Open Wallets? Arms Outstretched.

From the Asbury Park Press:

Seaside sees good times when MTV show returns

Filming of the MTV reality series “Jersey Shore” doesn’t begin here until July, but local business leaders Monday night rolled out the red carpet for the next season of the show.

About 60 people, including network representatives, assembled at the Spicy Cantina on the boardwalk to pledge support for the sometimes controversial show that has garnered its share of headlines since premiering in 2009.

A lot has changed here in a year: Few outside of the business community were even aware of the series production schedule at this time in 2009.

But from an economics perspective, “Jersey Shore” has been a boon for this resort town as the location of the show.

“It’s been an amazing thing to see down here, with tourists coming from all around the country, wearing and purchasing T-shirts,” said Michael Loundy, one of the hosts of the dinner and a broker at Seaside Realty. “The series has been great for the business community and the town of Seaside Heights.”

“Last year we invested about $4 million into the local economy and purchased over 20,000 meals during production,” Salsano said. “I’ve been to the Shore a lot in my life and Seaside Heights is what I think of when I think of the classic Jersey Shore town.”

Loundy said last month the house on Ocean Terrace, which has six bedrooms and three bathrooms and a 12-person occupancy, rents for $12,000 per three-day holiday weekend — a rate roughly 33 percent higher than a comparable beachfront property.

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183 Responses to Open Wallets? Arms Outstretched.

  1. grim says:

    From Bloomberg:

    Purchases of U.S. Existing Homes Probably Climbed on Tax Credit

    Sales of U.S. previously owned homes probably rose in April to the highest level in five months as buyers took advantage of the last weeks of a government tax credit, economists said before a report today.

    Demand may hold up through next month as buyers who close on a deal by June 30 are still eligible for the administration’s credit worth up to $8,000. The recent drop in borrowing costs caused by concern the debt crisis will slow global growth may not make up for the loss of government support in the second half of the year as the jobless rate hovers around 10 percent.

    “This is the last hurrah as the housing market can’t sustain this recovery without the help of tax credits,” Tim Quinlan, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said. “Ultimately, it’s hard to imagine an environment where people are clamoring for new houses when one in ten workers is unemployed.”

    Even with the projected increase, sales would be well short of the 6.49 million pace reached in November, showing the incentive lost some power after it was extended.

  2. grim says:

    From Bloomberg:

    Defaults on Apartment-Building Loans Set Record for U.S. Banks

    Defaults on apartment-building mortgages held by U.S. banks climbed to a record 4.6 percent in the first quarter, almost twice the year-earlier level, as more borrowers failed to repay debt approved near the market peak, said Real Capital Analytics Inc. in a report.

    Defaults on so-called multifamily mortgages rose from 4.4 percent in the fourth quarter and from 2.4 percent during the same period in 2009, the New York-based real estate research firm said today. Commercial-mortgage defaults also rose in the first quarter for loans against office, retail, hotel and industrial properties, Real Capital said.

    “Apartment defaults are leading other commercial real estate,” Sam Chandan, global chief economist at Real Capital, said in an interview. “Banks tended to make more aggressively underwritten apartment loans earlier during this last cycle. Credit and pricing reached their peaks for office properties and other commercial assets later.”

  3. Final Doom says:

    Embrace the oblivion. The end of days is here.

  4. casinogames says:

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  5. Simply Ravishing HEHEHE says:

    Backyard gardens become income generators in lean times
    Green-thumb entrepreneurs turn a grocery list of items they can grow, hunt or collect themselves into extra cash.,0,3748074.story

  6. Shore Guy says:

    Hey, I grew up on the boards of Seaside, and the dunes of Island Beach State Park, but those prices are absurd, especially when far less buys one far more on an Island with blue water, even counting air fare.

  7. Simply Ravishing HEHEHE says:

    Vast amounts of food trashed despite incentives
    Tina Mather, Kimberly Daniels,Shannon Pence, California Watch

  8. Simply Ravishing HEHEHE says:

    “Hey, I grew up on the boards of Seaside, and the dunes of Island Beach State Park, but those prices are absurd, especially when far less buys one far more on an Island with blue water, even counting air fare.”

    Yeah but do you get the chance of getting sucker punched by the Situation?

  9. Yikes says:

    Venus Williams basically wore a french maid outfit at the french open.

    But the real question – is her Florida house underwater yet?

  10. a mad as hell reinvestor101 says:

    Yikes says:
    May 24, 2010 at 8:07 am
    Venus Williams basically wore a french maid outfit at the french open.

    But the real question – is her Florida house underwater yet?

    No matter the subject, you have to turn it to the damn negative. You make me sick.

  11. a mad as hell reinvestor101 says:

    Final Doom says:
    May 24, 2010 at 6:54 am
    Embrace the oblivion. The end of days is here.

    No the end of days is not here, dammit. You’re nothing but a constant damn drumbeat of negativity. You’ve never ever had anything positive to say. Damn terrorist. You make me sick as well.

  12. Long-Legged Mr Hyde says:

    As funny as the RE101 personality is, the really scary part is that i know people who mimic that outlook in real life.

  13. young buck says:

    Learn To Love A U.S. Default

    Contrary to popular belief, government spending is our economy’s crisis, and a default would be its cure.

    “For Americans to worry about a debt default is like the parent of a heroin addict fearing that his dealers will cease feeding the addiction.”

  14. Final Doom says:


    “While Erik Nielsen is free to provide Goldman clients with a comfortably tabulated and bullish list of last week’s events from the UK countryside, a realistic appraisal of the key events over the past 168 hours really boils down to one thing – central bank intervention. Whether it is definitive SNB intervention in the Swiss franc or questionable ECB involvement in the euro, the only catalyst that prevented an all out rout of European currencies was outright and blatant market participation by sovereigns and their printers. Yet something interesting happened on the way to the stick save – decoupling. As the chart below shows, once it became openly obvious that the SNB/ECB is intervening in the market, the traditionally very tight correlation between the euro and US stocks went up in a puff of ink cartridge smoke.”

  15. young buck says:

    States Become Fiscal Hawks

    With state and local finances at the breaking point, citizens are pushing for a profound political realignment. So profound that it may one day bring fiscal sanity even to Washington.

    In New Jersey, where the state and local tax take per household is the highest in the nation, voters tossed out free-spending Democratic Governor Jon Corzine last November and installed Chris Christie, a fiscally hawkish Republican. In May they committed another act of what formerly would have been political heresy and rejected 59% of their own school budgets in a state where academics have traditionally been a key draw for affluent Manhattan refugees.

    In New Jersey taxes are the hot-button issue, but pushing through change is still an uphill battle. In West Orange, a town of 16,000 residents 14 miles from Manhattan, where Thomas Edison invented the lightbulb, property taxes have risen 7.3% annually over the past decade to an average of $12,000 per home. That’s 70% above the state’s $7,000 average, itself the highest rate in the nation.

    West Orange’s town council is pushing to lift the rate another 6% this year to fill a $4 million budget shortfall. Joseph Krakoviak, a former USA Today reporter turned town blogger, ran for a council seat last month on a spending-cut platform. He was soundly defeated along with two other antitax candidates. That verdict came just one month after West Orange voters also rejected their own school board’s budget, including pay hikes for teachers. Such inconsistencies are symbolic of the treadmill that towns like West Orange find themselves on.

    “An assistant principal I know who earns more than $100,000 a year admitted he’s having trouble making his house payment because his taxes are so high,” says an exasperated Krakoviak.

    On the state level, Stephen Sweeney, the Democratic senate president and leader of Iron Workers Union Local 483, is an unlikely fiscal reformer. Yet Sweeney fears that, with $46 billion in unfunded liabilities and a history of stiffing its pension fund, New Jersey might one day be unable to meet its benefits promises or will spark a financial disaster in trying to do so. Sweeney has been waging a campaign to scale back pensions and increase employees’ contributions, including a hike from 5.5% to 9% in the amount deducted from teachers’ paychecks to cover a portion of their generous benefits.

    State unions countered with TV ads attacking the senator and hiring a plane to haul a banner reading “Stop Sweeney” up and down the Jersey shore. Protesters gathered outside his office donning hot dog costumes and carrying signs saying “Sweeney the Weenie.”

    In March Sweeney and his colleagues in the New Jersey legislature passed bills that boost the amounts government employees contribute to health care, limit pay for new hires and ban part-timers from drawing pensions. Governor Christie quickly signed the legislation into law.

    “The government is good at telling the private sector what to do, but they [sic] don’t like the rules applied to themselves,” Sweeney says.

    If only Washington were listening.

  16. Al Gore says:

    Just driving to work I saw a suburban backyard converted into a backyard farm. Seems to me that this blog isn’t the only doomsdayers.

  17. Confused in NJ says:

    “I don’t think we’re out of the woods yet,” Ted Weisberg, president of Seaport Securities in New York, said in an interview on Bloomberg Television. If gains from May 21 don’t continue, “we have our eyes on the exit and we’re not going to be afraid to walk through.”

  18. Essex says:

    16. Well you do live in the sticks, no?

  19. make money says:

    Edumucation Bubble?

    College fail Monday?

    It seems like these small liberal arts religious schools are being bought out and turned into for profit one by one.

  20. Final Doom says:

    Lambuth? This is where all the Baptist Taliban morons from my HS went to college. I can’t believe it’s still operating.

    The biggest attraction in Jackson, TN is Starbucks.

  21. Final Doom says:

    Lambuth’s entry standards are basically:

    1. Breathing

    2. Avowed fundamentalism

  22. safe as houses says:

    three of Doom’s favorite topics. Soccer, corruption, and China, all combined in one little story.

  23. jj says:

    My first stock that sounds interesting. And I love the symbol STD, I think Soveign banks parent Banco Standandar is being unfairliy punished in this spain thing and if we get a sell off on the spain thing today I am buying. Plus a 10% dividend is nice. Things are really really bad when a bond guy finds a stock he likes.

  24. Final Doom says:

    Santander is a piece of shit. Non-performing mortgage assets galore. In fact, the entire Spanish banking system is a giant pile of NPAs.

    The worst-underwritten seconds on short sales that I’ve done in the past three years are definitely Sovereign’s. Most were practically unsecured and doomed to default the minute they closed.

  25. Long-Legged Mr Hyde says:


    Jackson TN? HAHAHAHAHAHAHHAHAHAHAH They have ore shotguns then teeth. And yes i have unfortunately been there.

  26. Final Doom says:

    safe (22)-

    Thanks. I think that we’ll be seeing a follow-up story on a fourth favorite topic of mine: executions.

    Seriously, give the Chinese anything that can be rigged or falsified, and they will do it.

  27. jj says:

    Why was Walt special?
    Who built the temple?
    Explain the healing powers of the temple water?
    What exactly happened to Sayid in the temple?
    Why did ash keep Smokey out?
    Who built the statue? Why did it have four toes. Why was the temple meso-american and the statue egyption when Jacob and Smokie spoke Latin?
    Why and how do people like Juliet come to the island and become completely fluent in Latin? The others we know never spoke it to each other.
    What is the deal with the fertility issues with the island?
    What were the rules that kept Widmore and Ben from killing each other?
    Who were all the people Ben and Sayid were killing in Season 4?
    Why did Desmond see Claire and Aaron flying off the island in a helicoptor?
    Why did Jack have to wear his dad’s shoes (or something like that) to fly back?
    Why did they all have to be back together to fly back?
    Why did some of them end up in the 70’s and some not after they landed?
    Why was the psychic insistent that Claire raise her baby (or the other way around, I can’t remember)?
    What was the significance of the numbers? With regard to the last question, please provide an answer that can explain the fact that they were being broadcast a while ago and drove hurley’s friend crazy, hurley used them to win the lottery, they had something to do with Rouseau getting there, they were stamped on the hatch, they showed up just about EVERYWHERE.
    What was the deal with Christian Sheppard guiding Locke towards the donkey wheel?

  28. jj says:

    Funny when I was at Independence Savings Bank which Soveign bought they were extremely strict.

    Final Doom says:
    May 24, 2010 at 9:37 am
    Santander is a piece of shit. Non-performing mortgage assets galore. In fact, the entire Spanish banking system is a giant pile of NPAs.

    The worst-underwritten seconds on short sales that I’ve done in the past three years are definitely Sovereign’s. Most were practically unsecured and doomed to default the minute they closed.

  29. Yikes says:

    meter says:
    May 23, 2010 at 11:45 am

    Having lived there for a short spell, I saw firsthand that while a good chunk of the populace in Israel wants to live in peace, the Orthodox Jews – who are a growing population and are increasingly more politically powerful – think they’re doing God’s work by stealing land.

    dont forget other great moments in land stealing: Chili from Bolivia, ‘us’ from the Native Americans

  30. safeashouses says:

    What do you do if you are a UK royal in need of cash? Answer: get caught in a sting by a tabloid.

  31. Comrade Nom Deplume says:

    IRS releases quarterly list of expatriates. And the number of people who are listed for the first quarter of 2010 is (drum roll please):

    Approx. 180.

    Now, this number seems anticlimatic after the 502 from the previous quarter, but consider this: The 502 was more than the prior 7 quarters COMBINED.

    And this number is expected to be low because individuals are on a calendar tax year. In fact, some prior years don’t see as many expats as we have in the first quarter of 2010.

    In fact, if this quarter is any indication, this year could set a record for people renouncing US citizenship, something considered almost unthinkable in our lifetimes.

    And for those who say, so what, these are small numbers, consider this: There are not a lot of taxpayers in the top 1%, yet they basically pay for themselves and nearly everyone who doesn’t pay taxes.

    It’s not the Baltic Dry Index, but it is one I follow, and IMHO, if we break 1,000 on the expat list this year, I submit that it will be confirmation that we are essentially screwed.

  32. young buck says:

    N.J. lawmakers consider bills expanding liquor sale rules

    State lawmakers are considering a slew of bills that would dramatically overhaul regulations on how beer, wine and liquor are sold in New Jersey, bringing about some of the most sweeping changes since the end of Prohibition. The legislation would expand the number of supermarkets that can sell liquor, allow towns to sell unused licenses to other municipalities, and allow restaurants now restricted to a bring-your-own policy to buy a restricted license that allows them to sell just beer and wine.

  33. make money says:

    COM (31),

    Where are they going?

  34. NJCoast says:

    I’m looking at a Soveriegn Bank REO today. The mortgage is for $917,000 and it’s currently listed at $625,000. The original list was $1,699,000.

  35. Comrade Nom Deplume says:

    [33] make

    No one knows but State and IRS, but perusing the list, one can see a lot of foreign sounding names. Typically, these are people who are dual nationals, that may have been here on green cards, or who were naturalized but never relinquished the homeland citizenship.

    Over the years, renunciation can be closely correlated to changes in tax law, so it is a pretty safe bet that nearly everyone who renounces is a “taxpatriate” although there may be the rare instance of someone renouncing for political reasons.

    And since a person would only renounce for tax reasons if they could save on taxes, this represents a net loss for the treasury. Further, I think that the heaviest of these losses won’t be immediately felt, as the most onerous tax a wealthy person would eventually face is the estate tax.

    Think about it: You are retired and wealthy, and have dual citizenship with a country that has no estate taxes. If you emigrate, you pay 15% on unrealized gains. If you stay, you pay 55% on the value of your estate. It’s a no brainer.

  36. Comrade Nom Deplume says:

    [221] [prior thread]

    “If we get all 50 States to go this way, “O” will only control Washington DC.”

    This is a very real fear in policy circles. Why do you think O is bashing Arizona, or trying to marginalize anyone who suggests an area where a state can act independently of the federal government? Or why liberals are scared sh1tless at the prospect of states throwing up the near moribund 10th Amendment as a reason to not cooperate in a federal regulatory scheme?

    The reason is that the fed policy makers are very concerned about anything that threatens the union. Not that the union would be torn asunder, but that the fabric would fray and tear in places, and that could lead to a greater rift.

    We could return to an environment of state vs. federal tensions that will rival, if not surpass, the tensions that existed in the Deep South during the civil rights years.

    And it isn’t just the feds that share this concern. Why do you think a number of states have banned the creation of “private” (i.e., not state sponsored) militias? (BTW, the Feds cannot ban militias outright, but effectively do so under the guise of “terrorist” activity. So if you ever spouted off about the gubmint, and was in the woods practicing war games, that would be “evidence” of a “conspiracy” to commit domestic terrorism).

  37. make money says:

    If you hve a non profit college which doesn’t pay any taxes fail, how could for profit owners pay to own this school, pay income taxes, property taxes etc and still expect to make a significant return on their investment.(in other words PROFIT).

    What does this say about non profit management?

  38. Yikes says:

    Farber to host a show on CNBC

    CNBC is adjusting its lunchtime programming line-up for the first time in years, adding a half-hour program that will have as its co-hosts David Faber and Gary Kaminsky.

  39. jj says:

    anyone ever use this site, gives great house info and splits the commision with you.

    what is the catch?

  40. freedy says:

    Linsay Lohan late for court , oh my

  41. young buck says:

    The Cartel movie

    The Crisis | Only 35 percent of American high school seniors are proficient readers. Only 23 percent are proficient in math. Nationwide, only 74 percent of ninth graders graduate within four years—and that number drops to about 50 percent for black and Hispanic students. Twelve percent of American high schools are “dropout factories”—schools where less than 60 percent of freshmen even make it to their senior year. It comes as no surprise, then, that America lags far behind other developed countries when it comes to schooling: Among large industrialized countries, America ranks last in educational effectiveness—despite spending the most.

    The conventional wisdom says that our schools could be dramatically improved with better funding. If we would only “invest in education,” the argument goes, our children would have a better future—particularly in urban areas, where leaky roofs, under-qualified teachers, and outdated textbooks are all too common

    And so the last few decades have brought an explosion of education spending, enthusiastically approved by local school boards and state legislatures and generally supported by taxpayers. That’s the moral cover under which our public school system wastes and steals billions of dollars every year.

    New Jersey offers a dramatic instance of this corruption and improvidence. After New York, no other state spends as much per pupil—but the Garden State has very little to show for its investment. Spending can exceed $400,000 per classroom, and yet only 39 percent of the state’s eighth-graders are proficient or advanced readers, and only 40 percent of its eighth-graders are proficient or advanced in math. Of new high school graduates attending the state’s community colleges, nearly 80 percent require remediation. More than three quarters of New Jersey’s high schools have been warned that they may be placed on the state’s list of failing schools. And the problem is not one of inadequate funding: Some of the worst schools receive—and squander—the most money.

    This costly, unconscionable failure forms the subject of The Cartel.

  42. Comrade Nom Deplume says:

    Seems NJEA isn’t the only union with an unerring tin ear:

    “Expectations are growing that France is set to remove the right to retire at 60, as it embarks on a contentious reform of its debt-laden pension system and brings public finances back into line.

    Christian Estrosi, industry minister, said on Sunday the government was “leaning towards an increase in the [retirement] age” in its talks with unions and employers’ federations, despite denials from cabinet ministers over the weekend of a decision being taken.

    Although there has been much speculation that France’s legal retirement age of 60 – one of the lowest in Europe – would be abandoned, Mr Estrosi’s comments on national radio are the clearest statement yet of government intentions. . . . . .

    All but one of France’s five main unions have rejected suggestions that the retirement age should be increased, favouring instead taxes to fill a deficit expected to hit €32bn this year, as much as €45bn in 2020 and possibly more than €100bn in 2050.”

  43. Comrade Nom Deplume says:

    [41] young buck

    Wow! Two screenings of The Cartel scheduled in Brigadoon on June 2nd!

    If I were Christie, I would make sure that screenings were sponsored all over NJ. Maybe have a Movie Night outside the state house, with the movie played on the big screen (on second thought, that would flop as no one goes to Trenton at night).

    What Christie ought to do (and all NJers interested in busting down NJEA control) is to refer openly, publicly and loudly to the NJEA as The Cartel.

    What are they gonna do? Sue us?

  44. young buck says:

    Corruption in the administration of public education is an important but
    widely ignored subject. This paper outlines 10 questions that school boards
    ought to ask — or ought to be prodded by taxpayers to ask — to determine
    whether corrupt acts have been committed in local schools, are now being committed, or could be committed with relative ease.

  45. make money says:

    Texas Rangers to file for bankruptcy

  46. Fiddy Cents on the Dollar says:

    Coastie :34

    Is that the REO on Grassmere ??

    That’s a nice house. Nice size lot too. Some of the previous listings say it is on the lake….this current listing makes no mention of the lake. Is that just a lazy listing?

    It’s going to be difficult finding comps for a newly built home in that town.

    Good luck with it.

  47. BlueNDGold says:

    46.safeashouses says:
    May 24, 2010 at 12:10 pm
    Any of you lawyers see this?

    So no mention of his justification for refusing to turn over papers or answer questions. Great reporting.

  48. Anon E. Moose says:


    The ‘catch’ is that they are ostricized by the re-litter establishment for discounting their pricing; they rebate up to half the buyer’s side broker commission.

    The fact that the an agent supposedly represeting the buyer is acting like it also shocks the consience of the industry. They provide a wealth of information that the buyer actually wants (as you’ve noticed). This makes the used house sales flacks and their shiny suits and leased BMBs compare poorly, with their traditional business model of limiting access to information to manipulate ‘clients’.

    It’s the first step in real estate ‘Expedia’, and the NAR is reacting like its the kryptonie — appropriatly so.

    NAR delenda est.

  49. Simply Ravishing HEHEHE says:

    “Texas Rangers File For Bankruptcy, Alex Rodriguez To Lose $25MM In Deferred Comp As Largest Unsecured Creditor”

    Does Cameron Diaz know about this?

  50. Comrade Nom Deplume says:

    [48] Irish,

    What is troubling is that the judge decided on contempt when it isn’t necessary or required. He was ordered to pay legal costs, and the refusal is arguably stemming from that. If he claims poverty, he has to produce the docs, but the solution is not contempt but to strike his pleadings.

    Contempt is an action in equity, which should be used only when damages can’t be satisfied with money. Here they clearly can. The opposing party can sue and seize assets. Accordingly, an equitable remedy doesn’t lie in this situation, and contempt is improper.

  51. Juice Box says:

    re #48 – That is one down another 1,143,357 to go.

  52. Comrade Nom Deplume says:

    [44] buck

    One of the other publications you can order from that site:

    “America’s Second Civil War: The Public Employment Complex vs. Taxpayers
    By Lewis M. Andrews, Ph.D. (April 2006)”

    2006. Seems pretty prescient to me.

  53. Final Doom says:

    moose (49)-

    Information is not knowledge. Redfin hasn’t really caught on because their people suck.

    The compensation for an agent whose company rebates half the commission side to the buyer is inadequate to attract anything other than morons. That’s why the discount brokerage model never has worked and never will.

    I agree the industry needs serious change. Discount brokerage has proved- for close to 50 years (yes, it’s been around that long)- that it is not a solution.

  54. Final Doom says:

    HE (50)-

    Baseball is a degenerate trash sport, full of steroid-addled losers.

    I hope MLB goes bankrupt.

  55. Final Doom says:

    I also hope the NFL, NBA and NHL go bankrupt.

  56. Final Doom says:

    Does this mean that player on the Rangers who has somebody with him 24/7 to keep him from getting high will now be on his own?

    MTV should put a film crew on that guy.

  57. DL says:

    I think I’ll go eat something so I can puke.

    “It’s the best time in our generation to buy,” says Mark Zandi, chief economist at Moody’s. “It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or re-finance.”

  58. Shore Guy says:

    What are the odds? Two organizations formerly headed by W are deep in debt. Now, if the Rangers could only print money….

  59. Shore Guy says:

    As for the proficiency data, it only points out the folly of expecting everybody to go to college and for 50% of graduates starting college. I suspect that college is a waste of time and money for a good half of all who enroll right after graduating high school.

  60. meter says:

    @59, Shore –

    They need a Paulson.

    “We need money, lots of money, and you can’t ask any questions about where it’s going!”

  61. Shore Guy says:


    Following the lead of the USG, the Rangers should be able to dip their hands into Steinbrenner’s pockets. After all, it is not fair that he should be so successful.

  62. Shore Guy says:


    The guy was before a judge and he refused the judge’s order. That is contempt and will land one’s tail in jail. The jail time is intended to make a person comply with the judge’s order. Of course, even if the person has not complied, once it becomes clear that the person will not obey the order, the judge is supposed to release the person.

  63. Comrade Nom Deplume says:

    [59] shore

    “What are the odds? Two organizations formerly headed by W are deep in debt.”

    And run even deeper into the ground by his successors. Who knew that W was a trendsetter?

  64. Long-Legged Mr Hyde says:

    Oh Look!!!!

    Europe’s Debt Crisis Is Good News for U.S. Mortgage Rates- CNBC

    Here’s some good news for the struggling U.S. housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.

  65. Al "Fat Thumbery" Gore says:

    Real Estate Collapsing In Gulf Region

    “A realtor at ground zero of the oil leak said the disaster was having a “horrible, just horrific” effect on sales.

    Carolyn Angelette said around 100 clients have canceled summer rentals in Grand Isle, LA. Other clients have postponed plans to buy a home until they see the full extent of oil damage. At this rate, she warns, her Century 21 office will go out of business.
    “Even if they were to stop the oil today, people will be fearful of coming out here and getting in the water,” Angelette said.
    Home prices in the beach town held steady during the housing crash, Angelette explained, as most Grand Isle buyers are looking for second homes. Property destruction during Hurricane Katrina was a greater problem. By this summer, however, the market was ready for a strong recovery.
    “The oil spill couldn’t have happened at a worse time,” Angelette said.
    Like her clients, Angelette fears the worst. She thinks chemical dispersants released by BP have made an even bigger toxic mess, which may turn Grand Isle into a uninhabitable wasteland, the next Love Canal.”

  66. beanbear says:

    Gator (re: yesterday’s thread):

    If it’s the house I’m thinking of, was it was under contract a few mo’s ago above asking? If so, I think (tho’ fuzzy memory on this one) it was a relo couple that bought another “updater” instead (it might not’ve appraised).

    We saw High in GR yesterday – we liked it (bigger and much more charming than we originally thought), but the loc is busy, there’s no yard, and the parking situation is – well – tough. They did win the tax appeal tho’ b/c a bdrm got left off.

    We saw couple places we liked in MontKlaire this wknd, but really only 1 that stuck w/ us. We’d have to win the tax appeal for it to pencil out, tho’.

  67. Final Doom says:

    hyde (65)-

    Too bad nobody wants a mortgage.

    “Thanks to the European debt crisis, mortgage rates are at historic lows.”

  68. Final Doom says:

    bean (67)-

    Basing a buy decision (even partially) on winning a tax appeal pretty much says it all.

    GR and Montklair will soon be NJ’s new housing crisis Ground Zero.

  69. Long-Legged Mr Hyde says:


    I could use a HELOC to build my personal armory!

  70. Final Doom says:

    hyde (70)-

    May I direct you to several quality Spanish savings banks for that HELOC? Perhaps they will denominate your loan in Swissies.

    “Reuters and Bloomberg report that 4 Spanish savings banks are set to merge, likely as a result of the pent up fallout from the failure of CajaSur, which as we noted earlier, was taken over by the Bank of Spain. The culprit it appears is Caja de Ahorros del Mediterraneo which is merging with 3 other banks, Caja de Ahorros de Asturias, Caja de Ahorros de Santander y Cabria and Caja MP de Extremadura, to prevent a collapse. Since Spain apparently lacks the FDIC’s tender wealth redistribution hand, it is still unclear whether the transaction will obtain government funding. Just as the subprime collapse started with a few names toppling, this could easily be the start of implosion of the allegedly insolvent Spanish banking system.”

    God, I love full systemic failure.

  71. meter says:

    Pretty hypocritical that we have Bank Failure Fridays (which should be national holidays to celebrate our incompetence) but Spain has one and it’s the end of the world.

    We have a bankrupt FDIC. How long before failed banks have to be nationalized here?

    Oh, that’s right. We can just keep printing monopoly money.

  72. Comrade Nom Deplume says:

    What? The line item veto is back, but in another form:

    “U.S. President Barack Obama is sending a proposal to Congress on Monday that would make it quicker and easier to trim “wasteful” costs from congressional spending bills, an administration official said.

    The “Reduce Unnecessary Spending Act of 2010” would enable the president to submit a package of cuts or “rescissions” to Congress after lawmakers pass one of the annual spending or appropriations bills that fund federal programs every year.

    Under the terms of the proposal, Congress would have to look at the president’s slate of suggested cuts as a package and, without making any amendments, give them an up-or-down vote within a specific period of time. . . .”

    This version still won’t pass constitutional muster. Further, its political use is dubious—right now, the opposition can’t get earmarks, and the president won’t kill them for his own party. Well, maybe a sacrificial one from time to time, but it is largely just an exec. power grab that enables the president to have a say in determining how the pork gets doled out.

  73. Long-Legged Mr Hyde says:


    I hope you got that EUR short position loaded up last week.

  74. poor guy says:

    re: Redfin

    who cares if the realtors are morons are not. They are morons anyway no matter they get full commission or a discounted one.

    In fact, the more moron the realtor is the better for me. I need someone who will be on time and unlock the houses during house tour while keeping his/her mouth shut. That’s the brilliance of redfin, you do the research, they do the legwork without pressure.

    I realize this might not work for all but may work for some and this is the niche redfin is aiming for. There will still be leased bmw agents only fewer and that is a good thing in my book.

  75. Final Doom says:

    hyde (74)-

    Averaging into EUO and EURJPY shorts for several weeks now.

    I fully intend to see the EUR all the way through the toilet and into the sewer of failed currencies.

  76. Final Doom says:

    poor (75)-

    Please give me a call when you perform surgery on yourself.

  77. Anon E. Moose says:


    I don’t need a brain surgeon to key the door for me and blow smoke up my azz about what great bones and how much potential the place has despite its dyslexic asking price (you know, the $625k that’s really worth $256k).

    The current model is flawed because sales flacks do so much for free, but are grossly overpaid at closing. It’s ‘supposed’ to balance out, but in reality it doesn’t. Not sprisingly, closing the sale isn’t everything, its the ONLY thing.

    Anything that might interfere with closing NOW — such as the information that the house isn’t “new to the market” like the DOM says but has been up for sale for two years at monotonusly declining asking price, and the owners are getting divorced and going bankrupt — might not be disclosed to the buyer, because it could depress the bid, leading to longer negotiations, maybe a short sale where the bank has to get involved dragging things out further, all pushing the carrot of eventual payment down the road.

    Instead, GIT’R DUN style, the advice is bid high, waive contingencies, close your eyes and jump right in. Best investment of your life, houses only go up, and we can refi you out of the Neg-Am before your payment increases…

  78. Anon E. Moose says:

    Nom [73];

    Too bad the executive impound perogative got trashed (I think that last throes of it were in the 70’s under Ford).

    Constitution says no public money will be spent EXCEPT as authorized by congress, not that all money authorized by congress MUST be spent.

  79. poor guy says:

    doom 77

    if you think a realtor is even remotely comparable to a surgeon then you must be a realtor

  80. poor guy says:

    according to the redfin website it will soon cover NJ. Does anyone know when?

  81. Final Doom says:

    moose (78)-

    Your inability to find a good agent doesn’t mean none exist. A little research and homework on your end would yield a much better result. Perhaps a friend of yours could refer a good agent…or, you could continue to regurgitate the same tired bromide that you trot out every few weeks. That’s the ticket: all RE agents are a bunch of dicks. Now, you’re absolved of responsibility for all RE-related decisions you may (or may not) make. The game is rigged.

    Do you expect to find good stockbrokers, car salesmen, carpenters- or any number of other people whose livelihoods rely on sales- by the same “pin the tail on the donkey” method? If so, congratualations. You will inevitably find the worst of whatever you seek by doing so.

  82. Final Doom says:

    poor (80)-

    When you buy a house from me, you pay me about the same.


  83. poor guy says:

    doom 83

    sorry I avoid NAR/NRA agents

  84. Long-Legged Mr Hyde says:

    It appears that the oil leak just went from bad to oh shit. There are reports that the plume has either worn through the casing or found another path and is coming up through the seabed around the BOP. This makes a top kill almost impossible and would mean there may be nearly unrestricted flow at this point.

    No official reports yet, but this can be seen on the live shots of the leak.

  85. Al "Fat Thumbery" Gore says:



    I was reading reports of some sort of explosion down there by people watching the live stream.

    Oh, and blue helmets (Russian) landed in San Diego last Wednesday.

  86. All "H-Train" Hype says:

    I am no stock market guru but today’s close was very bad. Lost all of Friday’s gains and a little more.

    We are on the cusp of a major correction. I am getting all out this afternoon.

    Have a nice day!

  87. Anon E. Moose says:

    Doom [82];

    The game is rigged all right, and not in favor of the buyer or seller. Besides, I didn’t set the rules of the game, your industry did.

    A car salesman is an excellent analogy, and the tripe peddled that house salesmen are any different is just that. People don’t go out to buy a car being forced to rely on the benevolence of their car salesman as the sole source of pertinent information the same way re-litters force their clients to rely on them.

    If its stocks, I can go to the WSJ for price data on stock transactions, or S&P for analytics on companies. Only if its a house I’m after do I have to rely on whatever data the sales flack decides is in her interest to spoon out to me.

    If it wasn’t about limiting access to information, the NAR wouldn’t have been one of the single largest lobby groups on Capital Hill trying to beat back the FTC’s efforts to force them to open up access to MLS listing data.

    But Sinclair’s quote applies; “It is difficult to get a man to understand something, when his salary depends upon his not understanding it!”

  88. jj says:

    That redfin is cool. I put a lowball bid on house that went right through. Also liked it has FSBO’s, short sales, Foreclosures and lists sale prices, reductions, relisting and sales histories and comps, square footage all stuff that MLS site keeps secret. Plus the rep they gave me was smoking hot from her picture.

    You need this in NJ. NJ realtors are soon to be as useful as a typewriter repairman.

  89. jj says:

    Like saying I need a used car salesman to buy a used car. Buying a home with with a realor is like inviting your GF’s BF on a date

    Final Doom says:
    May 24, 2010 at 3:14 pm
    poor (75)-

    Please give me a call when you perform surgery on yourself.

  90. Comrade Nom Deplume says:

    [89] jj

    “Plus the rep they gave me was smoking hot from her picture.”

    Thus, it gets the JJ Seal of Approval.

  91. meter says:

    How’s about a little levity:

    16 Items They Only Sell At Chinese Walmarts

  92. make money says:

    Most RE agents(clot excluded) are nothing more then a tour guide. However, the right one will ensure that you didn’t leave any money on the table while majority can’t justify their existence.

    Pretty much like most lawyers.

  93. Pat says:

    How do you cook pig’s face, you might ask.

    Well, Pat is the person for the job. Step aside, Clot.

    First, rub with olive oil, then paprika. Chop cucumber and a bunch of dill and put with faces into three cups of vinegar. Let sit in the fridge until dem piggies are squeeky. Maybe 12 hours.

    Remove faces. Rub with greek spices, like the combos you get in the little cups at the Mediterranean restaurants.

    Grill for a few hours on indirect heat, then move to direct heat for 10 minutes.

    Now you know I made that sh/t up, right? Don’t go trying that at home or the feral cats’ll be yelling around your grill all night.

  94. safeashouses says:

    #94 Pat

    Pig ears are too chewy for me. Frogs are delicious, salmon jowls are awesome too.

  95. Essex says:

    You guys wanna know a great recipe for sack de la portmanteau?

  96. Happy Daze says:

    And Now, Shadow Inventory Is Coming Back to Smack the Condo Market

    contains links to other articles,-shadow-inventory-is-coming-back-to-smack-the-condo-market-yftt_494478.html

  97. Mikeinwaiting says:

    All Hype 87 if this is your call:

    “We are on the cusp of a major correction. I am getting all out this afternoon.”

    Go short, all disclaimers.

  98. Mikeinwaiting says:

    Hype it was a train wreak you are correct.
    Veto get ready to dust off that chart with all the calls in 3 months or so. It is going to get ugly in RE.

  99. Juice Box says:

    Remember it’s for the children.

    Education Secretary Arne Duncan is asking lawmakers to put aside “politics and ideology” as they consider a request for $23 billion in “emergency” funding for public schools – a measure Republicans reject as a massive federal bailout for the teachers’ unions.

    The Obama administration is supporting the bill, formally titled the Keep Our Educators Working Act and sponsored by Rep. George Miller (D-CA) and Sen. Tom Harkin (D-IA). In a letter to House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Harry Reid (D-NV) dated May 13, Duncan warned that if the bill is not enacted, “millions” of school children will be adversely affected and the ensuing damage will “undermine the groundbreaking reform efforts underway in states and districts all across the country.”

    (translation we need to crush the teaparty in the midterms and we need the unions to do it.)

  100. Outofstater says:

    #100 Jesus. Where do they think the funds for that will come from??? They are making the money up as they go along. HELLO!!!! THERE IS NO MONEY!!!! THERE IS ONLY DEBT!!!!!

  101. NJCoast says:

    47. Fiddy-

    Yes it is- but don’t bother with it. I don’t know how it got through the inspections. The whole house needs to come down. Mold, undulating walls and floors, bad framing, foundation problems just to start. I’d only offer what the property is worth. I think a grammer school shop class built it.

  102. Yikes says:

    Final Doom says:
    May 24, 2010 at 1:16 pm

    HE (50)-

    Baseball is a degenerate trash sport, full of steroid-addled losers.

    I hope MLB goes bankrupt.

    don’t forget the lack of competitive balance. the sport’s fallen far in 20 years.

  103. Mr Hyde says:

    Holly Flying Horse $hit!

    “People are needlessly being denied the chance to buy a property while prices spiral rapidly out of their reach” ING Direct CEO Don Koch said. “There is an urgent need to provide more affordable options and borrowers should be able to choose whether they want to repay the capital, or not.”

    Quick every one go short the Aussi RE market!!!!!

  104. Mr Hyde says:

    from the same article

    ING is apparently now selling indentured servitude that includes shelter for the financial slave.

    Mr Koch wants to position the bank as a “mortgage partner for life”, with borrowers carrying the same interest-only loan from property to property for as long as they wish, accumulating equity from rising house prices as they go.

    Then, as they near retirement, they could sell their property for a big enough profit to pay off the original loan and buy a smaller place outright, leaving them mortgage-free. Or, they could keep the mortgage going and repay the original capital from their estate, after death.

  105. Mr Hyde says:

    Can someone please explain this to the US housing market. There is no need for this housing crash, if only we were as innovative as the Aussie’s

    Banks already offer interest-only loans, but borrowers often are allowed to keep them only for five to 10 years. Then they must start paying the capital.

    But ING says this preoccupation with paying off the loan is unnecessary.

    “There is no economic reason for banks to insist on regular capital repayment,” Mr Koch said. “It just makes the loan more expensive for the borrower.

  106. safe as houses says:

    #106 Hyde,

    They never have to pay back principal. When the IO term ends, they just refi with a different bank into another IO. Of course if their housing market crashes than the refi game may come to an abrupt halt.

  107. What You Need To Know says:

    Wall St:
    America’s most expensive sausage grinder.

  108. NJGator says:

    Grim – Does this one make it official? Has every condo in The Reserve either listed or re-sold below original sale price? It sure seems like it. 3 currently on the market with this new listing GSMLS 2775200:

    “Live like a star! Amazing 2543sf Soho style loft. Just 3 years young with $75k in upgrades and renovations in 2009. Sold brand new in May 2007 for $780k—Yours now for $650k. This one won’t last!”

    Not sure how many people are in the market to pay $650k for a suburban apartment with $12,769 in taxes and $595/month in common charges.

    It is a sick sweet looking place though.

  109. Yikes says:

    this is kind of funny … fans of weapons should really enjoy it.

  110. Pat says:

    rate offers accepted LBI oceanfront. If regular rate is June @ 3k/week, what would be a good offer for the month?

  111. Pat says:

    Would they laugh if I offered $5k?

  112. Pat says:

    Yikes, for some reason, the weapons thing still has me arfing. I think it’s the fruit loops.

  113. Final Doom says:

    poor (84)-

    You should’ve taken all evening to come back with something better than that lame-ass, cowardly reply.


  114. Final Doom says:

    moose (88)-

    Accurate RE information is ubiquitous. Your inability to access it is due to your stupidity.

  115. Final Doom says:

    hyde (104)-

    And a couple of dopes here think I’m the crook.

  116. chicagofinance says:

    Final Doom says:
    May 24, 2010 at 10:49 pm
    hyde (104)- And a couple of dopes here think I’m the crook.

    Some others may think you are a drunk….

  117. Final Doom says:

    I only drink when I’m handling firearms.

  118. Shore Guy says:

    ” Mold, undulating walls and floors, bad framing, foundation problems just to start”

    It sounds perfect. The new owner gets to “personalize” the property. Maaybe instead of people seeing it as moldy the bank can persuade them that the home is “green.”

  119. Final Doom says:

    Shore (122)-

    We are moving into an era in which one will be considered rich if he does not sleep outdoors and see the sky when he wakes up in the AM.

  120. Pat says:

    Clot, when I was richer, I slept outdoors and saw the sky. Bees woke me, and horses laughed.

    I paid quite a bit for it.

    So now, this experience will be available to every loser.

    I nominate Hehehe to provide a descriptive summary of this diagram.

    Somebody else can redo it with the toilet as the FDIC and Barney Fife as the Investors.

  121. Mikeinwaiting says:

    Check out Asia & the futures market yikes.
    Oh I’m short hurray!

  122. still_looking says:

    Mike, 126

    What a mess.


  123. Final Doom says:

    One day closer to oblivion.

    Battle stations, drones.

  124. Final Doom says:

    Let’s see if Trichet can kick it Bergabe-style today.

    Methinks he can’t.

    Only Benny has the magic printers.

  125. Juice Box says:

    Next month, the Red Bull air races will be held over Liberty State Park, Jersey City should make those people in the Goldman tower very nervous.

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