From New Jersey Newsroom:
NJ unemployment sees 16,300 lost jobs in December
Another 16,300 New Jerseyans lost their jobs in December
In the private sector, 13,300 jobs disappeared while 3,000 government and school jobs were lost.
Despite the new horror figures, the state Department of Labor and Workforce Development said New Jersey’s unemployment rate moved slightly lower by 0.1 percentage point to 9.1 percent, remaining below the national rate of 9.4 percent. The state said 3,828,000 New Jerseyans were working last month.
The Labor Department estimates that 407,800 New Jerseyans are currently unemployed.
…
In December, eight of ten industry supersectors experienced a decline in employment. Industries with significant job losses included trade, transportation and utilities (-3,800), leisure and hospitality (-2,100), financial activities (-1,800), education and health services (-1,800), and professional and business services (-1,700). Smaller losses occurred in other services (-600) and information (-800). Only manufacturing (+200) and mining and logging (+100) added jobs over the month. Local governments cut 2,100 jobs.Over the month, the unadjusted workweek for manufacturing workers decreased by 0.2 to 40.3 hours, average hourly earnings increased by $0.09 to $18.93 and weekly earnings were down by $0.14 to $762.88. Compared with December of last year, the unadjusted workweek was lower by 1.7 hours, average hourly earnings increased by $0.90 and weekly earnings were higher by $5.62.
From the WSJ:
New Jersey Employers Slash Jobs
New Jersey lost 16,300 jobs in December — including 13,300 in the private sector — while the state’s unemployment rate fell to 9.1%, the state labor department said Wednesday.
…
Across the state, the unemployment rate fell to 9.1% and the labor force lost workers. Economists say the unemployment rate — a measure of people looking for work –– can drop as people who are discouraged stop trying to get jobs.
From Bloomberg:
New Jersey’s Economy Lost 16,300 Jobs in December
New Jersey, the second-wealthiest U.S. state by per-capita income, lost 16,300 jobs in December as both the private and public sectors shrank payrolls.
The number of jobs based in New Jersey fell by 13,300 at companies and 3,000 in government, the state labor department said in a statement today. The unemployment rate, a separate measure of jobs held just by state residents, declined by 0.1 percentage point to 9.1 percent.
New Jersey lost 30,700 jobs last year, with the majority in the public sector, according to the release. A year earlier, the state shed 121,100 private-sector jobs while adding 7,000 government positions.
From CNBC:
Get Ready For Another Housing Crash
The best evidence that we’re headed for a double-dip in housing is the quality of the mortgages during the recent period in which the housing market seemed to improve in many areas.
In the Freddie Mac review of Citigroup’s performing loans that I mentioned earlier today, the portion rated as “Not Acceptable Quality” was as high as 32 percent in the fourth quarter of 2009. While this has obvious implications for the repurchase or “put-back” liability of Citigroup, it also has broader implications for the housing market and the economy.
Keep in mind that the quarter in which Citi was churning out the highest amount of flawed mortgages was supposedly a good time for housing. The median price of previously owned single-family homes in the fourth quarter of 2009 rose in 67, or 44 percent, of the 151 metropolitan areas, according to a survey by the National Association of Realtors. Sixteen of the areas posted double-digit increases. The Case-Schiller numbers for that quarter showed U.S. home prices were trending up in 155 out of 384 metro areas.
Now there have been indications in the past that a mini-housing bubble was being built during that period. The Federal Housing Authority, for instance, was backing some very questionable loans. The home-buyer tax credit was allowing individuals to buy loans with no money down. All the bad practices of the 2005-2007 bubble seemed to be back again.
And now we know that this perception was correct. Mortgage quality had fallen off a cliff. If Citigroup’s mortgages were this bad, we can expect the same level of problems at Wells Fargo, Bank of America and every other major US mortgage lender.
What does this mean for housing? It implies that home prices may be due for a another crash, as lenders try to avoid incurring losses from mortgage put-backs by raising credit quality once again. Much of the supposed health of the housing market may have been just another easy money illusion.
From Bloomberg:
Sales of U.S. Existing Homes Probably Rose as Demand Struggled to Rebound
Sales of U.S. previously owned houses probably rose in December for a second month as demand struggled to rebound from a decade low, economists said before a report today.
Purchases increased 4.1 percent from the prior month to a 4.87 million annual rate, according to the median forecast of 72 economists surveyed by Bloomberg News. Other reports may show a gauge of the economy’s direction grew for a sixth month, and manufacturing expanded in the Philadelphia region in January.
Buyers have been slow to return to the housing market after a government tax credit expired in the middle of 2010, as unemployment in excess of 9 percent shakes confidence. Record foreclosures are again pressuring home prices, among the concerns that have prompted Federal Reserve policy makers to follow through with a second round of quantitative easing.
“Housing remains subdued,” said David Semmens, a U.S. economist at Standard Chartered Bank in New York. “There’s still too much of an inventory overhang and activity is at low levels. It all comes back to the labor market not being strong enough.”
The National Association of Realtors’ data is due at 10 a.m. in Washington. Economists’ estimates ranged from 4.5 million to 5.07 million after November’s 4.68 million pace.
Even with the gain, last month’s projected sales pace would fall short of the 4.91 million total for all of 2008, the fewest in 11 years. Purchases rose 5 percent to 5.16 million in 2009.
From HousingWire:
Household debt decreased in 2010 due in part to default
Outstanding mortgage debt continued to contract over 2010 reflecting a decreased appetite for homeownership, according to economic researchers at the Federal Reserve Bank of Cleveland. Mortgage debt outstanding in the fourth quarter was down 2.5% from the same period a year ago.
Other forms of household debt also decreased due in part to people defaulting on their monetary obligations, the Cleveland Fed said in a report authored by O. Emre Ergungor and Beth Mowry. Revolving debt, such as credit card debts, dropped 9.8% year-over-year, while nonrevovling debt, including student and auto loans, decreased 0.9%.
Analysts at Bank or America Merrill Lynch previously attested that the most likely way households greatly deleverage debt is through default on an underwater mortgage. According to their estimates, Americans deleverage roughly $1 trillion in outstanding debt this way.
Lender Processing Services reported that in November 2.2 million mortgage loans were 90 or more days delinquent.
From CNN:
Shadow inventory threatens housing recovery
There is a growing glut of foreclosed homes threatening to hit the market over the next couple of years, potentially delaying any recovery.
There were 1.7 million homes either owned by the bank or in some stage of foreclosure at the end of the third quarter of 2010, according to a recent report by Standard & Poor’s. It would take 44 months, at the current rate of sales, to sell them off — a 25% increase from the beginning of 2010. (S&P does not count home loans backed by Fannie Mae and Freddie Mac.)
This so-called “shadow inventory” may depress home values and delay the housing market recovery.
“The problem is you have all these properties coming down the pipeline that are nearly certain to hit the market. That’s going to be a negative for the supply-demand equation,” said Diane Westerback, Managing Director for S&P and an author of the report.
S&P defines shadow inventory as properties whose borrowers are (or recently were) 90 days or more delinquent on their mortgage payments, ones currently or recently in foreclosure or that are back in the hands of the banks.
Data through Sept. 30 from the Mortgage Bankers Association, which tracks about 80% of the market, suggests there are more than 2 million Americans seriously delinquent on their mortgages and another 2 million bank-owned homes. Plus, RealtyTrac reported last week that a million homes were repossessed in 2010
From LPS:
LPS December 2010 ‘First Look’ Mortgage Report: Month-End Data Shows a Rise in Foreclosure Inventories; Slight Decrease in Delinquency Rate
States with highest percentage of non-current* loans:
FL, NV, MS, GA, NJ
Sad!
Smells like oblivion.
40,800 New Jerseyans left the labor force in the past year, they are not employed and are no longer looking for work.
Next the domino effect
grim (1)-
I think you and I called that one in real time. There was some real garbage credit out there in Q3 and Q4/09. I saw more than one default before the borrower had made three payments.
Next the domino effect
Doubt it, slow grind has been the winner every year since peak.
sn (7)-
Hey, that’s my line!
I don’t understand how PNC isn’t completely suffocating under the steaming pile of Nat City crap.
Oh wait, I do, they just deny issues with credit quality and refuse to agree to any action that would result in recognizing losses. They are denying just about every request for short sale on a heloc/second where the borrower refuses to sign an agreement for deficiency along with signing a note or paying down at least 20%/30% of the owed balance (which is just about nobody). Funny, since I’ve yet to see them bring on any kind of significant action as a result of nonpayment.
Re #12 DS I know, sorry!
BTW that SNL post last night was great!
I wonder if the Chinese found it as humorous as we did.
#8 – Grim – 40,800 New Jerseyans left the labor force in the past year, they are not employed and are no longer looking for work.
I’ve been interested in what’s happening with these people. Obvs. some have left the state, some found work off the books perhaps, the rest?
Grim – 13: NCB had a pretty big footprint but Cleveland was their home. I had posted about affluent inner ring suburbs of Detroit and Clev being ripe for massive decay in housing stock a month or so back. NCB had a bunch of mtgs that today, would not command .30 on the dollar. At some point, PNC needs to take a big hit.
Debt Supernova – you need to Trademark “Smells Like Oblivion” – remember to accompany it with a unique sketch so it passes legal muster think a picture of Camden with your tagline.
40,800 New Jerseyans left the labor force in the past year, they are not employed and are no longer looking for work.
Nonsense, it’s different here. And I hear it’s only a 30 minute commute to Manhattan from any point in New Jersey.
Grim #13 – PNC policy is no short sale without signing a deficiency agreement. As far as I know this has always been their policy. At least they are consistent.
PNC has made some of the worst negotiating decisions on REO properties of any of my clients. Guilty of consistently reducing prices behind the market and chasing it down.
“One thing is certain. The housing recovery will be wildly uneven. A city like New York, which has a dense population and large numbers of middle class and upper class buyers who will wait until they believe prices hit bottom, will have a rapid recovery soon. Building permits granted in New York City over the last four years have been very low. The supply of apartments is also low. Those forces taken together with an even modest economic recovery will help push real estate prices higher in New York and regions with similar characteristics.”
http://finance.yahoo.com/real-estate/article/111848/the-eight-states-running-out-of-homebuyers?mod=realestate-buy
A Trillion Here, a Trillion There…
http://www.financialarmageddon.com/2011/01/a-trillion-here-a-trillion-there.html
“One thing is certain. The housing recovery will be wildly uneven. A city like New York, which has a dense population and large numbers of middle class and upper class buyers who will wait until they believe prices hit bottom, will have a rapid recovery soon. Building permits granted in New York City over the last four years have been very low. The supply of apartments is also low. Those forces taken together with an even modest economic recovery will help push real estate prices higher in New York and regions with similar characteristics.”
Wishful thinking at best; propaganda at worst.
Re 17,
I say good riddance to those 40,800. They obviously weren’t the best and brightest from around the world. The NYC area only attracts the best and brightest from around the world.
grim (13)-
How could they bring any action? If they actually tried to enforce those post short-sale agreements on borrowers who didn’t honor them, the borrowers would BK.
Grim,
Aren’t you Mr. Sunshine today.
How does the Government determine how many out of work people are, “Not Looking for Work”! Sounds like more BullPuckey to me! What to those out of work and not looking people subsist on?
Double dip?? LOL! The government has spent over a trillion $ trying to prop up RE. It’s not a double dip when you blow up your nations currency trying to create an artificial floor in one segment of the economy.
NOLA fans – Jazzfest lineup out. Stu and I will be there for second weekend thanks to Continental and the Harrah’s Corporation. Nawlins GTG, anyone?
# 25 – How does the Government determine how many out of work people are, “Not Looking for Work”!
The methodology used to determine this is a fair question. I suppose we could use the
42,389,619 the U.S. Department of Agriculture* reports as using food stamps as a way of cross verifying ball parkish figures but that’s sloppy, at best.
* Up %58 since `07
23 – I’m talking FK based on nonpayment of the second, not even post short sale.
#28 – 42,389,619 the U.S. Department of Agriculture
Looks like these are old numbers; Dept of Ag. reporting 43,200,878 on food stamps as of Jan 5.
Who has the right report?
Bloomberg:
Morgan Stanley Profit Misses Estimates as Trading Revenue Falls
Marketwatch:
Bulletin
Morgan Stanley earnings top expectations
Shares of the bank gain nearly 2% in premarket trade
http://www.marketwatch.com/story/morgan-stanleys-quarterly-profit-surges-88-2011-01-20
Clot,
Take a look at PNC/Nat City REOs in Bergen in 2010.
I see one PNC REO as a result of a second.
1 foreclosure in all of Bergen? Oh wait, there was a Nat City first lien too.
I don’t buy those numbers.
Edit, scratch that. Not a single REO in Bergen for PNC/Nat in 2010, my query was off.
Neanderthal
here is the chart of HPI and Median Household Income (both nominal) for the state of Delaware for the period of 1984-2010. For the majority of the stratospheric climb in HPI, income was relatively flat.
It appears that DE faces a substantial correction yet, perhaps one of the largest in the nation unless some major structural changes have occured within the state. However, i am not sure what sort of changes could provide long term support for such a large price/income differential.
http://www.scribd.com/full/47248591?access_key=key-27u9oyza98yu1mm2msrz
Repost from yesterday:
<i.Are there food lines in North brunswick? I was driving through North Brunswick today at about 1pm. I drove by a little corner church/food bank. The was a line out the door and around the parking lot. Most people in the line appeared to be Hispanic and mostly families.
I am only guessing at a food line, as for all i know it could have been Wednesday afternoon family bingo. Can illegal immigrants not access food stamps? If it was a food line then that is one hell of a sign of the times!!!!
This was near where jersey ave meets Rt 1
I’m really curious if anyone has any input/speculation on this.
Did the OCC and FDIC give them a sweetheart deal to guarantee all Nat City credit losses? That would explain the reluctance to move on seconds. Why bother with any short payoff?
grim (29)-
Practically impossible for seconds to FK, unless the balance on the second is way bigger than the first. When the property goes to sheriff sale, the first lienholder would bid whatever it takes to secure the property. Practically speaking, it makes no sense for the holder of the second to bid much past the amount owed them.
clot: Embrace The Oblivion vineyards…what do you think?
Sore feet says:
January 20, 2011 at 7:27 am
Debt Supernova – you need to Trademark “Smells Like Oblivion” – remember to accompany it with a unique sketch so it passes legal muster think a picture of Camden with your tagline.
Raymond Babbitt: if it was a “social grace” line, I would expect you to be on it….
Schrodinger’s Cat says:
January 20, 2011 at 8:47 am
Repost from yesterday:
<i.Are there food lines in North brunswick? I was driving through North Brunswick today at about 1pm. I drove by a little corner church/food bank. The was a line out the door and around the parking lot. Most people in the line appeared to be Hispanic and mostly families.
I am only guessing at a food line, as for all i know it could have been Wednesday afternoon family bingo. Can illegal immigrants not access food stamps? If it was a food line then that is one hell of a sign of the times!!!!
This was near where jersey ave meets Rt 1
I’m really curious if anyone has any input/speculation on this.
grim (32)-
I have a suspicion that PNC might be an outfit that is not filing lis pendens and is reporting some amount of their delinquent/defaulted portfolio as performing.
A little birdie told me this.
Maybe someone here with a little time on their hands can tell us if PNC is reducing their loan loss reserves and perhaps reporting “better than usual” results over the past couple of quarters (aka as “The JP Morgue Gambit”).
chi (37)-
Kind of a downer, don’t you think?
You are looking for high volume alcoholics to maximize profit…..
Debt Supernova says:
January 20, 2011 at 9:06 am
chi (37)- Kind of a downer, don’t you think?
Have David Bouley be your spokesman, but keep him away from the books….
Debt Supernova says:
January 20, 2011 at 9:06 am
chi (37)- Kind of a downer, don’t you think?
I see home prices nudged up further in Brooklyn and Queens. I really do have to buy in NJ it seems.
from yesterday:
joyce says:
January 19, 2011 at 10:33 am
every time we repeat the term “robosigner” we are complicit in letting the media cover up forgeries, perjuries… you know those are little things called felonies
Anon E. Moose says:
January 19, 2011 at 10:52 am
Joyce [51];
I don’t care to reargue the merits of the matter, I only point out the dismay in the hearts of all the populists with their pitchforks and torches who wanted to “Stick it to the banks” by giving away free houses to deadbeats when that angry mob discovers that by genuflecting to the altar of the government and leaving a suitable contribution (settlement) in the collection plate, business will largely go on as it had before.
—————————
First of all, that sentence is more poorly constructed than all of JJ’s writings with his missing words, punctuation, and misspellings etc. Secondly, “business will.. go on as it had before,” what does that mean? Banksters will continue to rape and pillage without consequence? Let them reap billions, if not trillions, of unlawful gains and then let them pay a nice fine of a few million to “settle” their wrongdoings (without admitting guilt of course). Yes!, yes, I want to go back to that bastion of glory.
Chifi
Do you have some sort of twisted man crush on me or what? For about the last 2 years you have initiated virtually every conversation between us and done so with an insult. That’s pretty much the same tactic used by frustrated 13 yr old boys.
And social tact? At least I don’t put a fellow blogger’s real name in an article about child abuse as some sort of sick joke, and post it on a heavily trafficked public blog. Good thing that such an action couldn’t cause substantial problems for that individual….. Any other lessons in social tact you would care to share?
[0] grim
And who knows how long the Deplumes will remain? The wife is looking at positions in Mass., where they seem to be popping up. Jersey? Not so much. And I am admitted in Mass., so I can practice there. Then there is DC, where the wife can always find work, and I am admitted there.
It’s a foregone conclusion that we are out of NJ. It’s just a question of when.
We even agreed on the future for primary residence, which is that there is no future. Instead, our “primary” residence will be in Vermont, near a ski area, and the working pied a terre will be a rental.
Nom,
if you end up in Mass, you can hang out with the other former NJRER blogger who moved up there. I forget who the blogger was, but i think they went to Needham/Newton area.
Sore Feet [16];
Debt Supernova – you need to Trademark “Smells Like Oblivion” – remember to accompany it with a unique sketch so it passes legal muster think a picture of Camden with your tagline.
SF,
That would require him to engage the service of an attorney, and someone with the impeccable character such as Debt would never consort with they sleazy likes of an attorney for any reason.
re # 38- Food bank open hours for pickup are listed here.
http://njahc.org/middlesex-county-food-pantry.html
Joyce [45];
Exercise your red pen all you like, schoolmarm — you completely missed the point. Populist “sticking it to the banks” by way of giving away free homes to deadbeats has not and will not stop the banks. It will only educate the masses that the reward for showing character is to be saddled with a greater burden. The only true reward is for failure and obstanance.
If you are going to be nasty here today either pick it up a notch or just put it away because right now all of this bickering is boorish.
What do they mean 100 gangsters were rounded up? Why weren’t they in the morgage business?
VMWeird: people in glass houses…..
46.Schrodinger’s Cat says:
January 20, 2011 at 9:33 am
Chifi nd social tact? At least I don’t put a fellow blogger’s real name in an article about child abuse as some sort of sick joke, and post it on a heavily trafficked public blog. Good thing that such an action couldn’t cause substantial problems for that individual….. Any other lessons in social tact you would care to share?
Guess those NJ munis aint looking so good?
47.Comrade Nom Deplume says:
January 20, 2011 at 9:55 am
[0] grim
It’s a foregone conclusion that we are out of NJ. It’s just a question of when.
Here is Rev 2 of my 50 State Income Ratio Analysis chart:
http://www.scribd.com/full/47254611?access_key=key-1k7srbxi92834b2e0xhw
The chart is of the % drop in the ratio needed to reach the historical average vale and the % drop needed to reach the average historical vale -1 Stdev. HPI/Income ratio is an analogue of (home price / income). I have not changed any data in this chart, only added additional data and made it a little easier to read by sorting the data.
Note that the difference between the % drop in the ratio needed to reach the historical average vale and the % drop needed to reach the average historical vale -1 Stdev, is 1 indicator of how “bubbly” that particular states RE has been.
MSNBC covering the Philly abortion doc that Shore pointed out yesterday.
Sickening. Just sickening. This guy should request a supermax, lest someone perform a retroactive abortion on him. I predict his sentences will be consecutive so that he never sees the light of day.
The Chinese would have executed him already.
Chifif,
Please, point out the last time i posted something that could actually harm someone’s persoanl reputation and jeopardize their employment through false incrimination?
Glass house? Really? How about you man up and post some evidence or shut up and slink back to your hole. Or if you prefer we could just politely choose to disregard one another.
[55] chi
No, they are, if you can recommend the right ones. At worst, I pay state tax, which will be less than 6% in Mass. or VA, if memory serves.
re # 58 – I have seen better girl fights on daytime TV soaps. Either step it up or put it away already.
Raymond:
#1 proof of autism
http://www.scribd.com/full/47254611?access_key=key-1k7srbxi92834b2e0xhw
#2 I had multiple other posters corroborate my experience with your Win7-targeted virus tinged site.
Sorry Juice,
I dont look very good in a skirt and heels ;)
Chifi
LOL!
You are trying to compare your behavior to an unintentional link to a compromised website? And your trying to insult me because of some particular chart?????
Juice was right, your a waste of time. I’m done with you and your stunted ego.
Sorry for the blog spam grim.
Cheers
Re: Juice [52];
If you are going to be nasty here today either pick it up a notch or just put it away because right now all of this bickering is boorish.
Debt will be along any time now with another hollow and impotent threat against my life. I might object if there was even the slightest possibility that he could carry it out, but it seems to please him so.
RE: 47 We even agreed on the future for primary residence, which is that there is no future. Instead, our “primary” residence will be in Vermont, near a ski area, and the working pied a terre will be a rental.
Wife and I have the same strategy. I’ve been watching route 100 area between Killington and Sugarbush.
Schrodinger’s Cat’s Vermont numbers suggest substantial price declines coming to VT.
% drop from current HPI/Median Income needed to reach long term average (1984 to 2010)
Vermont 21%
moose (49)-
Wrong again. I have no problem with most attorneys.
Dirtbags like you are another story.
What’s with the damn battle royale, next gtg needs to be in a cage.
I wouldnt buy a house within 1000 miles of the United States. At least not for the next 10 years.
“I have a suspicion that PNC might be an outfit that is not filing lis pendens and is reporting some amount of their delinquent/defaulted portfolio as performing.
A little birdie told me this.”
They are all doing it.
re # 67 – How about a a three bullet mow mow at the next gtg?
http://www.youtube.com/watch?v=lqakCa-MysE&feature=related
Re [65] & Cat;
I think your Deleware thesis has to consider that it is a small state and high earners (e.g., Wilmington banksters) can easily live out of state (likely, PA). If the income of state residents is relatively lower because any substantial portion of the top slice flees, that would skew the P/I ratio upward.
Chifi,
I don’t know if you have been paying attention but recently some serious vulnerabilities have been revealed in Java code executed on many websites allowing malicious content to be downloaded on your computer.
I got caught with it and it destroyed my PC, a co-worker got caught and it wiped his PC. Java has been patched 4-5 times in the last three weeks. I can only assume that this is in response to a serious security flaw.
If you think that Cat put that virus on your PC by sending you a dirty link, you might want to re-think that position. I for one, NEVER click, on any links you guys post on this site. That in my opinion is a super fail.
If you didn’t cut/paste a portion of the article for me to read then it wasn’t important enough for me to click on your link.
Be civil.
Of course it is in Texas…..
http://money.cnn.com/magazines/fortune/bestcompanies/2011/snapshots/7.html
Man, oh, man, NJ better get its sh*t together fast.
Look at Illinois tax hike!
http://www.businessinsider.com/illinois-tax-hike-2011-1
72.Nicholas says:
January 20, 2011 at 11:23 am
Chifi, Be civil.
Nick: point taken; however, my ultimate issue was that there was no contrition, but rather a lecture put forth…..I found it consistent with past behavior….you can fix the symptom, but it is really the disease that is the problem….
Delaware- in my neighborhood there had been a migration to Pa. Now, it seems that the younger retirees ( late 50’s, early 60’s) are moving to Delaware. They are close enough to still visit NJ but they claim it is much cheaper to live there. They were all fortunate enough to sell their homes here first. Whether they are happy living in Delaware, I do not know. And the homes they sold here in NJ were in an upper middle class town, but no McMansions.
Rally on?
WASHINGTON (MarketWatch) — Sales of existing homes jumped 12.3% in December, an encouraging end to the worst year since 1997, as the collapse in house prices and a wave of foreclosures depressed activity over the 12-month period. The National Association of Realtors on Thursday said existing-home sales rose from November’s upwardly revised 4.7 million rate to a seasonally-adjusted annualized rate of 5.28 million, considerably beating the MarketWatch-compiled economist estimate of 4.88 million. The jump in the mortgage rate to 4.8%, a rise of roughly a half percentage point from depths, has helped induce on-the-fence buyers back into the market, said Lawrence Yun, chief economist of the NAR.
http://www.marketwatch.com/story/existing-home-sales-jump-123-to-cap-rough-year-2011-01-20
Moose 71,
For all i know, you may be correct. It just really stands out. I dont know enough about the specifics of delaware to make anything other then broad, general statements
Is this why JJ isn’t around today, is he camping out early to get a spot near the stadium?
FLORHAM PARK, N.J. — Police in northern New Jersey are preparing for several thousand Jets fans to send the football team off to the AFC Championship game.
The team will hold a pep rally at its Florham Park practice facility Saturday. Fans will form a human tunnel to send Gang Green off to play the Pittsburgh Steelers on Sunday.
Florham Park Police Capt. Robert Treiber tells The Daily Record of Parsippany last year’s send-off drew between 4,000 and 5,000 people. Treiber says he expects at least that amount this time.
Motorists planning to use the Park Avenue-Columbia Turnpike corridor should find alternate routes between 8 a.m. and 1 p.m. Saturday.
The winner of Sunday’s game will play either the Chicago Bears or the Green Bay Packers in the Super Bowl on Feb. 6.
Perhaps it is time to open my own bank….
World needs $100 trillion more credit, says World Economic Forum
The world’s expected economic growth will have to be supported by an extra $100 trillion (£63 trillion) in credit over the next decade, according to the World Economic Forum. This doubling of existing credit levels could be achieved without increasing the risk of a major crisis, said the report from the WEF ahead of its high-profile annual meeting in Davos.
But researchers warned that leaders must be wary of new credit “hotspots”, where too much lending takes place, as the world emerges from a financial catastrophe blamed in large part “to the failure of the financial system to detect and constrain” these areas of unsustainable debt.
“Pockets of credit grew rapidly to excess – and brought the entire financial system to the brink of collapse,” said the report, written in conjunction with consulting firm McKinsey. “Yet, credit is the lifeblood of the economy, and much more of it will be needed to sustain the recovery and enable the developing world to achieve its growth potential.”
The global credit stock has already doubled in recent years, from $57 trillion to $109 trillion between 2000 and 2009, according to the report. The WEF said the continued demand for credit could be met “responsibly, sustainably – and with fewer crises”. However, it cautioned that to achieve this goal, financial institutions, regulators, and policy makers need more robust indicators of unsustainable lending, risk, and credit shortages
Read more: http://www.businessinsider.com/world-economic-forum-100-trillion-credit-2011-1#ixzz1Baz2kC12
ChiFi,
Yeah, that sucks, I can sympathise with you regarding not getting an apology after someone mashes with your flow.
Perhaps try sending streetwalkers to his office and home. Or crapping in a bag and mailing it to his boss, addressed from him.
These are excellent opportunities to remain untainted by the verbal black eyes that your handing out but yet still get the job done. I’m not saying don’t be angry but what happens is it makes you *both* look bad when you sling words. Make sure you are picking your battles so that there is something to win when you are done.
Infected work computers suck.
Nick: he just so omnipresent on these threads….hard to ignore….
“Sorry Juice I dont look very good in a skirt and heels ;)”
Don’t sell yourself short. The right biased-cut dress in silk might work wonders. I suspect John knows some people who could help you out.
Debt [66];
…and some of my best friends are Realtors.
Chifi
If you would like a polite apology then perhaps you should try using a similar tone
chicagofinance says:
January 11, 2011 at 11:27 am
30.Schrodinger’s Cat says:
January 11, 2011 at 9:27 am
kettel: you are a careless asshole….now I have to clean up my PC because of your idiot link….
Schrodinger’s Cat says:
January 12, 2011 at 11:07 am
Doyle, Chifi
Its the web, nothing is guaranteed safe. if i had seen any signs of nefarious activity i wouldn’t have linked to it.I am running firefox in a virtual machine with a broad array of protection, nothing attempted to touch my machine.
I have no personal quarrel with you chifi, and the pointless insults are tiring. How about we either ignore one another or stick to civil discourse?
In just a few days, Gene Cooley lost his fiancee, his job, his future in-laws and his home.
It started with the murder of Cooley’s fiancee by the woman’s ex-husband. While still reeling from that loss, he became a target of Internet postings from someone he barely knew. The anonymous poster went on a community website for Blairsville, where Cooley lived at the time, and accused him of being a pedophile with a criminal record and a drug addict. None of it was true.
A Union County jury last week said the damage those postings did to Cooley was worth $404,000, the largest award ever handed down in this North Georgia county. The poster was identified through her computer’s numeric IP address.
http://www.ajc.com/news/ga-man-awarded-404-809868.html
I clicked on Ket’s link too and had to run some anti-malware but I knew he didn’t do it on purpose so I didn’t say anything. Let’s all lighten up here people. This is a community sandbox and we don’t need people treating it like a litter box.
Mean and Dumb.
There are going to be a lot of people who are going to get sued if they make a law banning the combination.
#86 – Yikes – Geez, what an unpleasant person to do that.
Lighten up Francis.
Yikes,
I posted something worse within the past two It three days. Some cat broke inti some Guy’s wireless connection and sent out child pron using the VICTIM’s ip address.
Learned my lesson. I use a 5 + yr old notebook computer w/ a missing f key for web stuff. Work and banking are done on my work pc.
I use my wife’s computer for web stuff this way if the FBI shows up they will cuff her instead of me!
This just in from the Montclair Police:
Theft
On 1/19/11 at approximately 11:35 PM, police responded to Krauszer’s convenience store on a report of a theft. Upon arrival, police spoke to an employee, who reported that his bread delivery had been stolen from the front of the store sometime between 1:00 AM and 6:00 AM on the 19th. There are no suspects at this time.
http://www.abajournal.com/mobile/article/angry_at_attorney_neighbor_hacked_his_encrypted_wi-fi_sent_child_p*rn_to_hi
Replace the * with o
I have two laptops. If the FBI ever shows up and asks for it, I hand them the work one. The other gets incinerated.
Nicholas (72):
Then you’ve missed some goodies ;)
not anymore big mouth……
96.Comrade Nom Deplume says:
January 20, 2011 at 2:58 pm
I have two laptops. If the FBI ever shows up and asks for it, I hand them the work one. The other gets incinerated.
Nom [96];
You know better than that. If the FBI shows up it will be with a warrant, and they won’t be asking, nor satisfied and stop looking after the first one you give them. If the second one is well-secreted, then by all means, party on.
Guess who got invited to dinner…..
New Jersey Gov. Chris Christie and his wife, Mary Pat, arrive at the White House on Wednesday. “It’s a great night for our country,” he said. “It doesn’t matter if you’re a Republican or a Democrat.” | AP
http://www.politico.com/slideshow/slideshow.html?xml=xml/gallery#id=618&num=13
No MLS, no discounts — Superbrokers corner their markets
Used House Sales Math: 100% of 6% of $300,000 > 50% of 5% of $700,000. Which offer do you think is getting presented first (if at all)?
Judy Phetteplace, who holds a majority market share in her territory outside Albany, N.Y., says she’s earned the right not to share commissions with other brokers: “I don’t have to put up with the aggravation.” Arrogant much? I can agree with the used house salesbabe on this: [MLS is] “the lazy way of doing business”.
http://www.smartmoney.com/personal-finance/real-estate/real-estate-brokers-are-some-too-strong-1295042673706/
Since this just won’t die:
I too clicked Ket’s malicious link however, having installed Norton Internet Security 11, my browser identified the site as such, refused to “log into it” and informed me it’ll be kicking me back to the previous site.
If I knew some are so vulnerable I would have put out an APB.
I’m all for free scanners but the new version of Norton Internet Security is a refined product, requires a small memory footprint and thus far has allowed me to surf with wanton disregard.
I purchased mine from a well known auction site, received download link, plus authentic serial; no problems, software connects and verifies with Norton just fine.
Maybe if ChiFi didn’t start looking at all of the other pictures on that site, he wouldn’t have been infected.
My combination of Adaware and Avant left me clean and clear as well. Then again, I didn’t leave the picture up there for two long either. Some of us are quicker than others. BTW, I’m running Windows 7 Ultimate at home.
Caught a virus from an emailed link last week. It was the first time that I used a Microsoft restore point and it worked great. Everything that I do seems to be web based on my home PC.
A story about the Sony plant closing in Pittman. It used to press vinyl.
http://m.cnet.com/Article.rbml;jsessionid=VIwBQZGGLp1PILlT1T+G8g**?nid=20028837&cid=null&bcid=&bid=-261
Stu: it was my fault; I couldn’t tell it was a bogus Win7 Security warning……I am very familiar with XP, but I have only been using Win7 since the summer and couldn’t tell the subtle difference in this OS.
It gets to be really hard. This past holiday season I was bombarded with e-cards from various contacts. I basically didnt read any of them. I am usually on top of things, but I blew it this time. That said, I have been here since Sept 2005 and never had to deal with this issue in the past. I dont think I am being unreasonable in my irritation.
103.Libtard In the City says:
January 20, 2011 at 3:57 pm
Maybe if ChiFi didn’t start looking at all of the other pictures on that site, he wouldn’t have been infected.
My combination of Adaware and Avant left me clean and clear as well. Then again, I didn’t leave the picture up there for two long either. Some of us are quicker than others. BTW, I’m running Windows 7 Ultimate at home.
This is awesome. If Montclair can cut $3.3M out of next year’s budget (required under the new cap), we’ll only be looking at a municipal tax increase of 5%. Party on, Mayor Fried.
Township Manager Marc Dashield’s proposed 2011 budget has barely seen the light of day, but already Montclair officials have a lot to say about what it may mean for the future.
Councilor Cary Africk called the idea of hitting taxpayers with a 5 percent municipal tax increase “unacceptable” although he agreed the township faces an enormous challenge.
“A time of rapidly increasing expenses, combined with decreasing revenue, means that the things we need to do are big,” he said.
On Tuesday night, the Montclair Township Council was told it would face a $3.3 million shortfall if a proposed $93 million budget is enacted this year.
Africk said that, according to Dashield, the township will still have at least $1.4 million to chop from the budget even after reducing funding for the library, and cutting out pre-k scholarships as well as money for the arts council.
“And if we achieve that we would give the taxpayer over a 5 percent increase in the municipal tax bill!” he said. “This is unacceptable.”
Africk said council members will have to examine everything “and we have to welcome the help of our committees and talented residents.”
He added he was “greatly disappointed” the municipality wasn’t willing to form committees, back in September, to address all aspects of the budget in the same way the board of education formed committees to help with its budget last year.
Mayor Jerry Fried said a lot will depend on negotiations with the unions because “without those unions helping out in a collective way we’ll be looking at major layoffs.”
Fried said the proposed $800,000 reduction in library funding would seriously curtail the main library’s ability to operate at anything close to its current level.
Already the library board has decided this week it will close the Bellevue Avenue library branch on Monday, Jan. 24.
Fried also said cuts to the pre-k “will be brutal for them and it will mean a lot of kids with scholarships won’t be able to get them.”
Going forward, Fried said department heads will be asked to come back before the council in the coming weeks to relay how the proposed cuts might affect them.
“Then we’ll get more of a sense of what the challenges will be,” he said.
Fried said it’s “imperative that discussions with the unions go well as the choices in many areas are laying people off or the unions working with us to preserve those jobs.”
Councilor Renee Baskerville said she has asked Dashield to bring back a budget that includes only statutory programs and services.
“This is in an effort to try to see what will need to take place in order to get us to a zero percent tax increase,” she said.
Africk said he also was disappointed when the council voted at its meeting Tuesday night not to change auditors, so that “we would have a new set of eyes looking for meaningful savings.”
He said “this unwillingness to change was especially painful to me as the State Comptroller, Matthew Boxer, has issued ‘Best Practices’ guidelines calling for switching to a new auditing firm ‘at least’ every 10 years.”
Africk pointed out that Montclair has used the same auditors for close to 30 years.
“It was recently reported that such a change ‘uncovered’ $1.6 million in savings in a neighboring town,” he said. “I believe we can accomplish a successful budget process. And I believe we can make meaningful change. But it means a willingness to examine everything.
“We cannot keep saying ‘no’ to changes in insurance, benefits, trash pickup, the skating arena, the animal shelter, etc., etc.,” he said. “We need a ‘can do’ approach.”
http://montclair.patch.com/articles/looking-at-and-hearing-about-the-proposed-2011-budget
You both aren’t being unreasonable. I doubt there was any intent on Ket’s part nor should you have had to suffer the annoyance that you did. Might I suggest you both just get a room together and get this over with.
and so it begins …..http://www.app.com/article/20110119/NEWS/110119108/Highlands-man-charged-in-Rumson-bomb-threat
Ahh yes, the Windows 7 security warnings where the “yes” and “no” buttons both do the same thing, load a virus on your machine.
I have had quite a few family members call me up to save their PCs because they thought that clicking “no” would save them. First thing I tell them is “If I developed malicious code, the first thing I would do is make both buttons do the same thing, load viruses”. Option C would have been to hit the “x” in the top corner dismissing the dialogue box entirely.
If it makes you feel any better ChiFi, I got my virus by searching “World of Warcraft” in Google, third link on the Google page was for *WARNING Malicious content AHEAD* “www(dot)worldofwarcnaft(dot)com”. Yeah I’m an avid player, so what. Notice the cNaft in that one, neither did I. Apparently most people never read the letters in between the first and the last and it tripped me up to.
At first I cursed Google for having a known malicious site in the top three responses, yeah yeah, it was Google’s fault that I clicked that link. Maybe they should send me an apology.
Oh boy just read the new Congress is going to cut funding for the beach replenishment program. I can see waterfront prices down the shore tanking on this news.
http://www.nj.com/hudson/index.ssf/2011/01/jersey_city_mayor_healy_distan.html
After kicking, stomping, and screaming like a spoiled child please answer the question, sir. Is it true?
“At the forum, Kelly blasted uniformed services, saying the average police officer and firefighter get paid more than the average city attorney.”
gator (107)-
Too bad some people with sense can’t get hold of your gubmint there and start playing chicken with these parasites by threatening municipal BK.
Love to see what portions of the bennies in their lard-coated contracts a BK judge thinks these leeches deserve. I’m gonna guess it’s between about 22-25%.
wing (112)-
Jersey City and municipal BK: perfect together.
Rein in the leeches!
News today that China may need more rate hikes and so the stock markets tank.
Is China is trying to get through to Barry and Timmay that it will not allow the US to dictate its monetary and exchange rate policy? Their gigantic housing bubble that has pushed prices as high as 22 times income in some cities is going to pop soon.
Hold onto your shorts and your metals.
Lib: to reiterate…fine it happened…however the response was -to paraphrase- “why aren’t you surfing using VMWare?” WTF?
108.Libtard In the City says:
January 20, 2011 at 4:28 pm
You both aren’t being unreasonable.
So much for trying to buy a house!
6 months time, and a big chunk of money wasted.
Don’t get involved in short sales folks, it seldom ends well. I refuse to let my clients get involved in shorts (REO is fine and dandy), but I didn’t bother taking my own advice.
Next step for the seller is bankruptcy or to just wait out the sheriff sale. I’m sure the listing agent will relist and attempt the process with someone else in hopes the 3rd time plays out better than the first 2.
Don’t say I didn’t try to rescue the economy.
117. sorry to hear it! Damn.
End is getting much much closer now….
The New York Times is officially reporting that Nicole “Snooki” Polizzi’s first book, A Shore Thing, will enter their best sellers list this week at No. 24.
Going to look at an REO tomorrow near West Chester, PA. It was a church that was converted into a daycare. I was to make it a single family home. If I make a deal, I will submit an offer with a expiration date. Problem is that the property is discounted $90,000 from original list. It should be interesting.
grim (117)-
Ugh. Sorry to hear that. You’re right about short sales; between the nutty sellers and the crooked banksters, they have become the RE equivalent of giving birth.
“ight I suggest you both just get a room together and get this over with”
The Empress in Asbury should do the trick.
I have this gnawing feeling that lots of servicers have figured out how to game things like forced-place insurance and extraction of big penalty fees for servicing delinquent/defaulted loans into a more profitable game than simply facilitating short sales.
Shore,
As long as it has a jacuzzi and a mirrored ceiling, i’m in!
Public tit sucker doom!
A Path Is Sought for States to Escape Debt Burdens
“Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers. ”
“They are readying a massive assault on us,” said Charles M. Loveless, legislative director of the American Federation of State, County and Municipal Employees. “We’re taking this very seriously.”
http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?_r=1&src=busln
Debt (114)
I want to eliminate the parasites too. However, aren’t the judges part of the pension system as well? I don’t have any links, but I was told they have the sweetest deal of all- even better than the police revenue agents- they pay nothing toward their pensions.
Would they, in a bankruptcy ruling, set a precedent that could undermine their own bennies?
I hope they would- but hoping has giving me nothing thus far. We must act, sometimes rashly.
John Taylor to replace the Ben Bernank?
http://www.zerohedge.com/article/john-taylor-feds-rightful-chairman
joyce (126)-
I don’t know. However, I’ve got a feeling that a bankruptcy judge, faced with a bankrupt municipality, has no choice but to void public union contracts in the discharge of that bankruptcy. As to who takes haircuts and gets the worst of them, maybe that’s the opening for the judges to grease themselves.
Perhaps the lawyers here can chime in.
All the lawyers except for the ambulance-chasing Moose, that is.
Nom,
Truecrypt hidden volumes.
39th and 8th, 830 pm, not one but two aggressive squeegee guys jumping into traffic. Working in tandem.
I’ve gotten sloppy, didn’t realize what they were up to. Needless to say, they got the window roll down and a nice F+ck off.
Always have said the squeegee guys are the first annoyance to come back when times are bad.
[129] punch
too geeky for me. I have not (to my knowledge) used encryption on my laptop other than whatever encryption is done through HTTPS.
Nom 131
you can encrypt the entire harddrive such that the system requires a log-on before it will boot. It’s very easy to setup, the documentation is very well done. Even if you dont do a hidden partition, the primary partition would be beyond the abilities of all but the highest levels of 3 letter agencies abilities to crack, assuming you use a reasonable pass-phrase and proper implementation.
It would take about 30 min of your time to get it setup and have a working knowledge of its use.
Eh…just get a one of those gigantic horseshoe magnets and run it over your hard drive when the fed come. Just keep it away from your wallet.