From the Record:
For buyers turned off by North Jersey’s high home prices and property taxes, the answer has long been: Go west, to the Poconos.
Transplants from North Jersey and the New York metropolitan area have swollen the population of what was once a rural vacation area. In Monroe County, Pa., just across the Delaware Water Gap on Route 80, the population has soared 72 percent since 1990, to an estimated 165,000.
But the housing bust has slammed the Poconos, with prices down 20 percent over the past year, to a median $140,000. At the same time, foreclosures have risen. And buyers who’d like to take advantage of the lower prices often can’t get mortgages.
All in all, veteran Poconos real estate professionals say, it’s the worst market they’ve seen in decades.
“We have more houses than there are buyers in the market who can qualify to get a loan,” said Kathy Louis of Kathy Louis Real Estate Inc. in Mount Pocono. “They [lenders] shut the valve completely off.”
Now, the question is whether the demand for housing in the Poconos will return as the real estate and mortgage markets recover.
…
But others say the rate of migration from New York and New Jersey is not likely to return to the levels of the first half of this decade. For one thing, said John Woodling, director of planning for Monroe County, environmental regulations and other restrictions will make home construction more difficult in the Poconos.“The parcels of land that can be developed relatively easily — there aren’t that many left,” Woodling said.
Moreover, more people from New York and New Jersey may decide that they’re not willing to make the required trade-offs — especially the long commute, which could become even more burdensome if gas prices soar again.
“People say, ‘It’s only 80 miles to Manhattan.’ But it’s 2 1/2 hours in the morning and 2 1/2 hours at night,” said Christine Harvell, a Stroudsburg real estate agent who grew up in Lyndhurst.
Of course, commuters spend money as well as time: the bus to the Port Authority Bus Terminal costs more than $460 a month.
…
While the commute is tough, living in the Poconos meant the Marohns could build a large, four-bedroom house for less than what a Cape Cod would cost in North Jersey. When they step out onto their deck, they’re not looking into the neighbor’s yard, because the nearest house is “two football fields away,” Sylvia said.“I couldn’t see us anyplace else right now,” she said.
“Bernanke-speak: The Economy Is Recovering….But Whose?”
http://www.groundreport.com/Politics/Bernanke-speak-The-Economy-Is-Recovering-But-Whose_3
Buy now in one of these “e-z commute communites”. I hear the train is coming soon!
From the headline article:
“In addition, he said, Poconos property taxes have risen to levels that might seem painfully familiar to North Jerseyans. For example, Wilkins said, he has a house listed for $141,000 that carries $8,000 in annual taxes. The high taxes are the result of the continual expansion of the local public school systems, to keep up with the population growth.
“We’re catching up to you on taxes,” Chaladoff said.”
Asian markets are flying…
… US markets to follow on good news/bad news/ lemon-scented news / arthur kill scented news.
Suck it shorts!
Roubini’s double-dip warnings in the FT are a joke. Straight to the moon Nouri, TO THE MOON!
BC -Sorry about your dad. My condolences.
From the Star Ledger:
Even Edison couldn’t invent a reason to stay in New Jersey
John Schmidt was showing me around West Orange the other day. The first sight was inventor Thomas Edison’s estate. Edison is buried on the grounds.
I wondered for a moment what he would think if he were to come back to life. Would he once again choose to locate his business in West Orange?
Not a chance. One look at the property-tax bills and he’d keel over and be back in the grave.
Schmidt, for example, pays more than $33,000 for a nearby home that is quite pleasant but certainly not a mansion. Even down the hill in the less luxurious parts of town, people pay $17,000 on a split-level.
The time-honored means of driving taxes down is to spread the burden by adding new tax ratables. That’s where Edison comes in. In 1913, he built a giant factory in the center of town where batteries were built until 1965. After that, the building housed a popular wallpaper store, a gym and storage facilities. It also paid about $750,000 in property taxes, said Schmidt, while putting zero kids into the school system.
So there was a powerful case for leaving well enough alone. But this is Jersey. No one leaves well enough alone. Someone’s always got a plan.
In this case the man with the plan was Mayor John McKeon. The plan involved redeveloping the site in cooperation with private developers. The developers bought the building, cleared out the businesses, and plan to use it as the centerpiece of a complex that would include 620 condos as well as a small amount of commercial space.
That would mean lots of new kids in the schools. But the plan calls for tax abatements, so the condo owners would not pay the full cost of educating the kids. That would fall on current homeowners like Schmidt.
Schmidt, who is a vice president at Merrill Lynch, said that when he first heard of the plan, “I said to my wife, ‘What the hell are we gonna do?’ Either we do something or we get out of here.”
BC – Our condolences.
Low appraisals take hit for hurting home sales
At this critical juncture in a badly broken real estate market, appraisals that end up lower than the sale price are jeopardizing an increasing number of sales, causing stress and frustration, and leading to fights over how the value of homes should be determined.
“This is a shame because it’s really affecting people’s lives — the buyers and sellers,” said Meg Sullivan, a real estate agent with Coldwell Banker in Morristown. Sullivan said she had two sales recently where appraisals came in under the sales price.
Banks hire appraisers to make sure homes are worth enough to justify making the loan. After years in which appraisers were accused of going along with soaring housing prices and contributing to the bubble, appraisers are now being called too conservative. New rules trying to curtail collaboration between banks and appraisers are getting blamed, but basic economic forces are also at play.
“They’re trying to be conservative,” said Mike Davis, an associate professor of real estate at the W.P. Carey School of Business at Arizona State University. “They’re not willing to call the shot on the market turning around.”
A Tarnished ‘Gold Coast’
that’s one thing the actually did right in South Jersey, they put in a commuter line from Trenton to Camden right before gas took a rocket ship to over $4/gallon. Looks like gas is going back to $4 plus now too. People are a little afraid that now the ‘hoods’ in Camden and Pennsauken now have better access to areas north…
BC – my condolences on your Dad.
BC – I have been thinking about you. Sorry to hear about the loss of your dad. How hard. I’m sure he was so proud of you.
Thanks for checking back in and letting us know. If you want to tell his story – or just let off steam – we will be here for ya…
C.
On NPR
‘Dr. Doom’ Economist On Prospects For Recovery
http://www.sacbee.com/topstories/story/2133284.html
Grim – Go West – Stay East?
Unbelievable – Sacramento – planning on building again…
“When the housing crash ends, how will Sacramento grow?”
They are planning land-efficient transit-focused projects like township 9 – more like a Portland, OR or San Francisco neighborhood. It doesn’t seem like they will need housing for quite some time but Pulte/Centex is doing some planning.
BC:
I am so sorry for your loss. As you know my father died recently. It sounds like you were a hell of a lot closer to your dad than I was with mine. My heart goes out to you and your family.
The Implied Cost of Carbon Dioxide Under the Cash for Clunkers Program
http://www.ft.com/cms/s/0/90227fdc-900d-11de-bc59-00144feabdc0.html?nclick_check=1
Nouriel still saying:
“The risk of a double-dip recession is rising”
Do recent housing stats really point to a bottom?
There are also reasons to believe the sales increase of recent months is temporary, since to a significant degree they were artificially driven by the $8,000 bonus being paid to first-time home-buyers. The National Association of Realtors (NAR) reports that 30% of July home sales were to first-time home-buyers enticed by the bonus. Unfortunately, the bonus program expires November 31, and given the time it takes to close a deal the NAR says would-be buyers need to make offers by the end of September. So at the end of September, six weeks away, will that high percentage of home sales to first-time buyers, 30% of total sales, go away? One would think most of it will.
It is also not encouraging that 31% of July sales were of distressed properties, those in foreclosure, often bought at auction by speculators who intend to flip them back into the market later for a profit, and ‘short-sales’, in which the bank accepts a low-ball offer rather than put the property through the foreclosure process.
There was also the discouraging news from the Mortgage Bankers Association (MBA), that the mortgage-delinquency rate rose to 9.24% as of the end of the second quarter, a new record, and that the combined rate of mortgages either delinquent or already in foreclosure rose to a record 13.16% of all outstanding mortgages. For sure, it is regional, much better in some states, much worse in others, but on average nationally, that’s a scary one out of every eight homes you walk past.
The MBA also noted another behind the headline statistic that is not encouraging, saying, “A year ago it was sub-prime adjustable-rate mortgages [which were being reset at higher rates] that were causing the problems. As a sign that mortgage performance is now being driven by economic problems like job losses, prime fixed-rate mortgages now account for one in three foreclosures.
So I would be more encouraged by the rise in home sales if not for the reality revealed when you look behind the headline number; if it weren’t for the probable temporary aspect of the improvement; and if we could only see consumer spending picking up elsewhere, in case this improvement in home sales is a temporary aberration, and not a sign of the recession ending.
BC Bob
I’m so sorry for your loss.
Best Cities for a Housing Recovery
by Matthew Woolsey
Wednesday, August 19, 2009 provided by Forbes
http://finance.yahoo.com/real-estate/article/107554/best-cities-for-a-housing-recovery.html?mod=realestate-buy
All info was taken from zillow.com
BC my condolences.
BC- so sorry to hear about your Dad. However, don’t worry that you will forget him & forget things. The memories come back at the oddest, but most appropriate, times.
The new Dr. Doom:
“What we are going through is a deleveraging crisis and we haven’t experienced one of those since 1930. Last time it took 10 years and a world war to get rid of it, and this time we are staring up with 1.7 times the level of debt in America, not even mentioning the derivatives catastrophe that is also there.”
http://globaleconomicanalysis.blogspot.com/2009/08/global-debt-bubble-causes-and-solutions.html
BC,
Very sorry to hear. Hang in there bro.
For the bulls out there relying on HAL 3000 to continue to run up the market:
http://www.chartoftheday.com/20090821.htm?A
At some point reality has to set in for the markets. As a heavy short I have felt so much pain the past six months I am numb :)
@23 – Clot – I just listened to Steve Keen out of Sydney as well. Pretty convincing. His two solutions at the end (so we won’t end up back here again in 2070): Time-limited shares and houses valued at imputed rent – max 10X
rental.
I would have to listen again to catch all of the nuances. Main point for me was – this is the biggest financial bubble in history – biggest level of debt in human history – bar none.
BC Bob
So sorry for your loss.
We missed you around here.
BC Bob – So sorry for your loss. Condolences from me and Stu.
Existing Home Sales Far Worse Than Advertised
The latest housing consensus as sung in three part harmony amongst the media and green shoots crowd. Their song gores something like this:
1) The worst of the housing trouble is now behind us;
2) Only recently, Housing was “Getting worse more slowly;”
3) That has transitioned to “Housing is getting better.”
I don’t believe it. IMO, all 3 are misleading or outright wrong. This post explains why.
http://www.ritholtz.com/blog/2009/08/existing-home-sales-not-as-advertised/
29
there seems to be a lot of houses for sale that are priced by what the seller bought for plus R.E. commission. can anybody put a % on the this part of the inventory?
also, if the current owner is selling because they’re in trouble from paying too much what does it mean for the next buyer? it just seems we’re doomed to repeat. have lending standards tightened enough to make sure people can afford what they’re buying?
Grim – Reserve townhouse down to $499k. How low can it go?
BC Bob – I’m very sorry about your loss of your father.
BC Bob:My thoughts are with you at this sad time. May your Dad rest in peace.
Recession spurs a modern day Calif. gold rush
With gold nearing $1,000 an ounce, some Americans are investing in mining gear
Without prospects, they’re prospectors
Metal’s high price and economy’s low ebb create new California gold rush
Benard Cruz, right, underwater, jokes that he and his friend, Scott Greene make about a nickel an hour mining for gold with a suction dredger. Both, seen here in Columbia, Calif., on Aug. 11, are out of work and say they have nothing better to do.
COLUMBIA, Calif. – Maybe it was the nail in Ray’s head. Maybe it was the economy. His wife said one as much as the other drove the decision to auction off everything that wouldn’t fit in the trailer and leave Vermont for the mother lode.
“Thought we’d try to make a living at it,” Kim Lague said, standing in a mining camp that was busier during the Great Depression than it was in the Gold Rush of 1849, and is busy once again.
And so, 18 months after a co-worker’s pneumatic hammer drove a 2 1/2 -inch stainless-steel nail into Ray Lague’s skull — “the plunger of the gun brushed my hat and discharged” — the once-thriving contractor took his place among the prospectors lining the steep banks of the South Fork of the Stanislaus River, 40 miles west of Yosemite National Park. The bearded man helping him drag the mining gear into the water was a jobless logger who lost his home to foreclosure.
http://www.msnbc.msn.com/id/32536094/ns/us_news-washington_post/
http://www.forbes.com/2009/08/22/carrington-capital-mortgages-business-wall-street-carrington.html
Mortgage Relief That’s No Help To Homeowners
The mortgage industry claims it has provided relief over the last two years to 4 million homeowners who were having trouble paying their mortgages. But all help is not created equal.
Take Brooklyn resident Marcia Brown, an emergency room nurse who has received two loan modifications from her Santa Ana, Calif.-based mortgage servicer, Carrington Mortgage Services….So when Carrington offered her a second ARM that would temporarily lower her payments, she took it. “We had no choice but to accept the modification terms that left us with payments too high and an interest rate that is adjustable,” she says. When her payment jumped up again earlier this year, Carrington offered another ARM. In June, Brown reluctantly accepted. “It has been a very difficult process with very few options,” she says.
Home sales in Poconos may be crashing but larger lots are continuing to sell. I have been monitoring prices and sales for a nompound and good prospects are selling quickly.
Perhaps what the region needs is minimum lot sizes of 5 acres. More nompounds, less kids in the schools.
Joe Saluzzi, one of the best analysts on all markets in general IMO. Check out this interview.
http://www.youtube.com/watch?v=nErPRSSoZ8o&eurl=http%3A%2F%2Fitulip.com%2Fforums%2Fshowthread.php%3Fp%3D118009&feature=player_embedded
Surely the GSMLS must be wrong. There are no such things as short sales in glorious Brigadoon!
GSMLS 2690363 – 556 HIGHLAND AVE
LP – $699,900
SOLD 10/14/05 – $900,000
BC,
My condolences.
BC, my condolences to you and yours.
BC Bob,
Sorry to hear about your loss. May your dad rest in peace.
[141][yesterday] Cindy
““BBVA Tales Guaranty, Creates 15th Largest U.S. Bank”
Everyone gets that this is Argentina, right?
Yikes!!!!”
It gets better. The FDIC is expected to loosen onerous restrictions it put in place for PE investments in banks. OT1H, the feds wanted PE to invest in banks, but OTOH, they made it very unattractive because they viewed PE as short term active investors, which is not what regulators want. They would prefer diffuse passive investment, and further insist that large investors prop up the banks when things start to go south (which kinda defeats the whole idea of investing).
Because PE largely told the feds, thanks but no thanks, FDIC and Cali FTB are looking at sweetening the deal; remains to be seen if the Fed goes along, which is a prerequisite for PE to open up their purses.
Ben [36]
>>Joe Saluzzi, one of the best analysts on all markets
>>in general IMO. Check out this interview.
>> http://www.youtube.com/watch?v=nErPRSSoZ8o&eurl=http%3A%2F%2Fitulip.com%2Fforums%2Fshowthread.php%3Fp%3D118009&feature=player_embedded
Hate this guy.
Ben [36]
>>Joe Saluzzi, one of the best analysts on all markets
>>in general IMO. Check out this interview.
>> http://www.youtube.com/watch?v=nErPRSSoZ8o&eurl=http%3A%2F%2Fitulip.com%2Fforums%2Fshowthread.php%3Fp%3D118009&feature=player_embedded
Love this guy.
I predict a major shift in the offshore wealth management scene:
“Aug. 24 (Bloomberg) — In 24 hours UBS AG settled a six- month tax dispute with the U.S. and freed itself from partial ownership by the Swiss government. Investors applauded, sending the shares up 11 percent in Zurich trading.
Now Switzerland’s largest bank by assets is bracing for a cold shower. It must stop rich clients from fleeing, rebuild its investment-banking division and return to profit after 38.5 billion francs ($36.4 billion) of losses over the past eight quarters. Meeting those challenges may take years. . . .
The decision on Aug. 19 to reveal information about as many as 4,450 accounts to U.S. tax authorities to settle a lawsuit may make it harder for UBS to stem defections at its wealth- management arm, the second-largest in the world.
“Outflows are bound to continue,” said Guy de Blonay, who helps manage about $70 billion, including UBS shares, at Henderson Global Investors Ltd. in London. “Work remains for Gruebel to be done — namely stopping the hemorrhaging of money in the wealth management unit.”
Rising Redemptions
Rich clients have pulled 156.3 billion francs, or 7.8 percent of the assets under management at the wealth units, which manage money for individuals with at least $1 million to invest, since March of last year. UBS’s wealth management division also includes its Swiss consumer bank.
Redemptions increased to 22.3 billion francs in the second quarter from 7.2 billion francs in the first. The last three months of 2008 was the worst quarter so far, with clients removing 58.2 billion francs. . . . ”
Going forward, I expect more firewalling between the US/EU and banks outside of this sphere. The US has already signaled that it would consider transfers between institutions in haven countries and the US to be suspect. I expect most EU countries to do the same. That will leave some “gray” countries along with the usual Euro suspects decide to be “haven enablers” and thier institutions will be the intermediaries between the US and EU institutions and the true “black” havens where the banks have no US/EU presence so as to give the DoJ a toehold.
42 & 43
“Seneca RCG says: Hate this guy.”
“Seneca says: Love this guy.”
Uhhhh…wha?
BC – I’m sorry for your loss. You have my condolences.
Thanks All! You guys/gals are the best.
Cheers.
The rich are so uncreative. Swiss Bank Accounts? They’ve been watching too many movies. I guarantee you the US already knows who hold those accounts. They just want the Swiss to release the information voluntarily so they can easily prosecute them. This is a simple shakedown play by the IRS. Maybe the Rich should start using their heads. They should be turning to physical precious metals. It’s pretty easy to stock pile metals without leaving a paper trail. It’s also pretty easy to unload them without leaving a paper trail.
NJGator says:
August 24, 2009 at 9:43 am
“GSMLS 2690363 – 556 HIGHLAND AVE
LP – $699,900
SOLD 10/14/05 – $900,000”
Chez Richard?
Ben #48,
Hawala.
Yeah, but can I get some portfolio insurance against my case of Lafite?
http://www.bloomberg.com/apps/news?pid=20601039&sid=aSqQlmhOt6yU
Ben, I wouldn’t be so sure if the US already knew. The swiss are a little different. I am familiar with the structure of their computer systems and when I tell you the clients are not really referenced by name, they aren’t. For the most part the money comes in, the client gets a number and the name is pretty much only referenced in secured systems. They spent billions of dollars building these systems and for what they do the data model is very complex, they track everything. Technically I’d say the systems aren’t very good but they have very complete data models and are very well designed to mask identities. The US knows money went offshore and they have a good idea who the money belongs to but cannot prove it and don’t even know where this money is. The only way to get tax money is to get details from the swiss banks.
Ben [45]
>> 42 & 43
>> “Seneca RCG says: Hate this guy.”
>> “Seneca says: Love this guy.”
>>
>> Uhhhh…wha?
My therapist has advised that the best way for me to deal with my dissociative identity disorder is to allow my alter egos to post of their own free will.
RCG = Rose Colored Glasses.
I’ve found that when I get all dissociative, it’s a good time to sell as much real estate as I can.
BC – I am sorry to hear that – my condoleances – I know what a difficult time this must be for you and your family.
I really enjoy reading this blog and appreciate the community ribbing and the community support, of which you are such a fun part!
BC – My condolences. It’s hard to lose someone who has always been there for us.
http://www.nydailynews.com/news/us_world/2009/08/24/2009-08-24_small_plane_collides_with_cars_as_pilot_makes_emergencey_landing_on_calif_highwa.html
Direct result of $75 oil!!!!Please runs out of fume and makes emergency landing on Freway.
I’ve found that when I get all dissociative, it’s a good time to sell as much real estate as I can.
I know a great spot for a full body message. I make the poor girls work on me for about 12 hours until I’m soo tired I just fall asleep.
great medicine.
Ben [36]
I like that guy Saluzzi.
“perma-bears always lose”
That is so true. but at the same time he is neagtive and realistic.
BC, sorry to hear buddy…
lost my dad last year. worst experience ever.
Time heals all wounds. hang in there.
BC,
I’m so sorry for your loss…Their bodies may fail, but their lessons, wisdom, thoughts and memories live on in their loved ones.
They are always, always at hand.
sl
58- I cringe to think what John would reply if he weren’t on vaca…it would go beyond “great medicine” I’m sure
BCBob,
My condolences to you and family.
Diana’s got it right again.
http://www.cnbc.com/id/32508736?ref=patrick.net
BC….sorry man. Be Strong.
Cannot imagine the pain. Peace.
I guess this lady hasn’t learned to live within her means.
http://www.lohud.com/apps/pbcs.dll/article?AID=2009908230352
is john in cabo?
http://www.youtube.com/watch?v=t1sh7KfXw34
Is cabo in Belmar?
This blog sucks! I wasted my time reading even a single post. F all of you. I am goig back to my old blog which wasnt nearly this bad.
Oil prices rally to 10-month high near $75 a barrel.
Investors are holding on to their optimism about the economy, sending stocks to fresh 2009 highs.
“The market just doesn’t want to go down,” said Ryan Detrick, chief technical strategist at Schaeffer’s Investment Research.
I’m heading to Indiana for a
Rally burger.
… just wait for the new home sales numbers. Can you say S&P 1100?
69 GaryBot
It’s time for your pill.
BC – Deepest sympathies.
amy (66)-
Best part of this story is that hubby got out while he could.
Seneca RCG [70]
>>“The market just doesn’t want to go down,”
Shut-up you! After 20 minutes of looking for a verifiable positive statement on the markets, the best you could come up with was some huckster from the Mid-West!
BC Bob, sorry to hear. May your father RIP.
Here comes the other shoe…it would make sense we see another -20% drop in NJ since sub prime alone accounted for the drop to date, with rising share of prime due to job loss this year…but don’t count those 2010, 2011 resets….if the economy starts recovering next year 30yr. mortgages have only one way to go from current Fed buying levels. Cya in 2012 RE bulls.
http://blogs.moneycentral.msn.com/topstocks/archive/2009/08/21/housing-crisis-set-to-enter-new-stage.aspx
Apparently there is a sister article. A VP at MC only makes $150k?
http://www.lohud.com/apps/pbcs.dll/article?AID=2009908230352
Bost: Sorry to hear about your loss.
I have found the location for the next GTG…..a bit of a drive down to Cherry Hill.
At least I might recommend it to Bernie Madoff’s clients…
http://www.ponzios.com/
chi (79)-
The food looks like fried tires.
“The tabloid also reported Madoff has engaged in a number of surprising new activities with some unexpected social circles.”
http://tinyurl.com/lelzkl
BC my condolences to you and your family and here is an Irish saying for you.
Death leaves a heartache no one can heal, love leaves a memory no one can steal.
Madoff’s dying…what a surprise.
Wonder how much he has hiding in Switzerland. I bet the whole family was in on his scam.
Kmart predicting this Christmas a “record-setting”… season.
* Read the article in full for what comes after the ” …”.
http://tinyurl.com/m37ue7
A race C*rzine actually wins…
http://pressofatlanticcity.com/news/breaking/article_876075f4-8e44-11de-92f3-001cc4c002e0.html
http://pressofatlanticcity.com/news/breaking/article_876075f4-8e44-11de-92f3-001cc4c002e0.html
82. Geezus Sean. Now I wanna beer.
bernie’s not dying ,, it was all BS.
poor guy
Hey the guy ran one helluva con…lived HIGH on the HOG for a long long time. Just sayin.
Ponzios sucks. I have no idea why it gets so much attention.
its amazing what jpm, gs, cof,bac etc
have gotten away with .
really have screwed america ,, most americans to stupid/lazy to see what happened.
I’d appreciate it if the person attempting to impersonate me would knock it off. I’m serious.
grim,
Please find out who the @sshole is posting as me.
Gary
That wasn’t you as garybot?
lost,
No, it’s not me.
Nice “recession” we’re having here…
http://1.bp.blogspot.com/_9ZzZquaXrR8/SpHvrAPt8sI/AAAAAAAAEqY/8lYlRGEsvl4/s640/DShortMegabearsAug2109.gif
can we at least start getting some of the cool electronics that japan gets?
Kettle,
That’s just eerie.
$15,000 homebuyer tax credit coming…
http://moneywatch.bnet.com/saving-money/blog/home-equity/15000-home-buyer-tax-credit-gets-another-boost/931/
“its amazing what jpm, gs, cof,bac etc
have gotten away with .
really have screwed america ,, most americans to stupid/lazy to see what happened.”
Are you kidding, according to our gubmint JPM is an american hero:
http://www.zerohedge.com/article/330-ramp-visualized-courtesy-jpms-etf-desk
Yes, 15K credit, pull even more demand forward. After all it’s just sitting there pent up! And after the 15K runs out we’ll put it up to 30K. Wooohooo!
http://www.americanworker.org
Clot, #81
That article says:
A shirtless Madoff has joined weekly “Native American religious purification ceremonies” that involve prayers, heated rocks to induce sweat and smoking from a ceremonial pipe, the paper said.
No way would a prison allow rocks and a big pipe.
The paper also reported that various “gangs” at the prison are trying to recruit Madoff while some inmates regularly cook “sandwich wraps” for him at their cells.
Wonder what a “sandwich wrap” in quotes is?
Let it go Scribe….just let it go.
(Kidding)
#100 – scribe – Wasn’t there a lawsuit in the late 80’s that allowed for the building of sweat lodges in prison?
Madoff needs a vision quest.
#100 – Wonder what a “sandwich wrap” in quotes is?
I’m afraid to ask.
Madoff….they’ll be talking about him for decades. We all respect a true artist.
Guess they ddint learn the first time.
The Next Bubble- California Dreamin’
http://vegasandre.wordpress.com/2009/08/23/the-next-bubble-california-dreamin/
Arrest Over Software Illuminates Wall St. Secret
By ALEX BERENSON
Flying home to New Jersey from Chicago after the first two days at his new job, Sergey Aleynikov was prepared for the usual inconveniences: a bumpy ride, a late arrival.
He was not expecting Special Agent Michael G. McSwain of the F.B.I.
At 9:20 p.m. on July 3, Mr. McSwain arrested Mr. Aleynikov, 39, at Newark Liberty Airport, accusing him of stealing software code from Goldman Sachs, his old employer. At a bail hearing three days later, a federal prosecutor asked that Mr. Aleynikov be held without bond because the code could be used to “unfairly manipulate” stock prices.
http://www.nytimes.com/2009/08/24/business/24trading.html?_r=1&pagewanted=print
How about that? The world’s greatest newspaper only months behind the blogosphere on this story:) Maybe CNBC will have an expose next!
Ponzio’s get it…..ha…ha…ha…?
FCUK?!!?
If anyone on the board is intimately familiar with Garage Band, Logic or Ableton can you get my email from Grim and contact me?
Thanks!
#96, I was explaining to my in-laws yesterday that I’m not looking for a house because my wife and I have the nerve to make over 150k AGI but we have to compete with people with an 8k tax credit and that I’d wait for that credit to end.
Now, people in the government and real estate industry want to throw more taxpayer money away and keep articially propping up housing prices by jacking it up to $15k. Great idea. Who needs tax revenue? Let’s just raise housing prices.
BC
my condolences.
105
this is what I was saying in earlier post
#30 there seems to be a lot of houses for sale that are priced by what the seller bought for plus R.E. commission. can anybody put a % on the this part of the inventory?
also, if the current owner is selling because they’re in trouble from paying too much what does it mean for the next buyer? it just seems we’re doomed to repeat. have lending standards tightened enough to make sure people can afford what they’re buying?
I’m sorry you lost your Dad, Bob. He sounds like a good one.
Madoff has cancer?
Send him to Libya to live his last few years.
Speaking of Libya:
“(CNN) — In just a few short weeks, residents of Englewood, New Jersey, could have new neighbor: Libyan leader Moammar Gadhafi.
The authoritarian ruler of Libya is rumored to be planning to stay in an air-conditioned tent on the front lawn of a house owned by the Libyan Mission when he attends the U.N. General Assembly meeting in September.
Members of the predominately Orthodox Jewish Englewood community are less than enthused about a visit from a leader who has made anti-Zionist statements in the past, and the recent release of the convicted Lockerbie bomber to Libya has heightened the animosity.
On Monday, Sen. Frank R. Lautenberg, D-New Jersey, called for the U.S. Department of State to restrict Gadhafi’s travel to the area around the U.N. headquarters in New York City, saying in a letter to Secretary of State Hillary Clinton he “was particularly concerned by news reports indicating that (Gadhafi) plans to stay in New Jersey, where the families of many Pan Am 103 victims reside.”
A representative from the Libyan Mission in New York would not confirm Gadhafi will stay in Englewood, only that he is scheduled to come to New York. . . . “
[107] chifi
“Ponzio’s get it…..ha…ha…ha…?”
We got it. Couldn’t you sense the chuckle?
Well here is one for the books:
Signed a contract for sale at 11:00 A.M. today. Approximately 6 hours later, the seller informs me that there are other offers (After I accepted his counter offer that said we would get the house if we gave him X and got the contract in the beginning)and I must make my best and highest offer today.
I told my agent that I will not increase my offer and to tell that SOB seller that I plan to revisit another property and make another offer.
GOD DAMN PIECE OF SH*T SELLER.
God, I wish I had some legal recourse.
Contracts were to be delivered tommorrow for seller signature.
I am pissed.
I smell a rat: If they wanted to close this sale as soon as possible (and they take forever to respond to offers) why delay the sale (besides the obvious to try to get more $$$ out of me)?
God, I wish I had some legal recourse.
Contracts were to be delivered tommorrow for seller signature.
I am pissed.
Deal ain’t done until you’ve gotten through closing.
You weren’t even at the point where the selling agent shops your “attorney review” contract around to everyone who ever expressed interest in the place in an attempt to extract any last-minute interest. At which point, your offer would be tossed aside.
Yes, I’m a cynic.
morph:
Pull your offer.
yea Morph pull your offer and tell tha t panty wearing A hole to change his Tampons
morph –
Your offer is hereby rescinded.
And tell the seller you know his address and as long as you can buy a can of gasoline and a cigarette fuse, he shouldn’t sleep too soundly in that house. MUHAHAHAH !!
Morph
Sorry to hear what’s gone on there. Send the seller a douche in the mail. Tell him it’s from me.
is it grounds for justifiable homocide?
It would make me feel better.
Homeland security: IT IS A JOKE–nothing actionable here.
And I said I was not going to drink tonite.
Wow..
Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says
The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled.
Anyone hear of a power outage in Hoboken and Linden tonight?
Hell yeah grim. How about some names and addresses with that….I figure a little transparency might be really entertaining.
re:#124 appeal?
I finally checked out bailout field today. The Mets were their typical krappy farm team, but there was a really funny bunch of fans (soccer fans most likely) making the game entertaining. They seemed to have a chant for every hitter on both teams. My favorite chant was, “We want Tatis! Show us your Tatis!”
That’s a nice stadium they built with our tax dollars.
let me guess…
u fell for the cash for clunkers scam?
ha ha
can you say hollywood accounting
SAS
“The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled.”
I’ll believe it when I see the god damn reports.
“clunkers scam?”
take another loan for a car that is paid already paid off.
who is going to pay for registration & sales tax, insurance (most likely full coverage, rahter than your liability).
you, the sap
SAS
116.morpheus says:
August 24, 2009 at 7:09 pm
Well here is one for the books:
Signed a contract for sale at 11:00 A.M. today. Approximately 6 hours later, the seller informs me that there are other offers (After I accepted his counter offer that said we would get the house if we gave him X and got the contract in the beginning)and I must make my best and highest offer today.
I told my agent that I will not increase my offer and to tell that SOB seller that I plan to revisit another property and make another offer.
GOD DAMN PIECE OF SH*T SELLER.
God, I wish I had some legal recourse.
Contracts were to be delivered tommorrow for seller signature.
I am pissed.
I smell a rat: If they wanted to close this sale as soon as possible (and they take forever to respond to offers) why delay the sale (besides the obvious to try to get more $$$ out of me)?
morph: drop your offer by $1000. You sound way too emotional about this one. I think you are going to screw it up…….
If you do not want to drop your offer, just don’t respond…let the frick just stew….
#116
Dont be so emotional. its just a freakin house. There are 100 million houses in the US. Stop acting like a child. be a man and drop your offer.
morph….lower your offer by 5% and tell the seller that offer is only good till COB XX date…..after that it goes even lower….
by the looks of this deal, you probably dont want to deal with this seller anyway…might as well have some fun with it!!!
good luck….
On the one hand there is the law, and on the other hand, there is what we say the law should have been…
Court rules against Eastampton in housing suit.
“Judge Michael Winkelstein wrote that meeting the legal requirement does not mean that a town has reached its limit on affordable housing.”
http://www.courierpostonline.com/article/20090825/NEWS01/908250344/0/newsfront2/Court-rules-against-Eastampton-in-housing-suit
Ben says:
August 24, 2009 at 9:41 am
Joe Saluzzi, one of the best analysts on all markets in general IMO. Check out this interview.
http://www.youtube.com/watch?v=nErPRSSoZ8o&eurl=http%3A%2F%2Fitulip.com%2Fforums%2Fshowthread.php%3Fp%3D118009&feature=player_embedded
yes, that really was a good video. I rarely watch videos all the way through, but this one yes. nothing you wouldn’t ultimately get from denninger or mish, but all nicely tied together. and this Joe guy has no taste for BS; I’ve never seen such a clear facial BS-o-meter response. in my limited experience.
question: on these bloomberg videos, do the voices and mouth movement often not match? it was strange.
#53 Seneca – funny:)
#69garybot – hilarious:):)
2nd largest bank failure