October Existing Home Sales

From Bloomberg:

Existing Home Sales Decrease More Than Forecast

Sales of existing homes fell more than forecast in October as foreclosure moratoriums and a lack of credit disrupted the U.S. housing market.

Purchases decreased 2.2 percent to a 4.43 million annual rate from 4.53 million in September, the National Association of Realtors said today in Washington. Economists projected sales would decline to a 4.48 million pace, according to the median forecast in a Bloomberg News survey. The median price fell 0.9 percent from a year earlier.

An overhang of distressed properties and an unemployment rate hovering near 10 percent may restrain home sales, while concerns over faulty foreclosure proceedings threaten to further delay the mending process. At the same time, mortgage rates near record lows may help limit the damage.

“There are still going to be quite a bit of homes up for sales that have come from foreclosures,” said Ryan Wang, an economist at HSBC Securities USA Inc. in New York. “There is little improvement.”

Estimates of the 71 economists surveyed by Bloomberg ranged from 3.85 million to 4.7 million. In July, sales ran at a 3.84 million annual rate, the weakest in a decade’s worth of record- keeping by the Realtors group.

From CNBC:

Existing Home Sales Fall More Than Expected

Sales of previously owned homes fell more than expected in October, possibly due to delayed foreclosures and overly strict lending standards, the National Association of Realtors said Tuesday.

Sales have fallen 25.9 percent over the past year, while median prices have fallen 0.9 percent in the past year to $170,500.

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113 Responses to October Existing Home Sales

  1. grim says:

    Casino Wars!

    From the Philly Inquirer:

    N.J. bills aim to revive struggling gaming industries

    A legislative package sponsored by New Jersey Senate Democrats to help resuscitate the state’s struggling casino and horse-racing industries was approved by the full Senate Monday.

    Included are measures that would allow New Jersey and international residents to place Internet wagers at Atlantic City casinos; allow exchange wagering, in which gamblers place opposing wagers on a horse race; and allow racetracks to combine all wagers placed on the results of one or more runnings or harness races into a single pari-mutuel pool, thus reducing the adverse effect of large payouts.

    Meanwhile, the full Assembly approved legislation allowing in Atlantic City casino hotels with 200 rooms rather than the 500-room minimum now required – a measure the Senate passed Sept. 30.

    From the NY Daily News:

    Gov. Paterson goes all in with Wisconsin-based tribe for Catskills casino

    Gov. Paterson doubled down on his bid to bring an Indian casino to the Catskills.

    He signed a deal with a Wisconsin-based tribe on Monday that would bring a 584,000-square-foot casino to a former auto graveyard and abandoned quarry in Sullivan County – if the feds approve.

    “This compact is not a guarantee, but it’s the closest we’ve come,” said Sen. Chuck Schumer, who joined Paterson for the announcement. “Our message to the Department of Interior is simple: Just say yes.”

    Paterson’s two-part agreement with the Stockbridge-Munsee Indians calls for the tribe to develop a casino on 333 acres off of Route 17 in Thompson, about 10 miles from the Monticello racetrack.

  2. grim says:

    From Barrons:

    ‘Shadow Inventories,’ a Dark Cloud Over Housing

    WHAT’S TO BE DONE about America’s housing rot? The problem has defied solution, be it in record-low mortgage rates, government tax schemes or slashed pricing, in part because it keeps growing.

    New housing starts already have been slashed to close to the slowest pace on record, an 11% drop in October to an annual rate of just over a half-million units. Yet, the inventory of available housing units continues to mount.

    The number of homes on the market is readily apparent from all the brokers’ signs on your neighbors’ lawns. But that doesn’t tell the whole story.

    The so-called shadow inventory of residential properties on the market jumped 10% in August, the most recent month for which data are available, to 2.1 million units, CoreLogic reported Monday. That’s roughly equal to the number of dreadful McMansions and condos with rotten Chinese drywall that builders were churning out annually at the peak of the boom. It’s also equal to about eight months’ of supply at the current pace of total sales.

  3. grim says:

    From the WSJ:

    Christie Shows Support for Subway Plan

    New Jersey Gov. Chris Christie said he would consider putting state money toward a no. 7 subway extension, a proposal he described as a “much better idea” than the $8.7 billion train tunnel project he canceled last month.

    Christie said he hasn’t yet discussed the proposal with Mayor Michael Bloomberg and did not offer details about how much money he would consider spending. The Bloomberg administration said last week that it is exploring a plan to build a new tunnel under the Hudson River that would extend the no. 7 subway line to Secaucus, N.J.

    The Bloomberg administration has said a no. 7 extension could cost about $5.3 billion and would help more people get across the river than the train tunnel project, which was known as Access to the Region’s Core. Federal estimates had put the cost of the 9-mile ARC project between $9.8 billion and $12.7 billion.

  4. Mike says:

    Good Morning New Jersey- I want to be first in line to sign up for internet betting, my user name will be “Loser”

  5. grim says:

    Homeowners or investors?

    From HousingWire:

    More homeowners paying cash in effort to deleverage

    Cash was the top source of financing home purchases in September, as more homeowners look to deleverage their debt. According to a recent Campbell/Inside Mortgage Finance survey, 30.5% of home purchases during the month were financed with cash, up from 24.4% in January.

    The survey attributed this jump to the amount of distressed properties on the market being purchased and a decrease in the number of first-time homebuyers. Distressed properties are more likely to be bought with cash because they are at a lower valuation and don’t require as much financing, and first-time homebuyers do not typically have enough cash on hand to buy homes without financing.

    As of September, real estate-owned and short sale transactions accounted for 47.5% of market purchases, according to the Federal Reserve Bank of Cleveland. First-time homebuyers accounted for 34.4% of purchases, down from 42.4% in June.

  6. Internet gambling at AC casinos won’t matter unless gambling on sports is included.

    If there was a London-style bet shop in AC where you could place bets and it had an authentic feel to it, I’d go a couple times a year…and I think other people would, too.

    If a place like Borgata had a full-blown sportsbook, it would be a home run.

  7. grim says:

    From the Record:


    Construction workers demolished Bill and Terrie McColl’s kitchen on July 6, and began creating their dream kitchen, with new cabinets, hardwood floors and lots of counter space. But in mid-August, work slowed to a halt. The countertops and appliances are missing, and — worst of all — there’s no water hookup on the ground floor of their New Milford Cape Cod. They have to carry their dishes to the upstairs bathroom sink for washing.

    The McColls blame their contractor, Tally’s Inc. of Tenafly. Although the company had a good reputation and an “A” rating from the Better Business Bureau, a number of homeowners, vendors and contractors complain that the company hasn’t paid what was owed or done the work that was contracted.

    Four of Tally’s subcontractors recently filed a petition in bankruptcy court in Newark, seeking to force Tally’s into involuntary bankruptcy. That would liquidate the company and use its assets to pay its debt.

    Tally’s troubles come at a time when the remodeling industry is in its worst slump since the Great Depression, according to David Crowe, chief economist of the National Association of Home Builders. Homeowners — worried about their jobs and facing tighter credit — have cut spending on remodeling by 27 percent since March 2007.

    “Builders and remodelers are used to the fact that this is a cyclical industry, but this has been an inordinately long cycle,” Crowe said. “So their ability to hang on during the down cycles has been stressed to its ultimate this time around.”

    Michele Kepinski hired Tally’s to do a $220,000 renovation and addition at her Upper Saddle River ranch. Work began in June and was supposed to be done by September. Although she and her husband have paid $180,000 — about 80 percent of the total cost — they say Tally’s left the job when it was only about 40 percent finished. The foundation, frame and roof were in place, but little of the interior work was started. Kepinski said she paid Tally’s for 23 windows, but they were never ordered.

    Kepinski says that after she gave Tally’s a $30,000 payment in August, “we never heard from him again.” Subcontractors told her they couldn’t work because Tallaksen had not paid them, she said.

  8. grim says:

    Internet gambling at AC casinos won’t matter unless gambling on sports is included.

    Please help me understand, what is the point of internet gambling at a casino? Or am I completely misunderstanding the legislation.

    After that, you can help me understand why NJ legislators seem more concerned about saving the jobs of race horses over residents.

  9. MSP says:

    Question for the board. Anyone ever heard of a home inspector being held accountable for missing obvious defects? I’m embarrassed that I missed them too, but I’m not the guy who inspects homes for a living. The guy we used missed things like an improperly structured floor in a crawl space addition, wood rot on the windowsills, bathroom fan exhaust vented into the attic instead of outside, clothes dryer vented into the garage instead of outside, and a slew of other things that I feel he should have pointed out, but didn’t. I highly doubt we could get him or his O&E insurance to cover some of these things, but I’d at least like to get back the $400.00 we paid him. Any ideas?

  10. MSP says:

    O&E should have been E&O. Sorry….

  11. 30 year realtor says:

    MSP #9 – Small Claims Court

  12. Barbara says:

    I can’t believe people still give their money over to contractors to buy their goods and fixtures. I thought this practiced died about the same time that the big box home improvement stores opened. I order everything and have it on site, I pay the contractor for labor only.

  13. Shore Guy says:

    So, South Korea is being shelled by the North I see:

    By John M. Glionna and Ethan Kim, Los Angeles Times | Los Angeles Times Staff Writer
    Story posted 2010.11.23 at 03:19 AM PST

    Reporting from Seoul– North Korea on Tuesday fired dozens of artillery rounds onto a populated South Korean island, killing two and injuring 19 others after Pyongyang claimed that Seoul was readying for “an invasion,” officials said.
    South Korean President Lee Myung-bak called an emergency session of his national security-related ministers in an underground bunker at the presidential residence late Tuesday to devise a response to the attack, which occurred near the disputed western border between north and south.
    The Seoul government later called North Korea’s artillery attack a “clear military provocation” and warned that the secretive regime would face “stern retaliation” should it launch further attacks.


  14. #13 – Certainly a step up from the hatchet attacks and small arms fire we usually see form the North every 7-10 yrs.
    Given all the various players in the situation, and possible degrees of involvement, it makes the head almost spin.

  15. Essex says:

    The ol’ domino theory doesn’t sound so far fetched now.

  16. Thundaar says:

    13- Shoreguy, This is not good……

  17. Mikeinwaiting says:

    MSP 9 Dryer vented into garage: Check for mold, seen this happen first hand. Look in attic for mold also ,stack effect. Bathroom vented to attic, sounds ripe for mold.

  18. msp (9)-

    Go after the inspector. From the items you mention, I think you’ll do better than you think.

  19. JJ says:

    S&P Futures are down 13 pts

  20. Next stop: oblivion.

    “Well, folks, it’s official – mark November 22, 2010 in your calendars – today is the day the Ponzi starts in earnest. With today’s $8.3 billion POMO monetization, the Fed’s official holdings of US Treasury securities now amount to $891.3 billion, which is higher than the second largest holder of US debt: China, which as of September 30 held $884 billion, and Japan, with $864 billion. The purists will claim that the TIC data is as of September 30, and that as the weekly custodial account shows UST buying continues the data is likely not correct. They will be wrong: with the Fed now buying about $30 billion per week, or about $120 billion per month, for the foreseeable future and beyond, it would mean that China would need to buy a comparable amount to be in the standing. It won’t. In other words, the Ponzi operation is now complete, and the Fed’s monetization of US debt has made it not only the largest holder of such debt, but made external funding checks and balances in the guise of indirect auction bidding, irrelevant. For what tends to happen next in comparable case studies, please read the Dying of Money. And congratulations to China for finally not being the one having the most to lose on a DV01 basis on that day when the inevitable surge in interest rates finally happens. That honor is now strictly reserved for America’s taxpayers.”


  21. A great read.

    “It was probably not long after the earliest cave man of the Stone Age fashioned his first stone spearhead to kill boars with, perhaps thirty or forty thousand years ago, that he began to use boar’s teeth or something of the sort as counters for trading spearheads and caves with neighboring clans. That was money. Anything like
    those boar’s teeth that had an accepted symbolic value for trading which was greater than their intrinsic value for using was true money.

    Inflation was the very next magic after money. Inflation is a disease of money. Before money, there could be no inflation. After money, there could not for long be no inflation. Those early cave men were perhaps already being vexed by the rising prices of spearheads and caves, in terms of boar’s teeth, by the time they began to paint pictures of their boar hunts on their cave walls, and that would make inflation an older institution even than art. Some strong leader among them, gaining greater authority over the district by physical strength or superstition or other suasion, may have been the one who discovered that if he could decree what was money, he himself could issue the money and gain real wealth like spearheads and caves in exchange for it. The money might have been carved boar’s teeth that only he was allowed to carve, or it might have been something else. Whatever it was, that was inflation. The more the leader issued his carved boar’s teeth to buy up spearheads and caves, the more the prices of spearheads and caves in terms of boar’s teeth rose. Thus inflation may have become the oldest form of government finance. It may also have been the oldest form of political confidence game used by leaders to exact tribute from constituents, older even than taxes, and inflation has kept those honored places in human affairs to this day.”

    Dying of Money: Lessons of the Great German and American Inflations


  22. Mr Wantanapolous says:

    Lamar [23],

    Did you read 158 pages?

  23. Mr Wantanapolous says:

    “Home sales on tap”

    Can somebody relay the message to AP; Nom has picked a winner, contest closed.

  24. BC (24)-

    I’m about 1/3 of the way through.

  25. relo (26)-

    Why don’t these crooks turn their investigators to the frauds perpetrated when these rancid loans were sold to individual borrowers?

    I have yet to do a short sale in which there was no mortgage fraud committed by either bank, borrower or both. Every short sale binder I submit is pretty much a beginning-to-end documentation of mortgage fraud.

  26. Dissident HEHEHE says:

    Questions re FBI raids on these hedge funds:

    1) Most funds limit client redemptions to three to six months after a request so will this only impact the market three to six months out? At what point do you start seeing trades unwinding?

    2)Anybody know if there’s any language in the investor agreements re a government investigation or insider trading charges allow that redemption time frame to be sped up?

  27. Comrade Nom Deplume says:

    [9] MSP

    Years ago, we sued a home inspector and seller, and settled out of court. HIs put a lot of exculpatory language in their agreements, but there is a case to be made if the HI overlooked an obvious defect.

    Don’t settle for getting your fee back. You may have a cause of action against the seller for the cost to fix if there was any concealment or misrepresentation, and a cause of action against the HI for gross negligence (which is harder to disclaim). If the defect is both obvious and expensive, get an attorney. HIs are used to being sued and can defeat a pro se plaintiff in small claims. Also, if the claim is worthwhile, an attorney may bypass small claims and bring a larger claim in superior court. That will force the HI to lawyer up, which drives up his costs.

  28. Comrade Nom Deplume says:

    [9] MSP

    FWIW, the last two times I hired HIs, I did so with an eye toward being able to sue them for obvious defects that I missed, and that the HI should have caught.

  29. Anon E. Moose says:

    “Moratoriums Held Back Market”

    Foreclosure moratoria held back the market? I seem to recall the Used House Sales Guild in a snit with their dress over their head that foreclosure sales are not “Market”. I guess its only part of the market to the extent that its a convenient excuse for reversion to the norm.

  30. Schrodinger's Cat says:


    The some 1,600 residents at Yeonpyeong Island were all evacuated to shelters, but they said the island was still in a state of chaos, adding that homes and forests were ablaze in fire and in a near blackout from power outages.

    “I was at home when I was surprised by the sounds of bomb explosions. As I stepped out of my home, I saw the entire village had already turned into a sea of fire,” said a 35-year-old resident who identified himself only as Kim.

    “I’m now staying in a shelter along with other villagers, but I’m still shaking with fear.”
    The JCS estimated that some 100 shells landed on and near Yeonpyeong Island, which lies about 3 kilometers south of the Yellow Sea border, until 4:42 p.m.

  31. Schrodinger's Cat says:


    Currency & trade wars starting to bleed over a bit???

  32. chicagofinance says:

    The end is nigh…..
    November 23, 2010, 3:39 PM
    By Amy Ma

    Good news for those who love designer jeans but wish there was a way to spend even more money on them. PRPS, a U.S. company that weaves its denim on antique looms in Japan, has a pair of the ubiquitous denims that surpasses the $1,000 threshold.

    The company name is derived from the word “purpose,” but it’s pronounced by its initials, and its jeans retail for upwards of $200, though the very top of the range — available in Asia only in Japan and Hong Kong — will set you back about $1,040.

    At first glance, the jeans don’t seem that different from any other pair. Their most distinctive features are the brass studs around the waistband area. But each pair is custom fit and must be ordered two months in advance.

    $300 Jeans Pale Ale?

  33. relo says:

    29: HE,

    Redemption terms vary to the point of not being able to generalize. As a practical matter, if they want to hold up the cash, good luck.

  34. Schrodinger's Cat says:


    South Korean President making some strong statements

    “Given that North Korea maintains an offensive posture, I think the Army, the Navy and the Air Force should unite and retaliate against (the North’s) provocation with multiple-fold firepower,” Lee said. “I think enormous retaliation is going to be necessary to make North Korea incapable of provoking us again.”

    This could be a nifty little way to trigger WWIII and has been pointed out as one of the more likely ignition points for a regional to global conflict, right along side a Pakistan/India conflict

  35. Al Gore says:

    Re: Korea.

    WW3 is the end game. That missle launch off California last week should be a reminder that we probably are going to take civilian casualties when it does occur. Whip up some patriotic fervor to keep the pressure off the international criminal cartel and send your kids to the slaughter. Its just a chess game. I’m too old for the draft now and I would get thrown out of boot camp. As for my kids they won’t fight any war started by DC or banks. Every man for himself and let the fittest survive.

  36. yo'me says:

    10 yr 2.74 Flight to safety.They always comeback to the ol’ beaten dollar.

  37. Shore Guy says:

    I don’t believe that even a full-fleedged war in Korea will spawn war with the PRC. They can’t beat us in warso why bother when they are doing so in commerce. The incineration of North Koreaa would, in the end, remove a major headach from Beijing’s agenda. The incineration of Siuth Korea would remove a major competitor of Beijing’s economic planners.

    If push comes to shove, I expect the special weapons development and support facilities in Kusong, Yongbyon, Sunchon, and Sinpo to be the first US targets, deep in the North. I would also expect the North to try and hit anyplace in Japan with a special weapon, as their emnity for Japan is far greater than any ill feelings for the South.

    If B.O. buys cowboy boots, watch out. Although Republicans tend to spend lots on defense and rattle the sword, going back to 1917, most of our BIG wars were begun under Dems who were ambivalent about using the military.

  38. Shore Guy says:

    “That missle launch off California last week”

    There was no missile launch of California.

  39. Shore Guy says:

    With Seoul within howitzer range of the North, it is hard to see how it is not leveled in any conflict. Inasmuch as we have the ability to incinerate the north in a few hours with the use of special weapons, but, with, as I recall, B.O. having pledged NEVER to use them first, we well may find ourselves in situation where the south suffers huge numbers of deaths, ultold pain and misery, and thousands of U.S. KIA, if we refuse to use NUKES and rely upon conventional arms.

    Whether we use them or not, we suffer setbacks. If we use them, it is a point to attack us on the world stage. If we don’t, and ROC gets decimated, it makes the US Nuclear Umbrella look worthless to friends and potential enemies.

    May you live in interesting times.

  40. dan says:

    Translation of above comments:

    North Korea shells South Korean Island: “We need food for the winter and you’re going to give it to us!!!!!”

    South Korean prez thretens large-scale retailiation: “Just how much food do you need?”

  41. Schrodinger's Cat says:

    Shore 42.

    Its worse then that. If NK makes a real offensive move by leveling Seoul, which cant be saved anyway due to the massive number of NK artillery units within range of the city, and we refuse to use nukes, it sends china a message that we aren’t willing to play hardball and that they can use their superior numbers to walk over UN/US allied interests.

    The only way to save Seoul from an NK artillery first strike would be to preemptively nuke or carpet bomb the NK border area.

  42. Schrodinger's Cat says:

    Although Dan’s interpretation is more likely the accurate one.

    I am no NK expert but the shifting power structure in NK is an interesting backdrop. Any comments on that Shore?

  43. NJGator says:

    Grim – You’ve got mail.

  44. Shore Guy says:

    Kim’s son, the new General, and his hand-picked successor, may need the “glory” of battle to secure his place. Or he may just need to show a willingness to go to war to solidify power. It is hard to tell which.

    If we see families in and around Seoul sending children and spouses south to spend time with relatives, then things could get “interesting” very quickly.

    Good news for us, though, is that we have been running our C-17 fleet into the ground supplying South-west Asia, and our sealift capacity is a fraction of what it should be in order to respond rapidly to a true invasion. Oh! Wait. I guess that is NOT good news.

    If we were not already overusing the Guard and Reserves, I suppose we would be calling them up to send a signal to PRK. Maybe we will just have to call up Clot and Stu.

  45. I found lots of valuable information in this forum

    Greetings to all


  46. Shore Guy says:


    Do you have any projectiles for that grenade launcher if yours? The people of the ROK may need your help.

    Stu can wack PRK soldiers with his crutches.

  47. Mr Wantanapolous says:

    “If B.O. buys cowboy boots, watch out”


    Should we begin to worry?


  48. Shore Guy says:

    What am interested in seeing is, while this ramps up, is whether China finds some excuse to get nasty with Taiwan. If so, and if we get drawn into things with ROK nd PRK, the Chinese may well decide to expedite reunification.

  49. Confused In NJ says:

    Seems like Unified VietNam is the poster child for reunification.

  50. Anon E. Moose says:

    Paulson Buys Midtown Pied a Terre – (linky)

    At $2.7 MM he still got it for 23% off list. Don’t be afraid to lowball!

  51. Schrodinger's Cat says:


    Lee is using awefully strong language for korean politicis….

    Afterwards he said he had ordered the military to punish North Korea for its artillery attacks “through action”, not just words, saying it is important to stop the communist regime from contemplating additional provocation.

    “The provocation this time can be regarded as an invasion of South Korean territory. In particular, indiscriminate attacks on civilians are a grave matter,” he said.


  52. cat (37)-

    It’s not worth the expenditure of materiel to turn N. Korea into a parking lot, since it pretty much already is one…full of starving people.

  53. Shore Guy says:

    All hat, no cattle.

  54. Shore Guy says:

    “full of starving people”

    Faced with “excess” population and unable to feed them, there is little to disuade someone like Kim from waging a war that would kill many of his “excess” population.

    His calculus is likely very different from ours.

  55. Shore Guy says:

    lambda vs. differential

  56. reinvestor101 says:

    I vote that we send a missile up China’s ass. Their damn hand is behind all of this and since they refuse to remove that damn currency peg, let’s drag them into this and give them a beat down so they know what damn time it is. I never trusted any of these damn commies and it’s time to take them to the damn mat. And while we’re at it, I’d like to slap the damn ruskies in the face for good measure.

    It’s that kind of robust foreign policy that keeps America safe.

  57. still_looking says:

    Re, 60

    There you go again talking all macho…. my honey is back!!!

    be still my beating heart!


  58. JJ says:

    If Korea wanted to destroy USA it would be easy. Over a period of 30 years send over every single smoking hot 18-30 year old Korean girl have them marry rich old guys, eventually these hot smoking girls will out-live their old hubbies and Korea will control all our assets.

  59. Shore Guy says:

    I suspect that, if CC is able to get some control over taxes, spending, and the cost of public employment, he will be the Veep candidate for the GOP in 2012. His weight, and the public’s desire to have a healthy president, would, I suspect, prevent him from being at the top of the ticket:


  60. JJ says:

    I must beg you not to be so ruthless to kill everyone. Normally in wartime the Victor goes the spoils. Please save at least one super hot 21 year old chinese girl to by my au pair

    reinvestor101 says:
    November 23, 2010 at 1:39 pm

    I vote that we send a missile up China’s ass. Their damn hand is behind all of this and since they refuse to remove that damn currency peg, let’s drag them into this and give them a beat down so they know what damn time it is. I never trusted any of these damn commies and it’s time to take them to the damn mat. And while we’re at it, I’d like to slap the damn ruskies in the face for good measure.

    It’s that kind of robust foreign policy that keeps America safe.

  61. JJ says:

    I still have not seen gov chrisite and rex ryan in a picture together.

  62. Shore Guy says:

    Keep an eye on this list. If South Korea shows up (or if the State Department starts sending diplomats’ dependants home, fasten your seatbelts:


  63. Shore Guy says:

    Keep an eye on this list. If South Korea shows up (or if the State Department starts sending diplomats’ dependants home, fasten your seatbelts:


  64. Confused In NJ says:

    In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment. This is usually because an individual has given up looking or has had no success in finding a job, hence the term “discouraged”.

    In other words, even if a person is still looking actively for a job, he or she may have fallen out of the core statistics of unemployment rate after long-term unemployment and is therefore by default classified as “discouraged” (since this person does not appear in the core statistics of unemployment rate). In some cases, their belief may derive from a variety of factors including: a shortage of jobs in their locality or line of work; discrimination for reasons such as age, race, sex and religion; a lack of necessary skills, training, or experience; or, a chronic illness or disability.[1]

    As a general practice, discouraged workers, who are often classified as “marginally attached to the labor force”, “on the margins” of the labor force, or as part of “hidden unemployment”, are not considered to be part of the labor force and are thus not counted in most official unemployment rates, which influences the appearance and interpretation of unemployment statistics

  65. Mr Wantanapolous says:

    Over 30% increase in supply. Now, that’s a bull market. What’s up with Nassau/Suffolk?

    “At the current sales pace, that is a 23-month supply as of the August data that CoreLogic used for its analysis. That compared with a 17-month supply a year earlier.”


  66. relo says:

    63: For many reasons, CC may not get the nod, but I don’t think weight is one of them. Most citizens resemble Taft anyway.

  67. JJ says:

    Nassau is a funny place. Supply is way up. But if you want a 4 bedroom house with a good plot, not on a busy street near a good train line with a great school district in Nassau in a good town the supply is extremely low. Secondly Long Island is segregated by choice, people want to live near similar people.
    Rich Orthodox – Five Towns
    Rich Jews – Great Neck, Jericho, Plainview
    Rich Catholics – Manhasset, Rockville Centre and Garden City
    Rich WASPS – Old Brookvew, Muttontown, Laurel Hollow
    Rich Asians – Great Neck, Syosset,
    Rich Indians – Floral Park, Garden City Park, New Hyde Park.
    Rich Italians – Masapequa on the water
    Rich African Americans – Westbury.

    Even crazier Long Island is sub broken down by skin color and occupation. For instance white non college educated bus drivers live in Levitown. But black non college educated bus drivers live in Valley Stream, while chinese non educated bus drivers live in Flushing and indian non educated bus drivers live in Hicksville.

  68. Libtard says:

    JJ – “I still have not seen gov chrisite and rex ryan in a picture together.”

    And they are both dieting and losing weight simultaneously. As usual, JJ may be on to something, instead of just on something.

  69. Libtard says:

    What a surprise.

    I was expecting a “Rich African Americans – none” out of JJ.

  70. Anon E. Moose says:

    JJ [72];

    if you want a 4 bedroom house with a good plot, not on a busy street near a good train line with a great school district in Nassau in a good town the supply is extremely low.

    No disagreeing with you. Dillapidated housing stock (e.g., aluminum wiring, not copper…); Crappy land/locations/lot size-arrangement; too much traffic on most streets; mostly mediocre schools – even the worst districts have stunningly high property tax bills (because the teachers have to live here too, you know); etc…

  71. Anon E. Moose says:

    Con’t [75];

    I’ll believe that the houses are worth the asking price when Granny plops the thing on a double-wide flatbed and trucks it down to the Carolinas with her to live in.

  72. JJ says:

    Ken Chenault grew up on Westbury Long Island as the son of a dentist and dental hygienist.[4] He attended the alternative Waldorf School of Garden City,[5] where he served as senior class president.[6] He then received B.A. in history from Bowdoin College in 1973, and juris doctor from Harvard Law School in 1976.[1]

    Libtard says:
    November 23, 2010 at 2:28 pm

    What a surprise.

    I was expecting a “Rich African Americans – none” out of JJ.

  73. JJ says:

    Funny, in a weird way. Old Westbury College out on Long Island even in the 1970s and 1980’s long before the internet and everybody called it old Blackberry college.

    I always wonder if the Blackberry name is an inside joke.

  74. Confused In NJ says:

    WASHINGTON (AP) — The number of banks on the Federal Deposit Insurance Corp.’s “problem” list grew over the summer, even as the industry posted solid net income and fewer loans soured.

    The number of troubled banks rose to 860 in the July-September quarter from 829 in the previous quarter. That’s the most since 1993, during the savings and loan crisis.

    The FDIC also said banks earned $14.5 billion during the third quarter. That was a decrease from the previous quarter’s result of $21.4 billion.

    The FDIC said earnings fell because Bank of America Corp took a one-time hit of $10.4 billion. That was because of new limits on debit card swipe fees that retailers pay to banks.

    The industry’s third-quarter results were well above the $2 billion that banks earned a year earlier.

    The troubled banks were smaller, on average, holding $379.2 billion in assets. That’s down from $403.2 billion in the April-June quarter.

    FDIC Chairman Sheila Bair said she remained “cautiously optimistic” about the industry as banks work through bad loans made during the real estate bubble.

    “The industry has come a long way in cleaning up balance sheets, building capital and adjusting to changes in the financial markets and the economy,” Bair said. But she said “the adjustments are not over, and this is no time for complacency.”

    The strong earnings were reported as banks set aside less money for future loan losses than at any time since the October-December quarter of 2007, before the financial crisis. Fewer borrowers were behind on payments for credit cards and construction loans.

    Bair said banks’ solid profits in the past three quarters were the result of stable revenues and lower provisions for loan losses. At some point, she said, “the industry must begin to grow its revenues, and loan growth will be an essential ingredient.”

    Banks constricted lending more modestly in the third quarter, reducing total loans and leases by $6.8 billion. The reduction was small compared to the second quarter, when loan balances fell by $106.6 billion.

    The fund that insures bank deposits added $7.2 billion during the quarter, but remained $8.0 billion in the red. It was the third quarterly increase in a row for the fund, which is managed by the FDIC and guaranteed by the Treasury Department

  75. Confused In NJ says:

    Fed minutes: Officials clashed over bond purchases
    Fed minutes: Officials differed over costs, benefits of new $600 billion bond-buying program

    WASHINGTON (AP) — Federal Reserve policymakers clashed over the benefits and risks of launching a $600 billion program to rejuvenate the economy, but voted for it anyway, according to minutes of their closed-door deliberations released Tuesday.

    Despite a near unanimous 10-1 vote in support of the program, the minutes from the Nov. 3 meeting show that some Fed officials had concerns about embarking on a second round of stimulus. The minutes also reveal that the Fed held a secret meeting in mid-October to talk about its communications strategy.

    Some officials thought the additional purchases of government debt would have limited effect in revving up the economy. Some also worried about risks — unleashing inflation or causing a destabilizing slide in the value of the U.S. dollar.

    In the end, Fed Chairman Ben Bernanke persuaded all but one of his colleagues to back the plan. Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, was the sole dissenter.

    Explaining the need for more stimulus, the Fed said that progress on its key dual mission of maximizing employment and making sure prices are on an even keel had been “disappointingly slow.”

    In fact, the Fed downgraded its forecasts for this year and next. Fed officials said that economic growth would be weaker and unemployment higher than previously estimated in June

  76. reinvestor101 says:

    <<still_looking says:
    November 23, 2010 at 1:43 pm

    Re, 60

    There you go again talking all macho…. my honey is back!!!

    be still my beating heart!


    Yeah. That's right I back and am still mad as hell. My damn mutual funds are down and my damn house is underwater and if another stinking buyer comes by teasing me that they want to "look around" some more and then come back insulting me with a damn lowball offer, I intend to shoot them on the spot. I can't take anymore of this crap when just 4-5 years ago, the same jerk would have been bidding on my damn house. This is my damn retirement they're mucking around here with and this is stressing me out. Believe me, the world DOES NOT want to see what a stressed out real estate investor will do. Damn near anything might set him off. A damn case in point was last week when I wake the hell up and was greeted with the damn news that China has the damn nerve to downgrade the damn treasuries. Where in the hell do they get off downgrading anything that relates to us? They're getting too damn big for their damn britches and need to be taken down a damn peg or two. This thing with North Korea is a damn good excuse to go and kick some commie ass.

    That would make me feel a lot better.

  77. reinvestor101 says:

    >>JJ says:
    November 23, 2010 at 1:48 pm

    I must beg you not to be so ruthless to kill everyone. Normally in wartime the Victor goes the spoils. Please save at least one super hot 21 year old chinese girl to by my au pair <<<

    If she's a damn commie, then you're shlt out of luck. You have to get a damn au pair with the correct political philosophy and commie ain't correct.

  78. Comrade Nom Deplume says:

    [64] JJ

    ” Please save at least one super hot 21 year old chinese girl to by my au pair ”

    Au pair with benefits?

  79. Comrade Nom Deplume says:

    [82] re

    I had a german au pair. Is that acceptable in your sight?

  80. Mr Wantanapolous says:


    The Taliban leader, in secret talks, was also an impostor.

  81. Al Gore says:


    “There was no missle launch”

    Sure there wasnt. It was just a contrail.

  82. Libtard says:

    I’m still waiting for the invasion of Israel and the 2.75% 30-year mortgage. When are these going to occur Nostradumbass.

  83. Shore Guy says:

    I thought a discouraged worker was an associate in Nom’s former firm.

  84. Al Gore says:



    3.75 not 2.75 you public education retard. Do society a favor and get laid off.

  85. Shore Guy says:

    I’m sure we all knew this already but, to see this in print (via CBS News) just grates:

    SA: Some Gov’t Officials To Skip Airport Security

    Nov. 23, 2010

    WASHINGTON (AP) – Cabinet secretaries, top congressional leaders and an exclusive group of senior U.S. officials are exempt from toughened new airport screening procedures when they fly commercially with government-approved federal security details. Aviation security officials would not name those who can skip the controversial screening, but other officials said those VIPs range from top officials like Treasury Secretary Timothy Geithner and FBI Director Robert Mueller to congressional leaders like incoming House Speaker John Boehner, who avoided security before a recent flight from Washington’s Reagan National Airport. The heightened new security procedures by the Transportation Security Administration, which involve either a scan by a full-body detector or an intimate personal pat-down


  86. Outofstater says:

    Shore – Any thoughts on what messages we are quietly sending to North Korea?

  87. Juice Box says:

    Shore – Small plane and private jet passengers at the smaller airports are not even checked against a terrorist watch list. They aren’t screened, wanded or patted down either. After the wacko flew the Cessna into the IRS building in Texas they have been trying to change it, but I don’t think it is in effect yet.

  88. Just found out one of my sellers has been hiding a 71K lien on his house from me. Natch, our buyer’s title search unearthed it…and, it puts my seller underwater.

    After a quick consultation with has attorney, my seller doesn’t want to pursue a short sale, as in his words, “my attorney tells me I can live here for free for a couple of years; then, he’ll file bankruptcy right before the sheriff sale.”

    Goodbye, seller. Goodbye, deal. Funny thing is, my (now former) client thinks he just hit the jackpot.

  89. #93 is the reason I went back into the wine industry.

  90. Anyone selling a home into today’s market should be considered shaky, at best.

  91. relo says:

    95: Particularly REOs.

  92. Shore Guy says:

    Yes, I know that about general aviation. It presents a host of opportunities for terrorists, including using them against airliners — kind of like an air-to-air missile.

    Like I have said before, if they want to strike, they will.

  93. Barbara says:

    and then there’s this……(that’s the recently SOLD price, folks). Also look what it sold for in 2004 :/

  94. dan says:

    Shore Guy,

    Don’t you worry, Barney Frank is gonna make sure he won’t be exempted.

  95. Anon E. Moose says:

    Shore [97];

    Cory Lidle’s GA aircraft smacked into the side of a building and bounced off. The only casualties aside from the plane’s occupants was the person home in the apartment he hit, who suffered burns from the post impact fire. Similarly little damage from the C172 into a Tampa office building flown by a disturbed teen shortly after 9/11. The TX IRS crash paled in magnitude compared to OK City.

    If you think you can pluck off an airliner midair in a Cessna, you should know its not like a video game. When teh plane you’re flying starts moving at 100+ MPH, much less combined 300-400 MPH closure speeds with the target airliner, even a trained pilot would be hard pressed not to miss. The pilot of the airliner gets a vote, too. After missing, the aggressor Cessna would definitely be caught in the wake vortex of the jetliner, and if it emerged unbent, would be in no condition to recover to straight and level flight before impacting terrain below (You’d only get a chance at low level on approach or takeoff – in normal ops the jetliner would quickly climb above the capacity where a SE plane could mount any such attack).

    Bottom line, GA is no more a threat than Granny and her walker or the 3 yo’s teddy bear.

  96. 250K says:

    Barbara [99],

    That can’t be right, that sort of thing only happens in Brigadoon.

  97. whyounng says:

    98 – Canada before Utah

  98. chi (104)-

    This Jets season is gonna end just like the Vinnie in Denver AFC championship game.

    The Jets are designed to build you up…only to break your heart in the end.

  99. Uncollapsed feline wave form says:

    Why oh why didn’t I take the blue pill?

  100. Pat says:

    @35 I believe that would be

    “$300 Jeans mit Schoss”

    Very rough translation “cream your overpriced jeans”

    Berliner Weisse mit Schoss, a very light-coloured beer with a squirt of raspberry syrup (mit Rot) or Waldmeister (green/a plant based liqueur). It is served in a champagne glass.

  101. Uncollapsed feline wave form says:

    Just looked up at the TV in a fine dining establishment. Pravda is running “Rebuilding An American Icon” I.e. The half hearted reach around after the goverment just raided the American citizens bank accounts to fund goverment motors.

    I love the smell of oblivion in the morning.

  102. Uncollapsed feline wave form says:

    Indian dude blesses the first government motors bucket of bolts off the Indian dealer lot, surrounded by open sewers and entire families on motor bikes.

    Ahhhh inspiration. Oh the tender caress of oblivion, like that of a long parted lover.

  103. Uncollapsed feline wave form says:

    Life isn’t about waiting out the storm, but about dancing in the rain.

    Embrace the oblivion

    -all credit to Lamar/clot/doom, of course.

  104. bursa [url=http://www.bursa-de-transport.ro] bursa transport [/url]

  105. robin says:

    Nice blog
    Windsor Luxury Estates is a custom home builder specializing in building estate homes designed to suit the elegant lifestyles of our home buyers. Windsor builds New Custom Home throughout Maryland on your lot or on our own.. as i got from New Custom Home Builders

  106. Good article! Do you mind if I translate this into Italian for my site?

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