From the Star Ledger:
Report: Office space availability to rise in the new year
Increased office space availability will continue to plague the commercial real estate market in the new year, according to Santa Ana, Calif-based Grubb & Ellis.
…
“Limited leasing velocity involving corporate relocations and consolidations, rather than significant real estate expansions, was a recurring theme of the Northern and Central New Jersey office market during the past year,” Grubb & Ellis said in a statement. “And, (it) is forecasted to plot the course of the market into 2010, as well.”
…
New Jersey’s Gold Coast in Hudson County and Parsippany were hit the hardest, according to the report. Each registered more than 1.1 million square feet of sublease space at the end of 2009.
uno
From CNBC:
Are Principal Writedowns the Answer to Housing Crisis?
All it took was one bad home sales report (Pending Home Sales Index from the National Association of Realtors Tuesday) to turn the tide of sentiment from ebullient housing recovery to double dip doom.
Look, we all knew it was coming; home sales were spiked by several shots of government stimulus in the second half of 2009, and as that stimulus starts to wear off, sales activity has nowhere to go but down. The extension and expansion of the first time home buyer tax credit gave buyers breathing room to sit back and think about whether they really want to jump into this market now. Unfortunately, the credit expires just as the real spring season, and its potential embedded optimism, begins (April 30th), and that’s not the half of it.
…
The idea is to give folks equity back in their homes so they don’t walk away from their mortgage commitments. It would also help borrowers who don’t qualify for modifications because they are so far “underwater” on their mortgages. The arguments are plain and simple: Bite the bullet to save the greater housing market or don’t because the moral hazard is far too untenable. Anyone who’s ever read this blog before knows where I stand. I would honestly rather see my home’s value go down than see the guy next door (figurative: my neighbors are lovely and fiscally responsible) who made a poor/negligent financial decision get a mulligan at my expense.
Sorry AC, you had a good run…
From Reuters:
Pennsylvania lawmakers OK table games for casinos
The state House of Representatives voted 103 to 89 in favor of the bill that would allow table games at Pennsylvania’s 14 licensed casinos, where gaming is currently limited to slot machines.
The new games would compete for customers with New Jersey’s Atlantic City resorts, which have been sideswiped by the recession.
The Pennsylvania measure was approved by the Senate on Tuesday by 28 to 22, and will now go to Democratic Governor Ed Rendell for signature.
“We view this is as a win for Pennsylvania taxpayers,” said Brett Marcy, a spokesman for House Democratic majority leader Todd Eachus. “This was something that needed to be done to balance the budget gap, and it will create thousands of jobs for Pennsylvania.”
Some Fed officials conflicted on mortgage program
http://finance.yahoo.com/news/Some-Fed-officials-conflicted-apf-720104335.html?x=0&sec=topStories&pos=5&asset=&ccode=
“Minutes of the Fed’s closed-door meeting on Dec. 15-16 revealed that a “few members” thought that the Fed’s $1.25 trillion program to buy mortgage securities from Fannie Mae and Freddie Mac might need to be expanded and extended beyond its current end date of March 31. Such an additional dose of stimulus would be especially needed if the economic recovery were to weaken, they argued.”
Paterson Chastises Lawmakers in Blunt Speech
…
“You have left me and other governors no choice,” Mr. Paterson said. “Whether it be by vetoes or delayed spending, I will not write bad checks, and we will not mortgage our children’s future.”
…
http://www.nytimes.com/2010/01/07/nyregion/07state.html
Pennsy Games —
“We view this is as a win for Pennsylvania taxpayers,” said Brett Marcy, a spokesman for House Democratic majority leader Todd Eachus. “This was something that needed to be done to balance the budget gap, and it will create thousands of jobs for Pennsylvania.”
This sounds suspiciously like the Bill ‘O Goods they sold in NJ back in 1978. In the 30 plus years since….how much money has actually gone into helping the taxpayers ??
We’ll never get an honest answer, but here are the numbers they’re brazen enough to publish….
http://www.state.nj.us/casinos/financia/histori/
siete
ocho no cinco
Fiddy, it’s 20702631 foreclosure dot com. It is interesting because I just saw from tax records that I know the prior owner who sold in 2003 and can find out some stuff if drive on down to her little shop and chat.
I’m thinking the 229 has to do with bank book. The 282 must include the winterizing, agent fee and the 8k credit. The bank took the house at the end of Sept, and was able to close the pool, handle the utilities, and maintain. Shrubs/trees all o.k. I think somebody’s just around in there who knows the agent. There’s stuff in the garage and curtains/lights.
He didn’t say ALL the baths were trashed.
My husband doesn’t want to have anything to do with the house.
So I’m going to check it out.
Pat —
That’s what I was thinking about the $229K. That number means something to somebody.
I think a short visit to the previous owner’s shop is in order. Some of these cases are like a good plot on CSI.
If you’ve got the patience to grind it out with the bank…..this could get interesting.
Just tell your hubby to start thinking about kitchen re-models !!
I know, when my “friend” mentioned to Mr agent that she saw this house on zillow today at 229, he got all flustered and sounded like he was crapping his pants.
I don’t think anybody was suppposed to see that number.
funny…229 is all this crap is really worth.
Or less.
What town or county is this in, Pat ??
I’m not looking to get in on the bidding…I’m just always curious about these things.
I wish I knew who the bank was. Then I could find out what the finder bonus is for 50k over book.
Oh, I thought you knew. I gave you the number. Here:
http://www.zillow.com/homedetails/birds-eye-view-map/37090077_zpid/#birds-eye-view
Gee, that is nice. Nice neighborhood by the look of it. Still says $229,900…when everything else is $400+ but that’s zillow for ya.
No. It’s true. Newer houses just behind this row support the prices a bit. Friend just bought for $510. hasn’t closed.
I’m feeling a little odd and weirdling..like what is a housewife doing discussing pipes and how many fixtures have been ripped out. Never would’ve thought.
For God’s sake, this is the United States of America.
/tongue in cheek.
God Bless America….you’ll be our in-house expert.
I’ll expect a 10 page report on PVC pipes vs copper on my desk in the morning ;-)
would a principal writedown show in the comps?
You would probably find something like that in the mortgage history at the county clerk’s office. Depends on how the bank and the county deed room interact.
Fresh report for my battlefield. Salary freeze for 3 years in the row and now about 10% of employees are joining ranks of unemployed. Green shoots
Stu (4)-
In another few months, they can add Ginnie to the list of agencies whose paper they’ll need to prop up until the end of recorded time.
Grim/All – Does the PA table game green-light include Poker? I would never go to AC again if I could drive 60 mins and get a poker fix.
Cool. Great casino just north of me near Harrisburg. Turn out the lights, A.C.
Disregard post #24 – Pulled a Frank and didn’t even read the headline before I posted.
The 10 Worst State Budgets & Cuts –>
Methodology notes: The top ten ranking is taken from a November 2009 Pew Center on the States study. The ranking looks at budget gaps, foreclosure rates, lost state revenues, unemployment, money-management practices, and where “super-majority” requirements are killing efforts to fix the financial mess. Scores for each category are tallied for an overall ranking. We bring you the top 10, counting down from bad to worst. The higher score, the bigger the crisis. California gets a 30, while the national average is 17.
NJ comes in an impressive #8. Government f#ckheads are going to be picking lettuce in a few years or maybe they can join Obama’s civilian security corp. “Just as well funded. Just as powerful as our military.”
http://www.businessinsider.com/most-painful-state-fiscal-crises-2010-1
I hope to buy my first home soon at 1945 price levels.
Nominal basis.
with a 3% downpayment fha loan.
And i want the $8k tax credit too.
Is that too much to ask?
I dunno. You might have to spend a lot of time to negotiate on the property taxes.
that 229 house I’m gonna go check out is assessed at 530.
My one and only goal is to buy a house at 1999 pricing. That has always been my goal.
That is what I think is a balanced price, based on my own internal calculation, which is based on a diet of formaldehyde, apparently, and what we earn.
Re Obama
Obama’s civilian security corp. “Just as well funded. Just as powerful as our military.”
I always wondered what that statement was all about it seemed strange.
any real application of that would take huge social and political changes in the US.
Any of the politico’s on the blog care to comment on that?
As of today, my weakness for supporting the underdog has shifted significantly to the side of the agent and seller.
Balance of power has shifted.
I’m calling them underdog, right now.
I wonder if we are at the edge of a digital revolution. You know? When everything is done by hand.
I dunno, but I feel like sending Chip either a box of Georgetown cupcakes or a confederate flag from the fat guy over in Harpers Ferry.
Pat: Where do you live? You are making it sound as if you are near Hagerstown….my wife grew up in Chambersburg and we go out there to visit my in-laws. My father-in-law works in Martinsburg, WVa. He calls duct tape WVa chrome…..
25.Pat says:
January 6, 2010 at 9:20 pm
Cool. Great casino just north of me near Harrisburg. Turn out the lights, A.C.
Now History channel had on “Armageddon Man”, some army dude showing you how to steal food, find water, rappel under bridges (to avoid detection and toxic water) and other sundry survival techniques.
I give History 10 out of 10 for tapping into the zeitgeist.
Yes it’s a lefty thing but here’s the plug:
http://moveyourmoney.info/
Close accounts with the big money grubbing goliath banks and support smaller community banks (they are adding credit unions) at the same time.
Can you provide more information on this? best regards
wow what a interesting post , its really
WARNING: My friend just got scammed by one of those tv gold companies. Don’t use them they are a rip off!
Hi. I was out searching on Yahoo for blogs, and I came across your post. I just wanted to let you know that I’m going to link to your blog from my router table planes website. Thanks again for the good read!
Hey great website, I noticed your website when doing some research on how to develop my blog. I was just now inquiring which spam pluggin you utilize for comments as I get tons on my blog.
Hey great website, I noticed your website when doing some research on how to develop my blog. I was just now inquiring which spam pluggin you utilize for comments as I get tons on my blog.
Cool, there is actually some good points on here some of my readers will maybe find this relevant, will send a link, many thanks.
Great information, Thank you so much keep up the great work.
Watch the super bowl online here.