NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale

From the Press of Atlantic City:

Bottom Lines: Foreclosures in New Jersey now take an average 849 days

We have started to feel the consequences of the robo-signing controversy. There was nationwide concern that the expedited processing set up by lenders to handle record foreclosure volume does not meet normal standards and might result in an increase in unwarranted seizure of homes.

A few months ago, we were all aghast that foreclosure paperwork was being signed the same way consumers agree to the terms of service for software: without reading it and with the reasonably confident belief that everything’s OK in all that legal text.

The reaction to such robo-signing was predictable, and now has come true. The processing of foreclosures has slowed greatly, especially in states such as New Jersey where foreclosure has to go through courts.

Despite a media search for responsible homeowners unfairly evicted from their homes by shoddy paperwork, next to none have been found.

But while the backlash against lenders hasn’t yet turned up much harm to innocent homeowners, it has already managed substantial harm to the housing industry as well as the economy and homeowners in general.

By putting off the resolution of the foreclosure crisis and the return to a normal housing market, the robo-signing crisis has substantially extended how long housing will be a drag instead of a boost to the economy. Among builders, Realtors and analysts, the common guess I’ve heard is that the foreclosure mess will drag out an extra year now.

The results for New Jersey are shocking.

In the fourth quarter of 2007 — near the beginning of the housing crisis — the foreclosure process in New Jersey took an average 340 days.

“As of the fourth quarter 2010, it’s actually taking 849 days from that initial court filing to when the REO (property repossession) occurs,” he said.

And this is still the early days of the effects of the robo-signing slowdown. Not until mid-December did state Supreme Court Chief Justice Stuart Rabner order six lenders to demonstrate why the state shouldn’t suspend their foreclosure actions.

“There’s a lot of pressure to make sure foreclosures are not done improperly, as there should be, but it’s also harmful to the market to prolong these foreclosures for such a long time,” Blomquist said.

Another RealtyTrac number shows the magnitude of the problem: In New Jersey alone, there are more than 12,000 properties that already have been repossessed but have yet to sell.

Having a lot of distressed properties on the market pulls down prices, prompting potential buyers to wait for lower prices and keeping the housing industry at an artificially low level.

This entry was posted in Economics, Foreclosures, Housing Bubble, New Jersey Real Estate. Bookmark the permalink.

114 Responses to NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale

  1. grim says:

    From the NY Times:

    Asbury Park’s Boardwalk Revival Moves Inland

    For about a decade this Jersey Shore town, immortalized on a Bruce Springsteen album cover, has been on a slow upward trajectory — most visibly along its boardwalk, where dozens of new businesses have opened since 2007, when Madison Marquette of Washington stepped in as developer.

    Now that prosperity has started to spread a few blocks inland. Commercial activity is picking up in the less-glamorous heart of downtown, a walkable stretch of small and midsize storefront buildings.

    “Tons of people have looked at property here over the years and then gone home,” said Tom Gilmour, Asbury Park’s director of commerce and economic development. “They’re back.”

    Business owners point to a confluence of low rents and property prices, an urban enterprise zone designation that offers various perks, landlords who have been willing to negotiate on leases, and, perhaps most powerfully, a shared desire to revive Asbury Park once and for all.

    “A lot of people have a very sentimental feeling about this city and are rooting for it to come back,” Mr. Gilmour said. “That’s a big factor.”

    He said recent development projects and a growing restaurant scene have helped potential investors see the town as one that was “moving forward,” and that its creative history had attracted a passionate crew. “They see it as a hip, artistic community that’s going to pop,” he said.

  2. Essex says:


  3. freedy says:

    I’m moving to Atlantic City for a fresh start

  4. 250k says:

    Either one of Com’s neighbors in the Brig didn’t get the memo or it really is different here.

    530 Hort Sold 10/14/09 – $605,000
    Listed for sale last week for $649,000

    …it has nice curb appeal if you like having your driveway double as your front yard. (This look is actually quite popular in the slums of Beverly Hills among Syrians who pave their grass over with concrete.)
    No way any improvements could have been made as the home was a full renovation job back in 2009.

  5. chicagofinance says:

    As long as you are posting Asbury park stuff…..
    February 9, 2011, 12:01 PM ET.A Rock Festival Embraces the Jersey Commute.By Nick Neyland

    Getty Images
    T Model Ford performed in the lobby at All Tomorrow’s Parties 2010, held at Kutsher’s Country Club in Monticello, N.Y. The three-day festival will move to Asbury Park, N.J., this year in a bid to give fans an easier commute.Rain, mud, poor sound systems and less than appealing amenities make the outdoor festival circuit an unappetizing proposition for concertgoers of a certain age, for whom long hours of live music and the ability to sleep in a bed need not be incompatible.

    In 1999, U.K. concert promoter Barry Hogan decided to do something about it. With his wife, Deborah Kee Higgins, he formed All Tomorrow’s Parties, a boutique festival set in various British holiday resorts.

    The concert was designed to be nearly the opposite of the typical multi-day music festival. For fans, there would be real accommodations that didn’t require sleeping bags or tent poles. Artists would perform at indoor venues unaffected by the elements. The sound system would be decent. Unlike most big festivals, no corporate sponsorship is allowed.

    In 2008, after nearly a decade in the U.K., All Tomorrow’s Parties expanded across the Atlantic to Kutsher’s Country Club, a once-popular destination in New York’s Borscht Belt. But after three years, the festival faced a limiting factor: the number of rooms at the faded resort.

    “The old venue did not work for the event,” Higgins explained in an interview. “As soon as the accommodation sold out, it became very difficult to sell any remaining tickets.” The two-hour drive between New York City and Monticello, N.Y., made it difficult to attract attendees without a place to sleep.

    The solution was to move the three-day festival to within comfortable commuting distance of the city. In other words: New Jersey.

    Higgins and her team announced the new Asbury Park, N.J., location for the festival at the end of January. Even though the first concert won’t begin until Sept. 30, three-day passes sold out within 72 hours, marking a significant upturn in fortunes after sluggish sales marred the Kutsher’s concerts. (Day passes are still available.)

    “Asbury Park has several fantastic venues close to each other and is on a beautiful beach,” Higgins said. “It’s only an hour or so from New York and there is a direct train there, so it is actually much, much easier to get to.”

    The Asbury Park festival is part of a new extension of the concert series dubbed I’ll Be Your Mirror, which will also stage shows in London and Tokyo this year. “We wanted to create a sister event,” she said, “which did not rely on using a resort with on-site accommodation but was similar in all other ways—using a curator and having music, film, art and literature involved.”

    Part of the appeal behind All Tomorrow’s Parties events comes from the festival’s unusual approach. A curator from the world of film, music or arts is designated to pick performers at each event. This year’s Ashbury Park festival will be curated by the band Portishead.

    Festivalgoers get to see high-profile indie rockers — past festivals featured Wilco, Animal Collective and the Flaming Lips — and the bands mingle with fans due to the lack of any backstage or VIP areas. World music and electronic acts often feature amid the eclectic lineups, and veteran performers such as the Stooges and Suicide are regularly called upon to perform one of their classic albums.

    Higgins attributes the rush for three-day passes for the Asbury Park concert to the appeal of the headliners, which will include the first East Coast appearance by trip-hop innovators Portishead in 13 years and a rare solo show from Neutral Milk Hotel frontman Jeff Mangum.

    “The two announced acts, Portishead and Jeff Mangum, on one bill through the weekend is definitely a major draw,” she says. “We also gave our members and people who had attended the past three ATP events access to a pre-sale.”

    Establishing that kind of brand loyalty has lead to a long and enduring success for the festival in its native U.K., and it looks like a subtle reworking of its basic principals is having the same effect on these shores. “I think a lot of people who have now been to ATP [in New York] and know what our event is like are up for coming again,” Higgins says.

  6. Comrade Nom Deplume says:

    [4] 250K

    Hort is an odd street, wide range of houses and lots. It is on the south side, near the SP line so it commands less than comparable North side houses, which would be near Roosevelt school. Also, depending on where you are on Hort, you are near the tracks.

    Even if it sells at this price, it is not a good comp for me. Waiting to see how two houses in my ‘hood do. They will provide pretty good comps so I can know whether I have a shot at an appeal. My assessment is over 90K less than what I paid, but I bought just before the bottom fell out, so that may be how much I am out.

  7. broke says:

    Gator can you please explain this statement thanks

    3. How do I know if my assessment is fair?The New Jersey Legislation adopted a formula known as Chapter 123 in 1973 to test the fairness of an assessment. Once the Tax Board has determined the true market value of a property during an appeal, they are required to automatically compare the true market value to the assessment. If the ratio of the assessment to the true value exceeds the average ratio by 15%, then the assessment is automatically reduced to the common level. However, if the assessment falls within this common level range, no adjustment will be made. If the assessment to true value ratio falls below the common level, the Tax Board is obligated to increase the assessment to the common level. This test assumes the taxpayer will supply sufficient evidence to the Tax Board so they may determine the true market value of the property subject to the appeal. You should inquire into your district’s average ratio before filing a tax appeal. This ratio changes annually on October 1, for use in the subsequent tax year.

    1.Town tax ratio is 52% (Assesed to true value)
    2 Town assesed value of home is 177,000
    3comparables are at 250,000 true market value

    Am I above the 15% qualification?

  8. xroads says:

    i know people who went into lis pendens around 8/08 on primary residence and 6/09 on their rental property. does anyone know how they could still be caught up in the foreclosure process? the rental has been empty since 6/09 and they owe way more then they could afford on primary. both homes are in monmouth county

  9. gary says:

    Having a lot of distressed properties on the market pulls down prices, prompting potential buyers to wait for lower prices and keeping the housing industry at an artificially low level.

    But… but…. we were told prices never go down and that it’s different here because of proximity to NYC. Artifically low level? Sure, try again. It’s called reversion to the mean which is as sure as a tide rising and falling. My Advice? You better sell now at a greatly reduced price or slowly bleed to death.

    tick…. tick…. tick…. tick….

  10. Shore surprised at this Guy says:

    Not sure how a post here ended up on yesterday’s thread. Lets try it again:

    LCN? In the docks of NJ? No?! Really?

    I never woulda thunk it:


  11. Shore Guy says:

    Spring is in the air. Or is that Elizabeth?

  12. Luisa says:

    I seriously knew about a lot of this, but with that in mind, I still believed it had been practical. Beautiful blog!

  13. jamil says:

    well, at least NJ is not that PC yet..

    “Residents in Surrey and Kent villages have been ordered by police to remove wire mesh from their windows as burglars could be injured.”


  14. Schrodinger's Cat says:


    “Residents in Surrey and Kent villages have been ordered by police to remove wire mesh from their windows as burglars could be injured.”

    the pure irony of that statement is unbelievable. You dont want a subjugated population getting any ideas.

  15. Food For Thought says:

    hummmmmm. this came to me in a forwarded email. the vote is thursday:

    Wisconsin’s Governor has proposed stunning changes to
    Wisconsin’s collective bargaining law. The NY Times has an article


    The best site for state coverage on this issue is the wheeler report
    (which also includes a copy of the bill):


    I’ve looked at the bill and some of the reactions. I was an ALJ for
    the Massachusetts labor commission during a particularly controversial
    time. But, that experience pales to what I see going on right now here
    in Wisconsin. This proposed legislation and the campaign are an
    extremely sophisticated effort.

    For what the bill does, I can’t provide a complete description. I’m
    new to Wisconsin, so I don’t understand all the ramifications (e.g., I
    don’t know what to make of references in the bill to union’s with
    certifications prior to 1975). But, here are some things about the
    bill that have not made it into the media in a significant way.

    – while civil service protections remain, civil service enforcement
    has been generally subsumed to state labor relations law (the
    personnel commission was folded into the state labor commission, for

    – the bill would restrict bargaining literally to actual salaries and
    nothing else. Here is one portion of the relevant language (in
    Wisconsin, there are separate laws in ch.111 for municipal and another
    for state employees):

    SECTION 292. 111.91 (3) of the statutes is created to read:
    111.91 (3) The employer is prohibited from bargaining with a
    collective bargaining unit containing a general employee with respect
    to any of the following: (a) Any factor or condition of employment
    except wages, which includes only total base wages and excludes any
    other compensation, which includes, but is not limited to, overtime,
    premium pay, merit pay, performance pay, supplemental compensation,
    pay schedules, and automatic pay progressions.

    It seems to me that even sick and vacation days are now excluded.
    Literally, the legislation prevents any bargaining over what happens
    in the workplace and the processes by which employees get their

    – by March of this year, the governor can appoint two of the three
    Commissioners at the state labor commission. The bill also calls for
    a study to be done about ascertaining effective staffing levels at the
    state labor commission. In Massachusetts (where I’m from), one
    political party that was unhappy with the state civil service
    commission cut its funding for several years so that only staff at the
    commission were the Commissioners. There wasn’t even a receptionist
    to answer the phone for several years.

    – when Governor Walker announced the legislation publicly Friday
    morning, he simultaneously sent an e-mail message to all state
    employees explaining he cares about them and letters to the state’s
    unions giving them their 30 day notice that the contracts would be
    considered cancelled (one of these letters is available on the wheeler
    report website). The state legislature failed to approve new
    contracts in December (at Walker’s urging), and there have been no
    negotiations since then. ULPs have not been filed, and given what may
    happen at the state labor commission, I’m not sure anything can be
    accomplished through a ULP at this point.

    – in any case, on March 13th, there will be no more CBAs for state
    employees even if this proposed legislation does not pass. What this
    issue means is an essay all by itself.

    – in this legislation, because unions still have something to do, the
    prohibition on labor protests will apply to all members. The
    legislation makes explicit a right to terminate employees who
    participate in labor protest. And, given the lack of procedural
    protections available to employees under this legislation, the
    determination that someone has participated in a prohibited labor
    protest cannot be directly challenged.

    – the bill repeals numerous expansions of collective bargaining law
    done under the previous administration. Organizing drives for public-
    sector faculty are well underway, and two campuses have already been
    organized, for example. This legislation eliminates these already-
    organized and still-to-be-organized bargaining units.

    – as you can see on the the wheeler report website, some firefighters
    and police unions have issued PR notices explaining how they
    appreciate Governor Walker’s own appreciation for their special status.

  16. Juice Box says:

    Re: 15 – break-ins have unfortunately become prevalent in small villages in Ireland. My cousin who owns a pub has had attempted robberies over the last year, usually end up with the robbers getting smacked around with hurling sticks by their two 6ft 2 in tall sons. my Aunt who now lives alone in a nice home with stone walls all around put up iron gates which are locked at night. Many people now have friends house sit while away on vacation or at a wedding etc. Police response unfortunately is slow when you don’t live in a Police state.

  17. jamil says:

    “Many people now have friends house sit while away on vacation or at a wedding etc”

    This sounds like discrimination or deliberately preventing thiefs to make a living. I assume these housesitters and the like will be dealt with by the Law. Sharing of one’s wealth is not just a privilege, it is a requirement. Just ask Barry O.

  18. NJGator says:

    Broke 7 – The 15% comeS in as 15%above the average ratio. So iF the average ratio is 52%, assessments up to 59.8% of market value fall in the common level range.
    If the fair market value of your home is confirmed to be250,000, than an assessment between 130000 and 149500 would be defendable. An assessment of 177,000 would be outside the common level range.

  19. NJGator says:

    After NJEA, Christie’s next fight is with state workers as contracts come up for renewal

    When Gov. Chris Christie went to war with the teachers union last year, leaders of unions representing New Jersey state workers nervously watched in the wings.

    Now it’s their turn to go toe-to-toe with the governor.

    With contracts for 49,000 state workers due to expire this June, Christie has publicly proclaimed he wants no pay raises and expects state workers to fork over much more for health and pension benefits. Union leaders say they have had no meetings with the governor’s office and worry this doesn’t bode well for getting a deal before the current contracts are up.

    “It’s going to be pretty ugly,” said Jeff Keefe, a labor professor at Rutgers University. “I’m not sure we’re going to be well-served by what comes out of it. I wouldn’t be surprised if in September we’re still in negotiations.”

    At stake in this year’s talks are two of Christie’s signature issues: health and pension reform for state employees.

    Christie has declared there will be no pay increases for state workers, recently making the commitment in an interview with Fox News. He also has made clear his expectations for cuts in employee benefits: increase pension contributions for all employees to 8.5 percent of salary, require state workers to pay 30 percent of their health care premiums, raise the retirement age, and eliminate cost of living adjustments for pension recipients.

    “I think what the public employee unions can expect is a vigorous and direct negotiating process,” Christie said in a recent interview.


  20. broke says:

    Gator Thank you very much for the reply.Warmest regards to you and your family

  21. broke says:

    Will it be worth it,contesting a property tax ,with all the things you have to go through ,to save $900 annually?

  22. freedy says:

    Where’s the best for Vytorin?

  23. Libtard says:


    Depends on what your time is worth. It should take you about 20 hours of time to do everything necessary at worst. How long do you plan to live there? At $900 per year, ten years would be $9,000 (ignoring inflation and the declining value of your dollar). Do you gross $450 per hour? I now understand your moniker.

    Captain Cheapo

  24. broke says:

    Now you put it that way,it sure make sense Captain!

  25. Comrade Nom Deplume says:

    [17] food

    So you were one of the worker bees down the hill at 100 Cambridge St.?

  26. 250k says:

    Com (6)

    I hope you get the numbers to support your appeal (so, am I hoping that prices are down in Westfield for your sake?).

    My point about the Hort St. home was that it either takes some cajones to to ask
    for $44,000 MORE than you paid for a house almost a year and a half ago, or, Westfield is the Teflon Don of housing markets. I realize the owner is likely thinking if they ask 649, maybe they will get 605 and I know they will still lose money after fees and all that but still, I have seen homes that were purchased in the past 2-3 years in the Brig going back on the market for less than the previous sale price so this one was interesting to me.

    Went to an Open House yesterday and there was a constant flow of traffic on a home that was priced about $100k higher than similar comps from the previous year in better locations. Realtor had cookies, a book report of a marketing package and bottled water with the following custom made label: “The pressures of the day fade as you come home to your adorable and totally updated colonial resting gracefully in a wonderful location. The perfect place to call home.”

  27. d2b says:

    The fight over the medical benefits is interesting because both sides do very little to talk about the actual costs. They only seem to focus on who is paying. Why not raise deductables and shop harder for better plans. Any plan with 50,000 members should have enormous buying power.

    The link attached talks about BC/BS adultbasic being discontinued. Based on the article, it costs $333.00 for bare-bones coverage. This is crazy.


  28. chicagofinance says:


    HBO’s “Real Sports,” tomorrow at 10 p.m., visits with Victor Conte of Bay Area Laboratory Co-operative (BALCO) infamy. Speaking to correspondent Bernard Goldberg, Conte claims to have gone completely legit, but says illegal performance-enhancing drugs are still rampant among world-class athletes in all sports.

    How does he know?

    “I’m kinda on both sides,” he says. “I do what I can to speak out, but I’m also in contact with people on the dark side.”

    Come to think of it, Barry Bonds and the Wilpons seem to have the same defense: “I didn’t know and I didn’t ask. It was none of my business why I’d grown so unnaturally large.”

  29. chicagofinance says:

    Roubini’s Next Crisis Is Scary Food for Thought: William Pesek

  30. NJGator says:

    Broke 24 – It’s $900 bucks for THIS year. You save that $900 and more each additional year (until your town revalues) because the tax rate is going to go up every year.

  31. Juice Box says:

    #33 – re: “Scary Food ”

    As I mentioned previously on this blog 1958 – 1961 Great Chinese Famine
    during which 45 million died early deaths. There wasn’t a cat or dog to be found for hundreds of miles and there were many official reports of cannibalism.

    There was a book written about it. Hungry Ghosts.


  32. JJ says:

    RE 38 I wonder if they taste good, I mean if I was a canibal and I felt like Chinese, do I eat a Chinese Person?

  33. That is f*ckin’ awesome NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale. Very good and interesting article. Thanks for helpful and useful information.

  34. Painhrtz says:

    freedy 3 unless your going there for urban warfare training don’t.

    Brigatine Resident 1994-1995, had to drive MLK boulevard everday.

  35. Painhrtz says:

    Dumbest part of the article

    Weather’s Wrath
    China also shows how changing weather will bump up against rising living standards. Severe droughts are imperiling wheat crops in the world’s largest producer. It’s creating shortages of drinking water both for China’s 1.3 billion people and livestock. It’s a reminder that water is the next oil. Governments will be scouring the globe for it before long.

    You can find plenty of fresh water it is just the transport costs are astronomical, See Polar Ice. Or the treatment options are energy intensive, desalinization. No need to scour unless your a landlocked nation. Transport and potability are the issues, not availability.

  36. Juice Box says:

    Consider yourself lucky if all you caught at the Playboy Mansion was a cold.


  37. 250k says:

    Pre-approval strategy question?
    Do you think it is better to get pre-approved for more than the amount you plan to bid on a home or does that just signal to the seller that you have room to move? Assuming you don’t want to get another pre-approval letter each time you increase a bid, I would assume its best to get pre-approved for an amount greater than you intend to borrow.

    However, if I am selling a home and I see that the buyer intends to close on the $500k bid they made with $200k in cash and a $300k mortgage, yet, they are approved for up to a mortgage up to $417k, wouldn’t I want to take more money out of their pocket? I realize they are only going to bid up to what they will bid, but, psychologically, doesn’t this make for more tense negotiations?

  38. chicagofinance says:

    Housing Crash Is Hitting Cities Once Thought to Be Stable

    EmailPrint..DAVID STREITFELD, On Monday February 14, 2011, 8:23 am EST
    SEATTLE — Few believed the housing market here would ever collapse. Now they wonder if it will ever stop slumping.

    The rolling real estate crash that ravaged Florida and the Southwest is delivering a new wave of distress to communities once thought to be immune — economically diversified cities where the boom was relatively restrained.

    In the last year, home prices in Seattle had a bigger decline than in Las Vegas. Minneapolis dropped more than Miami, and Atlanta fared worse than Phoenix.

    The bubble markets, where builders, buyers and banks ran wild, began falling first, economists say, so they are close to the end of the cycle and in some cases on their way back up. Nearly everyone else still has another season of pain.

    “When I go out and talk to people around town, they say, ‘Wow, I thought we were going to have a 12 percent correction and call it a day,’ ” said Stan Humphries, chief economist for the housing site Zillow, which is based in Seattle. “But this thing just keeps on going.”

    Seattle is down about 31 percent from its mid-2007 peak and, according to Zillow’s calculations, still has as much as 10 percent to fall. Mr. Humphries estimates the rest of the country will drop a further 5 and 7 percent as last year’s tax credits for home buyers continue to wear off.

    “We went into 2010 feeling gangbusters, thanks to Uncle Sam,” Mr. Humphries said. “We ended it feeling penniless, with home values tanking.”

    The fact that even a fairly prosperous area like Seattle was ensnared in the downturn shows just how much of a national phenomenon the crash has been. The slump began when the low-quality loans that drove the latter stage of the boom began to go bad, but the resulting recession greatly enlarged the crisis. Many people could not get a mortgage, and others simply gave up the hunt.

    Now, though the overall economy seems to be mending, housing remains stubbornly weak. That presents a vexing problem for the Obama administration, which has introduced several initiatives intended to help homeowners, with mixed success.

    CoreLogic, a data firm, said last week that American home prices fell 5.5 percent in 2010, back to the recession low of March 2009. New home sales are scraping along the bottom. Mortgage applications are near a 15-year low, boding ill for the rest of the winter.

    It has been a long, painful slide. At the peak, a downturn in real estate in Seattle was nearly unthinkable. In September 2006, after prices started falling in many parts of the country but were still increasing here, The Seattle Times noted that the last time prices in the city dropped on a quarterly basis was during the severe recession of 1982.

    Two local economists were quoted all but guaranteeing that Seattle was immune “if history is any indication.” A risk index from PMI Mortgage Insurance gave the odds of Seattle prices dropping at a negligible 11 percent.

    These days, the mood here is chastened when not downright fatalistic. If a recovery depends on a belief in better times, that seems a long way off.

    Those who must sell close their eyes and hope for the best. Those who hope to buy see lower prices but often have lighter wallets, removing any sense of urgency.

    Arne Klubberud and Melissa Lee-Klubberud paid $358,000 for a new, 960-square-foot townhouse on trendy Capitol Hill a few weeks after that Seattle Times article was published. Now, with one child and with hopes for more, they need more space. They just put the townhouse on the market for $300,000.

    “Obviously, this is not the ideal situation,” said Ms. Lee-Klubberud, a 32-year-old lawyer. They are hoping to take advantage of the sour market to buy at a good price, but first, they must sell for an amount that is acceptable. “Everyone has their limits,” she said. “We have ours.”

    On a dark, dank Sunday, a handful of people came to look at the three-level unit. One of them was Katherine Davis, who had just sold her house in the far eastern suburbs. It took 14 months, during which she had to drop the price several times. The equity she had accumulated over the decades disappeared quickly.

    “At first, I thought it would be nice to come out of this with $200,000, but I adjusted my expectations,” Ms. Davis said. She ended up with less than half of that. Her goal is to buy a small place in the city, but not yet. “Selfishly, I’m hoping the market continues to drop,” she said.

    Increasing numbers of sellers are simply surrendering.

    Megan and Ryan Dortch tried to sell their one-bedroom Eastlake condo for $325,000 two years ago. They rejected an offer of $295,000 as inadequate. A year later, they relisted it for $289,000, then $279,000, which was less than they paid. Without a sale at that price, they could not afford to buy a place big enough for them and their new baby.

    They have given up on real estate. They are renting out their old apartment at a small loss every month, and living in a rented house. “I don’t expect the market to get better,” said Ms. Dortch, 31, a customer service consultant.

    Neither does Gene Burrus, another frustrated seller who became a landlord. “Rent is so cheap it doesn’t make sense to buy now,” he said. He might reconsider if 10 or 15 percent more comes out of the market.

    Redfin, a real estate brokerage firm based in Seattle, says foot traffic began picking up in the last several weeks. Mortgage rates are rising, which could nudge those who need to buy to make a deal now for fear rates will rise even more.

    But whenever the market finally does pick up, all those accidental landlords will want to unload, putting another burden on the market. “So many sellers are waiting in the shadows,” said Redfin’s chief executive, Glenn Kelman. “The inventory is going to expand and expand and expand. I don’t see any basis for significant price increases.”

    While almost every economist is expecting another round of price declines for the next few months, many see a leveling off in the second half of the year. Fiserv, the company that produces the monthly Case-Shiller Home Price Indexes, analyzed prices in 375 communities. About three-quarters of them will be stable by December, Fiserv calculates.

    “We’re at a period near the bottom but with more volatility than we normally see at this point,” said David Stiff, Fiserv’s chief economist. “This sort of double dip is unprecedented for housing.”

    Maybe that is why belief in a bottom is as elusive now as fears of a top were in 2006.

    “We would love to have a house,” said Dan Cunningham, a 41-year-old renter. “I have more than enough for a down payment. I’m preapproved for a loan. But I have to have confidence it’s not going to lose another 20 percent.” He plans to wait until he sees prices rising before making any offers.

  39. Juice Box says:

    re: # 46 – “I have to have confidence it’s not going to lose another 20 percent.”

    This guy isn’t asking for much. How about this.

    Before I buy I want a tax credit from the Federal Gov, State Gov and a nice 0% down with a 5 year I/O @ 2% that adjusts to 4% after 5 years, as well as assurances that local taxes will be capped at 2% increases no matter what.

  40. Painhrtz says:

    Chifi 46 -Economist Stand Up Philosopher what’s the difference

    To quote Bea Arthur from History of the World,

    “Have you Bs’d today, Are you planning to BS today”

  41. homeboken says:

    Arne Klubberud and Melissa Lee-Klubberud paid $358,000 for a new, 960-square-foot townhouse on …On a dark, dank Sunday, a handful of people came to look at the three-level unit

    960 square feet, 3 levels? Can that possibly be accurate? 320 square feet per level?

  42. JJ says:

    So for fun I saw an ad that the 2014 New Meadowlands Superbowl is looking for a CEO so I just applied. I figured I am an expert New Jersey real estate, go to football games and like meeting celebs, free tickets and spending other peoples money. Pretty much I am qualified for job. If I get the CEO job I will need to hire someone right away to do the job for me. Us CEOs need a good COO to do our work.

  43. d2b says:

    Why would you have to tell someone exactly what you were pre-approved for? I never did. I met with a mortgage broker that gave me an idea after getting my info. I couldn’t believe how much I was approved for, but the thought of spending it all never entered into the equation.

  44. nj escapee says:

    Here’s a pretty nice place to go for dessert if you come to Key West.


  45. wallies says:

    I walked into a pre-foreclosure/short sale home this weekend. Home listed for auction in March. Flat screen still on wall (I bet if I had turned it on it would have expanded digital cable), two cats, four brand new road bikes in basement, pantry-loads of food, plenty of clothes/shoes in closet, bottles of wine in built-in wine chiller. Was told head of household lost job so I doubt it’s a strategic foreclosure. The unmitigated greed still out there is so hard to stomach. I just hope I’m alive to see the day when these people really get what’s coming.

  46. JJ says:

    Hedge Funds Are Buying More Muni Bonds
    Published: Monday, 14 Feb 2011 | 12:01 PM ET
    By: Kate Kelly
    CNBC Reporter

    A spike in yields and a desire to diversify portfolios is prompting some unusual investors to jump into the municipal bond market, say traders and analysts.
    In recent weeks, traders from Moore Capital Management, the large New York hedge fund that manages some $15 billion, and from Oak Hill Advisors, the New York fund with nearly $13 billion in capital, have been snapping up municipal bonds, say people familiar with the matter.

    The attraction: a combination of high yields and a relatively low long-term risk of default. States aren’t permitted to file for bankruptcy, and municipalities, which have access to Chapter 9 of the bankruptcy code, only rarely do.

    “Non-traditional buyers who could buy anything are buying munis,” says Matt Fabian, senior analyst for Municipal Market Advisors, which provides independent research on munis.

    The municipal-bond market, where cities, states, and public authorities go to raise cash for projects and general needs, has long been dominated by mom-and-pop retail investors, who own between two-thirds and three-quarters of all the debt issued.

    But with many states and municipalities now struggling to close budget gaps and, in some cases, falling behind on debt payments, the perceived risk associated with muni bonds is rising sharply.

    Along with it, so are yields—which in some cases are reaching 10 percent or more on an after-tax basis, say traders and analysts.

    There are also technical factors that are pulling muni prices down. Retail investors, responding to the bad press these bonds have been getting, are pulling out of muni mutual funds, forcing redemptions, say analysts.

    The mutual funds have to dump their bonds to raise the cash to pay off shareholders. These fire sales are creating “the buying opportunity of a generation,” says David Kotok, co-founder of the money management firm Cumberland Advisors.

    These conditions appear to be paving the way for a new crowd of savvy institutional investors.

    Hedge funds and other sophisticated investors are making “opportunistic trades,” he added. “They’re not buying the whole market. They’re buying particular bonds, looking for big-win situations.”

    A big win for these investors, Fabian said, would be a bond that generated outsize returns for a short period of time, like a few months or a year—rather than a bond that provided slow and steady gains over years or even decades.

    Spokespeople for Moore and Oak Hill declined to comment.

    Other muni market participants noted that muni bonds could provide a useful diversification tool for hedge funds, since they aren’t subject to the same market factors as, say, a Treasury or a stock.

  47. 250k says:

    d2b (54) Some brokers state pretty specifically on the pre-approval letter “approved for a loan in the amount of XXX”. I don’t believe that the seller’s agents won’t divulge the precise amount that a buyer is approved for.

  48. sas3 says:

    Wallies, you want them to suffer even more after losing a job and house? Because they bought a house they couldn’t afford [after a job loss]? Unmitigated greed? Nothing in your post suggests speculation on the owner’s part.

  49. wallies says:

    sas3 – Not at all. If I lost my job I would cut cable, sell toys and get rid of pets as a way to help finances.

  50. john31 says:

    I am seriously thinking of going on foreclosure. I can afford it with my savings, but why empty the bank. I can skip $3000/month for mortgage payments for the house almost I can sell it with the total balance of my two loans. If I can survive 2 years without any payment, I would put a lot of money on the side,

    But the question is, are they gonna come back for the penalties, unpaid bills etc? I have a primary mortgage $330K balance, and a second line $170K, The second one will get nothing if it sells in the process. Do you have any advice?

    How pathatic life becomes? Here with a FICO of 780, I am seriously thinking this. Why should buy houses at this very moment when the governments are doing the opposite for the public?

  51. ditto says:

    “and get rid of pets as a way to help finances.”

    Very noble of you.

  52. Schrodinger's Cat says:


    According To Its National Bureau Of Statistics, Chinese Food Prices Have Increased By 4.6% In Ten Days!

    This is simply stunning. A quick parsing of the data released every ten days by the National Bureau Of Statistics of China indicates that the average price of food in 50 cities in the January 21-31 period has increased by 4.6% compared to the prior 10 day period (and 416% annualized)! Granted, this is a simple average calculation of the 29 food items tracked without any weighing, although a quick glance at the components confirms that tonight’s Chinese CPI will likely be a doozy. Some of the key changes: cucumbers up 28.2% in ten days, kidney beans up 21.9%, rapes [no pun] up 14.5%, tomatoes up 12.9%, hair tails up 4.7%, bananas up 3.6%, chickens up 3.1%. And this, again, is in the past 10 days! But not all is lost: Soybean oil actually dropped by 0.1%. Time for China to release an adjusted adjusted CPI which excludes all foodstuffs except for Soybean oil (and remember, in China, food is 31.4% of CPI)… which actually is exactly what is about to happen.


  53. Schrodinger's Cat says:


    It’s a good thing Mexico isn’t already unstable, other wise price spikes in their staple food stuff might have some unpleasant blowback……

    MEXICO CITY, Feb. 12 (UPI) — Mexican officials said up to 1.5 million acres of field corn has been lost to a rare winter freeze in the farm-rich state of Sinaloa.

    The yield loss is expected to be four million metric tons or about 16 percent of the nation’s corn, the British Broadcasting Corp. reported Saturday.

    Mexican President Felipe Calderon called the freeze “an emergency situation that demands a clear and forceful response from the authorities, a response that is not lost in bureaucratic delays.”

    “It’s not just the billions of pesos that may be lost. We have to recover all we can because it is vital for feeding the country,” he said.

    The corn tortilla is a staple in Mexico. Corn prices are expected to increase due to the losses. On the Chicago Board of Trade Friday, March delivery corn futures added 8 cents to $7.06 per bushel partly in response to the freeze.

    Read more: http://www.upi.com/Business_News/2011/02/12/Freeze-in-Mexico-decimates-corn-crop/UPI-95191297517347/#ixzz1DxTTqFpc

  54. Samivel says:

    Re lead article
    Welcome to legal standing to foreclose nightmare.
    The geniuses at the big money firms who created the securitized
    servicing agreements never thought how this would impact upon legal
    procedure in judicial states when the loan went into default. The
    template doesn’t fit.

  55. Schrodinger's Cat says:


    Perhaps china’s innovative use of bunkers could help with the US affordable housing issue. I am sure that the DOD has saome serous square footage avialable in unused bunkers near most of the major metropolitan areas.

    Underground world hints at China’s coming crisis

    There, in the city’s vast network of unused air defence bunkers, as many as a million people live in small, windowless rooms that rent for £30 to £50 a month, which is as much as many of the city’s army of migrant labourers can afford.

    In a Beijing suburb, beneath one of the thousands of faceless residential tower blocks that have carpeted the city’s peripheries in a decade-long building frenzy, one of Beijing’s “bomb shelter hoteliers”, as they are known, agrees to show us his wares.

    Passing under a green sign proclaiming “Air Defence Basement”, Mr Zhao leads us down two flights of stairs to the network of corridors and rooms that were designed to offer sanctuary in the event of war or disaster.

    “We have two sizes of room,” he says, stepping past heaps of clutter belonging to residents, most of whom work in the nearby cloth wholesale market. “The small ones [6ft by 9ft] are 300 yuan [£30] the big ones [15ft by 6ft] are 500 yuan.”

    Beijing is estimated to have 30 square miles of tunnels and basements, some constructed after the Sino-Soviet split of 1969, when Mao’s China feared a Soviet missile strike, and many more constructed since to act as more modern emergency refuges.

  56. young buck says:

    Submit your first offer with the exact amount on the pre-approval letter. Do not submit a new pre-approval letter with subsequent bids, unless requested to do so. If so, simply have your mortgage broker fax/email you a new letter for every offer. All they do is insert a new dollar amount in their template and send it right over.

    45. 250k says:
    February 14, 2011 at 10:53 am
    Pre-approval strategy question?
    Do you think it is better to get pre-approved for more than the amount you plan to bid on a home or does that just signal to the seller that you have room to move? Assuming you don’t want to get another pre-approval letter each time you increase a bid, I would assume its best to get pre-approved for an amount greater than you intend to borrow.

    However, if I am selling a home and I see that the buyer intends to close on the $500k bid they made with $200k in cash and a $300k mortgage, yet, they are approved for up to a mortgage up to $417k, wouldn’t I want to take more money out of their pocket? I realize they are only going to bid up to what they will bid, but, psychologically, doesn’t this make for more tense negotiations?

  57. safe as houses says:

    #58 250k

    Can you get the lender to print you a ladder of pre-approvals? Like 1 for your max, then another 4 to 8 dropping 10 to 20k each time? That way when you make an offer, you submit the pre-approval letter that is close to the offer. This way you have a pre-approval letter to send in with the offer, and the seller doesn’t know what your max borrowing amount really is.

  58. 30 year realtor says:

    #63 John – You will make it 2 years, likely 3. Bank will then offer you money (likely $5000 or more) to leave after sheriff sale has been completed to speed up getting property vacant. Eviction takes 4 or 5 months after sheriff sale date.

  59. safe as houses says:

    #65 Cat,

    It’s also during Chinese New Year. Price spikes are the norm during Chinese New Year. Just like gasoline goes up in the summer in the US and hotels in vacation areas go up over the holidays. If price increases for food in China keep happening next month, then that would be cause for concern.

  60. sas3 says:

    Wallies, the cost of cable is very low ( 1k per month for property taxes alone). The money from selling used flat screens, and toys will be minimal — and will only add to the gloomy atmosphere, which will be even worse when kids are involved. The best way out from a job loss is to try hard to get a job without drastically changing lifestyle for the worse — sometimes it works out fine in the end, sometimes people run out of time.

    Don’t begrudge them for keeping their pets or having food in the pantry. There is only so much one can cut when the main money supply is cut.

  61. freedy says:

    need vytorin

  62. Painhrtz says:

    ditto agreed, pets are part of the family until they aren’t! F*cking hate people like this, my dog didn’t ask to join our family we chose to get him, as such we have a responsibility to the dog much in the same way we would have children. How about this statement; you know after Bill lost his job we had to get rid of the children they were just a drag on us economically. jeez I don’t even like cats, and you got me on a rant.

  63. Barbara says:

    I don’t have three years, looks like I’m buying in and I’ll just keep as much cash as possible.

  64. Libtard says:

    Pain (50): “Have you Bs’d today, Are you planning to BS today”

    That was Bea Arthur? Awesome!

  65. Libtard says:

    Barbara…Do the piggyback. 10% down gives you a nice cushion between Armageddon and a manageable loss. I just got a quote for 4.25 on a HELOC for the 2nd. Should know tomorrow if I qualify. Didn’t think the rates on my second would end up being less than the rate on my first! :P

  66. JJ says:

    Exclusive: CME May Launch Hostile Bid for NYSE

    Read more: http://www.foxbusiness.com/markets/2011/02/14/cme-launch-hostile-bid-nyse/#ixzz1DxxgHqXX

    Its a bull market baby!~

  67. JJ says:

    Anyone want to meet my outside NYSE in 45 minutes?

    SPORTS ILLUSTRATED to Celebrate Launch of the 2011 Swimsuit Franchise at the NYSE
    Mark Ford, President of Time Inc. Sports Group and 2011 Sports Illustrated Swimsuit Models to Ring The Closing Bell®
    For Release: 09 Feb 11
    Photo Opportunities Available

    Executives and guests from SPORTS ILLUSTRATED, a division of Time Inc., will visit the New York Stock Exchange on Monday, February 14th to celebrate the launch of the 2011 SI Swimsuit franchise, which will be out on Tuesday, February 15th.

    To mark this occasion, Mark Ford, President Time Inc. Sports Group and a group of the 2011 Sports Illustrated Swimsuit Models will ring the Closing Bell.

    Monday, February 14, 2011 – NYSE – Security Checkpoint at Exchange & Broad Streets
    3:30 p.m. Media escorted into the building
    4:00 p.m. The Closing Bell Rings

    Media interested in covering the bell ringing MUST contact Anmarie Gioia at 212.656.5437 or email agioia@nyx.com.

    Photos available via Associated Press/New York (212.621.1902), Reuters America (646.223.6285) and Bloomberg Photo (212.617.3420). The Opening BellSM (starting at 9:25a.m.) and The Closing Bell® (starting at 3:55 p.m.) feeds are available via Ascent loop #4009. Those seeking footage via The Switch please contact NYSE Broadcast at 212.656.5483.

    The use of wireless equipment/gear/microphones is not permitted inside the NYSE due to interference with NYSE broadcasting frequencies. When necessary, wired mics should be utilized.

    A live webcast of The Opening Bell (beginning at 9:29 a.m.) and of The Closing Bell (beginning at 3:59 p.m.) will be available on the homepage of nyse.com.

    About the Sports Illustrated Group
    The Sports Illustrated Group’s award-winning journalism powers a media company that includes Sports Illustrated, SI.com, Golf Magazine, Golf.com, SI Golf Plus, SI Presents, SI Kids, SI International, SI Books, SI Mobile, SI Swimsuit, SI Social, consumer products and Live Media. Earlier this year, Sports Illustrated was named to Adweek’s list of the media industry’s hottest brands.

    About Sports Illustrated Swimsuit
    Sports Illustrated Swimsuit is a powerhouse media franchise that reaches more than 60 million people annually, and more men 18 to 34 than the Super Bowl. The iconic franchise now spans more than 20 product extensions in digital, social, broadcast, publishing, mobile and consumer products. Since debuting in 1964 Swimsuit has become a pop-culture phenomenon and an established launching pad for successful careers in TV, fashion, business and film.

  68. Painhrtz says:

    Lib you tube history of the world Bea Arthur, Not a Mel Brooks fan?

  69. Painhrtz says:

    Did skynet take over? This place is filthy with bots today

  70. Painhrtz says:

    Lib just for you, guess I’m the bot now. G’night all time to get a Hall mark holiday gift for the wife


  71. Libtard says:

    Huge Mel Brooks fan and could probably quote every line from BS and HOTWP1. Just never made the connection.

    Bots are due to Grim not being around I bet. It appears he has a case of bot-ulism.

  72. Today I read some very interesting article. Its Ur article. Thanks

  73. chicagofinance says:

    I need historic prices for a company called JLG Industries that was purchased by Oshkosh corp on 12/6/2006. I tried calling Investor Relations and was given a contact at Bank of New York, but I am now in a dead end…..anyone have NYSE quotes on mothballed tickers?

  74. Schrodinger's Cat says:

    Red letter ruling here. They now have to show that they legally hold BOTH the note and the mortgage. that could cause some problems.

    Judge Grossman Finds MERS Transfers Illegal

    The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its member/lenders could have a significant impact on MERS and upon the lenders which do business with MERS throughout the United States. However, the Court must resolve the instant matter by applying the laws as they exist today. It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices. MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage recording process. This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law


  75. chicagofinance says:

    Q: Anyone seen Sharapova in Hoboken? Sounds as if Vujacic is in Hudson Tea….

    Mr. Vujacic, on the other hand, exemplifies the isolation of the vagabond athlete. Twelve years ago, when he was 14 and one of his nation’s top basketball hopes, he moved to a town 45 minutes away from home in order to play for a higher-quality team. He spent the entirety of his hours either practicing, studying, eating or sleeping, and considered it to be the loneliest time of his life—until now. Renting an apartment in Hoboken, N.J., Mr. Vujacic longs for the companionship of his fiancé, the Russian tennis star Maria Sharapova, who travels throughout the year. He devotes much of his time to reading and studying basketball videos, and he misses the comfort and familiarity of his Manhattan Beach home.

    “I’ve been waiting five days now to have the heater in my apartment fixed,” he said. “When you are in a place as long as I was in Los Angeles, you grow at ease with things. That, to me, is the roughest adjustment. I know how to play basketball, no problem.

    “What I need to learn is how to survive the cold until spring.”

  76. Schrodinger's Cat says:

    States suing Fannie & Freddie for transfer fees.

    Each of the defendants who was the transferor to Fannie Mae and Freddie Mac made, caused to be made or used a false statement in Declaration of Value Forms related to the transfer of property to Fannie Mae by way of Trustee’s Deed upon Sale, Corporation Grant Deed or other Deed to avoid payment of transfer taxes in each instance, and Fannie Mae used those false records and/or statements to conceal and/or avoid its obligations to payor transmit money owed to the State for payment of taxes upon the conveyance or transfer of title to real estate in the State by intentionally misrepresenting to the State that defendant Fannie Mae or Freddie Mac was a government agency exempt from conveyance or transfer taxes.


  77. Anon E. Moose says:

    Cat [80];

    There goes the rest of my afternoon…

  78. Schrodinger's Cat says:

    Bloomberg’s write up on the MERS decision


    The interesting question now, is whether all the payments made to the servicer’s of a mortgage after it was transferred through MERS are essentially fraudulent? How many banks and worse, MBS are holding naked notes?

    How many people now own a home with a naked note?

    MERS claims they impact about 50% if US mortgages/

  79. Was doing a little wine biz in Montklair and environs today. Seeing no Valentine’s biz at all being done (no champagne, cheese, chocolate, etc.). Montklair looked especially empty and forlorn for such a nice day.

    Doom is upon us. Smoke ’em while you got ’em.

  80. Amanti in Montklair is a nice store. Great selection, and the prices aren’t awful.

    Unless it turns out she doesn’t like my wine.

  81. Shopper’s Vineyard in Clifton sucks. Might as well be self-serve.

  82. Gator, you ever patronize a Brew-Through back in your U of F days?

    What a great concept.

  83. Juice Box says:

    Chi – Kris Humphries can be seen hanging out at a Bar on 1st Street, apparently Kim “Junk in the the Trunk” Kardashian was there for his Superbowl party.


  84. Schrodinger's Cat says:

    Assuming that this ruling stands ( not holding my breath o n that one) and is not overturned on appeal, and assuming that MERS is correct that they have been involved in 50% of the RE market, then a substantial portion of US RE now has a broken title chain. I’m guessing that wont help home values.

  85. chicagofinance says:

    right under your nose

    89.Debt Supernova says:
    February 14, 2011 at 4:45 pm
    Gator, you ever patronize a Brew-Through back in your U of F days?
    What a great concept.


  86. NJ Toast says:


    Did you have to pay a slotting fee to get distribution there?

  87. Simply Ravishing HEHEHE says:


    I know longer drink, but when I did I drank that stuff by the truckload. It is fantastic. The 90-minute is just as tasty but will lay you out.

  88. Schrodinger's Cat says:


    This one is in your neck of the woods

    TAUNTON, Mass. (CN) – Massachusetts and 14 of its counties claim Fannie Mae and Freddie Mac conspired to duck property transfer taxes by falsely claiming to be government agencies. The commonwealth and its counties claim the defendants are corporations – not governmental bodies – and owe money for tens of thousands of property transfers and conveyances.

    Massachusetts sued under the False Claims Act, ex rel Robert Edward Hager and Andrew Ludel, who seek a share in any recovery.

    Both Hager and Ludel live in Nevada. They say they “jointly discovered the manner in which the defendants have defrauded, and continue to defraud, the Commonwealth of Massachusetts and its counties and incorporated cities.”


  89. chicagofinance says:

    BTW – can we finally do the GTG here…..I’ve been now twice and it rocks! the food is a little salty though….

    Even better is happy hour 4-7PM…..

  90. Schrodinger's Cat says:


    Check and see if MERS touched your mortgage, maybe its time to file a quick little quiet title action.

    Please correct me if I am wrong, but this is ultimately a state matter and would be difficult for the FEDS to jump into, no? Wouldn’t they run into a little problem of No bill of attainder or ex post facto law assuming they tried to get the MERS tainted titles retroactively legitimized?

  91. leftwing says:

    “Assuming that this ruling stands ( not holding my breath o n that one) and is not overturned on appeal, and assuming that MERS is correct that they have been involved in 50% of the RE market, then a substantial portion of US RE now has a broken title chain. I’m guessing that wont help home values.”

    LOL. Maybe we’ve come full circle where my one-third down, locally held mortgage has some value. I’ll charge a premium since the buyer knows there isn’t any MERS risk.

  92. leftwing says:

    Dogfish Head, great brew. Very Belgian. Simply is right, 90 minute packs some punch, probably close to 10% ABV. Buddy’s wife decided to have a few beers with us, we didn’t realize she was on DFH 90 minute until she nearly face planted.

  93. chicagofinance says:

    Thanks HEHE & left…..my wife has been mostly dry since the last kid….she was pretty hardcore Tanqueray dry straight-up….but I’ve found a method to ease her back in with the DFHIPA60…..

  94. toast (92)-

    Not about to even try and find out if that’s their scam.

    I’m getting out of RE to get away from the schemers. Not going to do the payola thing to sell containers of beverage.

  95. Libtard says:

    ChiFi: Find someone who has access to Lexus Nexus or go to any respectable library and scan the New York Times microfilm.

  96. Revelations says:


    You can do what posts 61 & 62 suggest, or you can max your approval and lower your cash DP. This way you signal that you’re reaching a bit and may not have room to go up. Of course, you can with the cash. Also, you can always change the mtg/DP split in attorney review and maybe later.

    Strategy could backfire I suppose because seller might think you’re struggling with the $. Good luck.

  97. jasonw says:

    I think the best way to prevent bubbles and foreclosures is knowledge, i recommend everyone should read “how might warren buffett invest in real estate?”, i think its the best way to prevent real estate bubbles and crashes. you can get it at amazon.com

  98. Useful to me. gfmniujrhgbj

  99. Rugby Store says:

    Larry King once stated, “I remind myself every morning: Nothing I say this day will teach me anything. So if I’m going to learn, I must do it by listening.” That’s precisely how I feel. I am grateful to have learned something new today.

  100. i like it NJ Foreclosure Timeline Shocker – 849 Days from Default to Sheriff Sale | New Jersey Real fortune Report now im your rss reader

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