of them are in attorney’s review. Now, she’s mad at me for waiting. Is it possible that the “better” homes in the lower price range of under $400k are selling quickly?
The end is nigh…..
http://www.nypost.com/seven/06142009/news/nationalnews/18_year_old_arrested_for_serial_cat_murd_174253.htm
1 in 3 residents of Victoria could have swine flu.
http://www.smh.com.au/national/one-in-three-could-have-swine-flu-20090614-c7g8.html
The end is nigh…
Walls Around Rio’s Slums Protect Trees But Don’t Inspire Much Hugging
Poor Residents in the Favelas Feel Fenced In; The View From ‘the Asphalt’ Is Looking Up
http://online.wsj.com/article/SB124501964322813585.html
The end is nee….
“WNY notifies 73 workers (22 cops) they’re to be fired”
-WEST NEW YORK – Town officials yesterday sent notices to all town employees saying that 73 employees – 22 police officers and 51 other workers – will lose their jobs to save $5 million and avoid a tax hike, officials said.
http://www.nj.com/news/jjournal/westny/index.ssf?/base/news-0/124487431536320.xml&coll=3
SAS
Is it possible that the “better” homes in the lower price range of under $400k are selling quickly?
You need to relax.