From the AP:
More people signed contracts to buy homes in Feb.
More Americans signed contracts to buy homes in February, but sales were uneven across the country and not enough to signal a rebound in the housing market.
Sales agreements for homes rose 2.1 percent last month to a reading of 90.8, according to the National Association of Realtors’ pending home sales index released Monday. Sales rose in every region but the Northeast.
Signings were 19.6 percent above June’s index reading, the low point since the housing bust. Still, the index is below 100, which is considered a healthy level. The last time it reached that point was in April, the final month people could qualify for a home-buying tax credit.
…
The pace of sales varied from region to region. Signings fell 10.9 percent in the Northeast. They rose 2.7 percent in the South, 4 percent in Midwest and 7 percent in the West.
From the Real Deal:
Northeast home sales down due to “unusually bad” winter weather
The Pending Home Sales Index, a leading housing sector indicator based on signed contracts for homes that have not closed, increased 2.1 percent nationwide to 90.8 in February compared to a month earlier, according to the National Association of Realtors, but still lags significantly behind the 98.9 mark recorded a year ago. An index of 100 is equal to the level of contract activity in 2001.
…
The Northeast was the only region in the country to suffer a decline in February, as the Pending Home Sales Index fell 10.9 percent to 65.5. But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” winter weather.
But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” winter weather.
Sit, Lawrence!! Sit! Good Boy! Now, roll over!! Roll over!! Good Boy!! Go get the biscuit!
But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” sun spots.
But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” nuclear meltdowns.
But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” shin splints.
But Lawrence Yun, chief economist at NAR, attributed the decline to “unusually bad” hemorroids.
Brass balls Obammy mentions the downed US pilot and weapons officer in libya and how they were greeted as friends by the Libyans. no mention of the reception those 6 friends including a child were given by the rescue helicopter. Get some!!! Get some!!
Anyone think Timmay is going to vote for regulation of interest rate swaps?
http://www.bloomberg.com/news/2011-03-28/cassino-s-refusal-to-disclose-swap-losses-with-jpmorgan-results-in-lawsuit.html
This is getting interesting. Negative consequenses applied only to US citizens, while illegals get preferential treatment. Rule of law is so 2008…
“Los Angeles Police Department officers manning sobriety checkpoints will no longer, as a matter of department policy, impound cars driven by unlicensed drivers. That is unless the unlicensed driver is a United States citizen or lawful resident, in which case he can say adios to his car for 30 days, as authorized by California law …
The change in policy was announced last week by LAPD Chief Charlie Beck, who called it a question of “fairness” …
http://pajamasmedia.com/blog/impounds-and-illegals/
[5] jamil,
Now everyone in danger of being impounded when stopped will simply reply “No habla ingles.”
Down sales in northeast are easily explained by unusually cold weather on the last tuesday of the month and four snow storms in feb which translated into people not needing homes at all.
Why would you need a home when it snows a lot? Duh…
I love election time and this season should be a great one, Snooki is leading Pawlenty and Bachmann in the GOP primary polls but alas she’s not eligible to run.
And today Trump saved himself a boat load of cash, by tripping over the starting gate.
http://www.politico.com/blogs/bensmith/0311/Trump_fails_to_produce_birth_certificate.html?showall
I didn’t realise his mother was scottish, that will make discussions on repeal of the 14th amendment interesting.
This is big news in Europe.
German Chancellor Angela Merkel Suffers Historic Defeat
http://www.huffingtonpost.com/2011/03/27/germany-merkel-nuclear-vote_n_841163.html
The upshot here is that she will have to swing very hard right to reinvigorage her base to try and hold on to power. Downplaying this as a backlash from Japan will not work for her. I don’t think this is going to end well.
serenity (111, last thread)-
Yeah, the sand states are beginning to see some stabilization, especially in community living/PUD situations. Anywhere you see price drops of 70-75% from peak in places like Vegas, Miami, Orlando or Phoenix, cash investors are moving in and pulling the trigger in any sort of situation where they perceive the chance for generating decent cash flow and ROI. I have heard stories of owner-occ buyers with financing being essentially bumped out of hot price ranges in all these cities by cash buyers.
To me, that’s a very hopeful sign and a sign that those areas are at least close to a price bottom. Except for a few not-so-prime areas in NJ, we just haven’t had those kinds of price drops, so there’s a lot of pain left to come. Remember, the sand state phenomenon was ignited and accelerated by a much more widespread use (and abuse) of subprime. Outside the beaten-up urban areas of NJ, the primary financing vehicles were Alt-A and prime, so it’s just going to take longer for the bad stuff to get wrung out of the system. However, I have no doubt they will, as all the boom-years underwriting in these supposedly “safe” categories is as crappy as subprime.
In NJ, we will also have a massive detonation of FHA post-boom loans to deal with, too. Virtually to a loan, these were 103% LTV, nothing-down crapshoots that are a slam-dunk guarantee to default en masse when the people holding them realize how underwater they are.
“Your comment about ” sand states” suggests to me you see prices
perhaps stabilizing there first…… did’nt states like FLA, CA and NJ see some of the
most ridiculous price run ups? If one was to swing a broad sword I would expect
the blood to flow to be worse in those areas. Did I misunderstand?”
veets (8)-
I know some people who can really style it in a refrigerator box with a trash barrel fire for heat.
gluteus (10)-
I thought the big news in Europe was that Arse Wanker re-signed Crazy Jens.
From the Daily Record:
NJ tax revenue likely to be $4 billion below 2008 level
New Jersey’s tax revenue for the coming $29.4 billion state budget will grow slightly, but still end up $4 billion less than three years ago, a nonpartisan analyst said Monday.
David Rosen, budget officer for the Office of Legislative Services, said in testimony before the state Senate Budget Committee that revenue should climb 4 percent in the budget year that begins in July as the economy recovers.
That is much better than the free-fall seen in the aftermath of the financial crisis, he added.
“Compared to what we’ve seen in the last two years, this is a very tranquil revenue picture,” Rosen said.
Yet all state revenue — even if it grows by $1 billion, as both the OLS and state Treasury expect — still will be $4 billion less than in fiscal year 2008, Rosen said. That is because of the dramatic drop in real estate sales taxes, regular sales taxes and other revenue.
From HousingWire:
‘Dreamed up’ cash for keys proposal draws heavy criticism
Sources are downplaying discussions over a mandatory cash-for-keys program that would pay a reported $21,000 to a delinquent borrower, with one prominent Republican quickly shooting down the idea.
“This proposal is simply outrageous and the worst bailout idea dreamed up so far,” said Rep. Spencer Bachus (R-Ala.), chairman of the House Financial Services Committee.
Regulators led by the Federal Deposit Insurance Corp. proposed the idea last week, according to reports. But sources familiar with the matter told HousingWire Monday that the idea did not come from the FDIC and that it was only one of many proposals discussed during the meeting.
At any rate, there are no ongoing discussions, sources said.
From CNBC:
Mortgage Reform Storm Is Brewing
When it rains, it pours, but we’re looking at a hail storm in housing finance this week, as government starts the business of taking itself out of the housing business. Tomorrow morning the FDIC will release and vote on proposed risk retention rules for the mortgage market. This includes the “Qualified Residential Mortgage” definition. A QRM would be exempt from risk retention, where the banks have to hold on to 5 percent of the risk when securitizing loans.
The QRM will likely require a 20 percent down payment on the loan, as well as other underwriting criteria, and loans sold to Fannie and Freddie (while still in conservatorship), as well as FHA loans, would be exempt. At the same time, Fannie, Freddie and the FHA are making themselves more expensive, as they try to shrink their currently overwhelming market share.
Barely a few hours after the vote, House Republicans will introduce a slew of, possibly six, bills designed to reform/shrink/eliminate Fannie and Freddie. Then comes more at a hearing on Thursday on housing finance. All of this begging the question: Without Fannie and Freddie, does the 30-year fixed still exist in a fully private market? And what are the dangers if it doesn’t?
Good Morning New Jersey
Grim Number 15 Great they lived scott free for the last couple of years, now here’s another $21,000.00 on top of the money that was saved by not paying any mortgage or taxes. The right individual can walk away with over $100,000.00
Re#11 Thanks Clot. I know people who are scooping up multiple
units in Florida , renting, and doing well. It is tempting.
Just watch. The criminal gubmint/bankster cabal will reward walkaways and encourage further default- even to a universal level- rather than acknowledge their bad debt and write it down.
There is no such thing as “right” or “good credit” or “honorable” anymore. If you pay, you’re simply a sucker and a tool for the criminals.
guess i should have stayed for a few more years
Curtains for the 30 Year Mortgage http://realestate.msn.com/article.aspx?cp-documentid=28110830&Gt1=35010
“Brass balls Obammy mentions the downed US pilot and weapons officer in libya and how they were greeted as friends by the Libyans. no mention of the reception those 6 friends including a child were given by the rescue helicopter. Get some!!! Get some!!’
I changed the channel as soon as he came on as there’s nothing this guy can say to justify this cr*p. Juice this is the icing on the cake. Yeah the Libyan people love us. Wait for a few more errant bombs and dead “good” guys. They’ll love us just like the Iraqis.
Wachovia/Well Fargo countered my $240K offer on a short (that the seller signed on to) with $267K (property sold for $479K in ’06). I’m buying ‘as-is’ and ‘seeking no concessions’! Should I ask to split the difference and meet in the middle or walk? I feel my leverage as a buyer (great credit, cash, income) is only increasing by the month. Hell, they should appreciate I’m willing to take on those damn West Orange property taxes of $11,500/yr!
clot: I’ve been meaning to mention to you for awhile that I think you are a little negative in your posts. Not a big deal, but just something I noticed and thought you would want to know.
freedy (21)-
Hard to have crystal-balled what has come to pass. Up until about a year ago, people under threat of FK felt some sort of time pressure to do a short sale and move on.
Now? People get served a lis pendens, throw it in the trash and go out to eat at Olive Garden. Sheriff sales have essentially stopped in NJ (with the exception of smaller lenders who portfolioed the loans on which they foreclose and the odd slam-dunk big bank FK), while the banksters await the outcome of the universal fraudclosure settlement being discussed. Bottom line, if a foreclosing bank’s attorney will not swear an affadavit as to the veracity of all the FK documentation, the sheriff sale doesn’t happen. Since no attorney in a judicial FK state is about to do this for a loan that has been sold like an 11th Av. tranny hooker, the FK market is toast.
If it were I, I would tell them “thank you very much. You have my number. My offer stands until Friday at 5:00 p.m.”
I would be incluned to let them feel the pressure and the need to explain to the boss why they let such a deal fall through.
chi (25)-
Yeah. Your pals in Califon mentioned that once, too. :)
They are now on their 5th or 6th listing of that shitbox. Still at a crack-smoking price. As of today, it has been on the market 686 days (it’s GSMLS #2839438, should anyone need a visual equivalent of Ipecac).
Please let me know when the house is about to take them under. I have an investor who’d cough up about 400K less than they’re asking, close in 30 days and pay cash on the barrelhead.
I would rather be realistic and negative than brain-dead and happy.
Maybe happiness is brain death.
Now, hand me that plastic dry cleaning bag…
I, for one, am miffed that our gubmint is not trying harder to start a war in S. America.
Happiness is for suckers. Only miserable people know how to close. ;)
Visual Ipecac, Ochocinco style:
http://espn.go.com/video/clip?id=6267792
Coffee is for psychopaths.
Clot 28 went to GSMLS to see that Califon listing , not there?
(34) debt
So, are we still on for Starbucks later?
mikey (35)-
Behold, the glory:
http://www.rlsrealtors.com/real-estate/SearchDetail.cfm?PageNum_Search=11&SearchType=City&City=Tewksbury%20Twp&State=NJ&SortBy=CompanyID
I suppose “unusually” bad here is like when you call the credit card co. and the automated system says there may be a delay if you want to speak to a real human because they are experiencing “unusually” high call volume (i.e. more than one call).
Debt,
Is that a distribution center or a single family home?
Meyerson99,
How did you go about narrowing down the foreclosure property? Thanks!
Clot reminds of my prior rental, taxes about same ,size about same. Mine looked a hell of a lot better. It went for 500, owner financed 100% 2-3%down! What is their fuel source,oil, did not see it mentioned.
meyerson99 – The bank’s price was probably right when their comps closed 3 to 6 months ago. Your price is likely right for today. Bank will likely realize you were right in 3 to 6 months from now.
How does this help you? It doesn’t. Just thought you may want to understand why most short sales fail.
McCain was funny on Fox this A.M. explaining what was really happening in Libya versus Obama’s speech last night. Reality is Reality vs Perception is Reality. Must be an Age thing I guess.
30 yr Can’t get tomorrows price today.
Confused IMHO we should have stayed out of it. Better the devil you know.
The spice flowed under the Kadafi, want ever else was going on not our problem.
I see former Congressman and party animal Patrick Kennedy is engaged.
To a New Jersey teacher.
Can’t make this stuff up.
On a purely cynical note neither side are our friends, sit back & let your enemies fight amongst themselves.
(48) MIKE
How does the saying go? Kill them all and let Allah sort them out.
Wow! That house is a bad rendition of a modetn house if the seven gables
45.Mikeinwaiting says:
March 29, 2011 at 8:38 am
Confused IMHO we should have stayed out of it. Better the devil you know
I agree, same is true for IRAQ.
One may or mat not be able to grt timottow’s orice today but, if one wants a house that is curtently verpriced and offers a lowball and, instead of raising the offer one waits, until tye orice comes down to what one was comfortable oaying somr month’ s earlier, one gets the housr at one’s price and avoids some period of taxed to boot.
Friggen android ketboard.
Nom,
Kennedy was probably looking for a woman who had a good pension and hralth insurance.
Comrade 29 Just leave them to their own devices they will implode. We do not have to harm a fly.
29=49
Cue the threatening tuba music from Jaws:
http://www.washingtontimes.com/news/2011/mar/24/fears-rise-that-japan-could-sell-off-us-debt/
Home Prices in 20 U.S. Cities Declined 3.1% From Year Earlier
Residential real estate prices dropped in January by the most in more than a year, raising the risk that U.S. home sales will keep slowing.
The S&P/Case-Shiller index of property values in 20 cities fell 3.1 percent from January 2010, the biggest year-over-year decrease since December 2009, the group said today in New York. The decline was in line with the 3.2 percent median forecast by economists in a Bloomberg News survey.
More at: http://www.bloomberg.com/news/2011-03-29/home-prices-in-20-u-s-cities-fell-3-1-from-year-ago-case-shiller-says.html
Cue the funeral march:
http://www.cnn.com/2011/TRAVEL/03/28/acapulco.mexico.spring.break/
Mike 42?
Seriously if Libya didn’t have enough fuel to keep the pasta boiling in Italy it would be left to be another Darfur. I wonder when the Europeans are going to put on their big boy pants and get their own miltaries again so we don’t have to protect their fat and lazy a$$es. Enlightened my a$$ just cause your culture is older doesn’t make it wiser. See Napolean, Hitler, Stalin. Milosevich yadda yadda yadda
re # 59 – How about some one time on Spring Break stories?
i i was on spring break in Trenton once.
re # 60- Pain why bother when they have US to to the heavy lifting and heavy spending for them?
EU Combined Military of 27 nations
Active Personnel 1,536,274
Reserve Force 4,549,222
Paramilitary 798,800
Total Forces 6,884,296
Main Battle Tanks 6,895
Combat aircraft 3,523
Transport aircraft 1,349
Aircraft Carriers 7
Juice just ranting, stupid truman doctrine while stemming the tide of communism basiclally turned us into Europe’s unpaid thugs while they get to keep their hands clean and be condescending. Eisenhower was right about all of this between the military industrial complex and Europres lack of will in ensuring the rights and freedoms of their own peoples.
If it were up to me, i would pull out of Nato, kick out the UN, pull back our troops from all fronts, advertise our free agency and put out the open for business sign. Let the rest of them burn.
#13 Clot
35 million to spend and you bought Shefki Kuqi?
Jack got a better deal with the beanstalk.
Debt,
Other than having an ugly front, being in the middle of nowhere, and being overpriced, what’s wrong with the house? It looks ok on the inside, and seems to have prettyish views. Taxes aren’t even that high for a 5br w/land. I’m guessing that the sellers over the past years have repeatedly stuck to a price a firm $200k above what would get it sold? Keeping a hook in the water, but not even putting a worm on it, hoping a fish will just bite a bare hook.
Was in Mexico near Tulum for vacation couple weeks ago. Not too many students on teh flight down or back.
Short sale bank and realtor logic is amazing. A place I put an offer on last September is still out there and is now available for $25k less than what I offered.
Idiots.
W edon’t need no stinkin’ solar or wind energy:
http://www.cnbc.com/id/42224813
OBAMA LEXICON
The Economy:
“jobs saved or created”
Libya War:
“kinetic military action”
“we would welcome congressional support”
Things are still unwinding, know a guy makes decent money maybe like 180k, but only in his 40’s got married in 2002, house in 2003 kid in 2004, 2006 and 2008. Wife is a stay at home wife as she was only a secretary and salary would not cover day care.
Anyhow in 2003 paid 525 for a fixer upper in a great yuppie neighborhood on a house with good bones, original owner run down but a 4 bed two bath two car garage home on a nice street. He put zero down as he wanted to use the money to renovate it. Homes shot up in 2004, 2005 and early 2006 and he did roof, siding, windows, floors bathrooms and kitchens, did 50% of work himeself, but ran into problems blowing out kitchen and with window frames. He also had to buy all new appliances and flooring. He ate through his 75K budget of cash in bank. But no problem he took out a 100K equity loan as he can deduct it. Houses only go up. Well his RE taxes have gone up to and are now 16,600, his zero down ten year LIBOR plus cheap loan is due to reset in 2013 and his cheap floating rate equity loan could not go up anytime.
So he has borrowed 625K on a house with 16,600 in taxes and he can’t refinance. His whole 180K salary is being sucked by house, three kids, wife and taxes. He just listed home for 770K in hopes that he can get out of this mess. He would be lucky to get 750K and even then after RE commision and closing he would be lucky to get 700K in his pocket. He is into house 700K, but I know the guy literrally spent every weekend and night for three years working on house himself. He also paid most likely 4k carry cost on house or 48K a year for 7 years which is 336k. Guy had a nice little sublet coop in 2003 he should have stayed there. His net woth post sale will be 50K, if he never bought he would have a net worth of like 350K.
Two problems with housing, people overpaid for junk in 2003-2004 but homes kept rising till early 2006. The people then poured money into house, new kitchens, bathes etc to keep up with jones.
In the example above, if they made do with old kitchen and bath and perhaps just put 20k into house in necessary repairs and put rest towards equity they would of had 20% equity and could have refinanced that 525k mortgage 420K (minus 20%) at 4% and have a fixed mortgage of only around $1,800 a month. Instead the massive renovations left him with a floating rate 625K mortgage that is too much to handle.
HeHe better drugs and less chance of violence on the US side of the border
Fun with pensions caution long read
http://mercatus.org/sites/default/files/publication/PBGC.Blahous.3.7.11.pdf
JJ,
At 180k/yr I can see why your dude has to budget carefully, but at least he avoids some of the AMT pain and seems to have a lot of tax deductables. There’s got to be some further discretionary spending problems going on with this family. If he’s on Wall St. he might be getting only ~100k base and dependent on a bonus that doesn’t always arrive up to expectations every year. If this guy has 180k base plus a bonus then he had no excuse for not having a bigger cash pile. Maybe he’s not making as much as you think he is. Or maybe his wife is keeping up with her favorite “reality” tv stars.
I just bought my house early last year, spent over $50k on reno in first couple months, and in Dec I refid, reducing mortgage by another $200k and at a lower rate, bringing loan to current value down to about 50%. Paying down mortgage is only about 3% after tax but that’s better than I can get on cash deposits or investment grade debt.
Nobody likes mk-to-mkt.
http://finance.fortune.cnn.com/2011/03/28/berkshire-takes-big-accounting-hit/
Observations from the Brig.
All homes priced $300k-$999k listed as of Feb 1st 2011
48 listings in total
Currently, 2 in AR, 14UC, 1 sold, 9 TOM/WD and 4 Exp.
So 35% in some state of being sold or sold.
38% still on the market, the rest temp withdrawn, WD or expired.
Seems like a relatively healthy market considering its not yet April 1st but of course its the SOLDs that really count so lets see how many cross the finish line. I suspect most will.
Random observations: some homes that sat on the market throughout the winter quickly went under contract once the starting gun went off. So you see, if you haven’t been tracking this market for years like some have, the crappier homes might not appear so bad to you, especially since many of these have lowered their prices several times by now.
There are some listings in the million plus category that have been for sale for 120 days+, some for years already, and the sellers just don’t budge on their ask. A $20k drop on a million dollar home just isn’t going to attract new buyers. So at least some of these folks are looking to get yesterday’s price today. Then there are some who listed at $1.3-$1.5 and just took offers they got and ran. Often resulting in $200k+ off their own purchase price.
I just wish that sellers would be tagged as “really need to sell” or”fishing/dreaming” so as not to waste my time.
250k [76];
I just wish that sellers would be tagged as “really need to sell” or”fishing/dreaming” so as not to waste my time.
That’s the only service a used house salesman could provide to a buyer that would worth anything. In a rational world a professional could provide this service and be compensated well for it.
Instead, “buyers agents” are working for the sellers, collect an outlandish fee (“Paid by the sellers!”, nach) for dispensing insufficient tidbits of MLS data, and are all too happy to throw buyers into any bear trap they stumble accross at $2k under list price and call it a good deal.
#77 Moose – another one of your comments from your I am an expert on everything file.
Agents are often privy to such information and use it to help their buyers find such homes. Just another small part of the advantage of working with an agent with a good local knowledge network.
For a guy with lots of strong opinions you are lacking the information to back them up. Another example of your “poor me” attitude. Everyone else is to blame for your problems. That’s has got to be the reason because you are so wise and do everything right.
Acapulco is a dump and has been for the past 20 years or so. The last time I took a cruise that stopped there, I immediately rented a car and drove about an hour north to a secluded little town where we were the only people at a beach restaurant that also doubled as a school. Needless to say, we weren’t local. The seafood was amazing and super cheap (I got to pick the fish I wanted from their cooler), but Gator (vegetarian), suffered as everything I tried to order for her in my poor espanol ended up having either meat or seafood in it. I really didn’t mind it though. The area in Acapulco where the cruise ships dock is especially crappy.
30-yr [78];
I’ll admit I haven’t had the pleasure of dealing with EVERY used house salesman, but among the several dozen I have, I have yet to find one that, were I forced into a transaction in which they were obligated to get paid, that money wouldn’t have been more productively spent buying their absence rather than their presence. Those ramen-eaters kill at least as many deals as they deliver.
That is actually a 150K guy with a 30K bonus. He got stiffed on bonus in 08/09.
His wife is very low maint. But the last two years 150K salary with a 625K mortgage 16K in taxes and $2,400 in home insurance, $1,500 car insurance and three kids and a wife plus train and subway/suits etc. Does not go far.
His tipping point (remember book) is his town has strict zoning laws. He did a small bump out in kitchen to make it a eat in kitchen. He took the day off to wait for CO guy. Anyhow he was redoing the nursery at time and got some windows at replacement windows at home depot. He had the two old windows out when CO guy came. Anyhow guy comes right upstairs and announces new windows must be big enough to use as an escape exit your new windows are not to code. You can’t put them in. Buddy goes they are same as old one, guy goes old ones are grandfathered. Buddy says I will put the old ones back in then. Guy goes no they are not to code. Buddy is getting mad and guy goes rules are rules besides this is a nursery, if firefighter can’t get through window if house is on fired I am fired and will be sued for million. You are out of luck.
That led to additional permits, COs, larger holes being cut for windows which ruined siding which he had to replace all on home equity.
A.West says:
March 29, 2011 at 11:37 am
JJ,
At 180k/yr I can see why your dude has to budget carefully, but at least he avoids some of the AMT pain and seems to have a lot of tax deductables. There’s got to be some further discretionary spending problems going on with this family. If he’s on Wall St. he might be getting only ~100k base and dependent on a bonus that doesn’t always arrive up to expectations every year. If this guy has 180k base plus a bonus then he had no excuse for not having a bigger cash pile. Maybe he’s not making as much as you think he is. Or maybe his wife is keeping up with her favorite “reality” tv stars.
I just bought my house early last year, spent over $50k on reno in first couple months, and in Dec I refid, reducing mortgage by another $200k and at a lower rate, bringing loan to current value down to about 50%. Paying down mortgage is only about 3% after tax but that’s better than I can get on cash deposits or investment grade debt.
The Senior Freeze is interesting. By moving to a credit against your property taxes versus a rebate, they impact senior freeze as actual property tax statement is revised downward with the credit, versus the rebate was below the radar. They also froze the earnings cap at 2009 level. So without any noteriety, they have decreased Senior Freeze. Not complaining, just think it could have been explained better. I still agree with eliminating rebates because of the admin cost of maiiling all those checks.
I’m going to agree with Anon on this. I have bought houses, this isn’t new stuff for me. However after those experiences and the last 6 years of house hunting in different markets, I laugh at the notion of a “buyers agent.” If anything, I have had to work for myself in these situation so as not to fall victim to the utter bullsh*t coming my way via “my agent.” I have been manipulated, had my offers used against me by “my” agent who had another client interested and wanted to pump up that number. When these situations occurred, I stopped working with that agent, only to run into the same with the next. A “buyers agent” is a rare animal indeed and I’m willing to accept that our two or three real estate agent regulars are that rare breed. Keep in mind, my dad was a broker and own his own for many years before retiring. He was an honest man and often worked as a buyers agent, steering clients away from money pits and over priced hovels, and even HE says that the industry and the people in it are generally full of shit and to be careful. I now see the agent I use now as the lady with the keys. Nothing more. Its working so far because she knows we know all that there is to know and we know how do get at what we don’t know.
37.
Debt
I like how they list “drapes” first under “interior features’
Also, the random ionic column is a touch o’klass.
JJ [81];
That’s a problem that calls for the judicious use of 5-10 Benjamins and a discrete webcam. The Benjamins solve the immediate problem of approving the window replacement. The webcam solves any future zoning problems.
one of my favorite google searches
zoning officer arrested
Nero continues to fiddle while Montklair burns. Bike lockers for everyone!
Mayor Forming China-Montclair Committee To Forge Closer Ties Between The Two
Mayor Jerry Fried is organizing a China/Montclair Friendship Committee—to forge closer ties between the Township and the world’s fastest-growing economy—with a kickoff meeting scheduled April 14.
“This group will work to build on our existing initiatives involving China, expanding the educational, cultural, and even economic connections,” he said.
http://montclair.patch.com/articles/mayor-forming-china-montclair-committee-to-forge-closer-ties-between-the-two
and zoning inspector arrested
and this one –> building inspector arrested
This one has some good hits too —> realtor arrested
and google old failfhful that never lets me down —> lawyer arrested
Gator – When does monklair get the new red flags and this
http://www.nypost.com/p/blogs/movies/red_dawn_remake_makeover_has_precedent_m5l41QglUPOOHYzBdB6mhM
82
Whether the benefit comes in the form of a credit or rebate does not affect taxpayers property tax deduction. Have had clients deny that they received past rebates only to be noticed a year later for amounts due because of not picking up the rebate. We learned our lesson and just made it policy to check online. PTR income limit is 80k and it includes ALL income. SS, pensions, bequeaths, etc…. We do have some old timers in Essex County where the PTR is worth several thousand dollars.
In Nasau county school tax relief rebate is for the middle class. The cut off is 500K AGI. That way the middle class 490K earner is not over taxed
mikey (41)-
Propane most likely in that part of the world.
Real economical, huh?
30 year (42)-
Amazing how financial institutions that employ the best and brightest Ivy League math wizards can’t understand the simple concept of the time value (or decay) of money.
I hope God hits these crooks with all the Biblical plagues at once.
mikey (44)-
And the bagholder banks can’t get yesterday’s price today, either.
I really hope that 20% rule down for conforming mortgages gets passed along with lower mortgage limits for conforming mortgages. Those two things along with another year of declines may get my home buying juices flowing again.
plume (47)-
Designated driver.
shore (59)-
Funny how the average US college student doesn’t find the chance to have his head lopped off and put into a duffel bag to be a great Spring Break opportunity.
average guy is staying in the house 537 days . how stupid was i . could still be freeloading and if i could have waited for the 21k . what a deal
gluteus (65)-
Kuqi isn’t going to kill my whole club.
Lehmann will freak out Scezny (who’s already said he’s afraid of the guy), spook Almunia into playing like crap again and probably drive Fabianski to ask for a transfer.
That’s three goalkeepers rendered worthless forever to your club just to find a backup netminder for an EPL title run that you’re already doomed to lose…since Wanker’s idea of top defenders is to grab as many old, overpaid Ligue 1 hoofers as he can find.
Gooners’ current back four make Gallas look like Beckenbauer now.
And my boys have Sol Campbell, who is still better than any of your tissue-tough backs.
west (66)-
House has Califon mailing address and is within spitting distance of tar paper shacks.
The Great Wall Street Sucking Sound
http://news.yahoo.com/s/time/09171206122000;_ylt=AhxsXjQi48KCEIjWvBvlYbus0NUE;_ylu=X3oDMTNrdHAxNzU4BGFzc2V0A3RpbWUvMjAxMTAzMjkvMDkxNzEyMDYxMjIwMDAEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwM3BHBvcwM0BHB0A2hvbWVfY29rZQRzZWMDeW5faGVhZGxpbmVfbGlzdARzbGsDdGhlZ3JlYXR3YWxs
Manhattan Comp Killer!
Jim Henson’s “Muppet Mansion”, bought in Fall 2008 for $28.5 MM, sold for $23 MM.
http://beta.local.yahoo.com/bronfman-socked-muppet-mansion-murdoch-minion-new-york-observer?woeid=23511893
Wisdom from the market analysts:
http://www.marketwatch.com/story/start-with-10000-and-retire-a-millionaire-2011-03-25
“Assume a 7% inflation-adjusted return from a portfolio of U.S. and international stocks, bonds and cash — not overly aggressive, but an expected return that requires taking some risk — and living well within your means.”
If we are going the route of pretend play, why stop at such a low number?
I actually knew about almost all of this, but having said that, I still considered it turned out helpful. Sweet post!
Fabius,
Havent forgotten your data challenge, but I haven’t had much time this EOM due to projects and deadlines. However, I did look at that site and there is no revenue by source data that helps or hurts my point. Also, haven’t been able to back into your assumption with that data.
Don’t want to say that you are cherry picking or misleading yet, so I won’t. But I still think we are differing over a macro issue, not percentage points.
“One may or mat not be able to grt timottow’s orice today but, if one wants a house that is curtently verpriced and offers a lowball and, instead of raising the offer one waits, until tye orice comes down to what one was comfortable oaying somr month’ s earlier, one gets the housr at one’s price and avoids some period of taxed to boot.”
Shore, lol. This should be a droid commercial.