“[I]n the end it comes down to supply and demand.”

From CNBC:

Three F’s in Housing Spell Trouble

Now that we’ve gotten the Q3 reports from Fannie, Freddie and the FHA, the picture of housing’s future is becoming ever clearer.

The combined Real Estate Owned (REO) inventory of the three rose 24 percent quarter to quarter and 93 percent year over year.

In real numbers, at the end of Q3 there were a record 293,171 REO’s sitting on their books. This of course doesn’t count REO held by the banks and private label securities. That’s up from 153,007 at the end of Q3 2009.

Granted, the GSE’s and FHA have disposed of (sold) an awful lot of properties. In the first 9 months of this year they’ve sold over 200,000, but that still leaves us, net, with the above numbers, which are also rising at a fast clip.

So why am I bombarding you with all these numbers? Because as I have always said, over and over, housing’s recovery is based almost entirely on inventory.

We can talk prices, affordability, confidence, foreclosures, scandals, politics, whatever you want, but in the end it comes down to supply and demand.

We are looking at a ballooning supply coupled with dwindling demand. You do the math.

This entry was posted in Economics, Housing Bubble, National Real Estate. Bookmark the permalink.

143 Responses to “[I]n the end it comes down to supply and demand.”

  1. still_looking says:

    first! and awake… drat.
    sl

  2. Confused In NJ says:

    Affordability!!!!

  3. Lamar says:

    Real estate is dead for at least 20-40 years.

    Let the oblivion wrap itself around you…

  4. Jase Rion says:

    ugh, like i said yesterday towns like ridgewood and north caldwell are still bubbling. people are out of control. i lost bids to several homes and at 1 point i got caught up and went above asking price (that house, however, was priced very competitively).

  5. jp says:

    I still don’t believe real estate is “dead” in any term. What is “dead” is the mentality that people are going to make a quick buck after holding onto a property for three years.

    The last estimate was maybe another 10 percent down in prices? and afterwards, people are predicting a flat market.

    so let’s a buyer enters the market when there’s a flat market. this isn’t necessarily a bad thing. if all a home is to you is equity preservation, then you’ll still have some change left over when you’re ready to move out because the structuring of paying a mortgage naturally pays down some principal amount.

    the only two alternatives are paying rent or living with your parents.

  6. still_looking says:

    “living with your parents” or in-laws as we did for too long.

    Personally, I’d rather eat a rotting corpse than deal with that again.

    sl

  7. Lamar says:

    Let’s not forget about the coming hyperinflation and eventual currency collapse.

    Maybe it’s a good time to load up on the biggest mortgage you can get. Be sure to get a big, fat line of credit so you can ramp your purchase of ammo and fortification materials.

  8. Lamar says:

    Print, repudiate, default.

    So utterly predictable.

  9. Lamar says:

    sl has become part of The Walking Dead.

    “…I’d rather eat a rotting corpse…”

  10. Confused In NJ says:

    9.Lamar says:
    November 9, 2010 at 7:06 am
    sl has become part of The Walking Dead.

    “…I’d rather eat a rotting corpse…”

    Actually the Walking Dead, prefer Fresh Meat, and are rotting corpses, like Timmy & Benny.

  11. Lamar says:

    confused (10)-

    How naive can I be? I stand corrected.

  12. yo'me says:

    Prospective real buyers are more educated.They know they have cash and support to get a loan approval.With more money flooding the banks ,it is just a matter of time that good loans will start coming again.If the forecast is a decline on prices for the housing market,why will you buy now?I believe there are alot of people waiting to buy.Some have unrealistic expectation for a price drop.But just like the headline says:In the end it comes down to supply and demand and banks willing to lend.

    As a buyer I will ask myself this question:
    How stable is my job? If I need to move,does it make sense to own a house?

  13. Mike says:

    supply & demand = how much the outsourcing companies will be paying their employees

  14. Fast Eddie says:

    Jase [4],

    Let me see if I get it right: Buy now or be priced out forever; they’re not making anymore land; it’s insulated here. Do I basically got it? I know, everybody has at least 20% to put down, their FICO is over 800 and they just wrote a check in full for this years tutiton at Montessori school for Schmutzi. Jase, ask the realtors to see some proof of these offers and the reaction you’ll get is similar to throwing a vampire in a vat of holy water.

  15. Fast Eddie says:

    Multiple bids over asking… geezus, that’s beautiful, that made my day! lol! I’m leaving for work now, wish I could stay, I’m so in the mood for a soapbox rant but someone’s gotta earn some money to pay for Oblama’s people.

  16. chicagofinance says:

    My friend’s main concern right after being laid off……I am so happy I got the refi approved yesterday…………DOH!

  17. chicagofinance says:

    ……I tried to talk him down…….he said that he was midstream on his vacation home renovation and it coming up on the holidays…..my comment “you think you can hold the line a bit over these holidays”……response…..BUT BUT BUT BUT BUT etc……

    Rationalization…..well all my friend’s wives go to Nordstrom and buy $400 handbags……

    SO F…. WHAT!?

  18. Lamar says:

    chi (17)-

    Welcome to the death of America.

  19. JJ says:

    That AMBAC upgrade yesterday was crazy, he upgraded the common stock.

  20. Lamar says:

    We have been slowly rendered stupid and addicted to Chinese trinkets and other consumer junk.

  21. SG says:

    Helicopter Ben to the rescue

    With mortgage rates already at their lowest level in nearly 60 years, how much lower can they go? Economist Mark Vitner of Wells Fargo predicts that by spring, a 30-year mortgage-loan rate could fall to around 3%. That would be a full percentage point drop from the current rate.

    However, lower mortgage rates alone won’t spur a housing recovery. If they did, a recovery would already be under way. A huge inventory of homes still needs to be cleared from the market. In addition, the foreclosure crisis is still not resolved, and a growing number of foreclosed homes are yet to come onto the market. This puts more downward pressure on home prices.

  22. Nomad says:

    Anyone have any tips for renting a house or condo in NJ? Lots of homes for sale also available for rent – concerned that a non-professional landlord could be a pain – ie – 6 mos into the lease, they decide to put house back on market and they parade potential buyers through and want me to pretty it up each time before they show it. Can it be expressly put into a lease that the house will not be put up for sale or shown to a potential buyer during the lease term? Can it also be written into the lease that there is an option for renewal and if exercised, the owner is prohibited from selling it or showing it to potential buyers or am I dreaming?

    Any suggestion on how to evaluate the owner / potential landlord to determine if they are going to be a pain in the as_?

    Lastly – any suggestions on towns that are an easy trip into Penn Station? I know logistically Maplewood, Millburn, Short Hills, Summit but any others that might have similar convenience and a lower price (safe neighborhoods a must).

    Thanks,

    Thanks,

  23. yo'me says:

    As half the world worries about too much liquidity being created by the Fed’s latest round of quantitative easing, perhaps they’re misunderstanding the real threat — too little liquidity.

    Read more: http://www.businessinsider.com/credit-crunch-2-2010-11#ixzz14nCRHqTi

  24. SG says:

    Investors raise pressure on mortgage lenders

    Citibank became the latest lender to disclose that it faces legal challenges from investors demanding a refund on billions of dollars lost on bonds backed by faulty loans. On Friday, Citibank disclosed in a regulatory filling that Charles Schwab, the Federal Home Loan Banks of Chicago and Indianapolis and a hedge fund have filed lawsuits claiming the bank misled them when it sold bonds backed by pools of home mortgages.

    The key issue: Who will take the losses for billions of dollars worth of failing mortgages written during the height of the housing boom?

    Investors are pursuing several strategies, but they generally center on a promise made in the documents that created bonds backed by mortgages. These so-called “representations and warranties” assured investors that certain underwriting standards would be followed.
    ===
    “If you think about people who come back and say, ‘I bought a Chevy Vega but I want it to be a Mercedes with a 12-cylinder,’ we’re not putting up with that,” Bank of America CEO Brian Moynihan told analysts and shareholders in a conference call with last month. “We’re protecting the shareholders’ money.”

    Goldman Sachs recently estimated that “put backs” could cost the four largest lenders – Bank of America, JP Morgan Chase, Wells Fargo and Citibank – a combined $26 billion. Goldman Sachs estimates more than 12,800 put back claims had been filed cumulatively as of the third quarter – up from 7,500 claims a year earlier.

  25. Barbara says:

    and still……not a sanely priced, worth owning house in NJ, prop taxes aside….

  26. 30 year realtor says:

    Fast Eddie #14 & 15 – I sell REO and most of my listings receive multiple offers.
    It is not about multiple offers, percentage of asking price or other arbitrary measures of asking price, it is all about good value related to market.

    You can’t have it both ways. Seller over prices, see complaints regarding that practice on yesterday’s thread. Seller prices at or below market, multiple offers. See complaints in today’s thread.

    Market knowledge related to comps and value is the only way to see through the mess. Some people pay a large percentage below ask and get a bad deal. Others pay above ask and get a great deal. Tough concept for many folks but still a reality.

  27. EJG says:

    Nomad (23): You can put any language you desire in lease. Had friend with condo in Miami Beach. He had language that once a year he came down for 2 weeks and tennant would vacate for him.

  28. homeboken says:

    Got this spam from KHov yesterday: “The Experts Have Spoken, According to the WSJ, here are 10 compelling reasons to buy a home now”

    1. You can get a good deal
    2. Mortgages are cheap.
    3. You’ll save on taxes
    4. It’ll be yours
    5. You’ll get a better home
    6. It offers some inflation protection
    7. It’s risk capital
    8. It’s forced savings
    9. There is a lot to choose from
    10. Soon or later, the market will clear.

    I can hardly pick my favorite from this list. What a sales pitch.

  29. Tom says:

    The reason there are so many REOs is because servicers are foreclosing on properties more often than their working on modifications.

    I don’t see how it’s better for the holders of MBS to foreclose and sell the property at market after it sits for months or even years without payment compared to modifying a loan and continuing payments.

    In many states it’s difficult to obtain a deficiency judgment. In NJ the Fair Market Credit Doctrine limits deficiency judgments to the difference between fair market value and the loan balance.

    The AG in Ohio is working on imposing penalties for robo signers. This could pressure servicers to work on more modifications which would be better for borrowers, investors, and tax payers who don’t have to provide assistance to borrowers or troubled banks sitting on REOs they can’t offload.

    Yester’s post about the OCC once again trumping State’s ability to regulate bank’s foreclosure operations could now be re-trumped by the State’s attorneys.

    This could get interesting… time to fire up the corn popper and grab a seat :)

  30. Outofstater says:

    #17 400 bucks for a handbag. WHY???? Are they really worth 400 bucks?? Are some women so insecure in their value as humans that they have to carry a ridiculously expensive bag so they feel worthy enough to breathe?? That is sick and says more about the mental health of people than it says about their financial situation. I guess the two are often related though. Getting down from soapbox for more coffee now.

  31. Anon E. Moose says:

    Cat [130, last thread];

    Please remember that foreclosures are not the problem. The bubble was the problem, foreclosures are the solution.

    One of the commenters to those clips nailed it – if we go down this road, we cannot possibly clear the backlog. The only people who will win are the tick-like plaintiff’s lawyers, who will pocket as fees what the deadbeats could have been paying as rent, while they live rent free in the bank’s house. The big losers will be us, our economy, and 20-40 years of Japan-like stagnation. The foreclosures are the solution; let them do their work.

    Yes, its ugly. But it never was pretty, even if done perfectly.

  32. safe as houses says:

    Asking prices in Basking Ridge and Warren are dropping almost as fast as O’s ratings.

    I guess the novelty of paying 570k for a 3 bedroom ranch built when I love Lucy was a hit show and never updated but has a septic tank, propane cooking gas, and electric heat and hot water finally wore off.

    I took a tour of one of the Warren schools given by one of those PTA storm trooper true believer types. She kept going on about how great the school is and had this freaky zeal about her. She then announced that all the hot lunches are delivered from fast food places because the kids love them and we do everything they want. Great. I want to pay 500k for a pos and have our p00p go into a tank in the back yard so you can stuff my kids with crap food and put them on the track for heart disease and diabetes. I went home and told my wife we got to get out of this town. And 2 months later we did. Booyaa

  33. Clark Bar says:

    Friend stopped paying their mortgage earlier this year on the advice from me & others. They live in a state where the average foreclosure time is over 400 days. This person also filed for bankruptcy .

    The goal is to live rent-free until foreclosure hits (assuming the bank can produce the note) and then move on w/ all the savings.

    What they want to know: “Do I bother pay the taxes?” (Yes, they can afford to pay the taxes, they just don’t know if it makes sense since they aren’t paying the mortgage.) “Or can the state come after me for those later?”

    I can’t seem to find clarification on the web.

    Thanks

  34. safe as houses says:

    #17 chifi

    Are those $400 handbags so they have something pretty to carry their husbands cojones in?

  35. J. says:

    It’s because they have to have the label “Coach” or “Gucci” or that ugly LV logo. My favorite handbag brand is Baggalini. I get them at eBags. I just got a great one with all the organizer pockets you can eat for 30 bucks. It carries stuff just like the big boys do.

  36. Outofstater says:

    Two houses in our neighborhood for sale. Both have Fannie Mae and “Financing available” above the realtor signs. One now has a big yellow and black sign across the front door – AUCTION! Yikes. Like the Great Depression already.

  37. Juice Box says:

    What handbags?

    Don’t you know that expensive handbags are a cornerstone to Economic Recovery?

    Here is an excerpt from a Handbag trade publication “Luggage & Leather Goods” published during the Depression in1935. It provides a glimpse of the recovery of the handbag industry after the devastation following the Stock Market Crash and the onset of the Depression.

    http://www.bagladyemporium.com/blu/index.php?n=Main.NationalAuthorityForTheLadiesHandbagIndustry

  38. Tom says:

    Outofstater,

    Be mindful that a lot of people have been using the term “auction” on REOs because it makes it sound like what most people think of when they hear foreclosure auction, a Sheriff’s Sale.

    There’s one nationwide company that runs commercials for these types of auctions on TV. Or at least they used to.

    These are private auctions not subject to the same types of requirements auctions held by the county sheriff are.

    Ghost bidders and other tactics seem to be common.

  39. Tom says:

    Clark Bar,

    Your friend needs an attorney. This isn’t the type of advice that should be obtained from random people online. But just for your info…

    I think in most if not all states taxes are attached to the property not to the owner. So if there are outstanding tax liens on the property they get passed to the person that obtains ownership of the property after foreclosure. Foreclosure does not wipe them out.

    If the owner of record on the property does not pay their property taxes the local tax authority (municipal tax collector) can auction off the tax lien at public auction.

    The person that purchases the tax lien certificate then has the right to foreclose on the property after a certain amount of time if the lien hasn’t been payed off to the purchaser with a decent amount of interest.

    If your friend thinks they can work something out to retain their interest in the home then they should definitely pay taxes. If they don’t plan on trying to keep their home they should speak consult an attorney.

  40. Anon E. Moose says:

    OOS [73];

    Sounds like the garb REDC uses. Check out auction-dot-com to see if the house is listed with them. Its probably an REO. Do your due diligence – REDC is just an auctioneer, and they get a handsome buyer’s premium added to the gavel price for their trouble. I can also tell you from experience that REDC usually gets it if its a real dog and/or after the used house sales guild had their chance to sell it. The ‘financing available’ is another term they use frequently, usually the foreclosing bank looking to turn the non-performing asset into a performing one. Read the terms and conditions well — REDC auction rules explicitly state that they can (and will) shill bid the property on behalf of the seller, though my experience solely from watching their auctions is that they usually do so only to the get the price up off the floor, not necessarily to goad the top bidder into going further. I’m talking about bid from the auctioneer when no apparent bid was pending — I have no idea if any of the bidding parties had undisclosed affiliations. To which I can add: don’t believe for a minute the starting bid will be anywhere near the gavel price (except in some cases that sell as ‘cash only’ – code for ‘no one in their right mind would loan money on this place’). Most properties have a reserve price (reserve wasn’t hit when the gavel comes down announced as ‘subject to confirmation’).

  41. Lamar says:

    30 year (27)-

    I beat on this drum for close to two years here. Good luck. I think you’ll come around to seeing that a handful who post/lurk at this blog will never buy a home under any circumstances. Concepts like this are pure kryptonite to them. Anything that runs counter to the idea of residential housing as pure commodity doesn’t jibe with their worldview.

    That being said, I’ll be the first to admit that housing has probably now come as close as it ever will to being pure consumption. Another nasty little feature of the 20-40 year downcycle brought on by banksters, the gubmint and the unsavory element of our own, dear industry.

    “Some people pay a large percentage below ask and get a bad deal. Others pay above ask and get a great deal. Tough concept for many folks but still a reality.”

  42. Lamar says:

    Honestly, I can’t even hide my contempt for the RE business anymore. I don’t even think of myself as a Realtor, just a sort of part-time cleanup guy that comes over when your crazy aunt or uncle decides to do some self-dentistry with a 12-gauge.

  43. Lamar says:

    stater (31)-

    You can go to Canal St. and get a damn good knockoff of any designer bag for 1/10 the price. Wife and daughter go all the time; most of their friends can’t tell the diff (and/or, they do the same thing themselves).

  44. Mr Wantanapolous says:

    AG,

    Seismic shocks being felt on the floors of the Comex and LBMA.

  45. Lamar says:

    All I want for Christmas is a run on the CRIMEX.

  46. Lamar says:

    I wonder when “failure-to-deliver event” will enter the Oxford English Dictionary.

    Will “robo-signer” make it in this year?

  47. Mr Wantanapolous says:

    Lamar,

    Dec option expiration, futures.

    Nov. 30 Comex December gold futures first notice day
    Nov. 30 Comex December silver futures first notice day

  48. Mr Wantanapolous says:

    Lamar,

    Forgot this one;

    Nov. 23 Comex December gold options expiry
    Nov. 23 Comex December silver options expiry

  49. Tom says:

    Clot,

    Did you see my comment yesterday about your domain name?

    Or did you give up based on this comment?

    “Honestly, I can’t even hide my contempt for the RE business anymore. I don’t even think of myself as a Realtor, just a sort of part-time cleanup guy that comes over when your crazy aunt or uncle decides to do some self-dentistry with a 12-gauge.”

  50. JJ says:

    Speaking of metals, just spoke to a trading desk at Citigroup to get their feel on the markets. Here is what I was told.

    Equities near term feel overpriced. (retail crowd however is rushing in) Do for pullback.

    Metals although it has had a big run up, the institutional folks are still buying. Should have more room to run, still time to get in and make money, however, watch institutional order flow closely cause as soon as they are selling and dumb money (aka retail investors) only are buying get out.

    GM IPO. So far so good, govt. loves to underprice for political reasons. However, smart money, institutional is waiting till last minute to submit their orders. They are trying their best to keep it from being over subscribed which may make GM raise the top end of IPO price which could make it unattractive.

    Bottom line, sell equities with a big run up, buy metals but watch closely and keep some powder dry in case at deadline to submit to GM IPO you see heavy smart money buying.

    Finally, stay away from new bond purchases for now. No need to sell as no crash coming but right now it is too richly priced.

  51. Allison says:

    I am a teacher and my husband is a retired Paterson cop (earning 6 figure pension)..

    We barely pay anything for our health benefits or our pensions and live in Ridgewood.

    Don’t be mad because your taxes put us here while u live in the ghetto!

    HAHA!

  52. JJ says:

    I love cops six figure pensions, what a range. 100k pension and a 999k pension are both six figures.

    I wanted to be a cop and was always amazed how easy it is to get the job. One day for fun when I was 22 the clerks were taking the COP test, I signed up for the Suffolk County Cop test, passed it with flying colors and got called when I was 27. Meanwhile if I was a cop now I would be making around 150K working a three day workweek. That is a good deal cause it gives me two days a week to collect cans, go scrapping and do odd jobs as you can’t live off 150K a year.

    Allison says:
    November 9, 2010 at 10:53 am

    I am a teacher and my husband is a retired Paterson cop (earning 6 figure pension)..

    We barely pay anything for our health benefits or our pensions and live in Ridgewood.

    Don’t be mad because your taxes put us here while u live in the ghetto!

    HAHA!

  53. Juice Box says:

    re # 54 Allison – to me Ridgewood is the ghetto.

  54. JJ says:

    Details Of: SSA Thanksgiving Food Drive
    Date: 11/9/2010
    Calendar: Ridgewood Public Schools (School Events/Fundraisers)
    Summary: Collection boxes in every school through November 22
    Description: Fundraiser for Ridgewood Homeowners who can’t afford Thanksgiving due to high property taxes to pay the Police and Teachers.

    Especially needed:

    * Stuffing Mix, Instant Potatoes
    * Peanut Butter and Jelly (no glass)
    * Pumpkin Pie Mix
    * Cranberry Sauce
    * 100% Fruit Juice
    * Rice
    * Tuna, SPAM, Canned Meats
    * Spaghetti and Sauce
    * Tea, Coffee
    * Gift Cards to Major Supermarkets

  55. Lamar says:

    tom (50)-

    Missed your comment on my domain name yesterday.

    Actually, the disillusionment with RE has been ongoing, as I’ve slowly come to believe that it’s no longer even a market, but rather a slow-motion unwind (and simultaneous cover-up) of a Ponzi that has metastasized into a cancer that has destroyed the entire US economy.

  56. Lamar says:

    jj (51)-

    “GM”, “smart money” and “IPO” are not three terms that should be used in the same sentence.

    If I want to help re-capitalize a broke pension fund and help make the gubmint whole on an illegal investment they made with my money, I’ll make a donation at Christmas.

    “…keep some powder dry in case at deadline to submit to GM IPO you see heavy smart money buying.”

  57. Lamar says:

    Allison (52)-

    You shouldn’t care about the people who get mad at your situation. It’s the ones who decide to get even that should keep you up at night.

    “Don’t be mad because your taxes put us here while u live in the ghetto!”

  58. Lamar says:

    Juice (54)-

    It’s a ghetto of the soul, for sure. NJ’s version of Stepford.

  59. Tom says:

    clot,

    Just to make sure you got the message. Your domain name has expired and looks like it might have been picked up but I think you still have some time to get it back.

    I forgot the d word was flagged. Whatever happend to him? Did he buy his dream alpine home? The house on summit terr hasn’t been sold as far as I can tell.

  60. Lamar says:

    Tom (60)-

    Oops. Thanks for letting me know. It expired a few days ago, and I didn’t notice.

  61. Lamar says:

    Tom (60)-

    Last I heard, D was long RE and short gold. Texas hedged.

  62. dan says:

    Allison,

    No one here is laughing or insulted. We pretty much agree with you. In fact, so does most of the state. After all, Christie was elected IMO since the people realize that the only people who would be able to buy houses under Corzine’s rule were teachers, cops and other gov. employees or those who work with companies that depend on government contracts. I think many of us are still stunned that he was able to win despite so many who would have benefited with future Corzine rule.

  63. 30 year realtor says:

    Lamar #42 – Agree that some will never buy and always feel screwed!

    Real estate is a place to live or a cash flow investment in most cases. Any other view leads to bubbles.

    Market is turned completely sideways. Lots of investor activity in low priced properties (definition varies by location), but the investors don’t strike me as very sharp. Seeing some REO sold below market, but market is ever changing and today’s below is likely tomorrow’s above. Very interesting times…

    Comments were made regarding historical value and trends in yesterday’s thread. The way I see it, history (residential) before the 30 year mortgage is meaningless! Since the 30 year came into vogue prices have increased with low mortgage rates and softened with high rates. Currently we have low rates and decreasing values.

    Uncharted territory! Brave new world!

  64. Mike says:

    Allison No. 52 Your husband has been buying some of that fine ghetto booty with his pension money

  65. Allison says:

    As a teacher, your taxes paid for my family’s Healthcare (ALL of it), our brand new Audi wagon, and my retired husband’s pension.

    Yet year after year you STILL vote for these school budgets and complain.

    Thanks for the new Audi and my healthcare suckersss!!

    In other news, property taxes (aka mine and hubby’s salary) is up this year. HAHA!!

  66. Mr Wantanapolous says:

    “In other news, property taxes is up this year”

    [66]

    This from a teacher? LMAO.

  67. Mike says:

    your welcome Allison and hope your husband uses condoms

  68. Nomad says:

    Can anyone comment on what type of disclosures are placed into an offering for MBS?

    Are these not large institutional entities with sophisticated experienced investors pulling the trigger to buy this stuff on behalf of the entities they represent?

    What kind of onus is placed on the buyer to do extensive due dilligence or do they just glance at the disclosures and then have their employer cut a $500m check?

    If there is fraud in the disclosure that’s one thing but if the risks in general terms are known then is it not caveat emptor?

    Would also like to know when these things were bought – if the housing and mtg mkt was well into decline, would not an experienced institutional entity buying the stuff have their atenna up a bit higher?

  69. Nomad says:

    On the $500 purse thing – status makes people feel good about themselves (more so in certain parts of the country) but it speaks volumes about where our society is today to include one’s self esteem or lack thereof.

    BTW – has haloween candy gotten really sucky? The Butterfingers are still good, but the snickers has declined, Reese cups are worse and they may as well stop making nestle crunch. WTF – can’t even get good candy anymore.

    Lastly – with all the housing supply far outstripping demand, it can only go south – perhaps a slow torture in price declines drip drip drip Seriously though – the big companies are not going to replace all the people laid off – since their top line can only grow so much, they manage their bottom line by controlling headcount and all these new wonderful industries are not going to grow fast enough to change the employement picture for a long time so – who wants to catch a sharp knife?

  70. Allison says:

    Yes he uses, condoms..

    And YOU and all other taxpayers paid for it HAHAAH

  71. Jase Rion says:

    Allison = Troll

  72. JJ says:

    Three comments,

    Allison you suffer from Govt Employee syndrome. New Audi Wagon, really, really Allison it is an Audi and a wagon. More like something you buy the nanny or for your daughter to take her stuff back and forth to college. Car that screams servants entrance. Govt workers are a funny bunch. I have a good friend who works for state of New York who makes 150K and brags he is second highest paid worker in his department. I say that is actually a pretty good salary, what is the bonus, he goes zero bonus, I am like WHAT, I can get you a job with a 150K base and a 150 bonus, you could double your salary. He was like I get free medical for life and a pension and I do little work. If I had a 300K job I would have to work and save on my own for retirement and I don’t think I could do either.

    Re Holloween Candy, Heath Bars are still the bomb.

    Re Lamaar “GM”, “smart money” and “IPO” are not three terms that should be used in the same sentence.

    Yes Yes Yes, back around two years ago the smart money Bill Gross scooped up tons of GMAC bonds between 40 and 60 from retail investors collected two years of coupons and now are selling them back to retail investors for 80-105. GM will be fun, the retail investors bought at 50 rode it to bankruptcy will skip IPO and buy back in at 40. I am buying some of the manadatory GM pref convetibles that are being offered at 50, if insitituional money buys too. There is no sin in making money,.

  73. Juice Box says:

    re # 71 – Nomad All MBS prospectus (and all prospectus in general) include pages and pages of descriptions of risk and disclaimer on risk. The “due dilligence” you speak of was performed by the Rating Agencies. The folks from the pension funds that bought these junk bonds were too busy teeing off and taking junkets to conferences to do their own due diligence.

    Here is a vintage circa 2004 Indymac one, if you can figure out the risk here than you should apply for a job with Warren Buffett.

    http://www.secinfo.com/drjtj.v1ej.c.htm

  74. safe as houses says:

    Allison is obviously a troll.

    1) She claims to be a teacher yet there are few to none spelling and grammatical errors in her posts.

    2) She claims her hubby is earning 6 figures on a cop’s pension and uses cond0ms. If Allison and robo cop are the same age, there’s no way she can biologically get pregnant.

    3) There’s no way a retired cop from Paterson is going to drive an audi wagon. H2, Escalade, BMW 5 series, vette, i would believe. But an Audi wagon? That’s a car for soccer moms or hen pecked architects.

    Her posts are more enjoyable then re101’s recent ones though.

  75. JJ says:

    How about she is posting on a NJ school day between the hours of 9 and 3.

  76. safe as houses says:

    #76 JJ

    She could be posting during lunch, free or prep periods, while giving out exams.

    I had a French teacher that used to fall asleep in class and it was the last class of the day. We would get up and leave. What was he going to do, report us for leaving when he was snoring away at his desk. He didn’t get tenure.

  77. Mr Wantanapolous says:

    “Allison is obviously a troll.”

    Safe,

    She is dull and mindless. At least 50.5 is entertaining.

  78. Mr Wantanapolous says:

    “How about she is posting on a NJ school day between the hours of 9 and 3.”

    JJ,

    Lap dances begin at 1:00.

  79. safe as houses says:

    #78 Mr. Wantan

    50.5 seems to be forcing it recently and has lost his or her mojo. Kind of like a TV show that is nearing it’s jump the shark moment.

  80. wtf says:

    Gotta agree with GWB here

    Bush: GM, Chrysler bailout to ‘safeguard American workers’

    http://detnews.com/article/20101109/AUTO01/11090371/1148/auto01/Bush–Auto-bailouts-were-needed-to-save-economy

  81. Schrodinger's Cat says:

    OK, who;s playing with missles????

    LOS ANGELES – It was caught on camera by a KCBS helicopter covering traffic above Los Angeles Monday night. A thick plum of smoke from what appeared to be a missile streaking upward into the sunset sky and heading west over the Pacific Ocean.

    But who launched the missile is a mystery. So far the FAA say they have no record of any missile launch being planned or approved and the military doesn’t seem to have any answers as to what people saw.

    From what can be determined on the video, the missile was about 35 miles out to sea, north of Catalina Island. Pentagon and Navy officials tell NBC News they don’t know who launched the missile.

    http://www.abc2news.com/dpp/news/national/mystery-missile-launch-caught-on-camera-off-california-coast%3B-no-answers-from-military

  82. JJ says:

    Mr. Goodwrench got laid off today by GM. Mr Brawny better watch out as he may be gunning for his job.

  83. Schrodinger's Cat says:

    Hey AL,

    Who’s firing up the false flag?

  84. Unexpected HEHEHE says:

    “Here is a vintage circa 2004 Indymac one, if you can figure out the risk here than you should apply for a job with Warren Buffett.”

    Why? I thought Warren B never saw this coming?

  85. Nomad says:

    Juice – will take your word that the perspectus is confusing and not able to be translated. Why the hell would I buy something for $500 mil that I don’t understand? I don’t want to sound like I am defending the banks but what kind of schmuck drops that kind of coin on something they don’t understand. Seems reckless to me. BTW – I’ll bet if it had all worked out, they wouldn’t be screeming for putbacks.

    JJ – how can I get a job paying $300k with bonus. Seriously

  86. RentinginNJ says:

    I think many of us are still stunned that [Christie] was able to win despite so many who would have benefited with future Corzine rule.

    Suburban voters were angry at Corzine. At the same time, public workers were not thrilled with Corzine due to some of the small cutbacks he made, like requiring some furlough days and modest increase in co-pays (of course, in exchange for a no layoff clause). However, petulant public employees, used to “their way or the Garden State Parkway”, were angry at Corzine and didn’t show up at the polls. Christie played it cool. While he talked about property taxes, he didn’t talk much about cuts. So, angry suburban voters and sleeping public sector and urban voters won it for Christie.

    The next election will be much more interesting. The unions will spare no expense at attacking Christie. Teachers will be driving little old ladies to the polls. It should be a lot of fun.

  87. Kim says:

    Hi all… long time reader, rare poster. This blog prevented me from buying an overpriced house in 2005, so, thank you! However, the time has come where my husband and I are ready to buy soon. We have been renting a house in a great town since 2007 and the landlord told us he’d be happy to work out a deal with us. It needs a ton of work but we think the landlord will be reasonable. We just signed a one-year lease so we said we’d give it one more year anyway so we can look around. My question is: I have been working with a realtor who periodically sends me listings and has shown me a handful of houses over the years; one just yesterday, in fact. My question is… how much loyalty do I owe her? We do not plan to buy this house for another year (if we do buy it), but do we need to get her involved? The landlord has a RE license so all we’d really need is a lawyer and that would save on commission. We did find this rental through the realtor (so she already got a commission), and before that she worked with us on a lowball offer on a house that was not accepted. Would I would owe her anything should we buy this house from the landlord?

    I would love to hear your thoughts – thanks!

  88. JJ says:

    kim why would you get a realtor involved? If you are worried about price or condition of home an appraiser or home inspector might be of use. But if I was seller and you on your own put a buyers broker in middle who wants a fee, I would expect tenant to pay fee or maybe I would just tack it on to the price of house.

    I don’t think you owe her anything, she got you a rental and you paid a fee. Do you feel the real estate person brings some type of value?

  89. dan says:

    Who needs oblivion from the outside when we have no idea who is launching missiles 35 miles off the coast? I’d say brush up on your Mandarin but it may not mean much if you’re disintegratied via nuclear mushroom.

    http://www.zerohedge.com/article/was-last-nights-launch-rogue-missle-warning-asia

  90. JJ says:

    Nomad, seriously there are lots of 200k to 400K jobs out there that can’t get filled. Too many kids graduate school goof around at a dead end job then wake up and are 40 and underpaid. Key is to get company to pay for MBA or certifications, network, go to trainings, speak at trainings, public speaking is very important, volunteer to work on boards, interact with your external auditor or C level people, switch to a company in your 20’s or 30’s like a Big Four firm or a white shoe bank or broker dealer and get it on your resume. Sales experience is also good. Hardest thing to master, applies to many other parts of firm. Seek out mentors and befriend them, not just from linkin but go to games, bars, trainings etc. Actually get to know them and do what they tell you. A deep roladex is important.

    When hiring for a 300K job, I look for consulting or big four experience combined with a graduate degree, some type of certifications and one or more world class companies on resume, GE, Microsoft, JP Morgan, Goldman, Big 4 etc.

    Plus tattoos, pierced ears on guy, weird habits, bad clothes hygene etc. forget about it. I once interviewed a guy with an amazing resume, he showed up in a suit so new you could spot it a mile away but he stunk. Guy noticed me holding my nose and then said he overslept and did not want to be late and since he is so punctual he opted not to shower or shave so he could be on time.

    Also helps to be normal, most people are not, go to game with boss, love it, eat the hot dog drink the beer. No one cares you don’t like the team, are on a meat free diet and you are cutting back on beer. Buy the teams hat, study stats, learn about the boss or client taking you. 90% of people can’t do that. Remember, sr. mgt. does board retreats where they are stuck together for up to a week straight. No one in college liked a whiner. Remember when you are ceo you drink and eat what you want and get to make your staff miserable. Everything is a test. Most know the answers and can’t pass.

    Guy who sits in a cube all day is in his job hunt to get a slightly higher paying job where he sits in another cube all day.

    I joke anyone can get a 300K job, but it really takes 10-20 years of working it out of school to do it and 90% of people just don’t have it in them.

  91. Kim says:

    JJ – I don’t think she’d add anything… I know I don’t need her… I was just wondering if it was a loyalty thing? Sorry if I sound dumb but I am new to all this! I will be sure to avoid her for the next year.

  92. Confused In NJ says:

    I wouldn’t worry about the unidentified missle. I’m sure that if three or more US cities are nuked, “O” will reinstitute waterbording temporarily to find the “Evil Doers”.

  93. Nomad says:

    JJ – your comments are spot on. I’m a day late and a dollar short unfortunately but perhaps your words will help someone else.

    Credentials get you in the door, street smarts and interpersonal skills get you up the ladder.

  94. Schrodinger's Cat says:

    Confused

    I believe that some russian psychic predicted WWIII starts in 2010.

  95. freedy says:

    they could drop a missle on Passaic and paterson, would they be missed?

  96. Juice Box says:

    Nomad – re: would I buy something for $500 mil that I don’t understand?

    Just about every bond fund in the US owns some MBS. Most of this paper was rated very, very high quality, typical Aaa and Aa-rated stuff. The bond fund managers needed to have something besides Treasuries (safe, but low yielding) and corporate bonds (less safe, but higher yelds).

    When a pile of mortgages is stuffed into a securitization, there is a hierarchy of who gets paid first called the tranches. The top tranches comprising most of the value and were sold as “squeaky clean” top credit rated mortgages. By the time you get to the bottom tranches, they can be moderately to extremely risky junk subprime etc.
    Problem with the whole thing in general was the outright fraud creating this paper, the credit quality may times was forged etc as we are now learning more and more that the same mortgages were stuffed into many different MBS and sold several times so now there are issues with chain of custody and who actually still owns the note.

    It is a real can of worms. As I said earlier the Bond Fund Managers were too busy working on their short game and relied upon the rating agencies and there was also the old saying well if everyone else is doing it then we should do it too right, XYZ can’t be wrong etc, the old belief gap argument comes into play, and we have hedged any and all exposure with insurance says the Bond Manager as his is hitting the back nine with the salesperson from the bank…

  97. Schrodinger's Cat says:

    Dan

    Isnt obama over in India with half the government in tow for an extended jaunt????? That’s good timing on his part.

  98. Tom says:

    Renting,

    “The next election will be much more interesting. The unions will spare no expense at attacking Christie. Teachers will be driving little old ladies to the polls. It should be a lot of fun.”

    The next (probably next couple) elections will be the same. People will be angry with the current manifestation of the economic problems and forget that the problems didn’t happen yesterday and vote out the incumbents.

  99. Mr Wantanapolous says:

    “Isnt obama over in India with half the government in tow for an extended jaunt?????”

    SC,

    Has our Presidency also been outsourced?

  100. Anon E. Moose says:

    nomad [97];

    Nice catch.

    “The ratings agency also said default rates on 30-year mortgages outpace 15-year loans five to one.”

    I believe this is mostly attributable to the type of person who takes out a 15-yr motrgage v. the type of person who looks only for the lowest monthly payment (i.e., Howmuchamonth).

  101. Anon E. Moose says:

    JJ [91];

    I doubt that demonstrated quality of work product had any bearing on your hiring decisions, just the presence of tenuous ‘signals’ or ‘indicators’. When the work floor is a casino and ‘being good’ means having guessed right twice in a row, being clean and well-dressed with the prescribed pedigree is about as good as one can hope for.

    Your description confirms my suspicions that Billy Ray Valentine could indeed go far on Wall Street.

  102. Juice Box says:

    re: the Missile over LA.

    Besides the USA, I believe only the Russians are operating long range ballistic missile nuke subs in the Pacific, and they are now actively test firing their new missle the Bulava elsewhere in the White Sea. Their Northern Fleet just launched a Bulava Missile a few days ago from Project 955 class sub.

    They may be doing missile trials in the Pacific too, perhaps a little too close to LA?

  103. Juice Box says:

    #103 re: President is outsourced.

    Part of the Asian entourage is a bunch of GE execs. I wonder if they will take Obama to visit those nice new green energy wind turbine plants they built with US tax dollars?

  104. Comrade Nom Deplume says:

    [34] Clark Bar,

    I reiterate the advice at [40] and would add that the bankruptcy reform legislation several years ago effectively bars attorneys from helping people plan for bankruptcy by gaming the system (e.g., hiding assets, running up unsecured debt, etc.). Your friend has filed, so that isn’t a concern anymore, but for anyone who has a lawyer that tells them how they can game the system (nudge, nudge, wink, wink), that attorney is violating the law.

    Just something to think about.

  105. Comrade Nom Deplume says:

    [101] Wanta,

    “Has our Presidency also been outsourced?”

    Yes, to Beijing.

  106. chicagofinance says:

    Somewhere there is a man named JJ smiling:
    Bloomberg
    Grupo Bimbo to Buy Sara Lee for $959 Million

  107. Comrade Nom Deplume says:

    [88] Kim

    You owe him or her nothing. Further, did the agent find the rental for you? If not, then there is literally no moral reason to cut the agent in, other than that you have used their time. Lots of agents devote time to clients who wind up not buying; you are, in theory, no different.

    When it appears that you are going to buy, cut them loose and tell him/her you are no longer in the market.

    One thing to consider though is whether you are getting the deal you think you are getting. You may want to have the house appraised, and I am not talking the normal appraiser, but someone who will come in and tell you what it is really worth and what the market will bear. This board should be able to refer you (sorry, I cannot).

    Finally, I’d consider having a structural engineer do the home inspection. You have an advantage over other buyers in that you know the house; you know what works and what doesn’t. Most home inspection stuff is the sort that would not cost a lot to fix if found, but a structural engineer can save you big bucks if there are serious faults. I would also bring in professionals to evaluate systems since an HI could be looking right at a problem and not spot it, while an electrician or plumber would. Personally, I don’t think much of home inspectors, as I have pointed out their own misses to them. In the end, you will be paying a bit more but that peace of mind is priceless.

    Also, if there are a lot of trees or landscaping, consider bringing in an arborist to tell you what you have, and what you may be looking at.

  108. Comrade Nom Deplume says:

    [75] barien

    “Allison is obviously a troll.

    1) She claims to be a teacher yet there are few to none spelling and grammatical errors in her posts.”

    I have seen more grammatical errors and poor language from teachers than from most other professional groups.

    “2) She claims her hubby is earning 6 figures on a cop’s pension and uses cond0ms. If Allison and robo cop are the same age, there’s no way she can biologically get pregnant.”

    If they are the same age. And who says he is that old? He could be 43 and pulling down a pension that large if he was able to get promoted to sgt. or lt., and worked like a dog in his final three years.

    “3) There’s no way a retired cop from Paterson is going to drive an audi wagon. H2, Escalade, BMW 5 series, vette, i would believe. But an Audi wagon? That’s a car for soccer moms or hen pecked architects.”

    That’s a subjective issue. He may like audis. I have no idea why, but he might.

  109. JJ says:

    I also smile when I say Pound Cake

    chicagofinance says:
    November 9, 2010 at 2:37 pm

    Somewhere there is a man named JJ smiling:
    Bloomberg
    Grupo Bimbo to Buy Sara Lee for $959 Million

  110. JJ says:

    Easy to milk overtime, my neighbor the cop told me that cops have an unwritten rule that anyone up for retirement gets as much OT as they want. Cops will turn it down to help out a brother. The neighbor used to have to turn down OT left and right as he was like 4 12 hours days a week is fine, plus he skipped all vacation and sick days that year as he was getting paid out, he had a 120K base. That OT got him an extra 60k so he got 90k a year for life at 41. But if you count the 25k value of his free medical family plan he is getting 115k a year. Not bad for retiring at 41. He moved down south as RE taxes are too high up north.

  111. chicagofinance says:

    111.JJ says:
    November 9, 2010 at 2:56 pm
    I also smile when I say Pound Cake
    http://www.dailymotion.com/video/x29nhk_van-halen-poundcake_music

    chicagofinance says:
    November 9, 2010 at 2:37 pm

    Somewhere there is a man named JJ smiling:
    Bloomberg
    Grupo Bimbo to Buy Sara Lee for $959 Million

  112. zieba says:

    Clever Taiwanese made animation/commentary on our predicament that made rounds in Asian media. The trough visualization is great…

    http://dailybail.com/home/what-if-the-bankers-gorged-on-a-record-144-billion-in-bonuse.html

    and some Greenspan Jekyll Island video thrown into the mix:
    http://dailybail.com/home/bombshell-video-greenspan-admits-to-rampant-fraud-illegal-ac.html

  113. Anon E. Moose says:

    What’s the difference between California and the Titanic?

    The passengers on the Titanic didn’t vote to hit the iceberg.

    http://bit.ly/9EWGdD

  114. Tom says:

    This is why we need a better healthcare system. To help identify the loonies…

    http://www.nj.com/news/index.ssf/2010/11/nj_woman_is_charged_with_antag.html

  115. Simply Ravishing HEHEHE says:

    Wantan,

    I got stopped out of SLV today with this Comex monkey business. How long you think this will take to adjust?

    http://www.zerohedge.com/article/pm-selloff-reason-cme-raise-margin-requirements-silver-5000-6500

  116. prtraders2000 says:

    Awesome Randy Moss mash up. My 10 y/o can’t stop playing it. Straight cash, homey.

    http://sports.yahoo.com/nfl/blog/shutdown_corner/post/The-best-song-ever-made-using-Autotuned-Randy-Mo?urn=nfl-281733

  117. Nomad says:

    Thanks Juice,

    I knew a bit about the traunches. The buybacks are probably the only remedy as litigation would take forever, and even the victor’s gains in that scenario would be little.

    Can one safely assume that the ratings agencies valued the securities based on info from the folks who put them together along with some historical data on mtg default rates? Said a different way my guess is that the ratings agencies and the banks who put this stuff together will yell at one another “I know you are but what am I”.

    In the end, I and probably all of you will foot the bill. As I have said many times, just verify income and assets and make the hurdle to qualify reasonable and all of this would have never happened. But in the end, many were living the good life even though they could not afford to do so.

    BTW – any more layoffs coming on Wall Street in 2011?

  118. Fast Eddie says:

    30 year realtor [27],

    Seller prices at or below market, multiple offers.

    Really? The dreck I see has zero value and is ridiculously over-priced. As far as I’m concerned, way too many “sellers” still need to crash and burn. I’d like to know where this good value compared to market exists because all I keep seeing is snapshots from the late 70s with asking prices around 600K.

  119. Lamar says:

    kim (92)-

    Taking RE advice from jj is like learning diplomacy at the feet of Kim Jong Il.

  120. Lamar says:

    gary (120)-

    You’re not even getting a look at the stuff that’s priced to sell.

  121. Lamar says:

    I know why SLV tanked today.

    It’s because I bought some. Figured I’d take a little taste, just for giggles; one minute after I placed the order, I thought to myself “watch HSBC or JPM do something to cut the legs out from under it”.

    I also have the same effect when I buy stocks (although it’s been almost four years since I did that) or bet on any game involving the Denver Nuggets.

  122. Fast Eddie says:

    Currently we have low rates and decreasing values.

    So, what defines market value? When I see Graydon’s mommy selling dime bags on Godwin Avenue, then I’ll know its time. Far too many houses are still way, way over-priced. We still haven’t even reached halftime and we have 146 yards on 16 carries. The opponents defense is sucking wind and we didn’t even open up the long ball yet. Wait…. you said it yourself; low rates and decreasing value. The other side is about to get crushed. Some of us have enough f*cking dry powder to blow up a 10 mile stretch of highway. The so-called experts knew sh1t before the big housing swindle and they know even less now.

  123. Lamar says:

    “Now, why would Bernanke be so hell-bent on keeping interest rates low? After all, how much of the $223 TRILLION in notional value of derivatives is related to interest rates?

    Try $188 TRILLION.

    Yes, thirteen times the US’s entire GDP and nearly four times GLOBAL GDP.
    Now, of course, not ALL of this money is “at risk,” since the same derivatives can be traded/ spread out dozens of ways by different banks as a means of dispersing risk.
    However, given the amount of money at stake, if even 2% of this money is “at risk” and 10% of that 2% go wrong, you’ve wiped out ALL of the equity at the top five banks… and likely kicked off another systemic implosion at the same time.

    If you think Bernanke isn’t aware of this, consider that his predecessor, Alan Greenspan, knew as early as 1999 that the derivative market, if forced into the open and through a public clearing house would “implode” the market.

    Don’t buy ANY of Bernanke’s claims that he’s trying to help housing or business. If he had ANY interest in helping the little guy, his track record wouldn’t be so abysmal.

    No, Bernanke is doing one thing and one thing only: trying to shore up the overleveraged, derivative-riddled balance sheets of the Too Big to Fails. He is sacrificing the US Dollar, middle class, savings, and possibly even the Republic just to aid his Wall Street masters.”

    http://www.zerohedge.com/article/debt-bubble-chronicles-does-bernanke-really-think-qe-will-boost-home-prices…-or-he-simply-tr

  124. Fast Eddie says:

    Lamar [122],

    Who’s seeing it then? Who? Investors? And whoever’s buying at “value” price, then that becomes the benchmark for comps, right?

  125. Lamar says:

    It’s all about the derivatives. We are well-advised never to stray from this topic.

    For a while, I’ve thought that beggar-thy-neighbor/bugger-thy-currency would be that spark for the Gottendammerung, but it’s a lot more likely a few trillion in wrong way derivatives bets going rancid turns out to be the real trigger.

  126. Lamar says:

    gary (126)-

    Whoever the few and privileged who happen to be close to the listing agents are, that’s who sees them. A good number of these deals are being double-sided by the listing agents, as well…meaning nobody- other than the listing agents’ own buyer pools- sees them.

    Plenty of these homes are in decent shape and owner-occ candidates, so it’s not an investors-only market by any means. All you need is a solvent seller who is willing to accept reality, and the chances are good that a quick deal can get done at today’s actual, non-Ponzi market values.

    These sales should become the comps. There’s always a lag on the reporting…and more than a few are being done off-MLS, so they will fly under the radar longer.

  127. Confused In NJ says:

    At home in Indonesia, Obama reaches out to Muslims

    Says it all doesn’t it.

  128. Confused In NJ says:

    Tim & Ben need to be waterborded.

  129. Fast Eddie says:

    These sales should become the comps. There’s always a lag on the reporting…and more than a few are being done off-MLS, so they will fly under the radar longer.

    But nonetheless, the comps can’t be hidden. So, when I see a bogus, bullsh1t listing for a 4bd/2bth split that looks habitibal with a price tag of 619K, I can safely assume a sale price of 500K is to be expected.

  130. Clark Bar says:

    A SL or 911 back in the day parked where ever the heck it wanted to park. Heck my owners manual warned me about parking in tall grass as cat convert might cause a fire. In Brooklyn at both Pastels, Turquis and Vegas diner I parked on the sidewalk, Heck at Pastels the bouncer yelled hey Vinnie get your damm Monte SS off the sidewalk we got an SL coming in. Heck I never got ticketed. Heck I never locked it. I parked the damm thing on the Kennedy’s lawn once in Southampton.

    I love fiction on the NJ Re Report

  131. Mike says:

    Allison did they put you back in your straight jacket yet? My taxes paid for that too.

  132. Mr Wantanapolous says:

    Lamar [123],

    Close your eyes and hold. It’s going much higher. Buy as an investment. If you atttempt to trade you could become hedge fund roadkill.

  133. Confused In NJ says:

    134.Mr Wantanapolous says:
    November 9, 2010 at 9:03 pm
    Lamar [123],

    Close your eyes and hold. It’s going much higher. Buy as an investment. If you atttempt to trade you could become hedge fund roadkill

    The funny part will be all the Fat Cats looking at their Financial Statements 12/21/2012.

  134. Lamar says:

    gary (131)-

    Every house for sale out there is worth whatever the market says it’s worth.

  135. Lamar says:

    BC (134)-

    I hold physical as the investment. I bought some SLV today as an antidote to my near-terminal boredom.

  136. Lamar says:

    Perhaps I should ditch the trading and just find better wine to drink as a buffer against my mid-life ennui.

  137. Lamar says:

    Or, just go back to making bets on whether Carmelo Anthony feels like playing basketball on any given night.

  138. Lamar says:

    The ones from Baltimore are the weirdest and dumbest sumbitches in the whole Association.

    Probably because virtually all of them are crack babies.

  139. Lamar says:

    This makes me happy. Magpies now sitting fifth, just off a Champions League spot. Carroll and Barton are both playing like maniacs, and the side absolutely punked the Gooners on their own pitch.

    “Not many sides keep a clean sheet against Arsenal. Newcastle’s 1-0 win at the Emirates was only the second time Arsene Wenger’s side have failed to score this season.

    In most wins in football there is an element of the victorious side being good, and the losing side being bad. Arsenal’s poor performance cannot be overlooked – the whole team were sluggish with their passing and not creative enough.

    Cesc Fabregas gave the ball away far too often and didn’t look fit, and on the rare occasions he plays badly, Arsenal struggle.

    Still, one shouldn’t overlook the performance of Newcastle United. Not only did they manage to contain Arsenal in the centre of the pitch, they managed to do so whilst playing two strikers, albeit with one (Shola Ameobi) playing practically as a midfielder, moving goalside of Arsenal’s midfield when Newcastle lost the ball.

    They restricted Arsenal to just three shots on target in the game, despite the fact Arsene Wenger’s side were trailing for 45 minutes, in desperate need of a goal.”

    http://www.zonalmarking.net/2010/11/08/newcastle-arsenal-tactics/

  140. Schrodinger's Cat says:

    Lamar,

    Check this out, judges are starting to acknowledge “show me the note” claims. Now lets see if this spreads. If so the banks are toast.

    JUDGE CURLEY THE HEAD BK JUDGE IN AZ JUST RULED MINUTES AGO THAT THE BANK OF NEW YORK MELLON MUST PRODUCE THE CUSTODIAL RECORDS IN THEIR VAULT IN A CASE AGAINST AN AZ HOMEOWNER, THEREBY PRODUCING THE NOTE AND ALL OTHER DOCS.
    THIS IS A TRANSFORMATIONAL DECISION.

    If Bank of NY cant produce a clean chain of documentation they cant touch this foreclosure. And robosigned forged documents by non-english speakers dont count.

    http://market-ticker.org/akcs-www?post=171757

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